Eaton Vance Global Bond Fund Eaton Vance Emerging

EATON VANCE ARIZONA MUNICIPAL INCOME FUND EATON VANCE CONNECTICUT MUNICIPAL INCOME FUND EATON VANCE EMERGING MARKETS DEBT OPPORTUNITIES FUND EATON VANCE MINNESOTA MUNICIPAL INCOME FUND EATON VANCE MUNICIPAL OPPORTUNITIES FUND EATON VANCE NEW JERSEY MUNICIPAL INCOME FUND EATON VANCE PENNSYLVANIA MUNICIPAL INCOME FUND Supplement to Statements of Additional Information (“SAIs”) dated December 1, 2020 EATON VANCE TAXABLE MUNICIPAL BOND FUND Supplement to SAI dated December 30, 2020 EATON VANCE GEORGIA MUNICIPAL INCOME FUND EATON VANCE MARYLAND MUNICIPAL INCOME FUND EATON VANCE MISSOURI MUNICIPAL INCOME FUND EATON VANCE NORTH CAROLINA MUNICIPAL INCOME FUND EATON VANCE OREGON MUNICIPAL INCOME FUND EATON VANCE SOUTH CAROLINA MUNICIPAL INCOME FUND EATON VANCE VIRGINIA MUNICIPAL INCOME FUND EATON VANCE WORLDWIDE HEALTH SCIENCES FUND Supplement to SAIs dated January 1, 2021 EATON VANCE AMT-FREE MUNICIPAL INCOME FUND EATON VANCE CALIFORNIA MUNICIPAL OPPORTUNITIES FUND EATON VANCE CORE PLUS BOND FUND EATON VANCE MASSACHUSETTS MUNICIPAL INCOME FUND EATON VANCE NATIONAL MUNICIPAL INCOME FUND EATON VANCE NEW YORK MUNICIPAL INCOME FUND EATON VANCE OHIO MUNICIPAL INCOME FUND Supplement to SAIs dated February 1, 2021 EATON VANCE EMERGING AND FRONTIER COUNTRIES EQUITY FUND EATON VANCE EMERGING MARKETS LOCAL INCOME FUND EATON VANCE FLOATING-RATE ADVANTAGE FUND EATON VANCE FLOATING-RATE FUND EATON VANCE FLOATING-RATE & HIGH INCOME FUND EATON VANCE GLOBAL BOND FUND EATON VANCE GLOBAL INCOME BUILDER FUND EATON VANCE GLOBAL INCOME BUILDER NEXTSHARES EATON VANCE GLOBAL MACRO ABSOLUTE RETURN FUND EATON VANCE GLOBAL MACRO ABSOLUTE RETURN ADVANTAGE FUND EATON VANCE GLOBAL SMALL-CAP EQUITY FUND EATON VANCE HIGH INCOME OPPORTUNITIES FUND EATON VANCE INCOME FUND OF BOSTON EATON VANCE MULTI-ASSET CREDIT FUND EATON VANCE SHORT DURATION HIGH INCOME FUND EATON VANCE SHORT DURATION INFLATION-PROTECTED INCOME FUND EATON VANCE SHORT DURATION STRATEGIC INCOME FUND EATON VANCE TAX-MANAGED EQUITY ASSET ALLOCATION FUND EATON VANCE TAX-MANAGED GLOBAL DIVIDEND INCOME FUND EATON VANCE TAX-MANAGED MULTI-CAP GROWTH FUND EATON VANCE TAX-MANAGED SMALL-CAP FUND EATON VANCE TAX-MANAGED VALUE FUND Supplement to SAIs dated March 1, 2021 EATON VANCE FOCUSED GLOBAL OPPORTUNITIES FUND EATON VANCE INTERNATIONAL SMALL-CAP FUND Supplement to SAIs dated April 1, 2021

EATON VANCE BALANCED FUND EATON VANCE CORE BOND FUND EATON VANCE DIVIDEND BUILDER FUND EATON VANCE GROWTH FUND EATON VANCE LARGE-CAP VALUE FUND EATON VANCE SMALL-CAP FUND EATON VANCE SPECIAL EQUITIES FUND EATON VANCE STOCK FUND EATON VANCE STOCK NEXTSHARES EATON VANCE TAX-MANAGED GROWTH FUND 1.1 EATON VANCE TAX-MANAGED GROWTH FUND 1.2 EATON VANCE VT FLOATING-RATE INCOME FUND Supplement to SAIs dated May 1, 2021 EATON VANCE GOVERNMENT OPPORTUNITIES FUND EATON VANCE SHORT DURATION GOVERNMENT INCOME FUND Supplement to Prospectus dated March 1, 2021 as revised May 17, 2021 EATON VANCE EMERGING MARKETS DEBT FUND EATON VANCE HIGH YIELD MUNICIPAL INCOME FUND EATON VANCE TABS 5-to-15 YEAR LADDERED MUNICIPAL BOND NEXTSHARES PARAMETRIC TABS 1-to-10 YEAR LADDERED MUNICIPAL BOND FUND PARAMETRIC TABS 5-to-15 YEAR LADDERED MUNICIPAL BOND FUND PARAMETRIC TABS 10-to-20 YEAR LADDERED MUNICIPAL BOND FUND PARAMETRIC TABS INTERMEDIATE-TERM MUNICIPAL BOND FUND PARAMETRIC TABS SHORT-TERM MUNICIPAL BOND FUND Supplement to SAIs dated June 1, 2021 EATON VANCE FOCUSED GROWTH OPPORTUNITIES FUND EATON VANCE FOCUSED VALUE OPPORTUNITIES FUND Supplement to SAIs dated July 1, 2021 EATON VANCE FLOATING-RATE MUNICIPAL INCOME FUND EATON VANCE NATIONAL LIMITED MATURITY MUNICIPAL INCOME FUND EATON VANCE NEW YORK MUNICIPAL OPPORTUNITIES FUND EATON VANCE SHORT DURATION MUNICIPAL OPPORTUNITIES FUND Supplement to SAIs dated August 1, 2021

The following replaces “Potential Conflicts of Interest” in each Fund’s SAI:

POTENTIAL CONFLICTS OF INTEREST As a diversified global financial services firm, Morgan Stanley engages in a broad spectrum of activities, including financial advisory services, investment management activities, lending, commercial banking, sponsoring and managing private investment funds, engaging in broker-dealer transactions and principal securities, commodities and foreign exchange transactions, research publication and other activities. In the ordinary course of its business, Morgan Stanley is a full-service investment banking and financial services firm and therefore engages in activities where Morgan Stanley’s interests or the interests of its clients may conflict with the interests of a Fund or Portfolio, if applicable, (collectively for the purposes of this section, “Fund” or “Funds”). Morgan Stanley advises clients and sponsors, manages or advises other investment funds and investment programs, accounts and businesses (collectively, together with the Morgan Stanley funds, any new or successor funds, programs, accounts or businesses (other than funds, programs, accounts or businesses sponsored, managed, or advised by former direct or indirect subsidiaries of Eaton Vance Corp. (“Eaton Vance Investment Accounts”)), the ‘‘MS Investment Accounts, and, together with the Eaton Vance Investment Accounts, the “Affiliated Investment Accounts’’) with a wide variety of investment objectives that in some instances may overlap or conflict with a Fund’s investment objectives and present conflicts of interest. In addition, Morgan Stanley or the investment adviser may also from time to time create new or successor Affiliated Investment Accounts that may compete with a Fund and present similar conflicts of interest. The discussion below enumerates certain actual, apparent and potential conflicts of interest. There is no assurance that conflicts of interest will be resolved in favor of Fund shareholders and, in fact, they may not be. Conflicts of interest not described below may also exist.

2 The discussions below with respect to actual, apparent and potential conflicts of interest also may be applicable to or arise from the MS Investment Accounts whether or not specifically identified. Material Non-public and Other Information. It is expected that confidential or material non-public information regarding an investment or potential investment opportunity may become available to the investment adviser. If such information becomes available, the investment adviser may be precluded (including by applicable law or internal policies or procedures) from pursuing an investment or disposition opportunity with respect to such investment or investment opportunity. The investment adviser may also from time to time be subject to contractual ‘‘stand-still’’ obligations and/or confidentiality obligations that may restrict its ability to trade in certain investments on a Fund’s behalf. In addition, the investment adviser may be precluded from disclosing such information to an investment team, even in circumstances in which the information would be beneficial if disclosed. Therefore, the investment team may not be provided access to material non-public information in the possession of Morgan Stanley that might be relevant to an investment decision to be made on behalf of a Fund, and the investment team may initiate a transaction or sell an investment that, if such information had been known to it, may not have been undertaken. In addition, certain members of the investment team may be recused from certain investment-related discussions so that such members do not receive information that would limit their ability to perform functions of their employment with the investment adviser or its affiliates unrelated to that of a Fund. Furthermore, access to certain parts of Morgan Stanley may be subject to third party confidentiality obligations and to information barriers established by Morgan Stanley in order to manage potential conflicts of interest and regulatory restrictions, including without limitation joint transaction restrictions pursuant to the 1940 Act. Accordingly, the investment adviser’s ability to source investments from other business units within Morgan Stanley may be limited and there can be no assurance that the investment adviser will be able to source any investments from any one or more parts of the Morgan Stanley network. The investment adviser may restrict its investment decisions and activities on behalf of the Funds in various circumstances, including because of applicable regulatory requirements or information held by the investment adviser or Morgan Stanley. The investment adviser might not engage in transactions or other activities for, or enforce certain rights in favor of, a Fund due to Morgan Stanley’s activities outside the Funds. In instances where trading of an investment is restricted, the investment adviser may not be able to purchase or sell such investment on behalf of a Fund, resulting in the Fund’s inability to participate in certain desirable transactions. This inability to buy or sell an investment could have an adverse effect on a Fund’s portfolio due to, among other things, changes in an investment’s value during the period its trading is restricted. Also, in situations where the investment adviser is required to aggregate its positions with those of other Morgan Stanley business units for position limit calculations, the investment adviser may have to refrain from making investments due to the positions held by other Morgan Stanley business units or their clients. There may be other situations where the investment adviser refrains from making an investment due to additional disclosure obligations, regulatory requirements, policies, and reputational risk, or the investment adviser may limit purchases or sales of securities in respect of which Morgan Stanley is engaged in an underwriting or other distribution capacity. Morgan Stanley has established certain information barriers and other policies to address the sharing of information between different businesses within Morgan Stanley. As a result of information barriers, the investment adviser generally will not have access, or will have limited access, to certain information and personnel in other areas of Morgan Stanley and generally will not manage the Funds with the benefit of the information held by such other areas. Morgan Stanley, due to its access to and knowledge of funds, markets and securities based on its prime brokerage and other businesses, may make decisions based on information or take (or refrain from taking) actions with respect to interests in investments of the kind held (directly or indirectly) by the Funds in a manner that may be adverse to the Funds, and will not have any obligation or other duty to share information with the investment adviser. In limited circumstances, however, including for purposes of managing business and reputational risk, and subject to policies and procedures and any applicable regulations, Morgan Stanley personnel, including personnel of the investment adviser, on one side of an information barrier may have access to information and personnel on the other side of the information barrier through “wall crossings.” The investment adviser faces conflicts of interest in determining whether to engage in such wall crossings. Information obtained in connection with such wall crossings may limit or restrict the ability of the investment adviser to engage in or otherwise effect transactions on behalf of the Funds (including purchasing or selling securities that the investment adviser may otherwise have purchased or sold for a Fund in the absence of a wall crossing). In managing conflicts of interest that arise because of the foregoing, the investment adviser generally will be subject to fiduciary requirements. The investment adviser may also implement internal information barriers or ethical walls, and the conflicts described herein with respect to information barriers and otherwise with respect to Morgan Stanley and the investment adviser will also apply internally within the investment adviser. As a result, a Fund may not be permitted to transact in (e.g., dispose of a security in whole or in part) during periods when it otherwise would have been able to do so, which could adversely affect a Fund. Other investors in the security that are not subject to such restrictions may be able to transact in the security during such periods. There may also be circumstances in which, as a result of information held by certain portfolio management teams in the

3 investment adviser, the investment adviser limits an activity or transaction for a Fund, including if the Fund is managed by a portfolio management team other than the team holding such information. Investments by Morgan Stanley and its Affiliated Investment Accounts. In serving in multiple capacities to Affiliated Investment Accounts, Morgan Stanley, including the investment adviser and its investment teams, may have obligations to other clients or investors in Affiliated Investment Accounts, the fulfillment of which may not be in the best interests of a Fund or its shareholders. A Fund’s investment objectives may overlap with the investment objectives of certain Affiliated Investment Accounts. As a result, the members of an investment team may face conflicts in the allocation of investment opportunities among a Fund and other investment funds, programs, accounts and businesses advised by or affiliated with the investment adviser. Certain Affiliated Investment Accounts may provide for higher management or incentive fees or greater expense reimbursements or overhead allocations, all of which may contribute to this conflict of interest and create an incentive for the investment adviser to favor such other accounts. Morgan Stanley currently invests and plans to continue to invest on its own behalf and on behalf of its Affiliated Investment Accounts in a wide variety of investment opportunities globally. Morgan Stanley and its Affiliated Investment Accounts, to the extent consistent with applicable law and policies and procedures, will be permitted to invest in investment opportunities without making such opportunities available to a Fund beforehand. Subject to the foregoing, Morgan Stanley may offer investments that fall into the investment objectives of an Affiliated Investment Account to such account or make such investment on its own behalf, even though such investment also falls within a Fund’s investment objectives. A Fund may invest in opportunities that Morgan Stanley and/or one or more Affiliated Investment Accounts has declined, and vice versa. All of the foregoing may reduce the number of investment opportunities available to a Fund and may create conflicts of interest in allocating investment opportunities. Investors should note that the conflicts inherent in making such allocation decisions may not always be resolved to a Fund’s advantage. There can be no assurance that a Fund will have an opportunity to participate in certain opportunities that fall within their investment objectives. To seek to reduce potential conflicts of interest and to attempt to allocate such investment opportunities in a fair and equitable manner, the investment adviser has implemented allocation policies and procedures. These policies and procedures are intended to give all clients of the investment adviser, including the Funds, fair access to investment opportunities consistent with the requirements of organizational documents, investment strategies, applicable laws and regulations, and the fiduciary duties of the investment adviser. Each client of the investment adviser that is subject to the allocation policies and procedures, including each Fund, is assigned an investment team and portfolio manager(s) by the investment adviser. The investment team and portfolio managers review investment opportunities and will decide with respect to the allocation of each opportunity considering various factors and in accordance with the allocation policies and procedures. The allocation policies and procedures are subject to change. Investors should note that the conflicts inherent in making such allocation decisions may not always be resolved to the advantage of a Fund. It is possible that Morgan Stanley or an Affiliated Investment Account, including another Eaton Vance fund, will invest in or advise a company that is or becomes a competitor of a company of which a Fund holds an investment. Such investment could create a conflict between the Fund, on the one hand, and Morgan Stanley or the Affiliated Investment Account, on the other hand. In such a situation, Morgan Stanley may also have a conflict in the allocation of its own resources to the portfolio investment. Furthermore, certain Affiliated Investment Accounts will be focused primarily on investing in other funds which may have strategies that overlap and/or directly conflict and compete with a Fund. In addition, certain investment professionals who are involved in a Fund’s activities remain responsible for the investment activities of other Affiliated Investment Accounts managed by the investment adviser and its affiliates, and they will devote time to the management of such investments and other newly created Affiliated Investment Accounts (whether in the form of funds, separate accounts or other vehicles), as well as their own investments. In addition, in connection with the management of investments for other Affiliated Investment Accounts, members of Morgan Stanley and its affiliates may serve on the boards of directors of or advise companies which may compete with a Fund’s portfolio investments. Moreover, these Affiliated Investment Accounts managed by Morgan Stanley and its affiliates may pursue investment opportunities that may also be suitable for a Fund. It should be noted that Morgan Stanley may, directly or indirectly, make large investments in certain of its Affiliated Investment Accounts, and accordingly Morgan Stanley’s investment in a Fund may not be a determining factor in the outcome of any of the foregoing conflicts. Nothing herein restricts or in any way limits the activities of Morgan Stanley, including its ability to buy or sell interests in, or provide financing to, equity and/or debt instruments, funds or portfolio companies, for its own accounts or for the accounts of Affiliated Investment Accounts or other investment funds or clients in accordance with applicable law. Different clients of the investment adviser, including a Fund, may invest in different classes of securities of the same issuer, depending on the respective clients’ investment objectives and policies. As a result, the investment adviser and its affiliates, at times, will seek to satisfy fiduciary obligations to certain clients owning one class of securities of a particular issuer by 4 pursuing or enforcing rights on behalf of those clients with respect to such class of securities, and those activities may have an adverse effect on another client which owns a different class of securities of such issuer. For example, if one client holds debt securities of an issuer and another client holds equity securities of the same issuer, if the issuer experiences financial or operational challenges, the investment adviser and its affiliates may seek a liquidation of the issuer on behalf of the client that holds the debt securities, whereas the client holding the equity securities may benefit from a reorganization of the issuer. Thus, in such situations, the actions taken by the investment adviser or its affiliates on behalf of one client can negatively impact securities held by another client. These conflicts also exist as between the investment adviser’s clients, including the Funds, and the Affiliated Investment Accounts managed by Morgan Stanley. The investment adviser and its affiliates may give advice and recommend securities to other clients which may differ from advice given to, or securities recommended or bought for, a Fund even though such other clients’ investment objectives may be similar to those of the Fund. The investment adviser and its affiliates manage long and short portfolios. The simultaneous management of long and short portfolios creates conflicts of interest in portfolio management and trading in that opposite directional positions may be taken in client accounts, including client accounts managed by the same investment team, and creates risks such as: (i) the risk that short sale activity could adversely affect the market value of long positions in one or more portfolios (and vice versa) and (ii) the risks associated with the trading desk receiving opposing orders in the same security simultaneously. The investment adviser and its affiliates have adopted policies and procedures that are reasonably designed to mitigate these conflicts. In certain circumstances, the investment adviser invests on behalf of itself in securities and other instruments that would be appropriate for, held by, or may fall within the investment guidelines of its clients, including a Fund. At times, the investment adviser may give advice or take action for its own accounts that differs from, conflicts with, or is adverse to advice given or action taken for any client. From time to time, conflicts also arise due to the fact that certain securities or instruments may be held in some client accounts, including a Fund, but not in others, or that client accounts may have different levels of holdings in certain securities or instruments. . In addition, due to differences in the investment strategies or restrictions among client accounts, the investment adviser may take action with respect to one account that differs from the action taken with respect to another account. In some cases, a client account may compensate the investment adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for the investment adviser in the allocation of management time, resources and investment opportunities. The investment adviser has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern the investment adviser’s trading practices, including, among other things, the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution. In addition, at times an investment adviser investment team will give advice or take action with respect to the investments of one or more clients that is not given or taken with respect to other clients with similar investment programs, objectives, and strategies. Accordingly, clients with similar strategies will not always hold the same securities or instruments or achieve the same performance. The investment adviser’s investment teams also advise clients with conflicting programs, objectives or strategies. These conflicts also exist as between the investment adviser’s clients, including the Funds, and the Affiliated Investment Accounts managed by Morgan Stanley. The investment adviser maintains separate trading desks by investment team and generally based on asset class, including two trading desks trading equity securities. These trading desks operate independently of one another. The two equity trading desks do not share information. The separate equity trading desks may result in one desk competing against the other desk when implementing buy and sell transactions, possibly causing certain accounts to pay more or receive less for a security than other accounts. In addition, Morgan Stanley and its affiliates maintain separate trading desks that operate independently of each other and do not share trading information with the investment adviser. These trading desks may compete against the investment adviser trading desks when implementing buy and sell transactions, possibly causing certain Affiliated Investment Accounts to pay more or receive less for a security than other Affiliated Investment Accounts. Investments by Separate Investment Departments. The entities and individuals that provide investment-related services for the Fund and certain other Eaton Vance Investment Accounts (the “Eaton Vance Investment Department”) may be different from the entities and individuals that provide investment-related services to MS Investment Accounts (the “MS Investment Department and, together with the Eaton Vance Investment Department, the “Investment Departments”). Although Morgan Stanley has implemented information barriers between the Investment Departments in accordance with internal policies and procedures, each Investment Department may engage in discussions and share information and resources with the other Investment Department on certain investment-related matters. The sharing of information and resources between the Investment Departments is designed to further increase the knowledge and effectiveness of each Investment Department. Because each Investment Department generally makes investment decisions and executes trades independently of the other, the quality and price of execution, and the performance of investments and accounts, can be expected to vary. In addition,

5 each Investment Department may use different trading systems and technology and may employ differing investment and trading strategies. As a result, a MS Investment Account could trade in advance of the Fund (and vice versa), might complete trades more quickly and efficiently than the Fund, and/or achieve different execution than the Fund on the same or similar investments made contemporaneously, even when the Investment Departments shared research and viewpoints that led to that investment decision. Any sharing of information or resources between the Investment Department servicing the Fund and the MS Investment Department may result, from time to time, in the Fund simultaneously or contemporaneously seeking to engage in the same or similar transactions as an account serviced by the other Investment Department and for which there are limited buyers or sellers on specific securities, which could result in less favorable execution for the Fund than such account. The Eaton Vance Investment Department will not knowingly or intentionally cause the Fund to engage in a cross trade with an account serviced by the MS Investment Department, however, subject to applicable law and internal policies and procedures, the Fund may conduct cross trades with other accounts serviced by the Eaton Vance Investment Department. Although the Eaton Vance Investment Department may aggregate the Fund’s trades with trades of other accounts serviced by the Eaton Vance Investment Department, subject to applicable law and internal policies and procedures, there will be no aggregation or coordination of trades with accounts serviced by the MS Investment Department, even when both Investment Departments are seeking to acquire or dispose of the same investments contemporaneously. Payments to Broker-Dealers and Other Financial Intermediaries. The investment adviser and/or EVD may pay compensation, out of their own funds and not as an expense of the Funds, to certain financial intermediaries (which may include affiliates of the investment adviser and EVD), including recordkeepers and administrators of various deferred compensation plans, in connection with the sale, distribution, marketing and retention of shares of the Funds and/or shareholder servicing. For example, the investment adviser or EVD may pay additional compensation to a financial intermediary for, among other things, promoting the sale and distribution of Fund shares, providing access to various programs, mutual fund platforms or preferred or recommended mutual fund lists that may be offered by a financial intermediary, granting EVD access to a financial intermediary’s financial advisors and consultants, providing assistance in the ongoing education and training of a financial intermediary’s financial personnel, furnishing marketing support, maintaining share balances and/or for sub-accounting, recordkeeping, administrative, shareholder or transaction processing services. Such payments are in addition to any distribution fees, shareholder servicing fees and/or transfer agency fees that may be payable by the Funds. The additional payments may be based on various factors, including level of sales (based on gross or net sales or some specified minimum sales or some other similar criteria related to sales of the Funds and/or some or all other Eaton Vance funds), amount of assets invested by the financial intermediary’s customers (which could include current or aged assets of the Funds and/or some or all other Eaton Vance funds), a Fund’s advisory fee, some other agreed upon amount or other measures as determined from time to time by the investment adviser and/or EVD. The amount of these payments may be different for different financial intermediaries. The prospect of receiving, or the receipt of, additional compensation, as described above, by financial intermediaries may provide such financial intermediaries and their financial advisors and other salespersons with an incentive to favor sales of shares of the Funds over other investment options with respect to which these financial intermediaries do not receive additional compensation (or receive lower levels of additional compensation). These payment arrangements, however, will not change the price that an investor pays for shares of the Funds or the amount that the Funds receive to invest on behalf of an investor. Investors may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to Fund shares and should review carefully any disclosures provided by financial intermediaries as to their compensation. In addition, in certain circumstances, the investment adviser may restrict, limit or reduce the amount of a Fund's investment, or restrict the type of governance or voting rights it acquires or exercises, where the Fund (potentially together with Morgan Stanley) exceeds a certain ownership interest, or possesses certain degrees of voting or control or has other interests. Morgan Stanley Trading and Principal Investing Activities. Notwithstanding anything to the contrary herein, Morgan Stanley will generally conduct its sales and trading businesses, publish research and analysis, and render investment advice without regard for a Fund’s holdings, although these activities could have an adverse impact on the value of one or more of the Fund’s investments, or could cause Morgan Stanley to have an interest in one or more portfolio investments that is different from, and potentially adverse to that of a Fund. Furthermore, from time to time, the investment adviser or its affiliates may invest “seed” capital in a Fund, typically to enable the Fund to commence investment operations and/or achieve sufficient scale. The investment adviser and its affiliates may hedge such seed capital exposure by investing in derivatives or other instruments expected to produce offsetting exposure. Such hedging transactions, if any, would occur outside of a Fund. Morgan Stanley’s sales and trading, financing and principal investing businesses (whether or not specifically identified as such, and including Morgan Stanley’s trading and principal investing businesses) will not be required to offer any investment opportunities to a Fund. These businesses may encompass, among other things, principal trading activities as well as principal investing.

6 Morgan Stanley’s sales and trading, financing and principal investing businesses have acquired or invested in, and in the future may acquire or invest in, minority and/or majority control positions in equity or debt instruments of diverse public and/or private companies. Such activities may put Morgan Stanley in a position to exercise contractual, voting or creditor rights, or management or other control with respect to securities or loans of portfolio investments or other issuers, and in these instances Morgan Stanley may, in its discretion and subject to applicable law, act to protect its own interests or interests of clients, and not a Fund’s interests. Subject to the limitations of applicable law, a Fund may purchase from or sell assets to, or make investments in, companies in which Morgan Stanley has or may acquire an interest, including as an owner, creditor or counterparty. Morgan Stanley’s Investment Banking and Other Commercial Activities. Morgan Stanley advises clients on a variety of mergers, acquisitions, restructuring, bankruptcy and financing transactions. Morgan Stanley may act as an advisor to clients, including other investment funds that may compete with a Fund and with respect to investments that a Fund may hold. Morgan Stanley may give advice and take action with respect to any of its clients or proprietary accounts that may differ from the advice given, or may involve an action of a different timing or nature than the action taken, by a Fund. Morgan Stanley may give advice and provide recommendations to persons competing with a Fund and/or any of a Fund’s investments that are contrary to the Fund’s best interests and/or the best interests of any of its investments. Morgan Stanley could be engaged in financial advising, whether on the buy-side or sell-side, or in financing or lending assignments that could result in Morgan Stanley’s determining in its discretion or being required to act exclusively on behalf of one or more third parties, which could limit a Fund’s ability to transact with respect to one or more existing or potential investments. Morgan Stanley may have relationships with third-party funds, companies or investors who may have invested in or may look to invest in portfolio companies, and there could be conflicts between a Fund’s best interests, on the one hand, and the interests of a Morgan Stanley client or counterparty, on the other hand. To the extent that Morgan Stanley advises creditor or debtor companies in the financial restructuring of companies either prior to or after filing for protection under Chapter 11 of the U.S. Bankruptcy Code or similar laws in other jurisdictions, the investment adviser’s flexibility in making investments in such restructurings on a Fund’s behalf may be limited. Morgan Stanley could provide investment banking services to competitors of portfolio companies, as well as to private equity and/or private credit funds; such activities may present Morgan Stanley with a conflict of interest vis-a-vis a Fund’s investment and may also result in a conflict in respect of the allocation of investment banking resources to portfolio companies. To the extent permitted by applicable law, Morgan Stanley may provide a broad range of financial services to companies in which a Fund invests, including strategic and financial advisory services, interim acquisition financing and other lending and underwriting or placement of securities, and Morgan Stanley generally will be paid fees (that may include warrants or other securities) for such services. Morgan Stanley will not share any of the foregoing interest, fees and other compensation received by it (including, for the avoidance of doubt, amounts received by the investment adviser) with a Fund, and any advisory fees payable will not be reduced thereby. Morgan Stanley may be engaged to act as a financial advisor to a company in connection with the sale of such company, or subsidiaries or divisions thereof, may represent potential buyers of businesses through its mergers and acquisition activities and may provide lending and other related financing services in connection with such transactions. Morgan Stanley’s compensation for such activities is usually based upon realized consideration and is usually contingent, in substantial part, upon the closing of the transaction. Under these circumstances, a Fund may be precluded from participating in a transaction with or relating to the company being sold or participating in any financing activity related to merger or acquisition. The involvement or presence of Morgan Stanley in the investment banking and other commercial activities described above (or the financial markets more broadly) may restrict or otherwise limit investment opportunities that may otherwise be available to the Funds. For example, issuers may hire and compensate Morgan Stanley to provide underwriting, financial advisory, placement agency, brokerage services or other services and, because of limitations imposed by applicable law and regulation, a Fund may be prohibited from buying or selling securities issued by those issuers or participating in related transactions or otherwise limited in its ability to engage in such investments. Morgan Stanley’s Marketing Activities. Morgan Stanley is engaged in the business of underwriting, syndicating, brokering, administering, servicing, arranging and advising on the distribution of a wide variety of securities and other investments in which a Fund may invest. Subject to the restrictions of the 1940 Act, including Sections 10(f) and 17(e) thereof, a Fund may invest in transactions in which Morgan Stanley acts as underwriter, placement agent, syndicator, broker, administrative agent, servicer, advisor, arranger or structuring agent and receives fees or other compensation from the sponsors of such products or securities. Any fees earned by Morgan Stanley in such capacity will not be shared with the investment adviser or the Funds. Certain conflicts of interest, in addition to the receipt of fees or other compensation, would be inherent in these transactions. Moreover, the interests of one of Morgan Stanley’s clients with respect to an issuer of securities in which a Fund 7 has an investment may be adverse to the investment adviser’s or a Fund’s best interests. In conducting the foregoing activities, Morgan Stanley will be acting for its other clients and will have no obligation to act in the investment adviser’s or a Fund’s best interests. Client Relationships. Morgan Stanley has existing and potential relationships with a significant number of corporations, institutions and individuals. In providing services to its clients, Morgan Stanley may face conflicts of interest with respect to activities recommended to or performed for such clients, on the one hand, and a Fund, its shareholders or the entities in which the Fund invests, on the other hand. In addition, these client relationships may present conflicts of interest in determining whether to offer certain investment opportunities to a Fund. In acting as principal or in providing advisory and other services to its other clients, Morgan Stanley may engage in or recommend activities with respect to a particular matter that conflict with or are different from activities engaged in or recommended by the investment adviser on a Fund’s behalf. Principal Investments. To the extent permitted by applicable law, there may be situations in which a Fund’s interests may conflict with the interests of one or more general accounts of Morgan Stanley and its affiliates or accounts managed by Morgan Stanley or its affiliates. This may occur because these accounts hold public and private debt and equity securities of many issuers which may be or become portfolio companies, or from whom portfolio companies may be acquired. Transactions with Portfolio Companies of Affiliated Investment Accounts. The companies in which a Fund may invest may be counterparties to or participants in agreements, transactions or other arrangements with portfolio companies or other entities of portfolio investments of Affiliated Investment Accounts (for example, a company in which a Fund invests may retain a company in which an Affiliated Investment Account invests to provide services or may acquire an asset from such company or vice versa). Certain of these agreements, transactions and arrangements involve fees, servicing payments, rebates and/or other benefits to Morgan Stanley or its affiliates. For example, portfolio entities may, including at the encouragement of Morgan Stanley, enter into agreements regarding group procurement and/or vendor discounts. Morgan Stanley and its affiliates may also participate in these agreements and may realize better pricing or discounts as a result of the participation of portfolio entities. To the extent permitted by applicable law, certain of these agreements may provide for commissions or similar payments and/or discounts or rebates to be paid to a portfolio entity of an Affiliated Investment Account, and such payments or discounts or rebates may also be made directly to Morgan Stanley or its affiliates. Under these arrangements, a particular portfolio company or other entity may benefit to a greater degree than the other participants, and the funds, investment vehicles and accounts (which may or may not include a Fund) that own an interest in such entity will receive a greater relative benefit from the arrangements than the Eaton Vance funds, investment vehicles or accounts that do not own an interest therein. Fees and compensation received by portfolio companies of Affiliated Investment Accounts in relation to the foregoing will not be shared with a Fund or offset advisory fees payable. Investments in Portfolio Investments of Other Funds. To the extent permitted by applicable law, when a Fund invests in certain companies or other entities, other funds affiliated with the investment adviser may have made or may be making an investment in such companies or other entities. Other funds that have been or may be managed by the investment adviser may invest in the companies or other entities in which a Fund has made an investment. Under such circumstances, a Fund and such other funds may have conflicts of interest (e.g., over the terms, exit strategies and related matters, including the exercise of remedies of their respective investments). If the interests held by a Fund are different from (or take priority over) those held by such other funds, the investment adviser may be required to make a selection at the time of conflicts between the interests held by such other funds and the interests held by a Fund. Allocation of Expenses. Expenses may be incurred that are attributable to a Fund and one or more other Affiliated Investment Accounts (including in connection with issuers in which a Fund and such other Affiliated Investment Accounts have overlapping investments). The allocation of such expenses among such entities raises potential conflicts of interest. The investment adviser and its affiliates intend to allocate such common expenses among a Fund and any such other Affiliated Investment Accounts on a pro rata basis or in such other manner as the investment adviser deems to be fair and equitable or in such other manner as may be required by applicable law. Temporary Investments. To more efficiently invest short-term cash balances held by a Fund, the investment adviser may invest such balances on an overnight “sweep” basis in shares of one or more money market funds or other short-term vehicles. It is anticipated that the investment adviser to these money market funds or other short-term vehicles may be the investment adviser (or an affiliate) to the extent permitted by applicable law, including Rule 12d1-1 under the 1940 Act. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance, for this purpose. Eaton Vance does not currently receive a fee for advisory services provided to Cash Reserves Fund. Transactions with Affiliates. The investment adviser and any investment sub-adviser might purchase securities from underwriters or placement agents in which a Morgan Stanley affiliate is a member of a syndicate or selling group, as a result

8 of which an affiliate might benefit from the purchase through receipt of a fee or otherwise. Neither the investment adviser nor any investment sub-adviser will purchase securities on behalf of a Fund from an affiliate that is acting as a manager of a syndicate or selling group. Purchases by the investment adviser on behalf of a Fund from an affiliate acting as a placement agent must meet the requirements of applicable law. Furthermore, Morgan Stanley may face conflicts of interest when the Funds use service providers affiliated with Morgan Stanley because Morgan Stanley receives greater overall fees when they are used. General Process for Potential Conflicts. All of the transactions described above involve the potential for conflicts of interest between the investment adviser, related persons of the investment adviser and/or their clients. The Advisers Act, the 1940 Act and ERISA impose certain requirements designed to decrease the possibility of conflicts of interest between an investment adviser and its clients. In some cases, transactions may be permitted subject to fulfillment of certain conditions. Certain other transactions may be prohibited. In addition, the investment adviser has instituted policies and procedures designed to prevent conflicts of interest from arising and, when they do arise, to ensure that it effects transactions for clients in a manner that is consistent with its fiduciary duty to its clients and in accordance with applicable law. The investment adviser seeks to ensure that potential or actual conflicts of interest are appropriately resolved taking into consideration the overriding best interests of the client.

September 21, 2021

EATON VANCE GLOBAL BOND FUND EATON VANCE EMERGING MARKETS LOCAL INCOME FUND EATON VANCE GLOBAL MACRO ABSOLUTE RETURN FUND EATON VANCE GLOBAL MACRO ABSOLUTE RETURN ADVANTAGE FUND EATON VANCE SHORT DURATION STRATEGIC INCOME FUND Supplement to Statement of Additional Information dated March 1, 2021

The following replaces the tables under “Portfolio Managers.” in “Investment Advisory and Administrative Services”:

Number of Total Assets of Number of Accounts Total Assets of Accounts All Accounts All Accounts Paying a Performance Fee Paying a Performance Fee John R. Baur(1) Registered Investment Companies 11 $18,564.0 0 $0 Other Pooled Investment Vehicles 7 $1,208.4 0 $0 Other Accounts 0 $0 0 $0 Justin Bourgette(1) Registered Investment Companies 5 $2,958.7 0 $0 Other Pooled Investment Vehicles 2 $122.5 0 $0 Other Accounts 4 $413.5 0 $0 Patrick Campbell(2) Registered Investment Companies 4 $13,073.3 0 $0 Other Pooled Investment Vehicles 0 $0 0 $0 Other Accounts 0 $0 0 $0 Kyle Lee(1) Registered Investment Companies 1 $57.2 0 $0 Other Pooled Investment Vehicles 0 $0 0 $0 Other Accounts 0 $0 0 $0 Federico Sequeda(2) Registered Investment Companies 4 $13,073.3 0 $0 Other Pooled Investment Vehicles 0 $0 0 $0 Other Accounts 0 $0 0 $0 Brian Shaw(1) Registered Investment Companies 1 $1,722.9 0 $0 Other Pooled Investment Vehicles 1 $90.9 0 $0 Other Accounts 0 $0 0 $0 Eric A. Stein(1) Registered Investment Companies 12 $20,259.0 0 $0 Other Pooled Investment Vehicles 7 $1,289.6 0 $0 Other Accounts 0 $0 0 $0

Number of Total Assets of Number of Accounts Total Assets of Accounts All Accounts All Accounts Paying a Performance Fee Paying a Performance Fee Andrew Szczurowski(1) Registered Investment Companies 5 $14,982.6 0 $0 Other Pooled Investment Vehicles 1 $90.9 0 $0 Other Accounts 0 $0 0 $0 (1) This portfolio manager serves as portfolio manager of one or more registered investment companies and/or pooled investment vehicles that invest or may invest in one or more underlying registered investment companies and/or separate pooled investments vehicles in the Eaton Vance family of funds. The underlying investment companies may be managed by this portfolio manager or another portfolio manager. (2) As of July 31, 2021. The following table shows the dollar range of equity securities beneficially owned in a Fund by its portfolio manager(s) as of the Funds’ most recent fiscal year ended October 31, 2020 and in the Eaton Vance family of funds as of December 31, 2020. Interests in a Portfolio cannot be purchased by a portfolio manager.

Aggregate Dollar Range of Equity Dollar Range of Equity Securities Securities Beneficially Owned in Fund Name and Portfolio Managers Beneficially Owned in the Fund the Eaton Vance Family of Funds Global Bond Fund Patrick Campbell None(2) $100,001 - $500,000 Brian Shaw None(2) $100,001 - $500,000 Kyle Lee $10,001 - $50,000 Over $1,000,000 Emerging Markets Local Income Fund John R. Baur $1 - $10,000 Over $1,000,000 Brian Shaw $10,001 - $50,000(1) $100,001 - $500,000 Global Macro Absolute Return Fund John R. Baur $50,001 - $100,000 Over $1,000,000 Patrick Campbell None(1) $100,001 - $500,000 Kyle Lee $10,001 - $50,000(1) Over $1,000,000 Federico Sequeda None(1) $100,001 - $500,000 Global Macro Absolute Return Advantage Fund John R. Baur $1 - $10,000 Over $1,000,000 Patrick Campbell None(1) $100,001 - $500,000 Kyle Lee None(1) Over $1,000,000 Federico Sequeda None(1) $100,001 - $500,000 Short Duration Strategic Income Fund Justin Bourgette $50,001 - $100,000 $500,001 - $1,000,000 Brian Shaw $50,001 - $100,000 $100,001 - $500,000 Eric A. Stein $100,001 - $500,000 $500,001 - $1,000,000 Andrew Szczurowski $100,001 - $500,000 $500,001 - $1,000,000 (1) As of April 30, 2021. (2) As of July 31, 2021.

September 8, 2021

Effective June 30, 2021, the following replaces the tables under “Portfolio Managers.” in “Investment Advisory and Administrative Services”:

Number of Total Assets of Number of Accounts Total Assets of Accounts All Accounts All Accounts Paying a Performance Fee Paying a Performance Fee John R. Baur(1) Registered Investment Companies 11 $18,564.0 0 $0 Other Pooled Investment Vehicles 7 $1,208.4 0 $0 Other Accounts 0 $0 0 $0 Justin Bourgette(1) Registered Investment Companies 5 $2,958.7 0 $0 Other Pooled Investment Vehicles 2 $122.5 0 $0 Other Accounts 4 $413.5 0 $0 Patrick Campbell(2) Registered Investment Companies 0 $0 0 $0 Other Pooled Investment Vehicles 0 $0 0 $0 Other Accounts 0 $0 0 $0 Michael A. Cirami(1) Registered Investment Companies 12 $18,621.2 0 $0 Other Pooled Investment Vehicles 7 $1,208.4 0 $0 Other Accounts 0 $0 0 $0 Kyle Lee(1) Registered Investment Companies 1 $57.2 0 $0 Other Pooled Investment Vehicles 0 $0 0 $0 Other Accounts 0 $0 0 $0 Sarah Orvin(2) Registered Investment Companies 1 $308.9 0 $0 Other Pooled Investment Vehicles 0 $0 0 $0 Other Accounts 0 $0 0 $0 Federico Sequeda(2) Registered Investment Companies 0 $0 0 $0 Other Pooled Investment Vehicles 0 $0 0 $0 Other Accounts 0 $0 0 $0 Brian Shaw(1) Registered Investment Companies 1 $1,722.9 0 $0 Other Pooled Investment Vehicles 1 $90.9 0 $0 Other Accounts 0 $0 0 $0

Number of Total Assets of Number of Accounts Total Assets of Accounts All Accounts All Accounts Paying a Performance Fee Paying a Performance Fee Eric A. Stein(1) Registered Investment Companies 12 $20,259.0 0 $0 Other Pooled Investment Vehicles 7 $1,289.6 0 $0 Other Accounts 0 $0 0 $0 Andrew Szczurowski(1) Registered Investment Companies 5 $14,982.6 0 $0 Other Pooled Investment Vehicles 1 $90.9 0 $0 Other Accounts 0 $0 0 $0 (1) This portfolio manager serves as portfolio manager of one or more registered investment companies and/or pooled investment vehicles that invest or may invest in one or more underlying registered investment companies and/or separate pooled investments vehicles in the Eaton Vance family of funds. The underlying investment companies may be managed by this portfolio manager or another portfolio manager. (2) As of April 30, 2021. The following table shows the dollar range of equity securities beneficially owned in a Fund by its portfolio manager(s) as of the Funds’ most recent fiscal year ended October 31, 2020 and in the Eaton Vance family of funds as of December 31, 2020. Interests in a Portfolio cannot be purchased by a portfolio manager.

Aggregate Dollar Range of Equity Dollar Range of Equity Securities Securities Beneficially Owned in Fund Name and Portfolio Managers Beneficially Owned in the Fund the Eaton Vance Family of Funds Global Macro Absolute Return Advantage Fund John R. Baur $1 - $10,000 Over $1,000,000 Patrick Campbell None(1) $100,001 - $500,000 Michael A. Cirami $100,001 - $500,000 Over $1,000,000 Kyle Lee None(1) Over $1,000,000 Sarah Orvin $50,001 - $100,000(1) $100,001 - $500,000 Federico Sequeda None(1) $100,001 - $500,000 Short Duration Strategic Income Fund Justin Bourgette $50,001 - $100,000 $500,001 - $1,000,000 Brian Shaw $50,001 - $100,000 $100,001 - $500,000 Eric A. Stein $100,001 - $500,000 $500,001 - $1,000,000 Andrew Szczurowski $100,001 - $500,000 $500,001 - $1,000,000 (1) As of April 30, 2021.

June 15, 2021

The following replaces the second table under “Portfolio Managers.” in “Investment Advisory and Administrative Services”:

Aggregate Dollar Range of Equity Dollar Range of Equity Securities Securities Beneficially Owned in Fund Name and Portfolio Managers Beneficially Owned in the Fund the Eaton Vance Family of Funds Global Bond Fund Michael A. Cirami $10,001 - $50,000 Over $1,000,000 Kyle Lee $10,001-$50,000 Over $1,000,000 Emerging Markets Local Income Fund John R. Baur $1 - $10,000 Over $1,000,000 Michael A. Cirami $100,001 - $500,000 Over $1,000,000 Global Macro Absolute Return Fund John R. Baur $50,001 - $100,000 Over $1,000,000 Michael A. Cirami $100,001 - $500,000 Over $1,000,000 Global Macro Absolute Return Advantage Fund John R. Baur $1 - $10,000 Over $1,000,000 Michael A. Cirami $100,001 - $500,000 Over $1,000,000 Short Duration Strategic Income Fund Justin Bourgette $50,001 - $100,000 $500,001 - $1,000,000 Brian Shaw $50,001 - $100,000 $100,001 - $500,000 Eric A. Stein $100,001 - $500,000 $500,001 - $1,000,000 Andrew Szczurowski $100,001 - $500,000 $500,001 - $1,000,000

April 1, 2021

EATON VANCE BALANCED FUND EATON VANCE GREATER INDIA FUND EATON VANCE STOCK NEXTSHARES EATON VANCE VT FLOATING-RATE INCOME FUND Supplement to Statement of Additional Information (“SAI”) dated May 1, 2020 EATON VANCE EMERGING MARKETS DEBT FUND Supplement to SAI dated June 1, 2020 EATON VANCE DIVIDEND BUILDER FUND EATON VANCE GROWTH FUND EATON VANCE LARGE-CAP VALUE FUND EATON VANCE REAL ESTATE FUND EATON VANCE SMALL-CAP FUND EATON VANCE SPECIAL EQUITIES FUND Supplement to SAI dated May 1, 2020 as revised September 21, 2020 EATON VANCE FOCUSED GROWTH OPPORTUNITIES FUND EATON VANCE FOCUSED VALUE OPPORTUNITIES FUND Supplement to SAI dated July 1, 2020 as revised September 21, 2020 EATON VANCE EMERGING MARKETS DEBT OPPORTUNITIES FUND Supplement to SAI dated December 1, 2020 EATON VANCE GREATER CHINA GROWTH FUND EATON VANCE RICHARD BERNSTEIN ALL ASSET STRATEGY FUND EATON VANCE RICHARD BERNSTEIN EQUITY STRATEGY FUND Supplement to SAIs dated January 1, 2021 EATON VANCE CORE PLUS BOND FUND Supplement to SAI dated February 1, 2021 EATON VANCE EMERGING AND FRONTIER COUNTRIES EQUITY FUND EATON VANCE EMERGING MARKETS LOCAL INCOME FUND EATON VANCE GLOBAL BOND FUND EATON VANCE GLOBAL MACRO ABSOLUTE RETURN FUND EATON VANCE GLOBAL MACRO ABSOLUTE RETURN ADVANTAGE FUND EATON VANCE GOVERNMENT OPPORTUNITIES FUND EATON VANCE SHORT DURATION GOVERNMENT INCOME FUND EATON VANCE SHORT DURATION INFLATION-PROTECTED INCOME FUND EATON VANCE SHORT DURATION STRATEGIC INCOME FUND Supplement to SAIs dated March 1, 2021

1. The following replaces the first paragraph under “Fund Management.” in “Management and Organization”: Fund Management. The Trustees of the Trust are responsible for the overall management and supervision of the affairs of the Trust. If applicable, the Trustees of the Portfolio are responsible for the overall management and supervision of the Portfolio. The Board members and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of each Fund’s and Portfolio’s, if applicable, current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause each Fund or Portfolio to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for each Fund or Portfolio to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used in this SAI, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “Eaton Vance” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. (see “Principal Underwriter” under “Other Service Providers”). EV is the trustee of each of Eaton Vance and BMR. Effective March 1, 2021, each of Eaton Vance, BMR, EVD and EV are indirect wholly-owned subsidiaries of Morgan Stanley. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with Eaton Vance listed below. 2. The following replaces the Thomas E. Faust Jr. row in the Trustees table and in his biographical narrative in “Management and Organization”: THOMAS E. FAUST JR. Trustee Since 2007 Chairman of Morgan Stanley Investment Management, Inc. 141 Formerly, Director of EVC 1958 (MSIM), Director and President of EV, Chief Executive (2007-2021) and Hexavest Inc. Officer and President of Eaton Vance and BMR, and (2012-2021) (investment Director of EVD. Formerly, Chairman, Chief Executive management firm). Officer and President of EVC. Trustee and/or officer of 141 registered investment companies. Mr. Faust is an interested person because of his positions with MSIM, BMR, Eaton Vance, EVD and EV, which are affiliates of the Trust and Portfolio, and his former position with EVC, which was an affiliate of the Trust and Portfolio prior to March 1, 2021. Thomas E. Faust Jr. Mr. Faust has served as a member of the Eaton Vance Fund Boards since 2007. Effective March 1, 2021, he is Chairman of MSIM. He is also Director and President of EV, Chief Executive Officer and President of Eaton Vance and BMR, and Director of EVD. Mr. Faust previously served as Chairman and Chief Executive Officer of EVC from 2007 through March 1, 2021 and as President of EVC from 2006 through March 1, 2021. Mr. Faust served as a Director of Hexavest Inc. from 2012-2021. From 2016 through 2019, Mr. Faust served as a Director of SigFig Wealth Management LLC. Mr. Faust previously served as an equity analyst, portfolio manager, Director of Equity Research and Management and Chief Investment Officer of Eaton Vance from 1985-2007. He holds B.S. degrees in Mechanical Engineering and Economics from the Massachusetts Institute of Technology and an MBA from Harvard Business School. Mr. Faust has been a Chartered Financial Analyst since 1988. He is a trustee and member of the executive committee of the Boston Symphony Orchestra, Inc. and trustee emeritus of Wellesley College. 3. The following is added as the first paragraph under “Investment Advisory Services” in “Investment Advisory and Administrative Services”: As described in the Prospectus, upon the closing of the transaction by which Morgan Stanley acquired EVC (the “Transaction”), each Fund and each Portfolio entered into a new investment advisory agreement or investment advisory and administrative agreement with Eaton Vance or BMR, as applicable, and Eaton Vance or BMR entered into a new investment sub-advisory agreement with the Fund’s or Portfolio’s sub-adviser, as applicable. 4. The following replaces the last paragraph under “Investment Advisory Services.” in “Investment Advisory and Administrative Services”: Each Investment Advisory Agreement, Investment Advisory and Administrative Agreement or Investment Sub-Advisory Agreement, as applicable, with the investment adviser or sub-adviser continues in effect through and including the second anniversary of its execution and shall continue in full force and effect indefinitely thereafter, but only so long as such continuance after such second anniversary is specifically approved at least annually (i) by the vote of a majority of the noninterested Trustees of the Trust, in the case of a Fund, or a Portfolio, if applicable, cast in person at a meeting specifically called for the purpose of voting on such approval and (ii) by the Board of the Trust, in the case of a Fund, or a Portfolio, if applicable, or by vote of a majority of the outstanding voting securities of the Portfolio or Fund. Each Agreement may be terminated at any time without penalty on sixty (60) days’ written notice by either party, or by vote of the majority of the outstanding voting securities of the Portfolio or Fund, and each Agreement will terminate automatically in the event of its assignment. Each Agreement provides that the investment adviser may render services to others. Each Agreement also provides that the investment adviser shall not be liable for any loss incurred in connection with the performance of its duties, or action taken or omitted under the Agreement, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties thereunder, or for any losses sustained in the acquisition, holding or disposition of any security or other investment. Each Agreement is not intended to, and does not, confer upon any person not a party to it any right, benefit or remedy of any nature. 5. The following replaces “Information About BMR and Eaton Vance.” in “Investment Advisory and Administrative Services”: Information About BMR and Eaton Vance. BMR and Eaton Vance are business trusts organized under the laws of the Commonwealth of Massachusetts. EV serves as trustee of BMR and Eaton Vance. As described in the Prospectus, following the closing of the Transaction on March 1, 2021, EV, Eaton Vance and BMR became indirect wholly-owned subsidiaries of Morgan Stanley (NYSE: MS), a preeminent global financial services firm engaged in securities trading and brokerage activities, as well as providing investment banking, research and analysis, financing and financial advisory services. Prior to March 1, 2021, EV and Eaton Vance were wholly-owned subsidiaries of EVC, a Maryland corporation and publicly- held holding company and BMR was an indirect wholly owned subsidiary of EVC. EVC through its subsidiaries and affiliates engaged primarily in investment management, administration and marketing activities. The Directors of EVC were Thomas E. Faust Jr., Ann E. Berman, Leo I. Higdon, Jr., Paula A. Johnson, Brian D. Langstraat, Dorothy E. Puhy, Winthrop H. Smith, Jr. and Richard A. Spillane, Jr. All shares of the outstanding Voting Common Stock of EVC were deposited in a Voting Trust, the Voting Trustees of which were Mr. Faust, Paul W. Bouchey, Craig R. Brandon, Daniel C. Cataldo, Michael A. Cirami, Cynthia J. Clemson, James H. Evans, Maureen A. Gemma, Laurie G. Hylton, Mr. Langstraat, Thomas Lee, Frederick S. Marius, David C. McCabe, Edward J. Perkin, Lewis R. Piantedosi, Charles B. Reed, Craig P. Russ, Thomas C. Seto, John L. Shea, Eric A. Stein, John H. Streur, Andrew N. Sveen, Payson F. Swaffield, R. Kelly Williams and Matthew J. Witkos (all of whom are or were officers of Eaton Vance or its affiliates). The Voting Trustees had unrestricted voting rights for the election of Directors of EVC. Prior to March 1, 2021, all of the outstanding voting trust receipts issued under said Voting Trust were owned by certain of the officers of BMR and Eaton Vance who may also have been officers, or officers and Directors of EVC and EV. As indicated under “Management and Organization,” all of the officers of the Trust (as well as Mr. Faust who is also a Trustee) are employees of Eaton Vance and/or BMR. 6. The following replaces “Compensation Structure for Eaton Vance and BMR” and “Method to Determine Compensation.” under “Portfolio Managers” in “Investment Advisory and Administrative Services” as applicable: Compensation Structure for Eaton Vance and BMR. Compensation of the investment adviser's portfolio managers and other investment professionals has the following primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual non-cash compensation consisting of restricted shares of Morgan Stanley stock that are subject to a fixed vesting and distribution schedule. The investment adviser’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to the investment adviser’s employees. Compensation of the investment adviser’s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the December 31st fiscal year end of Morgan Stanley. Method to Determine Compensation. The investment adviser compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus the benchmark(s) stated in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to relative risk- adjusted performance. Risk-adjusted performance measures include, but are not limited to, the Sharpe ratio, which uses standard deviation and excess return to determine reward per unit of risk. Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When a fund’s peer group as determined by Lipper or Morningstar is deemed by the investment adviser’s management not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer group or market index. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. For funds with an investment objective other than total return (such as current income), consideration will also be given to the fund’s success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance. The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers’ performance in meeting them. The investment adviser seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. The investment adviser participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of the investment adviser and Morgan Stanley. The overall annual cash bonus pool is generally based on a substantially fixed percentage of pre-bonus adjusted operating income. While the salaries of the investment adviser’s portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation. 7. The following replaces the first two paragraphs in “Other Service Providers” for each Fund except Eaton Vance Stock NextShares: Principal Underwriter. Eaton Vance Distributors, Inc. (“EVD”), Two International Place, Boston, MA 02110 is the principal underwriter of each Fund. The principal underwriter acts as principal in selling shares under a Distribution Agreement with the Trust. The expenses of printing copies of prospectuses used to offer shares and other selling literature and of advertising are borne by the principal underwriter. The fees and expenses of qualifying and registering and maintaining qualifications and registrations of a Fund and its shares under federal and state securities laws are borne by the Fund. The Distribution Agreement is renewable annually by the members of the Board (including a majority of the noninterested Trustees who have no direct or indirect financial interest in the operation of the Distribution Agreement or any applicable Distribution Plan), may be terminated on sixty days’ notice either by such Trustees or by vote of a majority of the outstanding Fund shares or on six months’ notice by the principal underwriter and is automatically terminated upon assignment. The principal underwriter distributes shares on a “best efforts” basis under which it is required to take and pay for only such shares as may be sold. Effective March 1, 2021, EVD is an indirect wholly-owned subsidiary of Morgan Stanley. Prior to March 1, 2021, EVD was a direct, wholly-owned subsidiary of EVC. Mr. Faust is also a Director of EVD. EVD also serves as placement agent for the Portfolio, if applicable. Custodian. State Street Bank and Trust Company (“State Street”), State Street Financial Center, One Lincoln Street, Boston, MA 02111, serves as custodian to each Fund and Portfolio, if applicable. State Street has custody of all cash and securities representing a Fund’s interest in the Portfolio, has custody of the Portfolio’s and each Fund's assets, maintains the general ledger of the Portfolio and each Fund and computes the daily net asset value of interests in the Portfolio and the net asset value of shares of each Fund. In such capacity it attends to details in connection with the sale, exchange, substitution, transfer or other dealings with each Fund's and the Portfolio’s investments, receives and disburses all funds and performs various other ministerial duties upon receipt of proper instructions from the Trust and the Portfolio. State Street also provides services in connection with the preparation of shareholder reports and the electronic filing of such reports with the SEC. 8. The following replaces the second paragraph in “Other Service Providers” for Eaton Vance Stock NextShares: Custodian. State Street Bank and Trust Company (“State Street”), State Street Financial Center, One Lincoln Street, Boston, MA 02111, serves as custodian to each Fund and Portfolio, if applicable. State Street has custody of all cash and securities representing a Fund’s interest in the Portfolio, has custody of the Portfolio’s and each Fund's assets, maintains the general ledger of the Portfolio and each Fund and computes the daily net asset value of interests in the Portfolio and the net asset value of shares of each Fund. In such capacity it attends to details in connection with the sale, exchange, substitution, transfer or other dealings with each Fund's and the Portfolio’s investments, receives and disburses all funds and performs various other ministerial duties upon receipt of proper instructions from the Trust and the Portfolio. State Street also provides services in connection with the preparation of shareholder reports and the electronic filing of such reports with the SEC. 9. The following replaces the corresponding disclosure in “Portfolio Securities Transactions” for all Funds except Eaton Vance VT Floating-Rate Fund: Decisions concerning the execution of portfolio security transactions, including the selection of the market and the broker- dealer firm or other financial intermediary (each an “intermediary”), are made by the investment adviser. Each Fund and each Portfolio is responsible for the expenses associated with its portfolio transactions. The investment adviser is also responsible for the execution of transactions for all other accounts managed by it. The investment adviser places the portfolio security transactions for execution with one or more intermediaries firms. The investment adviser uses its best efforts to obtain execution of portfolio security transactions at prices that, in the investment adviser’s judgment, are advantageous to the client and at a reasonably competitive spread or (when a disclosed commission is being charged) at reasonably competitive commission rates. In seeking such execution, the investment adviser will use its best judgment in evaluating the terms of a transaction, and will give consideration to various relevant factors, which may include, without limitation, the full range and quality of the intermediary’s services, responsiveness of the intermediary to the investment adviser, the size and type of the transaction, the nature and character of the market for the security, the confidentiality, speed and certainty of effective execution required for the transaction, the general execution and operational capabilities of the intermediary, the reputation, reliability, experience and financial condition of the intermediary, the value and quality of the services rendered by the intermediary in this and other transactions, and the amount of the spread or commission, if any. In addition, the investment adviser may consider the receipt of Research Services (as defined below), provided it does not compromise the investment adviser’s obligation to seek best overall execution for a Fund or Portfolio and is otherwise in compliance with applicable law. The investment adviser may engage in portfolio transactions with an intermediary that sells shares of Eaton Vance funds, provided such transactions are not directed to that intermediary as compensation for the promotion or sale of such shares. As described in the Prospectus, following the closing of the Transaction on March 1, 2021, the investment adviser became an “affiliated person,” as defined in the 1940 Act, of Morgan Stanley and its affiliates, including certain intermediaries (as previously defined). As a result, the investment adviser is subject to certain restrictions regarding transactions with Morgan Stanley-affiliated intermediaries, as set forth in the 1940 Act. Under certain circumstances, such restrictions may limit the investment adviser’s ability to place portfolio transactions on behalf of a Fund or Portfolio at the desired time or price. Any transaction the investment adviser enters into with a Morgan Stanley-affiliated intermediary on behalf of a Fund or Portfolio will be done in compliance with applicable laws, rules, and regulations; will be subject to any restrictions contained in a Fund’s investment advisory agreement; will be subject to the investment adviser’s duty to seek best execution; and, will comply with any applicable policies and procedures, as described below. Subject to the overriding objective of obtaining the best execution of orders and applicable rules and regulations, as described above, a Fund or Portfolio may use an affiliated intermediary, including a Morgan Stanley-affiliated intermediary, to effect Fund or Portfolio portfolio transactions, including transactions in futures contracts and options on futures contracts, under procedures adopted by the Board. In order to use such affiliated intermediaries, the Fund’s or Portfolio’s Board must approve and periodically review procedures reasonably designed to ensure that commission rates and other remuneration paid to the affiliated intermediaries are fair and reasonable in comparison to those of other intermediaries for comparable transactions involving similar securities being purchased or sold during a comparable time period. Pursuant to an order issued by the SEC, a Fund or Portfolio is permitted to engage in principal transactions in money market instruments, subject to certain conditions, with Morgan Stanley & Co. LLC, a broker-dealer affiliated with Morgan Stanley. Research Services provided by (and produced by) broker-dealers that execute portfolio transactions or from affiliates of executing broker-dealers are referred to as “Proprietary Research.” Except for trades executed in jurisdictions where such consideration is not permissible, the investment adviser may and does consider the receipt of Proprietary Research Services as a factor in selecting broker dealers to execute client portfolio transactions, provided it does not compromise the investment adviser’s obligation to seek best overall execution. In jurisdictions where permissible, the investment adviser also may consider the receipt of Research Services under so called “client commission arrangements” or “commission sharing arrangements” (both referred to as “CCAs”) as a factor in selecting broker dealers to execute transactions, provided it does not compromise the investment adviser’s obligation to seek best overall execution. Under a CCA arrangement, the investment adviser may cause client accounts to effect transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions paid on those transactions to a pool of commission credits that are paid to other firms that provide Research Services to the investment adviser. Under a CCA, the broker-dealer that provides the Research Services need not execute the trade. Participating in CCAs may enable the investment adviser to consolidate payments for research using accumulated client commission credits from transactions executed through a particular broker-dealer to periodically pay for Research Services obtained from and provided by other firms, including other broker-dealers that supply Research Services. The investment adviser believes that CCAs offer the potential to optimize the execution of trades and the acquisition of a variety of high quality Research Services that the investment adviser might not be provided access to absent CCAs. The investment adviser may enter into CCA arrangements with a number of broker-dealers and other firms, including certain affiliates of the investment adviser. The investment adviser will only enter into and utilize CCAs to the extent permitted by Section 28(e) and other applicable law. The investment companies sponsored by the investment adviser or certain of its affiliates also may allocate brokerage commissions to acquire information relating to the performance, fees and expenses of such companies and other investment companies, which information is used by the members of the Board of such companies to fulfill their responsibility to oversee the quality of the services provided to various entities, including the investment adviser, to such companies. Such companies may also pay cash for such information. Securities considered as investments for each Fund and Portfolio, if applicable, may also be appropriate for other investment accounts managed by the investment adviser or certain of its affiliates. Whenever decisions are made to buy or sell securities by each Fund or Portfolio and one or more of such other accounts simultaneously, the investment adviser will allocate the security transactions (including “new” issues) in a manner which it believes to be equitable under the circumstances. As a result of such allocations, there may be instances where each Fund or Portfolio will not participate in a transaction that is allocated among other accounts. If an aggregated order cannot be filled completely, allocations will generally be made on a pro rata basis. An order may not be allocated on a pro rata basis where, for example: (i) consideration is given to portfolio managers who have been instrumental in developing or negotiating a particular investment; (ii) consideration is given to an account with specialized investment policies that coincide with the particulars of a specific investment; (iii) pro rata allocation would result in odd-lot or de minimis amounts being allocated to a portfolio or other client; or (iv) where the investment adviser reasonably determines that departure from a pro rata allocation is advisable. While these aggregation and allocation policies could have a detrimental effect on the price or amount of the securities available to each Fund or Portfolio from time to time, it is the opinion of the members of the Board that the benefits from the investment adviser organization outweigh any disadvantage that may arise from exposure to simultaneous transactions. 10. The following replaces the corresponding disclosure in “Portfolio Securities Transactions” for Eaton Vance VT Floating-Rate Fund: A Fund may transact in Senior Loans with major international banks, selected domestic regional banks, insurance companies, finance companies and other financial institutions and market participants. In selecting financial institutions with which a Fund may transact, Eaton Vance will consider, among other factors, the financial strength, professional ability, level of service and research capability of the institution. A Fund may trade in other types of investments (e.g., bonds and equity securities) which generally are traded through broker-dealers. Decisions concerning the execution of portfolio security transactions, including the selection of the market and the broker- dealer firm or other financial intermediary (each an “intermediary”), are made by the investment adviser. Each Fund is responsible for the expenses associated with its portfolio transactions. The investment adviser is also responsible for the execution of transactions for all other accounts managed by it. The investment adviser places the portfolio security transactions for execution with one or more intermediaries firms. The investment adviser uses its best efforts to obtain execution of portfolio security transactions at prices that, in the investment adviser’s judgment, are advantageous to the client and at a reasonably competitive spread or (when a disclosed commission is being charged) at reasonably competitive commission rates. In seeking such execution, the investment adviser will use its best judgment in evaluating the terms of a transaction, and will give consideration to various relevant factors, which may include, without limitation, the full range and quality of the intermediary’s services, responsiveness of the intermediary to the investment adviser, the size and type of the transaction, the nature and character of the market for the security, the confidentiality, speed and certainty of effective execution required for the transaction, the general execution and operational capabilities of the intermediary, the reputation, reliability, experience and financial condition of the intermediary, the value and quality of the services rendered by the intermediary in this and other transactions, and the amount of the spread or commission, if any. In addition, the investment adviser may consider the receipt of Research Services (as defined below), provided it does not compromise the investment adviser’s obligation to seek best overall execution for a Fund and is otherwise in compliance with applicable law. The investment adviser may engage in portfolio transactions with an intermediary that sells shares of Eaton Vance funds, provided such transactions are not directed to that intermediary as compensation for the promotion or sale of such shares. As described in the Prospectus, following the closing of the Transaction on March 1, 2021, Eaton Vance became an “affiliated person,” as defined in the 1940 Act, of Morgan Stanley and its affiliates, including certain intermediaries (as previously defined). As a result, Eaton Vance is subject to certain restrictions regarding transactions with Morgan Stanley- affiliated intermediaries, as set forth in the 1940 Act. Under certain circumstances, such restrictions may limit Eaton Vance’s ability to place portfolio transactions on behalf of a Fund at the desired time or price. Any transaction Eaton Vance enters into with a Morgan Stanley-affiliated intermediary on behalf of a Fund will be done in compliance with applicable laws, rules, and regulations; will be subject to any restrictions contained in a Fund’s investment advisory agreement with Eaton Vance; will be subject to Eaton Vance’s duty to seek best execution; and, will comply with any applicable Eaton Vance policies and procedures, as described below. Subject to the overriding objective of obtaining the best execution of orders and applicable rules and regulations, as described above, a Fund may use an affiliated intermediary, including a Morgan Stanley-affiliated intermediary, to effect Fund portfolio transactions, including transactions in futures contracts and options on futures contracts, under procedures adopted by the Board. In order to use such affiliated intermediaries, the Fund’s Board must approve and periodically review procedures reasonably designed to ensure that commission rates and other remuneration paid to the affiliated intermediaries are fair and reasonable in comparison to those of other intermediaries for comparable transactions involving similar securities being purchased or sold during a comparable time period. Pursuant to an order issued by the SEC, a Fund is permitted to engage in principal transactions in money market instruments, subject to certain conditions, with Morgan Stanley & Co. LLC, a broker-dealer affiliated with Morgan Stanley. Transactions on stock exchanges and other agency transactions involve the payment of negotiated brokerage commissions. Such commissions vary among different broker-dealer firms, and a particular broker-dealer may charge different commissions according to such factors as the difficulty and size of the transaction and the volume of business done with such broker- dealer. Transactions in foreign securities often involve the payment of brokerage commissions, which may be higher than those in the United States. There is generally no stated commission in the case of securities traded in the over-the-counter markets including transactions in fixed-income securities which are generally purchased and sold on a net basis (i.e., without commission) through intermediaries and banks acting for their own account rather than as brokers. Such intermediaries attempt to profit from such transactions by buying at the bid price and selling at the higher asked price of the market for such obligations, and the difference between the bid and asked price is customarily referred to as the spread. Fixed-income transactions may also be transacted directly with the issuer of the obligations. In an underwritten offering the price paid often includes a disclosed fixed commission or discount retained by the underwriter or dealer. Although spreads or commissions paid on portfolio security transactions will, in the judgment of the investment adviser, be reasonable in relation to the value of the services provided, commissions exceeding those which another firm might charge may be paid to intermediaries who were selected to execute transactions on behalf of the investment adviser’s clients in part for providing brokerage and research services to the investment adviser as permitted by applicable law. Research Services provided by (and produced by) broker-dealers that execute portfolio transactions or from affiliates of executing broker-dealers are referred to as “Proprietary Research.” Except for trades executed in jurisdictions where such consideration is not permissible, the investment adviser may and does consider the receipt of Proprietary Research Services as a factor in selecting broker dealers to execute client portfolio transactions, provided it does not compromise the investment adviser’s obligation to seek best overall execution. In jurisdictions where permissible, the investment adviser also may consider the receipt of Research Services under so called “client commission arrangements” or “commission sharing arrangements” (both referred to as “CCAs”) as a factor in selecting broker dealers to execute transactions, provided it does not compromise the investment adviser’s obligation to seek best overall execution. Under a CCA arrangement, the investment adviser may cause client accounts to effect transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions paid on those transactions to a pool of commission credits that are paid to other firms that provide Research Services to the investment adviser. Under a CCA, the broker-dealer that provides the Research Services need not execute the trade. Participating in CCAs may enable the investment adviser to consolidate payments for research using accumulated client commission credits from transactions executed through a particular broker-dealer to periodically pay for Research Services obtained from and provided by other firms, including other broker-dealers that supply Research Services. The investment adviser believes that CCAs offer the potential to optimize the execution of trades and the acquisition of a variety of high quality Research Services that the investment adviser might not be provided access to absent CCAs. The investment adviser may enter into CCA arrangements with a number of broker-dealers and other firms, including certain affiliates of the investment adviser. The investment adviser will only enter into and utilize CCAs to the extent permitted by Section 28(e) and other applicable law. The investment companies sponsored by the investment adviser or certain of its affiliates also may allocate brokerage commissions to acquire information relating to the performance, fees and expenses of such companies and other investment companies, which information is used by the members of the Board of such companies to fulfill their responsibility to oversee the quality of the services provided to various entities, including the investment adviser, to such companies. Such companies may also pay cash for such information. Securities considered as investments for each Fund and Portfolio, if applicable, may also be appropriate for other investment accounts managed by the investment adviser or certain of its affiliates. Whenever decisions are made to buy or sell securities by each Fund or Portfolio and one or more of such other accounts simultaneously, the investment adviser will allocate the security transactions (including “new” issues) in a manner which it believes to be equitable under the circumstances. As a result of such allocations, there may be instances where each Fund or Portfolio will not participate in a transaction that is allocated among other accounts. If an aggregated order cannot be filled completely, allocations will generally be made on a pro rata basis. An order may not be allocated on a pro rata basis where, for example: (i) consideration is given to portfolio managers who have been instrumental in developing or negotiating a particular investment; (ii) consideration is given to an account with specialized investment policies that coincide with the particulars of a specific investment; (iii) pro rata allocation would result in odd-lot or de minimis amounts being allocated to a portfolio or other client; or (iv) where the investment adviser reasonably determines that departure from a pro rata allocation is advisable. While these aggregation and allocation policies could have a detrimental effect on the price or amount of the securities available to each Fund or Portfolio from time to time, it is the opinion of the members of the Board that the benefits from the investment adviser organization outweigh any disadvantage that may arise from exposure to simultaneous transactions. 11. The following is added as a new section immediately prior to “Financial Statements”: POTENTIAL CONFLICTS OF INTEREST As a diversified global financial services firm, Morgan Stanley engages in a broad spectrum of activities, including financial advisory services, investment management activities, lending, commercial banking, sponsoring and managing private investment funds, engaging in broker-dealer transactions and principal securities, commodities and foreign exchange transactions, research publication and other activities. In the ordinary course of its business, Morgan Stanley is a full-service investment banking and financial services firm and therefore engages in activities where Morgan Stanley’s interests or the interests of its clients may conflict with the interests of a Fund or Portfolio, if applicable, (collectively for the purposes of this section, “Fund” or “Funds”). Morgan Stanley advises clients and sponsors, manages or advises other investment funds and investment programs, accounts and businesses (collectively, together with the Funds, any new or successor funds, programs, accounts or businesses, the ‘‘Affiliated Investment Accounts’’) with a wide variety of investment objectives that in some instances may overlap or conflict with a Fund’s investment objectives and present conflicts of interest. In addition, Morgan Stanley may also from time to time create new or successor Affiliated Investment Accounts that may compete with a Fund and present similar conflicts of interest. The discussion below enumerates certain actual, apparent and potential conflicts of interest. There is no assurance that conflicts of interest will be resolved in favor of Fund shareholders and, in fact, they may not be. Conflicts of interest not described below may also exist. Material Non-public and Other Information. It is expected that confidential or material non-public information regarding an investment or potential investment opportunity may become available to the investment adviser. If such information becomes available, the investment adviser may be precluded (including by applicable law or internal policies or procedures) from pursuing an investment or disposition opportunity with respect to such investment or investment opportunity. The investment adviser may also from time to time be subject to contractual ‘‘stand-still’’ obligations and/or confidentiality obligations that may restrict its ability to trade in certain investments on a Fund’s behalf. In addition, the investment adviser may be precluded from disclosing such information to an investment team, even in circumstances in which the information would be beneficial if disclosed. Therefore, the investment team may not be provided access to material non-public information in the possession of Morgan Stanley that might be relevant to an investment decision to be made on behalf of a Fund, and the investment team may initiate a transaction or sell an investment that, if such information had been known to it, may not have been undertaken. In addition, certain members of the investment team may be recused from certain investment-related discussions so that such members do not receive information that would limit their ability to perform functions of their employment with the investment adviser or its affiliates unrelated to that of a Fund. Furthermore, access to certain parts of Morgan Stanley may be subject to third party confidentiality obligations and to information barriers established by Morgan Stanley in order to manage potential conflicts of interest and regulatory restrictions, including without limitation joint transaction restrictions pursuant to the 1940 Act. Accordingly, the investment adviser’s ability to source investments from other business units within Morgan Stanley may be limited and there can be no assurance that the investment adviser will be able to source any investments from any one or more parts of the Morgan Stanley network. The investment adviser may restrict its investment decisions and activities on behalf of the Funds in various circumstances, including because of applicable regulatory requirements or information held by the investment adviser or Morgan Stanley. The investment adviser might not engage in transactions or other activities for, or enforce certain rights in favor of, a Fund due to Morgan Stanley’s activities outside the Funds. In instances where trading of an investment is restricted, the investment adviser may not be able to purchase or sell such investment on behalf of a Fund, resulting in the Fund’s inability to participate in certain desirable transactions. This inability to buy or sell an investment could have an adverse effect on a Fund’s portfolio due to, among other things, changes in an investment’s value during the period its trading is restricted. Also, in situations where the investment adviser is required to aggregate its positions with those of other Morgan Stanley business units for position limit calculations, the investment adviser may have to refrain from making investments due to the positions held by other Morgan Stanley business units or their clients. There may be other situations where the investment adviser refrains from making an investment due to additional disclosure obligations, regulatory requirements, policies, and reputational risk, or the investment adviser may limit purchases or sales of securities in respect of which Morgan Stanley is engaged in an underwriting or other distribution capacity. Morgan Stanley has established certain information barriers and other policies to address the sharing of information between different businesses within Morgan Stanley. As a result of information barriers, the investment adviser generally will not have access, or will have limited access, to certain information and personnel in other areas of Morgan Stanley relating to business transactions for clients (including transactions in investing, banking, prime brokerage and certain other areas), and generally will not manage the Funds with the benefit of the information held by such other areas. Morgan Stanley, due to its access to and knowledge of funds, markets and securities based on its prime brokerage and other businesses, may make decisions based on information or take (or refrain from taking) actions with respect to interests in investments of the kind held (directly or indirectly) by the Funds in a manner that may be adverse to the Funds, and will not have any obligation or other duty to share information with the investment adviser. In limited circumstances, however, including for purposes of managing business and reputational risk, and subject to policies and procedures, Morgan Stanley personnel, including personnel of the investment adviser, on one side of an information barrier may have access to information and personnel on the other side of the information barrier through “wall crossings.” The investment adviser faces conflicts of interest in determining whether to engage in such wall crossings. Information obtained in connection with such wall crossings may limit or restrict the ability of the investment adviser to engage in or otherwise effect transactions on behalf of the Funds (including purchasing or selling securities that the investment adviser may otherwise have purchased or sold for a Fund in the absence of a wall crossing). In managing conflicts of interest that arise because of the foregoing, the investment adviser generally will be subject to fiduciary requirements. The investment adviser may also implement internal information barriers or ethical walls, and the conflicts described herein with respect to information barriers and otherwise with respect to Morgan Stanley and the investment adviser will also apply internally within the investment adviser. As a result, a Fund may not be permitted to transact in (e.g., dispose of a security in whole or in part) during periods when it otherwise would have been able to do so, which could adversely affect a Fund. Other investors in the security that are not subject to such restrictions may be able to transact in the security during such periods. There may also be circumstances in which, as a result of information held by certain portfolio management teams in the investment adviser, the investment adviser limits an activity or transaction for a Fund, including if the Fund is managed by a portfolio management team other than the team holding such information. Investments by Morgan Stanley and its Affiliated Investment Accounts. In serving in multiple capacities to Affiliated Investment Accounts, Morgan Stanley, including the investment adviser and its investment teams, may have obligations to other clients or investors in Affiliated Investment Accounts, the fulfillment of which may not be in the best interests of a Fund or its shareholders. A Fund’s investment objectives may overlap with the investment objectives of certain Affiliated Investment Accounts. As a result, the members of an investment team may face conflicts in the allocation of suitable investment opportunities among a Fund and other investment funds, programs, accounts and businesses advised by or affiliated with the investment adviser. Certain Affiliated Investment Accounts may provide for higher management or incentive fees or greater expense reimbursements or overhead allocations, all of which may contribute to this conflict of interest and create an incentive for the investment adviser to favor such other accounts. Morgan Stanley currently invests and plans to continue to invest on its own behalf and on behalf of its Affiliated Investment Accounts in a wide variety of investment opportunities globally. Morgan Stanley and its Affiliated Investment Accounts, to the extent consistent with applicable law and policies and procedures, will be permitted to invest in investment opportunities without making such opportunities available to a Fund beforehand. Subject to the foregoing, Morgan Stanley may offer investments that fall into the investment objectives of an Affiliated Investment Account to such account or make such investment on its own behalf, even though such investment also falls within a Fund’s investment objectives. A Fund may invest in opportunities that Morgan Stanley and/or one or more Affiliated Investment Accounts has declined, and vice versa. All of the foregoing may reduce the number of investment opportunities available to a Fund and may create conflicts of interest in allocating investment opportunities. Investors should note that the conflicts inherent in making such allocation decisions may not always be resolved to a Fund’s advantage. There can be no assurance that a Fund will have an opportunity to participate in certain opportunities that fall within their investment objectives. To seek to reduce potential conflicts of interest and to attempt to allocate such investment opportunities in a fair and equitable manner, the investment adviser has implemented allocation policies and procedures. These policies and procedures are intended to give all clients of the investment adviser, including the Funds, fair access to investment opportunities consistent with the requirements of organizational documents, investment strategies, applicable laws and regulations, and the fiduciary duties of the investment adviser. Each client of the investment adviser that is subject to the allocation policies and procedures, including each Fund, is assigned an investment team and portfolio manager(s) by the investment adviser. The investment team and portfolio managers review investment opportunities and will decide with respect to the allocation of each opportunity considering various factors and in accordance with the allocation policies and procedures. The allocation policies and procedures are subject to change. Investors should note that the conflicts inherent in making such allocation decisions may not always be resolved to the advantage of a Fund. It is possible that Morgan Stanley or an Affiliated Investment Account, including another Eaton Vance fund, will invest in or advise a company that is or becomes a competitor of a company of which a Fund holds an investment. Such investment could create a conflict between the Fund, on the one hand, and Morgan Stanley or the Affiliated Investment Account, on the other hand. In such a situation, Morgan Stanley may also have a conflict in the allocation of its own resources to the portfolio investment. Furthermore, certain Affiliated Investment Accounts will be focused primarily on investing in other funds which may have strategies that overlap and/or directly conflict and compete with a Fund. In addition, certain investment professionals who are involved in a Fund’s activities remain responsible for the investment activities of other Affiliated Investment Accounts managed by the investment adviser and its affiliates, and they will devote time to the management of such investments and other newly created Affiliated Investment Accounts (whether in the form of funds, separate accounts or other vehicles), as well as their own investments. In addition, in connection with the management of investments for other Affiliated Investment Accounts, members of Morgan Stanley and its affiliates may serve on the boards of directors of or advise companies which may compete with a Fund’s portfolio investments. Moreover, these Affiliated Investment Accounts managed by Morgan Stanley and its affiliates may pursue investment opportunities that may also be suitable for a Fund. It should be noted that Morgan Stanley may, directly or indirectly, make large investments in certain of its Affiliated Investment Accounts, and accordingly Morgan Stanley’s investment in a Fund may not be a determining factor in the outcome of any of the foregoing conflicts. Nothing herein restricts or in any way limits the activities of Morgan Stanley, including its ability to buy or sell interests in, or provide financing to, equity and/or debt instruments, funds or portfolio companies, for its own accounts or for the accounts of Affiliated Investment Accounts or other investment funds or clients in accordance with applicable law. Different clients of the investment adviser, including a Fund, may invest in different classes of securities of the same issuer, depending on the respective clients’ investment objectives and policies. As a result, the investment adviser and its affiliates, at times, will seek to satisfy fiduciary obligations to certain clients owning one class of securities of a particular issuer by pursuing or enforcing rights on behalf of those clients with respect to such class of securities, and those activities may have an adverse effect on another client which owns a different class of securities of such issuer. For example, if one client holds debt securities of an issuer and another client holds equity securities of the same issuer, if the issuer experiences financial or operational challenges, the investment adviser and its affiliates may seek a liquidation of the issuer on behalf of the client that holds the debt securities, whereas the client holding the equity securities may benefit from a reorganization of the issuer. Thus, in such situations, the actions taken by the investment adviser or its affiliates on behalf of one client can negatively impact securities held by another client. These conflicts also exist as between the investment adviser’s clients, including the Funds, and the Affiliated Investment Accounts managed by Morgan Stanley. The investment adviser and its affiliates may give advice and recommend securities to other clients which may differ from advice given to, or securities recommended or bought for, a Fund even though such other clients’ investment objectives may be similar to those of the Fund. The investment adviser and its affiliates manage long and short portfolios. The simultaneous management of long and short portfolios creates conflicts of interest in portfolio management and trading in that opposite directional positions may be taken in client accounts managed by the same investment team, and creates risks such as: (i) the risk that short sale activity could adversely affect the market value of long positions in one or more portfolios (and vice versa) and (ii) the risks associated with the trading desk receiving opposing orders in the same security simultaneously. The investment adviser and its affiliates have adopted policies and procedures that are reasonably designed to mitigate these conflicts. In certain circumstances, the investment adviser invest on behalf of itself in securities and other instruments that would be appropriate for, held by, or may fall within the investment guidelines of its clients, including a Fund. At times, the investment adviser will give advice or take action for its own accounts that differs from, conflicts with, or is adverse to advice given or action taken for any client. From time to time, conflicts also arise due to the fact that certain securities or instruments maybe held in some client accounts, including a Fund, but not in others, or the client accounts may have different levels of holdings in certain securities or instruments, and because the accounts pay different levels of fees to the investment adviser. In addition, at times an investment adviser investment team will give advice or take action with respect to the investments of one or more clients that is not given or taken with respect to other clients with similar investment programs, objectives, and strategies. Accordingly, clients with similar strategies will not always hold the same securities or instruments or achieve the same performance. The investment adviser’s investment teams also advise clients with conflicting programs, objectives or strategies. These conflicts also exist as between the investment adviser’s clients, including the Funds, and the Affiliated Investment Accounts managed by Morgan Stanley. The investment adviser maintains separate trading desks by investment team and generally based on asset class, including two trading desks trading equity securities. These trading desks operate independently of one another. The two equity trading desks do not share information. The separate equity trading desks may result in one desk competing against the other desk when implementing buy and sell transactions, possibly causing certain accounts to pay more or receive less for a security than other accounts. In addition, Morgan Stanley and its affiliates maintain separate trading desks that operate independently of each other and do not share information with the investment adviser. The Morgan Stanley and affiliate trading desks may compete against the investment adviser trading desks when implementing buy and sell transactions, possibly causing certain Affiliated Investment Accounts to pay more or receive less for a security than other Affiliated Investment Accounts. Payments to Broker-Dealers and Other Financial Intermediaries. The investment adviser and/or EVD may pay compensation, out of their own funds and not as an expense of the Funds, to certain financial intermediaries (which may include affiliates of the investment adviser and EVD), including recordkeepers and administrators of various deferred compensation plans, in connection with the sale, distribution, marketing and retention of shares of the Funds and/or shareholder servicing. For example, the investment adviser or EVD may pay additional compensation to a financial intermediary for, among other things, promoting the sale and distribution of Fund shares, providing access to various programs, mutual fund platforms or preferred or recommended mutual fund lists that may be offered by a financial intermediary, granting EVD access to a financial intermediary’s financial advisors and consultants, providing assistance in the ongoing education and training of a financial intermediary’s financial personnel, furnishing marketing support, maintaining share balances and/or for sub-accounting, recordkeeping, administrative, shareholder or transaction processing services. Such payments are in addition to any distribution fees, shareholder servicing fees and/or transfer agency fees that may be payable by the Funds. The additional payments may be based on various factors, including level of sales (based on gross or net sales or some specified minimum sales or some other similar criteria related to sales of the Funds and/or some or all other Eaton Vance funds), amount of assets invested by the financial intermediary’s customers (which could include current or aged assets of the Funds and/or some or all other Eaton Vance funds), a Fund’s advisory fee, some other agreed upon amount or other measures as determined from time to time by the investment adviser and/or EVD. The amount of these payments may be different for different financial intermediaries. The prospect of receiving, or the receipt of, additional compensation, as described above, by financial intermediaries may provide such financial intermediaries and their financial advisors and other salespersons with an incentive to favor sales of shares of the Funds over other investment options with respect to which these financial intermediaries do not receive additional compensation (or receives lower levels of additional compensation). These payment arrangements, however, will not change the price that an investor pays for shares of the Funds or the amount that the Funds receive to invest on behalf of an investor. Investors may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to Fund shares and should review carefully any disclosures provided by financial intermediaries as to their compensation. Morgan Stanley Trading and Principal Investing Activities. Notwithstanding anything to the contrary herein, Morgan Stanley will generally conduct its sales and trading businesses, publish research and analysis, and render investment advice without regard for a Fund’s holdings, although these activities could have an adverse impact on the value of one or more of the Fund’s investments, or could cause Morgan Stanley to have an interest in one or more portfolio investments that is different from, and potentially adverse to that of a Fund. Furthermore, from time to time, the investment adviser or its affiliates may invest “seed” capital in a Fund, typically to enable the Fund to commence investment operations and/or achieve sufficient scale. The investment adviser and its affiliates may hedge such seed capital exposure by investing in derivatives or other instruments expected to produce offsetting exposure. Such hedging transactions, if any, would occur outside of a Fund.

Morgan Stanley’s sales and trading, financing and principal investing businesses (whether or not specifically identified as such, and including Morgan Stanley’s trading and principal investing businesses) will not be required to offer any investment opportunities to a Fund. These businesses may encompass, among other things, principal trading activities as well as principal investing. Morgan Stanley’s sales and trading, financing and principal investing businesses have acquired or invested in, and in the future may acquire or invest in, minority and/or majority control positions in equity or debt instruments of diverse public and/or private companies. Such activities may put Morgan Stanley in a position to exercise contractual, voting or creditor rights, or management or other control with respect to securities or loans of portfolio investments or other issuers, and in these instances Morgan Stanley may, in its discretion and subject to applicable law, act to protect its own interests or interests of clients, and not a Fund’s interests. Subject to the limitations of applicable law, a Fund may purchase from or sell assets to, or make investments in, companies in which Morgan Stanley has or may acquire an interest, including as an owner, creditor or counterparty. Morgan Stanley’s Investment Banking Activities. Morgan Stanley advises clients on a variety of mergers, acquisitions, restructuring, bankruptcy and financing transactions. Morgan Stanley may act as an advisor to clients, including other investment funds that may compete with a Fund and with respect to investments that a Fund may hold. Morgan Stanley may give advice and take action with respect to any of its clients or proprietary accounts that may differ from the advice given, or may involve an action of a different timing or nature than the action taken, by a Fund. Morgan Stanley may give advice and provide recommendations to persons competing with a Fund and/or any of a Fund’s investments that are contrary to the Fund’s best interests and/or the best interests of any of its investments. Morgan Stanley could be engaged in financial advising, whether on the buy-side or sell-side, or in financing or lending assignments that could result in Morgan Stanley’s determining in its discretion or being required to act exclusively on behalf of one or more third parties, which could limit a Fund’s ability to transact with respect to one or more existing or potential investments. Morgan Stanley may have relationships with third-party funds, companies or investors who may have invested in or may look to invest in portfolio companies, and there could be conflicts between a Fund’s best interests, on the one hand, and the interests of a Morgan Stanley client or counterparty, on the other hand. To the extent that Morgan Stanley advises creditor or debtor companies in the financial restructuring of companies either prior to or after filing for protection under Chapter 11 of the U.S. Bankruptcy Code or similar laws in other jurisdictions, the investment adviser’s flexibility in making investments in such restructurings on a Fund’s behalf may be limited. Morgan Stanley could provide investment banking services to competitors of portfolio companies, as well as to private equity and/or private credit funds; such activities may present Morgan Stanley with a conflict of interest vis-a-vis a Fund’s investment and may also result in a conflict in respect of the allocation of investment banking resources to portfolio companies. To the extent permitted by applicable law, Morgan Stanley may provide a broad range of financial services to companies in which a Fund invests, including strategic and financial advisory services, interim acquisition financing and other lending and underwriting or placement of securities, and Morgan Stanley generally will be paid fees (that may include warrants or other securities) for such services. Morgan Stanley will not share any of the foregoing interest, fees and other compensation received by it (including, for the avoidance of doubt, amounts received by the investment adviser) with a Fund, and any advisory fees payable will not be reduced thereby. Morgan Stanley may be engaged to act as a financial advisor to a company in connection with the sale of such company, or subsidiaries or divisions thereof, may represent potential buyers of businesses through its mergers and acquisition activities and may provide lending and other related financing services in connection with such transactions. Morgan Stanley’s compensation for such activities is usually based upon realized consideration and is usually contingent, in substantial part, upon the closing of the transaction. Under these circumstances, a Fund may be precluded from participating in a transaction with or relating to the company being sold or participating in any financing activity related to merger or acquisition. To meet applicable regulatory requirements, there are periods when the investment adviser will not engage in certain types of transactions in the securities of companies for which a broker-dealer affiliated with Morgan Stanley is performing investment banking services. Fund shareholders will not receive notice of such instances. In particular, when a broker-dealer affiliated with Morgan Stanley is engaged in an underwriting or other distribution of securities of a company, the investment adviser may be prohibited from purchasing such securities on behalf of a Fund. In addition, under certain circumstances, the investment adviser generally will not initiate transactions in the securities of companies with respect to which affiliates of the investment adviser may have controlling interests or are affiliated. The investment adviser believes that the nature and range of clients to whom Morgan Stanley and its subsidiaries render investment banking and other services is such that it would be inadvisable to exclude these companies from the Fund’s portfolio.

Morgan Stanley’s Marketing Activities. Morgan Stanley is engaged in the business of underwriting, syndicating, brokering, administering, servicing, arranging and advising on the distribution of a wide variety of securities and other investments in which a Fund may invest. Subject to the restrictions of the 1940 Act, including Sections 10(f) and 17(e) thereof, a Fund may invest in transactions in which Morgan Stanley acts as underwriter, placement agent, syndicator, broker, administrative agent, servicer, advisor, arranger or structuring agent and receives fees or other compensation from the sponsors of such products or securities. Any fees earned by Morgan Stanley in such capacity will not be shared with the investment adviser or the Funds. Certain conflicts of interest, in addition to the receipt of fees or other compensation, would be inherent in these transactions. Moreover, the interests of one of Morgan Stanley’s clients with respect to an issuer of securities in which a Fund has an investment may be adverse to the investment adviser’s or a Fund’s best interests. In conducting the foregoing activities, Morgan Stanley will be acting for its other clients and will have no obligation to act in the investment adviser’s or a Fund’s best interests. Client Relationships. Morgan Stanley has existing and potential relationships with a significant number of corporations, institutions and individuals. In providing services to its clients, Morgan Stanley may face conflicts of interest with respect to activities recommended to or performed for such clients, on the one hand, and a Fund, its shareholders or the entities in which the Fund invests, on the other hand. In addition, these client relationships may present conflicts of interest in determining whether to offer certain investment opportunities to a Fund. In acting as principal or in providing advisory and other services to its other clients, Morgan Stanley may engage in or recommend activities with respect to a particular matter that conflict with or are different from activities engaged in or recommended by the investment adviser on a Fund’s behalf. Principal Investments. To the extent permitted by applicable law, there may be situations in which a Fund’s’ interests may conflict with the interests of one or more general accounts of Morgan Stanley and its affiliates or accounts managed by Morgan Stanley or its affiliates. This may occur because these accounts hold public and private debt and equity securities of many issuers which may be or become portfolio companies, or from whom portfolio companies may be acquired. Transactions with Portfolio Companies of Affiliated Investment Accounts. The companies in which a Fund may invest may be counterparties to or participants in agreements, transactions or other arrangements with portfolio companies or other entities of portfolio investments of Affiliated Investment Accounts (for example, a company in which a Fund invests may retain a company in which an Affiliated Investment Account invests to provide services or may acquire an asset from such company or vice versa). Certain of these agreements, transactions and arrangements involve fees, servicing payments, rebates and/or other benefits to Morgan Stanley or its affiliates. For example, portfolio entities may, including at the encouragement of Morgan Stanley, enter into agreements regarding group procurement and/or vendor discounts. Morgan Stanley and its affiliates may also participate in these agreements and may realize better pricing or discounts as a result of the participation of portfolio entities. To the extent permitted by applicable law, certain of these agreements may provide for commissions or similar payments and/or discounts or rebates to be paid to a portfolio entity of an Affiliated Investment Account, and such payments or discounts or rebates may also be made directly to Morgan Stanley or its affiliates. Under these arrangements, a particular portfolio company or other entity may benefit to a greater degree than the other participants, and the funds, investment vehicles and accounts (which may or may not include a Fund) that own an interest in such entity will receive a greater relative benefit from the arrangements than the Eaton Vance funds, investment vehicles or accounts that do not own an interest therein. Fees and compensation received by portfolio companies of Affiliated Investment Accounts in relation to the foregoing will not be shared with a Fund or offset advisory fees payable. Investments in Portfolio Investments of Other Funds. To the extent permitted by applicable law, when a Fund invests in certain companies or other entities, other funds affiliated with the investment adviser may have made or may be making an investment in such companies or other entities. Other funds that have been or may be managed by the investment adviser may invest in the companies or other entities in which a Fund has made an investment. Under such circumstances, a Fund and such other funds may have conflicts of interest (e.g., over the terms, exit strategies and related matters, including the exercise of remedies of their respective investments). If the interests held by a Fund are different from (or take priority over) those held by such other funds, the investment adviser may be required to make a selection at the time of conflicts between the interests held by such other funds and the interests held by a Fund. Allocation of Expenses. Expenses may be incurred that are attributable to a Fund and one or more other Affiliated Investment Accounts (including in connection with issuers in which a Fund and such other Affiliated Investment Accounts have overlapping investments). The allocation of such expenses among such entities raises potential conflicts of interest. The investment adviser and its affiliates intend to allocate such common expenses among a Fund and any such other Affiliated Investment Accounts on a pro rata basis or in such other manner as the investment adviser deems to be fair and equitable or in such other manner as may be required by applicable law.

Temporary Investments. To more efficiently invest short-term cash balances held by a Fund, the investment adviser may invest such balances on an overnight “sweep” basis in shares of one or more money market funds or other short-term vehicles. It is anticipated that the investment adviser to these money market funds or other short-term vehicles may be the investment adviser (or an affiliate) to the extent permitted by applicable law, including Rule 12d1-1 under the 1940 Act. The Funds currently invests in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance, for this purpose. Eaton Vance does not currently receive a fee for advisory services provided to Cash Reserves Fund. Transactions with Affiliates. The investment adviser and any investment sub-adviser might purchase securities from underwriters or placement agents in which a Morgan Stanley affiliate is a member of a syndicate or selling group, as a result of which an affiliate might benefit from the purchase through receipt of a fee or otherwise. Neither the investment adviser nor any investment sub-adviser will purchase securities on behalf of a Fund from an affiliate that is acting as a manager of a syndicate or selling group. Purchases by the investment adviser on behalf of a Fund from an affiliate acting as a placement agent must meet the requirements of applicable law. Furthermore, Morgan Stanley may face conflicts of interest when the Funds use service providers affiliated with Morgan Stanley because Morgan Stanley receives greater overall fees when they are used. General Process for Potential Conflicts. All of the transactions described above involve the potential for conflicts of interest between the investment adviser, related persons of the investment adviser and/or their clients. The Advisers Act, the 1940 Act and ERISA impose certain requirements designed to decrease the possibility of conflicts of interest between an investment adviser and its clients. In some cases, transactions may be permitted subject to fulfillment of certain conditions. Certain other transactions may be prohibited. In addition, the investment adviser has instituted policies and procedures designed to prevent conflicts of interest from arising and, when they do arise, to ensure that it effects transactions for clients in a manner that is consistent with its fiduciary duty to its clients and in accordance with applicable law. The investment adviser seeks to ensure that potential or actual conflicts of interest are appropriately resolved taking into consideration the overriding best interests of the client.

March 1, 2021

To view a Funds Summary Prospectus click on the Fund name below STATEMENT OF Click here to view the Fund’s Prospectus ADDITIONAL INFORMATION March 1, 2021 Eaton Vance Global Bond Fund Class A Shares - EAIIX Class C Shares - ECIMX Class I Shares - EIIMX Eaton Vance Emerging Markets Local Income Fund Class A Shares - EEIAX Class C Shares - EEICX Class I Shares - EEIIX Eaton Vance Global Macro Absolute Return Fund Class A Shares - EAGMX Class C Shares - ECGMX Class I Shares - EIGMX Class R Shares - ERGMX Class R6 Shares - EGMSX Eaton Vance Global Macro Absolute Return Advantage Fund Class A Shares - EGRAX Class C Shares - EGRCX Class I Shares - EGRIX Class R Shares - EGRRX Class R6 Shares - EGRSX Eaton Vance Short Duration Strategic Income Fund Class A Shares - ETSIX Class C Shares - ECSIX Class I Shares - ESIIX Class R Shares - ERSIX Two International Place Boston, Massachusetts 02110 1-800-262-1122 This Statement of Additional Information (“SAI”) provides general information about the Funds and their corresponding Portfolios. The Funds and Portfolios (except for Eaton Vance Global Bond Fund and International Income Portfolio) are non-diversified, open-end management investment companies. Eaton Vance Global Bond Fund and International Income Portfolio are diversified, open-end management investment companies. Each Fund is a series of Eaton Vance Mutual Funds Trust. Capitalized terms used in this SAI and not otherwise defined have the meanings given to them in the Prospectus. This SAI contains additional information about: Page Page Strategies and Risks 2 Sales Charges 26 Investment Restrictions 5 Disclosure of Portfolio Holdings and Related Information 28 Management and Organization 6 Taxes 29 Investment Advisory and Administrative Services 17 Portfolio Securities Transactions 39 Other Service Providers 22 Financial Statements 41 Calculation of Net Asset Value 23 Additional Information About Investment Strategies and Risks 41 Purchasing and Redeeming Shares 24

Appendix A: Class A Fees and Ownership 75 Appendix E: Class R6 Ownership 81 Appendix B: Class C Fees and Ownership 77 Appendix F: Ratings 82 Appendix C: Class I Ownership 79 Appendix G: Eaton Vance Funds Proxy Voting Policy and Procedures 91 Appendix D: Class R Fees and Ownership 80 Appendix H: Adviser Proxy Voting Policies and Procedures 93

Although each Fund offers only its shares of beneficial interest, it is possible that a Fund might become liable for a misstatement or omission in this SAI regarding another Fund because the Funds use this combined SAI. This SAI is NOT a prospectus and is authorized for distribution to prospective investors only if preceded or accompanied by the Fund Prospectus dated March 1, 2021, as supplemented from time to time, which is incorporated herein by reference. This SAI should be read in conjunction with the Prospectus, which may be obtained by calling 1-800-262-1122.

© 2021 Eaton Vance Management Definitions The following terms that may be used in this SAI have the meaning set forth below: “1940 Act” means the Investment Company Act of 1940, as amended; “1933 Act” means the Securities Act of 1933, as amended; “Board” means Board of Trustees or Board of Directors, as applicable; “CEA” means Commodity Exchange Act; “CFTC” means the Commodity Futures Trading Commission; “Code” means the Internal Revenue Code of 1986, as amended; “Eaton Vance family of funds” means all registered investment companies advised or administered by Eaton Vance Management (“Eaton Vance”) or Boston Management and Research (“BMR”); “Eaton Vance funds” means the mutual funds advised by Eaton Vance or BMR; “Exchange” means the New York Stock Exchange; “FINRA” means the Financial Industry Regulatory Authority, Inc.; “Fund” means the Fund or Funds listed on the cover of this SAI unless stated otherwise; “investment adviser” means the investment adviser identified in the prospectus and, with respect to the implementation of the Fund’s investment strategies (including as described under “Taxes”) and portfolio securities transactions, any sub-adviser identified in the prospectus to the extent that the sub-adviser has discretion to perform the particular duties; “IRS” means the Internal Revenue Service; “Portfolio” means a registered investment company (other than the Fund) sponsored by the Eaton Vance organization in which one or more Funds and other investors may invest substantially all or any portion of their assets as described in the prospectus, if applicable; “Subsidiary” means a wholly-owned subsidiary of Global Macro Portfolio, Global Macro Absolute Return Advantage Portfolio, and Global Opportunities Portfolio as described in the prospectus. No other Fund or Portfolio described in this SAI has an established Subsidiary; “SEC” means the U.S. Securities and Exchange Commission; and “Trust” means Eaton Vance Mutual Funds Trust, of which the Fund is a series. STRATEGIES AND RISKS The Fund prospectus identifies the types of investments in which the Fund will principally invest in seeking its investment objective(s) and the principal risks associated therewith. The categories checked in the table below are all of the investments the Fund is permitted to make, including its principal investments and the investment practices the Fund (either directly or through one or more Portfolios as may be described in the prospectus) is permitted to engage in. To the extent that an investment type or practice listed below is not identified in the Fund prospectus as a principal investment strategy, the Fund generally expects to invest less than 5% of its total assets in such investment type. The Fund may hold a security or other instrument that is not otherwise identified as permissible if it is received through a corporate action. If a particular investment type or practice that is checked and listed below but not referred to in the prospectus becomes a more significant part of the Fund’s strategy, the prospectus may be amended to disclose that investment type or practice. “Fund” as used herein and under “Additional Information About Investment Strategies and Risks” refers to each Fund and Portfolio listed below as well as each Fund or Portfolio Subsidiary. Information about the various investment types and practices and the associated risks checked below is included in alphabetical order in this SAI under “Additional Information about Investment Strategies and Risks.” As used in the table below and throughout this SAI: “EMLIP” refers to Emerging Markets Local Income Portfolio, the master fund for Eaton Vance Emerging Markets Local Income Fund. Emerging Markets Local Income Fund is permitted to make the same investments as EMLIP; “GMP” refers to Global Macro Portfolio, the master fund for Eaton Vance Global Macro Absolute Return Fund. Global Macro Absolute Return Fund is permitted to make the same investments as GMP; “GMARAP” refers to Global Macro Absolute Return Advantage Portfolio, the master fund for Eaton Vance Global Macro Absolute Return Advantage Fund. Global Macro Absolute Return Advantage Fund is permitted to make the same investments as GMARAP;

Eaton Vance Global Income Funds 2 SAI dated March 1, 2021 “GOP” refers to Global Opportunities Portfolio, an investment option for Eaton Vance Short Duration Strategic Income Fund; “IIP” refers to International Income Portfolio, the master fund for Eaton Vance Global Bond Fund. Global Bond Fund is permitted to make substantially the same investments as IIP; and “SDSIF” refers to Eaton Vance Short Duration Strategic Income Fund, which invests in each Portfolio described herein as well as other Portfolios. SDSIF also may invest directly in securities. As stated in the prospectus, each Fund invests in one or more of the Portfolios to achieve its objective.

Investment Type Permitted for or Relevant to: EMLIP GMP GMARAP GOP IIP SDSIF Asset-Backed Securities (“ABS”) '''''' Auction Rate Securities '''''' Build America Bonds '''''' Call and Put Features on Securities '''''' Collateralized Mortgage Obligations (“CMOs”) '''''' Commercial Mortgage-Backed Securities (“CMBS”) '''''' Commodity-Related Investments '''''' Common Stocks '''''' Contingent Convertible Securities Convertible Securities '''''' Credit Linked Securities '''''' Derivative Instruments and Related Risks '''''' Derivative-Linked and Commodity-Linked Hybrid Instruments '''''' Direct Investments '''''' Emerging Market Investments '''''' Equity Investments '''''' Equity-Linked Securities '''''' Event-Linked Instruments '''''' Exchange-Traded Funds (“ETFs”) '''''' Exchange-Traded Notes (“ETNs”) '''''' Fixed-Income Securities '''''' Foreign Currency Transactions '''''' Foreign Investments '''''' Forward Foreign Currency Exchange Contracts '''''' Forward Rate Agreements '''''' Futures Contracts '''''' Hybrid Securities '''''' Illiquid Investments '''''' Indexed Securities '''''' Inflation-Indexed (or Inflation-Linked) Bonds '''''' Junior Loans '''''' Liquidity or Protective Put Agreements ' Loans '''''' Lower Rated Investments '''''' Master Limited Partnerships (“MLPs”) '''''' Money Market Instruments '''''' Mortgage-Backed Securities (“MBS”) ''''''

Eaton Vance Global Income Funds 3 SAI dated March 1, 2021 Investment Type Permitted for or Relevant to: EMLIP GMP GMARAP GOP IIP SDSIF Mortgage Dollar Rolls '''''' Municipal Lease Obligations (“MLOs”) '''''' Municipal Obligations '''''' Option Contracts '''''' Pooled Investment Vehicles '''''' Preferred Stock '''''' Real Estate Investments '''''' Repurchase Agreements '''''' Residual Interest Bonds ' Reverse Repurchase Agreements '''''' Rights and Warrants '''''' Royalty Bonds ' Senior Loans '''''' Short Sales '''''' Smaller Companies '''''' Stripped Securities '''''' Structured Notes '''''' Swap Agreements '''''' Swaptions '''''' Trust Certificates '''''' U.S. Government Securities '''''' Unlisted Securities '''''' Variable Rate Instruments '''''' When-Issued Securities, Delayed Delivery and Forward Commitments '''''' Zero Coupon Bonds, Deep Discount Bonds and Payment-In-Kind (“PIK”) Securities ''''''

Other Disclosures Regarding Investment Practices Permitted for or Relevant to: EMLIP GMP GMARAP GOP IIP SDSIF Asset Coverage '''''' Average Effective Maturity '''''' Borrowing for Investment Purposes '''''' Borrowing for Temporary Purposes '''''' Cybersecurity Risk '''''' Diversified Status ' Dividend Capture Trading '''''' Duration '''''' Investing in a Portfolio '''''' Investments in the Subsidiary ''' ' LIBOR Transition and Associated Risk '''''' Operational Risk '''''' Option Strategy Participation in the ReFlow Liquidity Program(1) '''''' Portfolio Turnover '''''' Restricted Securities ''''''

Eaton Vance Global Income Funds 4 SAI dated March 1, 2021 Other Disclosures Regarding Investment Practices Permitted for or Relevant to: EMLIP GMP GMARAP GOP IIP SDSIF Securities Lending '''''' Short-Term Trading '''''' Significant Exposure to Health Sciences Companies Significant Exposure to Smaller Companies Significant Exposure to Utilities and Financial Services Sectors Tax-Managed Investing (1) A Fund investing in a Portfolio may participate in the ReFlow Liquidity Program. INVESTMENT RESTRICTIONS The following investment restrictions of each Fund are designated as fundamental policies and as such cannot be changed without the approval of the holders of a majority of a Fund’s outstanding voting securities, which as used in this SAI means the lesser of: (a) 67% of the shares of a Fund present or represented by proxy at a meeting if the holders of more than 50% of the outstanding shares are present or represented at the meeting; or (b) more than 50% of the outstanding shares of a Fund. Accordingly, each Fund may not: (1) Borrow money or issue senior securities except as permitted by the 1940 Act; (2) Purchase securities on margin (but the Fund may obtain such short-term credits as may be necessary for the clearance of purchases and sales of securities). The deposit or payment by the Fund of initial, maintenance or variation margin in connection with all types of options and futures contract transactions is not considered the purchase of a security on margin; (3) Underwrite or participate in the marketing of securities of others, except insofar as it may technically be deemed to be an underwriter in selling a portfolio security under circumstances which may require the registration of the same under the Securities Act of 1933; (4) Purchase or sell real estate, although it may purchase and sell securities which are secured by real estate and securities of companies which invest or deal in real estate; or (5) Make loans to other persons, except by (a) the acquisition of debt securities and making portfolio investments, (b) entering into repurchase agreements (c) lending portfolio securities and, for all Funds except Short Duration Strategic Income Fund, (d) lending cash consistent with applicable law. In addition, each Fund, except Short Duration Strategic Income Fund, may not: (6) Concentrate its investments in any particular industry, but, if deemed appropriate for the Fund’s objective, up to (but less than) 25% of the value of its assets may be invested in any one industry, provided that the electric, gas and telephone utility industries shall be treated as separate industries for purposes of this restriction. In addition, Short Duration Strategic Income Fund may not: (7) Purchase any security (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if such purchase, at the time thereof, would cause 25% or more of the Fund’s total assets (taken at market value) to be invested in the securities of issuers in any single industry, provided that the electric, gas and telephone utility industries shall be treated as separate industries for purposes of this restriction. In addition, each Fund may: (8) Purchase and sell commodities and commodities contracts of all types and kinds (including without limitation futures contracts, options on futures contracts and other commodities-related investments) to the extent permitted by law. For purposes of determining industry classifications, the investment adviser considers an issuer to be in a particular industry if a third party has designated the issuer to be in that industry, unless the investment adviser is aware of circumstances that make the third party’s classification inappropriate. In such a case, the investment adviser will assign an industry classification to the issuer. Privately issued mortgage backed securities and a foreign government each are considered an industry. Each Fund’s borrowing policy is consistent with the 1940 Act and guidance of the SEC or its staff, and will comply with any applicable SEC exemptive order.

Eaton Vance Global Income Funds 5 SAI dated March 1, 2021 Notwithstanding its investment policies and restrictions, each Fund may, in compliance with the requirements of the 1940 Act, invest: (i) all of its investable assets in an open-end management investment company with substantially the same investment objective(s), policies and restrictions as the Fund; or (ii) in more than one open-end management investment company sponsored by Eaton Vance or its affiliates, provided any such company has investment objective(s), policies and restrictions that are consistent with those of the Fund. Each Portfolio has adopted substantially the same fundamental investment restrictions as the foregoing investment restrictions adopted by each Fund; such restrictions cannot be changed without the approval of a “majority of the outstanding voting securities” of a Portfolio. In addition, to the extent a registered open-end investment company acquires securities of a fund in reliance on Section 12(d)(1)(G) under the 1940 Act, such acquired fund shall not acquire any securities of a registered open-end investment company in reliance on Sections 12(d)(1)(F) or 12(d)(1)(G) under the 1940 Act. The following nonfundamental investment policy has been adopted by each Fund and Portfolio. A nonfundamental investment policy may be changed by the Board with respect to a Fund without approval by the Fund’s shareholders or, with respect to the Portfolio, without approval of the Fund or its other investors. Each Fund and Portfolio will not make short sales of securities or maintain a short position, unless at all times when a short position is open (i) it owns an equal amount of such securities or securities convertible into or exchangeable, without payment of any further consideration, for securities of the same issue as, and equal in amount to, the securities sold short or (ii) it holds in a segregated account cash or other liquid securities (to the extent required under the 1940 Act) in an amount equal to the current market value of the securities sold short. Whenever an investment policy or investment restriction set forth in the Prospectus or this SAI states a requirement with respect to the percentage of assets that may be invested in any security or other asset, or describes a policy regarding quality standards, such percentage limitation or standard shall be determined immediately after and as a result of the acquisition by a Fund or Portfolio of such security or asset. Accordingly, unless otherwise noted, any later increase or decrease resulting from a change in values, assets or other circumstances or any subsequent rating change made by a rating service (or as determined by the investment adviser if the security is not rated by a rating agency), will not compel a Fund or Portfolio to dispose of such security or other asset. However, a Fund and Portfolio must always be in compliance with the borrowing policy set forth above. If a Fund is required to reduce borrowings, it will do so in a manner that is consistent with the 1940 Act and guidance of the SEC or its staff, and that complies with any applicable SEC exemptive order. For purposes of determining compliance with any asset tests of the Portfolios, the absolute value of the notional U.S. dollar value of long and short derivative positions is included. The Funds use the same methodology for determining compliance with similar tests. MANAGEMENT AND ORGANIZATION Fund Management. The Trustees of the Trust are responsible for the overall management and supervision of the affairs of the Trust. The Trustees of each Portfolio are responsible for the overall management and supervision of each Portfolio. The Board members and officers of the Trust and each Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of each Funds’ and the Portfolios’ current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause each Fund or Portfolio to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for each Fund or Portfolio to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and each Portfolio, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used in this SAI, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “Eaton Vance” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. (see “Principal Underwriter” under “Other Service Providers”). EVC and EV are the corporate parent and trustee, respectively, of Eaton Vance and BMR. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with Eaton Vance listed below.

Eaton Vance Global Income Funds 6 SAI dated March 1, 2021 Number of Portfolios in Fund Complex Trust/Portfolio Principal Occupation(s) During Past Five Years Overseen By Other Directorships Held Name and Year of Birth Position(s) Length of Service and Other Relevant Experience Trustee(1) During Last Five Years Interested Trustee THOMAS E. FAUST JR. Trustee Of the Trust and each Chairman, Chief Executive Officer and President of EVC, 143 Director of EVC and Hexavest 1958 Portfolio except GOP and Director and President of EV, Chief Executive Officer and Inc. (investment management GMARAP since 2007, of President of Eaton Vance and BMR, and Director of EVD. firm). GOP since 2009 and of Trustee and/or officer of 143 registered investment GMARAP since 2010 companies. Mr. Faust is an interested person because of his positions with BMR, Eaton Vance, EVC, EVD and EV, which are affiliates of the Trust and Portfolios. Noninterested Trustees MARK R. FETTING Trustee Since 2016 Private investor. Formerly held various positions at Legg 144 None 1954 Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). CYNTHIA E. FROST Trustee Since 2014 Private investor. Formerly, Chief Investment Officer of Brown 143 None 1961 University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). GEORGE J. GORMAN Trustee Since 2014 Principal at George J. Gorman LLC (consulting firm). 144 None 1952 Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). VALERIE A. MOSLEY Trustee Since 2014 Chairwoman and Chief Executive Officer of Valmo Ventures 144 Director of DraftKings, Inc. 1960 (a consulting and investment firm). Founder of Upward (digital sports entertainment Wealth, Inc., dba BrightUP,a fintech platform. Formerly, and gaming company) (since Partner and Senior Vice President, Portfolio Manager and September 2020). Director of Investment Strategist at Wellington Management Company, Groupon, Inc. (e-commerce LLP (investment management firm) (1992-2012). Formerly, provider) (since April 2020). Chief Investment Officer, PG Corbin Asset Management Director of Envestnet, Inc. (1990-1992). Formerly worked in institutional corporate (provider of intelligent systems bond sales at Kidder Peabody (1986-1990). for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).

Eaton Vance Global Income Funds 7 SAI dated March 1, 2021 Number of Portfolios in Fund Complex Trust/Portfolio Principal Occupation(s) During Past Five Years Overseen By Other Directorships Held Name and Year of Birth Position(s) Length of Service and Other Relevant Experience Trustee(1) During Last Five Years WILLIAM H. PARK Chairperson of Chairperson of the Board Private investor. Formerly, Consultant (management and 144 None 1947 the Board and since 2016 and Trustee transactional) (2012-2014). Formerly, Chief Financial Trustee of the Trust and of GMP Officer, Aveon Group, L.P.(investment management firm) since 2003, of EMLIP and (2010-2011). Formerly, Vice Chairman, Commercial IIP since 2007, of GOP Industrial Finance Corp. (specialty finance company) since 2009 and of (2006-2010). Formerly, President and Chief Executive GMARAP since 2010 Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). HELEN FRAME PETERS Trustee Of the Trust and each Professor of Finance, Carroll School of Management, Boston 144 None 1948 Portfolio except GOP and College. Formerly, Dean, Carroll School of Management, GMARAP since 2008, of Boston College (2000-2002). Formerly, Chief Investment GOP since 2009 and of Officer, Fixed Income, Scudder Kemper Investments GMARAP since 2010 (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). KEITH QUINTON Trustee Since 2018 Private investor, researcher and lecturer. Independent 144 Director (since 2016) and 1958 Investment Committee Member at New Hampshire Chairman (since 2019) of New Retirement System (since 2017). Formerly, Portfolio Hampshire Municipal Bond Manager and Senior Quantitative Analyst at Fidelity Bank. Investments (investment management firm) (2001-2014). MARCUS L. SMITH Trustee Since 2018 Private investor. Member of Posse Boston Advisory Board 144 Director of MSCI Inc. (global 1966 (foundation) (since 2015). Formerly, Portfolio Manager at provider of investment decision MFS Investment Management (investment management support tools) (since 2017). firm) (1994-2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). SUSAN J. SUTHERLAND Trustee Since 2015 Private investor. Director of Ascot Group Limited and certain 144 Director of Kairos Acquisition 1957 of its subsidiaries (insurance and reinsurance) (since Corp. (insurance/InsurTech 2017). Formerly, Director of Hagerty Holding Corp. acquisition company) (since (insurance and reinsurance) (2015-2018). Formerly, 2021). Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). SCOTT E. WENNERHOLM Trustee Since 2016 Private investor. Formerly, Trustee at Wheelock College 143 None 1959 (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997).

(1) Includes both master and feeder funds in a master-feeder structure.

Eaton Vance Global Income Funds 8 SAI dated March 1, 2021 Principal Officers who are not Trustees Name and Year of Birth Trust/Portfolio Position(s) Length of Service Principal Occupation(s) During Past Five Years

ERIC A. STEIN President Since 2020 Vice President and Chief Investment Officer, Fixed Income of Eaton Vance and BMR. Prior to 1980 November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Officer of 119 registered investment companies managed by Eaton Vance or BMR. Also Vice President of Calvert Research and Management (“CRM”) since 2020.

DEIDRE E. WALSH Vice President Since 2021 Vice President of Eaton Vance and BMR. Officer of 144 registered investment companies 1971 managed by Eaton Vance or BMR.

MAUREEN A. GEMMA Secretary and Chief Legal Secretary and Chief Legal Vice President of Eaton Vance and BMR. Officer of 144 registered investment companies 1960 Officer Officer of the Trust and each managed by Eaton Vance or BMR. Also Vice President of CRM and officer of 39 registered Portfolio except GOP and investment companies advised or administered by CRM since 2016. GMARAP since 2007 and 2008, respectively, of GOP since 2009 and of GMARAP since 2010

JAMES F. KIRCHNER Treasurer Since 2013 Vice President of Eaton Vance and BMR. Officer of 144 registered investment companies 1967 managed by Eaton Vance or BMR. Also Vice President of CRM and officer of 39 registered investment companies advised or administered by CRM since 2016.

RICHARD F. FROIO Chief Compliance Officer Since 2017 Vice President of Eaton Vance and BMR since 2017. Officer of 144 registered investment 1968 companies managed by Eaton Vance or BMR. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

The Board has general oversight responsibility with respect to the business and affairs of the Trust and each Fund. The Board has engaged an investment adviser and (if applicable) a sub-adviser(s) (collectively the “adviser”) to manage each Fund and an administrator to administer each Fund and is responsible for overseeing such adviser and administrator and other service providers to the Trust and each Fund. The Board is currently composed of eleven Trustees, including ten Trustees who are not “interested persons” of a Fund, as that term is defined in the 1940 Act (each a “noninterested Trustee”). In addition to six regularly scheduled meetings per year, the Board holds special meetings or informal conference calls to discuss specific matters that may require action prior to the next regular meeting. As discussed below, the Board has established five committees to assist the Board in performing its oversight responsibilities. The Board has appointed a noninterested Trustee to serve in the role of Chairperson. The Chairperson’s primary role is to participate in the preparation of the agenda for meetings of the Board and the identification of information to be presented to the Board with respect to matters to be acted upon by the Board. The Chairperson also presides at all meetings of the Board and acts as a liaison with service providers, officers, attorneys, and other Board members generally between meetings. The Chairperson may perform such other functions as may be requested by the Board from time to time. In addition, the Board may appoint a noninterested Trustee to serve in the role of Vice-Chairperson. The Vice-Chairperson has the power and authority to perform any or all of the duties and responsibilities of the Chairperson in the absence of the Chairperson and/or as requested by the Chairperson. Except for any duties specified herein or pursuant to the Trust’s Declaration of Trust or By-laws, the designation of Chairperson or Vice-Chairperson does not impose on such noninterested Trustee any duties, obligations or liability that is greater than the duties, obligations or liability imposed on such person as a member of the Board, generally. Each Portfolio has the same leadership structure as the Trust. Each Fund and the Trust are subject to a number of risks, including, among others, investment, compliance, operational, and valuation risks. Risk oversight is part of the Board’s general oversight of each Fund and the Trust and is addressed as part of various activities of the Board and its Committees. As part of its oversight of each Fund and the Trust, the Board directly, or through a Committee, relies on and reviews reports from, among others, Fund management, the adviser, the administrator, the principal underwriter, the Chief Compliance Officer (the “CCO”), and other Fund service providers responsible for day-to-day oversight of Fund investments, operations and compliance to assist the Board in identifying and understanding the nature and extent of risks and determining whether, and to what extent, such risks can or should be mitigated. The Board also interacts with the CCO and with senior personnel of the adviser, administrator, principal underwriter and other Fund service providers and provides input on risk management issues during meetings of the Board and its Committees. Each of the adviser, administrator, principal underwriter and the other Fund service providers has its own, independent interest and responsibilities in risk management, and its policies and methods for carrying out risk management functions will depend, in part, on its individual priorities, resources and controls. It is not possible to identify all of the risks that may affect a Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects. Moreover, it is necessary to bear certain risks (such as investment-related risks) to achieve each Fund’s goals.

Eaton Vance Global Income Funds 9 SAI dated March 1, 2021 The Board, with the assistance of management and with input from the Board’s various committees, reviews investment policies and risks in connection with its review of Fund performance. The Board has appointed a Fund CCO who oversees the implementation and testing of the Fund compliance program and reports to the Board regarding compliance matters for the Funds and their principal service providers. In addition, as part of the Board’s periodic review of the advisory, subadvisory (if applicable), distribution and other service provider agreements, the Board may consider risk management aspects of their operations and the functions for which they are responsible. With respect to valuation, the Board approves and periodically reviews valuation policies and procedures applicable to valuing each Fund’s shares. The administrator, the investment adviser and the sub-adviser (if applicable) are responsible for the implementation and day-to-day administration of these valuation policies and procedures and provides reports to the Audit Committee of the Board and the Board regarding these and related matters. In addition, the Audit Committee of the Board or the Board receives reports periodically from the independent public accounting firm for the Funds regarding tests performed by such firm on the valuation of all securities, as well as with respect to other risks associated with mutual funds. Reports received from service providers, legal counsel and the independent public accounting firm assist the Board in performing its oversight function. Each Portfolio has the same risk oversight approach as the Funds and the Trust. The Trust’s Declaration of Trust does not set forth any specific qualifications to serve as a Trustee. The Charter of the Governance Committee also does not set forth any specific qualifications, but does set forth certain factors that the Committee may take into account in considering noninterested Trustee candidates. In general, no one factor is decisive in the selection of an individual to join the Board. Among the factors the Board considers when concluding that an individual should serve on the Board are the following: (i) knowledge in matters relating to the mutual fund industry; (ii) experience as a director or senior officer of public companies; (iii) educational background; (iv) reputation for high ethical standards and professional integrity; (v) specific financial, technical or other expertise, and the extent to which such expertise would complement the Board members’ existing mix of skills, core competencies and qualifications; (vi) perceived ability to contribute to the ongoing functions of the Board, including the ability and commitment to attend meetings regularly and work collaboratively with other members of the Board; (vii) the ability to qualify as a noninterested Trustee for purposes of the 1940 Act and any other actual or potential conflicts of interest involving the individual and the Fund; and (viii) such other factors as the Board determines to be relevant in light of the existing composition of the Board. Among the attributes or skills common to all Board members are their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the other members of the Board, management, sub-advisers, other service providers, counsel and independent registered public accounting firms, and to exercise effective and independent business judgment in the performance of their duties as members of the Board. Each Board member’s ability to perform his or her duties effectively has been attained through the Board member’s business, consulting, public service and/or academic positions and through experience from service as a member of the Boards of the Eaton Vance family of funds (“Eaton Vance Fund Boards”) (and/or in other capacities, including for any predecessor funds), public companies, or non-profit entities or other organizations as set forth below. Each Board member’s ability to perform his or her duties effectively also has been enhanced by his or her educational background, professional training, and/or other life experiences. In respect of each current member of the Board, the individual’s substantial professional accomplishments and experience, including in fields related to the operations of registered investment companies, were a significant factor in the determination that the individual should serve as a member of the Board. The following is a summary of each Board member’s particular professional experience and additional considerations that contributed to the Board’s conclusion that he or she should serve as a member of the Board: Thomas E. Faust Jr. Mr. Faust has served as a member of the Eaton Vance Fund Boards since 2007. He has served as Chairman and Chief Executive Officer of EVC since 2007 and as President of EVC since 2006. He is also Director and President of EV, Chief Executive Officer and President of Eaton Vance and BMR, and Director of EVD. Mr. Faust has served as a Director of Hexavest Inc. since 2012. From 2016 through 2019, Mr. Faust served as a Director of SigFig Wealth Management LLC. Mr. Faust previously served as an equity analyst, portfolio manager, Director of Equity Research and Management and Chief Investment Officer of Eaton Vance from 1985-2007. He holds B.S. degrees in Mechanical Engineering and Economics from the Massachusetts Institute of Technology and an MBA from Harvard Business School. Mr. Faust has been a Chartered Financial Analyst since 1988. He is a trustee and member of the executive committee of the Boston Symphony Orchestra, Inc. and trustee emeritus of Wellesley College. Mark R. Fetting. Mr. Fetting has served as a member of the Eaton Vance Fund Boards since 2016. He has over 30 years of experience in the investment management industry as an executive and in various leadership roles. From 2000 through 2012, Mr. Fetting served in several capacities at Legg Mason, Inc., including most recently serving as President, Chief Executive Officer, Director and Chairman from 2008 to his retirement in 2012. He also served as a Director/Trustee and Chairman of the Legg Mason family of funds from 2008-2012 and Director/Trustee of the Royce family of funds from 2001-2012. From 2001 through 2008, Mr. Fetting also served as President of the Legg Mason family of funds. From 1991 through 2000, Mr. Fetting served as Division President and Senior Officer of Prudential Financial Group, Inc. and related companies. Early in his professional career, Mr. Fetting was a Vice President at T. Rowe Price and served in leadership roles within the firm’s mutual fund division from 1981-1987.

Eaton Vance Global Income Funds 10 SAI dated March 1, 2021 Cynthia E. Frost. Ms. Frost has served as a member of the Eaton Vance Fund Boards since 2014 and is the Chairperson of the Portfolio Management Committee. From 2000 through 2012, Ms. Frost was the Chief Investment Officer of Brown University, where she oversaw the evaluation, selection and monitoring of the third party investment managers who managed the university’s endowment. From 1995 through 2000, Ms. Frost was a Portfolio Strategist for Duke Management Company, which oversaw Duke University’s endowment. Ms. Frost also served in various investment and consulting roles at Cambridge Associates from 1989-1995, Bain and Company from 1987-1989 and BA Investment Management Company from 1983-1985. She serves as a member of the investment committee of The MCNC Endowment. George J. Gorman. Mr. Gorman has served as a member of the Eaton Vance Fund Boards since 2014 and is the Chairperson of the Audit Committee. From 1974 through 2009, Mr. Gorman served in various capacities at Ernst & Young LLP,including as a Senior Partner in the Asset Management Group (from 1988) specializing in managing engagement teams responsible for auditing mutual funds registered with the SEC, hedge funds and private equity funds. Mr. Gorman also has experience serving as an independent trustee of other mutual fund complexes, including the Bank of America Money Market Funds Series Trust from 2011-2014 and the Ashmore Funds from 2010-2014. Valerie A. Mosley. Ms. Mosley has served as a member of the Eaton Vance Fund Boards since 2014 and is the Chairperson of the Governance Committee. She currently owns and manages a consulting and investment firm, Valmo Ventures, and in 2020 founded Upward Wealth, Inc., doing business as BrightUP, a fintech platform focused on helping everyday workers grow their net worth and reinforce their self-worth. From 1992 through 2012, Ms. Mosley served in several capacities at Wellington Management Company, LLP, an investment management firm, including as a Partner, Senior Vice President, Portfolio Manager and Investment Strategist. Ms. Mosley also served as Chief Investment Officer at PG Corbin Asset Management from 1990-1992 and worked in institutional corporate bond sales at Kidder Peabody from 1986-1990. She was also a Director of Progress Investment Management Company, a manager of emerging managers until 2020. She is a Director of Groupon, Inc., an ecommerce provider, and a Director of Envestnet, Inc., a provider of intelligent systems for wealth management and financial wellness. She is also a Director of DraftKings, Inc., a digital sports entertainment and gaming company. Ms. Mosley previously served as a Director of Dynex Capital, Inc., a mortgage REIT, from 2013-2020. She serves as a trustee or board member of several major non-profit organizations and endowments, including New Profit, a social venture firm that identifies, invests in and helps scale social entrepreneurs. She is a member of the Risk Audit Committee of the United Auto Workers Retiree Medical Benefits Trust and a member of the Investment Advisory Committee of New York State Common Retirement Fund. Ms. Mosley serves on the Institutional Investors Advisory Council of MiDA, a U.S. Agency for International Development partner focused on investment opportunities in Africa and also advises Impact X and Zeal Capital, venture funds focused predominately on underrepresented entrepreneurs. William H. Park. Mr. Park has served as a member of the Eaton Vance Fund Boards since 2003 and is the Independent Chairperson of the Board. Mr. Park was formerly a consultant from 2012-2014 and formerly the Chief Financial Officer of Aveon Group, L.P. from 2010-2011. Mr. Park also served as Vice Chairman of Commercial Industrial Finance Corp. from 2006-2010, as President and Chief Executive Officer of Prizm Capital Management, LLC from 2002-2005, as Executive Vice President and Chief Financial Officer of United Asset Management Corporation from 1982-2001 and as Senior Manager of Price Waterhouse (now PricewaterhouseCoopers) from 1972-1981. Helen Frame Peters. Dr. Peters has served as a member of the Eaton Vance Fund Boards since 2008. Dr. Peters is currently a Professor of Finance at Carroll School of Management, Boston College and was formerly Dean of Carroll School of Management from 2000-2002. Dr. Peters was previously a Director of BJ’s Wholesale Club, Inc. from 2004-2011. In addition, Dr. Peters was the Chief Investment Officer, Fixed Income at Scudder Kemper Investments from 1998-1999 and Chief Investment Officer, Equity and Fixed Income at Colonial Management Associates from 1991-1998. Dr. Peters also served as a Trustee of SPDR Index Shares Funds and SPDR Series Trust from 2000-2009 and as a Director of the Federal Home Loan Bank of Boston from 2007-2009. Keith Quinton. Mr. Quinton has served as a member of the Eaton Vance Fund Boards since October 1, 2018. He had over thirty years of experience in the investment industry before retiring from Fidelity Investments in 2014. Prior to joining Fidelity, Mr. Quinton was a vice president and quantitative analyst at MFS Investment Management from 2000-2001. From 1997 through 2000, he was a senior quantitative analyst at Santander Global Advisors and, from 1995 through 1997, Mr. Quinton was senior vice president in the quantitative equity research department at Putnam Investments. Prior to joining Putnam Investments, Mr. Quinton served in various investment roles at Eberstadt Fleming, Falconwood Securities Corporation and Drexel Burnham Lambert, where he began his career in the investment industry as a senior quantitative analyst in 1983. Mr. Quinton currently serves as an Independent Investment Committee Member of the New Hampshire Retirement System, a five member committee that manages investments based on the investment policy and asset allocation approved by the board of trustees, and as a Director, since 2016 and Chairman, since 2019 of the New Hampshire Municipal Bond Bank. Marcus L. Smith. Mr. Smith has served as a member of the Eaton Vance Fund Boards since October 1, 2018. Since 2017, Mr. Smith has been a Director of MSCI Inc., a leading provider of investment decision support tools worldwide, where he serves on the Audit and Strategy & Finance Committees. From 2017 through 2018, he served as a Director of DCT Industrial Trust Inc., a leading logistics real estate company, where he served as a member of the Nominating and Corporate Governance and Audit

Eaton Vance Global Income Funds 11 SAI dated March 1, 2021 Committees. From 1994 through 2017, Mr. Smith served in several capacities at MFS Investment Management, an investment management firm, where he managed the MFS Institutional International Fund for 17 years and the MFS Concentrated International Fund for 10 years. In addition to his portfolio management duties, Mr. Smith served as Director of Equity, Canada from 2012-2017, Director of Equity, Asia from 2010-2012, and Director of Asian Equity Research from 2005-2010. Prior to joining MFS, Mr. Smith was a senior consultant at Andersen Consulting (now known as Accenture) from 1988-1992. Mr. Smith served as a United States Army Reserve Officer from 1987-1992. He was also a trustee of the University of Mount Union from 2008-2020 and served as the chairman of the Finance Committee from 2015-2019. Mr. Smith currently sits on the Boston advisory board of the Posse Foundation and the Harvard Medical School Advisory Council on Education. Susan J. Sutherland. Ms. Sutherland has served as a member of the Eaton Vance Fund Boards since 2015 and is the Chairperson of the Compliance Reports and Regulatory Matters Committee. She is also a Director of Ascot Group Limited and certain of its subsidiaries. Ascot Group Limited, through its related businesses including Syndicate 1414 at Lloyd’s of London, is a leading global underwriter of specialty property and casualty insurance and reinsurance. In addition, Ms. Sutherland is a Director of Kairos Acquisition Corp., which is concentrating on acquisition and business combination efforts within the insurance and insurance technology (also known as, “InsurTech”) sectors. Ms. Sutherland was a Director of Montpelier Re Holdings Ltd., a global provider of customized reinsurance and insurance products, from 2013 until its sale in 2015 and of Hagerty Holding Corp., a leading provider of specialized automobile and marine insurance from 2015-2018. From 1982 through 2013, Ms. Sutherland was an associate, counsel and then a partner in the Financial Institutions Group of Skadden, Arps, Slate, Meagher & Flom LLP, where she primarily represented U.S. and international insurance and reinsurance companies, investment banks and private equity firms in insurance-related corporate transactions. In addition, Ms. Sutherland is qualified as a Governance Fellow of the National Association of Corporate Directors and has also served as a board member of prominent non-profit organizations. Scott E. Wennerholm. Mr. Wennerholm has served as a member of the Eaton Vance Fund Boards since 2016 and is the Chairperson of the Contract Review Committee. He has over 30 years of experience in the financial services industry in various leadership and executive roles. Mr. Wennerholm served as Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management from 2005-2011. He also served as Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management from 1997-2004 and was a Vice President at Fidelity Investments Institutional Services from 1994-1997. In addition, Mr. Wennerholm served as a Trustee at Wheelock College, a postsecondary institution from 2012-2018. The Board(s) of the Trust and each Portfolio has several standing Committees, including the Governance Committee, the Audit Committee, the Portfolio Management Committee, the Compliance Reports and Regulatory Matters Committee and the Contract Review Committee. Each of the Committees are comprised of only noninterested Trustees. Mmes. Mosley (Chairperson), Frost, Peters and Sutherland, and Messrs. Fetting, Gorman, Park, Quinton, Smith and Wennerholm are members of the Governance Committee. The purpose of the Governance Committee is to consider, evaluate and make recommendations to the Board with respect to the structure, membership and operation of the Board and the Committees thereof, including the nomination and selection of noninterested Trustees and a Chairperson of the Board and the compensation of such persons. During the fiscal year ended October 31, 2020, the Governance Committee convened four times. The Governance Committee will, when a vacancy exists, consider a nominee for Trustee recommended by a shareholder, provided that such recommendation is submitted in writing to the Trust’s Secretary at the principal executive office of the Trust. Such recommendations must be accompanied by biographical and occupational data on the candidate (including whether the candidate would be an “interested person” of the Trust), a written consent by the candidate to be named as a nominee and to serve as Trustee if elected, record and ownership information for the recommending shareholder with respect to the Trust, and a description of any arrangements or understandings regarding recommendation of the candidate for consideration. Messrs. Gorman (Chairperson), Park and Wennerholm and Ms. Peters are members of the Audit Committee. The Board has designated Messrs. Gorman and Park, each a noninterested Trustee, as audit committee financial experts. The Audit Committee’s purposes are to (i) oversee each Fund’s and each Portfolio’s accounting and financial reporting processes, its internal control over financial reporting, and, as appropriate, the internal control over financial reporting of certain service providers; (ii) oversee or, as appropriate, assist Board oversight of the quality and integrity of each Fund’s and each Portfolio’s financial statements and the independent audit thereof; (iii) oversee, or, as appropriate, assist Board oversight of, each Fund’s and each Portfolio’s compliance with legal and regulatory requirements that relate to each Fund’s and each Portfolio’s accounting and financial reporting, internal control over financial reporting and independent audits; (iv) approve prior to appointment the engagement and, when appropriate, replacement of the independent registered public accounting firm, and, if applicable, nominate the independent registered public accounting firm to be proposed for shareholder ratification in any proxy statement of a Fund; (v) evaluate the qualifications, independence and performance of the independent registered public accounting firm and the audit partner in charge of leading the audit; and (vi) prepare, as necessary, audit committee reports consistent with the requirements of applicable SEC and stock exchange rules for inclusion in the proxy statement of a Fund. During the fiscal year ended October 31, 2020, the Audit Committee convened eleven times.

Eaton Vance Global Income Funds 12 SAI dated March 1, 2021 Messrs. Wennerholm (Chairperson), Fetting, Gorman, Park, Quinton and Smith, and Mmes. Frost, Mosley, Peters and Sutherland are members of the Contract Review Committee. The purposes of the Contract Review Committee are to consider, evaluate and make recommendations to the Board concerning the following matters: (i) contractual arrangements with each service provider to the Funds and the Portfolios, including advisory, sub-advisory, transfer agency, custodial and fund accounting, distribution services and administrative services; (ii) any and all other matters in which any service provider (including Eaton Vance or any affiliated entity thereof) has an actual or potential conflict of interest with the interests of the Funds, the Portfolios or investors therein; and (iii) any other matter appropriate for review by the noninterested Trustees, unless the matter is within the responsibilities of the other Committees of the Board. During the fiscal year ended October 31, 2020, the Contract Review Committee convened six times. Mmes. Frost (Chairperson), Mosley and Peters and Messrs. Smith and Wennerholm are members of the Portfolio Management Committee. The purposes of the Portfolio Management Committee are to: (i) assist the Board in its oversight of the portfolio management process employed by the Funds and the Portfolios and their investment adviser and sub-adviser(s), if applicable, relative to the Funds’ and the Portfolios’ stated objective(s), strategies and restrictions; (ii) assist the Board in its oversight of the trading policies and procedures and risk management techniques applicable to the Funds and the Portfolios; and (iii) assist the Board in its monitoring of the performance results of all funds and portfolios, giving special attention to the performance of certain funds and portfolios that it or the Board identifies from time to time. During the fiscal year ended October 31, 2020, the Portfolio Management Committee convened seven times. Ms. Sutherland (Chairperson) and Messrs. Fetting, Gorman and Quinton are members of the Compliance Reports and Regulatory Matters Committee. The purposes of the Compliance Reports and Regulatory Matters Committee are to: (i) assist the Board in its oversight role with respect to compliance issues and certain other regulatory matters affecting the Funds and the Portfolios; (ii) serve as a liaison between the Board and the Funds’ and the Portfolios’ CCO; and (iii) serve as a “qualified legal compliance committee” within the rules promulgated by the SEC. During the fiscal year ended October 31, 2020, the Compliance Reports and Regulatory Matters Committee convened seven times. Share Ownership. The following table shows the dollar range of equity securities beneficially owned by each Trustee in each Fund and in the Eaton Vance family of funds overseen by the Trustee as of December 31, 2020. Interests in a Portfolio cannot be purchased by a Trustee.

Dollar Range of Equity Securities Beneficially Owned by Thomas E. Mark R. Cynthia E. George J. Valerie A. William H. Helen Frame Keith Marcus L. Susan J. Scott E. Fund Name Faust Jr.(1) Fetting(2) Frost(2) Gorman(2) Mosley(2) Park(2) Peters(2) Quinton(2) Smith(2) Sutherland(2) Wennerholm(2) Global Bond Fund None None None None None None None None None None None Emerging Markets $50,001 - Local Income Fund $100,000 None None None None None None None None None None Global Macro Over Absolute Return Fund None $100,000 None None None None None None None None None Global Macro Absolute $50,001 - Return Advantage Fund $100,000 None None None None None None None None None None Short Duration $50,001 - Strategic Income Fund None None None None None None None $100,000 None None None Aggregate Dollar Range of Equity Securities Beneficially Owned in Funds Overseen by Trustee in the Over Over Over Over Over Over Over Over Over Over Over Eaton Vance Family of Funds $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000(3) $100,000(3)

(1) Interested Trustee. (2) Noninterested Trustees. (3) Includes shares which may be deemed to be beneficially owned through the Trustee Deferred Compensation Plan. As of December 31, 2020, no noninterested Trustee or any of their immediate family members owned beneficially or of record any class of securities of EVC, EVD, any sub-adviser, if applicable, or any person controlling, controlled by or under common control with EVC or EVD or any sub-adviser, if applicable, collectively (“Affiliated Entity”). During the calendar years ended December 31, 2019 and December 31, 2020, no noninterested Trustee (or their immediate family members) had: (1) Any direct or indirect interest in any Affiliated Entity;

Eaton Vance Global Income Funds 13 SAI dated March 1, 2021 (2) Any direct or indirect material interest in any transaction or series of similar transactions with (i) the Trust or any fund; (ii) another fund managed or distributed by any Affiliated Entity; (iii) any Affiliated Entity; or (iv) an officer of any of the above; or (3) Any direct or indirect relationship with (i) the Trust or any fund; (ii) another fund managed or distributed by any Affiliated Entity; (iii) any Affiliated Entity; or (iv) an officer of any of the above. During the calendar years ended December 31, 2019 and December 31, 2020, no officer of any Affiliated Entity served on the Board of Directors of a company where a noninterested Trustee of the Trust or a Portfolio or any of their immediate family members served as an officer. Noninterested Trustees may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of a Trustees Deferred Compensation Plan (the “Deferred Compensation Plan”). Under the Deferred Compensation Plan, an eligible Board member may elect to have all or a portion of his or her deferred fees invested in the shares of one or more funds in the Eaton Vance family of funds, and the amount paid to the Board members under the Deferred Compensation Plan will be determined based upon the performance of such investments. Deferral of Board members’ fees in accordance with the Deferred Compensation Plan will have a negligible effect on the assets, liabilities, and net income of a participating fund or portfolio, and do not require that a participating Board member be retained. There is no retirement plan for Board members. The fees and expenses of the Trustees of the Trust and each Portfolio are paid by the Funds (and other series of the Trust) and the Portfolios, respectively. A Board member who is a member of the Eaton Vance organization receives no compensation from the Trust or a Portfolio. During the fiscal year ended October 31, 2020, the Trustees of the Trust and Portfolios earned the following compensation in their capacities as Board members from the Trust and Portfolios. For the year ended December 31, 2020, the Board members earned the following compensation in their capacities as members of the Eaton Vance Fund Boards(1):

Mark R. Cynthia E. George J. Valerie A. William H. Helen Frame Keith Marcus L. Susan J. Scott E. Source of Compensation Fetting Frost Gorman Mosley Park Peters Quinton Smith Sutherland Wennerholm Trust(2) $ 36,291 $ 38,896 $ 40,327 $ 39,467 $ 49,052 $ 36,637 $ 35,249 $ 35,249 $ 38,896 $ 40,327 Emerging Markets Local Income Portfolio $ 6,231 $ 6,678 $ 6,924 $ 6,774(3) $ 8,423 $ 6,291 $ 6,052 $ 6,052 $ 6,678(4) $ 6,924 Global Macro Absolute $ 10,086 $ 10,810 $ 11,208 $ 10,967(3) $ 13,633 $ 10,183 $ 9,797 $ 9,797 $ 10,810(4) $ 11,208 Return Advantage Portfolio Global Macro Portfolio $ 10,086 $ 10,810 $ 11,208 $ 10,967(3) $ 13,633 $ 10,183 $ 9,797 $ 9,797 $ 10,810(4) $ 11,208 Global Opportunities Portfolio $ 6,374 $ 6,831 $ 7,083 $ 6,930(3) $ 8,615 $ 6,435 $ 6,191 $ 6,191 $ 6,831(4) $ 7,083 International Income Portfolio $ 365 $ 391 $ 405 $ 397(3) $ 493 $ 368 $ 354 $ 354 $ 391(4) $ 405 Trust and Fund Complex(1) $348,306 $373,305 $387,056 $378,709(5) $470,806 $351,652 $338,306 $338,306 $373,305(6) $387,056

(1) As of March 1, 2021, the Eaton Vance fund complex consists of 144 registered investment companies or series thereof. (2) The Trust consisted of 33 Funds as of October 31, 2020. (3) Includes deferred compensation as follows: Emerging Markets Local Income Portfolio – $359; Global Macro Absolute Return Advantage Portfolio – $588; Global Macro Portfolio – $588; Global Opportunities Portfolio - $370 and International Income Portfolio – $24. (4) Includes deferred compensation as follows: Emerging Markets Local Income Portfolio – $6,678; Global Macro Absolute Return Advantage Portfolio – $10,810; Global Macro Portfolio – $10,810; Global Opportunities Portfolio – $6,831 and International Income Portfolio – $391. (5) Includes $20,000 of deferred compensation. (6) Includes $370,208 of deferred compensation. Organization and Management of Wholly-Owned Subsidiary. The Subsidiary invests in commodity-linked swap agreements and other commodity-linked derivative instruments, but may also invest in the securities and other instruments in which the Subsidiary Portfolio is permitted to invest. The Subsidiary is an exempted company organized under the laws of the Cayman Islands, whose registered office is located at the offices of Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman, KY1-9005, Cayman Islands. The Subsidiary’s custodian is State Street Bank and Trust Company. The Subsidiary’s affairs are overseen by a board currently consisting of one Director, Maureen A. Gemma. Ms. Gemma is an employee of Eaton Vance and her biographical information appears above in “Management and Organization.” The Subsidiary has entered into a separate contract with the Subsidiary Portfolio’s adviser whereby the adviser provides investment advisory services to the Subsidiary. The investment adviser to the Subsidiary will comply with provisions of the 1940 Act relating to investment advisory contracts. The agreement continues in effect from year to year so long as such continuance is approved at least annually (i) by the vote of a majority of the noninterested Trustees of the Subsidiary Portfolio cast in person at a meeting specifically called for the purposes of voting on such approval and (ii) by the Board of Trustees of the Subsidiary Portfolio or by vote of a majority of the outstanding securities of the Subsidiary Portfolio. The agreement may be terminated at any time without penalty upon sixty (60) days’ written notice by the Board of Trustees of either party, or by vote of the majority of the outstanding voting securities of the Subsidiary Portfolio and will

Eaton Vance Global Income Funds 14 SAI dated March 1, 2021 terminate automatically in the event of its assignment. The Subsidiary will bear the fees and expenses incurred in connection with the custody, transfer agency, and audit services that it receives. The Subsidiary Portfolio expects that the expenses borne by the Subsidiary will not be material in relation to the value of its assets. The Subsidiary has adopted compliance policies and procedures that are substantially similar to the policies and procedures adopted by the Subsidiary Portfolio. The Subsidiary is operated in accordance with the 1940 Act investment restrictions that apply to the Subsidiary Portfolio, (including provisions related to affiliated transactions and custody), but is not subject to provisions of the Internal Revenue Code. The Fund will comply with provisions of the 1940 Act governing investment policies and capital structure and leverage on an aggregate basis with the Subsidiary. The Subsidiary Portfolio’s Chief Compliance Officer oversees implementation of the Subsidiary’s policies and procedures, and makes periodic reports to its Board of Trusteesregarding the Subsidiary’s compliance with its policies and procedures. In testing compliance of the Subsidiary Portfolio and the Subsidiary with applicable investment restrictions, the assets of the Subsidiary Portfolio are aggregated with those of the Subsidiary, except with respect to borrowings. The Subsidiary is subject to asset segregation requirements to the same extent as the Subsidiary Portfolio, which are tested for compliance on a consolidated basis as noted in the preceding sentence. Fund Organization Trust. Each Fund is a series of the Trust, which was organized under Massachusetts law on May 7, 1984 as a trust with transferable shares, commonly referred to as a “Massachusetts business trust” and is operated as an open-end management investment company. Effective October 16, 2019, Eaton Vance Diversified Currency Income Fund changed its name to Eaton Vance Global Bond Fund. The Trust may issue an unlimited number of shares of beneficial interest (no par value per share) in one or more series (such as a Fund). The Trustees of the Trust have divided the shares of a Fund into multiple classes. Each class represents an interest in a Fund, but is subject to different expenses, rights and privileges. The Trustees have the authority under the Declaration of Trust to create additional classes of shares with differing rights and privileges. When issued and outstanding, shares are fully paid and nonassessable by the Trust. Shareholders of the Trust are entitled to one vote for each full share held. Fractional shares may be voted proportionately. Shares of all Funds in the Trust will be voted together with respect to the election or removal of Trustees and on other matters affecting all Funds similarly. On matters affecting only a particular Fund, all shareholders of the affected Fund will vote together as a single class, except that only shareholders of a particular class may vote on matters affecting only that class. Shares have no preemptive or conversion rights and are freely transferable. In the event of the liquidation of a Fund, shareholders of each class are entitled to share pro rata in the net assets attributable to that class available for distribution to shareholders. As permitted by Massachusetts law, there will normally be no meetings of shareholders for the purpose of electing Trustees unless and until such time as less than a majority of the Trustees of the Trust holding office have been elected by shareholders. In such an event the Trustees then in office will call a shareholders’ meeting for the election of Trustees. Except for the foregoing circumstances and unless removed by action of the shareholders in accordance with the Trust’s By-laws, the Trustees shall continue to hold office and may appoint successor Trustees. The Trust’s By-laws provide that any Trustee may be removed with or without cause, by (i) the affirmative vote of holders of two-thirds of the shares or, (ii) the affirmative vote of, or written instrument, signed by at least two-thirds of the remaining Trustees, provided however, that the removal of any noninterested Trustee shall additionally require the affirmative vote of, or a written instrument executed by, at least two-thirds of the remaining noninterested Trustees. No person shall serve as a Trustee if shareholders holding two-thirds of the outstanding shares have removed him or her from that office either by a written declaration filed with the Trust’s custodian or by votes cast at a meeting called for that purpose. The By-laws further provide that under certain circumstances the shareholders may call a meeting to remove a Trustee and that the Trust is required to provide assistance in communication with shareholders about such a meeting. The Trust’s Declaration of Trust may be amended by the Trustees when authorized by vote of a majority of the outstanding voting securities of the Trust, the financial interests of which are affected by the amendment. The Trustees may also amend the Declaration of Trust without the vote or consent of shareholders to change the name of the Trust or any series, if they deem it necessary to conform it to applicable federal or state laws or regulations, or to make such other changes (such as reclassifying series or classes of shares or restructuring the Trust) provided such changes do not have a materially adverse effect on the financial interests of shareholders. The Trust’s By-laws provide that the Trustwill indemnify its Trustees and officers against liabilities and expenses incurred in connection with any litigation or proceeding in which they may be involved because of their offices with the Trust. However, no indemnification is required to be provided to any Trustee or officer for any liability to the Trust or shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office. The Trust’s Declaration of Trust provides that any legal proceeding brought by or on behalf of a shareholder seeking to enforce any provision of, or based upon any matter arising out of, related to or in connection with, the Declaration of Trust, the Trust, any Fund or Class or the shares of any Fund must be brought exclusively in the United States District Court for Massachusetts or, if such court does not have jurisdiction for the matter, then in the Superior Court of Suffolk County for the Commonwealth of Massachusetts. If a shareholder brings a claim in another venue and the venue is subsequently changed through legal process to the foregoing Federal or state court, then the shareholder will be required to reimburse the Trust and other persons for the expenses incurred in effecting the change in venue.

Eaton Vance Global Income Funds 15 SAI dated March 1, 2021 The Trust’s Declaration of Trust also provides that, except to the extent explicitly permitted by Federal law, a shareholder may not bring or maintain a court action on behalf of the Trust or any Fund or class of shares (commonly referred to as a derivative claim) without first making demand on the Trustees requesting the Trustees to bring the action. Within 90 days of receipt of the demand, the Trustees will consider the merits of the claim and determine whether commencing or maintaining an action would be in the best interests of the Trust or the affected Fund or Class. Any decision by the Trusteesto bring, maintain or settle, or to not bring, maintain or settle the action, will be final and binding upon shareholders and therefore no action may be brought or maintained after a decision is made to reject a demand. In addition, the Trust’s Declaration of Trust provides that, to the maximum extent permitted by law, each shareholder acknowledges and agrees that any alleged injury to the Trust’s property, any diminution in the value of a shareholder’s shares and any other claim arising out of or relating to an allegation regarding the actions, inaction or omissions of or by the Trustees, the officers of the Trust or the investment adviser of a Fund is a legal claim belonging only to the Trust and not to the shareholders individually and, therefore, that any such claim is subject to the demand requirement for derivative claims referenced above. The Trust or any series or class thereof may be terminated by: (1) the affirmative vote of the holders of not less than two-thirds of the shares outstanding and entitled to vote at any meeting of shareholders of the Trust or the appropriate series or class thereof, or by an instrument or instruments in writing without a meeting, consented to by the holders of two-thirds of the shares of the Trust or a series or class thereof, provided, however, that, if such termination is recommended by the Trustees, the vote of a majority of the outstanding voting securities of the Trust or a series or class thereof entitled to vote thereon shall be sufficient authorization; or (2) by the approval of a majority of the Trustees then in office, to be followed by a written notice to shareholders. 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. Numerous investment companies registered under the 1940 Act have been formed as Massachusetts business trusts, and management is not aware of an instance where such liability has been imposed. The Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the Trust’s By-laws provide that the Trust, upon request by the shareholder, shall assume the defense on behalf of any Fund shareholders. The Declaration of Trust also contains provisions limiting the liability of a series or class to that series or class. Moreover, the Trust’s 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. The assets of each Fund are readily marketable and will ordinarily substantially exceed its liabilities. In light of the nature of each Fund’s business and the nature of its assets, management believes that the possibility of the Fund’s liabilities exceeding its assets, and therefore the shareholder’s risk of personal liability, is remote. Portfolio Organization Each Portfolio was organized as a trust with transferable interests, commonly referred to as a “Massachusetts business trust” on December 14, 2009 (with the exception of GOP and GMARAP which were organized on October 19, 2009 and June 4, 2010, respectively) and intends to be treated as a partnership for federal tax purposes. Prior to that date, GMP, EMLIP and IIP were each organized as a New York trust on May 1, 1992, March 12, 2007 and March 12, 2007, respectively. In accordance with the Declaration of Trust of each Portfolio, there will normally be no meetings of the investors for the purpose of electing Trustees unless and until such time as less than a majority of the Trustees of the Portfolio holding office have been elected by investors. In such an event the Trustees of the Portfolio then in office will call an investors’ meeting for the election of Trustees. Except for the foregoing circumstances and unless removed by action of the investors in accordance with the Portfolio’s Declaration of Trust, the Trustees shall continue to hold office and may appoint successor Trustees. Each Portfolio’s Declaration of Trust provides that any Trustee may be removed, with or without cause, by (i) the affirmative vote of investors holding two-thirds of the outstanding interests or, (ii) the affirmative vote of, or a written instrument executed by, at least two-thirds of the remaining Trustees, provided however, that the removal of any noninterested Trustee shall additionally require the affirmative vote of, or a written instrument executed by, at least two-thirds of the remaining noninterested Trustees. The Portfolio’s By-laws provide that the Portfolio will indemnify its Trustees and officers against liabilities and expenses incurred in connection with any litigation or proceeding in which they may be involved because of their offices with the Portfolio. However, no indemnification will be provided to any Trustee or officer for any liability to the Portfolio or interestholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office. Each Portfolio’s Declaration of Trust provides that any legal proceeding brought by or on behalf of an investor seeking to enforce any provision of, or based upon any matter arising out of, related to or in connection with, the Declaration of Trust, the Portfolio or the interests of the Portfolio must be brought exclusively in the United States District Court for Massachusetts or, if such court does not have jurisdiction for the matter, then in the Superior Court of Suffolk County for the Commonwealth of Massachusetts. If an investor brings a claim in another venue and the venue is subsequently changed through legal process to the foregoing Federal or state court, then the investor will be required to reimburse the Portfolio and other persons for the expenses incurred in effecting the change in venue.

Eaton Vance Global Income Funds 16 SAI dated March 1, 2021 Each Portfolio’s Declaration of Trust also provides that, except to the extent explicitly permitted by Federal law, an investor may not bring or maintain a court action on behalf of a Portfolio (commonly referred to as a derivative claim) without first making demand on the Trustees requesting the Trustees to bring the action. Within 90 days of receipt of the demand, the Trustees will consider the merits of the claim and determine whether commencing or maintaining an action would be in the best interests of a Portfolio. Any decision by the Trustees to bring, maintain or settle, or to not bring, maintain or settle the action, will be final and binding upon investors and therefore no action may be brought or maintained after a decision is made to reject a demand. In addition, each Portfolio’s Declaration of Trust provides that, to the maximum extent permitted by law, each investor acknowledges and agrees that any alleged injury to a Portfolio’s property, any diminution in the value of an investor’s interests and any other claim arising out of or relating to an allegation regarding the actions, inaction or omissions of or by the Trustees,the officers of the Portfolio or the investment adviser of a Portfolio is a legal claim belonging only to a Portfolio and not to the investors individually and, therefore, that any such claim is subject to the demand requirement for derivative claims referenced above. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as a Portfolio) could be deemed to have personal liability for the obligations of a Portfolio. Numerous investment companies registered under the 1940 Act have been formed as Massachusetts business trusts, and management is not aware of an instance where such liability has been imposed. Each Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders and the By-laws provide that the Portfolio, upon request by the interestholder, shall assume the defense on behalf of any Portfolio interestholders. Moreover, the By-laws also provide for indemnification out of Portfolio property of any interestholder held personally liable solely by reason of being or having been an interestholder for all loss or expense arising from such liability. The assets of each Portfolio are readily marketable and will ordinarily substantially exceed its liabilities. In light of the nature of each Portfolio’s business and the nature of its assets, management believes that the possibility of the Portfolio’s liabilities exceeding its assets, and therefore the interestholder’s risk of personal liability, is remote. Each Fund may be required to vote on matters pertaining to a Portfolio. When required by law to do so, a Fund will hold a meeting of Fund shareholders and will vote its interest in the Portfolio for or against such matters in accordance with the requirements of the 1940 Act. A Fund shall vote shares for which it receives no voting instructions in the same proportion as the shares for which it receives voting instructions. Other investors in a Portfolio may alone or collectively acquire sufficient voting interests in the Portfolio to control matters relating to the operation of the Portfolio, which may require the Fund to withdraw its investment in the Portfolio or take other appropriate action. Any such withdrawal could result in a distribution “in kind” of portfolio securities (as opposed to a cash distribution from the Portfolio). If securities are distributed, a Fund could incur brokerage, tax or other charges in converting the securities to cash. In addition, the distribution in kind may result in a less diversified portfolio of investments or adversely affect the liquidity of a Fund. Notwithstanding the above, there are other means for meeting shareholder redemption requests, such as borrowing. Proxy Voting Policy. The Board adopted a proxy voting policy and procedures (the “Fund Policy”), pursuant to which the Board has delegated proxy voting responsibility to the investment adviser and adopted the proxy voting policies and procedures of the investment adviser (the “Adviser Policies”). An independent proxy voting service has been retained to assist in the voting of Fund proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The members of the Board will review a Fund’s or Portfolio’s proxy voting records from time to time and will review annually the Adviser Policies. For a copy of the Fund Policy and Adviser Policies, see Appendix G and Appendix H, respectively. Pursuant to certain provisions of the 1940 Act and certain exemptive orders relating to funds investing in other funds, a Fund or Portfolio may be required or may elect to vote its interest in another fund in the same proportion as the holders of all other shares of that fund. Information on how a Fund or Portfolio voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122 and (2) on the SEC’s website at http://www.sec.gov. INVESTMENT ADVISORY AND ADMINISTRATIVE SERVICES Investment Advisory Services. Each investment adviser manages the investments and affairs of each Portfolio and the Short Duration Strategic Income Fund and provides related office facilities and personnel subject to the supervision of the Trust’s Board, in the case of a Fund, or a Portfolio’s Board. Each investment adviser furnishes investment research, advice and supervision, furnishes an investment program and determines what securities will be purchased, held or sold by each Portfolio or Fund and what portion, if any, of each Portfolio’s and the Short Duration Strategic Income Fund’s assets will be held uninvested. Each Investment Advisory Agreement or Investment Advisory and Administrative Agreement, in the case of Global Macro Absolute Return Advantage Fund, requires the investment adviser to pay the compensation and expenses of all officers and Trustees who are members of the investment adviser’s organization and all personnel of the investment adviser performing services relating to research and investment activities. The following tables set forth the net assets of the Short Duration Strategic Income Fund and each Portfolio and the advisory fees earned for the stated fiscal years or periods ended October 31. International Income Portfolio. For a description of the compensation paid to the investment adviser on average daily net assets of the Portfolio, see the Prospectus.

Eaton Vance Global Income Funds 17 SAI dated March 1, 2021 Advisory Fee for Fiscal Years Ended Net Assets at October 31, 2020 October 31, 2020 October 31, 2019 October 31, 2018 $57,167,226 $322,857 $544,602 $646,567

Pursuant to an expense reimbursement agreement described in the prospectus, Eaton Vance was allocated $246,403 for the fiscal year ended October 31, 2018, $270,745 for the fiscal year ended October 31, 2019 and $104,500 for the fiscal year ended October 31, 2020. Emerging Markets Local Income Portfolio. For a description of the compensation paid to the investment adviser on average daily net assets of the Portfolio, see the Prospectus.

Advisory Fee for Fiscal Years Ended Net Assets at October 31, 2020 October 31, 2020 October 31, 2019 October 31, 2018 $1,253,935,090 $8,169,352 $6,503,546 $5,009,058

Pursuant to an expense reimbursement agreement described in the prospectus, Eaton Vance was allocated $616,093 for the fiscal year ended October 31, 2018, $164,626 for the fiscal year ended October 31, 2019 and $186,450 for the fiscal year ended October 31, 2020. Global Macro Portfolio. For a description of the compensation paid to the investment adviser on average daily net assets of the Portfolio, see the Prospectus.

Advisory Fee for Fiscal Years Ended Net Assets at October 31, 2020 October 31, 2020 October 31, 2019 October 31, 2018 $3,165,728,962 $18,433,760 $21,635,792 $28,520,108

Global Macro Absolute Return Advantage Portfolio. For a description of the compensation paid to the investment adviser on average daily net assets of the Portfolio, see the Prospectus.

Advisory Fee for Fiscal Years Ended Net Assets at October 31, 2020 October 31, 2020 October 31, 2019 October 31, 2018 $3,045,719,848 $29,354,652 $34,144,189 $44,559,866

Pursuant to an expense reimbursement agreement described in the prospectus, Eaton Vance was allocated $3,087,386 for the fiscal year ended October 31, 2018, $4,443,095 for the fiscal year ended October 31, 2019 and $1,161,983 for the fiscal year ended October 31, 2020. Global Opportunities Portfolio. For a description of the compensation paid to the investment adviser on average daily net assets of the Portfolio, see the Prospectus.

Advisory Fee for Fiscal Years Ended Net Assets at October 31, 2020 October 31, 2020 October 31, 2019 October 31, 2018 $1,359,116,434 $7,886,138 $8,329,721 $9,447,466

Short Duration Strategic Income Fund. For a description of the compensation paid by the Fund to Eaton Vance, as its investment adviser, see the Prospectus.

Advisory Fee for Fiscal Years Ended Net Assets at October 31, 2020 October 31, 2020 October 31, 2019 October 31, 2018 $1,717,055,600 $0 $0 $11

Eaton Vance Global Income Funds 18 SAI dated March 1, 2021 Each Investment Advisory Agreement or Investment Advisory and Administrative Agreement with the investment adviser continues in effect from year to year so long as such continuance is approved at least annually (i) by the vote of a majority of the noninterested Trustees of the Trust, in the case of a Fund, or a Portfolio cast in person at a meeting specifically called for the purpose of voting on such approval and (ii) by the Board of the Trust, in the case of a Fund, or a Portfolio or by vote of a majority of the outstanding voting securities of the Portfolio or Fund. Each Agreement may be terminated at any time without penalty on sixty (60) days’ written notice by either party, or by vote of the majority of the outstanding voting securities of the Portfolio or Fund, and each Agreement will terminate automatically in the event of its assignment. Each Agreement provides that the investment adviser may render services to others. Each Agreement also provides that the investment adviser shall not be liable for any loss incurred in connection with the performance of its duties, or action taken or omitted under the Agreement, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties thereunder, or for any losses sustained in the acquisition, holding or disposition of any security or other investment. Each Agreement is not intended to, and does not, confer upon any person not a party to it any right, benefit or remedy of any nature. Information About BMR and Eaton Vance. BMR and Eaton Vance are business trusts organized under the laws of the Commonwealth of Massachusetts. EV serves as trustee of BMR and Eaton Vance. EV and Eaton Vance are wholly-owned subsidiaries of EVC, a Maryland corporation and publicly-held holding company. BMR is an indirect subsidiary of EVC. EVC through its subsidiaries and affiliates engages primarily in investment management, administration and marketing activities. The Directors of EVC are Thomas E. Faust Jr., Ann E. Berman, Leo I. Higdon, Jr., Paula A. Johnson, Brian D. Langstraat, Dorothy E. Puhy, Winthrop H. Smith, Jr. and Richard A. Spillane, Jr. All shares of the outstanding Voting Common Stock of EVC are deposited in a Voting Trust, the Voting Trustees of which are Mr. Faust, Paul W. Bouchey, Craig R. Brandon, Daniel C. Cataldo, Michael A. Cirami, Cynthia J. Clemson, James H. Evans, Maureen A. Gemma, Laurie G. Hylton, Mr. Langstraat, Thomas Lee, Frederick S. Marius, David C. McCabe, Edward J. Perkin, Lewis R. Piantedosi, Charles B. Reed, Craig P. Russ, Thomas C. Seto, John L. Shea, Eric A. Stein, John H. Streur, Andrew N. Sveen, Payson F. Swaffield, R. Kelly Williams and Matthew J. Witkos (all of whom are officers of Eaton Vance or its affiliates). The Voting Trustees have unrestricted voting rights for the election of Directors of EVC. All of the outstanding voting trust receipts issued under said Voting Trust are owned by certain of the officers of BMR and Eaton Vance who may also be officers, or officers and Directors of EVC and EV. As indicated under “Management and Organization,” all of the officers of the Trust (as well as Mr. Faust who is also a Trustee) hold positions in the Eaton Vance organization. Code of Ethics. The investment adviser, principal underwriter, and each Fund and Portfolio have adopted Codes of Ethics governing personal securities transactions pursuant to Rule 17j-1 under the 1940 Act. Under the Codes, employees of the investment adviser and the principal underwriter may purchase and sell securities (including securities held or eligible for purchase by a Fund or Portfolio) subject to the provisions of the Codes and certain employees are also subject to pre-clearance, reporting requirements and/or other procedures. Portfolio Managers. The portfolio managers (each referred to as a “portfolio manager”) of each Fund and Portfolio are listed below. The following table shows, as of the Funds’ and Portfolios’ most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts.

Eaton Vance Global Income Funds 19 SAI dated March 1, 2021 Registered Investment Companies 1 $ 57.2 0 $0 Other Pooled Investment Vehicles 0 $ 0 0 $0 Other Accounts 0 $ 0 0 $0 Brian Shaw Registered Investment Companies 1 $ 1,722.9 0 $0 Other Pooled Investment Vehicles 1 $ 90.9 0 $0 Other Accounts 0 $ 0 0 $0 Eric A. Stein(1) Registered Investment Companies 12 $20,259.0 0 $0 Other Pooled Investment Vehicles 7 $ 1,289.6 0 $0 Other Accounts 0 $ 0 0 $0 Andrew Szczurowski(1) Registered Investment Companies 5 $14,982.6 0 $0 Other Pooled Investment Vehicles 1 $ 90.9 0 $0 Other Accounts 0 $ 0 0 $0

(1) This portfolio manager serves as portfolio manager of one or more registered investment companies and/or pooled investment vehicles that invest or may invest in one or more underlying registered investment companies and/or separate pooled investments vehicles in the Eaton Vance family of funds. The underlying investment companies may be managed by this portfolio manager or another portfolio manager. The following table shows the dollar range of equity securities beneficially owned in a Fund by its portfolio manager(s) as of the Funds’ most recent fiscal year ended October 31, 2020 and in the Eaton Vance family of funds as of December 31, 2020. Interests in a Portfolio cannot be purchased by a portfolio manager.

Aggregate Dollar Range of Equity Dollar Range of Equity Securities Securities Beneficially Owned in Fund Name and Portfolio Managers Beneficially Owned in the Fund the Eaton Vance Family of Funds Global Bond Fund Michael A. Cirami $10,001 - $50,000 Over $1,000,000 Kyle Lee $10,001-$50,000 Over $1,000,000 Eric A. Stein None $500,001 - $1,000,000 Emerging Markets Local Income Fund John R. Baur $1 - $10,000 Over $1,000,000 Michael A. Cirami $100,001 - $500,000 Over $1,000,000 Global Macro Absolute Return Fund John R. Baur $50,001 - $100,000 Over $1,000,000 Michael A. Cirami $100,001 - $500,000 Over $1,000,000 Eric A. Stein $10,001 - $50,000 $500,001 - $1,000,000 Global Macro Absolute Return Advantage Fund John R. Baur $1 - $10,000 Over $1,000,000 Michael A. Cirami $100,001 - $500,000 Over $1,000,000 Eric A. Stein $100,001 - $500,000 $500,001 - $1,000,000 Short Duration Strategic Income Fund Justin Bourgette $50,001 - $100,000 $500,001 - $1,000,000 Brian Shaw $50,001 - $100,000 $100,001 - $500,000 Eric A. Stein $100,001 - $500,000 $500,001 - $1,000,000 Andrew Szczurowski $100,001 - $500,000 $500,001 - $1,000,000

Eaton Vance Global Income Funds 20 SAI dated March 1, 2021 It is possible that conflicts of interest may arise in connection with a portfolio manager’s management of a Portfolio’s or Fund’s investments on the one hand and the investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among a Portfolio or Fund and other accounts he advises. In addition, due to differences in the investment strategies or restrictions between a Portfolio or Fund and the other accounts, the portfolio manager may take action with respect to another account that differs from the action taken with respect to a Portfolio or Fund. In some cases, another account managed by a portfolio manager may compensate the investment adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, the portfolio manager will endeavor to exercise his discretion in a manner that he believes is equitable to all interested persons. The investment adviser has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern the investment adviser’s trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution. Compensation Structure for Eaton Vance and BMR. Compensation of the investment adviser’s portfolio managers and other investment professionals has the following primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual non-cash compensation consisting of restricted shares of EVC nonvoting common stock that generally are subject to a vesting schedule. The investment adviser’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to the investment adviser’s employees. Compensation of the investment adviser’s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC. Method to Determine Compensation. The investment adviser compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus the benchmark(s) stated in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance measures include, but are not limited to, the Sharpe ratio, which uses standard deviation and excess return to determine reward per unit of risk. Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When a fund’s peer group as determined by Lipper or Morningstar is deemed by the investment adviser’s management not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer group or market index. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. For funds with an investment objective other than total return (such as current income), consideration will also be given to the fund’s success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance. The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers’ performance in meeting them. The investment adviser seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. The investment adviser participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of the investment adviser and its parent company. The overall annual cash bonus pool is generally based on a substantially fixed percentage of pre-bonus adjusted operating income. While the salaries of the investment adviser’s portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation. Commodity Futures Trading Commission Registration. The CFTC has adopted certain regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swaps agreements) or markets itself as providing investment exposure to such instruments. Eaton Vance and BMR are registered with the CFTC as commodity pool operators and as commodity trading advisors. As the “commodity pool operator” of Emerging Markets Local Income Fund, Global Macro Absolute Return Fund and Global Macro Absolute Return Advantage Fund, the investment adviser has claimed relief under the Commodity Exchange Act from

Eaton Vance Global Income Funds 21 SAI dated March 1, 2021 certain reporting and recordkeeping requirements. 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 Global Bond Fund and Short Duration Strategic Income Fund. Accordingly neither Global Bond Fund, Short Duration Strategic Income Fund nor the investment adviser with respect to the operation of those Funds is subject to CFTC regulation. The CFTC has neither reviewed nor approved each Fund’s investment strategies or this SAI. Administrative Services. For each Fund, except Global Macro Absolute Return Advantage Fund, Eaton Vance serves as administrator under an Amended and Restated Administrative Services Agreement, but currently receives no compensation for providing administrative services to the Fund. Eaton Vance also provides administrative services to Global Macro Absolute Return Advantage Fund under the Fund’s Investment Advisory and Administrative Agreement. Under the applicable Agreement, Eaton Vance has been engaged to administer each Fund’s affairs, subject to the supervision of the Board, and shall furnish office space and all necessary office facilities, equipment and personnel for administering the affairs of each Fund. Global Macro Portfolio has engaged BMR to act as its administrator under an Administration Agreement. Under the Administration Agreement, BMR is obligated to provide oversight of custodial services to Global Macro Portfolio and provide certain valuation, legal, accounting and tax assistance and services in connection with certain investments. Effective June 22, 2007 and in connection with the amendment of Global Macro Portfolio’s investment advisory agreement, BMR agreed to waive in its entirety the administration fee payable by Global Macro Portfolio. Sub-Transfer Agency Support Services. Eaton Vance provides sub-transfer agency and related services to Eaton Vance mutual funds pursuant to a Sub-Transfer Agency Support Services Agreement. Under the agreement, Eaton Vance provides: (1) specified sub-transfer agency services; (2) compliance monitoring services; and (3) intermediary oversight services. For the services it provides, Eaton Vance receives an aggregate annual fee equal to the actual expenses incurred by Eaton Vance in the performance of such services. Each Fund pays a pro rata share of such fee. For the fiscal year ended October 31, 2020, Eaton Vance earned the following pursuant to the agreement:

Emerging Markets Local Global Macro Absolute Global Macro Absolute Return Short Duration Strategic Global Bond Fund Income Fund Return Fund Advantage Fund Income Fund $3,450 $15,659 $2,863 $522,607 $23,556

Expenses. Each Fund and Portfolio are responsible for all expenses not expressly stated to be payable by another party (such as expenses required to be paid pursuant to an agreement with the investment adviser, the principal underwriter or the administrator). In the case of expenses incurred by the Trust, each Fund is responsible for its pro rata share of those expenses. Pursuant to the Amended and Restated Multiple Class Plan for Eaton Vance Funds, Fund expenses are allocated to each class on a pro rata basis, except that distribution and service fees are allocated exclusively to the class that incurs them, and sub-accounting, recordkeeping and other similar fees are not allocated to (or incurred by) Class R6 shares. OTHER SERVICE PROVIDERS Principal Underwriter. Eaton Vance Distributors, Inc. (“EVD”), Two International Place, Boston, MA 02110 is the principal underwriter of each Fund. The principal underwriter acts as principal in selling shares under a Distribution Agreement with the Trust. The expenses of printing copies of prospectuses used to offer shares and other selling literature and of advertising are borne by the principal underwriter. The fees and expenses of qualifying and registering and maintaining qualifications and registrations of a Fund and its shares under federal and state securities laws are borne by the Fund. The Distribution Agreement is renewable annually by the members of the Board (including a majority of the noninterested Trustees who have no direct or indirect financial interest in the operation of the Distribution Agreement or any applicable Distribution Plan), may be terminated on sixty days’ notice either by such Trustees or by vote of a majority of the outstanding Fund shares or on six months’ notice by the principal underwriter and is automatically terminated upon assignment. The principal underwriter distributes shares on a “best efforts” basis under which it is required to take and pay for only such shares as may be sold. EVD is a direct, wholly-owned subsidiary of EVC. Mr. Faust is also a Director of EVD. EVD also serves as placement agent for the Portfolios. Custodian. State Street Bank and Trust Company (“State Street”), State Street Financial Center, One Lincoln Street, Boston, MA 02111, serves as custodian to each Fund and each Portfolio. State Street has custody of all cash and securities representing a Fund’s interest in each Portfolio, has custody of each Portfolio’s and each Fund’s assets, maintains the general ledger of each Portfolio and each Fund and computes the daily net asset value of interests in each Portfolio and the net asset value of shares of each Fund. In such capacity it attends to details in connection with the sale, exchange, substitution, transfer or other dealings with each Fund’s and each Portfolio’s investments, receives and disburses all funds and performs various other ministerial duties upon receipt of proper instructions from the Trust and each Portfolio. State Street also provides services in connection with the preparation of

Eaton Vance Global Income Funds 22 SAI dated March 1, 2021 shareholder reports and the electronic filing of such reports with the SEC. EVC and its affiliates and their officers and employees from time to time have transactions with various banks, including State Street. It is Eaton Vance’s opinion that the terms and conditions of such transactions were not and will not be influenced by existing or potential custodial or other relationships between each Fund or each Portfolio and such banks. Independent Registered Public Accounting Firm. Deloitte & Touche LLP, 200 Berkeley Street, Boston, MA 02116, independent registered public accounting firm, audits each Fund’s and Portfolio’s financial statements and provides other audit, tax and related services. Transfer Agent. BNY Mellon Investment Servicing (US) Inc., P.O. Box 9653, Providence, RI 02940-9653, serves as transfer and dividend disbursing agent for each Fund. CALCULATION OF NET ASSET VALUE The net asset value of the Fund is determined by State Street (as agent and custodian) by subtracting the liabilities of the Fund from the value of its total assets. The Fund is closed for business and will not issue a net asset value on the following business holidays and any other business day that the Exchange is closed: New Year’s Day, Martin Luther King, Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The Fund’s net asset value per share is readily accessible on the Eaton Vance website (www.eatonvance.com). Each Portfolio investor may add to or reduce its investment in the Portfolio on each day the Exchange is open for trading (“Portfolio Business Day”) as of the close of regular trading on the Exchange (the “Portfolio Valuation Time”). The value of each investor’s interest in the Portfolio will be determined by multiplying the net asset value of the Portfolio by the percentage, determined on the prior Portfolio Business Day, which represented that investor’s share of the aggregate interests in the Portfolio on such prior day. Any additions or withdrawals for the current Portfolio Business Day will then be recorded. Each investor’s percentage of the aggregate interest in the Portfolio will then be recomputed as a percentage equal to a fraction (i) the numerator of which is the value of such investor’s investment in the Portfolio as of the Portfolio Valuation Time on the prior Portfolio Business Day plus or minus, as the case may be, the amount of any additions to or withdrawals from the investor’s investment in the Portfolio on the current Portfolio Business Day and (ii) the denominator of which is the aggregate net asset value of the Portfolio as of the Portfolio Valuation Time on the prior Portfolio Business Day plus or minus, as the case may be, the amount of the net additions to or withdrawals from the aggregate investment in the Portfolio on the current Portfolio Business Day by all investors in the Portfolio. The percentage so determined will then be applied to determine the value of the investor’s interest in the Portfolio for the current Portfolio Business Day. The Board has approved procedures pursuant to which investments are valued for purposes of determining the Fund’s net asset value. Listed below is a summary of the methods generally used to value investments (some or all of which may be held by the Fund) under the procedures. v Equity securities (including common stock, exchange-traded funds, closed-end funds, preferred equity securities, exchange-traded notes and other instruments that trade on recognized stock exchanges) are valued at the last sale, official close or, if there are no reported sales, at the mean between the bid and asked price on the primary exchange on which they are traded. v Most debt obligations are valued on the basis of market valuations furnished by a pricing service or at the mean of the bid and asked prices provided by recognized broker/dealers of such securities. The pricing service may use a pricing matrix to determine valuation. v Short-term instruments with remaining maturities of less than 397 days are valued on the basis of market valuations furnished by a pricing service or based on dealer quotations. v Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange quotations supplied by a pricing service. v Senior and Junior Loans (as defined in the “Additional Information About Investment Strategies and Risks” section of this SAI) are valued on the basis of prices furnished by a pricing service. The pricing service uses transactions and market quotations from brokers in determining values. v Futures contracts are valued at the settlement or closing price on the primary exchange or board of trade on which they are traded. v Exchange-traded options are valued at the mean of the bid and asked prices. Over-the-counter options are valued based on quotations obtained from a pricing service or from a broker (typically the counterparty to the option). v Non-exchange traded derivatives (including swap agreements, forward contracts and equity participation notes) are generally valued on the basis of valuations provided by a pricing service or using quotes provided by a broker/dealer (typically the counterparty) or, for total return swaps, based on market index data.

Eaton Vance Global Income Funds 23 SAI dated March 1, 2021 v Precious metals are valued at the New York Composite mean quotation. v Liabilities with a payment or maturity date of 364 days or less are stated at their principal value and longer dated liabilities generally will be carried at their fair value. v Valuations of foreign equity securities and total return swaps and exchange-traded futures contracts on non-North American equity indices are generally based on fair valuation provided by a pricing service. Investments which are unable to be valued in accordance with the foregoing methodologies are valued at fair value using methods determined in good faith by or at the direction of the members of the Board. Such methods may include consideration of relevant factors, including but not limited to (i) the type of security and the existence of any contractual restrictions on the security’s disposition; (ii) the price and extent of public trading in similar securities of the issuer or of comparable companies or entities; (iii) quotations or relevant information obtained from broker-dealers or other market participants; (iv) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); (v) an analysis of the company’s or entity’s financial statements; (vi) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; (vii) any transaction involving the issuer of such securities; and (viii) any other factors deemed relevant by the investment adviser. For purposes of fair valuation, the portfolio managers of one Eaton Vance fund that invests in Senior and Junior Loans may not possess the same information about a Senior or Junior Loan as the portfolio managers of another Eaton Vance fund. As such, at times the fair value of a Loan determined by certain Eaton Vance portfolio managers may vary from the fair value of the same Loan determined by other portfolio managers. PURCHASING AND REDEEMING SHARES Additional Information About Purchases. Fund shares are offered for sale only in states where they are registered. The U.S. registered Eaton Vance funds generally do not accept investments from residents of the European Union, the United Kingdom or Switzerland, although may do so to the extent that the Eaton Vance funds may be lawfully offered in a relevant jurisdiction (including at the initiative of the investor). Fund shares are continuously offered through financial intermediaries which have entered into agreements with the principal underwriter. Fund shares are sold at the public offering price, which is the net asset value next computed after receipt of an order plus the initial sales charge, if any. The Fund receives the net asset value. The principal underwriter receives the sales charge, all or a portion of which may be reallowed to the financial intermediaries responsible for selling Fund shares. The sales charge table for Class A shares in the Prospectus is applicable to purchases of Class A shares of a Fund alone or in combination with purchases of certain other funds offered by the principal underwriter, made at a single time by (i) an individual, or an individual, his or her spouse and their children under the age of twenty-one, purchasing shares for his or their own account, and (ii) a trustee or other fiduciary purchasing shares for a single trust estate or a single fiduciary account. The table is also presently applicable to (1) purchases of Class A shares pursuant to a written Statement of Intention; or (2) purchases of Class A shares pursuant to the Right of Accumulation and declared as such at the time of purchase. See “Sales Charges.” Class I Share Purchases. Class I shares are available for purchase by clients of financial intermediaries who (i) charge such clients an ongoing fee for advisory, investment, consulting or similar services, or (ii) have entered into an agreement with the principal underwriter to offer Class I shares through a no-load network or platform. Such clients may include individuals, corporations, endowments, foundations and employer sponsored retirement plans. Class I shares may also be available through brokerage platforms of broker-dealer firms that have agreements with a Fund’s principal underwriter to offer Class I shares solely when acting as an agent for the investor. An investor acquiring Class I shares through such platforms may be required to pay a commission and/or other forms of compensation to the broker. Class I shares also are offered to investment and institutional clients of Eaton Vance and its affiliates; certain persons affiliated with Eaton Vance and its affiliates; current and retired members of Eaton Vance Fund Boards; employees of Eaton Vance and its affiliates and such persons’ spouses, parents, siblings and lineal descendants and their beneficial accounts. Class R Share Purchases. Class R shares are available for purchase by clients of financial intermediaries who charge an advisory, management or consulting or similar fee for their services; accounts affiliated with those financial intermediaries; and in connection with certain employer sponsored retirement plans and Individual Retirement Account rollover accounts. Waiver of Investment Minimums. For classes other than Class R6, in addition to waivers described in the Prospectus, minimum investment amounts are waived for individual plan participants in an employer sponsored retirement plan; current and retired members of Eaton Vance Fund Boards; clients (including custodial, agency, advisory and trust accounts) and current and retired officers and employees of Eaton Vance, its affiliates and other investment advisers and sub-advisers to the Eaton Vance family of funds; and for such persons’ spouses, parents, siblings and lineal descendants and their beneficial accounts. The minimum initial investment amount is also waived for officers and employees of a Fund’s custodian and transfer agent and in connection with the merger (or similar transaction) of an investment company (or series or class thereof) or personal holding company with a Fund (or class thereof). Investments in a Fund by ReFlow in connection with the ReFlow liquidity program are also not subject to the minimum investment amount.

Eaton Vance Global Income Funds 24 SAI dated March 1, 2021 Suspension of Sales. The Trust may, in its absolute discretion, suspend, discontinue or limit the offering of one or more of its classes of shares at any time. In determining whether any such action should be taken, the Trust’s management intends to consider all relevant factors, including (without limitation) the size of a Fund or class, the investment climate and market conditions and the volume of sales and redemptions of shares. The Class A, Class C and Class R Distribution Plans may continue in effect and payments may be made under the Plans following any such suspension, discontinuance or limitation of the offering of shares; however, there is no obligation to continue any Plan for any particular period of time. Suspension of the offering of shares would not, of course, affect a shareholder’s ability to redeem shares. Additional Information About Redemptions. The right to redeem shares of a Fund can be suspended and the payment of the redemption price deferred when the Exchange is closed (other than for customary weekend and holiday closings), during periods when trading on the Exchange is restricted as determined by the SEC, or during any emergency as determined by the SEC which makes it impracticable for a Fund or Portfolio to dispose of its securities or value its assets, or during any other period permitted by order of the SEC for the protection of investors. Due to the high cost of maintaining small accounts, the Trust reserves the right to redeem accounts with balances of less than $750. Prior to such a redemption, shareholders will be given 60 days’ written notice to make an additional purchase. No CDSC or redemption fees, if applicable, will be imposed with respect to such involuntary redemptions. As disclosed in the Prospectus, each Fund typically expects to meet redemption requests by (i) distributing any cash holdings, (ii) selling portfolio investments and/or (iii) borrowing from a bank under a line of credit. In addition to the foregoing, each Fund also may distribute securities as payment (a so-called “redemption in-kind”), in which case the redeeming shareholder may pay fees and commissions to convert the securities to cash. Unless requested by a shareholder, each Fund expects to limit use of redemption in-kind to stressed market conditions, but is permitted to do so in other circumstances. Any redemption in-kind would be made in accordance with policies adopted by each Fund, which allow the Fund to distribute securities pro rata or as selected by the investment adviser. Short Duration Strategic Income Fund and each Portfolio participates with other funds managed by EVM and its affiliates, including CRM, in an $800 million unsecured line of credit agreement and may borrow amounts available thereunder for temporary purposes, such as meeting redemptions. See “Additional Information about Investment Strategies and Risks - Borrowing for Temporary Purposes”. Each Fund also has exemptive relief to participate in an interfund lending program with other Eaton Vance funds. Such program is not operational as of the date of this SAI. In connection with requests to re-issue uncashed checks representing redemption proceeds, each Fund reserves the right to require the redeeming shareholder to provide Medallion signature guaranteed wire instructions for delivery of redemption proceeds. Redemption proceeds represented by an uncashed check will not earn interest or other return during such time. As noted above, each Fund may pay the redemption price of shares of a Fund, either totally or partially, by a distribution in-kind of securities. All requests for redemptions in-kind must be in good order. Provided the redemption request is received by the Fund not later than 12:00 p.m. (Eastern Time) on the day of the redemption, the Fund may in its discretion, if requested by a redeeming shareholder, provide the redeeming shareholders with an estimate of the securities to be distributed. Any difference between the redemption value of the distributed securities and the value of the Fund shares redeemed will be settled in cash. Securities distributed in a redemption in-kind would be valued pursuant to a Fund’s valuation procedures and selected by the investment adviser. If a shareholder receives securities in a redemption in-kind, the shareholder could incur brokerage or other charges in converting the securities to cash and the value of such securities would be subject to price fluctuations until sold. Pursuant to its Distribution Agreement with the Trust, the principal underwriter is authorized to repurchase shares offered for redemption to each Fund from time to time and each Fund is authorized to pay to the principal underwriter the purchase price for such repurchased shares, which shall be the net asset value next determined after the repurchase order, subject to any applicable CDSC payable to the principal underwriter. Systematic Withdrawal Plan. The transfer agent will send to the shareholder regular monthly or quarterly payments of any permitted amount designated by the shareholder based upon the value of the shares held. The checks will be drawn from share redemptions and hence, may require the recognition of taxable gain or loss. Income dividends and capital gains distributions in connection with withdrawal plan accounts will be credited at net asset value as of the ex-dividend date for each distribution. Continued withdrawals in excess of current income will eventually use up principal, particularly in a period of declining market prices. A shareholder may not have a withdrawal plan in effect at the same time he or she has authorized Bank Automated Investing or is otherwise making regular purchases of Fund shares. The shareholder, the transfer agent or the principal underwriter may terminate the withdrawal plan at any time without penalty. Other Information. A Fund’s net asset value per share is normally rounded to two decimal places. In certain situations (such as a merger, share split or a purchase or sale of shares that represents a significant portion of a share class), the administrator may determine to extend the calculation of the net asset value per share to additional decimal places to ensure that neither the value of the Fund nor a shareholder’s shares is diluted materially as the result of a purchase or sale or other transaction.

Eaton Vance Global Income Funds 25 SAI dated March 1, 2021 SALES CHARGES Dealer Commissions. The principal underwriter may, from time to time, at its own expense, provide additional incentives to financial intermediaries which employ registered representatives who sell Fund shares and/or shares of other funds distributed by the principal underwriter. In some instances, such additional incentives may be offered only to certain financial intermediaries whose representatives sell or are expected to sell significant amounts of shares. In addition, the principal underwriter may from time to time increase or decrease the sales commissions payable to financial intermediaries. The principal underwriter may allow, upon notice to all financial intermediaries with whom it has agreements, discounts up to the full sales charge during the periods specified in the notice. During periods when the discount includes the full sales charge, such financial intermediaries may be deemed to be underwriters as that term is defined in the 1933 Act. Purchases at Net Asset Value. Class A shares may be sold at net asset value (without a sales charge) to clients of financial intermediaries who (i) charge such clients an ongoing fee for advisory, investment, consulting or similar services, or (ii) have entered into an agreement with the principal underwriter to offer Class A shares through a no-load network or platform; current and retired members of Eaton Vance Fund Boards; to clients (including custodial, agency, advisory and trust accounts) and current and former Directors, officers and employees of Eaton Vance, its affiliates and other investment advisers and sub-advisers of Eaton Vance sponsored funds; and to such persons’ spouses, parents, siblings and lineal descendants and their beneficial accounts. Such shares may also be issued at net asset value (1) in connection with the merger (or similar transaction) of an investment company (or series or class thereof) or personal holding company with a Fund (or class thereof), (2) to HSAs (Health Savings Accounts) and to employer sponsored retirement plans and trusts used to fund those plans, (3) to officers and employees of a Fund’s custodian and transfer agent, (4) in connection with the ReFlow liquidity program and (5) direct purchases of shares by accounts where no financial intermediary is specified. Class A shares may also be sold at net asset value to registered representatives and employees of financial intermediaries. Class A shares are also offered at net asset value to shareholders who make a permitted direct transfer or roll-over to an Eaton Vance prototype individual retirement account (“IRA”) from an employer-sponsored retirement plan previously invested in Eaton Vance funds (applicable only to the portion previously invested in Eaton Vance funds), provided that sufficient documentation is provided to the transfer agent of such transfer or roll-over at the time of the account opening. Sales charges generally are waived because either (i) there is no sales effort involved in the sale of shares or (ii) the investor is paying a fee (other than the sales charge) to the financial intermediary involved in the sale. Any new or revised sales charge or CDSC waiver will be prospective only. A financial intermediary may not, in accordance with its policies and procedures, offer one or more of the waiver categories described above and shareholders should consult their financial intermediary for more information. CDSC Waiver. CDSCs will be waived in connection with redemptions from employer sponsored retirement plans or IRAs to satisfy required minimum distributions by applying the rate required to be withdrawn under the applicable rules and regulations of the IRS to the balance of shares in your account. CDSCs will also be waived in connection with returning excess contributions made to IRAs. Statement of Intention. If it is anticipated that $50,000 ($100,000 for Short Duration Strategic Income Fund) or more of Class A shares and shares of other funds exchangeable for Class A shares of another Eaton Vance fund will be purchased within a 13-month period, the Statement of Intention section of the account application should be completed so that shares may be obtained at the same reduced sales charge as though the total quantity were invested in one lump sum. Shares eligible for the right of accumulation (see below) as of the date of the statement and purchased during the 13-month period will be included toward the completion of the statement. If you make a statement of intention, the transfer agent is authorized to hold in escrow sufficient shares (5% of the dollar amount specified in the statement) which can be redeemed to make up any difference in sales charge on the amount intended to be invested and the amount actually invested. A statement of intention does not obligate the shareholder to purchase or the Fund to sell the full amount indicated in the statement. If the amount actually purchased during the 13-month period is less than that indicated in the statement, the shareholder will be requested to pay the difference between the sales charge applicable to the shares purchased and the sales charge paid under the statement of intention. If the payment is not received in 20 days, the appropriate number of escrowed shares will be redeemed in order to realize such difference. Shareholders will not receive a lower sales charge if total purchases during the 13-month period are large enough to qualify for a lower sales charge than that applicable to the amount specified in the statement. If the sales charge rate changes during the 13-month period, all shares purchased or charges assessed after the date of such change will be subject to the then applicable sales charge. Right of Accumulation. Under the right of accumulation, the applicable sales charge level is calculated by aggregating the dollar amount of the current purchase and the value (calculated at the maximum current offering price) of Fund shares owned by the shareholder. The sales charge on the Fund shares being purchased will then be applied at the rate applicable to the aggregate. Share purchases eligible for the right of accumulation are described under “Sales Charges” in the Prospectus. For any such discount to be made available at the time of purchase a purchaser or his or her financial intermediary must provide the principal underwriter

Eaton Vance Global Income Funds 26 SAI dated March 1, 2021 (in the case of a purchase made through a financial intermediary) or the transfer agent (in the case of an investment made by mail) with sufficient information to permit verification that the purchase order qualifies for the accumulation privilege. Confirmation of the order is subject to such verification. The right of accumulation privilege may be amended or terminated at any time as to purchases occurring thereafter. Conversion Feature. Effective November 5, 2020 (the “Effective Date”), Class C shares automatically convert to Class A shares during the month following the eight year anniversary of the purchase of such Class C shares. If the financial intermediary that maintains a Class C shareholder’s account has not tracked the holding period for Class C shares, Class C shares held as of the Effective Date will automatically convert to Class A shares eight years after the Effective Date. Such conversion shall be effected on the basis of the relative NAVs per share of the two classes without the imposition of any sales charge, fee or other charge. For purposes of this conversion, all distributions paid on such Class C shares which the shareholder elects to reinvest in Class C shares will be considered to be held in a separate sub-account. Upon the conversion of Class C shares not acquired through the reinvestment of distributions, a pro rata portion of the Class C shares held in the sub-account will also convert to such Class A shares. This portion will be determined by the ratio that such Class C shares being converted bears to the total of Class C shares (excluding shares acquired through reinvestment) in the account. Distribution Plans The Trust has in effect a compensation-type Distribution Plan for Class A shares (the “Class A Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. The Class A Plan is designed to (i) finance activities which are primarily intended to result in the distribution and sales of Class A shares and to make payments in connection with the distribution of such shares and (ii) pay service fees for personal services and/or the maintenance of shareholder accounts to the principal underwriter, financial intermediaries and other persons. The distribution and service fees payable under the Class A Plan shall not exceed 0.30% (0.25% in the case of Short Duration Strategic Income Fund) of the average daily net assets attributable to Class A shares for any fiscal year. Class A distribution and service fees are paid monthly in arrears. For the distribution and service fees paid by Class A shares, see Appendix A. The Trust also has in effect a compensation-type Distribution Plan for Class C shares (the “Class C Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, Class C pays the principal underwriter a distribution fee, accrued daily and paid monthly, at an annual rate not exceeding 0.75% of its average daily net assets to finance the distribution of its shares. Such fees compensate the principal underwriter for the sales commissions paid by it to financial intermediaries on the sale of shares, for other distribution expenses (such as personnel, overhead, travel, printing and postage) and for interest expense. The principal underwriter is entitled to receive all distribution fees and CDSCs paid or payable with respect to Class C shares, provided that no such payments will be made that would cause Class C shares of each Fund to exceed the maximum sales charge permitted by FINRA Rule 2341(d). The Class C Plans also authorize the payment of service fees to the principal underwriter, financial intermediaries and other persons in amounts not exceeding an annual rate of 0.25% of its average daily net assets for personal services, and/or the maintenance of shareholder accounts. For Class C, financial intermediaries currently generally receive (a) a service fee (except on exchange transactions and reinvestments) at the time of sale equal to 0.25% of the purchase price of Class C shares sold by such intermediaries, and (b) monthly service fees approximately equivalent to 1/12 of 0.25% of the value of Class C shares sold by such intermediaries. During the first year after a purchase of Class C shares, the principal underwriter will retain the service fee as reimbursement for the service fee payment made to financial intermediaries at the time of sale (if applicable). For the service fees paid, see Appendix C. The Trust also has in effect a compensation-type Distribution Plan for Class R shares (the “Class R Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. The Class R Plan provides for the payment of a monthly distribution fee to the principal underwriter of up to an annual rate of 0.50% of average daily net assets attributable to Class R shares. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% of average daily net assets attributable to Class R shares. The Class R Plan also provides that Class R shares will pay a service fee to the principal underwriter in an amount equal on an annual basis of up to 0.25% of that portion of average daily net assets attributable to Class R shares for personal services and/or the maintenance of shareholder accounts. Service fees are paid monthly in arrears. For the distribution and service fees paid by Class R shares, see Appendix D. The Board believes that each Plan will be a significant factor in the expected growth of each Fund’s assets, and will result in increased investment flexibility and advantages which have benefitted and will continue to benefit the Fund and its shareholders. The Eaton Vance organization may profit by reason of the operation of a Plan through an increase in Fund assets and if at any point in time the aggregate amounts received by the principal underwriter pursuant to a Plan exceeds the total expenses incurred in distributing Fund shares. For sales commissions and CDSCs, if applicable, see Appendix A and Appendix B. A Plan continues in effect from year to year so long as such continuance is approved at least annually by the vote of both a majority of (i) the noninterested Trustees of the Trust who have no direct or indirect financial interest in the operation of the Plan or any agreements related to the Plan (the “Plan Trustees”) and (ii) all of the Trustees then in office. A Plan may be terminated at any time by vote of a majority of the Plan Trustees or by a vote of a majority of the outstanding voting securities of the applicable Class.

Eaton Vance Global Income Funds 27 SAI dated March 1, 2021 Quarterly Board member review of a written report of the amount expended under the Plan and the purposes for which such expenditures were made is required. A Plan may not be amended to increase materially the payments described therein without approval of the shareholders of the affected Class and the Board. So long as a Plan is in effect, the selection and nomination of the noninterested Trustees shall be committed to the discretion of such Trustees. The Trustees, including the Plan Trustees, initially approved the current Plan(s) on April 22, 2013 for each Fund. Any Board member who is an “interested” person of the Trust has an indirect financial interest in a Plan because his or her employer (or affiliates thereof) receives distribution and/or service fees under the Plan or agreements related thereto. DISCLOSURE OF PORTFOLIO HOLDINGS AND RELATED INFORMATION The Board has adopted policies and procedures (the “Policies”) with respect to the disclosure of information about portfolio holdings of each Fund. See the Funds’ Prospectus for information on disclosure made in filings with the SEC and/or posted on the Eaton Vance website (www.eatonvance.com) and disclosure of certain portfolio characteristics. Pursuant to the Policies, information about portfolio holdings of a Fund may also be disclosed as follows: v Confidential disclosure for a legitimate Fund purpose: Portfolio holdings may be disclosed, from time to time as necessary, for a legitimate business purpose of a Fund, believed to be in the best interests of the Fund and its shareholders, provided there is a duty or an agreement that the information be kept confidential. Any such confidentiality agreement includes provisions intended to impose a duty not to trade on the non-public information. The Policies permit disclosure of portfolio holdings information to the following: 1) affiliated and unaffiliated service providers that have a legal or contractual duty to keep such information confidential, such as employees of the investment adviser (including portfolio managers and, in the case of a Portfolio, the portfolio manager of any account that invests in the Portfolio), the administrator, custodian, transfer agent, principal underwriter, etc. described herein and in the Prospectus; 2) other persons who owe a fiduciary or other duty of trust or confidence to the Fund (such as Fund legal counsel and independent registered public accounting firm); or 3) persons to whom the disclosure is made in advancement of a legitimate business purpose of a Fund and who have expressly agreed in writing to maintain the disclosed information in confidence and to use it only in connection with the legitimate business purpose underlying the arrangement. To the extent applicable to an Eaton Vance fund, such persons may include securities lending agents which may receive information from time to time regarding selected holdings which may be loaned by a Fund, in the event a Fund is rated, credit rating agencies (Moody’s Investor Services, Inc. and S&P Global Ratings), analytical service providers engaged by the investment adviser (SS&C Advent, Bloomberg L.P., Evare, FactSet, McMunn Associates, Inc., MSCI/Barra and The Yield Book, Inc.), proxy evaluation vendors (Institutional Shareholder Services Inc.), pricing services (Refinitiv Evaluated Pricing Service, WM/Reuters Information Services and Non-Deliverable Forward Rates Service, IHS Markit, FT Interactive Data Corp., Securities Evaluations, Inc., SuperDerivatives and StatPro.), which receive information as needed to price a particular holding, translation services, third-party reconciliation services, lenders under Fund credit facilities (Citibank, N.A. and its affiliates), consultants and other product evaluators (Morgan Stanley Smith Barney LLC) and, for purposes of facilitating portfolio transactions, financial intermediaries and other intermediaries (national and regional municipal bond dealers and mortgage-backed securities dealers). These entities receive portfolio information on an as needed basis in order to perform the service for which they are being engaged. If required in order to perform their duties, this information will be provided in real time or as soon as practical thereafter. Additional categories of disclosure involving a legitimate business purpose may be added to this list upon the authorization of a Fund’s Board. In addition to the foregoing, disclosure of portfolio holdings may be made to a Fund’s investment adviser as a seed investor in a fund, in order for the adviser or its parent to satisfy certain reporting obligations and reduce its exposure to market risk factors associated with any such seed investment. Also, in connection with a redemption in-kind, the redeeming shareholders may be required to agree to keep the information about the securities to be so distributed confidential, except to the extent necessary to dispose of the securities. v Historical portfolio holdings information: From time to time, each Fund may be requested to provide historic portfolio holdings information or certain characteristics of portfolio holdings that have not been made public previously. In such case, the requested information may be provided if: the information is requested for due diligence or another legitimate purpose; the requested portfolio holdings or portfolio characteristics are for a period that is no more recent than the date of the portfolio holdings or portfolio characteristics posted to the Eaton Vance website; and the dissemination of the requested information is reviewed and approved in accordance with the Policies. The Funds, the investment adviser and principal underwriter will not receive any monetary or other consideration in connection with the disclosure of information concerning a Fund’s portfolio holdings. The Policies may not be waived, or exception made, without the consent of the CCO of the Funds. The CCO may not waive or make exception to the Policies unless such waiver or exception is consistent with the intent of the Policies, which is to ensure that disclosure of portfolio information is in the best interest of Fund shareholders. In determining whether to permit a waiver of or exception to the Policies, the CCO will consider whether the proposed disclosure serves a legitimate purpose of a Fund, whether it

Eaton Vance Global Income Funds 28 SAI dated March 1, 2021 could provide the recipient with an advantage over Fund shareholders or whether the proposed disclosure gives rise to a conflict of interest between a Fund’s shareholders and its investment adviser, principal underwriter or other affiliated person. The CCO will report all waivers of or exceptions to the Policies to the Board at their next meeting. The Board may impose additional restrictions on the disclosure of portfolio holdings information at any time. The Policies are designed to provide useful information concerning a Fund to existing and prospective Fund shareholders while at the same time inhibiting the improper use of portfolio holdings information in trading Fund shares and/or portfolio securities held by a Fund or Portfolio. However, there can be no assurance that the provision of any portfolio holdings information is not susceptible to inappropriate uses (such as the development of “market timing” models), particularly in the hands of highly sophisticated investors, or that it will not in fact be used in such ways beyond the control of the Funds. TAXES The following is a summary of some of the tax consequences affecting a Fund and its shareholders. As used below, “the Fund” refers to the Fund(s) listed on the cover of this SAI, except as otherwise noted. The summary does not address all of the special tax rules applicable to certain classes of investors, such as individual retirement accounts and employer sponsored retirement plans, tax-exempt entities, foreign investors, insurance companies and financial institutions. Shareholders should consult their own tax advisors with respect to special tax rules that may apply in their particular situations, as well as the federal, state, local, and, where applicable, foreign tax consequences of investing in the Fund. Taxation of the Fund. The Fund, as a series of the Trust, is treated as a separate entity for federal income tax purposes. The Fund has elected to be treated and intends to qualify each year as a regulated investment company (“RIC”) under Subchapter M of the Code. Accordingly, the Fund intends to satisfy certain requirements relating to sources of its income and diversification of its assets and to distribute substantially all of its net investment income (including tax-exempt income, if any) and net short-term and long-term capital gains (after reduction by any available capital loss carryforwards) in accordance with the timing requirements imposed by the Code, so as to maintain its RIC status and to avoid paying any federal income tax. Based on advice of counsel, the Fund generally will not recognize gain or loss on its distribution of appreciated securities in shareholder-initiated redemptions of its shares. If the Fund qualifies for treatment as a RIC and satisfies the above-mentioned distribution requirements, it will not be subject to federal income tax on income paid to its shareholders in the form of dividends or capital gain distributions. The Fund qualified as a RIC for its most recent taxable year. The Fund also seeks to avoid the imposition of a federal excise tax on its ordinary income and capital gain net income. However, if the Fund fails to distribute in a calendar year substantially all of its ordinary income for such year and substantially all of its capital gain net income for the one-year period ending October 31 (or later if the Fund is permitted to so elect and so elects), plus any retained amount from the prior year, the Fund will be subject to a 4% excise tax on the undistributed amounts. In order to avoid incurring a federal excise tax obligation, the Code requires that the Fund distribute (or be deemed to have distributed) by December 31 of each calendar year (i) at least 98% of its ordinary income (excluding tax-exempt income, if any) for such year, (ii) at least 98.2% of its capital gain net income (which is the excess of its realized capital gains over its realized capital losses), generally computed on the basis of the one-year period ending on October 31 of such year (or November 30 or December 31, if the Fund makes the election referred to above), after reduction by any available capital loss carryforwards, and (iii) 100% of any income and capital gains from the prior year (as previously computed) that were not distributed out during such year and on which the Fund paid no federal income tax. If the Fund fails to meet these requirements it will be subject to a nondeductible 4% excise tax on the undistributed amounts. Under current law, provided that the Fund qualifies as a RIC (and, where applicable, the Portfolio is treated as a partnership for Massachusetts and federal tax purposes), the Fund should not be liable for any applicable state income, corporate excise or franchise tax. If the Fund does not qualify as a RIC for any taxable year, the Fund’s taxable income will be subject to corporate income taxes, and all distributions from earnings and profits, including distributions of tax-exempt income and net capital gain (if any), will be taxable to the shareholder as dividend income. However, such distributions may be eligible (i) to be treated as qualified dividend income in the case of shareholders taxed as individuals and (ii) for the dividends-received deduction in the case of corporate shareholders, provided, in both cases, the shareholder meets certain holding period and other requirements in respect of the Fund’s shares. In addition, in order to re-qualify for taxation as a RIC, the Fund may be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions. In certain situations, the Fund may, for a taxable year, elect to defer all or a portion of its net capital losses (or if there is no net capital loss, then any net long-term or short-term capital loss) realized after October and its late-year ordinary losses (generally, the sum of its (i) net ordinary loss from the sale, exchange or other taxable disposition of property, attributable to the portion of the taxable year after October 31, and its (ii) other net ordinary loss attributable to the portion of the taxable year after December 31) realized after December until the next taxable year in computing its investment company taxable income and net capital gain, which will defer the recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October (or December) may affect the tax character of shareholder distributions.

Eaton Vance Global Income Funds 29 SAI dated March 1, 2021 Taxation of the Portfolio. If the Fund invests its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and asset diversification requirements under Subchapter M of the Code in order for the Fund to also satisfy these requirements. For federal income tax purposes, the Portfolio intends to be treated as a partnership that is not a “publicly traded partnership” and, as a result, will not be subject to federal income tax. The Fund, as an investor in the Portfolio, will be required to take into account in determining its federal income tax liability its allocable share of such Portfolio’s income, gains, losses, deductions and credits, without regard to whether it has received any distributions from such Portfolio. The Portfolio will allocate at least annually among its investors, including the Fund, the Portfolio’s net investment income, net realized capital gains and losses, and any other items of income, gain, loss, deduction or credit. For purposes of applying the requirements of the Code regarding qualification as a RIC, the Fund (i) will be deemed to own its proportionate share of each of the assets of the Portfolio and (ii) will be entitled to the gross income of the Portfolio attributable to such share. Under current law, provided that the Portfolio is treated as a partnership for Massachusetts and federal tax purposes, the Portfolio should not be liable for any income, corporate excise or franchise tax in the Commonwealth of Massachusetts. Taxation of the Subsidiary. See the definition of “Subsidiary” under “Definitions” at the front of this SAI for information about whether any Fund and/or Portfolio (if applicable) described herein has established a Subsidiary. The Subsidiary is classified as a corporation for U.S. federal income tax purposes. The Fund intends to take the position that income from its investments in the Subsidiary will constitute qualifying income for purposes of qualifying as a RIC. Under Treasury regulations, “subpart F income” (as defined below) included in the Fund’s annual income for U.S. federal income purposes will constitute qualifying income to the extent it is either (i) timely and currently repatriated or (ii) derived with respect to the Fund’s business of investing in stock, securities or currencies. If the Fund were to earn non-qualifying income from any source including the Subsidiary in excess of 10% of its gross income for any taxable year, it would fail to qualify as a RIC for that year, unless the Fund were eligible to cure and cured such failure by paying a Fund-level tax equal to the full amount of such excess. Foreign corporations, such as the Subsidiary, will generally not be subject to U.S. federal income taxation unless they are deemed to be engaged in a U.S. trade or business. It is expected that the Subsidiary will conduct it activities in a manner so as to meet the requirements of a safe harbor under Section 864(b)(2) of the Code under which the Subsidiary may engage in trading in stocks or securities or certain commodities without being deemed to be engaged in a U.S. trade or business. However, if certain of the Subsidiary’s activities were determined not to be of the type described in the safe harbor (which is not expected), then the activities of the Subsidiary may constitute a U.S. trade or business, and would be taxed as such. The Subsidiary is treated as a controlled foreign corporation (“CFC”) for tax purposes and the Fund is treated as a “U.S. shareholder” of the Subsidiary. As a result, the Fund is required to include in gross income for U.S. federal income tax purposes all of the Subsidiary’s “subpart F income,” whether or not such income is distributed by the Subsidiary. It is expected that all of the Subsidiary’s income will be “subpart F income.” The Fund’s recognition of the Subsidiary’s “subpart F income” will increase the Fund’s tax basis in the Subsidiary. Distributions by the Subsidiary to the Fund will be tax-free to the extent of its previously undistributed “subpart F income,” and will correspondingly reduce the Fund’s tax basis in the Subsidiary. “Subpart F income” is generally treated as ordinary income, regardless of the character of the Subsidiary’s underlying income. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income earned by the Fund. Tax Consequences of Certain Investments. The following summary of the tax consequences of certain types of investments applies to the Fund and the Portfolio, as appropriate. References below to “the Fund” are to any Fund or Portfolio that can engage in the particular practice as described in the prospectus or SAI. Securities Acquired at Market Discount or with Original Issue Discount. Investment in securities acquired in zero coupon, deferred interest, payment-in-kind and certain other securities with original issue discount, generally may cause the Fund to realize income prior to the receipt of cash payments with respect to these securities. Such income will be accrued daily by the Fund and, in order to avoid a tax payable by the Fund, the Fund may be required to liquidate securities that it might otherwise have continued to hold in order to generate cash so that the Fund may make required distributions to its shareholders. Subject to the discussion below regarding Section 451 of the Code, (i) generally any gain recognized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the “accrued market discount” on such debt security, (ii) alternatively, the Fund may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount in the Fund’s income (as ordinary income) and thus distribute it over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security, and (iii) the rate at which the market discount accrues, and thus is included in the Fund’s income, will depend upon which of the permitted accrual methods the Fund elects. Notwithstanding the foregoing, effective for taxable years beginning after 2017, Section 451 of the Code generally requires any accrual method taxpayer to take into account items of gross income no later than the time at which such items are taken into account as revenue in the taxpayer’s financial statements. The Treasury Department and IRS have issued final regulations providing that Section 451 does not apply to accrued market discount. If Section 451 were to apply to the accrual of market discount, the Fund would be required to include in income any market discount as it takes the same into account on its financial statements.

Eaton Vance Global Income Funds 30 SAI dated March 1, 2021 Lower Rated or Defaulted Securities. Investments in securities that are at risk of, or are in, default present special tax issues for the Fund. Tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless securities and how payments received on obligations in default should be allocated between principal and income. Municipal Obligations. Any recognized gain or income attributable to market discount on long-term tax-exempt municipal obligations (i.e., obligations with a term of more than one year) purchased after April 30, 1993 (except to the extent of a portion of the discount on the obligations attributable to original issue discount) is taxable as ordinary income. A long-term debt obligation is generally treated as acquired at a market discount if purchased after its original issue at a price less than (i) the stated principal amount payable at maturity, in the case of an obligation that does not have original issue discount or (ii) in the case of an obligation that does have original issue discount, the sum of the issue price and any original issue discount that accrued before the obligation was purchased, subject to a de minimis exclusion. From time to time proposals have been introduced before Congress for the purpose of restricting or eliminating the federal income tax exemption for interest on certain types of municipal obligations, and it can be expected that similar proposals may be introduced in the future. As a result of any such future legislation, the availability of municipal obligations for investment by the Fund and the value of the securities held by it may be affected. It is possible that events occurring after the date of issuance of municipal obligations, or after the Fund’s acquisition of such an obligation, may result in a determination that the interest paid on that obligation is taxable, even retroactively. If the Fund seeks income exempt from state and/or local taxes, information about such taxes is contained in an appendix to this SAI (see the table of contents on the cover page of this SAI). Tax Credit Bonds. If the Fund holds, directly or indirectly, one or more tax credit bonds issued on or before December 31, 2017 (including Build America Bonds, clean renewable energy bonds and other qualified tax credit bonds) on one or more applicable dates during a taxable year and the Fund satisfies the minimum distribution requirement, the Fund may elect to permit its shareholders to claim a tax credit on their income tax returns equal to each shareholder’s proportionate share of tax credits from the applicable bonds that otherwise would be allowed to the Fund. In such a case, shareholders must include in gross income (as interest) their proportionate share of the income attributable to their proportionate share of those offsetting tax credits. A shareholder’s ability to claim a tax credit associated with one or more tax credit bonds may be subject to certain limitations imposed by the Code. Even if the Fund is eligible to pass through tax credits to shareholders, the Fund may choose not to do so. Derivatives. The Fund’s investments in options, futures contracts, hedging transactions, forward contracts (to the extent permitted) and certain other transactions may be subject to special tax rules (including mark-to-market, constructive sale, straddle, wash sale, short sale and other rules), the effect of which may be to accelerate income to the Fund, defer Fund losses, cause adjustments in the holding periods of Fund securities, convert capital gain into ordinary income and convert short-term capital losses into long-term capital losses. These rules could therefore affect the amount, timing and character of Fund distributions. Investments in so-called “section 1256 contracts,” such as regulated futures contracts, most foreign currency forward contracts traded in the interbank market and options on most stock indices, are subject to special tax rules. All “section 1256 contracts” held by the Fund at the end of its taxable year are required to be marked to their market value, and any unrealized gain or loss on those positions will be included in the Fund’s income as if each position had been sold for its fair market value at the end of the taxable year. The resulting gain or loss will be combined with any gain or loss realized by the Fund from positions in “section 1256 contracts” closed during the taxable year. Provided such positions were held as capital assets and were not part of a “hedging transaction” nor part of a “straddle,” 60% of the resulting net gain or loss will be treated as long-term capital gain or loss, and 40% of such net gain or loss will be treated as short-term capital gain or loss, regardless of the period of time the positions were actually held by the Fund. Unless an election is made, net section 1256 gain or loss on forward currency contracts will be treated as ordinary income or loss. Fund positions in index options that do not qualify as “section 1256 contracts” under the Code generally will be treated as equity options governed by Code Section 1234. Pursuant to Code Section 1234, if a written option expires unexercised, the premium received by the Fund is short-term capital gain to the Fund. If the Fund enters into a closing transaction with respect to a written option, the difference between the premium received and the amount paid to close out its position is short-term capital gain or loss. If an option written by the Fund that is not a “section 1256 contract” is cash settled, any resulting gain or loss will be short-term capital gain. For an option purchased by the Fund that is not a “section 1256 contract”, any gain or loss resulting from sale of the option will be a capital gain or loss, and will be short-term or long-term, depending upon the holding period for the option. If the option expires, the resulting loss is a capital loss and is short-term or long-term, depending upon the holding period for the option. If a put option written by the Fund is exercised and physically settled, the premium received is treated as a reduction in the amount paid to acquire the underlying securities, increasing the gain or decreasing the loss to be realized by the Fund upon sale of the securities. If a call option written by the Fund is exercised and physically settled, the premium received is included in the sale proceeds, increasing the gain or decreasing the loss realized by the Fund at the time of option exercise.

Eaton Vance Global Income Funds 31 SAI dated March 1, 2021 As a result of entering into swap contracts, the Fund may make or receive periodic net payments. The Fund may also make or receive a payment when a swap is terminated prior to maturity through an assignment of the swap or other closing transaction. Periodic net payments will generally constitute ordinary income or deductions, while termination of a swap will generally result in capital gain or loss (which will be a long-term capital gain or loss if the Fund has been a party to a swap for more than one year). With respect to certain types of swaps, the Fund may be required to currently recognize income or loss with respect to future payments on such swaps or may elect under certain circumstances to mark such swaps to market annually for tax purposes as ordinary income or loss. Short Sales. In general, gain or loss on a short sale is recognized when the Fund closes the sale by delivering the borrowed property to the lender, not when the borrowed property is sold. Gain or loss from a short sale is generally considered to be capital gain or loss to the extent that the property used to close the short sale constitutes a capital asset in the Fund’s hands. Except with respect to certain situations where the property used to close a short sale has a long-term holding period on the date of the short sale, special rules generally treat the gains on short sales as short-term capital gains. These rules may also terminate the running of the holding period of “substantially identical property” held by the Fund. Moreover, a loss on a short sale will be treated as a long-term capital loss if, on the date of the short sale, “substantially identical property” has been held by the Fund for more than one year. In general, the Fund will not be permitted to deduct payments made to reimburse the lender of securities for dividends paid on borrowed stock if the short sale is closed on or before the 45th day after the short sale is entered. Constructive Sales. The Fund may recognize gain (but not loss) from a constructive sale of certain “appreciated financial positions” if the Fund enters into a short sale, offsetting notional principal contract, or forward contract transaction with respect to the appreciated position or substantially identical property. Appreciated financial positions subject to this constructive sale treatment include interests (including options and forward contracts and short sales) in stock and certain other instruments. Constructive sale treatment does not apply if the transaction is closed out not later than thirty days after the end of the taxable year in which the transaction was initiated, and the underlying appreciated securities position is held unhedged for at least the next sixty days after the hedging transaction is closed. Gain or loss on a short sale will generally not be realized until such time as the short sale is closed. However, as described above in the discussion of constructive sales, if the Fund holds a short sale position with respect to securities that has appreciated in value, and it then acquires property that is the same as or substantially identical to the property sold short, the Fund generally will recognize gain on the date it acquires such property as if the short sale were closed on such date with such property. Similarly, if the Fund holds an appreciated financial position with respect to securities and then enters into a short sale with respect to the same or substantially identical property, the Fund generally will recognize gain as if the appreciated financial position were sold at its fair market value on the date it enters into the short sale. The subsequent holding period for any appreciated financial position that is subject to these constructive sale rules will be determined as if such position were acquired on the date of the constructive sale. Foreign Investments and Currencies. The Fund’s investments in foreign securities may be subject to foreign withholding taxes or other foreign taxes with respect to income (possibly including, in some cases, capital gains), which would decrease the Fund’s income on such securities. These taxes may be reduced or eliminated under the terms of an applicable U.S. income tax treaty. If more than 50% of Fund assets at year end consists of the debt and equity securities of foreign corporations, the Fund may elect to permit shareholders to claim a credit or deduction on their income tax returns for their pro rata portion of qualified taxes paid by the Fund to foreign countries. If the election is made, shareholders will include in gross income from foreign sources their pro rata share of such taxes. A shareholder’s ability to claim a foreign tax credit or deduction in respect of foreign taxes paid by the Fund may be subject to certain limitations imposed by the Code (including a holding period requirement applied at the Fund level, shareholder level and, if applicable, Portfolio level), as a result of which a shareholder may not get a full credit or deduction for the amount of such taxes. In particular, the Fund or Portfolio, if applicable, must own a dividend-paying stock for more than 15 days during the 31-day period beginning 15 days prior to the ex-dividend date in order to pass through to shareholders a credit or deduction for any foreign withholding tax on a dividend paid with respect to such stock. Likewise, shareholders must hold their Fund shares (without protection from risk or loss) on the ex-dividend date and for at least 15 additional days during the 31-day period beginning 15 days prior to the ex-dividend date to be eligible to claim the foreign tax with respect to a given dividend. Shareholders who do not itemize deductions on their federal income tax returns may claim a credit (but no deduction) for such taxes. Individual shareholders subject to the alternative minimum tax (“AMT”) may not deduct such taxes for AMT purposes. Transactions in foreign currencies, foreign currency-denominated debt securities and certain foreign currency options, futures contracts, forward contracts and similar instruments (to the extent permitted) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency. Under Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time the Fund accrues income or receivables or expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such income or pays such liabilities are generally treated as ordinary income or ordinary loss.

Eaton Vance Global Income Funds 32 SAI dated March 1, 2021 Investments in PFICs could subject the Fund to U.S. federal income tax or other charges on certain distributions from such companies and on disposition of investments in such companies; however, the tax effects of such investments may be mitigated by making an election to mark such investments to market annually or treat the PFIC as a “qualified electing fund”. If the Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, the Fund might be required to include in income each year a portion of the ordinary earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts would be subject to the distribution requirements described above. In order to make this election, the Fund would be required to obtain certain annual information from the PFICs in which it invests, which may be difficult or impossible to obtain. Alternatively, if the Fund were to make a mark-to-market election with respect to a PFIC, the Fund would be treated as if it had sold and repurchased the PFIC stock at the end of each year. In such case, the Fund would report any such gains as ordinary income and would deduct any such losses as ordinary losses to the extent of previously recognized gains. This election must be made separately for each PFIC, and once made, would be effective for all subsequent taxable years unless revoked with the consent of the IRS. The Fund may be required to recognize income in excess of the distributions it receives from PFICs and its proceeds from dispositions of PFIC stock in any particular year. As a result, the Fund may have to distribute this “phantom” income and gain to satisfy the distribution requirement and to avoid imposition of the 4% excise tax. U.S. Government Securities. Distributions paid by the Fund that are derived from interest on obligations of the U.S. Government and certain of its agencies and instrumentalities (but generally not distributions of capital gains realized upon the disposition of such obligations) may be exempt from state and local income taxes. The Fund generally intends to advise shareholders of the extent, if any, to which its distributions consist of such interest. Shareholders are urged to consult their tax advisers regarding the possible exclusion of such portion of their dividends for state and local income tax purposes. Real Estate Investment Trusts (“REITs”). Any investment by the Fund in equity securities of a REIT qualifying as such under Subchapter M of the Code may result in the Fund’s receipt of cash in excess of the REIT’s earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Dividends received by the Fund from a REIT will not qualify for the corporate dividends-received deduction and generally will not constitute qualified dividend income. Distributions by the Fund to its shareholders that the Fund properly reports as “section 199A dividends,” as defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a “section 199A dividend” is any dividend or portion thereof that is attributable to certain dividends received by a RIC from REITs, to the extent such dividends are properly reported as such by the RIC in a written notice to its shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so. Subject to any future regulatory guidance to the contrary, any distribution of income attributable to qualified publicly traded partnership income from a Fund’s investment in a qualified publicly traded partnership will not qualify for the deduction that would be available to a non-corporate shareholder were the shareholder to own such qualified publicly traded partnership interest directly. Inflation-Indexed Bonds. Periodic adjustments for inflation to the principal amount of an inflation-indexed bond may give rise to original issue discount, which will be includable in the Fund’s gross income (see “Securities Acquired at Market Discount or with Original Issue Discount” above). Also, if the principal value of an inflation-indexed bond is adjusted downward due to deflation, amounts previously distributed in the taxable year may be characterized in some circumstances as a return of capital (see “Taxation of Fund Shareholders” below). Taxation of Fund Shareholders. Subject to the discussion of distributions of tax-exempt income below, Fund distributions of investment income and net gains from investments held for one year or less will be taxable as ordinary income. Fund distributions of net gains from investments held for more than one year and that are properly reported by the Fund as capital gain dividends are generally taxable as long-term capital gains. The IRS and the Department of Treasury have issued regulations that impose special rules in respect of capital gain dividends received through partnership interests constituting “applicable partnership interests” under Section 1061 of the Code. Taxes on distributions of capital gains are determined by how long the Fund or, if applicable, the Portfolio owned (or is treated as having owned) the investments that generated the gains, rather than how long a shareholder has owned his or her shares in the Fund. Dividends and distributions on the Fund’s shares are generally subject to federal income tax as described herein to the extent they are made out of the Fund’s earnings and profits, even though such dividends and distributions may economically represent a return of a particular shareholder’s investment. Such distributions are likely to occur in respect of shares purchased at a time when the Fund’s net asset value reflects gains that are either unrealized, or realized but not distributed. Such realized gains may be required to be distributed even when the Fund’s net asset value also reflects unrealized losses.

Eaton Vance Global Income Funds 33 SAI dated March 1, 2021 Distributions paid by the Fund during any period may be more or less than the amount of net investment income and capital gains actually earned during the period. If the Fund makes a distribution to a shareholder in excess of the Fund’s current and accumulated earnings and profits in any taxable year, the excess distribution will be treated as a return of capital. A return of capital is not taxable, but it reduces a shareholder’s tax basis in its shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of its shares. A shareholder’s tax basis cannot go below zero and any return of capital in excess of a shareholder’s tax basis will be treated as capital gain. Ordinarily, shareholders are required to take taxable distributions by the Fund into account in the year in which the distributions are made. However, for federal income tax purposes, dividends that are declared by the Fund in October, November or December as of a record date in such month and actually paid in January of the following year will be treated as if they were paid on December 31 of the year declared. Therefore, such dividends will generally be taxable to a shareholder in the year declared rather than in the year paid. The amount of distributions payable by the Fund may vary depending on general economic and market conditions, the composition of investments, current management strategy and Fund operating expenses. The Fund will inform shareholders of the tax character of distributions annually to facilitate shareholder tax reporting. The Fund may elect to retain its net capital gain, in which case the Fund will be taxed thereon (except to the extent of any available capital loss carryovers) at regular corporate tax rates. In such a case, it is expected that the Fund also will elect to have shareholders of record on the last day of its taxable year treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will be required to report its pro rata share of such gain on its tax return as long-term capital gain, will receive a refundable tax credit for its pro rata share of tax paid by the Fund on the gain, and will increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit. The Fund is not required to, and there can be no assurance the Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year. Any Fund distribution, other than dividends that are declared by the Fund on a daily basis, will have the effect of reducing the per share net asset value of Fund shares by the amount of the distribution. If a shareholder buys shares when the Fund has unrealized or realized but not yet distributed ordinary income or capital gains, the shareholder will pay full price for the shares and then may receive a portion back as a taxable distribution even though such distribution may economically represent a return of the shareholder’s investment. Tax-Exempt Income. Distributions by the Fund of net tax-exempt interest income that are properly reported as “exempt-interest dividends” may be treated by shareholders as interest excludable from gross income for federal income tax purposes under Section 103(a) of the Code. In order for the Fund to be entitled to pay the tax-exempt interest income as exempt-interest dividends to its shareholders, the Fund must satisfy certain requirements, including the requirement that, at the close of each quarter of its taxable year, at least 50% of the value of its total assets consists of obligations the interest on which is exempt from regular federal income tax under Code Section 103(a). Interest on certain municipal obligations may be taxable for purposes of the federal AMT for non-corporate taxpayers and for state and local purposes. Fund shareholders are required to report tax-exempt interest on their federal income tax returns. Exempt-interest dividends received from the Fund are taken into account in determining, and may increase, the portion of social security and certain railroad retirement benefits that may be subject to federal income tax. Interest on indebtedness incurred by a shareholder to purchase or carry Fund shares that distributes exempt-interest dividends will not be deductible for U.S. federal income tax purposes in proportion to the percentage that the Fund’s distributions of exempt-interest dividends bears to all of the Fund’s distributions, excluding properly reported capital gain dividends. If a shareholder receives exempt-interest dividends with respect to any Fund share and if the share is held by the shareholder for six months or less, then any loss on the sale or exchange of the share may, to the extent of the exempt-interest dividends, be disallowed. Furthermore, a portion of any exempt-interest dividend paid by the Fund that represents income derived from certain revenue or private activity bonds held by the Fund may not retain its tax-exempt status in the hands of a shareholder who is a “substantial user” of a facility financed by such bonds, or a “related person” thereof. In addition, the receipt of exempt-interest dividends and distributions may affect a foreign corporate shareholder’s federal “branch profits” tax liability and the federal “excess net passive income” tax liability of a shareholder of a Subchapter S corporation. Shareholders should consult their own tax advisors as to whether they are (i) “substantial users” with respect to a facility or “related” to such users within the meaning of the Code or (ii) subject to a federal AMT, the federal “branch profits” tax, or the federal “excess net passive income” tax. Qualified Dividend Income. “Qualified dividend income” received by an individual is generally taxed at the rates applicable to long-term capital gain. In order for a dividend received by Fund shareholders to be qualified dividend income, the Fund or, if applicable, the Portfolio must meet holding period and other requirements with respect to the dividend-paying stock in its portfolio and the shareholder must meet holding period and other requirements with respect to the Fund’s shares. A dividend will not be treated as qualified dividend income (at either the Fund or shareholder level) (1) if the dividend is received with respect to any share of stock held for fewer than 61 days during the 121-day period beginning at the date which is 60 days before the date on which such

Eaton Vance Global Income Funds 34 SAI dated March 1, 2021 share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date), (2) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, (3) if the recipient elects to have the dividend income treated as investment income for purposes of the limitation on deductibility of investment interest, or (4) if the dividend is received from a foreign corporation that is (a) not eligible for the benefits of a comprehensive income tax treaty with the U.S. (with the exception of dividends paid on stock of such a foreign corporation readily tradable on an established securities market in the U.S.) or (b) treated as a PFIC. Payments in lieu of dividends, such as payments pursuant to securities lending arrangements, also do not qualify to be treated as qualified dividend income. In general, distributions of investment income properly reported by the Fund as derived from qualified dividend income will be treated as qualified dividend income by a shareholder taxed as an individual provided the shareholder meets the holding period and other requirements described above with respect to the Fund’s shares. In any event, if the aggregate qualified dividends received by the Fund during any taxable year are 95% or more of its gross income (excluding net long-term capital gain over net short-term capital loss), then 100% of the Fund’s dividends (other than properly reported capital gain dividends) will be eligible to be treated as qualified dividend income. For this purpose, the only gain with respect to the sale of stocks and securities included in the term “gross income” is the excess of net short-term capital gain over net long-term capital loss. Dividends Received Deduction for Corporations. A portion of distributions made by the Fund which are derived from dividends from U.S. corporations may qualify for the dividends-received deduction (“DRD”) for corporations. The DRD is reduced to the extent the Fund shares with respect to which the dividends are received are treated as debt-financed under the Code and is eliminated if the shares are deemed to have been held for less than a minimum period, generally more than 45 days (more than 90 days in the case of certain preferred stock) during the 91-day period beginning 45 days before the ex-dividend date (during the 181-day period beginning 90 days before such date in the case of certain preferred stock) or if the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Receipt of certain distributions qualifying for the DRD may result in reduction of the tax basis of the corporate shareholder’s shares. Payments in lieu of dividends, such as payments pursuant to securities lending arrangements, also do not qualify for the DRD. Recognition of Unrelated Business Taxable Income by Tax-Exempt Shareholders. Under current law, tax-exempt investors generally will not recognize unrelated business taxable income (“UBTI”) from distributions from the Fund. Notwithstanding the foregoing, a tax-exempt shareholder could recognize UBTI if shares in the Fund constitute debt-financed property in the hands of a tax-exempt shareholder within the meaning of Code section 514(b). In addition, certain types of income received by the Fund from REITs, real estate mortgage investment conduits (“REMICs”), taxable mortgage pools or other investments may cause the Fund to designate some or all of its distributions as “excess inclusion income.” To Fund shareholders such excess inclusion income may: (1) constitute income taxable as UBTI for those shareholders who would otherwise be tax-exempt such as individual retirement accounts, employer sponsored retirement plans and certain charitable entities; (2) not be offset by otherwise allowable deductions for tax purposes; (3) not be eligible for reduced U.S. withholding for non-U.S. shareholders even from certain tax treaty countries; and (4) cause the Fund to be subject to tax if certain “disqualified organizations” as defined by the Code are Fund shareholders. Sale, Redemption or Exchange of Fund Shares. Generally, upon the sale, redemption or (if permitted) exchange of Fund shares, a shareholder will realize a taxable gain or loss equal to the difference between the amount realized and the shareholder’s basis in the shares. Such gain or loss will be treated as capital gain or loss if the shares are capital assets in the shareholder’s hands, and generally will be long-term capital gain or loss if the shares are held for more than one year, and short-term capital gain or loss if the shares are held for one year or less. Any loss realized upon the sale or other disposition of Fund shares with a tax holding period of six months or less will be treated as a long-term capital loss to the extent of any Fund distributions treated as long-term capital gain with respect to such shares. In addition, all or a portion of a loss realized on a sale or other disposition of Fund shares may be disallowed under “wash sale” rules to the extent the shareholder acquired other shares of the same Fund (whether through the reinvestment of distributions or otherwise) within the period beginning 30 days before the date of sale or other disposition of the loss shares and ending 30 days after such date. Any disallowed loss will result in an adjustment to the shareholder’s tax basis in some or all of the other shares acquired. See the prospectus for information regarding any permitted exchange of Fund shares. Sales charges paid upon a purchase of shares subject to a front-end sales charge cannot be taken into account for purposes of determining gain or loss on a redemption or exchange of the shares before the 91st day after their purchase to the extent a sales charge is reduced or eliminated in a subsequent acquisition of Fund shares (or shares of another fund) on or before January 31 of the following calendar year pursuant to the reinvestment or exchange privilege. Any disregarded amounts will result in an adjustment to the shareholder’s tax basis in some or all of any other shares acquired.

Eaton Vance Global Income Funds 35 SAI dated March 1, 2021 Applicability of Medicare Contribution Tax. The Code imposes a 3.8% Medicare contribution tax on net investment income of certain U.S. individuals, estates and trusts. For individuals, the tax is on the lesser of the “net investment income” and the excess of modified adjusted gross income over $200,000 (or $250,000 if married filing jointly). Net investment income includes, among other things, interest, dividends, and gross income and capital gains derived from passive activities and trading in securities or commodities. Net investment income is reduced by deductions “properly allocable” to this income. Back-Up Withholding for U.S. Shareholders. Amounts paid by the Fund to individuals and certain other shareholders who have not provided the Fund with their correct taxpayer identification number (“TIN”) and certain certifications required by the IRS as well as shareholders with respect to whom the Fund has received certain information from the IRS or a broker, may be subject to “backup” withholding of federal income tax arising from the Fund’s taxable dividends and other distributions as well as the proceeds of redemption transactions (including repurchases and exchanges). An individual’s TIN is generally his or her social security number. Backup withholding is not an additional tax and any amount withheld may be credited against a shareholder’s U.S. federal income tax liability. Taxation of Foreign Shareholders. In general, dividends (other than capital gain dividends, interest-related dividends and exempt-interest dividends) paid to a shareholder that is not a “U.S. person” within the meaning of the Code (a “foreign person” or “foreign shareholder”) are subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate). The withholding tax does not apply to regular dividends paid to a foreign person who provides an IRS Form W-8ECI, certifying that the dividends are effectively connected with the foreign person’s conduct of a trade or business within the United States. Instead, the effectively connected dividends will be subject to regular U.S. income tax as if the foreign person were a U.S. shareholder. A non-U.S. corporation receiving effectively connected dividends may also be subject to an additional “branch profits tax” imposed at a rate of 30% (or lower treaty rate). A foreign person who fails to provide an IRS Form W-8BEN, IRS Form W-8BEN-E, or other applicable form may be subject to backup withholding at the appropriate rate. A foreign shareholder would generally be exempt from U.S. federal income tax, including withholding tax, on gains realized on the sale of shares of the Fund, capital gain dividends, interest-related dividends, exempt-interest dividends and amounts retained by the Fund that are reported as undistributed capital gains. Properly reported dividends are generally exempt from U.S. federal withholding tax where they (i) are paid in respect of the Fund’s “qualified net interest income” (generally, the Fund’s U.S. source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the Fund is at least a 10% shareholder, reduced by expenses that are allocable to such income) or (ii) are paid in respect of the Fund’s “qualified short-term capital gains” (generally, the excess of the Fund’s net short-term capital gain over the Fund’s net long-term capital loss for such taxable year). However, depending on its circumstances, the Fund may report all, some or none of its potentially eligible dividends as such qualified net interest income or as qualified short-term capital gains and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for this exemption from withholding, a non-U.S. shareholder would need to comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E, or substitute Form). In the case of shares held through an intermediary, the intermediary could withhold even if the Fund designates the payment as qualified net interest income or qualified short-term capital gain. Non-U.S. shareholders should contact their intermediaries with respect to the application of these rules to their accounts. Distributions that the Fund reports as “short-term capital gain dividends” or “long-term capital gain dividends” will not be treated as such to a recipient foreign shareholder if the distribution is attributable to gain from the sale or exchange of U.S. real property or an interest in a U.S. real property holding corporation and the Fund’s direct or indirect interests in U.S. real property exceeded certain levels. Instead, if the foreign shareholder has not owned more than 5% of the outstanding shares of the Fund at any time during the one year period ending on the date of distribution, such distributions will be subject to 30% (or lower applicable treaty rate) withholding by the Fund and will be treated as ordinary dividends to the foreign shareholder; if the foreign shareholder owned more than 5% of the outstanding shares of the Fund at any time during the one year period ending on the date of the distribution, such distribution will be treated as real property gain subject to 21% withholding tax and could subject the foreign shareholder to U.S. filing requirements. The rules described in this paragraph, other than the withholding rules, will apply notwithstanding the Fund’s participation or a foreign shareholder’s participation in a wash sale transaction or the payment of a substitute dividend. Additionally, if the Fund’s direct or indirect interests in U.S. real property were to exceed certain levels, a foreign shareholder realizing gains upon redemption from the Fund could be subject to the 21% withholding tax and U.S. filing requirements unless the foreign person had not held more than 5% of the Fund’s outstanding shares at any time during the one year period ending on the date of the redemption. The same rules apply with respect to distributions to a foreign shareholder from the Fund and redemptions of a foreign shareholder’s interest in the Fund attributable to a REIT’s distribution to the Fund of gain from the sale or exchange of U.S. real property or an interest in a U.S. real property holding corporation, if the Fund’s direct or indirect interests in U.S. real property were to exceed certain levels.

Eaton Vance Global Income Funds 36 SAI dated March 1, 2021 Provided that 50% or more of the value of the Fund’s stock is held by U.S. shareholders, distributions of U.S. real property interests (including securities in a U.S. real property holding corporation, unless such corporation is regularly traded on an established securities market and the Fund has held 5% or less of the outstanding shares of the corporation during the five-year period ending on the date of distribution), in redemption of a foreign shareholder’s shares of the Fund will cause the Fund to recognize gain. If the Fund is required to recognize gain, the amount of gain recognized will be equal to the fair market value of such interests over the Fund’s adjusted basis to the extent of the greatest foreign ownership percentage of the Fund during the five-year period ending on the date of redemption. In the case of foreign non-corporate shareholders, the Fund may be required to backup withhold U.S. federal income tax on distributions that are otherwise exempt from withholding tax unless such shareholders furnish the Fund with proper notification of their foreign status. Shares of the Fund held by a non-U.S. shareholder at death will be considered situated within the United States and subject to the U.S. estate tax. Compliance with FATCA. A 30% withholding tax is imposed on U.S.-source dividends, interest and other income items, including those paid by the Fund, paid to (i) foreign financial institutions including non-U.S. investment funds unless they agree to collect and disclose to the IRS information regarding their direct and indirect U.S. account holders and (ii) certain other foreign entities, unless they certify certain information regarding their direct and indirect U.S. owners. If a payment by the Fund is subject to withholding under FATCA, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above (e.g., dividends attributable to qualified net interest income and dividends attributable to tax-exempt interest income). The IRS and the Department of Treasury have issued proposed regulations providing that these withholding rules will not be applicable to the gross proceeds of share redemptions or capital gain dividends the Funds pays. To avoid withholding, foreign financial institutions will need to either enter into agreements with the IRS that state that they will provide the IRS information, including the names, addresses and taxpayer identification numbers of direct and indirect U.S. account holders, comply with due diligence procedures with respect to the identification of U.S. accounts, report to the IRS certain information with respect to U.S. accounts maintained, agree to withhold tax on certain payments made to non-compliant foreign financial institutions or to account holders who fail to provide the required information, and determine certain other information as to their account holders or, in the event that an applicable intergovernmental agreement and implementing legislation are adopted, agree to provide certain information to other revenue authorities for transmittal to the IRS. Other foreign entities will need to either provide the name, address, and taxpayer identification number of each substantial U.S. owner or certifications of no substantial U.S. ownership unless certain exceptions apply or agree to provide certain information to other revenue authorities for transmittal to the IRS. Non-U.S. shareholders should consult their own tax advisors regarding the possible implications of these requirements on their investment in the Fund. Requirements of Form 8886. Under Treasury Regulations, if a shareholder realizes a loss on disposition of the Fund’s shares of at least $2 million in any single taxable year or $4 million in any combination of taxable years for an individual shareholder or at least $10 million in any single taxable year or $20 million in any combination of taxable years for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances. Under certain circumstances, certain tax-exempt entities and their managers may be subject to excise tax if they are parties to certain reportable transactions. Tax Treatment of Variable Annuity/Variable Life Insurance Funding Vehicles. Special rules apply to insurance company separate accounts and the Funds (the “Variable Funds”) in which such insurance company separate accounts invest. For federal income tax purposes, the insurance company separate accounts that invest in a Variable Fund will be treated as receiving the income from the Variable Fund’s distributions to such accounts, and holders of variable annuity contracts or variable life insurance policies (together, “Variable Contracts”) generally will not be taxed currently on income or gains realized with respect to such contracts, provided that certain diversification and “investor control” requirements are met. In order for owners of Variable Contracts to receive such favorable tax treatment, diversification requirements in Section 817(h) of the Code (“Section 817(h)”) must be satisfied. To determine whether such diversification requirements are satisfied, an insurance company that offers Variable Contracts generally may “look through” to the assets of a RIC in which it owns shares (the “Underlying Fund”) if, among other requirements, (1) all the shares of the Underlying Fund are held by segregated asset accounts of insurance companies and (2) public access to such shares is only available through the purchase of a variable contract, in each case subject to certain limited exceptions. This provision permits a segregated asset account to invest all of its assets in shares of a single Underlying Fund without being considered nondiversified, provided that the Underlying Fund meets the Section 817(h) diversification requirements. This “look through” treatment typically increases the diversification of the account, because a portion of each of the assets of the Underlying Fund is considered to be held by the segregated asset account. Because each Variable Fund expects that this look-through rule will apply

Eaton Vance Global Income Funds 37 SAI dated March 1, 2021 in determining whether the Section 817(h) diversification requirements are satisfied with respect to the variable contracts invested in the insurance company separate accounts that own shares in the Underlying Fund, each Variable Fund intends to comply with the Section 817(h) diversification requirements. If a Variable Fund failed to qualify as a RIC, the insurance company separate accounts investing in the Variable Fund would no longer be permitted to look through to the Variable Fund’s investments and, thus, would likely fail to satisfy the Section 817(h) diversification requirements. A Variable Fund can generally satisfy the Section 817(h) diversification requirements in one of two ways. First, the requirements will be satisfied if each Variable Fund invests not more than 55 percent of the total value of its assets in the securities of a single issuer; not more than 70 percent of the value of its total assets in the securities of any two issuers; not more than 80 percent of the value of its total assets in the securities of any three issuers; and not more than 90 percent of the value of its total assets in the securities of any four issuers. Alternatively, the diversification requirements will be satisfied with respect to Variable Fund shares owned by insurance companies as investments for variable contracts if (i) no more than 55 percent of the value of the Variable Fund’s total assets consists of cash, cash items (including receivables), U.S. Government securities, and securities of other RICs, and (ii) the Variable Fund satisfies the additional diversification requirements for qualification as a RIC under Subchapter M of the Code discussed above. For purposes of the Section 817(h) diversification rule, all securities of the same issuer are considered a single investment. In the case of government securities, each United States government agency or instrumentality is generally treated as a separate issuer. In addition, to the extent any security is guaranteed or insured by the U.S. or an instrumentality of the U.S., it will be treated as having been issued by the U.S. or the instrumentality, as applicable. A Variable Fund will be considered to be in compliance with the Section 817(h) diversification requirements if it is adequately diversified on the last day of each calendar quarter. A Variable Fund that meets the diversification requirements as of the close of a calendar quarter will not be considered nondiversified in a subsequent quarter because of a discrepancy between the value of its assets and the diversification requirements unless the discrepancy exists immediately after the acquisition of any asset and is attributable, in whole or in part, to such acquisition. If the segregated asset account investing in the Variable Fund is not adequately diversified at the required time and the correction procedure described below is not available, a Variable Contract based on the account during the specified time will not be treated as an annuity or life insurance contract within the meaning of the Code and all income accrued on the Variable Contract for the current and all prior taxable years will be subject to current federal taxation at ordinary income rates to the holders of such contracts. The Variable Contract will also remain subject to current taxation for all subsequent tax periods regardless of whether the Fund or separate account becomes adequately diversified in future periods. In certain circumstances, an inadvertent failure to satisfy the Section 817(h) diversification requirements can be corrected, but generally will require the payment of a penalty to the IRS. The amount of such penalty will be based on the tax the contract holders would have incurred if they were treated as receiving the income on the contract for the period during which the diversification requirements were not satisfied. Any such failure also could result in adverse tax consequences for the insurance company issuing the contracts. In addition to the Section 817(h) diversification requirements, “investor control” limitations also are imposed on owners of Variable Contracts. The IRS has issued rulings addressing the circumstances in which a Variable Contract holder’s control of the investments of the insurance company separate account may cause the holder, rather than the insurance company, to be treated as the owner of the assets held by the separate account. If the holder is considered the owner of the securities underlying the separate account, income, and gains produced by those securities would be included currently in the holder’s gross income. In determining whether an impermissible level of investor control is present, one factor the IRS considers is whether a Variable Fund’s investment strategies are sufficiently broad to prevent a Variable Contract holder from being deemed to be making particular investment decisions through its investment in the separate account. For this purpose, current IRS guidance indicates that typical fund investment strategies, even those with a specific sector or geographical focus, are generally considered sufficiently broad. Most, although not necessarily all, of the Variable Funds have objectives and strategies that are not materially narrower than the investment strategies held not to constitute an impermissible level of investor control in recent IRS rulings (such as large company stocks, international stocks, small company stocks, mortgage-backed securities, money market securities, telecommunications stocks, and financial services stocks). The above discussion addresses only one of several factors that the IRS considers in determining whether a Variable Contract holder has an impermissible level of investor control over a separate account. Variable Contract holders should consult with their own tax advisors, as well as the prospectus relating to their particular Variable Contract, for more information concerning this investor control issue.

Eaton Vance Global Income Funds 38 SAI dated March 1, 2021 In the event that there is a legislative change or the IRS or Treasury Department issues rulings, regulations, or other guidance, there can be no assurance that a Variable Fund will be able to operate as currently described, or that a Variable Fund will not have to change its investment objective or investment policies. While a Variable Fund’s investment objective is fundamental and may be changed only by a vote of a majority of its outstanding shares, the investment policies of the Variable Funds may be modified as necessary to prevent any prospective rulings, regulations, or legislative change from causing Variable Contract owners to be considered the owners of the shares of a Variable Fund. For a discussion of the tax consequences to owners of Variable Contracts of Variable Fund distributions to insurance company separate accounts, please see the prospectus provided by the insurance company for your Variable Contract. Because of the unique tax status of Variable Contracts, you also should consult your tax advisor regarding the tax consequences of owning Variable Contracts under the federal, state, and local tax rules that apply to you. Other Taxes. Dividends, distributions and redemption proceeds may also be subject to additional state, local and foreign taxes depending on each shareholder’s particular situation. Changes in Taxation. The taxation of the Fund, the Portfolio, the Subsidiary and shareholders may be adversely affected by future legislation, Treasury Regulations, IRS revenue procedures and/or guidance issued by the IRS. PORTFOLIO SECURITIES TRANSACTIONS Decisions concerning the execution of portfolio security transactions, including the selection of the market and the broker-dealer firm, are made by the investment adviser. Each Fund or Portfolio is responsible for the expenses associated with its portfolio transactions. The investment adviser is also responsible for the execution of transactions for all other accounts managed by it. The investment adviser places the portfolio security transactions for execution with one or more broker-dealer firms. The investment adviser uses its best efforts to obtain execution of portfolio security transactions at prices which in the investment adviser’s judgment are advantageous to the client and at a reasonably competitive spread or (when a disclosed commission is being charged) at reasonably competitive commission rates. In seeking such execution, the investment adviser will use its best judgment in evaluating the terms of a transaction, and will give consideration to various relevant factors, which may include, without limitation, the full range and quality of the broker-dealer firm’s services, responsiveness of the firm to the investment adviser, the size and type of the transaction, the nature and character of the market for the security, the confidentiality, speed and certainty of effective execution required for the transaction, the general execution and operational capabilities of the broker-dealer firm, the reputation, reliability, experience and financial condition of the firm, the value and quality of the services rendered by the firm in this and other transactions, and the amount of the spread or commission, if any. In addition, the investment adviser may consider the receipt of Research Services (as defined below), provided it does not compromise the investment adviser’s obligation to seek best overall execution for a Portfolio or Fund and is otherwise in compliance with applicable law. The investment adviser may engage in portfolio brokerage transactions with a broker-dealer firm that sells shares of Eaton Vance funds, provided such transactions are not directed to that firm as compensation for the promotion or sale of such shares. Transactions on stock exchanges and other agency transactions involve the payment of negotiated brokerage commissions. Such commissions vary among different broker-dealer firms, and a particular broker-dealer may charge different commissions according to such factors as the difficulty and size of the transaction and the volume of business done with such broker-dealer. Transactions in foreign securities often involve the payment of brokerage commissions, which may be higher than those in the United States. There is generally no stated commission in the case of securities traded in the over-the-counter markets including transactions in fixed-income securities which are generally purchased and sold on a net basis (i.e., without commission) through broker-dealers and banks acting for their own account rather than as brokers. Such firms attempt to profit from such transactions by buying at the bid price and selling at the higher asked price of the market for such obligations, and the difference between the bid and asked price is customarily referred to as the spread. Fixed-income transactions may also be transacted directly with the issuer of the obligations. In an underwritten offering the price paid often includes a disclosed fixed commission or discount retained by the underwriter or dealer. Although spreads or commissions paid on portfolio security transactions will, in the judgment of the investment adviser, be reasonable in relation to the value of the services provided, commissions exceeding those which another firm might charge may be paid to broker-dealers who were selected to execute transactions on behalf of the investment adviser’s clients in part for providing brokerage and research services to the investment adviser as permitted by applicable law. Pursuant to the safe harbor provided in Section 28(e) of the Securities Exchange Act of 1934, as amended (“Section 28(e)”) and to the extent permitted by other applicable law, a broker or dealer who executes a portfolio transaction on behalf of the investment adviser client may receive a commission that is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the investment adviser determines in good faith that such compensation was reasonable in relation to the value of the brokerage and research services provided. This determination may be made on the basis of either that particular transaction or on the basis of the overall responsibility which the investment adviser and its affiliates have for accounts over which they exercise investment discretion. “Research Services” as used herein includes any and all brokerage and research services to the extent permitted by Section 28(e) and other applicable law. Generally, Research Services may include, but are not

Eaton Vance Global Income Funds 39 SAI dated March 1, 2021 limited to, such matters as research, analytical and quotation services, data, information and other services products and materials which assist the investment adviser in the performance of its investment responsibilities. More specifically, Research Services may include general economic, political, business and market information, industry and company reviews, evaluations of securities and portfolio strategies and transactions, technical analysis of various aspects of the securities markets, recommendations as to the purchase and sale of securities and other portfolio transactions, certain financial, industry and trade publications, certain news and information services, and certain research oriented computer software, data bases and services. Any particular Research Service obtained through a broker-dealer may be used by the investment adviser in connection with client accounts other than those accounts which pay commissions to such broker-dealer, to the extent permitted by applicable law. Any such Research Service may be broadly useful and of value to the investment adviser in rendering investment advisory services to all or a significant portion of its clients, or may be relevant and useful for the management of only one client’s account or of a few clients’ accounts, or may be useful for the management of merely a segment of certain clients’ accounts, regardless of whether any such account or accounts paid commissions to the broker-dealer through which such Research Service was obtained. The investment adviser evaluates the nature and quality of the various Research Services obtained through broker-dealer firms and, to the extent permitted by applicable law, may attempt to allocate sufficient portfolio security transactions to such firms to ensure the continued receipt of Research Services which the investment adviser believes are useful or of value to it in rendering investment advisory services to its clients. The investment adviser may also receive brokerage and Research Services from underwriters and dealers in fixed-price offerings, when permitted under applicable law. Research Services provided by (and produced by) broker-dealers that execute portfolio transactions or from affiliates of executing broker-dealers are referred to as “Proprietary Research.” Except for trades executed in jurisdictions where such consideration is not permissible, the investment adviser may and does consider the receipt of Proprietary Research Services as a factor in selecting broker dealers to execute client portfolio transactions, provided it does not compromise the investment adviser’s obligation to seek best overall execution. In jurisdictions where permissible, the investment adviser also may consider the receipt of Research Services under so called “client commission arrangements” or “commission sharing arrangements” (both referred to as “CCAs”) as a factor in selecting broker dealers to execute transactions, provided it does not compromise the investment adviser’s obligation to seek best overall execution. Under a CCA arrangement, the investment adviser may cause client accounts to effect transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions paid on those transactions to a pool of commission credits that are paid to other firms that provide Research Services to the investment adviser. Under a CCA, the broker-dealer that provides the Research Services need not execute the trade. Participating in CCAs may enable the investment adviser to consolidate payments for research using accumulated client commission credits from transactions executed through a particular broker-dealer to periodically pay for Research Services obtained from and provided by other firms, including other broker-dealers that supply Research Services. The investment adviser believes that CCAs offer the potential to optimize the execution of trades and the acquisition of a variety of high quality Research Services that the investment adviser might not be provided access to absent CCAs. The investment adviser will only enter into and utilize CCAs to the extent permitted by Section 28(e) and other applicable law. Fund trades executed by an affiliate of the investment adviser licensed in the United Kingdom may implicate laws of the United Kingdom, including rules of the UK Financial Conduct Authority, which govern client trading commissions and Research Services (“UK Law”). Broadly speaking, under UK Law the investment adviser may not accept any good or service when executing an order unless that good or service either is directly related to the execution of trades on behalf of its clients/customers or amounts to the provision of substantive research (as defined under UK Law). These requirements may also apply with respect to orders in connection with which the investment adviser receives goods and services under a CCA or other bundled brokerage arrangement. Fund trades may also implicate UK Law requiring the investment adviser to direct any research portion of a brokerage commission to an account controlled by the investment adviser. The investment companies sponsored by the investment adviser or its affiliates also may allocate brokerage commissions to acquire information relating to the performance, fees and expenses of such companies and other investment companies, which information is used by the members of the Board of such companies to fulfill their responsibility to oversee the quality of the services provided to various entities, including the investment adviser, to such companies. Such companies may also pay cash for such information. Securities considered as investments for each Portfolio may also be appropriate for other investment accounts managed by the investment adviser or its affiliates. Whenever decisions are made to buy or sell securities by each Portfolio and one or more of such other accounts simultaneously, the investment adviser will allocate the security transactions (including “new” issues) in a manner which it believes to be equitable under the circumstances. As a result of such allocations, there may be instances where each Portfolio will not participate in a transaction that is allocated among other accounts. If an aggregated order cannot be filled completely, allocations will generally be made on a pro rata basis. An order may not be allocated on a pro rata basis where, for example: (i) consideration is given to portfolio managers who have been instrumental in developing or negotiating a particular investment; (ii) consideration is given to an account with specialized investment policies that coincide with the particulars of a specific investment; (iii) pro rata allocation would result in odd-lot or de minimis amounts being allocated to a portfolio or other client; or (iv) where

Eaton Vance Global Income Funds 40 SAI dated March 1, 2021 the investment adviser reasonably determines that departure from a pro rata allocation is advisable. While these aggregation and allocation policies could have a detrimental effect on the price or amount of the securities available to each Portfolio from time to time, it is the opinion of the members of the Board that the benefits from the investment adviser organization outweigh any disadvantage that may arise from exposure to simultaneous transactions. The following table shows brokerage commissions paid during periods indicated in each table, as well as the amount of Portfolio or Fund security transactions for the most recent fiscal year (if any) that were directed to firms that provided some Research Services to the investment adviser or its affiliates (see above), and the commissions paid in connection therewith. Each Fund did not pay any brokerage commissions to affiliated brokers during the past three fiscal years.

Commissions Paid on Amount of Transactions Transactions Directed to Firms Directed to Firms Brokerage Commissions Paid for the Fiscal Year Ended Providing Research Providing Research Fund/Portfolio 10/31/20 10/31/19 10/31/18 10/31/20 10/31/20 Short Duration Strategic Income Fund $ 0 $ 0 $ 0 $ 0 $ 0 Emerging Markets Local Income Portfolio $ 709 $ 1,759 $ 921 $ 0 $ 0 Global Macro Portfolio $112,616* $216,074 $253,130 $ 3,265,585 $2,559 Global Macro Absolute Return Advantage Portfolio $180,708* $364,787* $653,750 $ 5,496,348 $4,044 Global Opportunities Portfolio $ 75,016 $ 28,564* $ 7,227 $30,740,466 $7,830 International Income Portfolio $ 11* $ 141* $ 2,010 $ 0 $ 0

* The increase/decrease in brokerage commissions for the periods shown was due to an increase/decrease in number and dollar amount of portfolio transactions involving permitted securities. During the fiscal year ended October 31, 2020, the Fund and each Portfolio held securities the following securities of its or its corresponding Fund’s “regular brokers or dealers,” as that term is defined in Rule 10b-1 of the 1940 Act, and the value of such securities as of each Fund or Portfolio’s fiscal year end was as follows:

Fund and/or Portfolio Regular Broker or Dealer (or Parent) Aggregate Value Short Duration Strategic Income Fund None n/a Emerging Markets Local Income Portfolio None n/a Global Macro Portfolio Viet Capital Securities JSC $ 715,382 Deutsche Bank $ 389,052 Global Macro Absolute Return Advantage Portfolio Viet Capital Securities JSC $1,286,696 Global Opportunities Portfolio JP Morgan Chase & Co. $8,061,793 Wells Fargo & Co. $3,272,730 Morgan Stanley $1,149,533 International Income Portfolio None n/a

FINANCIAL STATEMENTS The audited financial statements of, and the report of the independent registered public accounting firm for each Fund appear in its annual report to shareholders and are incorporated by reference into this SAI. A copy of each annual report accompanies this SAI. Householding. Consistent with applicable law, duplicate mailings of shareholder reports and certain other Fund information to shareholders residing at the same address may be eliminated. ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES AND RISKS

Asset Coverage To the extent required by SEC guidance, if a transaction creates a future obligation of the Fund to another party the Fund will: (1) cover the obligation by entering into an offsetting position or transaction; and/or (2) segregate cash and/or liquid securities with a value (together with any collateral posted with respect to the obligation) at least equal to the marked-to- market value of the obligation. Assets used as cover or segregated cannot be sold while the position(s) requiring coverage is

Eaton Vance Global Income Funds 41 SAI dated March 1, 2021 open unless replaced with other appropriate assets. The types of transactions that may require asset coverage include (but are not limited to) reverse repurchase agreements, repurchase agreements, short sales, securities lending, forward contracts, certain options, forward commitments, futures contracts, when-issued securities, swap agreements and residual interest bonds. Asset-Backed ABS are collateralized by pools of automobile loans, educational loans, home equity loans, credit card receivables, Securities (“ABS”) equipment or automobile leases, commercial mortgage-backed securities (“MBS”), utilities receivables, secured or unsecured bonds issued by corporate or sovereign obligors, unsecured loans made to a variety of corporate commercial and industrial loan customers of one or more lending banks, or a combination of these bonds and loans. ABS are “pass through” securities, meaning that principal and interest payments made by the borrower on the underlying assets are passed through to the ABS holder. ABS are issued through special purpose vehicles that are bankruptcy remote from the issuer of the collateral. ABS are subject to interest rate risk and prepayment risk. Some ABS may receive prepayments that can change their effective maturities. Issuers of ABS may have limited ability to enforce the security interest in the underlying assets or may have no security in the underlying assets, and credit enhancements provided to support the securities, if any, may be inadequate to protect investors in the event of default. In addition, ABS may experience losses on the underlying assets as a result of certain rights provided to consumer debtors under federal and state law. The value of ABS may be affected by the factors described above and other factors, such as the availability of information concerning the pool and its structure, the creditworthiness of the servicing agent for the pool, the originator of the underlying assets or the entities providing credit enhancements and the ability of the servicer to service the underlying collateral. The value of ABS representing interests in a pool of utilities receivables may be adversely affected by changes in government regulations. While certain ABS may be insured as to the payment of principal and interest, this insurance does not protect the market value of such obligations or the Fund’s net asset value. The value of an insured security will be affected by the credit standing of its insurer. Collateralized debt obligations (“CDOs”) and collateralized loan obligations (“CLOs”) are types of ABS that are backed solely by a pool of other debt securities. CDOs and CLOs are typically issued in various classes with varying priorities. The risks of an investment in a CDO or CLO depend largely on the type of the collateral securities and the class of the CDO or CLO in which the Fund invests. In addition to interest rate, prepayment, default and other risks of ABS and fixed income securities, in general, CDOs and CLOs are subject to additional risks, including the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, the Fund may invest in CDOs or CLOs that are subordinate to other classes, and the complex structure may produce disputes with the issuer or unexpected investment results. The Fund’s investment in CDOs and CLOs may decrease in market value if they experience loan defaults or credit impairment, the disappearance of a subordinate tranche or class of debt, or due to market anticipation of defaults and investor aversion to the securities as a class. Auction Rate Auction rate securities, such as auction preferred shares of closed-end investment companies, are preferred securities and Securities debt securities with dividends/coupons based on a rate set at auction. The auction is usually held weekly for each series of a security, but may be held less frequently. The auction sets the rate, and securities may be bought and sold at the auction. Provided that the auction mechanism is successful, auction rate securities normally permit the holder to sell the securities in an auction at par value at specified intervals. The dividend is reset by a “Dutch” auction in which bids are made by broker-dealers and other institutions for a certain amount of securities at a specified minimum yield. The dividend rate set by the auction is the lowest interest or dividend rate that covers all securities offered for sale. While this process is designed to permit auction rate securities to be traded at par value, there is the risk that an auction will fail due to insufficient demand for the securities. Security holders that submit sell orders in a failed auction may not be able to sell any or all of the shares for which they have submitted sell orders. Security holders may sell their shares at the next scheduled auction, subject to the same risk that the subsequent auction will not attract sufficient demand for a successful auction to occur. Broker-dealers may also try to facilitate secondary trading in the auction rate securities, although such secondary trading may be limited and may only be available for shareholders willing to sell at a discount. Since mid-February 2008, existing markets for certain auction rate securities have become generally illiquid and investors have not been able to sell their securities through the regular auction process. It is uncertain when or whether there will be a revival of investor interest in purchasing securities sold through auctions. There may be limited or no active secondary markets for many auction rate securities. Auction rate securities that do trade in a secondary market may trade at a significant discount from their liquidation preference. There have been a number of governmental investigations and regulatory settlements involving certain broker- dealers with respect to their prior activities involving auction rate securities. Valuations of such securities is highly speculative, however, dividends on auction rate preferred securities issued by a closed-end fund may be reported, generally on Form 1099, as exempt from federal income tax to the extent they are attributable to tax-exempt interest income earned by the Fund on the securities and distributed to holders of the preferred securities, provided that the preferred securities are treated as equity securities for federal income tax purposes, and the closed-end fund complies with certain requirements under the Code. Investments in auction rate preferred securities of closed-end funds are subject to limitations on investments in other U.S. registered investment companies, which limitations are prescribed by the 1940 Act.

Eaton Vance Global Income Funds 42 SAI dated March 1, 2021 Average Effective Average effective maturity is a weighted average of all the maturities of bonds owned by the Fund. Average effective Maturity maturity takes into consideration all mortgage payments, puts and adjustable coupons. In the event the Fund invests in multiple Portfolios, its average weighted maturity is the sum of its allocable share of the average weighted maturity of each of the Portfolios in which it invests, which is determined by multiplying the Portfolio’s average weighted maturity by the Fund’s percentage ownership of that Portfolio. Borrowing for Successful use of a borrowing strategy depends on the investment adviser’s ability to predict correctly interest rates and Investment market movements. There is no assurance that a borrowing strategy will be successful. Upon the expiration of the term of Purposes the Fund’s existing credit arrangement, the lender may not be willing to extend further credit to the Fund or may be willing to do so at an increased cost to the Fund. If the Fund is not able to extend its credit arrangement, it may be required to liquidate holdings to repay amounts borrowed from the lender. Borrowing to increase investments generally will magnify the effect on the Fund’s net asset value of any increase or decrease in the value of the security purchased with the borrowings. Successful use of a borrowing strategy depends on the investment adviser’s ability to predict correctly interest rates and market movements. There can be no assurance that the use of borrowings will be successful. In connection with its borrowings, the Fund will be required to maintain specified asset coverage with respect to such borrowings by both the 1940 Act and the terms of its credit facility with the lender. The Fund may be required to dispose of portfolio investments on unfavorable terms if market fluctuations or other factors reduce the required asset coverage to less than the prescribed amount. Borrowings involve additional expense to the Fund. Borrowing for The Fund may borrow for temporary purposes (such as to satisfy redemption requests, to remain fully invested in advance Temporary of the settlement of share purchases, and to settle transactions). The Fund’s ability to borrow is subject to its terms and Purposes conditions of its credit arrangements, which in some cases may limit the Fund’s ability to borrow under the arrangement. The Fund will be required to maintain a specified level of asset coverage with respect to all borrowings and may be required to sell some of its holdings to reduce debt and restore coverage at times when it may not be advantageous to do so. The rights of the lender to receive payments of interest and repayments of principal of any borrowings made by the Fund under a credit arrangement are senior to the rights of holders of shares with respect to the payment of dividends or upon liquidation. In the event of a default under a credit arrangement, the lenders may have the right to cause a liquidation of the collateral (i.e., sell Fund assets) and, if any such default is not cured, the lenders may be able to control the liquidation as well. Credit arrangements are subject to annual renewal, which cannot be assured. If the Fund does not have the ability to borrow for temporary purposes, it may be required to sell securities at inopportune times to meet short-term liquidity needs. Because the Fund is a party to a joint credit arrangement, it may be unable to borrow some or all of its requested amounts at any particular time. Borrowings involve additional expense to the Fund. Build America Build America Bonds are taxable municipal obligations issued pursuant to the American Recovery and Reinvestment Act of Bonds 2009 (the “Act”) or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support. Enacted in February 2009, the Act authorizes state and local governments to issue taxable bonds on which, assuming certain specified conditions are satisfied, issuers may either (i) receive reimbursement from the U.S. Treasury with respect to its interest payments on the bonds (“direct pay” Build America Bonds); or (ii) provide tax credits to investors in the bonds (“tax credit” Build America Bonds). Unlike most other municipal obligations, interest received on Build America Bonds is subject to federal income tax and may be subject to state income tax. Under the terms of the Act, issuers of direct pay Build America Bonds are entitled to receive reimbursement from the U.S. Treasury currently equal to 35% (or 45% in the case of Recovery Zone Economic Development Bonds) of the interest paid. Holders of tax credit Build America Bonds can receive a federal tax credit currently equal to 35% of the coupon interest received. The Fund may invest in “principal only” strips of tax credit Build America Bonds, which entitle the holder to receive par value of such bonds if held to maturity. The Fund does not expect to receive (or pass through to shareholders) tax credits as a result of its investments. The federal interest subsidy or tax credit continues for the life of the bonds. Build America Bonds are an alternative form of financing to state and local governments whose primary means for accessing the capital markets has been through issuance of tax-free municipal bonds. Build America Bonds can appeal to a broader array of investors than the high income U.S. taxpayers that have traditionally provided the market for municipal bonds. Build America Bonds may provide a lower net cost of funds to issuers. Pursuant to the terms of the Act, the issuance of Build America Bonds ceased on December 31, 2010. As a result, the availability of such bonds is limited and the market for the bonds and/or their liquidity may be affected. Call and Put Issuers of securities may reserve the right to call (redeem) the securities. If an issuer redeems a security with a call right Features on during a time of declining interest rates, the holder of the security may not be able to reinvest the proceeds in securities Securities providing the same investment return as provided by the securities redeemed. Some securities may have “put” or “demand” features that allow early redemption by the holder. Longer term fixed-rate securities may give the holder a right to request redemption at certain times (often annually after the lapse of an intermediate term). This “put” or “demand” feature enhances a security’s liquidity by shortening its effective maturity and enables the security to trade at a price equal to or very close to par. If a demand feature terminates prior to being exercised, the holder of the security would be subject to the longer maturity of the security, which could experience substantially more volatility. Securities with a “put” or “demand” feature are more defensive than conventional long term securities (protecting to some degree against a rise in interest rates) while providing greater opportunity than comparable intermediate term securities, because they can be retained if interest rates decline.

Eaton Vance Global Income Funds 43 SAI dated March 1, 2021 Collateralized CMOs are backed by a pool of mortgages or mortgage loans. The key feature of the CMO structure is the prioritization of the Mortgage cash flows from the pool of mortgages among the several classes, or tranches, of the CMO, thereby creating a series of Obligations obligations with varying rates and maturities. Senior CMO classes will typically have priority over residual CMOs as to the (“CMOs”) receipt of principal and or interest payments on the underlying mortgages. CMOs also issue sequential and parallel pay classes, including planned amortization and target amortization classes, and fixed and floating rate CMO tranches. CMOs issued by U.S. government agencies are backed by agency mortgages, while privately issued CMOs may be backed by either government agency mortgages or private mortgages. Payments of principal and interest are passed through to each CMO tranche at varying schedules resulting in bonds with different coupons, effective maturities and sensitivities to interest rates. Parallel pay CMOs are structured to provide payments of principal on each payment date to more than one class, concurrently on a proportionate or disproportionate basis. Sequential pay CMOs generally pay principal to only one class at a time while paying interest to several classes. CMOs generally are secured by an assignment to a trustee under the indenture pursuant to which the bonds are issued as collateral consisting of a pool of mortgages. Payments with respect to the underlying mortgages generally are made to the trustee under the indenture. CMOs are designed to be retired as the underlying mortgages are repaid. In the event of sufficient early prepayments on such mortgages, the class or series of CMO first to mature generally will be retired prior to maturity. Therefore, although in most cases the issuer of CMOs will not supply additional collateral in the event of such prepayments, there will be sufficient collateral to secure CMOs that remain outstanding. Floating rate CMO tranches carry interest rates that are tied in a fixed relationship to an index subject to an upper limit, or “cap,” and sometimes to a lower limit, or “floor.” CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage- or asset-backed securities. Commercial CMBS include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property, such as Mortgage-Backed hotels, office buildings, retail stores, hospitals and other commercial buildings. CMBS may have a lower repayment Securities uncertainty than other mortgage-related securities because commercial mortgage loans generally prohibit or impose (“CMBS”) penalties on prepayment of principal. The risks of investing in CMBS reflect the risks of investing in the real estate securing the underlying mortgage loans, including the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payment, and the ability of a property to attract and retain tenants. CMBS may be less liquid and may exhibit greater price volatility than other types of mortgage- or asset-backed securities. Commodity- The value of commodities investments will generally be affected by overall market movements and factors specific to a Related particular industry or commodity, which may include weather, embargoes, tariffs, and health, political, international and Investments regulatory developments. Economic and other events (whether real or perceived) can reduce the demand for commodities, which may reduce market prices and cause the value of Fund shares to fall. The frequency and magnitude of such changes cannot be predicted. Exposure to commodities and commodities markets may subject the Fund to greater volatility than investments in traditional securities. No active trading market may exist for certain commodities investments, which may impair the ability of the Fund to sell or to realize the full value of such investments in the event of the need to liquidate such investments. In addition, adverse market conditions may impair the liquidity of actively traded commodities investments. Certain types of commodities instruments (such as total return swaps and commodity-linked notes) are subject to the risk that the counterparty to the instrument will not perform or will be unable to perform in accordance with the terms of the instrument. To the extent commodity-related investments are held through the Subsidiary, the Subsidiary is not subject to U.S. laws (including securities laws) and their protections. The Subsidiary is subject to the laws of the Cayman Islands, a foreign jurisdiction, and can be affected by developments in that jurisdiction. Certain commodities are subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional investment risks and result in greater volatility than investments in traditional securities. The commodities that underlie commodity futures contracts and commodity swaps may be subject to additional economic and non-economic variables, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments. Unlike the financial futures markets, in the commodity futures markets there are costs of physical storage associated with purchasing the underlying commodity. The price of the commodity futures contract will reflect the storage costs of purchasing the physical commodity, including the time value of money invested in the physical commodity. To the extent that the storage costs for an underlying commodity change while the Fund is invested in futures contracts on that commodity, the value of the futures contract may change proportionately. In the commodity futures markets, producers of the underlying commodity may decide to hedge the price risk of selling the commodity by selling futures contracts today to lock in the price of the commodity at delivery tomorrow. In order to induce speculators to purchase the other side of the same futures contract, the commodity producer generally must sell the futures contract at a lower price than the expected future spot price. Conversely, if most hedgers in the futures market are purchasing futures contracts to hedge against a rise in prices, then speculators will only sell the other side of the futures contract at a higher futures price than the expected future spot price of the commodity. The changing nature of the hedgers and speculators in the commodity markets will influence whether futures prices are above or below the expected future spot price, which can have significant implications for the Fund. If the nature of hedgers and speculators in futures markets has shifted when it is time for the Fund to reinvest the proceeds of a maturing contract in a new futures contract, the Fund might reinvest at higher or lower futures prices, or choose to pursue other investments.

Eaton Vance Global Income Funds 44 SAI dated March 1, 2021 Common Stocks Common stock represents an equity ownership interest in the issuing corporation. Holders of common stock generally have voting rights in the issuer and are entitled to receive common stock dividends when, as and if declared by the corporation’s board of directors. Common stock normally occupies the most subordinated position in an issuer’s capital structure. Returns on common stock investments consist of any dividends received plus the amount of appreciation or depreciation in the value of the stock. Although common stocks have historically generated higher average returns than fixed-income securities over the long term and particularly during periods of high or rising concerns about inflation, common stocks also have experienced significantly more volatility in returns and may not maintain their real value during inflationary periods. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock. Also, the prices of common stocks are sensitive to general movements in the stock market and a drop in the stock market may depress the price of common stocks. Common stock prices fluctuate for many reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuer occur. In addition, common stock prices may be sensitive to rising interest rates as the costs of capital rise and borrowing costs increase. Contingent Contingent convertible securities (sometimes referred to as “CoCos”) are convertible securities with loss absorption Convertible characteristics. These securities provide for mandatory conversion into common stock of the issuer under certain Securities circumstances. The mandatory conversion may be automatically triggered, for instance, if a company fails to meet the capital minimum with respect to the security, the company’s regulator makes a determination that the security should convert or the company receives specified levels of extraordinary public support. Since the common stock of the issuer may not pay a dividend, investors in these instruments could experience a reduced income rate, potentially to zero; and conversion would deepen the subordination of the investor, hence worsening standing in a bankruptcy. In addition, some such instruments have a set stock conversion rate that would cause an automatic write-down of capital if the price of the stock is below the conversion price on the conversion date. Under similar circumstances, the liquidation value of certain types of contingent convertible securities may be adjusted downward to below the original par value. The write down of the par value would occur automatically and would not entitle the holders to seek bankruptcy of the company. In certain circumstances, contingent convertible securities may write down to zero and investors could lose the entire value of the investment, even as the issuer remains in business. CoCos may be subject to redemption at the option of the issuer at a predetermined price. See also “Hybrid Securities.” Convertible A convertible security is a bond, debenture, note, preferred security, or other security that entitles the holder to acquire Securities common stock or other equity securities of the same or a different issuer. A convertible security entitles the holder to receive interest paid or accrued or the dividend paid on such security until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security’s investment value. A convertible security ranks senior to common stock in a corporation’s capital structure but is usually subordinated to comparable nonconvertible securities. Convertible securities may be purchased for their appreciation potential when they yield more than the underlying securities at the time of purchase or when they are considered to present less risk of principal loss than the underlying securities. Generally speaking, the interest or dividend yield of a convertible security is somewhat less than that of a non-convertible security of similar quality issued by the same company. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security’s governing instrument. Convertible securities are issued and traded in a number of securities markets. Even in cases where a substantial portion of the convertible securities held by the Fund are denominated in U.S. dollars, the underlying equity securities may be quoted in the currency of the country where the issuer is domiciled. As a result, fluctuations in the exchange rate between the currency in which the debt security is denominated and the currency in which the share price is quoted will affect the value of the convertible security. With respect to convertible securities denominated in a currency different from that of the underlying equity securities, the conversion price may be based on a fixed exchange rate established at the time the securities are issued, which may increase the effects of currency risk. Holders of convertible securities generally have a claim on the assets of the issuer prior to the common stockholders but may be subordinated to other debt securities of the same issuer. Certain convertible debt securities may provide a put option to the holder, which entitles the holder to cause the securities to be redeemed by the issuer at a premium over the stated principal amount of the debt securities under certain circumstances. Certain convertible securities may include loss absorption characteristics that make the securities more equity-like. This is particularly true of convertible securities issued by companies in the financial services sector. See “Contingent Convertible Securities.” Synthetic convertible securities may include either cash-settled convertibles or manufactured convertibles. Cash-settled convertibles are instruments that are created by the issuer and have the economic characteristics of traditional convertible securities but may not actually permit conversion into the underlying equity securities in all circumstances. As an example, a private company may issue a cash-settled convertible that is convertible into common stock only if the company

Eaton Vance Global Income Funds 45 SAI dated March 1, 2021 successfully completes a public offering of its common stock prior to maturity and otherwise pays a cash amount to reflect any equity appreciation. Manufactured convertibles are created by the investment adviser or another party by combining separate securities that possess one of the two principal characteristics of a convertible security, i.e., fixed-income (“fixed- income component”) or a right to acquire equity securities (“convertibility component”). The fixed-income component is achieved by investing in nonconvertible fixed-income securities, such as nonconvertible bonds, preferred securities and money market instruments. The convertibility component is achieved by investing in call options, warrants, or other securities with equity conversion features (“equity features”) granting the holder the right to purchase a specified quantity of the underlying stocks within a specified period of time at a specified price or, in the case of a stock index option, the right to receive a cash payment based on the value of the underlying stock index. A manufactured convertible differs from traditional convertible securities in several respects. Unlike a traditional convertible security, which is a single security that has a unitary market value, a manufactured convertible is comprised of two or more separate securities, each with its own market value. Therefore, the total “market value” of such a manufactured convertible is the sum of the values of its fixed- income component and its convertibility component. More flexibility is possible in the creation of a manufactured convertible than in the purchase of a traditional convertible security. Because many corporations have not issued convertible securities, the investment adviser may combine a fixed-income instrument and an equity feature with respect to the stock of the issuer of the fixed-income instrument to create a synthetic convertible security otherwise unavailable in the market. The investment adviser may also combine a fixed-income instrument of an issuer with an equity feature with respect to the stock of a different issuer when the investment adviser believes such a manufactured convertible would better promote the Fund’s objective than alternative investments. For example, the investment adviser may combine an equity feature with respect to an issuer’s stock with a fixed-income security of a different issuer in the same industry to diversify the Fund’s credit exposure, or with a U.S. Treasury instrument to create a manufactured convertible with a higher credit profile than a traditional convertible security issued by that issuer. A manufactured convertible also is a more flexible investment in that its two components may be purchased separately and, upon purchasing the separate securities, “combined” to create a manufactured convertible. For example, the Fund may purchase a warrant for eventual inclusion in a manufactured convertible while postponing the purchase of a suitable bond to pair with the warrant pending development of more favorable market conditions. The value of a manufactured convertible may respond to certain market fluctuations differently from a traditional convertible security with similar characteristics. For example, in the event the Fund created a manufactured convertible by combining a short-term U.S. Treasury instrument and a call option on a stock, the manufactured convertible would be expected to outperform a traditional convertible of similar maturity that is convertible into that stock during periods when Treasury instruments outperform corporate fixed-income securities and underperform during periods when corporate fixed-income securities outperform Treasury instruments. Credit Linked See also “Derivative Instruments and Related Risks” herein. Credit linked securities are issued by a limited purpose trust or Securities other vehicle that, in turn, invests in a derivative instrument or basket of derivative instruments, such as credit default swaps, interest rate swaps, and other securities in order to provide exposure to certain fixed-income markets. Credit linked securities may be used as a cash management tool in order to gain exposure to a certain market and to remain fully invested when more traditional income producing securities are not available. Like an investment in a bond, investments in credit linked securities represent the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential obligations to, the counterparties to the derivative instruments and other securities in which the issuer invests. An issuer may sell one or more credit default swaps under which the issuer would receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the reference instrument (in this case a debt obligation) upon which the swap is based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the reference instrument. This, in turn, would reduce the amount of income and principal that the holder of the credit linked security would receive. Credit linked securities generally will be exempt from registration under the 1933 Act. Accordingly, there may be no established trading market for the securities and they may constitute illiquid investments. Cybersecurity Risk With the increased use of technologies by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security and related risks. The Fund relies on communications technology, systems, and networks to engage with clients, employees, accounts, shareholders, and service providers, and a cyber incident may inhibit the Fund’s ability to use these technologies. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites. A denial-of-service attack is an effort to make network services unavailable to intended users, which could cause shareholders to lose access to their electronic accounts, potentially indefinitely. Employees and service providers also may not be able to access electronic systems to perform critical duties for the Fund, such as trading and NAV calculation, during a denial-of-service attack. There is also the possibility for systems failures due to malfunctions, user error and misconduct by employees and agents, natural disasters, or other foreseeable and unforeseeable events.

Eaton Vance Global Income Funds 46 SAI dated March 1, 2021 Because technology is consistently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund’s ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund and its service providers have experienced, and will continue to experience, cyber incidents consistently. In addition to deliberate cyber attacks, unintentional cyber incidents can occur, such as the inadvertent release of confidential information by the Fund or its service providers. To date, cyber incidents have not had a material adverse effect on the Fund’s business operations or performance. The Fund uses third party service providers who are also heavily dependent on computers and technology for their operations. Cybersecurity failures or breaches by the Fund’s investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which the Fund invests, may disrupt and otherwise adversely affect their business operations. This may result in financial losses to the Fund, impede Fund trading, interfere with the Fund’s ability to calculate its NAV, limit a shareholder’s ability to purchase or redeem shares of the Fund or cause violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, litigation costs or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While many of the Fund’s service providers have established business continuity plans and risk management systems intended to identify and mitigate cyber attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. The Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund and issuers in which the Fund invests. The Fund and its shareholders could be negatively impacted as a result. Derivative Generally, derivatives can be characterized as financial instruments whose performance is derived at least in part from the Instruments and performance of an underlying reference instrument. Derivative instruments may be acquired in the United States or abroad Related Risks and include the various types of exchange-traded and over-the-counter (“OTC”) instruments described herein and other instruments with substantially similar characteristics and risks. Depending on the type of derivative instrument and the Fund’s investment strategy, a derivative instrument may be based on a security, instrument, index, currency, commodity, economic indicator or event (referred to as “reference instruments”). Fund obligations created pursuant to derivative instruments may be subject to the requirements described under “Asset Coverage” herein. Derivative instruments are subject to a number of risks, including adverse or unexpected movements in the price of the reference instrument, and counterparty, credit, interest rate, leverage, liquidity, market and tax risks. Use of derivative instruments may cause the realization of higher amounts of short-term capital gains (generally taxed at ordinary income tax rates) than if such instruments had not been used. Success in using derivative instruments to hedge portfolio assets depends on the degree of price correlation between the derivative instruments and the hedged asset. Derivatives also involve the risk that changes in their value may not correlate perfectly with the assets, rates or indices they are designed to hedge or closely track. Imperfect correlation may be caused by several factors, including temporary price disparities among the trading markets for the derivative instrument, the reference instrument and the Fund’s assets. To the extent that a derivative instrument is intended to hedge against an event that does not occur, the Fund may realize losses. OTC derivative instruments involve an additional risk in that the issuer or counterparty may fail to perform its contractual obligations. Some derivative instruments are not readily marketable or may become illiquid under adverse market conditions. In addition, during periods of market volatility, an option or commodity exchange or swap execution facility or clearinghouse may suspend or limit trading in an exchange-traded derivative instrument, which may make the contract temporarily illiquid and difficult to price. Commodity exchanges may also establish daily limits on the amount that the price of a futures contract or futures option can vary from the previous day’s settlement price. Once the daily limit is reached, no trades may be made that day at a price beyond the limit. This may prevent the closing out of positions to limit losses. The ability to terminate OTC derivative instruments may depend on the cooperation of the counterparties to such contracts. For thinly traded derivative instruments, the only source of price quotations may be the selling dealer or counterparty. In addition, certain provisions of the Code limit the use of derivative instruments. Derivatives permit the Fund to increase or decrease the level of risk, or change the character of the risk, to which its portfolio is exposed in much the same way as the Fund can increase or decrease the level of risk, or change the character of the risk, of its portfolio by making investments in specific securities. There can be no assurance that the use of derivative instruments will benefit the Fund. The regulation of derivatives has undergone substantial change in recent years. In particular, although many provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) have yet to be fully implemented or are subject to phase-in periods, it is possible that upon implementation these provisions, or any future regulatory or legislative activity, could limit or restrict the ability of a Fund to use derivative instruments, including futures, options on futures and swap agreements as a part of its investment strategy, increase the costs of using these instruments or make them less effective. New position limits imposed on a Fund or its counterparty may also impact the Fund’s ability to efficiently utilize futures, options, and swaps. As of October 28, 2020, the SEC has adopted new regulations that may significantly alter a Fund’s regulatory obligations with regard to its derivatives usage. In particular, the new regulations will, upon implementation, eliminate the current asset segregation framework for covering derivatives and certain other financial instruments, impose new responsibilities on the Board and establish new reporting and recordkeeping requirements for a Fund and may, depending on the extent to which a Fund uses derivatives, impose value at risk limitations on a Fund’s use of derivatives, and require the Fund’s Board

Eaton Vance Global Income Funds 47 SAI dated March 1, 2021 to adopt a derivative risk management program. The implementation of these requirements may limit the ability of a Fund to use derivative instruments as part of its investment strategy, increase the costs of using these instruments or make them less effective. Limits or restrictions applicable to the counterparties with which a Fund engages in derivative transactions also could prevent the Fund from using these instruments or affect the pricing or other factors relating to these instruments, or may change the availability of certain investments. Legislation may be enacted that could negatively affect the assets of the Fund. Legislation or regulation may also change the way in which the Fund itself is regulated. The effects of any new governmental regulation cannot be predicted and there can be no assurance that any new governmental regulation will not adversely affect the Fund’s performance or ability to achieve its investment objective(s). Derivative-Linked A derivative-linked or commodity-linked hybrid instrument (referred to herein as a “hybrid instrument”) is a type of and Commodity- potentially high-risk derivative that combines a traditional stock, bond, or commodity with an option or forward contract. Linked Hybrid Generally, the principal amount, amount payable upon maturity or redemption, or interest rate of a hybrid instrument is tied Instruments (positively or negatively) to the price of some commodity, currency or securities index or another interest rate or some other economic factor (each a “benchmark”). The interest rate or (unlike most fixed-income securities) the principal amount payable at maturity of a hybrid instrument may be increased or decreased, depending on changes in the value of the benchmark. An example of a hybrid instrument is a bond issued by an oil company that pays a small base level of interest with additional interest that accrues in correlation to the extent to which oil prices exceed a certain predetermined level. Such a hybrid instrument would be a combination of a bond and a call option on oil. The risks of investing in hybrid instruments reflect a combination of the risks of investing in securities, options, futures and currencies. An investment in a hybrid instrument may entail significant risks that are not associated with a similar investment in a traditional debt instrument that has a fixed principal amount, is denominated in U.S. dollars or bears interest either at a fixed rate or a floating rate determined by reference to a common, nationally published benchmark. The risks of a particular hybrid instrument will depend upon the terms of the instrument, but may include the possibility of significant changes in the benchmark(s) or the prices of the underlying assets to which the instrument is linked. Such risks generally depend upon factors unrelated to the operations or credit quality of the issuer of the hybrid instrument, which may not be foreseen by the purchaser, such as economic and political events, the supply and demand of the underlying assets and interest rate movements. Hybrid instruments may be highly volatile and their use by the Fund may not be successful. Hybrid instruments may also carry liquidity risk since the instruments are often “customized” to meet the portfolio needs of a particular investor, and therefore, the number of investors that are willing and able to buy such instruments in the secondary market may be smaller than that for more traditional debt securities. Hybrid instruments may bear interest or pay preferred dividends at below market (or even relatively nominal) rates. Alternatively, hybrid instruments may bear interest at above market rates but bear an increased risk of principal loss (or gain). The latter scenario may result if “leverage” is used to structure the hybrid instrument. Leverage risk occurs when the hybrid instrument is structured so that a given change in a benchmark or underlying asset is multiplied to produce a greater value change in the hybrid instrument, thereby magnifying the risk of loss as well as the potential for gain. Hybrid instruments are potentially more volatile and carry greater market risks than traditional debt instruments. Depending on the structure of the particular hybrid instrument, changes in a benchmark may be magnified by the terms of the hybrid instrument and have an even more dramatic and substantial effect upon the value of the hybrid instrument. Also, the prices of the hybrid instrument and the benchmark or underlying asset may not move in the same direction or at the same time. Hybrid instruments can be used as an efficient means of pursuing a variety of investment goals, including currency hedging, duration management, and increased total return and creating exposure to a particular market or segment of that market. The value of a hybrid instrument or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and move (up or down) more steeply and rapidly than the benchmark. These benchmarks may be sensitive to economic and political events, such as commodity shortages and currency devaluations, which cannot be readily foreseen by the purchaser of a hybrid instrument. Under certain conditions, the redemption value of a hybrid instrument could be zero. The purchase of hybrid instruments also exposes the Fund to the credit risk of the issuer of the hybrids. These risks may cause significant fluctuations in the net asset value of the Fund. Certain hybrid instruments may provide exposure to the commodities markets. These are derivative securities with one or more commodity-linked components that have payment features similar to commodity futures contracts, commodity options, or similar instruments. Commodity-linked hybrid instruments may be either equity or debt securities, leveraged or unleveraged, and are considered hybrid instruments because they have both security and commodity-like characteristics. A portion of the value of these instruments may be derived from the value of a commodity, futures contract, index or other economic variable. The Fund will invest only in commodity-linked hybrid instruments that qualify under applicable rules of the CFTC for an exemption from the provisions of the CEA. Certain issuers of structured products such as hybrid instruments may be deemed to be investment companies as defined in the 1940 Act. As a result, the Fund’s investments in these products may be subject to limits applicable to investments in investment companies and may be subject to restrictions contained in the 1940 Act.

Eaton Vance Global Income Funds 48 SAI dated March 1, 2021 Direct Investments Direct investments include (i) the private purchase from an enterprise of an equity interest in the enterprise in the form of shares of common stock or equity interests in trusts, partnerships, joint ventures or similar enterprises, and (ii) the purchase of such an equity interest in an enterprise from a principal investor in the enterprise. At the time of making a direct investment, the Fund will enter into a shareholder or similar agreement with the enterprise and one or more other holders of equity interests in the enterprise. These agreements may, in appropriate circumstances, provide the ability to appoint a representative to the board of directors or similar body of the enterprise and for eventual disposition of the investment in the enterprise. Such a representative would be expected to monitor the investment and protect the Fund’s rights in the investment and would not be appointed for the purpose of exercising management or control of the enterprise. Diversified Status With respect to 75% of its total assets, an investment company that is registered with the SEC as a “diversified” fund: (1) may not invest more than 5% of its total assets in the securities of any one issuer (except obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities and securities of other investment companies); and (2) may not own more than 10% of the outstanding voting securities of any one issuer. Dividend Capture In a typical dividend capture trade, the Fund would buy a stock prior to its ex-dividend date and sell the stock at a point Trading either on or after the ex-dividend date. The use of a dividend capture trading strategy exposes the Fund to higher portfolio turnover, increased trading costs and potential for capital loss or gain, particularly in the event of significant short-term price movements of stocks subject to dividend capture trading. Duration Duration measures the time-weighted expected cash flows of a fixed-income security, which can determine its sensitivity to changes in the general level of interest rates. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A mutual fund with a longer dollar-weighted average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter dollar-weighted average duration. Duration differs from maturity in that it considers a security’s coupon payments in addition to the amount of time until the security matures. Various techniques may be used to shorten or lengthen Fund duration. As the value of a security changes over time, so will its duration. The duration of a Fund that invests in underlying funds is the sum of its allocable share of the duration of each of the underlying funds in which it invests, which is determined by multiplying the underlying fund’s duration by the Fund’s percentage ownership of that underlying fund. Emerging Market The risks described under “Foreign Investments” herein generally are heightened in connection with investments in Investments emerging markets. Also, investments in securities of issuers domiciled in countries with emerging capital markets may involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or non-existent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments; (iv) governmental actions or policies that may limit investment opportunities, such as restrictions on investment in, or required divestment of, certain issuers or industries; and (v) the lack or relatively early development of legal structures governing private and foreign investments and private property. Trading practices in emerging markets also may be less developed, resulting in inefficiencies relative to trading in more developed markets, which may result in increased transaction costs. Repatriation of investment income, capital and proceeds of sales by foreign investors may require governmental registration and/or approval in emerging market countries. There can be no assurance that repatriation of income, gain or initial capital from these countries will occur. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign investors. Political and economic structures in emerging market countries may undergo significant evolution and rapid development, and these countries may lack the social, political and economic stability characteristic of more developed countries. In such a dynamic environment, there can be no assurance that any or all of these capital markets will continue to present viable investment opportunities. In the past, governments of such nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the entire value of an investment in the affected market could be lost. In addition, unanticipated political or social developments may affect the value of investments in these countries and the availability of additional investments. The small size and inexperience of the securities markets in certain of these countries and the limited volume of trading in securities in these countries may make investments in the countries illiquid and more volatile than investments in developed markets. Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment measurements used in the United States, such as price/earnings ratios, may not be applicable. Certain emerging market securities may be held by a limited number of persons. This may adversely affect the timing and pricing of the acquisition or disposal of securities. The prices at which investments may be acquired may be affected by trading by persons with material non-public information and by securities transactions by brokers in anticipation of transactions in particular securities.

Eaton Vance Global Income Funds 49 SAI dated March 1, 2021 Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because brokers and counterparties in such markets may be less well capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets. As an alternative to investing directly in emerging markets, exposure may be obtained through derivative investments. Additionally, there may be difficulties in obtaining and/or enforcing legal judgments against non-U.S. companies and non- U.S. persons, including company directors or officers, in foreign jurisdictions. Shareholders of emerging market issuers often have limited rights and few practical remedies in jurisdictions located in emerging markets. Such risks vary from jurisdiction to jurisdiction and company to company. Investments in China may involve a high risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation as a result of internal social unrest or conflicts with other countries. Increasing trade tensions, particularly regarding trading arrangements between the U.S. and China, may result in additional tariffs or other actions that could have an adverse impact on an investment in the China region, including but not limited to restrictions on investments in certain Chinese companies. Accounting, auditing, financial, and other reporting standards, practices and disclosure requirements in China are different, sometimes in fundamental ways, from those in the U.S. and certain western European countries. For example, there is less regulatory oversight of financial reporting by companies domiciled in China than for companies in the U.S. The foregoing risks may be even greater in frontier markets. Frontier markets are countries with investable stock markets that are less established than those in the emerging markets. The economies of frontier market countries generally are smaller than those of traditional emerging market countries, and frontier capital markets and legal systems are typically less developed. Equity Investments Equity investments include common stocks; preferred stocks; depositary receipts; equity interests in trusts, partnerships, joint ventures and other unincorporated entities or enterprises; convertible and contingent convertible preferred stocks; rights and warrants and other securities that are treated as equity for U.S. federal income tax purposes (see “Preferred Stock” and “Hybrid Securities”). Market conditions may affect certain types of stocks to a greater extent than other types of stocks. Equity-Linked See also “Derivative Instruments and Related Risks” herein. Equity-linked securities are privately issued securities whose Securities investment results are designed to correspond generally to the performance of a specified stock index or “basket” of securities, or sometimes a single stock. These securities are used for many of the same purposes as derivative instruments and share many of the same risks. Equity-linked securities may be considered illiquid and thus subject to the Fund’s restrictions on investments in illiquid securities. Event-Linked The Fund may obtain event-linked exposure by investing in “event-linked bonds”, “event-linked swaps” or other “event- Instruments linked instruments”. Event-linked instruments are obligations for which the return of capital and dividend/interest payments are contingent on, or formulaically related to, the non-occurrence of a pre-defined “trigger” event. For some event-linked instruments, the trigger event’s magnitude may be based on losses to a company or industry, industry indexes or readings of scientific instruments rather than specified actual losses. Examples of trigger events include hurricanes, earthquakes, weather-related phenomena, or statistics relating to such events. Some event-linked instruments are referred to as “catastrophe bonds.” Catastrophe bonds entitle a Fund to receive principal and interest payments so long as no trigger event occurs of the description and magnitude specified by the instrument. If a trigger event occurs, the Fund may lose a portion of its entire principal invested in the bond. Event-linked instruments may be sponsored by government agencies, insurance companies or reinsurers and issued by special purpose corporations or other off-shore or on-shore entities (such special purpose entities are created to accomplish a narrow and well-defined objective, such as the issuance of a note in connection with a specific reinsurance transaction). Typically, event-linked instruments are issued by off-shore entities and may be non-dollar denominated. As a result, the Fund may be subject to currency risk. Often, event-linked instruments provide for extensions of maturity that are mandatory or optional at the discretion of the issuer or sponsor, in order to process and audit loss claims in those cases where a trigger event has, or possibly has, occurred. An extension of maturity may increase the instrument’s volatility and potentially make it more difficult to value. In addition, pricing of event-linked instruments is subject to the added uncertainty caused by the inability to generally predict whether, when or where a natural disaster or other triggering event will occur. If a trigger event occurs, the Fund may lose all or a portion of its investment in an event-linked instrument or the notional amount of an event-linked swap. Such losses may be substantial. Event-linked instruments carry large uncertainties and major risk exposures to adverse conditions. In addition to the specified trigger events, event-linked instruments also may expose the Fund to issuer, credit, counterparty, restricted securities, liquidity, and valuation risks as well as exposures to specific geographic areas, adverse regulatory or jurisdictional interpretations, and adverse tax consequences. Event-linked instruments are generally rated below investment grade or the unrated equivalent and have the same or similar risks as high yield debt securities (also known as

Eaton Vance Global Income Funds 50 SAI dated March 1, 2021 junk bonds) and are subject to the risk that the Fund may lose some or all of its investment in such instruments if the particular trigger occurs. Event-linked instruments may be rated by a nationally recognized statistical rating agency, but are often unrated. Frequently, the issuer of an event-linked instrument will use an independent risk model to calculate the probability and economic consequences of a trigger event. The Fund may invest in event-linked instruments in one or more of three ways: may purchase event-linked instruments when initially offered; may purchase event-linked instruments in the secondary, over-the-counter market; or may gain indirect exposure to event-linked instruments using derivatives. As the market for event-linked instruments evolves, the Fund may invest in new types of event-linked instruments. However, there can be no assurance that a liquid market in these instruments will develop. Lack of a liquid market may impose the risk of higher transaction costs and the possibility that the Fund may be forced to liquidate positions when it would not be advantageous to do so. Event-linked instruments typically are restricted to qualified institutional buyers and, therefore, are not subject to registration with the SEC or any state securities commission and are not always listed on any national securities exchange. The amount of public information available with respect to event-linked instruments is generally less extensive than that which is available for issuers of registered or exchange listed securities. There can be no assurance that future regulatory determinations will not adversely affect the overall market for event-linked instruments. Exchange-Traded ETFs are pooled investment vehicles that trade their shares on stock exchanges at market prices (rather than net asset Funds (“ETFs”) value) and are only redeemable from the ETF itself in large increments or in exchange for baskets of securities. As an exchange traded security, an ETF’s shares are priced continuously and trade throughout the day. ETFs may track a securities index, a particular market sector, a particular segment of a securities index or market sector (“Passive ETFs”), or they may be actively managed (“Active ETFs”). An investment in an ETF generally involves the same primary risks as an investment in a fund that is not exchange-traded that has the same investment objectives, strategies and policies of the ETF, such as liquidity risk, sector risk and foreign and emerging market risk, as well as risks associated with equity securities, fixed income securities, real estate investments and commodities, as applicable. In addition, a Passive ETF may fail to accurately track the market segment or index that underlies its investment objective or may fail to fully replicate its underlying index, in which case the Passive ETF’s investment strategy may not produce the intended results. The way in which shares of ETFs are traded, purchased and redeemed involves certain risks. An ETF may trade at a price that is lower than its net asset value. Secondary market trading of an ETF may result in frequent price fluctuations, which in turn may result in a loss to a Fund. Additionally, there is no guarantee that an active market for the ETF’s shares will develop or be maintained. An ETF may fail to meet the listing requirements of any applicable exchanges on which it is listed. Further, trading in an ETF may be halted if the trading in one or more of the securities held by an ETF is halted. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their NAV. A Fund will indirectly bear its proportionate share of any management fees and other operating expenses of an ETF in which it invests. A Fund may pay brokerage commissions in connection with the purchase and sale of shares of ETFs. Exchange-Traded ETNs are senior, unsecured, unsubordinated debt securities whose returns are linked to the performance of a particular Notes (“ETNs”) market benchmark or strategy minus applicable fees. ETNs are traded on an exchange during normal trading hours. However, investors can also hold the ETN until maturity. At maturity, the issuer pays to the investor a cash amount equal to the principal amount, subject to the day’s market benchmark or strategy factor. ETNs do not make periodic coupon payments or provide principal protection. ETNs are subject to credit risk and the value of the ETN may drop due to a downgrade in the issuer’s credit rating, despite the underlying market benchmark or strategy remaining unchanged. The value of an ETN may also be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying assets, changes in the applicable interest rates, changes in the issuer’s credit rating, and economic, legal, political, or geographic events that affect the referenced underlying asset. When the Fund invests in ETNs it will bear its proportionate share of any fees and expenses borne by the ETN. The Fund’s decision to sell its ETN holdings may be limited by the availability of a secondary market. In addition, although an ETN may be listed on an exchange, the issuer may not be required to maintain the listing and there can be no assurance that a secondary market will exist for an ETN. ETNs are subject to tax risk. No assurance can be given that the IRS will accept, or a court will uphold, how the Fund characterizes and treats ETNs for tax purposes. Further, the IRS and Congress are considering proposals that would change the timing and character of income and gains from ETNs. An ETN that is tied to a specific market benchmark or strategy may not be able to replicate and maintain exactly the composition and relative weighting of securities, commodities or other components in the applicable market benchmark or strategy. Some ETNs that use leverage can, at times, be relatively illiquid and, thus, they may be difficult to purchase or sell at a fair price. Leveraged ETNs are subject to the same risk as other instruments that use leverage in any form. The market value of ETN shares may differ from that of their market benchmark or strategy. This difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in time is not always identical to the supply and demand in the market for the securities, commodities or other components underlying the market benchmark or strategy that the ETN seeks to track. As a result, there may be times when an ETN share trades at a premium or discount to its market benchmark or strategy.

Eaton Vance Global Income Funds 51 SAI dated March 1, 2021 Fixed-Income Fixed-income securities include bonds, preferred, preference and convertible securities, notes, debentures, asset-backed Securities securities (including those backed by mortgages), loan participations and assignments, equipment lease certificates, equipment trust certificates and conditional sales contracts. Generally, issuers of fixed-income securities pay investors periodic interest and repay the amount borrowed either periodically during the life of the security and/or at maturity. Some fixed-income securities, such as zero coupon bonds, do not pay current interest, but are purchased at a discount from their face values, and values accumulate over time to face value at maturity. The market prices of fixed-income securities fluctuate depending on such factors as interest rates, credit quality and maturity. In general, market prices of fixed-income securities decline when interest rates rise and increase when interest rates fall. Fixed-income securities are subject to risk factors such as sensitivity to interest rate and real or perceived changes in economic conditions, payment expectations, liquidity and valuation. Fixed-income securities with longer maturities (for example, over ten years) are more affected by changes in interest rates and provide less price stability than securities with short-term maturities (for example, one to ten years). Fixed-income securities bear the risk of principal and interest default by the issuer, which will be greater with higher yielding, lower grade securities. During an economic downturn, the ability of issuers to service their debt may be impaired. The rating assigned to a fixed-income security by a rating agency does not reflect assessment of the volatility of the security’s market value or of the liquidity of an investment in the securities. Credit ratings are based largely on the issuer’s historical financial condition and a rating agency’s investment analysis at the time of rating, and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular high yield security. If relevant to the Fund(s) in this SAI, corporate bond ratings are described in an appendix to the SAI (see the table of contents). Preferred stock and certain other hybrid securities may pay a fixed-dividend rate, but may be considered equity securities for purposes of a Fund’s investment restrictions (see “Preferred Stock” and “Hybrid Securities”). The fixed-income securities market has been and may continue to be negatively affected by the novel coronavirus pandemic. As with other serious economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes, including considerably lowering interest rates, which, in some cases could result in negative interest rates. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets and reduce market liquidity. To the extent the Fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the Fund would generate a negative return on that investment. Similarly, negative rates on investments by money market funds and similar cash management products could lead to losses on investments, including on investments of the Fund’s uninvested cash. Foreign Currency As measured in U.S. dollars, the value of assets denominated in foreign currencies may be affected favorably or unfavorably Transactions by changes in foreign currency rates and exchange control regulations. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign governments or central banks, or the failure to intervene, or by currency controls or political developments in the United States or abroad. If the U.S. dollar rises in value relative to a foreign currency, a security denominated in that foreign currency will be worth less in U.S. dollars. If the U.S. dollar decreases in value relative to a foreign currency, a security denominated in that foreign currency will be worth more in U.S. dollars. A devaluation of a currency by a country’s government or banking authority will have a significant impact on the value of any investments denominated in that currency. Foreign currency exchange transactions may be conducted on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market or through entering into derivative currency transactions (see “Forward Foreign Currency Exchange Contracts,” “Option Contracts,” “Futures Contracts” and “Swap Agreements – Currency Swaps” herein). Currency transactions are subject to the risk of a number of complex political and economic factors applicable to the countries issuing the underlying currencies. Furthermore, unlike trading in most other types of instruments, there is no systematic reporting of last sale information with respect to the foreign currencies underlying the derivative currency transactions. As a result, available information may not be complete. In an over-the- counter trading environment, there are no daily price fluctuation limits. Foreign Investing in securities issued by companies whose principal business activities are outside the United States may involve Investments significant risks not present in domestic investments. For example, because foreign companies may not be subject to uniform accounting, auditing and financial reporting standards, practices and requirements and regulatory measures comparable to those applicable to U.S. companies, there may be less publicly available information about a foreign company than about a domestic company. Volume and liquidity in most foreign debt markets is less than in the United States and securities of some foreign companies are less liquid and more volatile than securities of comparable U.S. companies. There is generally less government supervision and regulation of securities exchanges, broker-dealers and listed companies than in the United States. In addition, with respect to certain foreign countries, there is the possibility of nationalization, expropriation or confiscatory taxation, currency blockage, political or social instability, or diplomatic developments, which could affect investments in those countries. Any of these actions could adversely affect securities prices, impair the Fund’s ability to purchase or sell foreign securities, or transfer the Fund’s assets or income back to the United States, or otherwise adversely affect Fund operations. In the event of nationalization, expropriation or confiscation, the Fund could lose its entire investment in that country.

Eaton Vance Global Income Funds 52 SAI dated March 1, 2021 Other potential foreign market risks include exchange controls, difficulties in valuing securities, defaults on foreign government securities, and difficulties of enforcing favorable legal judgments in foreign courts. Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, reinvestment of capital, rate of inflation, capital reinvestment, resource self-sufficiency, and balance of payments position. Certain economies may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory measures. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States. Foreign countries may not have the infrastructure or resources to respond to natural and other disasters that interfere with economic activities, which may adversely affect issuers located in such countries. The U.S. is also renegotiating many of its global trade relationships and has imposed or threatened to impose significant import tariffs. These actions could lead to price volatility and overall declines in U.S. and global investment markets. Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Payment for securities before delivery may be required and in some countries delayed settlements are customary, which increases the Fund’s risk of loss. The Fund generally holds its foreign securities and related cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight over their operations. Also, the laws of certain countries may put limits on the Fund’s ability to recover its assets if a foreign bank, depository or issuer of a security or any of their agents goes bankrupt. Certain countries may require withholding on dividends paid on portfolio securities and on realized capital gains. In addition, it is often more expensive to buy, sell and hold securities in certain foreign markets than in the United States. Foreign brokerage commissions are generally higher than commissions on securities traded in the United States and may be non-negotiable. The fees paid to foreign banks and securities depositories generally are higher than those charged by U.S. banks and depositories. The increased expense of investing in foreign markets reduces the amount earned on investments and typically results in a higher operating expense ratio for the Fund as compared to investment companies that invest only in the United States. Depositary receipts (including American Depositary Receipts (“ADRs”) and Global Depositary Receipts “GDRs”)) are certificates evidencing ownership of shares of a foreign issuer and are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, they continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include the political and economic risks of the underlying issuer’s country, as well as in the case of depositary receipts traded on foreign markets, exchange risk. Depositary receipts may be sponsored or unsponsored. Unsponsored depositary receipts are established without the participation of the issuer. As a result, available information concerning the issuer of an unsponsored depository receipt may not be as current as for sponsored depositary receipts, and the prices of unsponsored depositary receipts may be more volatile than if such instruments were sponsored by the issuer. Unsponsored depositary receipts may involve higher expenses, may not pass through voting or other shareholder rights and they may be less liquid. Unless otherwise provided in the Prospectus, in determining the domicile of an issuer, the investment adviser may consider the domicile determination of the Fund’s benchmark index or a leading provider of global indexes and may take into account such factors as where the company’s securities are listed, and where the company is legally organized, maintains principal corporate offices and/or conducts its principal operations. In June 2016, the United Kingdom (“UK”) voted in a referendum to leave the European Union (“EU”) (“Brexit”). Effective January 31, 2020, the UK ceased to be a member of the EU and following a transition period, during which the EU and the UK Government engaged in a series of negotiations regarding the terms of the UK’s future relationship with the EU, the EU and the UK Government signed an agreement on December 30, 2020 regarding the economic relationship between the UK and the EU. This agreement became effective on a provisional basis on January 1, 2021. There remains significant market uncertainty regarding Brexit’s ramifications, and the range and potential implications of possible political, regulatory, economic, and market outcomes are difficult to predict. Moreover, the uncertainty about the ramifications of Brexit may cause significant volatility and/or declines in the value of the Euro and the British pound. The end of the Brexit transition period may cause greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence, and an increased likelihood of a recession in the UK. Brexit may create additional substantial economic stresses for the UK, including price volatility in UK stocks, capital outflows, wider corporate bond spreads due to uncertainty and declines in business and consumer spending as well as foreign direct investment. Brexit may also adversely affect UK-based financial firms that have counterparties in the EU or participate in market infrastructure (trading venues, clearing houses, settlement facilities) based in the EU. These consequences may be exacerbated by the COVID-19 pandemic. Political events, including nationalist unrest in Europe, uncertainties surrounding the sovereign debt of a number of EU countries and the viability of the EU (or the euro) itself, also may cause market disruptions. If one or more countries leave the EU or the EU dissolves, the world’s securities markets likely will be significantly disrupted.

Eaton Vance Global Income Funds 53 SAI dated March 1, 2021 Forward Foreign See also “Derivative Instruments and Related Risks” herein. A forward foreign currency exchange contract involves an Currency Exchange obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of Contracts the contract agreed upon by the parties, at a price set at the time of the contract. These contracts may be bought or sold to protect against an adverse change in the relationship between currencies or to increase exposure to a particular foreign currency. Cross-hedging may be done by using forward contracts in one currency (or basket of currencies) to hedge against fluctuations in the value of instruments denominated in a different currency (or the basket of currencies and the underlying currency). Use of a different foreign currency (for hedging or non-hedging purposes) magnifies exposure to foreign currency exchange rate fluctuations. Forward foreign currency exchange contracts are individually negotiated and privately traded so they are dependent upon the creditworthiness of the counterparty. The precise matching of the forward contract amounts and the value of the instruments denominated in the corresponding currencies will not generally be possible. In addition, it may not be possible to hedge against long-term currency changes. When a currency is difficult to hedge or to hedge against the U.S. dollar, the Fund may enter into a forward contract to sell a currency whose changes in value are generally considered to be linked to such currency. Currency transactions can result in losses if the currency being hedged fluctuates in value to a degree or in a direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies may not be present or may not be present during the particular time the hedge is in place. If the Fund purchases a bond denominated in a foreign currency with a higher interest rate than is available on U.S. bonds of a similar maturity, the additional yield on the foreign bond could be substantially reduced or lost if the Fund were to enter into a direct hedge by selling the foreign currency and purchasing the U.S. dollar. Some of the forward foreign currency exchange contracts may be classified as non-deliverable forwards (“NDFs”). NDFs are cash-settled, forward contracts that may be thinly traded. NDFs are commonly quoted for time periods of one month up to two years, and are normally quoted and settled in U.S. dollars, but may be settled in other currencies. They are often used to gain exposure to or hedge exposure to foreign currencies that are not internationally traded. NDFs may also be used to gain or hedge exposure to gold. Forward Rate See also “Derivative Instruments and Related Risks” herein. Under a forward rate agreement, the buyer locks in an interest Agreements rate at a future settlement date. If the interest rate on the settlement date exceeds the lock rate, the buyer pays the seller the difference between the two rates. If the lock rate exceeds the interest rate on the settlement date, the seller pays the buyer the difference between the two rates. Any such gain received by the Fund would be taxable. These instruments are traded in the OTC market. Futures Contracts See also “Derivative Instruments and Related Risks” herein. Futures contracts are standardized contracts that obligate a purchaser to take delivery, and a seller to make delivery, of a specific amount of the underlying reference instrument at a specified future date at a specified price. These contracts are traded on exchanges, so that, in most cases, either party can close out its position on the exchange for cash, without delivering the underlying asset. Upon purchasing or selling a futures contract, a purchaser or seller is required to deposit collateral (initial margin). Each day thereafter until the futures position is closed, the purchaser or seller will pay additional margin (variation margin) representing any loss experienced as a result of the futures position the prior day or be entitled to a payment representing any profit experienced as a result of the futures position the prior day. A public market exists in futures contracts covering a number of indexes as well as financial instruments and foreign currencies. It is expected that other futures contracts will be developed and traded in the future. In computing daily net asset value, the Fund will mark to market its open futures positions. The Fund is also required to deposit and maintain margin with respect to put and call options on futures contracts written by it. Futures contracts are traded on exchanges or boards of trade that are licensed by the CFTC and must be executed through a futures commission merchant or brokerage firm that is a member of the relevant exchange or board. Although some futures contracts call for making or taking delivery of the underlying reference instrument, generally these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (same exchange, underlying security or index, and delivery month). Closing a futures contract sale is effected by purchasing a futures contract for the same aggregate amount of the specific type of financial instrument or commodity with the same delivery date. If an offsetting purchase price is less than the original sale price, the Fund realizes a capital gain, or if it is more, the Fund realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, the Fund realizes a capital gain, or if it is less, the Fund realizes a capital loss. Hybrid Securities Hybrid securities generally possess certain characteristics of both equity and debt securities. These securities may at times behave more like equity than debt, or vice versa. Preferred stocks, convertible securities, trust preferred securities and certain debt obligations are types of hybrid securities. The investment adviser has sole discretion to determine whether an investment has hybrid characteristics and generally will consider the instrument’s preference over the issuer’s common shares, the term of the instrument at the time of issuance and/or the tax character of the instrument’s distributions. Debt instruments with a preference over common shares and a perpetual term or a term at issuance of thirty years or more generally are considered by the investment adviser to be hybrid securities. Hybrid securities generally do not have voting rights or have limited voting rights. Because hybrid securities have both debt and equity characteristics, their values vary in response to many factors, including general market and economic conditions, issuer-specific events, changes in interest rates, credit spreads and the credit quality of the issuer, and, for convertible securities, factors affecting the securities into which they convert. Hybrid securities may be subject to redemption at the option of the issuer at a predetermined price. Hybrid securities may pay a fixed or variable rate of interest or dividends. The prices and yields of nonconvertible hybrid

Eaton Vance Global Income Funds 54 SAI dated March 1, 2021 securities generally move with changes in interest rates and the issuer’s credit quality, similar to the factors affecting debt securities. If the issuer of a hybrid security experiences financial difficulties, the value of such security may be adversely affected similar to the issuer’s outstanding common stock or subordinated debt instruments. Trust preferred securities are issued by a special purpose trust that holds the subordinated debt of a company and, as such, are subject to the risks associated with such debt obligation. See also “Preferred Stock,” “Convertible Securities” and “Contingent Convertible Securities.” Illiquid Investments Certain investments are considered illiquid or restricted due to a limited trading market or legal or contractual restrictions on resale or transfer, or are otherwise illiquid because they cannot be sold or disposed of in seven calendar days or less under then-current market conditions without the sale or disposition significantly changing the market value of the investment. Such illiquid investments may include commercial paper issued pursuant to Section 4(a)(2) of the 1933 Act and securities eligible for resale pursuant to Rule 144A thereunder. Rule 144A securities may increase the level of portfolio illiquidity if eligible buyers become uninterested in purchasing such securities. It may be difficult to sell illiquid investments at a price representing fair value until such time as the investments may be sold publicly. It also may be more difficult to determine the fair value of such investments for purposes of computing the Fund’s net asset value. Where registration is required, a considerable period of time may elapse between a decision to sell the investments and the time when the Fund would be permitted to sell. Thus, the Fund may not be able to obtain as favorable a price as that prevailing at the time of the decision to sell. The Fund may incur additional expense when disposing of illiquid investments, including all or a portion of the cost to register the investments. The Fund also may acquire investments through private placements under which it may agree to contractual restrictions on the resale of such investments that are in addition to applicable legal restrictions. Such restrictions might prevent the sale of such investments at a time when such sale would otherwise be desirable. At times, a portion of the Fund’s assets may be invested in investments as to which the Fund, by itself or together with other accounts managed by the investment adviser and its affiliates, holds a major portion or all of such investments. Under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, the Fund could find it more difficult to sell such investments when the investment adviser believes it advisable to do so or may be able to sell such investments only at prices lower than if such investments were more widely held. It may also be more difficult to determine the fair value of such investments for purposes of computing the Fund’s net asset value. See also “Restricted Securities.” Indexed Securities See also “Derivative Instruments and Related Risks” herein. Indexed securities are securities that fluctuate in value with an index. The interest rate or, in some cases, the principal payable at the maturity of an indexed security may change positively or inversely in relation to one or more interest rates, financial indices, securities prices or other financial indicators (“reference prices”). An indexed security may be leveraged to the extent that the magnitude of any change in the interest rate or principal payable on an indexed security is a multiple of the change in the reference price. Thus, indexed securities may decline in value due to adverse market changes in reference prices. Because indexed securities derive their value from another instrument, security or index, they are considered derivative debt securities, and are subject to different combinations of prepayment, extension, interest rate and/or other market risks. Indexed securities may include interest only (“IO”) and principal only (“PO”) securities, floating rate securities linked to the Cost of Funds Index (“COFI floaters”), other “lagging rate” floating securities, floating rate securities that are subject to a maximum interest rate (“capped floaters”), leveraged floating rate securities (“super floaters”), leveraged inverse floating rate securities (“inverse floaters”), dual index floaters, range floaters, index amortizing notes and various currency indexed notes. Indexed securities may be issued by the U.S. Government or one of its agencies or instrumentalities or, if privately issued, collateralized by mortgages that are insured, guaranteed or otherwise backed by the U.S. Government, its agencies or instrumentalities. Inflation-Indexed Inflation-indexed bonds are fixed-income securities the principal value of which is periodically adjusted according to the (or Inflation- rate of inflation. Inflation-indexed bonds are issued by governments, their agencies or instrumentalities and corporations. Linked) Bonds Two structures are common: The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the inflation accruals as part of a semiannual coupon. The principal amount of an inflation-indexed bond is adjusted in response to changes in the level of inflation. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, and therefore, the principal amount of such bonds cannot be reduced below par even during a period of deflation. However, the current market value of these bonds is not guaranteed and will fluctuate, reflecting the risk of changes in their yields. In certain jurisdictions outside the United States, the repayment of the original bond principal upon the maturity of an inflation-indexed bond is not guaranteed, allowing for the amount of the bond repaid at maturity to be less than par. The interest rate for inflation-indexed bonds is fixed at issuance as a percentage of this adjustable principal. Accordingly, the actual interest income may both rise and fall as the principal amount of the bonds adjusts in response to movements in the Consumer Price Index. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation- indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise,

Eaton Vance Global Income Funds 55 SAI dated March 1, 2021 leading to a decrease in value of inflation-indexed bonds. While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond’s inflation measure. Investing in a The Board may discontinue the Fund’s investment in one or more Portfolios if it determines that it is in the best interest of Portfolio the Fund and its shareholders to do so. In such an event, the Board would consider what action might be taken, including investing Fund assets in another pooled investment entity, instructing the investment adviser to invest Fund assets directly or retaining an investment adviser to manage Fund assets in accordance with its investment objective(s). The Fund’s investment performance and expense ratio may be affected if its investment structure is changed or if another Portfolio investor withdraws all or a portion of its investment in the Portfolio. Investments in the The Subsidiary is organized under the laws of the Cayman Islands, and is overseen by a sole director affiliated with Eaton Subsidiary Vance. The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The Subsidiary expects to invest primarily in commodity-linked derivative instruments, including swap agreements, commodity options, futures and options on futures, backed by a portfolio of inflation-indexed securities and other fixed-income securities and is also permitted to invest in any other investments permitted by the Fund. To the extent that the Fund invests in the Subsidiary, the Fund will be subject to the risks associated with those derivative instruments and other securities, which are discussed elsewhere in the Prospectus and this SAI. While the Subsidiary may be operated similarly to the Fund, it is not registered under the 1940 Act and, unless otherwise noted in the Prospectus and this SAI, is not subject to the investor protections of the 1940 Act and other U.S. regulations. Changes in the laws of the U.S. and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in the Prospectus and this SAI and could negatively affect the Fund and its shareholders. Junior Loans Due to their lower place in the borrower’s capital structure and possible unsecured status, certain loans (“Junior Loans”) involve a higher degree of overall risk than Senior Loans (described below) of the same borrower. Junior Loans may be direct loans or purchased either in the form of an assignment or a loan participation. Junior Loans are subject to the same general risks inherent in any loan investment (see “Loans” below). Junior Loans include secured and unsecured subordinated loans, as well as second lien loans and subordinated bridge loans. A second lien loan is generally second in line in terms of repayment priority and may have a claim on the same collateral pool as the first lien, or it may be secured by a separate set of assets. Second lien loans generally give investors priority over general unsecured creditors in the event of an asset sale. Bridge loans or bridge facilities are short-term loan arrangements (e.g., 12 to 18 months) typically made by a borrower in anticipation of intermediate-term or long-term permanent financing. Most bridge loans are structured as floating-rate debt with step-up provisions under which the interest rate on the bridge loan rises the longer the loan remains outstanding and may be converted into senior exchange notes if the loan has not been prepaid in full on or prior to its maturity date. Bridge loans may be subordinate to other debt and may be secured or unsecured. Bridge loans are generally made with the expectation that the borrower will be able to obtain permanent financing in the near future. Any delay in obtaining permanent financing subjects the bridge loan investor to increased risk. A borrower with an outstanding bridge loan may be unable to locate permanent financing to replace the bridge loan, which may impair the borrower’s perceived creditworthiness. From time to time, the Fund may make a commitment to participate in a bridge loan facility, obligating itself to participate in the facility if it funds. In return for this commitment, the Fund receives a fee. For additional disclosure relating to investing in loans (including Junior Loans), see “Loans” below. LIBOR Transition The London Interbank Offered Rate (“LIBOR”) is the average offered rate for various maturities of short-term loans between and Associated major international banks who are members of the British Bankers Association. LIBOR is the most common benchmark Risk interest rate index used to make adjustments to variable-rate loans. It is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. In July 2017, the Financial Conduct Authority (the “FCA”), the United Kingdom financial regulatory body, announced a desire to phase out the use of LIBOR. It is currently anticipated that this phase-out will occur beginning at the end of 2021. In June 2017, the Alternative Reference Rates Committee, a group of large U.S. banks working with the Federal Reserve, announced its selection of a new Secured Overnight Financing Rate (“SOFR”), which is intended to be a broad measure of secured overnight U.S. Treasury repo rates, as an appropriate replacement for LIBOR. The Federal Reserve Bank of New York began publishing the SOFR in 2018, with the expectation that it could be used on a voluntary basis in new instruments and transactions. Bank working groups and regulators in other countries have suggested other alternatives for their markets, including the Sterling Overnight Interbank Average Rate (“SONIA”) in England. Various financial industry groups are planning for the transition, but there are obstacles to converting certain longer term securities and transactions to a new benchmark. Although the transition process away from LIBOR is expected to be well- defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate or rates. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR. The transition may also result in a change in (i) the value of certain instruments held by the Fund, (ii) the cost of temporary or other borrowing for the Fund (if

Eaton Vance Global Income Funds 56 SAI dated March 1, 2021 applicable), or (iii) the effectiveness of related Fund transactions such as hedges, as applicable. When LIBOR is discontinued, the LIBOR replacement rate may be lower than market expectations, which could have an adverse impact on the value of preferred and debt-securities with floating or fixed-to-floating rate coupons. Additionally, while some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative or “fallback” rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments have such fallback provisions, and many that do, do not contemplate the permanent cessation of LIBOR. While it is expected that market participants will amend legacy financial instruments referencing LIBOR to include fallback provisions to alternative reference rates, there remains uncertainty regarding the willingness and ability of parties to add or amend such fallback provisions in legacy instruments maturing after the end of 2021, particularly with respect to legacy cash products. Liquid markets for newly-issued instruments that use an alternative reference rate are still developing. Consequently, there may be challenges for a Fund to enter into hedging transactions against instruments tied to alternative reference rates until a market for such hedging transactions develops. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects may occur prior to the discontinuation date. Liquidity or See also “Derivative Instruments and Related Risks” herein. The Fund may enter into a separate agreement with the seller Protective Put of an instrument or some other person granting the Fund the right to put the instrument to the seller thereof or the other Agreements person at an agreed upon price. Interest income generated by certain municipal bonds with put or demand features may be taxable. Loans Loans may be primary, direct investments or investments in loan assignments or participation interests. A loan assignment represents a portion or the entirety of a loan and a portion of the entirety of a position previously attributable to a different lender. The purchaser of an assignment typically succeeds to all the rights and obligations under the loan agreement and has the same rights and obligations as the assigning investor. However, assignments through private negotiations may cause the purchaser of an assignment to have different and more limited rights than those held by the assigning investor. Loan participation interests are interests issued by a lender or other entity and represent a fractional interest in a loan. The Fund typically will have a contractual relationship only with the financial institution that issued the participation interest. As a result, the Fund may have the right to receive payments of principal, interest and any fees to which it is entitled only from the financial institution and only upon receipt by such entity of such payments from the borrower. In connection with purchasing a participation interest, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights with respect to any funds acquired by other investors through set-off against the borrower and the Fund may not directly benefit from the collateral supporting the loan in which it has purchased the participation interest. As a result, the Fund may assume the credit risk of both the borrower and the financial institution issuing the participation interest. In the event of the insolvency of the entity issuing a participation interest, the Fund may be treated as a general creditor of such entity. Loans may be originated by a lending agent, such as a financial institution or other entity, on behalf of a group or “syndicate” of loan investors (the “Loan Investors”). In such a case, the agent administers the terms of the loan agreement and is responsible for the collection of principal, and interest payments from the borrower and the apportionment of these payments to the Loan Investors. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by the Fund. Furthermore, unless under the terms of a loan agreement or participation (as applicable) the Fund has direct recourse against the borrower, the Fund must rely on the Agent and the other Loan Investors to pursue appropriate remedies against the borrower. Loan investments may be made at par or at a discount or premium to par. The interest payable on a loan may be fixed or floating rate, and paid in cash or in-kind. In connection with transactions in loans, the Fund may be subject to facility or other fees. Loans may be secured by specific collateral or other assets of the borrower, guaranteed by a third party, unsecured or subordinated. During the term of a loan, the value of any collateral securing the loan may decline in value, causing the loan to be under collateralized. Collateral may consist of assets that may not be readily liquidated, and there is no assurance that the liquidation of such assets would satisfy fully a borrower’s obligations under the loan. In addition, if a loan is foreclosed, the Fund could become part owner of the collateral and would bear the costs and liabilities associated with owning and disposing of such collateral. A lender’s repayment and other rights primarily are determined by governing loan, assignment or participation documents, which (among other things) typically establish the priority of payment on the loan relative to other indebtedness and obligations of the borrower. A borrower typically is required to comply with certain covenants contained in a loan agreement between the borrower and the holders of the loan. The types of covenants included in loan agreements generally vary depending on market conditions, the creditworthiness of the issuer, and the nature of the collateral securing the loan. Loans with fewer covenants that restrict activities of the borrower may provide the borrower with more flexibility to take actions that may be detrimental to the loan holders and provide fewer investor protections in the event covenants are breached. The Fund may experience relatively greater realized or unrealized losses or delays and expense in enforcing its rights with respect to loans with fewer restrictive covenants. Loans to entities located outside of the U.S. (including to sovereign entities) may have substantially different lender protections and covenants as compared to loans to U.S. entities and may

Eaton Vance Global Income Funds 57 SAI dated March 1, 2021 involve greater risks. In the event of bankruptcy, applicable law may impact a lender’s ability to enforce its rights. The Fund may have difficulties and incur expense enforcing its rights with respect to non-U.S. loans and such loans could be subject to bankruptcy laws that are materially different than in the U.S. Sovereign entities may be unable or unwilling to meet their obligations under a loan due to budgetary limitations or economic or political changes within the country. Investing in loans involves the risk of default by the borrower or other party obligated to repay the loan. In the event of insolvency of the borrower or other obligated party, the Fund may be treated as a general creditor of such entity unless it has rights that are senior to that of other creditors or secured by specific collateral or assets of the borrower. Fixed-rate loans are also subject to the risk that their value will decline in a rising interest rate environment. This risk is mitigated for floating-rate loans, where the interest rate payable on the loan resets periodically by reference to a base lending rate. The base lending rate usually is the London Interbank Offered Rate (“LIBOR”), the Federal Reserve federal funds rate, the prime rate or other base lending rates used by commercial lenders. LIBOR usually is an average of the interest rates quoted by several designated banks as the rates at which they pay interest to major depositors in the London interbank market on U.S. dollar- denominated deposits. Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR beginning at the end of 2021. Due to this announcement, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential effect of a transition away from LIBOR on the Fund or the financial instruments in which the Fund invests cannot yet be determined. See “LIBOR Transition and Associated Risk” herein. The Fund will take whatever action it considers appropriate in the event of anticipated financial difficulties, default or bankruptcy of the borrower or other entity obligated to repay a loan. Such action may include: (i) retaining the services of various persons or firms (including affiliates of the investment adviser) to evaluate or protect any collateral or other assets securing the loan or acquired as a result of any such event; (ii) managing (or engaging other persons to manage) or otherwise dealing with any collateral or other assets so acquired; and (iii) taking such other actions (including, but not limited to, payment of operating or similar expenses relating to the collateral) as the investment adviser may deem appropriate to reduce the likelihood or severity of loss on the Fund’s investment and/or maximize the return on such investment. The Fund will incur additional expenditures in taking protective action with respect to loans in (or anticipated to be in) default and assets securing such loans. In certain circumstances, the Fund may receive equity or equity-like securities from a borrower to settle the loan or may acquire an equity interest in the borrower. Representatives of the Fund also may join creditor or similar committees relating to loans. Lenders can be sued by other creditors and the debtor and its shareholders. Losses could be greater than the original loan amount and occur years after the loan’s recovery. If a borrower becomes involved in bankruptcy proceedings, a court may invalidate the Fund’s security interest in any loan collateral or subordinate the Fund’s rights under the loan agreement to the interests of the borrower’s unsecured creditors or cause interest previously paid to be refunded to the borrower. There are also other events, such as the failure to perfect a security interest due to faulty documentation or faulty official filings, which could lead to the invalidation of the Fund’s security interest in loan collateral. If any of these events occur, the Fund’s performance could be negatively affected. Interests in loans generally are not listed on any national securities exchange or automated quotation system and no active market may exist for many loans, making them illiquid. As described below, a secondary market exists for many Senior Loans, but it may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. From time to time the investment adviser and its affiliates may borrow money from various banks in connection with their business activities. Such banks may also sell interests in loans to or acquire them from the Fund or may be intermediate participants with respect to loans in which the Fund owns interests. Such banks may also act as agents for loans held by the Fund. To the extent that legislation or state or federal regulators that regulate certain financial institutions impose additional requirements or restrictions with respect to the ability of such institutions to make loans, particularly in connection with highly leveraged transactions, the availability of loans for investment may be adversely affected. Further, such legislation or regulation could depress the market value of loans. For additional disclosures relating to Junior and Senior Loans, see “Junior Loans” and “Senior Loans” herein. Lower Rated Lower rated investments (commonly referred to as “junk”) are of below investment grade quality and generally provide Investments greater income potential and/or increased opportunity for capital appreciation than higher quality investments but they also typically entail greater potential price volatility and principal and income risk. Lower rated investments are regarded as predominantly speculative with respect to the entity’s continuing ability to make timely principal and interest payments. Also, their yields and market values may fluctuate more than higher rated investments. Fluctuations in value do not affect the cash income from lower rated investments, but are reflected in the Fund’s net asset value. The greater risks and fluctuations in yield and value occur, in part, because investors generally perceive issuers of lower rated and unrated investments to be less creditworthy. The secondary market for lower rated investments may be less liquid than the market for higher grade investments.

Eaton Vance Global Income Funds 58 SAI dated March 1, 2021 Master Limited MLPs are publicly-traded limited partnership interests or units. An MLP that invests in a particular industry (e.g., oil and Partnerships gas) will be harmed by detrimental economic events within that industry. As partnerships, MLPs may be subject to less (“MLPs”) regulation (and less protection for investors) under state laws than corporations. In addition, MLPs may be subject to state taxation in certain jurisdictions, which may reduce the amount of income paid by an MLP to its investors. Effective for taxable years beginning after December 31, 2017, the Tax Cuts and Jobs Act generally allows individuals and certain other non-corporate entities, such as partnerships, a deduction for 20% of “qualified publicly traded partnership income” such as income from MLPs. However, the law does not include any provision for a regulated investment company to pass the character of its qualified publicly traded partnership income through to its shareholders. As a result, an investor who invests directly in MLPs will be able to receive the benefit of that deduction, while a shareholder of the Fund will not. Money Market Money market instruments include short term, high quality, U.S. dollar denominated instruments such as commercial Instruments paper, certificates of deposit and bankers’ acceptances issued by U.S. or foreign banks, and Treasury bills and other obligations with a maturity of one year or less, including those issued or guaranteed by U.S. Government agencies and instrumentalities. See “U.S. Government Securities” below. Certificates of deposit or time deposits are certificates issued against funds deposited in a commercial bank, are for a definite period of time, earn a specified rate of return, and are normally negotiable. Bankers’ acceptances are short-term credit instruments used to finance the import, export, transfer or storage of goods. They are termed “accepted” when a bank guarantees their payment at maturity. The obligations of foreign branches of U.S. banks may be general obligations of the parent bank in addition to the issuing branch, or may be limited by the terms of a specific obligation and by governmental regulation. Payment of interest and principal upon these obligations may also be affected by governmental action in the country of domicile of the branch (generally referred to as sovereign risk). In addition, evidence of ownership of portfolio securities may be held outside of the U.S. and generally will be subject to the risks associated with the holding of such property overseas. Various provisions of U.S. law governing the establishment and operation of domestic branches do not apply to foreign branches of domestic banks. The obligations of U.S. branches of foreign banks may be general obligations of the parent bank in addition to the issuing branch, or may be limited by the terms of a specific obligation and by federal and state regulation as well as by governmental action in the country in which the foreign bank has its head office. Money market instruments are often acquired directly from the issuers thereof or otherwise are normally traded on a net basis (without commission) through broker-dealers and banks acting for their own account. Such firms attempt to profit from such transactions by buying at the bid price and selling at the higher asked price of the market, and the difference is customarily referred to as the spread. Money market instruments may be adversely affected by market and economic events, such as a sharp rise in prevailing short-term interest rates; adverse developments in the banking industry, which issues or guarantees many money market securities; adverse economic, political or other developments affecting domestic issuers of money market securities; changes in the credit quality of issuers; and default by a counterparty. These securities may be subject to federal income, state income and/or other taxes. Instead of investing in money market instruments directly, the Fund may invest in an affiliated or unaffiliated money market fund. Recent actions by governmental authorities in response to the economic disruptions caused by the COVID-19 pandemic have included dramatic reductions in interest rates, which in some cases could result in negative rates on investments in money market funds and similar cash management products. During unusual market conditions, the Fund may invest up to 100% of its assets in cash or cash equivalents temporarily, which may be inconsistent with its investment objective(s) and other policies. Mortgage-Backed MBS are “pass through” securities, meaning that a pro rata share of regular interest and principal payments, as well as Securities (“MBS”) unscheduled early prepayments, on the underlying mortgage pool is passed through monthly to the holder. MBS may include conventional mortgage pass through securities, participation interests in pools of adjustable and fixed rate mortgage loans, stripped securities (described herein), floating rate mortgage-backed securities and certain classes of multiple class CMOs. MBS pay principal to the holder over their term, which differs from other forms of debt securities that normally provide for principal payment at maturity or specified call dates. MBS are subject to the general risks associated with investing in real estate securities; that is, they may lose value if the value of the underlying real estate to which a pool of mortgages relates declines. In addition, investments in MBS involve certain specific risks, including the failure of a party to meet its commitments under the related operative documents, adverse interest rate changes, and the effects of prepayments on mortgage cash flows and that any guarantee or other structural feature, if present, is insufficient to enable the timely payment of interest and principal on the MBS. Although certain MBS are guaranteed as to timely payment of interest and principal by a government-sponsored enterprise, the market price for such securities is not guaranteed and will fluctuate. Certain MBS may be purchased on a when-issued basis subject to certain limitations and requirements. There are currently four types of MBS: (1) those issued by the U.S. Government or one of its agencies or instrumentalities, such as the Government National Mortgage Association (“GNMA”), the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Mortgage Corporation (“FHLMC”); (2) those issued by private issuers that represent an interest in or are collateralized by pass through securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities; (3) those issued by the U.S. Government or one of its agencies or instrumentalities without a government guarantee, such as credit risk transfer bonds; and (4) those issued by private issuers that represent an interest in or are collateralized by whole mortgage loans or pass through securities without a government guarantee but that usually have some form of private credit enhancement. Privately issued MBS are structured similar to GNMA, FNMA and FHLMC MBS, and are issued by originators of, or investors in, mortgage loans, including depositary institutions, mortgage banks and special purpose subsidiaries of the foregoing.

Eaton Vance Global Income Funds 59 SAI dated March 1, 2021 GNMA Certificates and FNMA Mortgage-Backed Certificates are MBS representing part ownership of a pool of mortgage loans. GNMA loans (issued by lenders such as mortgage bankers, commercial banks and savings and loan associations) are either insured by the Federal Housing Administration or guaranteed by the Veterans Administration. A pool of such mortgages is assembled and, after being approved by GNMA, is offered to investors through securities dealers. Once such pool is approved by GNMA, the timely payment of interest and principal on the Certificates issued representing such pool is guaranteed by the full faith and credit of the U.S. Government. GNMA is a wholly owned U.S. Government corporation within the Department of Housing and Urban Development. FNMA, a federally chartered corporation owned entirely by private stockholders, purchases both conventional and federally insured or guaranteed residential mortgages from various entities, including savings and loan associations, savings banks, commercial banks, credit unions and mortgage bankers, and packages pools of such mortgages in the form of pass-through securities generally called FNMA Mortgage-Backed Certificates, which are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government; however, they are supported by the right of FNMA to borrow from the U.S. Treasury Department. FHLMC, a corporate instrumentality of the U.S. Government created by Congress for the purposes of increasing the availability of mortgage credit for residential housing, issues participation certificates (“PCs”) representing undivided interest in FHLMC’S mortgage portfolio. While FHLMC guarantees the timely payment of interest and ultimate collection of the principal of its PCs, its PCs are not backed by the full faith and credit of the U.S. Government. FHLMC PCs differ from GNMA Certificates in that the mortgages underlying the PCs are monthly “conventional” mortgages rather than mortgages insured or guaranteed by a federal agency or instrumentality. However, in several other respects, such as the monthly pass- through of interest and principal (including unscheduled prepayments) and the unpredictability of future unscheduled prepayments on the underlying mortgage pools, FHLMC PCs are similar to GNMA Certificates. While it is not possible to accurately predict the life of a particular issue of MBS, the actual life of any such security is likely to be substantially less than the final maturities of the mortgage loans underlying the security. This is because unscheduled early prepayments of principal on MBS will result from the prepayment, refinancings or foreclosure of the underlying mortgage loans in the mortgage pool. Prepayments of MBS may not be able to be reinvested at the same interest rate. Because of the regular scheduled payments of principal and the early unscheduled prepayments of principal, MBS are less effective than other types of obligations as a means of “locking-in” attractive long-term interest rates. As a result, this type of security may have less potential for capital appreciation during periods of declining interest rates than other U.S. Government securities of comparable maturities, although many issues of MBS may have a comparable risk of decline in market value during periods of rising interest rates. If MBS are purchased at a premium above their par value, a scheduled payment of principal and an unscheduled prepayment of principal, which would be made at par, will accelerate the realization of a loss equal to that portion of the premium applicable to the payment or prepayment. If MBS have been purchased at a discount from their par value, both a scheduled payment of principal and an unscheduled prepayment of principal will increase current returns and will accelerate the recognition of income, which, when distributed to Fund shareholders, will be taxable as ordinary income. Mortgage Dollar In a mortgage dollar roll, the Fund sells MBS for delivery in the current month and simultaneously contracts to repurchase Rolls substantially similar (same type, coupon and maturity) MBS on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the MBS. The Fund is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sales. Cash proceeds may be invested in instruments that are permissible investments for the Fund. The use of mortgage dollar rolls is a speculative technique involving leverage. A “covered roll” is a specific type of dollar roll for which there is an offsetting cash position or permissible liquid assets earmarked or in a segregated account to secure the obligation for the forward commitment to buy MBS, or a cash equivalent security position that matures on or before the forward settlement date of the dollar roll transaction. The Fund will only enter into covered rolls. Covered rolls are not treated as a borrowing or other senior security and will be excluded from the calculation of the Fund’s borrowings and other senior securities. Municipal Lease An MLO is a bond that is secured by lease payments made by the party, typically a state or municipality, leasing the facilities Obligations (e.g., schools or office buildings) that were financed by the bond. Such lease payments may be subject to annual (“MLOs”) appropriation or may be made only from revenues associated with the facility financed. In other cases, the leasing state or municipality is obligated to appropriate funds from its general tax revenues to make lease payments as long as it utilizes the leased property. MLOs, like other municipal debt obligations, are subject to the risk of non-payment. Although MLOs do not constitute general obligations of the issuer for which the issuer’s unlimited taxing power is pledged, a lease obligation is frequently backed by the issuer’s covenant to budget for, appropriate and make the payments due under the lease obligation. However, certain lease obligations contain “non-appropriation” clauses, which provide that the issuer has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations may be secured by the leased property, disposition of the property in the event of foreclosure might prove difficult. A certificate of participation (also referred to as a “participation”) in a municipal lease is an instrument evidencing a pro rata share in a specific pledged revenue stream, usually lease payments by the issuer that are typically subject to annual appropriation. The certificate generally entitles the holder to receive a share, or participation, in the payments from a particular project.

Eaton Vance Global Income Funds 60 SAI dated March 1, 2021 MLOs and participations therein represent a type of financing that may not have the depth of marketability associated with more conventional securities and, as such, they may be less liquid than conventional securities. Certain MLOs may be deemed illiquid for the purpose of the Fund’s limitation on investments in illiquid investments. The ability of issuers of MLOs to make timely lease payments may be adversely impacted in general economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state and local governmental units. Such non-payment would result in a reduction of income from and value of the obligation. Issuers of MLOs might seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, holders of MLOs could experience delays and limitations with respect to the collection of principal and interest on such MLOs and may not, in all circumstances, be able to collect all principal and interest to which it is entitled. To enforce its rights in the event of a default in lease payments, the Fund might take possession of and manage the assets securing the issuer’s obligations on such securities or otherwise incur costs to protect its rights, which may increase the Fund’s operating expenses and adversely affect the net asset value of the Fund. When the lease contains a non-appropriation clause, however, the failure to pay would not be a default and the Fund would not have the right to take possession of the assets. Any income derived from the Fund’s ownership or operation of such assets may not be tax-exempt. Municipal Municipal obligations include debt obligations issued to obtain funds for various public purposes, including the Obligations construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general operating expenses and loans to other public institutions and facilities. Certain types of bonds are issued by or on behalf of public authorities to finance various privately owned or operated facilities, including certain facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other specialized facilities. Municipal obligations include bonds as well as tax-exempt commercial paper, project notes and municipal notes such as tax, revenue and bond anticipation notes of short maturity, generally less than three years. While most municipal bonds pay a fixed rate of interest semiannually in cash, there are exceptions. Some bonds pay no periodic cash interest, but rather make a single payment at maturity representing both principal and interest. Some bonds may pay interest at a variable or floating rate. Bonds may be issued or subsequently offered with interest coupons materially greater or less than those then prevailing, with price adjustments reflecting such deviation. Municipal obligations also include trust certificates representing interests in municipal securities held by a trustee. The trust certificates may evidence ownership of future interest payments, principal payments or both on the underlying securities. In general, there are three categories of municipal obligations, the interest on which is exempt from federal income tax and is not a tax preference item for purposes of the AMT: (i) certain “public purpose” obligations (whenever issued), which include obligations issued directly by state and local governments or their agencies to fulfill essential governmental functions; (ii) certain obligations issued before August 8, 1986 for the benefit of non-governmental persons or entities; and (iii) certain “private activity bonds” issued after August 7, 1986, which include “qualified Section 501(c)(3) bonds” or refundings of certain obligations included in the second category. Opinions relating to the validity of municipal bonds, exclusion of municipal bond interest from an investor’s gross income for federal income tax purposes and, where applicable, state and local income tax, are rendered by bond counsel to the issuing authorities at the time of issuance. Interest on certain “private activity bonds” issued after August 7, 1986 is exempt from regular federal income tax, but such interest (including a distribution by the Fund derived from such interest) is treated as a tax preference item that could subject the recipient to or increase the recipient’s liability for the AMT. The two principal classifications of municipal bonds are “general obligation” and “revenue” bonds. Issuers of general obligation bonds include states, counties, cities, towns and regional districts. The proceeds of these obligations are used to fund a wide range of public projects, including the construction or improvement of schools, highways and roads, water and sewer systems and a variety of other public purposes. The basic security of general obligation bonds is the issuer’s pledge of its faith, credit, and taxing power for the payment of principal and interest. The taxes that can be levied for the payment of debt service may be limited or unlimited as to rate and amount. Typically, the only security for a limited obligation or revenue bond is the net revenue derived from a particular facility or class of facilities financed thereby or, in some cases, from the proceeds of a special tax or other special revenues. Revenue bonds have been issued to fund a wide variety of revenue-producing public capital projects including: electric, gas, water and sewer systems; highways, bridges and tunnels; port and airport facilities; colleges and universities; hospitals; and convention, recreational, tribal gaming and housing facilities. Although the security behind these bonds varies widely, many lower rated bonds provide additional security in the form of a debt service reserve fund that may also be used to make principal and interest payments on the issuer’s obligations. In addition, some revenue obligations (as well as general obligations) are insured by a bond insurance company or backed by a letter of credit issued by a banking institution. Revenue bonds also include, for example, pollution control, health care and housing bonds, which, although nominally issued by municipal authorities, are generally not secured by the taxing power of the municipality but by the revenues of the authority derived from payments by the private entity that owns or operates the facility financed with the proceeds of the bonds. Obligations of housing finance authorities have a wide range of security features, including reserve funds and insured or subsidized mortgages, as well as the net revenues from housing or other public projects. Many of these bonds do not generally constitute the pledge of the credit of the issuer of such bonds. The credit quality of such revenue bonds is usually directly related to the credit standing of the user of the facility being financed or of an institution which provides a

Eaton Vance Global Income Funds 61 SAI dated March 1, 2021 guarantee, letter of credit or other credit enhancement for the bond issue. The Fund may on occasion acquire revenue bonds that carry warrants or similar rights covering equity securities. Such warrants or rights may be held indefinitely, but if exercised, the Fund anticipates that it would, under normal circumstances, dispose of any equity securities so acquired within a reasonable period of time. Investing in revenue bonds may involve (without limitation) the following risks. Hospital bond ratings are often based on feasibility studies that contain projections of expenses, revenues and occupancy levels. A hospital’s income available to service its debt may be influenced by demand for hospital services, management capabilities, the service area economy, efforts by insurers and government agencies to limit rates and expenses, competition, availability and expense of malpractice insurance, and Medicaid and Medicare funding. Education-related bonds are comprised of two types: (i) those issued to finance projects for public and private colleges and universities, charter schools and private schools, and (ii) those representing pooled interests in student loans. Bonds issued to supply educational institutions with funding are subject to many risks, including the risks of unanticipated revenue decline, primarily the result of decreasing student enrollment, decreasing state and federal funding, or changes in general economic conditions. Additionally, higher than anticipated costs associated with salaries, utilities, insurance or other general expenses could impair the ability of a borrower to make annual debt service payments. Student loan revenue bonds are generally offered by state (or sub-state) authorities or commissions and are backed by pools of student loans. Underlying student loans may be guaranteed by state guarantee agencies and may be subject to reimbursement by the United States Department of Education through its guaranteed student loan program. Others may be private, uninsured loans made to parents or students that may be supported by reserves or other forms of credit enhancement. Cash flows supporting student loan revenue bonds are impacted by numerous factors, including the rate of student loan defaults, seasoning of the loan portfolio, and student repayment deferral periods of forbearance. Other risks associated with student loan revenue bonds include potential changes in federal legislation regarding student loan revenue bonds, state guarantee agency reimbursement and continued federal interest and other program subsidies currently in effect. Transportation debt may be issued to finance the construction of airports, toll roads, highways, or other transit facilities. Airport bonds are dependent on the economic conditions of the airport’s service area and may be affected by the business strategies and fortunes of specific airlines. They may also be subject to competition from other airports and modes of transportation. Air traffic generally follows broader economic trends and is also affected by the price and availability of fuel. Toll road bonds are also affected by the cost and availability of fuel as well as toll levels, the presence of competing roads and the general economic health of an area. Fuel costs, transportation taxes and fees, and availability of fuel also affect other transportation-related securities, as do the presence of alternate forms of transportation, such as public transportation. Industrial development bonds (“IDBs”) are normally secured only by the revenues from the project and not by state or local government tax payments, they are subject to a wide variety of risks, many of which relate to the nature of the specific project. Generally, IDBs are sensitive to the risk of a slowdown in the economy. Electric utilities face problems in financing large construction programs in an inflationary period, cost increases and delay occasioned by safety and environmental considerations (particularly with respect to nuclear facilities), difficulty in obtaining fuel at reasonable prices, and in achieving timely and adequate rate relief from regulatory commissions, effects of energy conservation and limitations on the capacity of the capital market to absorb utility debt. Water and sewer revenue bonds are generally secured by the fees charged to each user of the service. The issuers of water and sewer revenue bonds generally enjoy a monopoly status and latitude in their ability to raise rates. However, lack of water supply due to insufficient rain, run-off, or snow pack can be a concern and has led to past defaults. Further, public resistance to rate increases, declining numbers of customers in a particular locale, costly environmental litigation, and federal environmental mandates are challenges faced by issuers of water and sewer bonds. The obligations of any person or entity to pay the principal of and interest on a municipal obligation are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors, such as the Federal Bankruptcy Act, and laws, if any, that may be enacted by Congress or state legislatures extending the time for payment of principal or interest, or both, or imposing other constraints upon enforcement of such obligations. Certain bond structures may be subject to the risk that a taxing authority may issue an adverse ruling regarding tax-exempt status. There is also the possibility that as a result of adverse economic conditions (including unforeseen financial events, natural disasters and other conditions that may affect an issuer’s ability to pay its obligations), litigation or other conditions, the power or ability of any person or entity to pay when due principal of and interest on a municipal obligation may be materially affected or interest and principal previously paid may be required to be refunded. There have been instances of defaults and bankruptcies involving municipal obligations that were not foreseen by the financial and investment communities. The Fund will take whatever action it considers appropriate in the event of anticipated financial difficulties, default or bankruptcy of either the issuer of any municipal obligation or of the underlying source of funds for debt service. Such action may include: (i) retaining the services of various persons or firms (including affiliates of the investment adviser) to evaluate or protect any real estate, facilities or other assets securing any such obligation or acquired by the Fund as a result of any such event; (ii) managing (or engaging other persons to manage) or otherwise dealing with any real estate, facilities or other

Eaton Vance Global Income Funds 62 SAI dated March 1, 2021 assets so acquired; and (iii) taking such other actions as the adviser (including, but not limited to, payment of operating or similar expenses of the underlying project) may deem appropriate to reduce the likelihood or severity of loss on the fund’s investment. The Fund will incur additional expenditures in taking protective action with respect to portfolio obligations in (or anticipated to be in) default and assets securing such obligations. Historically, municipal bankruptcies have been rare and certain provisions of the U.S. Bankruptcy Code governing such bankruptcy are unclear. Further, the application of state law to municipal obligation issuers could produce varying results among the states or among municipal obligation issuers within a state. These uncertainties could have a significant impact on the prices of the municipal obligations in which the Fund invests. There could be economic, business or political developments or court decisions that adversely affect all municipal obligations in the same sector. Developments such as changes in healthcare regulations, environmental considerations related to construction, construction cost increases and labor problems, failure of healthcare facilities to maintain adequate occupancy levels, and inflation can affect municipal obligations in the same sector. As the similarity in issuers of municipal obligations held by the Fund increases, the potential for fluctuations in the Fund’s share price also may increase. The Commonwealth of Puerto Rico and its related issuers continue to experience financial difficulties, including persistent government budget deficits, underfunded public pension benefit obligations, underfunded government retirement systems, sizable debt service obligations and a high unemployment rate. Several rating agencies have downgraded a number of securities issued in Puerto Rico to below investment-grade, and numerous issuers have entered Title III of the Puerto Rico Oversight, Management and Economic Stability Act (“PROMESA”), which is similar to bankruptcy protection, through which the Commonwealth of Puerto Rico can restructure its debt. However, Puerto Rico’s case is the first ever heard under PROMESA and there is no existing case precedent to guide the proceedings. Accordingly, Puerto Rico’s debt restructuring process could take significantly longer than traditional municipal bankruptcy proceedings. Further, it is not clear whether a debt restructuring process will ultimately be approved or, if so, the extent to which it will apply to Puerto Rico municipal securities sold by an issuer other than the territory. A debt restructuring could reduce the principal amount due, the interest rate, the maturity, and other terms of Puerto Rico municipal securities, which could adversely affect the value of Puerto Rican municipal securities. Puerto Rico’s short-term financial difficulties continue to be further impacted by the 2017 hurricane, and Puerto Rico has faced significant out-migration relating to its economic difficulties, eroding its population, economic base and ultimate ability to support its current debt burden, creating further long-term uncertainty. The secondary market for some municipal obligations issued within a state (including issues that are privately placed with the Fund) is less liquid than that for taxable debt obligations or other more widely traded municipal obligations. No established resale market exists for certain of the municipal obligations in which the Fund may invest. The market for obligations rated below investment grade is also likely to be less liquid than the market for higher rated obligations. As a result, the Fund may be unable to dispose of these municipal obligations at times when it would otherwise wish to do so at the prices at which they are valued. Municipal obligations that are rated below investment grade but that, subsequent to the assignment of such rating, are backed by escrow accounts containing U.S. Government obligations may be determined by the investment adviser to be of investment grade quality for purposes of the Fund’s investment policies. In the case of a defaulted obligation, the Fund may incur additional expense seeking recovery of its investment. Defaulted obligations are denoted in the “Portfolio of Investments” in the “Financial Statements” included in the Fund’s reports to shareholders. The yields on municipal obligations depend on a variety of factors, including purposes of the issue and source of funds for repayment, general money market conditions, general conditions of the municipal bond market, size of a particular offering, maturity of the obligation and rating of the issue. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the municipal obligations which they undertake to rate, and in the case of insurers, other factors including the claims-paying ability of such insurer. It should be emphasized, however, that ratings are based on judgment and are not absolute standards of quality. Consequently, municipal obligations with the same maturity, coupon and rating may have different yields while obligations of the same maturity and coupon with different ratings may have the same yield. In addition, the market price of such obligations will normally fluctuate with changes in interest rates, and therefore the net asset value of the Fund will be affected by such changes. Operational Risk The Fund’s service providers, including the investment adviser, may experience disruptions or operating errors that could negatively impact the Fund. Disruptive events, including (but not limited to) natural disasters and public health crises, may adversely affect the Fund’s ability to conduct business, in particular if the Fund’s employees or the employees of its service providers are unable or unwilling to perform their responsibilities as a result of any such event. While service providers are expected to have appropriate operational risk management policies and procedures, their methods of operational risk management may differ from the Fund’s in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls. It also is not possible for Fund service providers to identify all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. Option Contracts See also “Derivative Instruments and Related Risks” herein. An option contract is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the index) at a specified exercise price at any time during the term of the option. The writer of an option on a security has the obligation upon exercise of the option to deliver the reference instrument (or the cash) upon payment of the exercise price or to pay the exercise price upon delivery

Eaton Vance Global Income Funds 63 SAI dated March 1, 2021 of the reference instrument (or the cash). Upon exercise of an index option, the writer of an option on an index is obligated to pay the difference between the cash value of the index and the exercise price multiplied by the specified multiplier for the index option. Options may be “covered,” meaning that the party required to deliver the reference instrument if the option is exercised owns that instrument (or has set aside sufficient assets to meet its obligation to deliver the instrument). Options may be listed on an exchange or traded in the OTC market. In general, exchange-traded options have standardized exercise prices and expiration dates and may require the parties to post margin against their obligations, and the performance of the parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation. OTC options have more flexible terms negotiated between the buyer and the seller, but generally do not require the parties to post margin and are subject to counterparty risk. The ability of the Fund to transact business with any one or any number of counterparties, the lack of any independent evaluation of the counterparties or their financial capabilities, and the absence of a regulated market to facilitate settlement, may increase the potential for losses to the Fund. OTC options also involve greater liquidity risk. This risk may be increased in times of financial stress, if the trading market for OTC derivative contracts becomes limited. The staff of the SEC takes the position that certain purchased OTC options, and assets used as cover for written OTC options, are illiquid. Derivatives on economic indicators generally are offered in an auction format and are booked and settled as OTC options. Options on futures contracts are discussed herein under “Futures Contracts.” If a written option expires unexercised, the Fund realizes a capital gain equal to the premium received at the time the option was written. If a purchased option expires unexercised, the Fund realizes a capital loss equal to the premium paid. Prior to the earlier of exercise or expiration, an exchange traded option may be closed out by an offsetting purchase or sale of an option of the same series (type, exchange, reference instrument, exercise price, and expiration). A capital gain will be realized from a closing purchase transaction if the cost of the closing option is less than the premium received from writing the option, or, if it is more, a capital loss will be realized. If the premium received from a closing sale transaction is more than the premium paid to purchase the option, the Fund will realize a capital gain or, if it is less, the Fund will realize a capital loss. The principal factors affecting the market value of a put or a call option include supply and demand, the current market price of the reference instrument in relation to the exercise price of the option, the volatility of the reference instrument, and the time remaining until the expiration date. There can be no assurance that a closing purchase or sale transaction can be consummated when desired. Straddles are a combination of a call and a put written on the same reference instrument. A straddle is deemed to be covered when sufficient assets are deposited to meet the Fund’s immediate obligations. The same liquid assets may be used to cover both the call and put options where the exercise price of the call and put are the same, or the exercise price of the call is higher than that of the put. The Fund may also buy and write call options on the same reference instrument to cover its obligations. Because such combined options positions involve multiple trades, they result in higher transaction costs and may be more difficult to open or close. In an equity collar, the Fund simultaneously writes a call option and purchases a put option on the same instrument. To the extent that the Fund writes a call option on an instrument it holds and intends to use such instrument as the sole means of “covering” its obligation under the call option, the Fund has, in return for the premium on the option, given up the opportunity to profit from a price increase in the instrument above the exercise price during the option period, but, as long as its obligation under such call option continues, has retained the risk of loss should the value of the reference instrument decline. If the Fund were unable to close out such a call option, it would not be able to sell the instrument unless the option expired without exercise. Uncovered calls have speculative characteristics and are riskier than covered calls because there is no instrument or cover held by the Fund that can act as a partial hedge. The writer of an option has no control over the time when it may be required to fulfill its obligation under the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying reference instrument at the exercise price. If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price of the underlying security remains equal to or greater than the exercise price (in the case of a put), or remains less than or equal to the exercise price (in the case of a call), the Fund will lose the premium it paid for the option. Furthermore, if trading restrictions or suspensions are imposed on options markets, the Fund may be unable to close out a position. Options positions are marked to market daily. The value of options is affected by changes in the value and dividend rates of the securities underlying the option or represented in the index underlying the option, changes in interest rates, changes in the actual or perceived volatility of the relevant index or market and the remaining time to the options’ expiration, as well as trading conditions in the options market. The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that would not be reflected concurrently in the options markets. Option Strategy The Fund implements the Option Strategy or Enhancement Strategy, as further described under “Investment Objective & Principal Policies and Risks” in the Prospectus, whereby it writes a series of call and put option spread combinations on the S&P 500® Composite Stock Price Index (S&P 500® Index) and/or a proxy for the S&P 500® Index (such as SPDR Trust Series I units (SPDRs)).

Eaton Vance Global Income Funds 64 SAI dated March 1, 2021 Participation in the The Fund may participate in the ReFlow liquidity program, which is designed to provide an alternative liquidity source for ReFlow Liquidity mutual funds experiencing net redemptions of their shares. Pursuant to the program, ReFlow Fund, LLC (“ReFlow”) Program provides participating mutual funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase fund shares up to the value of the net shares redeemed by other shareholders that are to settle the next business day. Following purchases of fund shares, ReFlow then generally redeems those shares when the fund experiences net sales, at the end of a maximum holding period determined by ReFlow (currently 14 days) or at other times at ReFlow’s discretion. While ReFlow holds fund shares, it will have the same rights and privileges with respect to those shares as any other shareholder. For use of the ReFlow service, a fund pays a fee to ReFlow each time it purchases fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. Such fee is allocated among a fund’s share classes based on relative net assets. ReFlow’s purchases of fund shares through the liquidity program are made on an investment-blind basis without regard to the fund’s investment objective, policies or anticipated performance. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a fund. ReFlow will purchase Class I or Institutional Class shares (or, if applicable Class A or Investor Class shares) at net asset value and will not be subject to any sales charge (in the case of Class A shares), investment minimum or redemption fee applicable to such shares. ReFlow will periodically redeem its entire share position in the Fund and request that such redemption be met in kind in accordance with the Fund’s redemption-in-kind policies described under “Redeeming Shares” in the Prospectus. Investments in a fund by ReFlow in connection with the ReFlow liquidity program are not subject to the two round-trips within 90 days limitation described in “Restrictions on Excessive Trading and Market Timing” under “Purchasing Shares” in the Prospectus. The investment adviser believes that the program assists in stabilizing the Fund’s net assets to the benefit of the Fund and its shareholders. To the extent the Fund’s net assets do not decline, the investment adviser may also benefit. Pooled Investment The Fund may invest in pooled investment vehicles including other open-end or closed-end investment companies Vehicles affiliated or unaffiliated with the investment adviser, exchange-traded funds (described herein) and other collective investment pools in accordance with the requirements of the 1940 Act. Closed-end investment company securities are usually traded on an exchange. The demand for a closed-end fund’s securities is independent of the demand for the underlying portfolio assets, and accordingly, such securities can trade at a discount from, or a premium over, their net asset value. The Fund generally will indirectly bear its proportionate share of any management fees paid by a pooled investment vehicle in which it invests in addition to the investment advisory fee paid by the Fund. Portfolio Turnover A change in the securities held by the Fund is known as “portfolio turnover” and generally involves expense to the Fund, including brokerage commissions or dealer markups and other transaction costs on both the sale of securities and the reinvestment of the proceeds in other securities. If sales of portfolio securities cause the Fund to realize net short-term capital gains, such gains will be taxable as ordinary income to taxable shareholders. The Fund’s portfolio turnover rate for a fiscal year is the ratio of the lesser of purchases or sales of portfolio securities to the monthly average of the value of portfolio securities — excluding securities whose maturities at acquisition were one year or less. The Fund’s portfolio turnover rate is not a limiting factor when the investment adviser considers a change in the Fund’s portfolio holdings. The portfolio turnover rate(s) of the Fund for recent fiscal periods is included in the Financial Highlights in the Prospectus. Preferred Stock Preferred stock represents an equity interest in a corporation, company or trust that has a higher claim on the assets and earnings than common stock. Preferred stock usually has limited voting rights. Preferred stock involves credit risk, which is the risk that a preferred stock will decline in price, or fail to pay dividends when expected, because the issuer experiences a decline in its financial status. A company’s preferred stock generally pays dividends after the company makes the required payments to holders of its bonds and other debt instruments but before dividend payments are made to common stockholders. However, preferred stock may not pay scheduled dividends or dividends payments may be in arrears. The value of preferred stock may react more strongly than bonds and other debt instruments to actual or perceived changes in the company’s financial condition or prospects. Certain preferred stocks may be convertible to common stock. See “Convertible Securities” and “Contingent Convertible Securities.” Preferred stock may be subject to redemption at the option of the issuer at a predetermined price. Because they may make regular income payments, preferred stocks may be considered fixed-income securities for purposes of a Fund’s investment restrictions. Real Estate Real estate investments, including real estate investment trusts (“REITs”), are sensitive to factors, such as changes in: real Investments estate values, property taxes, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use, and rents, and the management skill and creditworthiness of the issuer. Companies in the real estate industry may also be subject to liabilities under environmental and hazardous waste laws, among others. Changes in underlying real estate values may have a magnified effect to the extent that investments concentrate in particular geographic regions or property types. Investments in REITs may also be adversely affected by rising interest rates. By investing in REITs, the Fund indirectly will bear REIT expenses in addition to its own expenses. Private REITs are unlisted, which may make them difficult to value and less liquid. Moreover, private REITs are generally exempt from 1933 Act registration and, as such, the amount of public information available with respect to private REITs may be less extensive than that available for publicly traded REITs. Shares of REITs may trade less frequently and, therefore, are subject to more erratic price movements than securities of larger issuers. REITs are also subject to credit, market, liquidity and interest rate risks.

Eaton Vance Global Income Funds 65 SAI dated March 1, 2021 Effective for taxable years beginning after December 31, 2017 and before January 1, 2026, the Tax Cuts and Jobs Act generally allows individuals and certain other non-corporate entities, such as partnerships, a deduction for 20% of qualified REIT dividends. Proposed regulations on which the Fund may rely allow a regulated investment company to pass the character of its qualified REIT dividends through to its shareholders provided certain holding period requirements are met. See “Taxes” for additional information. REITs may issue debt securities to fund their activities. The value of these debt securities may be affected by changes in the value of the underlying property owned by the REIT,the creditworthiness of the REIT,interest rates, and tax and regulatory requirements, among other things. Repurchase Repurchase agreements involve the purchase of a security coupled with an agreement to resell at a specified date and price. Agreements In the event of the bankruptcy of the counterparty to a repurchase agreement, recovery of cash may be delayed. To the extent that, in the meantime, the value of the purchased securities may have decreased, a loss could result. Repurchase agreements maturing in more than seven days that the investment adviser believes may not be terminated within seven days at approximately the amount at which the Fund has valued the agreements are considered illiquid securities. Unless the Prospectus states otherwise, the terms of a repurchase agreement will provide that the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the agreement, and will be marked to market daily. Residual Interest The Fund may invest in residual interest bonds in a trust that holds municipal securities. The interest rate payable on a Bonds residual interest bond bears an inverse relationship to the interest rate on another security issued by the trust. Because changes in the interest rate on the other security inversely affect the interest paid on the residual interest bond, the value and income of a residual interest bond is generally more volatile than that of a fixed rate bond. Residual interest bonds have interest rate adjustment formulas that generally reduce or, in the extreme, eliminate the interest paid to the Fund when short-term interest rates rise, and increase the interest paid to the Fund when short-term interest rates fall. Residual interest bonds have varying degrees of liquidity, and the market for these securities is relatively volatile. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. Although volatile, residual interest bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities usually permit the investor to convert the floating rate to a fixed rate (normally adjusted downward), and this optional conversion feature may provide a partial hedge against rising rates if exercised at an opportune time. While residual interest bonds expose the Fund to leverage risk because they provide two or more dollars of bond market exposure for every dollar invested, they are not subject to the Fund’s restrictions on borrowings. Under certain circumstances, the Fund may enter into a so-called shortfall and forbearance agreement relating to a residual interest bond held by the Fund. Such agreements commit the Fund to reimburse the difference between the liquidation value of the underlying security (which is the basis of the residual interest bond) and the principal amount due to the holders of the floating rate security issued in conjunction with the residual interest bond upon the termination of the trust issuing the residual interest bond. Absent a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. If the Fund chooses not to enter into such an agreement, the residual interest bond could be terminated and the Fund could incur a loss. The Fund’s investments in residual interest bonds and similar securities described in the Prospectus and this SAI will not be considered borrowing for purposes of the Fund’s restrictions on borrowing described herein and in the Prospectus. On December 10, 2013, five U.S. federal agencies published final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”). The Volcker Rule prohibits banking entities from engaging in proprietary trading of certain instruments and limits such entities’ investments in, and relationships with, covered funds, as defined in the rules. The Volcker Rule precludes banking entities and their affiliates from (i) sponsoring residual interest bond programs as presently structured and (ii) continuing relationships with or services for existing residual interest bond programs. The effects of the Volcker Rule may make it more difficult for the Fund to maintain current or desired levels of income. Restricted Restricted securities cannot be sold to the public without registration under the 1933 Act. Unless registered for sale, Securities restricted securities can be sold only in privately negotiated transactions or pursuant to an exemption from registration. Restricted securities may be considered illiquid and subject to the Fund’s limitation on illiquid securities. Restricted securities may involve a high degree of business and financial risk which may result in substantial losses. The securities may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund. The Fund may invest in restricted securities, including securities initially offered and sold without registration pursuant to Rule 144A (“Rule 144A Securities”) and securities of U.S. and non-U.S. issuers initially offered and sold outside the United States without registration with the SEC pursuant to Regulation S (“Regulation S Securities”) under the 1933 Act. Rule 144A Securities and Regulation S Securities generally may be traded freely among certain qualified institutional investors, such as the Fund, and non-U.S. persons, but resale to a broader base of investors in the United States may be permitted only in much more limited circumstances.

Eaton Vance Global Income Funds 66 SAI dated March 1, 2021 The Fund also may purchase restricted securities that are not eligible for resale pursuant to Rule 144A or Regulation S. The Fund may acquire such securities through private placement transactions, directly from the issuer or from security holders, generally at higher yields or on terms more favorable to investors than comparable publicly traded securities. However, the restrictions on resale of such securities may make it difficult for the Fund to dispose of them at the time considered most advantageous and/or may involve expenses that would not be incurred in the sale of securities that were freely marketable. Risks associated with restricted securities include the potential obligation to pay all or part of the registration expenses in order to sell certain restricted securities. A considerable period of time may elapse between the time of the decision to sell a security and the time the Fund may be permitted to sell it under an effective registration statement and/or after an applicable waiting period. If adverse conditions were to develop during this period, the Fund might obtain a price that is less favorable than the price that was prevailing at the time it decided to sell. See also “Illiquid Investments.” Reverse Under a reverse repurchase agreement, the Fund temporarily transfers possession of a portfolio instrument to another party, Repurchase such as a bank or broker-dealer, in return for cash. At the same time, the Fund agrees to repurchase the instrument at an Agreements agreed upon time and price, which reflects an interest payment. The Fund may enter into a reverse repurchase agreement for various purposes, including, but not limited to, when it is able to invest the cash acquired at a rate higher than the cost of the agreement or as a means of raising cash to satisfy redemption requests without the necessity of selling portfolio assets. In 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. As a result, such transactions may increase fluctuations in the value of the Fund. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. Such agreements will be treated as subject to investment restrictions regarding “borrowings.” If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield. Rights and See also “Derivative Instruments and Related Risks” herein. A right is a privilege granted to existing shareholders of a Warrants corporation to subscribe for shares of a new issue of common stock before it is issued. Rights normally have a short life, usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. Warrants are securities that are typically issued together with a debt security or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants are freely transferable and are often traded on major exchanges. Unlike rights, warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Corporations often issue warrants to make the accompanying debt security more attractive. Warrants and rights may entail greater risks than certain other types of investments. Generally, rights and warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant or right, the warrant or right will expire worthless. (Canadian special warrants issued in private placements prior to a public offering are not considered warrants.) Royalty Bonds Royalty bonds include debt securities collateralized by pharmaceutical royalty interests (“Royalty Bonds”). Pharmaceutical royalty streams are created when the owner of a patent on a pharmaceutical product licenses the discovery to a larger commercial entity for further development, while maintaining a royalty interest on future sales of the product. Royalty Bonds are created when the royalty owner borrows against the royalty stream by issuing debt collateralized by the royalty. Royalty Bond investors receive interest and principal payments collateralized and funded by the stream of royalty payments. Royalty Bonds are typically offered in a private placement pursuant to Section 4(a)(2) of the 1933 Act and are restricted as to resale. Because Royalty Bonds are restricted securities and because of the proprietary nature of the underlying pharmaceutical product licenses, it may take longer to liquidate Royalty Bond positions than would be the case for other securities. Royalty Bonds are also subject to the industry risks associated with health sciences companies. Securities Lending The Fund may lend its portfolio securities to major banks, broker-dealers and other financial institutions in compliance with the 1940 Act. No lending may be made with any companies affiliated with the investment adviser. These loans earn income and are collateralized by cash, securities or letters of credit. The Fund may realize a loss if it is not able to invest cash collateral at rates higher than the costs to enter into the loan. The Fund invests cash collateral in an unaffiliated money market fund that operates in compliance with the requirements of Rule 2a-7 under the 1940 Act and seeks to maintain a stable $1.00 net asset value per share. When the loan is closed, the lender is obligated to return the collateral to the borrower. The lender could suffer a loss if the value of the collateral is below the market value of the borrowed securities or if the borrower defaults on the loan. The lender may pay reasonable finder’s, lending agent, administrative and custodial fees in connection with its loans. The investment adviser will use its reasonable efforts to instruct the securities lending agent to terminate loans and recall securities with voting rights so that the securities may be voted in accordance with the Fund’s proxy voting policy and procedures. See “Taxes” for information on the tax treatment of payments in lieu of dividends received pursuant to securities lending arrangements.

Eaton Vance Global Income Funds 67 SAI dated March 1, 2021 Senior Loans Senior Loans are loans that are senior in repayment priority to other debt of the borrower. Senior Loans generally pay interest that floats, adjusts or varies periodically based on benchmark indicators, specified adjustment schedules or prevailing interest rates. Senior Loans are often secured by specific assets or “collateral,” although they may not be secured by collateral. A Senior Loan is typically originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”), generally referred to as a “syndicate.” The Agent typically administers and enforces the Senior Loan on behalf of the Loan Investors in the syndicate. In addition, an institution, typically but not always the Agent, holds any collateral on behalf of the Loan Investors. Loan interests primarily take the form of assignments purchased in the primary or secondary market. Loan interests may also take the form of participation interests in, or novations of, a Senior Loan. Senior Loans primarily include senior floating rate loans and secondarily senior floating rate debt obligations (including those issued by an asset-backed pool), and interests therein. Loan Collateral. Borrowers generally will, for the term of the Senior Loan, pledge collateral to secure their obligation. In addition, Senior Loans may be guaranteed by or secured by assets of the borrower’s owners or affiliates. During the term of the Senior Loan, the value of collateral securing the Loan may decline in value, causing the Loan to be under-collateralized. Collateral may consist of assets that may not be readily liquidated, and there is no assurance that the liquidation of such assets would satisfy fully a borrower’s obligations under a Senior Loan. In addition, if a Senior Loan is foreclosed, the Fund could become part owner of the collateral and would bear the costs and liabilities associated with owning and disposing of such collateral. Fees. The Fund may receive a facility fee when it buys a Senior Loan, and pay a facility fee when it sells a Senior Loan. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a Senior Loan. In certain circumstances, the Fund may receive a prepayment penalty fee upon the prepayment of a Senior Loan by a borrower or an amendment fee. Loan Administration. In a typical Senior Loan, the Agent administers the terms of the loan agreement and is responsible for the collection of principal, and interest payments from the borrower and the apportionment of these payments to the Loan Investors. Failure by the Agent to fulfill its obligations may delay or adversely affect receipt of payment by the Fund. Furthermore, unless under the terms of a loan agreement or participation (as applicable) the Fund has direct recourse against the borrower, the Fund must rely on the Agent and the other Loan Investors to use appropriate remedies against the borrower. The Agent is typically responsible for monitoring compliance with covenants contained in the loan agreement based upon reports prepared by the borrower. The typical practice of an Agent or a Loan Investor in relying exclusively or primarily on reports from the borrower may involve the risk of fraud by the borrower. It is unclear whether an investment in a Senior Loan offers the securities law protections against fraud and misrepresentation. A financial institution’s appointment as Agent may usually be terminated in the event that it fails to observe the requisite standard of care or becomes insolvent. A successor Agent would generally be appointed to replace the terminated Agent, and assets held by the Agent under the Loan Agreement should remain available to holders of Senior Loans. However, if assets held by the Agent for the benefit of the Fund were determined to be subject to the claims of the Agent’s general creditors, the Fund might incur certain costs and delays in realizing payment on a Senior Loan, or suffer a loss of principal and/or interest. In situations involving other Interposed Persons (as defined below), similar risks may arise. Additional Information. The Fund may purchase and retain in its portfolio a Senior Loan where the borrower has experienced, or may be perceived to be likely to experience, credit problems, including involvement in or recent emergence from bankruptcy reorganization proceedings or other forms of debt restructuring. While such investments may provide opportunities for enhanced income as well as capital appreciation, they generally involve greater risk and may be considered speculative. The Fund may from time to time participate in ad-hoc committees formed by creditors to negotiate with the management of financially troubled borrowers. The Fund may incur legal fees as a result of such participation. In addition, such participation may restrict the Fund’s ability to trade in or acquire additional positions in a particular security when it might otherwise desire to do so. Participation by the Fund also may expose the Fund to potential liabilities under bankruptcy or other laws governing the rights of creditors and debtors. The Fund will participate in such committees only when the investment adviser believes that such participation is necessary or desirable to enforce the Fund’s rights as a creditor or to protect the value of a Senior Loan held by the Fund. In some instances, other accounts managed by the investment adviser may hold other securities issued by borrowers the Senior Loans of which may be held by the Fund. These other securities may include, for example, debt securities that are subordinate to the Senior Loans held by the Fund, convertible debt or common or preferred equity securities. In certain circumstances, such as if the credit quality of the borrower deteriorates, the interests of holders of these other securities may conflict with the interests of the holders of the borrower’s Senior Loans. In such cases, the investment adviser may owe conflicting fiduciary duties to the Fund and other client accounts. The investment adviser will endeavor to carry out its obligations to all of its clients to the fullest extent possible, recognizing that in some cases, certain clients may achieve a lower economic return, as a result of these conflicting client interests, than if the investment adviser’s client accounts collectively held only a single category of the issuer’s securities.

Eaton Vance Global Income Funds 68 SAI dated March 1, 2021 The Fund may acquire warrants and other equity securities as part of a unit combining a Senior Loan and equity securities of a borrower or its affiliates. The Fund may also acquire equity securities or debt securities (including non-dollar denominated debt securities) issued in exchange for a Senior Loan or issued in connection with the debt restructuring or reorganization of a borrower, or if such acquisition, in the judgment of the investment adviser, may enhance the value of a Senior Loan or would otherwise be consistent with the Fund’s investment policies. The Fund will generally acquire participations only if the Loan Investor selling the participation, and any other persons interpositioned between the Fund and the Loan Investor (an “Interposed Person”), at the time of investment, has outstanding debt or deposit obligations rated investment grade (BBB or A-3 or higher by S&P or Baa or P- 3 or higher by Moody’s or comparably rated by another nationally recognized statistical ratings organization) or determined by the investment adviser to be of comparable quality. For additional disclosure relating to investing in loans (including Senior Loans), see “Loans” above. Short Sales Short sales are transactions in which a party 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 party must borrow the security to make delivery to the buyer. When the party is required to return the borrowed security, it typically will purchase the security in the open market. The price at such time may be more or less than the price at which the party sold the security. Until the security is replaced, the party is required to repay the lender any dividends or interest, which accrues during the period of the loan. To borrow the security, it also may be required to pay a premium, which would increase the cost of the security sold. The net proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. Transaction costs are incurred in effecting short sales. A short seller will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which it replaces the borrowed security. A gain will be realized if the price of the security declines in price between those dates. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends or interest the short seller may be required to pay, if any, in connection with a short sale. Short sales may be “against the box” or uncovered. In a short sale “against the box,” at the time of the sale, the short seller owns or has the immediate and unconditional right to acquire the identical security at no additional cost. In an uncovered short sale, the short seller does not own the underlying security and, as such, losses from uncovered short sales may be significant. The Fund may sell short securities representing an index or basket of securities whose constituents the Fund holds in whole or in part. A short sale of an index or basket of securities will be a covered short sale if the underlying index or basket of securities is the same or substantially identical to securities held by the Fund. Use of short sales is limited by the Fund’s non-fundamental restriction relating thereto. Short-Term Trading Fixed-income securities may be sold in anticipation of market decline (a rise in interest rates) or purchased in anticipation of a market rise (a decline in interest rates) and later sold. In addition, such a security may be sold and another purchased at approximately the same time to take advantage of what is believed to be a temporary disparity in the normal yield relationship between the two securities. Yield disparities may occur for reasons not directly related to the investment quality of particular issues or the general movement of interest rates, such as changes in the overall demand for or supply of various types of fixed-income securities or changes in the investment objectives of investors. Significant Because the Fund may invest a significant portion of its assets in pharmaceutical, biotechnology, life sciences, and health Exposure to Health care equipment and services companies, the value of Fund shares may be affected by developments that adversely affect Sciences such companies and may fluctuate more than that of a fund that invests more broadly. Many health sciences companies Companies are subject to substantial governmental regulations that can affect their prospects. Changes in governmental policies, such as reductions in the funding of third-party payment programs, may have a material effect on the demand for particular health care products and services. Regulatory approvals (often entailing lengthy application and testing procedures) are also generally required before new drugs and certain medical devices and procedures may be introduced. Many of the products and services of companies engaged in medical research and health care are also subject to relatively high risks of rapid obsolescence caused by progressive scientific and technological advances. Additionally, such products are subject to risks such as the appearance of toxic effects following commercial introduction and manufacturing difficulties. The enforcement of patent, trademark and other intellectual property laws will affect the value of many such companies. Health sciences companies include companies that offer limited products or services or that are at the research and developmental stage with no marketable or approved products or technologies. Significant The investment risk associated with smaller companies is higher than that normally associated with larger, more Exposure to Smaller established companies due to the greater business risks associated with small size, the relative age of the company, limited Companies product lines, distribution channels and financial and managerial resources. Further, there is typically less publicly available information concerning smaller companies than for larger companies. The securities of small companies are often traded only over-the-counter and may not be traded in the volumes typical of trading on a national securities exchange. As a result, stocks of smaller companies are often more volatile than those of larger companies, which are often traded on a national securities exchange, may be more difficult and may take longer to liquidate at fair value than would be the case for the publicly traded securities of a large company. Significant Because the Fund may invest a significant portion of its assets in the utilities and financial services sectors, the value of Exposure to Utilities Fund shares may be affected by events that adversely affect those sectors and may fluctuate more than that of a fund with and Financial broader exposure. The utilities sector includes companies engaged in the manufacture, production, generation, Services Sectors transmission, sale and distribution of water, gas and electric energy. Companies in the financial services sector include, for

Eaton Vance Global Income Funds 69 SAI dated March 1, 2021 example, commercial banks, savings and loan associations, brokerage and investment companies, insurance companies, and consumer and industrial finance companies. Companies in the utilities sector may be sensitive to changes in interest rates and other economic conditions, governmental regulation, uncertainties created by deregulation, power shortages and surpluses, the price and availability of fuel, environmental protection or energy conservation practices, the level and demand for services, and the cost and potential business disruption of technological developments. Companies in the financial services sector are also subject to extensive government regulation and can be significantly affected by the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. Stripped Securities Stripped Securities (“Strips”) may be issued by the U.S. Government, its agencies or instrumentalities, and may also be issued by private originators or investors, including depository institutions, banks, investment banks and special purpose subsidiaries of these entities. Strips are usually structured with classes that receive different proportions of the interest and principal distributions from an underlying asset or pool of underlying assets. Strips are particularly sensitive to changes in interest rates, which may impact the frequency of principal payments (including prepayments) on the underlying assets or pool of underlying assets. Some structures may have a class that receives only interest from the underlying assets, an interest-only (“IO”) class, while another class may receive only principal, a principal-only (“PO”) class. IO and PO Strips may be purchased for their return and/or hedging characteristics. Because of their structure, IO Strips may move differently than typical fixed-income securities in relation to changes in interest rates. IO Strips tend to decrease in value if prepayments are greater than anticipated and increase in value if prepayments are less than anticipated. Conversely, PO Strips tend to increase in value if prepayments are greater than anticipated and decline if prepayments are less than anticipated. While the U.S. Government or its agencies or instrumentalities may guarantee the full repayment of principal on Strips they issue, repayment of interest is guaranteed only while the underlying assets or pools of assets are outstanding. To the extent the Fund invests in Strips, rapid changes in the rate of prepayments may have an adverse effect on the Fund’s performance. In addition, the secondary market for Strips may be less liquid than that for other securities. Certain Strips may also present certain operational and/or valuation risks. Structured Notes See also “Derivative Instruments and Related Risks” herein. Structured notes are derivative debt instruments, the interest rate or principal of which is determined by an unrelated indicator (for example, a currency, security, commodity or index thereof). The terms of the instrument may be “structured” by the purchaser and the borrower issuing the note. Indexed securities may include structured notes as well as securities other than debt securities, the interest rate or principal of which is determined by an unrelated indicator. Indexed securities may include a multiplier that multiplies the indexed element by a specified factor and, therefore, the value of such securities may be very volatile. The terms of structured notes and indexed securities may provide that in certain circumstances no principal is due at maturity, which may result in a loss of invested capital. Structured notes and indexed securities may be positively or negatively indexed, so that appreciation of the unrelated indicator may produce an increase or a decrease in the interest rate or the value of the structured note or indexed security at maturity may be calculated as a specified multiple of the change in the value of the unrelated indicator. Structured notes and indexed securities may entail a greater degree of market risk than other types of investments because the investor bears the risk of the unrelated indicator. Structured notes or indexed securities also may be more volatile, less liquid, and more difficult to accurately price than less complex securities and instruments or more traditional debt securities. Swap Agreements See also “Derivative Instruments and Related Risks” herein. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on a particular predetermined reference instrument or instruments, which can be adjusted for an interest rate factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index). Other types of swap agreements may calculate the obligations of the parties to the agreement on a “net basis.” Consequently, a party’s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the “net amount”). Whether the use of swap agreements will be successful will depend on the investment adviser’s ability to predict correctly whether certain types of reference instruments are likely to produce greater returns than other instruments. Swap agreements may be subject to contractual restrictions on transferability and termination and they may have terms of greater than seven days. The Fund’s obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Fund under the swap). Developments in the swaps market, including government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements, as well as to participate in swap agreements in the future. If there is a default by the counterparty to a swap, the Fund will have contractual remedies pursuant to the swap agreement, but any recovery may be delayed depending on the circumstances of the default. To limit the counterparty risk involved in swap agreements, the Fund will only enter into swap agreements with counterparties that meet certain criteria. Although there can be no assurance that the Fund will be able to do so, the Fund may be able to reduce or eliminate its exposure under a swap agreement either by assignment or other disposition, or by entering into an offsetting swap agreement with the same party or another creditworthy party. The Fund may have limited ability to eliminate its exposure under a credit default swap if the credit of the reference instrument has declined.

Eaton Vance Global Income Funds 70 SAI dated March 1, 2021 The swaps market was largely unregulated prior to the enactment of the Dodd-Frank Act, which was enacted in 2010 in response to turmoil in the financial markets and other market events. Among other things, the Dodd-Frank Act sets forth a new regulatory framework for certain OTC derivatives, such as swaps, in which the Fund may invest. The Dodd-Frank Act requires many swap transactions to be executed on registered exchanges or through swap execution facilities, cleared through a regulated clearinghouse, and publicly reported. In addition, many market participants are now regulated as swap dealers or major swap participants and are subject to certain minimum capital and margin requirements and business conduct standards. The statutory requirements of the Dodd-Frank Act are being implemented primarily through rules and regulations adopted by the SEC and/or the CFTC. There is a prescribed phase-in period during which most of the mandated rulemaking and regulations are being implemented, and temporary exemptions from certain rules and regulations have been granted so that current trading practices will not be unduly disrupted during the transition period. Currently, central clearing is only required for certain market participants trading certain instruments, although central clearing for additional instruments is expected to be implemented by the CFTC until the majority of the swaps market is ultimately subject to central clearing. In addition, uncleared OTC swaps are subject to regulatory collateral requirements that may adversely affect the Fund’s ability to enter into swaps in the OTC market. These developments may cause the Fund to terminate new or existing swap agreements or to realize amounts to be received under such instruments at an inopportune time. Until the mandated rulemaking and regulations are implemented completely, it will not be possible to determine the complete impact of the Dodd-Frank Act and related regulations on the Fund, and the establishment of a centralized exchange or market for swap transactions may not result in swaps being easier to value or trade. However, it is expected that swap dealers, major market participants, and swap counterparties will experience other new and/or additional regulations, requirements, compliance burdens, and associated costs. The Dodd-Frank Act and rules promulgated thereunder may exert a negative effect on the Fund’s ability to meet its investment objective, either through limits or requirements imposed on the Fund or its counterparties. The swap market could be disrupted or limited as a result of this legislation, and the new requirements may increase the cost of the Fund’s investments and of doing business, which could adversely affect the ability of the Fund to buy or sell OTC derivatives. Regulatory bodies outside the U.S. have also passed, proposed, or may propose in the future, legislation similar to Dodd- Frank Act or other legislation that could increase the costs of participating in, or otherwise adversely impact the liquidity of, participating in the commodities markets. Global prudential regulators issued final rules that will require banks subject to their supervision to exchange variation and initial margin in respect of their obligations arising under uncleared swap agreements. The CFTC adopted similar rules that apply to CFTC-registered swap dealers that are not banks. Such rules generally require a Fund to segregate additional assets in order to meet the new variation and initial margin requirements when they enter into uncleared swap agreements. The variation margin requirements are now effective and the initial margin requirements are being phased-in based on average daily aggregate notional amount of covered swaps between swap dealers and swap entities. In addition, regulations adopted by global prudential regulators that are now in effect require certain prudentially regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to include in their derivatives contracts, terms that delay or restrict the rights of counterparties (such as the Fund) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the prudentially regulated entity and/or its affiliates are subject to certain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S. jurisdictions that may apply to the Fund’s counterparties located in those jurisdictions. It is possible that these requirements, as well as potential additional related government regulation, could adversely affect the Fund’s ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with collateral received under such contracts. Swap agreements include (but are not limited to): Currency Swaps. Currency swaps involve the exchange of the rights of the parties to make or receive payments in specified currencies. Because currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If the investment adviser is incorrect in its forecasts of market value and currency exchange rates, performance may be adversely affected. Equity Swaps. An equity swap is an agreement in which at least one party’s payments are based on the rate of return of an equity security or equity index, such as the S&P 500®. The other party’s payments can be based on a fixed rate, a non- equity variable rate, or even a different equity index. The Fund may enter into equity index swaps on a net basis pursuant to which the future cash flows from two reference instruments are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two. Credit Default Swaps. Under a credit default swap agreement, the protection “buyer” in a credit default contract is generally obligated to pay the protection “seller” an upfront or a periodic stream of payments over the term of the contract, provided that no credit event, such as a default, on a reference instrument has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the reference instrument in exchange for an equal face amount of the reference instrument described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. If the Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. As a seller, the Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Fund would effectively add leverage

Eaton Vance Global Income Funds 71 SAI dated March 1, 2021 to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. The determination of a credit event under the swap agreement will depend on the terms of the agreement and may rely on the decision of persons that are not a party to the agreement. The Fund’s obligations under a credit default swap agreement will be accrued daily (offset against any amounts owed to the Fund). Inflation Swaps. Inflation swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of fixed rate payments for floating rate payments or an exchange of floating rate payments based on two different reference indices. By design, one of the reference indices is an inflation index, such as the Consumer Price Index. Inflation swaps can be designated as zero coupon, where both sides of the swap compound interest over the life of the swap and then the accrued interest is paid out only at the swap’s maturity. Total Return Swaps. Total return swap agreements are contracts in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Total return swap agreements may effectively add leverage to the Fund’s portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. Generally, the Fund will enter into total return swaps on a net basis (i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments). The net amount of the excess, if any, of the Fund’s obligations over its entitlements with respect to each total return swap will be accrued on a daily basis. If the total return swap transaction is entered into on other than a net basis, the full amount of the Fund’s obligations will be accrued on a daily basis, and the full amount of the Fund’s obligations will be segregated by the Fund in an amount equal to or greater than the market value of the liabilities under the total return swap or the amount it would have cost the Fund initially to make an equivalent direct investment, plus or minus any amount the Fund is obligated to pay or is to receive under the total return swap agreement. Interest Rate Swaps, Caps and Floors. Interest rate swaps are OTC contracts in which each party agrees to make a periodic interest payment based on an index or the value of an asset in return for a periodic payment from the other party based on a different index or asset. The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate floor. The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate cap. The Fund usually will enter into interest rate swap transactions on a net basis (i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments). The net amount of the excess, if any, of the Fund’s obligations over its entitlements with respect to each interest rate swap will be accrued on a daily basis. If the interest rate swap transaction is entered into on other than a net basis, the full amount of the Fund’s obligations will be accrued on a daily basis. Certain federal income tax requirements may limit the Fund’s ability to engage in certain interest rate transactions. Commodity Index-Linked Swaps. Commodity index-linked swap agreements involve the exchange by the Fund with another party of payments dependent upon the price of the underlying commodity index. Commodity index-linked swaps may be used to obtain exposure to a particular commodity or commodity index without owning or taking physical custody of such commodity. Swaptions See also “Derivative Instruments and Related Risks” herein. A swaption is a contract that gives a counterparty the right (but not the obligation) in return for payment of a premium, 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. The Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, the Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when the Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. Tax-Managed Taxes are a major influence on the net returns that investors receive on their taxable investments. There are four Investing components of the returns of a mutual fund that invests in equities that are treated differently for federal income tax purposes: price appreciation, distributions of qualified dividend income, distributions of other investment income, and distributions of realized short-term and long-term capital gains. Distributions of income other than qualified dividend income and distributions of net realized short-term gains (on stocks held for one year or less) are taxed as ordinary income. Distributions of qualified dividend income and net realized long-term gains (on stocks held for more than one year) are currently taxed at rates up to 20%. The Fund’s investment program and the tax treatment of Fund distributions may be affected by IRS interpretations of the Code and future changes in tax laws and regulations. Returns derived from price appreciation are untaxed until the shareholder disposes of his or her shares. Upon disposition, a capital gain (short-term, if the shareholder has held his or her shares for one year or less, otherwise long-term) equal to the difference between the net proceeds of the disposition and the shareholder’s adjusted tax basis is realized.

Eaton Vance Global Income Funds 72 SAI dated March 1, 2021 Trust Certificates Trust certificates are investments in a limited purpose trust or other vehicle formed under state law. Trust certificates in turn invest in instruments, such as credit default swaps, interest rate swaps, preferred securities and other securities, in order to customize the risk/return profile of a particular security. Like an investment in a bond, investments in trust certificates represent the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the certificate. However, these payments are conditioned on the trust’s receipt of payments from, and the trust’s potential obligations to, the counterparties to the derivative instruments and other securities in which the trust invests. Investments in these instruments are indirectly subject to the risks associated with derivative instruments, including, among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and management risk. It is expected that the trusts that issue credit-linked trust certificates will constitute “private” investment companies, exempt from registration under the 1940 Act. Although the trusts are typically private investment companies, they are generally not actively managed. It is also expected that the certificates will be exempt from registration under the 1933 Act. Accordingly, there may be no established trading market for the certificates and they may constitute illiquid investments. U.S. Government U.S. Government securities include: (1) U.S. Treasury obligations, which differ in their interest rates, maturities and times Securities of issuance, including: U.S. Treasury bills (maturities of one year or less); U.S. Treasury notes (maturities of one year to ten years); and U.S. Treasury bonds (generally maturities of greater than ten years); and (2) obligations issued or guaranteed by U.S. Government agencies and instrumentalities, which are supported by any of the following: (a) the full faith and credit of the U.S. Treasury; (b) the right of the issuer to borrow an amount limited to a specific line of credit from the U.S. Treasury; (c) discretionary authority of the U.S. Government to purchase certain obligations of the U.S. Government agency or instrumentality; or (d) the credit of the agency or instrumentality. U.S. Government securities also include any other security or agreement collateralized or otherwise secured by U.S. Government securities. Agencies and instrumentalities of the U.S. Government include but are not limited to: Farmers Home Administration, Export-Import Bank of the United States, Federal Housing Administration, Federal Land Banks, Federal Financing Bank, Central Bank for Cooperatives, Federal Intermediate Credit Banks, Farm Credit Bank System, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, General Services Administration, Government National Mortgage Association, Student Loan Marketing Association, United States Postal Service, Maritime Administration, Small Business Administration, Tennessee Valley Authority, Washington D.C. Armory Board and any other enterprise established or sponsored by the U.S. Government. The U.S. Government generally is not obligated to provide support to its instrumentalities. The principal of and/or interest on certain U.S. Government securities could be: (a) payable in foreign currencies rather than U.S. dollars; or (b) increased or diminished as a result of changes in the value of the U.S. dollar relative to the value of foreign currencies. The value of such portfolio securities denominated in foreign currencies may be affected favorably by changes in the exchange rate between foreign currencies and the U.S. dollar. Unlisted Securities Unlisted securities are neither listed on a stock exchange nor traded over-the-counter. Unlisted securities may include investments in new and early stage companies, which may involve a high degree of business and financial risk that can result in substantial losses and may be considered speculative. Such securities may be deemed to be illiquid. Because of the absence of any public trading market for these investments, it may take longer to liquidate these positions than would be the case for publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid or less than what may be considered the fair value of such securities. Furthermore, issuers whose securities are not publicly traded may not be subject to public disclosure and other investor protection requirements applicable to publicly traded securities. If such securities are required to be registered under the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses of registration. In addition, in foreign jurisdictions any capital gains realized on the sale of such securities may be subject to higher rates of foreign taxation than taxes payable on the sale of listed securities. Variable Rate Variable rate instruments provide for adjustments in the interest or dividend rate payable on the instrument at specified Instruments intervals (daily, weekly, monthly, semiannually, etc.) based on market conditions, credit ratings or interest rates and the investor may have the right to “put” the security back to the issuer or its agent. Variable rate instruments normally provide that the holder can demand payment of the instrument on short notice at par with accrued interest. These instruments may be secured by letters of credit or other support arrangements provided by banks. To the extent that such letters of credit or other arrangements constitute an unconditional guarantee of the issuer’s obligations, a bank may be treated as the issuer of a security for the purposes of complying with the diversification requirements set forth in Section 5(b) of the 1940 Act and Rule 5b-2 thereunder. The Fund may use these instruments as cash equivalents pending longer term investment of its funds. The rate adjustment features may limit the extent to which the market value of the instruments will fluctuate. When-Issued Securities may be purchased on a “forward commitment,” “when-issued” or “delayed delivery” basis (meaning securities Securities, Delayed are purchased or sold with payment and delivery taking place in the future beyond normal settlement times) in order to Delivery and secure what is considered to be an advantageous price and yield at the time of entering into the transaction. When the Fund Forward agrees to purchase such securities, it assumes the risk of any decline in value of the security from the date of the agreement Commitments to purchase. The Fund does not earn interest on the securities it has committed to purchase until they are paid for and delivered on the settlement date.

Eaton Vance Global Income Funds 73 SAI dated March 1, 2021 From the time of entering into the transaction until delivery and payment is made at a later date, the securities that are the subject of the transaction are subject to market fluctuations. In forward commitment, when-issued or delayed delivery transactions, if the seller or buyer, as the case may be, fails to consummate the transaction, the counterparty may miss the opportunity of obtaining a price or yield considered to be advantageous. However, no payment or delivery is made until payment is received or delivery is made from the other party to the transaction. Zero Coupon Zero coupon bonds are debt obligations that do not require the periodic payment of interest and are issued at a significant Bonds, Deep discount from face value. The discount approximates the total amount of interest the bonds will accrue and compound over Discount Bonds the period until maturity at a rate of interest reflecting the market rate of the security at the time of purchase. The effect of and Payment-In- owning debt obligations that do not make current interest payments is that a fixed yield is earned not only on the original Kind (“PIK”) investment but also, in effect, on all discount accretion during the life of the debt obligation. This implicit reinvestment of Securities earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit yield on the zero coupon bond, but at the same time eliminates the holder’s ability to reinvest at higher rates in the future. The Fund is required to accrue income from zero coupon bonds on a current basis, even though it does not receive that income currently in cash, and the Fund is required to distribute that income for each taxable year. Thus, the Fund may have to sell other investments to obtain cash needed to make income distributions. Bonds and preferred stocks that make “in-kind” payments and other securities that do not pay regular income distributions may experience greater volatility in response to interest rate changes and issuer developments. PIK securities generally carry higher interest rates compared to bonds that make cash payments of interest to reflect their payment deferral and increased credit risk. PIK securities generally involve significantly greater credit risk than coupon loans because the Fund receives no cash payments until the maturity date or a specified cash payment date. Even if accounting conditions are met for accruing income payable at a future date under a PIK bond, the issuer could still default when the collection date occurs at the maturity of or payment date for the PIK bond. PIK bonds may be difficult to value accurately because they involve ongoing judgments as to the collectability of the deferred payments and the value of any associated collateral. If the issuer of a PIK security defaults, the Fund may lose its entire investment. PIK interest has the effect of generating investment income and increasing the incentive fees, if any, payable at a compounding rate. Generally, the deferral of PIK interest increases the loan to value ratio.

Eaton Vance Global Income Funds 74 SAI dated March 1, 2021 APPENDIX A Class A Fees and Ownership Sales Charges and Distribution and Service Fees. For the fiscal year ended October 31, 2020, the following table shows (1) total sales charges paid by Class A, (2) sales charges paid to financial intermediaries, (3) sales charges paid to the principal underwriter, (4) approximate CDSC payments to the principal underwriter, (5) total distribution and service fees paid by Class A, and (6) distribution and service fees paid to financial intermediaries. Distribution and service fees that were not paid to financial intermediaries were retained by the principal underwriter.

Sales Charges to Sales Charges to CDSC Paid to Total Distribution Distribution and Service Fees Total Sales Financial Principal Principal and Service Paid to Fund Charges Paid Intermediaries Underwriter Underwriter Fees Paid Financial Intermediaries Global Bond $ 4,430 $ 3,956 $ 474 $ 500 $ 52,100 $ 36,389 Emerging Markets Local Income 755,092 631,054 124,038 9,000 428,507 238,019 Global Macro Absolute Return 35,736 29,264 6,472 0 1,123,708 765,415 Global Macro Absolute Return Advantage 17,814 15,290 2,524 0 2,276,120 1,809,946 Short Duration Strategic Income 532,427 515,015 17,412 4,000 1,324,070 1,170,782

For the fiscal years ended October 31, 2019 and October 31, 2018, the following total sales charges were paid on sales of Class A, of which the principal underwriter received the following amounts. The balance of such amounts was paid to financial intermediaries

October 31, 2019 October 31, 2019 October 31, 2018 October 31, 2018 Total Sales Sales Charges to Total Sales Sales Charges to Fund Charges Paid Principal Underwriter Charges Paid Principal Underwriter Global Bond $ 4,773 $ 718 $ 24,745 $ 3,571 Emerging Markets Local Income 1,110,913 182,288 1,057,011 180,071 Global Macro Absolute Return 23,778 4,187 107,671 19,420 Global Macro Absolute Return Advantage 11,297 1,954 97,132 19,028 Short Duration Strategic Income 105,726 13,726 136,915 17,102

Control Persons and Principal Holders of Securities. At February 1, 2021, the Trustees and officers of the Trust, as a group, owned in the aggregate less than 1% of the outstanding shares of this Class of a Fund. In addition, as of the same date, the following person(s) held the share percentage indicated below, which was owned either (i) beneficially by such person(s) or (ii) of record by such person(s) on behalf of customers who are the beneficial owners of such shares and as to which such record owner(s) may exercise voting rights under certain limited circumstances:

Global Bond Fund Morgan Stanley Smith Barney LLC New York, NY 24.26% Raymond James St. Petersburg, FL 17.82% Charles Schwab & Co., Inc. San Francisco, CA 10.41% National Financial Services LLC Jersey City, NJ 8.27% Merrill Lynch Pierce Fenner & Smith Jacksonville, FL 7.08% Wells Fargo Clearing Services LLC St. Louis, MO 6.41% American Enterprise Investment Services Minneapolis, MN 5.72% Emerging Markets Local Income Fund Wells Fargo Clearing Services LLC St. Louis, MO 20.68% Pershing LLC Jersey City, NJ 17.36% National Financial Services LLC Jersey City, NJ 9.68% Morgan Stanley Smith Barney LLC New York, NY 6.51% LPL Financial San Diego, CA 6.43% Merrill Lynch Pierce Fenner & Smith Jacksonville, FL 5.90% Charles Schwab & Co., Inc. San Francisco, CA 5.13% Global Macro Absolute Return Fund National Financial Services LLC Jersey City, NJ 42.43% Charles Schwab & Co., Inc. San Francisco, CA 15.78%

Eaton Vance Global Income Funds 75 SAI dated March 1, 2021 Morgan Stanley Smith Barney LLC New York, NY 10.03% Wells Fargo Clearing Services LLC St. Louis, MO 6.41% Global Macro Absolute Return Advantage Fund National Financial Services LLC Jersey City, NJ 93.41% Short Duration Strategic Income Fund National Financial Services LLC Jersey City, NJ 16.80% Wells Fargo Clearing Services LLC St. Louis, MO 12.95% Pershing LLC Jersey City, NJ 12.71% American Enterprise Investment Services Minneapolis, MN 7.33% Morgan Stanley Smith Barney LLC New York, NY 6.85% Raymond James St. Petersburg, FL 6.41% Merrill Lynch Pierce Fenner & Smith Jacksonville, FL 5.93% JP Morgan Securities LLC Brooklyn, NY 5.50% LPL Financial San Diego, CA 5.32%

Beneficial owners of 25% or more of this Class are presumed to be in control of this Class of a Fund for purposes of voting on certain matters submitted to shareholders. To the knowledge of the Trust, no other person owned of record or beneficially 5% or more of the outstanding shares of this Class of a Fund as of such date.

Eaton Vance Global Income Funds 76 SAI dated March 1, 2021 APPENDIX B Class C Fees and Ownership Distribution and Service Fees. For the fiscal year ended October 31, 2020, the following table shows (1) distribution fees paid to the principal underwriter under the Distribution Plan, (2) distribution fees paid by the principal underwriter to financial intermediaries on sales of Class C shares, (3) approximate CDSC payments to the principal underwriter, (4) service fees paid under the Distribution Plan, and (5) service fees paid to financial intermediaries. The distribution fees and service fees paid by the Funds that were not paid to financial intermediaries were retained by the principal underwriter.

Distribution Fee Paid Distribution Fees Paid by Principal CDSC Paid Service Fees Paid to Principal Underwriter to Financial to Principal Service to Financial Fund Underwriter Intermediaries Underwriter Fees Intermediaries Global Bond $ 55,873 $ 50,630 $ 300 $ 18,624 $ 16,877 Emerging Markets Local Income 470,960 293,609 32,000 156,987 97,870 Global Macro Absolute Return 614,676 558,213 3,000 204,892 185,951 Global Macro Absolute Return Advantage 193,488 184,172 800 64,496 61,391 Short Duration Strategic Income 1,689,608 1,496,968 12,000 563,203 498,979

Global Bond Fund Pershing LLC Jersey City, NJ 15.14% Wells Fargo Clearing Services LLC St. Louis, MO 11.13% Morgan Stanley Smith Barney LLC New York, NY 10.56% UBS WM USA Weehawken, NJ 10.41% LPL Financial San Diego, CA 10.18% Merrill Lynch, Pierce, Fenner & Smith, Inc. Jacksonville, FL 9.36% Raymond James St. Petersburg, FL 8.17% RBC Capital Markets LLC Minneapolis, MN 6.82% National Financial Services LLC Jersey City, NJ 6.74% Emerging Markets Local Income Fund Wells Fargo Clearing Services LLC St. Louis, MO 30.52% Stifel Nicolaus & Co., Inc. St. Louis, MO 12.73% LPL Financial San Diego, CA 10.06% Morgan Stanley Smith Barney LLC New York, NY 9.95% Pershing LLC Jersey City, NJ 9.25% American Enterprise Investment Services Minneapolis, MN 5.64% Global Macro Absolute Return Fund Wells Fargo Clearing Services LLC St. Louis, MO 24.07% Raymond James St. Petersburg, FL 11.32% LPL Financial San Diego, CA 10.44% American Enterprise Investment Services Minneapolis, MN 10.26% Morgan Stanley Smith Barney LLC New York, NY 9.10% National Financial Services LLC Jersey City, NJ 7.67% Pershing LLC Jersey City, NJ 5.82% UBS WM USA Weehawken, NJ 5.00% Global Macro Absolute Return Advantage Fund Morgan Stanley Smith Barney LLC New York, NY 23.56% Wells Fargo Clearing Services LLC St. Louis, MO 19.55% American Enterprise Investment Services Minneapolis, MN 18.66%

Eaton Vance Global Income Funds 77 SAI dated March 1, 2021 Pershing LLC Jersey City, NJ 10.79% Raymond James St. Petersburg, FL 7.07% Short Duration Strategic Income Fund Wells Fargo Clearing Services LLC St. Louis, MO 24.95% Raymond James St. Petersburg, FL 15.66% Pershing LLC Jersey City, NJ 12.13% National Financial Services LLC Jersey City, NJ 9.98% American Enterprise Investment Services Minneapolis, MN 7.97% LPL Financial San Diego, CA 7.73% Morgan Stanley Smith Barney LLC New York, NY 5.82%

Eaton Vance Global Income Funds 78 SAI dated March 1, 2021 APPENDIX C Class I Ownership Control Persons and Principal Holders of Securities. At February 1, 2021, the Trustees and officers of the Trust, as a group, owned in the aggregate less than 1% of the outstanding shares of this Class of a Fund. In addition, as of the same date, the following person(s) held the share percentage indicated below, which was owned either (i) beneficially by such person(s) or (ii) of record by such person(s) on behalf of customers who are the beneficial owners of such shares and as to which such record owner(s) may exercise voting rights under certain limited circumstances:

Global Bond Fund National Financial Services LLC Jersey City, NJ 23.31% Wells Fargo Clearing Services LLC St. Louis, MO 20.83% Morgan Stanley Smith Barney LLC New York, NY 17.01% LPL Financial San Diego, CA 11.30% Pershing LLC Jersey City, NJ 6.98% American Enterprise Investment Service Minneapolis, MN 5.46% Emerging Markets Local Income Fund American Enterprise Investment Service Minneapolis, MN 16.57% Charles Schwab & Co., Inc. San Francisco, CA 12.33% National Financial Services LLC Jersey City, NJ 12.02% Morgan Stanley Smith Barney LLC New York, NY 11.52% Wells Fargo Clearing Services LLC St. Louis, MO 7.98% LPL Financial San Diego, CA 5.74% Pershing LLC Jersey City, NJ 5.35% UBS WM USA Weehawken, NJ 5.11% Global Macro Absolute Return Fund Wells Fargo Clearing Services LLC St. Louis, MO 20.29% Charles Schwab & Co. Inc. San Francisco, CA 14.38% National Financial Services LLC Jersey City, NJ 12.38% Global Macro Absolute Return Advantage Fund Saxon & Co. Philadelphia, PA 18.37% Wells Fargo Clearing Services LLC St. Louis, MO 17.95% National Financial Services LLC Jersey City, NJ 17.18% Charles Schwab & Co. Inc. San Francisco, CA 10.80% Morgan Stanley Smith Barney LLC New York, NY 7.99% American Enterprise Investment Service Minneapolis, MN 6.11% Merrill Lynch, Pierce, Fenner & Smith, Inc. Jacksonville, FL 5.06% Short Duration Strategic Income Fund American Enterprise Investment Service Minneapolis, MN 17.01% National Financial Services LLC Jersey City, NJ 14.07% Wells Fargo Clearing Services LLC St. Louis, MO 10.88% Raymond James St. Petersburg, FL 10.26% LPL Financial San Diego, CA 10.23% Pershing LLC Jersey City, NJ 8.69% UBS WM USA Weehawken, NJ 6.35% Morgan Stanley Smith Barney LLC New York, NY 5.54%

Eaton Vance Global Income Funds 79 SAI dated March 1, 2021 APPENDIX D Class R Fees & Ownership Distribution, Service and Repurchase Transaction Fees. For the fiscal year ended October 31, 2020, the following table shows (1) distribution fees paid to the principal underwriter under the Distribution Plan, (2) distribution fees paid by the principal underwriter to financial intermediaries on sales of Class R shares; (3) total service fees paid and (4) service fees paid to financial intermediaries. The distribution fees and service fees paid by the Funds that were not paid to financial intermediaries were retained by the principal underwriter.

Distribution Fees Distribution Fees Paid by Service Fees Paid to Principal Underwriter Total Service Paid to Principal Underwriter to Financial Intermediaries Fees Paid Financial Intermediaries Global Macro Absolute Return $2,350 $2,359 $2,350 $2,359 Global Macro Absolute Return Advantage 3,445 3,431 3,445 3,431 Short Duration Strategic Income 5,484 4,914 5,484 4,914

Global Macro Absolute Return Fund Matrix Trust Co. FBO Miscor Group 401(k) Plan & Trust Denver, CO 23.48% Ascensus Trust Company FBO All-Tech Electronics Inc. Fargo, ND 21.28% State Street Bank Custodian Boston, MA 20.83% Voya Institutional Trust Company Windsor, CT 5.44% Mid Atlantic Trust Company FBO Felix Storch Inc Pittsburgh, PA 5.22% Global Macro Absolute Return Advantage Fund Voya Institutional Trust Company Windsor, CT 68.66% Medieval Times USA, Inc. Irving, TX 20.63% FIIOC FBO Baker Nowicki Design Studio LLP Covington, KY 7.81% Short Duration Strategic Income Fund Voya Retirement Insurance & Annuity Company Windsor, CT 29.01% National Financial Services LLC Jersey City, NJ 19.00% Merrill Lynch, Pierce, Fenner & Smith Jacksonville, FL 7.05% Capital Bank & Trust Company Greenwood Village, CO 6.98% Matrix Trust Company Denver, CO 5.66%

Eaton Vance Global Income Funds 80 SAI dated March 1, 2021 APPENDIX E Class R6 Ownership Control Persons and Principal Holders of Securities. At February 1, 2021, the Trustees and officers of the Trust, as a group, owned in the aggregate less than 1% of the outstanding shares of this Class of a Fund. In addition, as of the same date, the following person(s) held the share percentage indicated below, which was owned either (i) beneficially by such person(s) or (ii) of record by such person(s) on behalf of customers who are the beneficial owners of such shares and as to which such record owner(s) may exercise voting rights under certain limited circumstances:

Global Macro Absolute Return Fund National Financial Services LLC Jersey City, NJ 7.42% SEI Private Trust Company C/O Union Bank Oaks, PA 7.24% U.S. Bank Milwaukee, WI 5.09% Global Macro Absolute Return Advantage Fund National Financial Services LLC Jersey City, NJ 23.11% Aspiriant Defensive Allocation Fund Milwaukee, WI 10.25%

Eaton Vance Global Income Funds 81 SAI dated March 1, 2021 APPENDIX F RATINGS The ratings indicated herein are believed to be the most recent ratings available at the date of this SAI for the securities listed. Ratings are generally given to securities at the time of issuance. While the rating agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings indicated do not necessarily represent ratings which would be given to these securities on a particular date. MOODY’S INVESTORS SERVICE, INC. (“Moody’s”) Ratings assigned on Moody’s global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of one year or more and reflect both the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of a default or impairment. GLOBAL LONG-TERM RATINGS SCALE Aaa: Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. Aa: Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. A: Obligations rated A are considered upper-medium grade and are subject to low credit risk. Baa: Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics Ba: Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. B: Obligations rated B are considered speculative and are subject to high credit risk. Caa: Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk. Ca: Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. C: Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest. Note: Moody’s appends numerical modifiers, 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. GLOBAL SHORT-TERM RATING SCALE Moody’s short-term ratings are opinions of the ability of issuers to honor short-term financial obligations. Ratings may be assigned to issuers, short-term programs or to individual short-term debt instruments. Such obligations generally have an original maturity not exceeding thirteen months, unless explicitly noted. P-1: Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations. P-2: Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations. P-3: Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations. NP: Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime ratings categories. ISSUER RATINGS Issuer Ratings are opinions of the ability of entities to honor senior unsecured debt and debt like obligations. As such, Issuer Ratings incorporate any external support that is expected to apply to all current and future issuance of senior unsecured financial obligations and contracts, such as explicit support stemming from a guarantee of all senior unsecured financial obligations and contracts, and/or implicit support for issuers subject to joint default analysis (e.g. banks and government-related issuers). Issuer Ratings do not incorporate support arrangements, such as guarantees, that apply only to specific (but not to all) senior unsecured financial obligations and contracts.

Eaton Vance Global Income Funds 82 SAI dated March 1, 2021 US MUNICIPAL SHORT-TERM OBLIGATION RATINGS AND DEMAND OBLIGATION RATINGS SHORT-TERM OBLIGATION RATINGS The global short-term ‘prime’ rating scale is applied to commercial paper issued by U.S. municipalities and nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by an issuer’s self-liquidity. For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the Municipal Investment Grade (MIG) and Variable Municipal Investment Grade (VMIG) scales discussed below. The MIG scale is used for U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less. Under certain circumstances, the MIG scale is used for bond anticipation notes with maturities of up to five years. MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing. MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group. MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established. SG This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection. Demand Obligation Ratings In the case of variable rate demand obligations (VRDOs), a two-component rating is assigned. The components are a long-term rating and a short-term demand obligation rating. The long-term rating addresses the issuer’s ability to meet scheduled principal and interest payments. The short-term demand obligation rating addresses the ability of the issuer or the liquidity provider to make payments associated with the purchase-price-upon demand feature (“demand feature”) of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with liquidity support use as an input the short-term counterparty risk assessment of the support provider, or the long-term rating of the underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that external liquidity support will terminate if the issuer’s long-term rating drops below investment grade. VMIG 1: This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. VMIG 2: This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. VMIG 3: This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. SG: This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections necessary to ensure the timely payment of purchase price upon demand. S&P GLOBAL RATINGS (“S&P”) ISSUE CREDIT RATINGS DEFINITIONS An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet its financial commitments as they come due, and may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default. Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. Medium-term notes are assigned long-term ratings. LONG-TERM ISSUE CREDIT RATINGS: Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:

Eaton Vance Global Income Funds 83 SAI dated March 1, 2021 • Likelihood of payment—capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the terms of the obligation; • Nature of and provisions of the financial obligation and the promise that it is imputed; and • Protection afforded by,and relative position of, the financial obligation in the event of bankruptcy,reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights. Issue ratings are an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.) AAA: An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong. AA: An obligation rated ‘AA’ differs from the highest-rated obligors only to a small degree. The obligor’s capacity to meet its financial commitments on the obligation is very strong. A: An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor’s capacity to meet its financial commitments on the obligation is still strong. BBB: An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its financial commitments on the obligation. BB, B, CCC, CC and C Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions. BB: An obligation rated ‘BB’ is less vulnerable to non-payment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor’s inadequate capacity to meet its financial commitment on the obligation. B: An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial or economic conditions will likely impair the obligor’s capacity or willingness to meet its financial commitment on the obligation. CCC: An obligation rated ‘CCC’ is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial or, economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation. CC: An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ’CC’ rating is used when a default has not yet occurred, but S&P expects default to be a virtual certainty, regardless of the anticipated time to default. C: An obligation rated ’C’ is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher. D: An obligation rated ’D’ is in default or in breach of an imputed promise. For non-hybrid capital instruments, the ’D’ rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The ’D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation’s rating is lowered to ’D’ if it is subject to a distressed exchange offer. NR: This indicates that a rating has not been assigned or is no longer assigned. Plus (+) or Minus (-): The ratings from ‘AA’ to’ CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. SHORT-TERM ISSUE CREDIT RATINGS A-1: A short-term obligation rated ‘A-1’ is rated in the highest category by S&P.The obligor’s capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial commitments on the obligation is extremely strong.

Eaton Vance Global Income Funds 84 SAI dated March 1, 2021 A-2: A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor’s capacity to meet its financial commitment on the obligation is satisfactory. A-3: A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to meet its financial commitment on the obligation. B: A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to the obligor’s inadequate capacity to meet its financial commitments. C: A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitments on the obligation. D: A short-term obligation rated ’D’ is in default or in breach of an imputed promise. For non-hybrid capital instruments, the ’D’ rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The ’D’ rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to ’D’ if it is subject to a distressed exchange offer. ISSUER CREDIT RATINGS DEFINITIONS S&P’s issuer credit rating is a forward-looking opinion about an obligor’s overall creditworthiness. This opinion focuses on the obligor’s capacity and willingness to meet its financial commitments as they come due. It does not apply to any specific financial obligation, as it does not take into account the nature of and provisions of the obligation, its standing in bankruptcy or liquidation, statutory preferences, or the legality and enforceability of the obligation. Sovereign credit ratings are forms of issuer credit ratings. Issuer credit ratings can be either long-term or short-term. LONG-TERM ISSUER CREDIT RATINGS AAA: An obligor rated ‘AAA’ has extremely strong capacity to meet its financial commitments. ‘AAA’ is the highest issuer credit rating assigned by S&P. AA: An obligor rated ‘AA’ has very strong capacity to meet its financial commitments. It differs from the highest-rated obligors only to a small degree. A: An obligor rated ‘A’ has strong capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories. BBB: An obligor rated ‘BBB’ has adequate capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its financial commitments. BB, B, CCC and CC Obligors rated ‘BB’, ‘B’, ‘CCC’, and ‘CC’ are regarded as having significant speculative characteristics. ‘BB’ indicates the least degree of speculation and ‘CC’ the highest. While such obligors will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions. BB: An obligor ‘BB’ is less vulnerable in the near term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments. B: An obligor rated ‘B’ is more vulnerable than the obligors rated ‘BB’, but the obligor currently has the capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the obligor’s capacity or willingness to meets its financial commitments. CCC: An obligor rated ‘CCC’ is currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments. CC: An obligor rated ‘CC’ is currently highly vulnerable. The ’CC’ rating is used when a default has not yet occurred, but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

Eaton Vance Global Income Funds 85 SAI dated March 1, 2021 SD and D: An obligor is rated ’SD’ (selective default) or ’D’ if S&P considers there to be a default on one or more of its financial obligations, whether long -or short-term, including rated and unrated financial obligations but excluding hybrid instruments classified as regulatory capital or in non-payment according to terms. A ’D’ rating is assigned when S&P believes that the default will be a general default and that the obligor will fail to pay all or substantially all of its obligations as they come due. An ’SD’ rating is assigned when S&P believes that the obligor has selectively defaulted on a specific issue or class of obligations but it will continue to meet its payment obligations on other issues or classes of obligations in a timely manner. A rating on an obligor is lowered to ’D’ or ’SD’ if it is conducting a distressed exchange offer. NR: Indicates that a rating has not been assigned or is no longer assigned. Plus (+) or Minus (-): The ratings from ‘AA’ to’ CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. SHORT-TERM ISSUER CREDIT RATINGS A-1: An obligor rated ‘A-1’ has strong capacity to meet its financial commitments. It is rated in the highest category by S&P. Within this category, certain obligors are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial commitments is extremely strong. A-2: An obligor rated ‘A-2’ has satisfactory capacity to meet its financial commitments. However, it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in the highest rating category. A-3: An obligor rated ‘A-3’ has adequate capacity to meet its financial obligations. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its financial commitments. B: An obligor rated ‘B’ is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to the obligor’s inadequate capacity to meet its financial commitments. C: An obligor rated ’C’ is currently vulnerable to nonpayment that would result in a ’SD’ or ’D’ issuer rating, and is dependent upon favorable business, financial, and economic conditions for it to meet its financial commitments. SD and D: An obligor is rated ’SD’ (selective default) or ’D’ if S&P considers there to be a default on one or more of its financial obligations, whether long- or short-term, including rated and unrated obligations but excluding hybrid instruments classified as regulatory capital or in nonpayment according to term. An obligor is considered in default unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. A ’D’ rating is assigned when S&P believes that the default will be a general default and that the obligor will fail to pay all or substantially all of its obligations as they come due. An ’SD’ rating is assigned when S&P believes that the obligor has selectively defaulted on a specific issue or class of obligations, excluding hybrid instruments classified as regulatory capital, but it will continue to meet its payment obligations on other issues or classes of obligations in a timely manner. An obligor’s rating is lowered to ’D’ or ’SD’ if it is conducting a distressed exchange offer. NR: Indicates that a rating has not been assigned or is no longer assigned.

Eaton Vance Global Income Funds 86 SAI dated March 1, 2021 MUNICIPAL SHORT-TERM NOTE RATINGS SHORT-TERM NOTES: An S&P U.S. municipal note rating reflects S&P opinions about the liquidity factors and market access risks unique to notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P’s analysis will review the following considerations: Amortization schedule--the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and Source of payment--the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note. Municipal Short-Term Note rating symbols are as follows: SP-1: Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt will be given a plus (+) designation. SP-2: Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes. SP-3: Speculative capacity to pay principal and interest. D: ‘D’ is assigned upon failure to pay the note when due, completion of a distressed exchange offer, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. FITCH RATINGS LONG-TERM CREDIT RATINGS Issuer Default Ratings AAA:Highest credit quality. ‘AAA’ ratings denote the lowest expectation of default risk. They are assigned only in case of exceptionally strong capacity for payment of financial commitments. The capacity is highly unlikely to be adversely affected by foreseeable events. AA: Very high credit quality. ‘AA’ ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. A: High credit quality. ‘A’ ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. The capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings. BBB:Good credit quality. ’BBB’ ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity. BB: Speculative. ’BB’ ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exist that supports the servicing of financial commitments. B: Highly speculative. B’ ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment. CCC: Substantial credit risk. Default is a real possibility. CC: Very high levels of credit risk. Default of some kind appears probable. C: Near default. A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a ‘C’ category rating for an issuer include: • The issuer has entered into a grace or cure period following non-payment of a material financial obligation; • The issuer had entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; • The formal announcement by the issuer or their agent of distressed debt exchange; • A closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent. RD: Restricted Default. ‘RD’ ratings indicate an issuer that in Fitch’s opinion has experienced:

Eaton Vance Global Income Funds 87 SAI dated March 1, 2021 • An unsecured payment default or distressed debt exchange on a bond, loan or other material financial obligation, but • Has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and • Has not otherwise ceased operating. This would include: • The selective payment default on specific class or currency of debt; • The uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation; • The extension of multiple waivers of forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; ordinary execution of a distressed debt exchange on one or more material financial obligations. D: Default. ‘D’ ratings indicate an issuer that in Fitch’s opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business. • Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange. • In all cases, the assignment of default rating reflects the agency’s opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an issuer’s financial obligations or local commercial practice. Notes to Long-Term ratings: The modifiers “+” or “-” may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the ‘AAA’ Long-Term IDR category, or to Long-Term IDR categories below ‘B’. Short-Term Credit Ratings Assigned to Issuers and Obligations A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as “short term” based on market convention. Typically, this means up to 13 months for corporate, sovereign, and structured obligations, and up to 36 months for obligations in U.S. public finance markets. F1: Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added “+” to denote any exceptionally strong credit feature. F2: Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments. F3: Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate. B: Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions. C: High short-term default risk. Default is a real possibility. RD: Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only. D: Indicates a broad-based default event for an entity, or the default of a short-term obligation. DESCRIPTION OF INSURANCE FINANCIAL STRENGTH RATINGS Moody’s Investors Service, Inc. Insurance Financial Strength Ratings Moody’s Insurance Financial Strength Ratings are opinions of the ability of insurance companies to repay punctually senior policyholder claims and obligations and also reflect the expected financial loss suffered in the event of default. S&P Insurer Financial Strength Ratings An S&P insurer financial strength rating is a forward-looking opinion about the financial security characteristics of an insurance organization with respect to its ability to pay under its insurance policies and contracts in accordance with their terms. Insurer financial strength ratings are also assigned to health maintenance organizations and similar health plans with respect to their ability to pay under their policies and contracts in accordance with their terms.

Eaton Vance Global Income Funds 88 SAI dated March 1, 2021 This opinion is not specific to any particular policy or contract, nor does it address the suitability of a particular policy or contract for a specific purpose or purchaser. Furthermore, the opinion does not take into account deductibles, surrender or cancellation penalties, timeliness of payment, nor the likelihood of the use of a defense such as fraud to deny claims. Insurer financial strength ratings do not refer to an organization’s ability to meet nonpolicy (i.e., debt) obligations. Assignment of ratings to debt issued by insurers or to debt issues that are fully or partially supported by insurance policies, contracts, or guarantees is a separate process from the determination of insurer financial strength ratings, and it follows procedures consistent with those used to assign an issue credit rating. An insurer financial strength rating is not a recommendation to purchase or discontinue any policy or contract issued by an insurer. Long-Term Insurer Financial Strength Ratings Category Definition AAA An insurer rated ’AAA’ has extremely strong financial security characteristics. ’AAA’ is the highest insurer financial strength rating assigned by S&P. AA An insurer rated ’AA’ has very strong financial security characteristics, differing only slightly from those rated higher. A An insurer rated ’A’ has strong financial security characteristics, but is somewhat more likely to be affected by adverse business conditions than are insurers with higher ratings. BBB An insurer rated ’BBB’ has good financial security characteristics, but is more likely to be affected by adverse business conditions than are higher-rated insurers. BB, B, CCC and CC An insurer rated ’BB’ or lower is regarded as having vulnerable characteristics that may outweigh its strengths. ’BB’ indicates the least degree of vulnerability within the range and ’CC’ the highest. BB An insurer rated ’BB’ has marginal financial security characteristics. Positive attributes exist, but adverse business conditions could lead to insufficient ability to meet financial commitments. B An insurer rated ’B’ has weak financial security characteristics. Adverse business conditions will likely impair its ability to meet financial commitments. CCC An insurer rated ’CCC’ has very weak financial security characteristics, and is dependent on favorable business conditions to meet financial commitments. CC An insurer rated ’CC’ has extremely weak financial security characteristics and is likely not to meet some of its financial commitments. SD or D An insurer rated ’SD’ (selective default) or ’D’ is in default on one or more of its insurance policy obligations. The ’D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar action if payments on a policy obligation are at risk. A ’D’ rating is assigned when S&P believes that the default will be a general default and that the obligor will fail to pay substantially all of its obligations in full in accordance with the policy terms. An ’SD’ rating is assigned when S&P believes that the insurer has selectively defaulted on a specific class of policies but it will continue to meet its payment obligations on other classes of obligations. A selective default includes the completion of a distressed exchange offer. Claim denials due to lack of coverage or other legally permitted defenses are not considered defaults.

Eaton Vance Global Income Funds 89 SAI dated March 1, 2021 NR: Indicates that a rating has not been assigned or is no longer assigned. Plus (+) or Minus (-): The ratings from ‘AA’ to’ CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. Fitch Insurer Financial Strength Rating The Insurer Financial Strength (IFS) Rating provides an assessment of the financial strength of an insurance organization. The IFS Rating is assigned to the insurance company’s policyholder obligations, including assumed reinsurance obligations and contract holder obligations, such as guaranteed investment contracts. The IFS Rating reflects both the ability of the insurer to meet these obligations on a timely basis, and expected recoveries received by claimants in the event the insurer stops making payments or payments are interrupted, due to either the failure of the insurer or some form of regulatory intervention. In the context of the IFS Rating, the timeliness of payments is considered relative to both contract and/or policy terms but also recognizes the possibility of reasonable delays caused by circumstances common to the insurance industry, including claims reviews, fraud investigations and coverage disputes. The IFS Rating does not encompass policyholder obligations residing in separate accounts, unit-linked products or segregated funds, for which the policyholder bears investment or other risks. However, any guarantees provided to the policyholder with respect to such obligations are included in the IFS Rating. Expected recoveries are based on the agency’s assessments of the sufficiency of an insurance company’s assets to fund policyholder obligations, in a scenario in which payments have ceased or been interrupted. Accordingly, expected recoveries exclude the impact of recoveries obtained from any government sponsored guaranty or policyholder protection funds. Expected recoveries also exclude the impact of collateralization or security, such as letters of credit or trusteed assets, supporting select reinsurance obligations. IFS Ratings can be assigned to insurance and reinsurance companies in any insurance sector, including the life & annuity, non-life, property/casualty, health, mortgage, financial guaranty, residual value and title insurance sectors, as well as to managed care companies such as health maintenance organizations. The IFS Rating uses the same symbols used by the agency for its International and National credit ratings of long-term or short-term debt issues. However, the definitions associated with the ratings reflect the unique aspects of the IFS Rating within an insurance industry context. Obligations for which a payment interruption has occurred due to either the insolvency or failure of the insurer or some form of regulatory intervention will generally be rated between ’B’ and ’C’ on the Long-Term IFS Rating scales (both International and National). International Short-Term IFS Ratings assigned under the same circumstances will align with the insurer’s International Long-Term IFS Ratings.

Eaton Vance Global Income Funds 90 SAI dated March 1, 2021 APPENDIX G Eaton Vance Funds Proxy Voting Policy and Procedures I. Overview The Boards of Trustees (the “Board”) of the Eaton Vance Funds1 have determined that it is in the interests of the Funds’ shareholders to adopt these written proxy voting policy and procedures (the “Policy”). For purposes of this Policy: v “Fund” means each registered investment company sponsored by the Eaton Vance organization; and v “Adviser” means the adviser or sub-adviser responsible for the day-to-day management of all or a portion of the Fund’s assets. II. Delegation of Proxy Voting Responsibilities The Board hereby delegates to the Adviser responsibility for voting the Fund’s proxies as described in this Policy. In this connection, the Adviser is required to provide the Board with a copy of its proxy voting policies and procedures (“Adviser Procedures”) and all Fund proxies will be voted in accordance with the Adviser Procedures, provided that in the event a material conflict of interest arises with respect to a proxy to be voted for the Fund (as described in Section IV below) the Adviser shall follow the process for voting such proxy as described in Section IV below. The Adviser is required to report any material change to the Adviser Procedures to the Board in the manner set forth in Section V below. In addition, the Board will review the Adviser Procedures annually. III. Delegation of Proxy Voting Disclosure Responsibilities Pursuant to Rule 30b1-4 promulgated under the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund is required to file Form N-PX no later than August 31st of each year. On Form N-PX, the Fund is required to disclose, among other things, information concerning proxies relating to the Fund’s portfolio investments, whether or not the Fund (or its Adviser) voted the proxies relating to securities held by the Fund and how it voted on the matter and whether it voted for or against management. To facilitate the filing of Form N-PX for the Fund: v The Adviser is required to record, compile and transmit in a timely manner all data required to be filed on Form N-PX for the Fund that it manages. Such data shall be transmitted to Eaton Vance Management, which acts as administrator to the Fund (the “Administrator”) or the third party service provider designated by the Administrator; and v the Administrator is required to file Form N-PX on behalf of the Fund with the Securities and Exchange Commission (“Commission”) as required by the 1940 Act. The Administrator may delegate the filing to a third party service party provided each such filing is reviewed and approved by the Administrator. IV. Conflicts of Interest The Board expects the Adviser, as a fiduciary to the Fund it manages, to put the interests of the Fund and its shareholders above those of the Adviser. When required to vote a proxy for the Fund, the Adviser may have material business relationships with the issuer soliciting the proxy that could give rise to a potential material conflict of interest for the Adviser.2 In the event such a material conflict of interest arises, the Adviser, to the extent it is aware or reasonably should have been aware of the material conflict, will refrain from voting any proxies related to companies giving rise to such material conflict until it notifies and consults with the appropriate Board, or any committee, sub-committee or group of Independent Trustees identified by the Board (as long as such committee, sub-committee or group contains at least two or more Independent Trustees) (the “Board Members”), concerning the material conflict.3 For ease of communicating with the Board Members, the Adviser is required to provide the foregoing notice to the Fund’s Chief Legal Officer who will then notify and facilitate a consultation with the Board Members. Once the Board Members have been notified of the material conflict: v They shall convene a meeting to review and consider all relevant materials related to the proxies involved. This meeting shall be convened within 3 business days, provided that it an effort will be made to convene the meeting sooner if the proxy must be voted in less than 3 business days; v In considering such proxies, the Adviser shall make available all materials requested by the Board Members and make reasonably available appropriate personnel to discuss the matter upon request. v The Board Members will then instruct the Adviser on the appropriate course of action with respect to the proxy at issue.

Eaton Vance Global Income Funds 91 SAI dated March 1, 2021 If the Board Members are unable to meet and the failure to vote a proxy would have a material adverse impact on the Fund(s) involved, the Adviser will have the right to vote such proxy, provided that it discloses the existence of the material conflict to the Chairperson of the Board as soon as practicable and to the Board at its next meeting. Any determination regarding the voting of proxies of the Fund that is made by the Board Members shall be deemed to be a good faith determination regarding the voting of proxies by the full Board. V. Reports and Review The Administrator shall make copies of each Form N-PX filed on behalf of the Fund available for the Boards’ review upon the Boards’ request. The Administrator (with input from the Adviser for the Fund) shall also provide any reports reasonably requested by the Board regarding the proxy voting records of the Fund. The Adviser shall report any material changes to the Adviser Procedures to the Board as soon as practicable and the Boards will review the Adviser Procedures annually. The Adviser also shall report any material changes to the Adviser Procedures to the Fund Chief Legal Officer prior to implementing such changes in order to enable the Administrator to effectively coordinate the Fund’s disclosure relating to the Adviser Procedures. To the extent requested by the Commission, the Policy and the Adviser Procedures shall be appended to the Fund’s statement of additional information included in its registration statement. ______1 The Eaton Vance Funds may be organized as trusts or corporations. For ease of reference, the Funds may be referred to herein as Trusts and the Funds’ Board of Trustees or Board of Directors may be referred to collectively herein as the Board. 2 An Adviser is expected to maintain a process for identifying a potential material conflict of interest. As an example only, such potential conflicts may arise when the issuer is a client of the Adviser and generates a significant amount of fees to the Adviser or the issuer is a distributor of the Adviser’s products. 3 If a material conflict of interest exists with respect to a particular proxy and the proxy voting procedures of the relevant Adviser require that proxies are to be voted in accordance with the recommendation of a third party proxy voting vendor, the requirements of this Section IV shall only apply if the Adviser intends to vote such proxy in a manner inconsistent with such third party recommendation.

Eaton Vance Global Income Funds 92 SAI dated March 1, 2021 APPENDIX H EATON VANCE MANAGEMENT BOSTON MANAGEMENT AND RESEARCH EATON VANCE WATEROAK ADVISORS EATON VANCE MANAGEMENT (INTERNATIONAL) LIMITED EATON VANCE GLOBAL ADVISORS LIMITED EATON VANCE ADVISERS INTERNATIONAL LTD. PROXY VOTING POLICIES AND PROCEDURES I. Introduction Eaton Vance Management, Boston Management and Research, Eaton Vance WaterOak Advisors, Eaton Vance Management (International) Limited, Eaton Vance Global Advisors Limited and Eaton Vance Advisers International Ltd. (each an “Adviser” and collectively the “Advisers”) have each adopted and implemented policies and procedures that each Adviser believes are reasonably designed to ensure that proxies are voted in the best interest of clients, in accordance with its fiduciary duties and, to the extent applicable, Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Advisers’ authority to vote the proxies of their clients is established by their advisory contracts or similar documentation. These proxy policies and procedures are intended to reflect current requirements applicable to investment advisers registered with the U.S. Securities and Exchange Commission (“SEC”). These procedures may change from time to time. II. Overview Each Adviser manages its clients’ assets with the overriding goal of seeking to provide the greatest possible return to such clients consistent with governing laws and the investment policies of each client. In pursuing that goal, each Adviser seeks to exercise its clients’ rights as shareholders of voting securities to support sound corporate governance of the companies issuing those securities with the principle aim of maintaining or enhancing the companies’ economic value. The exercise of shareholder rights is generally done by casting votes by proxy at shareholder meetings on matters submitted to shareholders for approval (for example, the election of directors or the approval of a company’s stock option plans for directors, officers or employees). Each Adviser has established guidelines (“Guidelines”) as described below and generally will utilize such Guidelines in voting proxies on behalf of its clients. The Guidelines are largely based on those developed by the Agent (defined below) but also reflect input from the Global Proxy Group (defined below) and other Adviser investment professionals and are believed to be consistent with the views of the Adviser on the various types of proxy proposals. These Guidelines are designed to promote accountability of a company’s management and board of directors to its shareholders and to align the interests of management with those of shareholders. The Guidelines provide a framework for analysis and decision making but do not address all potential issues. Except as noted below, each Adviser will vote any proxies received by a client for which it has sole investment discretion through a third-party proxy voting service (“Agent”) in accordance with the Guidelines in a manner that is reasonably designed to eliminate any potential conflicts of interest, as described more fully below. The Agent is currently Institutional Shareholder Services Inc. Where applicable, proxies will be voted in accordance with client-specific guidelines or, in the case of an Eaton Vance Fund that is sub-advised, pursuant to the sub-adviser’s proxy voting policies and procedures. Although an Adviser retains the services of the Agent for research and voting recommendations, the Adviser remains responsible for proxy voting decisions. III. Roles and Responsibilities A. Proxy Administrator The Proxy Administrator and/or her designee coordinate the consideration of proxies referred back to the Adviser by the Agent, and otherwise administers these Procedures. In the Proxy Administrator’s absence, another employee of the Adviser may perform the Proxy Administrator’s responsibilities as deemed appropriate by the Global Proxy Group. The Proxy Administrator also may designate another employee to perform certain of the Proxy Administrator’s duties hereunder, subject to the oversight of the Proxy Administrator. B. Agent The Agent is responsible for coordinating with the clients’ custodians and the Advisers to ensure that all proxy materials received by the custodians relating to the portfolio securities are processed in a timely fashion. Each Adviser shall instruct the custodian for its clients to deliver proxy ballots and related materials to the Agent. The Agent shall vote and/or refer all proxies in accordance with the Guidelines. The Agent shall retain a record of all proxy votes handled by the Agent. With respect to each

Eaton Vance Global Income Funds 93 SAI dated March 1, 2021 Eaton Vance Fund memorialized therein, such record must reflect all of the information required to be disclosed in the Fund’s Form N-PX pursuant to Rule 30b1-4 under the Investment Company Act of 1940, to the extent applicable. In addition, the Agent is responsible for maintaining copies of all proxy statements received by issuers and to promptly provide such materials to an Adviser upon request. Subject to the oversight of the Advisers, the Agent shall establish and maintain adequate internal controls and policies in connection with the provision of proxy voting services to the Advisers, including methods to reasonably ensure that its analysis and recommendations are not influenced by a conflict of interest, and shall disclose such controls and policies to the Advisers when and as provided for herein. Unless otherwise specified, references herein to recommendations of the Agent shall refer to those in which no conflict of interest has been identified. The Advisers are responsible for the ongoing oversight of the Agent as contemplated by SEC Staff Legal Bulletin No. 20 (June 30, 2014) and interpretive guidance issued by the SEC in August 2019 regarding proxy voting responsibilities of investment advisers (Release Nos. IA-5325 and IC-33605). Such oversight currently may include one or more of the following and may change from time to time: v periodic review of Agent’s proxy voting platform and reporting capabilities (including recordkeeping); v periodic review of a sample of ballots for accuracy and correct application of the Guidelines; v periodic meetings with Agent’s client services team; v periodic in-person and/or web-based due diligence meetings; v receipt and review of annual certifications received from the Agent; v annual review of due diligence materials provided by the Agent, including review of procedures and practices regarding potential conflicts of interests; v periodic review of relevant changes to Agent’s business; and/or v periodic review of the following to the extent not included in due diligence materials provided by the Agent: (i) Agent’s staffing, personnel and/or technology; (ii) Agent’s process for seeking timely input from issuers (e.g., with respect to proxy voting policies, methodologies and peer group construction); (iii) Agent’s process for use of third-party information; (iv) the Agent’s policies and procedures for obtaining current and accurate information relevant to matters in its research and on which it makes voting recommendations; and (v) Agent’s business continuity program (“BCP”) and any service/operational issues experienced due to the enacting of Agent’s BCP. C. Global Proxy Group The Adviser shall establish a Global Proxy Group which is responsible for establishing the Guidelines (described below) and reviewing such Guidelines at least annually. The Global Proxy Group shall also review recommendations to vote proxies in a manner that is contrary to the Guidelines and when the proxy relates to a conflicted company of the Adviser or the Agent as described below. The members of the Global Proxy Group shall include the Chief Equity Investment Officer of Eaton Vance Management (“EVM”) and selected members of the Equity Departments of EVM and Eaton Vance Advisers International Ltd. (“EVAIL”) and EVM’s Global Income Department. The Proxy Administrator is not a voting member of the Global Proxy Group. Members of the Global Proxy Group may be changed from time to time at the Advisers’ discretion. Matters that require the approval of the Global Proxy Group may be acted upon by its member(s) available to consider the matter. IV. Proxy Voting A. The Guidelines The Global Proxy Group shall establish recommendations for the manner in which proxy proposals shall be voted (the “Guidelines”). The Guidelines shall identify when ballots for specific types of proxy proposals shall be voted(1) or referred to the Adviser. The Guidelines shall address a wide variety of individual topics, including, among other matters, shareholder voting rights, anti-takeover defenses, board structures, the election of directors, executive and director compensation, reorganizations, mergers, issues of corporate social responsibility and other proposals affecting shareholder rights. In determining the Guidelines, the Global Proxy Group considers the recommendations of the Agent as well as input from the Advisers’ portfolio managers and analysts and/or other internally developed or third party research. The Global Proxy Group shall review the Guidelines at least annually and, in connection with proxies to be voted on behalf of the Eaton Vance Funds, the Adviser will submit amendments to the Guidelines to the Fund Boards each year for approval. With respect to the types of proxy proposals listed below, the Guidelines will generally provide as follows:

Eaton Vance Global Income Funds 94 SAI dated March 1, 2021 1. Proposals Regarding Mergers and Corporate Restructurings/Disposition of Assets/Termination/Liquidation and Mergers The Agent shall be directed to refer proxy proposals accompanied by its written analysis and voting recommendation to the Proxy Administrator and/or her designee for all proposals relating to Mergers and Corporate Restructurings. 2. Corporate Structure Matters/Anti-Takeover Defenses As a general matter, the Advisers will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions (except in the case of closed-end management investment companies). 3. Proposals Regarding Proxy Contests The Agent shall be directed to refer contested proxy proposals accompanied by its written analysis and voting recommendation to the Proxy Administrator and/or her designee. 4. Social and Environmental Issues The Advisers will vote social and environmental proposals on a “case-by-case” basis taking into consideration industry best practices and existing management policies and practices. Interpretation and application of the Guidelines is not intended to supersede any law, regulation, binding agreement or other legal requirement to which an issuer or the Adviser may be or become subject. The Guidelines generally relate to the types of proposals that are most frequently presented in proxy statements to shareholders. In certain circumstances, an Adviser may determine to vote contrary to the Guidelines subject to the voting procedures set forth below. B. Voting Procedures Except as noted in Section V below, the Proxy Administrator and/or her designee shall instruct the Agent to vote proxies as follows: 1. Vote in Accordance with Guidelines If the Guidelines prescribe the manner in which the proxy is to be voted, the Agent shall vote in accordance with the Guidelines, which for certain types of proposals, are recommendations of the Agent made on a case-by-case basis. 2. Seek Guidance for a Referred Item or a Proposal for which there is No Guideline If (i) the Guidelines state that the proxy shall be referred to the Adviser to determine the manner in which it should be voted or (ii) a proxy is received for a proposal for which there is no Guideline, the Proxy Administrator and/or her designee shall consult with the analyst(s) covering the company subject to the proxy proposal and shall instruct the Agent to vote in accordance with the determination of the analyst. The Proxy Administrator and/or her designee will maintain a record of all proxy proposals that are referred by the Agent, as well as all applicable recommendations, analysis and research received and the resolution of the matter. Where more than one analyst covers a particular company and the recommendations of such analysts for voting a proposal subject to this Section IV.B.2 conflict, the Global Proxy Group shall review such recommendations and any other available information related to the proposal and determine the manner in which it should be voted, which may result in different recommendations for clients (including Funds). 3. Votes Contrary to the Guidelines or Where Agent is Conflicted In the event an analyst with respect to companies within his or her coverage area may recommend a vote contrary to the Guidelines, the Proxy Administrator and/or her designee will provide the Global Proxy Group with the Agent’s recommendation for the proposal along with any other relevant materials, including a description of the basis for the analyst’s recommendation via email and the Proxy Administrator and/or designee will then instruct the Agent to vote the proxy in the manner determined by the Global Proxy Group. Should the vote by the Global Proxy Group concerning one or more recommendations result in a tie, EVM’s Chief Equity Investment Officer will determine the manner in which the proxy will be voted. The Adviser will provide a report to the Boards of Trustees of the Eaton Vance Funds reflecting any votes cast on behalf of the Eaton Vance Funds contrary to the Guidelines, and shall do so quarterly. A similar process will be followed if the Agent has a conflict of interest with respect to a proxy as described in Section VI.B. 4. Do Not Cast a Vote It shall generally be the policy of the Advisers to take no action on a proxy for which no client holds a position or otherwise maintains an economic interest in the relevant security at the time the vote is to be cast. In addition, the Advisers may determine not to vote (i) if the economic effect on shareholders’ interests or the value of the portfolio holding is indeterminable or insignificant (e.g., proxies in connection with securities no longer held in the portfolio of a client or proxies being considered on behalf of a client that is no longer in existence); (ii) if the cost of voting a proxy outweighs the benefits (e.g., certain international proxies,

Eaton Vance Global Income Funds 95 SAI dated March 1, 2021 particularly in cases in which share blocking practices may impose trading restrictions on the relevant portfolio security); or (iii) in markets in which shareholders’ rights are limited; and (iv) the Adviser is unable to access or access timely ballots or other proxy information. Non-Votes may also result in certain cases in which the Agent’s recommendation has been deemed to be conflicted, as provided for herein. C. Securities on Loan When a fund client participates in the lending of its securities and the securities are on loan at the record date for a shareholder meeting, proxies related to such securities generally will not be forwarded to the relevant Adviser by the fund’s custodian and therefore will not be voted. In the event that the Adviser determines that the matters involved would have a material effect on the applicable fund’s investment in the loaned securities, the Adviser will make reasonable efforts to terminate the loan in time to be able to cast such vote or exercise such consent. The Adviser shall instruct the fund’s security lending agent to refrain from lending the full position of any security held by a fund to ensure that the Adviser receives notice of proxy proposals impacting the loaned security. V. Recordkeeping The Advisers will maintain records relating to the proxies they vote on behalf of their clients in accordance with Section 204-2 of the Investment Advisers Act of 1940, as amended. Those records will include: v A copy of the Advisers’ proxy voting policies and procedures; v Proxy statements received regarding client securities. Such proxy statements received from issuers are either in the SEC’s EDGAR database or are kept by the Agent and are available upon request; v A record of each vote cast; v A copy of any document created by the Advisers that was material to making a decision on how to vote a proxy for a client or that memorializes the basis for such a decision; and v Each written client request for proxy voting records and the Advisers’ written response to any client request (whether written or oral) for such records. All records described above will be maintained in an easily accessible place for five years and will be maintained in the offices of the Advisers or their Agent for two years after they are created. Notwithstanding anything contained in this Section V, Eaton Vance Trust Company shall maintain records relating to the proxies it votes on behalf of its clients in accordance with laws and regulations applicable to it and its activities. In addition, EVAIL shall maintain records relating to the proxies it votes on behalf of its clients in accordance with UK law. VI. Assessment of Agent and Identification and Resolution of Conflicts with Clients A. Assessment of Agent The Advisers shall establish that the Agent (i) is independent from the Advisers, (ii) has resources that indicate it can competently provide analysis of proxy issues, and (iii) can make recommendations in an impartial manner and in the best interests of the clients and, where applicable, their beneficial owners. The Advisers shall utilize, and the Agent shall comply with, such methods for establishing the foregoing as the Advisers may deem reasonably appropriate and shall do so not less than annually as well as prior to engaging the services of any new proxy voting service. The Agent shall also notify the Advisers in writing within fifteen (15) calendar days of any material change to information previously provided to an Adviser in connection with establishing the Agent’s independence, competence or impartiality. B. Conflicts of Interest As fiduciaries to their clients, each Adviser puts the interests of its clients ahead of its own. In order to ensure that relevant personnel of the Advisers are able to identify potential material conflicts of interest, each Adviser will take the following steps: v Quarterly, the Eaton Vance Legal and Compliance Department will seek information from the department heads of each department of the Advisers and of Eaton Vance Distributors, Inc. (“EVD”) (an affiliate of the Advisers and principal underwriter of certain Eaton Vance Funds). Each department head will be asked to provide a list of significant clients or prospective clients of the Advisers or EVD. v A representative of the Legal and Compliance Department will compile a list of the companies identified (the “Conflicted Companies”) and provide that list to the Proxy Administrator. v The Proxy Administrator will compare the list of Conflicted Companies with the names of companies for which he or she has been referred a proxy statement (the “Proxy Companies”). If a Conflicted Company is also a Proxy Company, the Proxy Administrator will report that fact to the Global Proxy Group.

Eaton Vance Global Income Funds 96 SAI dated March 1, 2021 v If the Proxy Administrator expects to instruct the Agent to vote the proxy of the Conflicted Company strictly according to the Guidelines contained in these Proxy Voting Policies and Procedures (the “Policies”) or the recommendation of the Agent, as applicable, he or she will (i) inform the Global Proxy Group of that fact, (ii) instruct the Agent to vote the proxies and (iii) record the existence of the material conflict and the resolution of the matter. v If the Proxy Administrator intends to instruct the Agent to vote in a manner inconsistent with the Guidelines, the Global Proxy Group will then determine if a material conflict of interest exists between the relevant Adviser and its clients (in consultation with the Legal and Compliance Department if needed). If the Global Proxy Group determines that a material conflict exists, prior to instructing the Agent to vote any proxies relating to these Conflicted Companies the Adviser will seek instruction on how the proxy should be voted from: v The client, in the case of an individual, corporate, institutional or benefit plan client; v In the case of a Fund, its board of directors, any committee, sub-committee or group of Independent Trustees (as long as such committee, sub-committee or group contains at least two or more Independent Trustees); or v The adviser, in situations where the Adviser acts as a sub-adviser to such adviser. The Adviser will provide all reasonable assistance to each party to enable such party to make an informed decision. If the client, Fund board or adviser, as the case may be, fails to instruct the Adviser on how to vote the proxy, the Adviser will generally instruct the Agent, through the Proxy Administrator, to abstain from voting in order to avoid the appearance of impropriety. If however, the failure of the Adviser to vote its clients’ proxies would have a material adverse economic impact on the Advisers’ clients’ securities holdings in the Conflicted Company, the Adviser may instruct the Agent, through the Proxy Administrator, to vote such proxies in order to protect its clients’ interests. In either case, the Proxy Administrator will record the existence of the material conflict and the resolution of the matter. The Advisers shall also identify and address conflicts that may arise from time to time concerning the Agent. Upon the Advisers’ request, which shall be not less than annually, and within fifteen (15) calendar days of any material change to such information previously provided to an Adviser, the Agent shall provide the Advisers with such information as the Advisers deem reasonable and appropriate for use in determining material relationships of the Agent that may pose a conflict of interest with respect to the Agent’s proxy analysis or recommendations. Such information shall include, but is not limited to, a monthly report from the Agent detailing the Agent’s Corporate Securities Division clients and related revenue data. The Advisers shall review such information on a monthly basis. The Proxy Administrator shall instruct the Agent to refer any proxies for which a material conflict of the Agent is deemed to be present to the Proxy Administrator. Any such proxy referred by the Agent shall be referred to the Global Proxy Group for consideration accompanied by the Agent’s written analysis and voting recommendation. The Proxy Administrator will instruct the Agent to vote the proxy as recommended by the Global Proxy Group. (1) The Guidelines will prescribe how a proposal shall be voted or provide factors to be considered on a case-by-case basis by the Agent in recommending a vote pursuant to the Guidelines.

Eaton Vance Global Income Funds 97 SAI dated March 1, 2021 Eaton Vance Global Income Funds 98 SAI dated March 1, 2021 Eaton Vance Global Bond Fund Annual Report October 31, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up. You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable. Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

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

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122. Annual Report October 31, 2020 Eaton Vance Global Bond Fund

Table of Contents Management’s Discussion of Fund Performance 2 Performance 3 Fund Profile 4 Endnotes and Additional Disclosures 5 Fund Expenses 6 Financial Statements 7 Report of Independent Registered Public Accounting Firm 17 and 39 Federal Tax Information 18 Liquidity Risk Management Program 40 Management and Organization 41 Important Notices 44 Eaton Vance Global Bond Fund October 31, 2020

Management’s Discussion of Fund Performance1

Economic and Market Conditions economic data and attractive local yields relative to many developed market nations, contributed to strength in the South Korean won. These The 12-month period ended October 31, 2020, was a volatile time for and other favorable effects in Asia were tempered by areas of weakness, the world’s financial markets. Nonetheless, major equity and fixed- including a position in the Indian rupee that declined in value. income indexes posted solid gains for the period. In the volatile environment, longer duration bonds generally performed especially well, Holdings in the Middle East & Africa (MEA), Eastern Europe, and the driven by a global trend of declining interest rates. Dollar Bloc — Canada, New Zealand, and Australia — also positively impacted returns. One of the Fund’s best-performing investments was an The period began on a positive note, with financial markets registering out-of-Index allocation to Egyptian local bonds, which benefited from broad gains from November through early 2020 amid accommodative attractive yields on short-term instruments denominated in the Egyptian central bank policies. In late January, however, news of the outbreak of pound, coupled with the Egyptian central bank’s ability to maintain the novel coronavirus in China started to raise investor concerns. As the currency stability versus the U.S. dollar during the period. An out-of- virus turned into a global pandemic in February and March, it brought Index position in Serbian local bonds and an allocation to New Zealand most of the world’s economies to a near standstill. The abrupt decline in inflation-linked bonds were particularly helpful in Eastern Europe and the economic output triggered a global sell-off in equities and higher yielding Dollar Bloc, respectively. sectors of the fixed-income market. Emerging market countries proved particularly vulnerable to the economic and health effects of COVID-19. Results in Western Europe were less favorable. An out-of-Index position Plummeting oil prices were an additional headwind for emerging market in the local bonds of Iceland detracted from performance during the nations that depend on oil exports. period, as did a position in the Norwegian krone. In Iceland, a disappointing growth outlook for the country and the reintroduction of Global markets subsequently regained their footing, and most major local coronavirus restrictions later in the period weighed on Icelandic asset classes delivered strong returns from April through August 2020. local bonds. The Norwegian krone experienced downward pressure amid Several factors contributed to the rally, including aggressive monetary the sell-off in oil, one of Norway’s key exports. By period-end, the and fiscal responses by central banks and governments to help mitigate position in the krone was sold from the Fund. the economic impact of the virus. In addition, economies started to recover as policymakers learned more about how to slow the spread of Select holdings in Latin America were also detrimental to Fund returns, COVID-19 and began easing social-distancing restrictions. Lastly, the especially a position in the Brazilian real that weakened as politicians U.S. Federal Reserve (the Fed) announced a shift in its inflation-targeting clashed over various issues, COVID-19 cases surged, and the central policy from seeking a rate of 2% “over the longer run” to “inflation bank cut interest rates to support the economy. Nonetheless, on an moderately above 2% for some time.” overall basis, holdings in Latin America had minimal impact on the Fund’s performance. Markets generally weakened from September through October as a lack of additional fiscal stimulus in the U.S. created worries about the The Fund uses derivatives extensively to both hedge select undesired risk sustainability of the domestic economic recovery. Rising cases of exposures as well as gain select desired risk exposures. Some of the COVID-19, especially in Europe, and uncertainties surrounding the above commentary about notable drivers of performance at the country November 2020 U.S. elections further dampened investor sentiment. level involved the use of derivatives. The Fund’s use of derivatives While central banks in developed economies held their respective policy broadly contributed to returns versus the Index. Specifically, the Fund’s rates steady in the last two months of the period, a number of emerging use of currency forwards to gain exposure to select currencies around the market central banks reduced rates to levels likely approaching their world contributed to performance during the period. Interest rate swaps lower bounds. used to gain select exposures as well as hedge others also contributed to performance during the period. Fund Performance For the 12-month period ended October 31, 2020, Eaton Vance Global Bond Fund (the Fund) returned 5.72% for Class A shares at net asset value (NAV), underperforming its former benchmark, the FTSE World Government Bond Index, which returned 6.00%; and outperforming its new benchmark, the Bloomberg Barclays Global Aggregate Bond Index (Unhedged) (the Index), which returned 5.63%. During the period, holdings in Asia positively impacted the Fund’s returns relative to the Index. Top performers included exposures to Chinese local interest rates and the South Korean won. Numerous monetary policy-easing measures implemented by China to support its economy during the coronavirus outbreak benefited Chinese local bonds. South Korea’s success at containing COVID-19, along with better

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 October 31, 2020

Performance2,3 Portfolio Managers Michael A. Cirami, CFA, Kyle Lee, CFA and Eric A. Stein, CFA

Class Performance % Average Annual Total Returns Inception Date Inception Date One Year Five Years Ten Years Class A at NAV 06/27/2007 06/27/2007 5.72% 4.04% 2.12% Class A with 4.75% Maximum Sales Charge — — 0.75 3.03 1.62 Class C at NAV 03/01/2011 06/27/2007 4.98 3.31 1.39 Class C with 1% Maximum Sales Charge — — 3.99 3.31 1.39 Class I at NAV 03/01/2011 06/27/2007 6.04 4.32 2.40 ...... Bloomberg Barclays Global Aggregate Bond Index (Unhedged) — — 5.63% 3.90% 2.24% FTSE World Government Bond Index — — 6.00 3.91 1.70 J.P. Morgan Emerging Local Markets Index Plus (ELMI+) — — –2.00 2.00 –0.39 Blended Index — — 4.77 4.08 2.37

% Total Annual Operating Expense Ratios4 Class A Class C Class I Gross 1.39% 2.09% 1.09% Net 1.01 1.71 0.71

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

$14,000 Class A at NAV

Class A with Maximum Sales Charge $12,479 $12,331 Bloomberg Barclays Global $12,000 $11,835 $11,742 Aggregate Bond Index (Unhedged) FTSE World Government Bond Index

$10,000

$8,000 10/10 10/11 10/12 10/13 10/1410/15 10/16 10/17 10/18 10/19 10/20

Growth of Investment3 Amount Invested Period Beginning At NAV With Maximum Sales Charge Class C $10,000 10/31/2010 $11,482 N.A. Class I $250,000 10/31/2010 $317,000 N.A.

3 Eaton Vance Global Bond Fund October 31, 2020

Fund Profile5 Foreign Currency Exposures by Country (% of net assets)6

Japan 20.2% Euro 9.9 Serbia 7.8 Iceland 7.6 China 7.2 South Korea 6.2 Australia 4.5 Switzerland 4.3 Indonesia 4.2 Egypt 4.1 Ukraine 3.8 Malaysia 3.0 India 3.0 Thailand 2.0 Peru 1.4 Other 3.9*

Total Long 93.1

Total Short 0.0

Total Net 93.1

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

See Endnotes and Additional Disclosures in this report.

4 Eaton Vance Global Bond Fund October 31, 2020

Endnotes and Additional Disclosures

1 The views expressed in this report are those of the portfolio manager(s) linked to the performance of an older class of the Fund. This linked and are current only through the date stated at the top of this page. performance is adjusted for any applicable sales charge, but is not These views are subject to change at any time based upon market or adjusted for class expense differences. If adjusted for such differences, other conditions, and Eaton Vance and the Fund(s) disclaim any the performance would be different. The performance of Class C and responsibility to update such views. These views may not be relied Class I is linked to Class A. Performance presented in the Financial upon as investment advice and, because investment decisions are Highlights included in the financial statements is not linked. based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary Effective October 14, 2019, the Fund changed its primary benchmark may contain statements that are not historical facts, referred to as to FTSE World Government Bond Index because the investment “forward looking statements.” The Fund’s actual future results may adviser believed that in connection with the change in investment differ significantly from those stated in any forward looking statement, strategy, it was a more appropriate benchmark for the Fund. depending on factors such as changes in securities or financial Performance shown prior to October 14, 2019 reflects the Fund’s markets or general economic conditions, the volume of sales and former investment strategy as a locally denominated international purchases of Fund shares, the continuation of investment advisory, short-term fixed income fund. administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Effective March 1, 2020, the Fund changed its primary benchmark to Commission. the Bloomberg Barclays Global Aggregate Bond Index (Unhedged), which has substantially similar characteristics to the FTSE World 2 Bloomberg Barclays Global Aggregate Bond Index (Unhedged) is an Government Bond Index. unmanaged index of global investment-grade bonds denominated in the U.S. Dollar, Euro, Japanese Yen, and British Sterling. The index 4 Source: Fund prospectus. Net expense ratios reflect a contractual includes corporate bonds, government bonds, and mortgage-backed expense reimbursement that continues through 2/28/21. Without the securities. FTSE World Government Bond Index (WGBI) measures the reimbursement, performance would have been lower. The expense performance of fixed-rate, local currency, investment-grade sovereign ratios for the current reporting period can be found in the Financial bonds. J.P. Morgan Emerging Local Markets Index Plus (ELMI+) is an Highlights section of this report. unmanaged index of local currency money market instruments in emerging market countries. J.P. Morgan Emerging Markets Bond 5 Fund primarily invests in an affiliated investment company (Portfolio) (JEMB) Hard Currency/Local Currency 50-50 Index is a blended index with the same objective(s) and policies as the Fund and may also comprised of 50% J.P. Morgan Government Bond Index: Emerging invest directly. Unless otherwise noted, references to investments are Market Global Diversified (JPM GBI-EM GD), 25% J.P. Morgan to the aggregate holdings of the Fund and the Portfolio. Emerging Market Bond Index Global Diversified (JPM EMBI GD) and 25% J.P. Morgan Corporate Emerging Markets Bond Index Broad 6 Currency exposures include all foreign exchange denominated assets, Diversified (JPM CEMBI BD). J.P. Morgan Government Bond Index: currency derivatives and commodities (including commodity Emerging Market Global Diversified (JPM GBI-EM GD) is an derivatives). Total exposures may exceed 100% due to implicit unmanaged index of local-currency bonds with maturities of more than leverage created by derivatives. one year issued by emerging markets governments. J.P. Morgan Emerging Market Bond Index Global Diversified (JPM EMBI GD) is a Fund profile subject to change due to active management. market-cap weighted index that measures USD-denominated Brady Bonds, Eurobonds, and traded loans issued by sovereign entities. J.P. Additional Information Morgan Corporate Emerging Markets Bond Index Broad Diversified Duration is a measure of the expected change in price of a bond — in (JPM CEMBI BD) is an unmanaged index of USD-denominated percentage terms — given a one percent change in interest rates, all emerging market corporate bonds. Information has been obtained from else being constant. Securities with lower durations tend to be less sources believed to be reliable but J.P. Morgan does not warrant its sensitive to interest rate changes. completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s Important Notice to Shareholders prior written approval. Copyright 2020, J.P. Morgan Chase & Co. All Effective April 1, 2021, the portfolio management team for the Fund rights reserved. The Blended Index consists of 85% Bloomberg will be Michael A. Cirami and Kyle Lee. 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.

3 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

5 Eaton Vance Global Bond Fund October 31, 2020

Fund Expenses

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

Actual Class A $1,000.00 $1,065.20 $5.24** 1.01% Class C $1,000.00 $1,061.50 $8.86** 1.71% Class I $1,000.00 $1,066.90 $3.69** 0.71%

Hypothetical (5% return per year before expenses) Class A $1,000.00 $1,020.10 $5.13** 1.01% Class C $1,000.00 $1,016.50 $8.67** 1.71% Class I $1,000.00 $1,021.60 $3.61** 0.71% * Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on April 30, 2020. The Example reflects the expenses of both the Fund and the Portfolio. ** Absent an allocation of certain expenses to an affiliate, expenses would be higher.

6 Eaton Vance Global Bond Fund October 31, 2020

Statement of Assets and Liabilities

Assets October 31, 2020 Investment in International Income Portfolio, at value (identified cost, $55,830,362) $ 57,158,578 Receivable for Fund shares sold 53,031 Receivable from affiliate 9,955 Total assets $ 57,221,564

Liabilities Payable for Fund shares redeemed $ 25,609 Payable to affiliates: Distribution and service fees 9,066 Trustees’ fees 43 Accrued expenses 62,254 Total liabilities $ 96,972 Net Assets $ 57,124,592

Sources of Net Assets Paid-in capital $ 92,079,210 Accumulated loss (34,954,618) Total $ 57,124,592

Class A Shares Net Assets $ 18,354,420 Shares Outstanding 2,173,939 Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) $ 8.44 Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) $ 8.86

Class C Shares Net Assets $ 5,173,107 Shares Outstanding 612,733 Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) $ 8.44

Class I Shares Net Assets $ 33,597,065 Shares Outstanding 3,992,625 Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) $ 8.41

On sales of $50,000 or more, the offering price of Class A shares is reduced. * Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

7 See Notes to Financial Statements. Eaton Vance Global Bond Fund October 31, 2020

Statement of Operations

Year Ended Investment Income October 31, 2020 Interest allocated from Portfolio (net of foreign taxes, $125,466) $2,042,920 Dividends allocated from Portfolio 18,664 Expenses, excluding interest expense, allocated from Portfolio (451,942) Interest expense allocated from Portfolio (9,108) Total investment income $1,600,534

Expenses Distribution and service fees Class A $ 52,100 Class C 74,497 Trustees’ fees and expenses 500 Custodian fee 15,500 Transfer and dividend disbursing agent fees 58,063 Legal and accounting services 38,070 Printing and postage 39,284 Registration fees 50,970 Miscellaneous 9,105 Total expenses $ 338,089 Deduct — Allocation of expenses to affiliate $ 212,983 Total expense reductions $ 212,983

Net expenses $ 125,106

Net investment income $1,475,428

Realized and Unrealized Gain (Loss) from Portfolio Net realized gain (loss) — Investment transactions (net of foreign capital gains taxes of $10,818) $ (118,349) Financial futures contracts (11,020) Swap contracts 668,550 Foreign currency transactions (93,948) Forward foreign currency exchange contracts 593,492 Net realized gain $1,038,725 Change in unrealized appreciation (depreciation) — Investments (including net increase of $10,264 in accrued foreign capital gains taxes) $ (47,363) Financial futures contracts 3,734 Swap contracts 581,437 Foreign currency 1,905 Forward foreign currency exchange contracts 163,691 Net change in unrealized appreciation (depreciation) $ 703,404

Net realized and unrealized gain $1,742,129

Net increase in net assets from operations $3,217,557

8 See Notes to Financial Statements. Eaton Vance Global Bond Fund October 31, 2020

Statements of Changes in Net Assets

Year Ended October 31, Increase (Decrease) in Net Assets 2020 2019 From operations — Net investment income $ 1,475,428 $ 3,099,028 Net realized gain 1,038,725 187,915 Net change in unrealized appreciation (depreciation) 703,404 1,528,372 Net increase in net assets from operations $ 3,217,557 $ 4,815,315 Distributions to shareholders — Class A $ (784,894) $ (1,014,498) Class C (295,747) (557,031) Class I (1,869,130) (3,166,524) Total distributions to shareholders $ (2,949,771) $ (4,738,053) Tax return of capital to shareholders — Class A $ (328,310) $ — Class C (115,699) — Class I (720,296) — Total tax return of capital to shareholders $ (1,164,305) $ — Transactions in shares of beneficial interest — Proceeds from sale of shares Class A $ 3,608,276 $ 5,231,227 Class C 325,798 1,221,685 Class I 10,204,725 18,556,044 Net asset value of shares issued to shareholders in payment of distributions declared Class A 1,073,366 998,587 Class C 307,018 387,048 Class I 2,438,057 2,693,229 Cost of shares redeemed Class A (5,090,634) (7,137,814) Class C (4,665,893) (6,158,213) Class I (34,825,264) (27,038,486) Net asset value of shares converted Class A 244,117 114,485 Class C (244,117) (114,485) Net decrease in net assets from Fund share transactions $(26,624,551) $(11,246,693)

Net decrease in net assets $(27,521,070) $(11,169,431)

Net Assets At beginning of year $ 84,645,662 $ 95,815,093 At end of year $ 57,124,592 $ 84,645,662

9 See Notes to Financial Statements. Eaton Vance Global Bond Fund October 31, 2020

Financial Highlights

Class A Year Ended October 31, 2020 2019 2018 2017 2016 Net asset value — Beginning of year $ 8.510 $ 8.500 $ 9.130 $ 8.770 $ 9.010

Income (Loss) From Operations Net investment income(1) $ 0.176 $ 0.295 $ 0.315 $ 0.246 $ 0.254 Net realized and unrealized gain (loss) 0.292 0.174 (0.539) 0.520 0.003

Total income (loss) from operations $ 0.468 $ 0.469 $ (0.224) $ 0.766 $ 0.257

Less Distributions From net investment income $ (0.378) $ (0.459) $ (0.052) $ (0.406) $ — Tax return of capital (0.160) — (0.354) — (0.497)

Total distributions $ (0.538) $ (0.459) $ (0.406) $ (0.406) $ (0.497)

Net asset value — End of year $ 8.440 $ 8.510 $ 8.500 $ 9.130 $ 8.770

Total Return(2)(3) 5.72% 5.62% (2.58)% 8.89% 2.94%

Ratios/Supplemental Data Net assets, end of year (000’s omitted) $18,354 $18,677 $19,483 $22,136 $43,471 Ratios (as a percentage of average daily net assets):(4) Expenses(3) 1.01%(5) 1.10%(5) 1.11%(5) 1.10% 1.11%(5) Net investment income 2.09% 3.43% 3.51% 2.74% 2.85% Portfolio Turnover of the Portfolio 88%(6) 92% 23% 29% 38%

10 See Notes to Financial Statements. Eaton Vance Global Bond Fund October 31, 2020

Financial Highlights — continued

Class C Year Ended October 31, 2020 2019 2018 2017 2016 Net asset value — Beginning of year $ 8.510 $ 8.500 $ 9.130 $ 8.770 $ 9.000

Income (Loss) From Operations Net investment income(1) $ 0.123 $ 0.237 $ 0.252 $ 0.183 $ 0.192 Net realized and unrealized gain (loss) 0.286 0.171 (0.539) 0.520 (0.002)

Total income (loss) from operations $ 0.409 $ 0.408 $ (0.287) $ 0.703 $ 0.190

Less Distributions From net investment income $(0.336) $(0.398) $ (0.044) $ (0.343) $ — Tax return of capital (0.143) — (0.299) — (0.420)

Total distributions $(0.479) $(0.398) $ (0.343) $ (0.343) $ (0.420)

Net asset value — End of year $ 8.440 $ 8.510 $ 8.500 $ 9.130 $ 8.770

Total Return(2)(3) 4.98% 4.88% (3.26)% 8.13% 2.17%

Ratios/Supplemental Data Net assets, end of year (000’s omitted) $ 5,173 $ 9,517 $14,107 $16,664 $20,096 Ratios (as a percentage of average daily net assets):(4) Expenses(3) 1.71%(5) 1.81%(5) 1.81%(5) 1.80% 1.81%(5) Net investment income 1.47% 2.76% 2.81% 2.03% 2.16% Portfolio Turnover of the Portfolio 88%(6) 92% 23% 29% 38%

11 See Notes to Financial Statements. Eaton Vance Global Bond Fund October 31, 2020

Financial Highlights — continued

Class I Year Ended October 31, 2020 2019 2018 2017 2016 Net asset value — Beginning of year $ 8.480 $ 8.480 $ 9.100 $ 8.750 $ 9.000

Income (Loss) From Operations Net investment income(1) $ 0.213 $ 0.319 $ 0.341 $ 0.272 $ 0.284 Net realized and unrealized gain (loss) 0.279 0.164 (0.529) 0.510 (0.003)

Total income (loss) from operations $ 0.492 $ 0.483 $ (0.188) $ 0.782 $ 0.281

Less Distributions From net investment income $ (0.395) $ (0.483) $ (0.056) $ (0.432) $ — Tax return of capital (0.167) — (0.376) — (0.531)

Total distributions $ (0.562) $ (0.483) $ (0.432) $ (0.432) $ (0.531)

Net asset value — End of year $ 8.410 $ 8.480 $ 8.480 $ 9.100 $ 8.750

Total Return(2)(3) 6.04% 5.82% (2.19)% 9.11% 3.22%

Ratios/Supplemental Data Net assets, end of year (000’s omitted) $33,597 $56,451 $62,225 $64,381 $74,480 Ratios (as a percentage of average daily net assets):(4) Expenses(3) 0.71%(5) 0.81%(5) 0.81%(5) 0.80% 0.81%(5) Net investment income 2.54% 3.73% 3.81% 3.02% 3.20% Portfolio Turnover of the Portfolio 88%(6) 92% 23% 29% 38%

(1) Computed using average shares outstanding. (2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. (3) The investment adviser and administrator of the Fund and the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.49%, 0.40%, 0.34%, 0.37% and 0.27% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower. (4) Includes the Fund’s share of the Portfolio’s allocated expenses. (5) Includes interest expense of 0.01% of average daily net assets for each of the years ended October 31, 2020, 2019, 2018 and 2016. (6) Includes the effect of To-Be-Announced (TBA) transactions.

12 See Notes to Financial Statements. Eaton Vance Global Bond Fund October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies Eaton Vance Global Bond Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in International Income Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (99.9% at October 31, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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 October 31, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

2 Distributions to Shareholders and Income Tax Information The Fund expects to pay any required income distributions monthly and intends to distribute annually all or substantially all of its net realized capital gains. The Fund may include in its distributions amounts attributable to the imputed interest on foreign currency exposures and certain other derivative positions which, in certain circumstances, may result in a return of capital for federal income tax purposes. Distributions to shareholders are recorded on the ex- dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only

13 Eaton Vance Global Bond Fund October 31, 2020

Notes to Financial Statements — continued

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

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

Year Ended October 31, 2020 2019

Ordinary income $2,949,771 $4,738,053 Tax return of capital $1,164,305 $ —

During the year ended October 31, 2020, accumulated loss was increased by $32,028 and paid-in capital was increased by $32,028 due to differences between book and tax accounting. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

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

Deferred capital losses $(33,518,909) Net unrealized depreciation $ (1,435,709)

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $33,518,909 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2020, $12,016,614 are short-term and $21,502,295 are long-term.

3 Investment Adviser Fee and Other Transactions with Affiliates The investment adviser fee is earned by Eaton Vance Management (EVM), a wholly-owned subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and EVM, the fee is computed at an annual rate of 0.50% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator (“Investable Assets”) up to $1 billion and is payable monthly. On Investable Assets of $1 billion and over, the annual fee is reduced. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of the holders of interest in the Fund. For the year ended October 31, 2020, the Fund incurred no investment adviser fee on Investable Assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation. EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses) exceed 1.00%, 1.70% and 0.70% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM was allocated $212,983 of the Fund’s operating expenses for the year ended October 31, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $3,450 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $474 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

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

14 Eaton Vance Global Bond Fund October 31, 2020

Notes to Financial Statements — continued

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 year ended October 31, 2020 amounted to $52,100 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2020, the Fund paid or accrued to EVD $55,873 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2020 amounted to $18,624 for Class C shares.

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

5 Contingent Deferred Sales Charges A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $500 and $300 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Investment Transactions For the year ended October 31, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $4,269,625 and $35,089,833, respectively.

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

Year Ended October 31, Class A 2020 2019

Sales 426,434 606,089 Issued to shareholders electing to receive payments of distributions in Fund shares 127,840 116,761 Redemptions (604,996) (831,541) Converted from Class C shares 29,094 13,302

Net decrease (21,628) (95,389)

Year Ended October 31, Class C 2020 2019

Sales 38,434 142,826 Issued to shareholders electing to receive payments of distributions in Fund shares 36,584 45,234 Redemptions (552,039) (714,714) Converted to Class A shares (29,095) (13,315)

Net decrease (506,116) (539,969)

15 Eaton Vance Global Bond Fund October 31, 2020

Notes to Financial Statements — continued

Year Ended October 31, Class I 2020 2019

Sales 1,211,411 2,166,600 Issued to shareholders electing to receive payments of distributions in Fund shares 291,281 315,959 Redemptions (4,168,097) (3,165,650)

Net decrease (2,665,405) (683,091)

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

16 Eaton Vance Global Bond Fund October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Global Bond Fund:

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

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

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

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

/s/ Deloitte & Touche LLP Boston, Massachusetts December 22, 2020

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

17 Eaton Vance Global Bond Fund October 31, 2020

Federal Tax Information (Unaudited)

18 International Income Portfolio October 31, 2020

Portfolio of Investments

Foreign Government Bonds — 44.6% Principal Amount Principal Security (000’s omitted) Value Amount Security (000’s omitted) Value Peru — 2.0%

Australia — 8.3% Peru Government Bond, 6.90%, 8/12/37 PEN 3,500 $ 1,146,443 Total Peru $ 1,146,443 Australia Government Bond, 1.00%, 12/21/30 (1) AUD 1,300 $ 929,191 Australian Capital Territory, 1.25%, 5/22/25 (1) AUD 2,350 1,717,515 Philippines — 2.5% New South Wales Treasury Corp., 4.00%, 5/20/26 (1) AUD 2,500 2,100,829 Total Australia $ 4,747,535 Republic of the Philippines, 2.95%, 5/5/45 USD 500 $ 527,277 Republic of the Philippines, 6.25%, 1/14/36 PHP 34,000 906,411 Bahrain — 1.0% Total Philippines $ 1,433,688 Kingdom of Bahrain, 7.00%, 10/12/28 (1) USD 500 $ 553,129 Romania — 1.1% Total Bahrain $ 553,129 Romanian Government International Bond, (1) Egypt — 2.1% 3.375%, 1/28/50 EUR 500 $ 607,593 Arab Republic of Egypt, 8.875%, 5/29/50 (1) EGP 1,200 $ 1,216,242 Total Romania $ 607,593 Total Egypt $ 1,216,242 Serbia — 7.5%

Georgia — 0.2% Serbia Treasury Bond, 5.875%, 2/8/28 RSD 370,200 $ 4,280,804 Georgia Treasury Bond, 7.00%, 5/30/24 GEL 430 $ 128,135 Total Serbia $ 4,280,804 Total Georgia $ 128,135 Ukraine — 3.7% Iceland — 3.8% Ukraine Government International Bond, 15.70%, 1/20/21 UAH 30,860 $ 1,095,446 Republic of Iceland, 5.00%, 11/15/28 ISK 59,300 $ 483,900 Ukraine Government International Bond, Republic of Iceland, 6.50%, 1/24/31 ISK 184,200 1,702,650 18.00%, 3/24/21 UAH 28,055 1,013,609 Total Iceland $ 2,186,550 Total Ukraine $ 2,109,055

Indonesia — 4.2% Total Foreign Government Bonds Indonesia Government Bond, 7.00%, 9/15/30 IDR 13,850,000 $ 975,892 (identified cost $24,954,927) $25,478,687 Indonesia Government Bond, 7.50%, 6/15/35 IDR 14,000,000 987,898 Indonesia Government International Bond, Foreign Corporate Bonds — 3.5% 3.85%, 10/15/30 USD 375 428,180 Principal Total Indonesia $ 2,391,970 Amount Security (000’s omitted) Value Malaysia — 1.5% Malaysia Government Bond, 3.885%, 8/15/29 MYR 3,200 $ 844,857 Iceland — 3.5% Total Malaysia $ 844,857 Arion Banki HF, 6.00%, 4/12/24 (1) ISK 100,000 $ 786,071 Islandsbanki HF, 6.40%, 10/26/23 ISK 40,000 314,556 Mongolia — 0.4% Landsbankinn HF, 5.00%, 11/23/23 (1) ISK 120,000 911,303 Mongolia Government International Bond, Total Iceland $ 2,011,930 5.125%, 4/7/26 (1) USD 200 $ 207,232 Total Mongolia $ 207,232 Total Foreign Corporate Bonds (identified cost $2,193,054) $ 2,011,930 New Zealand — 6.3% New Zealand Government Bond, 3.00%, 9/20/30 (1)(2) NZD 4,019 $ 3,625,454 Total New Zealand $ 3,625,454

19 See Notes to Financial Statements. International Income Portfolio October 31, 2020

Portfolio of Investments — continued

Mortgage Pass-Throughs — 5.8% Other — 5.4%

Principal Description Units Value Security Amount Value Eaton Vance Cash Reserves Fund, LLC, 0.12%(7) 3,099,970 $ 3,099,970 Federal National Mortgage Association: (5) 2.00%, 30-Year, TBA $ 3,000,000 $ 3,086,789 Total Other 3.942%, (COF + 1.78%), with maturity at 2035(3) 237,580 250,659 (identified cost $3,099,970) $ 3,099,970 $ 3,337,448 Total Short-Term Investments (identified cost $24,432,989) $24,462,768 Total Mortgage Pass-Throughs (identified cost $3,327,718) $ 3,337,448 Total Investments— 96.7% Short-Term Investments — 42.8% (identified cost $54,908,688) $55,290,833 Foreign Government Securities — 4.1% Other Assets, Less Liabilities — 3.3% $ 1,876,393

Principal Net Assets — 100.0% $57,167,226 Amount Security (000’s omitted) Value The percentage shown for each investment category in the Portfolio of Investments is based on net assets. Egypt — 4.1% (1) Security exempt from registration under Regulation S of the Securities Act Egypt Treasury Bill, 0.00%, 11/24/20 EGP 9,500 $ 604,012 of 1933, as amended, which exempts from registration securities offered Egypt Treasury Bill, 0.00%, 4/6/21 EGP 14,600 884,972 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 Egypt Treasury Bill, 0.00%, 7/13/21 EGP 7,325 428,964 transaction not subject to, the registration requirements of the Securities Egypt Treasury Bill, 0.00%, 10/12/21 EGP 7,750 440,327 Act of 1933, as amended, At October 31, 2020, the aggregate value of these securities is $12,654,559 or 22.1% of the Portfolio’s net assets. Total Egypt $ 2,358,275 (2) Inflation-linked security whose principal is adjusted for inflation based on

(4) changes in a designated inflation index or inflation rate for the applicable Georgia — 0.0% country. Interest is calculated based on the inflation-adjusted principal. Georgia Treasury Bill, 0.00%, 12/3/20 GEL 15 $ 4,620 (3) Adjustable rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying Total Georgia $ 4,620 mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages may adjust on various dates Total Foreign Government Securities and at various intervals and may be subject to lifetime ceilings and lifetime (identified cost $2,333,213) $ 2,362,895 floors and lookback periods. Rate shown is the coupon rate at October 31, 2020. U.S. Treasury Obligations — 33.3% (4) Amount is less than 0.05%. (5) TBA (To Be Announced) securities are purchased or sold on a forward Principal commitment basis with an approximate principal amount and maturity Amount date. The actual principal amount and maturity date are determined upon Security (000’s omitted) Value settlement. (6) U.S. Treasury Bill, 0.093%, 11/5/20(6) $ 19,000 $18,999,903 Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts. (7) Affiliated investment company, available to Eaton Vance portfolios and Total U.S. Treasury Obligations funds, which invests in high quality, U.S. dollar denominated money (identified cost $18,999,806) $18,999,903 market instruments. The rate shown is the annualized seven-day yield as of October 31, 2020.

20 See Notes to Financial Statements. International Income Portfolio October 31, 2020

Portfolio of Investments — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts

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

EUR 10,500,000 USD 12,230,925 11/3/20 $ (2,099) EUR 10,500,000 USD 12,320,621 11/3/20 (91,796) USD 12,427,454 EUR 10,500,000 11/3/20 198,628 USD 12,230,925 EUR 10,500,000 11/3/20 2,099 BRL 2,150,000 USD 372,501 11/4/20 2,198 BRL 860,000 USD 152,946 11/4/20 (3,067) BRL 1,290,000 USD 228,909 11/4/20 (4,090) USD 374,476 BRL 2,150,000 11/4/20 (222) USD 149,000 BRL 860,000 11/4/20 (879) USD 223,500 BRL 1,290,000 11/4/20 (1,318) PEN 458,000 USD 127,428 11/5/20 (752) PEN 1,080,000 USD 301,997 11/5/20 (3,285) PEN 36,000 USD 10,006 11/5/20 (49) PEN 334,000 USD 92,886 11/5/20 (507) PEN 831,000 USD 231,097 11/5/20 (1,255) USD 1,189,569 PEN 4,219,400 11/5/20 22,547 RUB 12,800,000 USD 163,911 11/9/20 (2,899) USD 103,351 NZD 157,550 11/16/20 (822) JPY 1,237,000,000 USD 11,628,344 11/19/20 188,953 USD 1,128,053 JPY 120,000,000 11/19/20 (18,330) USD 3,611,058 JPY 383,000,000 11/19/20 (47,814) JPY 366,523,081 USD 3,470,863 11/25/20 30,844 KRW 336,703,528 USD 284,038 12/1/20 12,042 KRW 320,385,472 USD 270,138 12/1/20 11,593 BRL 2,150,000 USD 374,142 12/2/20 36 CHF 2,250,000 USD 2,447,041 12/7/20 9,254 NOK 6,024,000 USD 645,597 12/7/20 (14,690) USD 645,597 NOK 6,024,000 12/7/20 14,690 JPY 59,915,762 USD 564,606 12/8/20 7,926 KRW 607,320,000 USD 511,759 12/10/20 22,340 KRW 1,144,500,000 USD 963,571 12/10/20 42,944 KRW 572,500,000 USD 482,215 12/10/20 21,263 COP 426,200,000 USD 110,574 12/16/20 (669) COP 450,800,000 USD 116,930 12/16/20 (681) COP 600,000,000 USD 155,685 12/16/20 (962) ZAR 3,900,000 USD 230,863 12/17/20 7,553 ZAR 40,979 USD 2,426 12/17/20 79 MXN 5,100,000 USD 239,285 12/18/20 (33) IDR 3,323,075,000 USD 219,940 1/4/21 3,445 IDR 2,375,000,000 USD 159,675 1/4/21 (22) INR 22,700,000 USD 306,749 1/5/21 (4,067) INR 13,600,000 USD 182,562 1/5/21 (1,219) INR 19,994,000 USD 268,351 1/5/21 (1,751) INR 28,700,000 USD 385,259 1/5/21 (2,573)

21 See Notes to Financial Statements. International Income Portfolio October 31, 2020

Portfolio of Investments — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)

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

INR 42,300,000 USD 567,732 1/5/21 $ (3,704) JPY 48,774,501 USD 462,521 1/7/21 3,822 USD 3,359,178 NZD 5,052,004 1/7/21 18,643 USD 883,683 PHP 43,000,000 1/11/21 (704) USD 60,626 NZD 92,450 1/13/21 (505) KRW 113,652,000 USD 99,436 1/19/21 546 USD 501,227 SGD 680,000 1/26/21 3,372 AUD 4,764,246 USD 3,393,715 1/28/21 (43,439) USD 4,780,497 AUD 6,711,071 1/28/21 61,190 USD 851,146 AUD 1,194,876 1/28/21 10,895 USD 147,218 NZD 220,000 1/28/21 1,748

$444,447

Forward Foreign Currency Exchange Contracts

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

MYR 1,250,000 USD 300,987 Goldman Sachs International 11/3/20 $ — $ (145) MYR 2,229,728 USD 536,121 Morgan Stanley & Co. International PLC 11/3/20 516 — MYR 979,728 USD 235,823 Morgan Stanley & Co. International PLC 11/3/20 — (28) USD 300,553 MYR 1,250,000 Goldman Sachs International 11/3/20 — (289) USD 235,568 MYR 979,728 Morgan Stanley & Co. International PLC 11/3/20 — (227) USD 535,092 MYR 2,229,728 Morgan Stanley & Co. International PLC 11/3/20 — (1,545) CNH 3,000,000 USD 446,269 BNP Paribas 11/9/20 1,549 — CNH 4,820,123 USD 704,357 Citibank, N.A. 11/9/20 15,156 — CNH 1,139,477 USD 166,510 Citibank, N.A. 11/9/20 3,583 — RUB 17,000,000 USD 218,509 Standard Chartered Bank 11/9/20 — (4,665) MXN 3,150,000 USD 149,864 JPMorgan Chase Bank, N.A. 11/18/20 — (1,591) EUR 21,961,000 USD 25,760,020 BNP Paribas 11/30/20 — (167,921) USD 4,812,662 EUR 4,102,904 BNP Paribas 11/30/20 31,372 — USD 4,574,659 EUR 3,900,000 BNP Paribas 11/30/20 29,821 — USD 4,148,189 EUR 3,536,425 BNP Paribas 11/30/20 27,041 — USD 2,440,373 EUR 2,080,473 BNP Paribas 11/30/20 15,908 — USD 2,202,167 EUR 1,877,397 BNP Paribas 11/30/20 14,355 — USD 909,935 EUR 775,740 BNP Paribas 11/30/20 5,932 — USD 904,252 EUR 770,895 BNP Paribas 11/30/20 5,894 — USD 584,530 EUR 498,325 BNP Paribas 11/30/20 3,810 — USD 304,892 EUR 259,927 BNP Paribas 11/30/20 1,987 — KRW 489,400,000 USD 412,400 Australia and New Zealand Banking Group Limited 12/1/20 17,953 — KRW 296,246,000 USD 254,930 Australia and New Zealand Banking Group Limited 12/1/20 5,573 — MYR 604,099 USD 144,972 Goldman Sachs International 12/2/20 — (101) MYR 320,173 USD 76,931 Goldman Sachs International 12/2/20 — (150)

22 See Notes to Financial Statements. International Income Portfolio October 31, 2020

Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts (continued)

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

CNH 3,615,093 USD 527,427 Citibank, N.A. 12/9/20 $ 11,035 $ — CNH 854,608 USD 124,684 Citibank, N.A. 12/9/20 2,609 — KRW 165,552,981 USD 140,254 Australia and New Zealand Banking Group Limited 12/10/20 5,340 — USD 2,530 ZAR 40,979 Standard Chartered Bank 12/14/20 24 — ZAR 2,500,000 USD 151,708 UBS AG 12/14/20 1,177 — CNH 4,820,123 USD 701,507 Bank of America, N.A. 1/11/21 14,694 — CNH 1,139,477 USD 165,836 Bank of America, N.A. 1/11/21 3,474 — CNH 4,820,123 USD 701,476 UBS AG 1/11/21 14,725 — CNH 1,139,477 USD 165,829 UBS AG 1/11/21 3,481 — CNH 1,924,538 USD 285,540 Goldman Sachs International 1/21/21 208 — CNH 454,961 USD 67,502 Goldman Sachs International 1/21/21 49 — THB 34,560,000 USD 1,102,955 Standard Chartered Bank 1/26/21 5,534 — MYR 2,229,728 USD 534,195 Morgan Stanley & Co. International PLC 2/2/21 — (185)

$242,800 $(176,847)

Futures Contracts

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

Interest Rate Futures Euro-Buxl (2) Short 12/8/20 $(532,851) $(18,821) U.S. 5-Year Treasury Note (2) Short 12/31/20 (251,203) 1,000 U.S. 10-Year Treasury Note (3) Short 12/21/20 (414,656) 2,930 U.S. Long Treasury Bond (4) Short 12/21/20 (689,875) 18,625

$ 3,734

Centrally Cleared Interest Rate Swaps

Unamortized Portfolio Upfront Unrealized Notional Amount Pays/Receives Annual Termination Receipts Appreciation (000’s omitted) Floating Rate Floating Rate Fixed Rate Date Value (Payments) (Depreciation)

Brazil CETIP Interbank 3.42% Deposit Rate (pays upon BRL 5,838 Receives (pays upon termination) termination) 1/3/22 $ (848) $ — $ (848) Brazil CETIP Interbank 3.44% Deposit Rate (pays upon BRL 46,281 Receives (pays upon termination) termination) 1/3/22 (9,004) — (9,004) Brazil CETIP Interbank 3.08% Deposit Rate (pays upon BRL 52,136 Pays (pays upon termination) termination) 1/3/22 (26,415) — (26,415)

23 See Notes to Financial Statements. International Income Portfolio October 31, 2020

Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

7-day China Fixing Repo Rates 2.28% CNY 21,500 Pays (pays quarterly) (pays quarterly) 6/8/25 $ (42,909) $ — $ (42,909) 7-day China Fixing Repo Rates 2.79% CNY 9,300 Pays (pays quarterly) (pays quarterly) 9/8/25 12,935 — 12,935 Mexico Interbank TIIE 28 Day 5.11% MXN 27,000 Pays (pays monthly) (pays monthly) 5/5/25 2,343 — 2,343 Mexico Interbank TIIE 28 Day 6.70% MXN 24,000 Pays (pays monthly) (pays monthly) 10/3/29 77,538 — 77,538 6-month Singapore Swap Offered Rate 1.64% SGD 3,500 Pays (pays semi-annually) (pays semi-annually) 10/16/29 191,480 — 191,480 6-month THB Fixing Rate 1.37% THB 70,000 Pays (pays semi-annually) (pays semi-annually) 10/17/29 50,885 — 50,885 3-month USD-LIBOR 0.64% USD 96 Receives (pays quarterly) (pays semi-annually) 6/30/30 1,913 — 1,913 3-month USD-LIBOR 0.62% USD 270 Receives (pays quarterly) (pays semi-annually) 7/1/30 5,821 — 5,821 3-month USD-LIBOR 0.82% USD 340 Receives (pays quarterly) (pays semi-annually) 5/12/50 42,598 — 42,598 3-month USD-LIBOR 0.92% USD 200 Receives (pays quarterly) (pays semi-annually) 6/30/50 19,970 — 19,970

Total $326,307 $ — $326,307

Interest Rate Swaps

Portfolio Notional Amount Pays/Receives Floating Annual Termination Value/Unrealized Counterparty (000’s omitted) Floating Rate Rate Fixed Rate Date Appreciation

3-month MYR KLIBOR 3.15% Citibank, N.A. MYR 8,000 Pays (pays quarterly) (pays quarterly) 10/14/24 $93,285

Total $93,285

24 See Notes to Financial Statements. International Income Portfolio October 31, 2020

Portfolio of Investments — continued

Centrally Cleared Credit Default Swaps — Sell Protection

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

1.00% Brazil $ 731 (pays quarterly)(1) 12/20/25 2.15% $(40,485) $ 51,205 $10,720 1.00% Colombia 689 (pays quarterly)(1) 12/20/25 1.26 (8,099) 18,287 10,188 1.00% Greece 3,200 (pays quarterly)(1) 12/20/25 1.46 (70,237) 83,565 13,328 1.00% Mexico 689 (pays quarterly)(1) 12/20/25 1.28 (8,858) 20,097 11,239 1.00% Peru 661 (pays quarterly)(1) 12/20/25 0.60 14,199 (5,320) 8,879 1.00% Chile 651 (pays quarterly)(1) 12/20/25 0.57 15,005 (9,886) 5,119

Total $6,621 $(98,475) $157,948 $59,473

Credit Default Swaps — Sell Protection

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

Barclays 1.00% Vietnam Bank PLC $300 (pays quarterly)(1) 12/20/25 1.27% $(3,692) $3,932 $240

Total $300 $(3,692) $3,932 $240

Credit Default Swaps — Buy Protection

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

1.00% Vietnam Goldman Sachs International $200 (pays quarterly)(1) 12/20/25 $(2,462) $2,645 $183

Total $(2,462) $2,645 $183

* If the Portfolio is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Portfolio could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At October 31, 2020, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $6,921,000. ** 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.

25 See Notes to Financial Statements. International Income Portfolio October 31, 2020

Portfolio of Investments — continued

Abbreviations:

COF – Cost of Funds 11th District TBA – To Be Announced

Currency Abbreviations:

AUD – Australian Dollar MXN – Mexican Peso BRL – Brazilian Real MYR – Malaysian Ringgit CHF – Swiss Franc NOK – Norwegian Krone CNH – Chinese Yuan Renminbi NZD – New Zealand Dollar CNY – Yuan Renminbi PEN – Peruvian Sol COP – Colombian Peso PHP – Philippine Peso EGP – Egyptian Pound RSD – Serbian Dinar EUR – Euro RUB – Russian Ruble GEL – Georgian Lari SGD – Singapore Dollar IDR – Indonesian Rupiah THB – Thai Baht INR – Indian Rupee UAH – Ukrainian Hryvnia ISK – Icelandic Krona USD – United States Dollar JPY – Japanese Yen ZAR – South African Rand KRW – South Korean Won

26 See Notes to Financial Statements. International Income Portfolio October 31, 2020

Statement of Assets and Liabilities

Assets October 31, 2020 Unaffiliated investments, at value (identified cost, $51,808,718) $52,190,863 Affiliated investment, at value (identified cost, $3,099,970) 3,099,970 Cash 23,223 Deposits for derivative collateral — Financial futures contracts 44,138 Centrally cleared derivatives 3,977,081 OTC derivatives 110,000 Foreign currency, at value (identified cost, $369,874) 368,936 Interest receivable 541,097 Dividends receivable from affiliated investment 294 Receivable for variation margin on open financial futures contracts 3,169 Receivable for open forward foreign currency exchange contracts 242,800 Receivable for open swap contracts 93,708 Receivable from affiliate 7,876 Total assets $60,703,155

Liabilities Cash collateral due to broker $ 110,000 Payable for when-issued securities/forward purchase commitments 3,079,789 Payable for variation margin on open centrally cleared derivatives 7,898 Payable for open forward foreign currency exchange contracts 176,847 Upfront receipts on open non-centrally cleared swap contracts 6,577 Payable to affiliates: Investment adviser fee 24,224 Trustees’ fees 296 Accrued foreign capital gains taxes 10,265 Accrued expenses 120,033 Total liabilities $ 3,535,929 Net Assets applicable to investors’ interest in Portfolio $57,167,226

27 See Notes to Financial Statements. International Income Portfolio October 31, 2020

Statement of Operations

Year Ended Investment Income October 31, 2020 Interest (net of foreign taxes, $125,483) $2,043,170 Dividends from affiliated investment 18,666 Total investment income $2,061,836

Expenses Investment adviser fee $ 322,857 Trustees’ fees and expenses 3,815 Custodian fee 132,741 Legal and accounting services 77,987 Interest expense 9,109 Miscellaneous 19,100 Total expenses $ 565,609 Deduct — Allocation of expenses to affiliate $ 104,500 Total expense reductions $ 104,500

Net expenses $ 461,109

Net investment income $1,600,727

Realized and Unrealized Gain (Loss) Net realized gain (loss) — Investment transactions (net of foreign capital gains taxes of $10,820) $ (118,889) Investment transactions — affiliated investment 526 Financial futures contracts (11,020) Swap contracts 668,649 Foreign currency transactions (93,966) Forward foreign currency exchange contracts 593,604 Net realized gain $1,038,904 Change in unrealized appreciation (depreciation) — Investments (including net increase of $10,265 in accrued foreign capital gains taxes) $ (46,652) Investments — affiliated investment (628) Financial futures contracts 3,734 Swap contracts 581,437 Foreign currency 1,906 Forward foreign currency exchange contracts 163,734 Net change in unrealized appreciation (depreciation) $ 703,531

Net realized and unrealized gain $1,742,435

Net increase in net assets from operations $3,343,162

28 See Notes to Financial Statements. International Income Portfolio October 31, 2020

Statements of Changes in Net Assets

Year Ended October 31, Increase (Decrease) in Net Assets 2020 2019 From operations — Net investment income $ 1,600,727 $ 3,280,409 Net realized gain 1,038,904 187,919 Net change in unrealized appreciation (depreciation) 703,531 1,528,518 Net increase in net assets from operations $ 3,343,162 $ 4,996,846 Capital transactions — Contributions $ 4,269,625 $ 8,811,460 Withdrawals (35,089,833) (24,326,854) Net decrease in net assets from capital transactions $(30,820,208) $(15,515,394)

Net decrease in net assets $(27,477,046) $(10,518,548)

Net Assets At beginning of year $ 84,644,272 $ 95,162,820 At end of year $ 57,167,226 $ 84,644,272

29 See Notes to Financial Statements. International Income Portfolio October 31, 2020

Financial Highlights

Year Ended October 31, Ratios/Supplemental Data 2020 2019 2018 2017 2016 Ratios (as a percentage of average daily net assets): Expenses 0.71%(1)(2) 0.81%(1)(2) 0.81%(1)(2) 0.80%(1) 0.81%(1)(2) Net investment income 2.48% 3.73% 3.81% 3.02% 3.17% Portfolio Turnover 88%(3) 92% 23% 29% 38%

Total Return 6.04%(1) 5.92%(1) (2.28)%(1) 9.09%(1) 3.25%(1)

Net assets, end of year (000’s omitted) $57,167 $84,644 $95,163 $102,912 $138,716

(1) The investment adviser reimbursed certain operating expenses (equal to 0.16%, 0.09%, 0.11%, 0.13% and 0.08% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower. (2) Includes interest expense of 0.01% for each of the years ended October 31, 2020, 2019, 2018 and 2016. (3) Includes the effect of To-Be-Announced (TBA) transactions.

30 See Notes to Financial Statements. International Income Portfolio October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies International Income Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2020, Eaton Vance Global Bond Fund held a 99.9% interest in the Portfolio.

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

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

31 International Income Portfolio October 31, 2020

Notes to Financial Statements — continued

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

As of October 31, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

H Financial Futures Contracts — Upon entering into a financial futures contract, the Portfolio is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are madeor 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 asa 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 Credit Default Swaps — When the Portfolio is the buyer of a credit default swap contract, the Portfolio is entitled to receive the par (or other agreed- upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Portfolio pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event

32 International Income Portfolio October 31, 2020

Notes to Financial Statements — continued

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

L When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase or sell securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Portfolio maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract. A forward purchase or sale commitment may be closed by entering into an offsetting commitment or delivery of securities. The Portfolio will realize a gain or loss on investments based on the price established when the Portfolio entered into the commitment.

2 Investment Adviser Fee and Other Transactions with Affiliates The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Portfolio and BMR, the fee is computed at an annual rate of 0.500% of the Portfolio’s average daily net assets up to $1 billion, 0.475% from $1 billion but less than $2.5 billion and at reduced rates on daily net assets of $2.5 billion or more, and is payable monthly. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interest in the Portfolio. For the year ended October 31, 2020, the Portfolio’s investment adviser fee amounted to $322,857 or 0.500% of the Portfolio’s average daily net assets. Pursuant to a voluntary expense reimbursement, BMR was allocated $104,500 of the Portfolio’s operating expenses for the year ended October 31, 2020. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

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

3 Purchases and Sales of Investments Purchases and sales of investments, other than short-term obligations, and including maturities, paydowns and TBA transactions, for the year ended October 31, 2020 were as follows:

Purchases Sales

Investments (non-U.S. Government) $24,320,764 $15,514,565 U.S. Government and Agency Securities 8,003,505 5,047,140

$32,324,269 $20,561,705

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Notes to Financial Statements — continued

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

Aggregate cost $54,827,343

Gross unrealized appreciation $ 1,206,586 Gross unrealized depreciation (659,986)

Net unrealized appreciation $ 546,600

5 Financial Instruments The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2020 is included in the Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

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

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

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

The Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would triggera payment by the Portfolio for those derivatives in a liability position. At October 31, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $183,001. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $119,999 at October 31, 2020.

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

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/ or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to broker at October 31, 2020 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 8) at October 31, 2020.

34 International Income Portfolio October 31, 2020

Notes to Financial Statements — continued

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

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

Not applicable $ 29,204* $ 698,650* $428,038* $1,155,892 Receivable for open forward foreign currency exchange contracts — 242,800 — 242,800 Receivable for open swap contracts — — 93,285 93,285

Total Asset Derivatives $ 29,204 $ 941,450 $521,323 $1,491,977

Derivatives not subject to master netting or similar agreements $ 29,204 $ 698,650 $428,038 $1,155,892

Total Asset Derivatives subject to master netting or similar agreements $ — $ 242,800 $ 93,285 $ 336,085

Foreign Interest Credit Exchange Rate Total

Not applicable $(127,679)* $(254,203)* $ (97,997)* $ (479,879) Payable for open forward foreign currency exchange contracts — (176,847) — (176,847) Receivable for open swap contracts; Upfront receipts on open non-centrally cleared swap contracts (6,154) — — (6,154)

Total Liability Derivatives $(133,833) $(431,050) $ (97,997) $ (662,880)

Derivatives not subject to master netting or similar agreements $(127,679) $(254,203) $ (97,997) $ (479,879)

Total Liability Derivatives subject to master netting or similar agreements $ (6,154) $(176,847) $ — $ (183,001)

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

The Portfolio’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets and pledged by the Portfolio for such liabilities as of October 31, 2020.

Derivative Assets Subject to Derivatives Non-cash Cash Net Amount Master Netting Available Collateral Collateral of Derivative Counterparty Agreement for Offset Received(a) Received(a) Assets(b)

Australia and New Zealand Banking Group Limited $ 28,866 $ — $ — $ — $28,866 Bank of America, N.A. 18,168 — — — 18,168 BNP Paribas 137,669 (137,669) — — — Citibank, N.A. 125,668 — — (110,000) 15,668 Goldman Sachs International 257 (257) — — — Morgan Stanley & Co. International PLC 516 (516) — — — Standard Chartered Bank 5,558 (4,665) — — 893 UBS AG 19,383 — — — 19,383

$ 336,085 $(143,107) $ — $(110,000) $82,978

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Notes to Financial Statements — continued

Derivative Liabilities Subject to Derivatives Non-cash Cash Net Amount Master Netting Available Collateral Collateral of Derivative Counterparty Agreement for Offset Pledged(a) Pledged(a) Liabilities(c)

Barclays Bank PLC $ (3,692) $ — $ — $ — $ (3,692) BNP Paribas (167,921) 137,669 30,252 — — Goldman Sachs International (3,147) 257 — — (2,890) JPMorgan Chase Bank, N.A. (1,591) — — — (1,591) Morgan Stanley & Co. International PLC (1,985) 516 — — (1,469) Standard Chartered Bank (4,665) 4,665 — — —

$(183,001) $ 143,107 $30,252 $ — $ (9,642)

(a) In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. (b) Net amount represents the net amount due from the counterparty in the event of default. (c) Net amount represents the net amount payable to the counterparty in the event of default.

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

Foreign Interest Statement of Operations Caption Credit Exchange Rate Total

Net realized gain (loss) — Financial futures contracts $ — $ — $ (11,020) $ (11,020) Swap contracts 111,445 — 557,204 668,649 Forward foreign currency exchange contracts — 593,604 — 593,604

Total $111,445 $593,604 $546,184 $1,251,233

Change in unrealized appreciation (depreciation) — Financial futures contracts $ — $ — $ 3,734 $ 3,734 Swap contracts 59,896 — 521,541 581,437 Forward foreign currency exchange contracts — 163,734 — 163,734

Total $ 59,896 $163,734 $525,275 $ 748,905

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

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

$862,000 $132,433,000 $19,201,000

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

36 International Income Portfolio October 31, 2020

Notes to Financial Statements — continued

6 Line of Credit The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement witha group of banks, which is in effect through October 26, 2021. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2020.

7 Investments in Affiliated Funds At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $3,099,970, which represents 5.4% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 were as follows:

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

Short-Term Investments Eaton Vance Cash Reserves Fund, LLC $6,491,338 $59,314,858 $(62,706,124) $526 $(628) $3,099,970 $18,666 3,099,970

8 Fair Value Measurements 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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Notes to Financial Statements — continued

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description Level 1 Level 2 Level 3 Total

Foreign Government Bonds $ — $25,478,687 $ — $25,478,687 Foreign Corporate Bonds — 2,011,930 — 2,011,930 Mortgage Pass-Throughs — 3,337,448 — 3,337,448 Short-Term Investments — Foreign Government Securities — 2,362,895 — 2,362,895 U.S. Treasury Obligations — 18,999,903 — 18,999,903 Other — 3,099,970 — 3,099,970

Total Investments $ — $55,290,833 $ — $55,290,833

Forward Foreign Currency Exchange Contracts $ — $ 941,450 $ — $ 941,450 Futures Contracts 22,555 — — 22,555 Swap Contracts — 527,972 — 527,972

Total $ 22,555 $56,760,255 $ — $56,782,810

Liability Description

Forward Foreign Currency Exchange Contracts $ — $ (431,050) $ — $ (431,050) Futures Contracts (18,821) — — (18,821) Swap Contracts — (213,009) — (213,009)

Total $(18,821) $ (644,059) $ — $ (662,880)

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

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

38 International Income Portfolio October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of International Income Portfolio:

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

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

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

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

/s/ Deloitte & Touche LLP Boston, Massachusetts December 22, 2020

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

39 Eaton Vance Global Bond Fund October 31, 2020

Liquidity Risk Management Program

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

At a meeting of the Fund’s Board of Trustees/Directors, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period December 1, 2018 through December 31, 2019 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

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

40 Eaton Vance Global Bond Fund October 31, 2020

Management and Organization

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

Tust/Portfolio Trustee Principal Occupation(s) and Other Directorships Name and Year of Birth Position(s) Since(1) During Past Five Years and Other Relevant Experience Interested Trustee Thomas E. Faust Jr. Trustee 2007 Chairman, Chief Executive Officer and President of EVC, Director and President of EV, 1958 Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and the Portfolio. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees Mark R. Fetting Trustee 2016 Private investor. Formerly held various positions at Legg Mason, Inc. (investment 1954 management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None. Cynthia E. Frost Trustee 2014 Private investor. Formerly, Chief Investment Officer of Brown University (university 1961 endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None. George J. Gorman Trustee 2014 Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at 1952 Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014). Valerie A. Mosley Trustee 2014 Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and 1960 investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).

41 Eaton Vance Global Bond Fund October 31, 2020

Management and Organization — continued

Tust/Portfolio Trustee Principal Occupation(s) and Other Directorships Name and Year of Birth Position(s) Since(1) During Past Five Years and Other Relevant Experience Noninterested Trustees (continued) William H. Park Chairperson of the 2016 Private investor. Formerly, Consultant (management and transactional) (2012-2014). 1947 Board and Trustee (Chairperson) Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) and 2003 (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty (Trustee) finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None. Helen Frame Peters Trustee 2008 Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, 1948 Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None. Keith Quinton Trustee 2018 Private investor, researcher and lecturer. Independent Investment Committee Member at 1958 New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank. Marcus L. Smith Trustee 2018 Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). 1966 Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). Susan J. Sutherland Trustee 2015 Private investor. Director of Ascot Group Limited and certain of its subsidiaries 1957 (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015). Scott E. Wennerholm Trustee 2016 Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) 1959 (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

Trust/Portfolio Officer Principal Occupation(s) Name and Year of Birth Position(s) Since(2) During Past Five Years Principal Officers who are not Trustees Eric A. Stein President 2020 Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to 1980 November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”). Maureen A. Gemma Vice President, 2005 Vice President of EVM and BMR. Also Vice President of CRM. 1960 Secretary and Chief Legal Officer

42 Eaton Vance Global Bond Fund October 31, 2020

Management and Organization — continued

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

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

43 Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

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

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

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

44 Investment Adviser of International Income Portfolio Transfer Agent Boston Management and Research BNY Mellon Investment Servicing (US) Inc. Two International Place Attn: Eaton Vance Funds Boston, MA 02110 P.O. Box 9653 Providence, RI 02940-9653 (800) 262-1122 Investment Adviser and Administrator of Eaton Vance Global Bond Fund Eaton Vance Management Independent Registered Public Accounting Firm Two International Place Deloitte & Touche LLP Boston, MA 02110 200 Berkeley Street Boston, MA 02116-5022

Principal Underwriter* Eaton Vance Distributors, Inc. Fund Offices Two International Place Two International Place Boston, MA 02110 Boston, MA 02110 (617) 482-8260

Custodian State Street Bank and Trust Company State Street Financial Center, One Lincoln Street Boston, MA 02111

* 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. 3042 10.31.20 Eaton Vance Emerging Markets Local Income Fund Annual Report October 31, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker- dealer or bank), you must contact your financial intermediary to sign up. You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable. 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.

Table of Contents Management’s Discussion of Fund Performance 2 Performance 3 Fund Profile 4 Endnotes and Additional Disclosures 5 Fund Expenses 6 Financial Statements 7 Report of Independent Registered Public Accounting Firm 17 and 55 Federal Tax Information 18 Liquidity Risk Management Program 56 Management and Organization 57 Important Notices 60 Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Management’s Discussion of Fund Performance1

Economic and Market Conditions denominated in the pound, coupled with the central bank’s ability to maintain currency stability versus the U.S. dollar. Interest rate cuts by The 12-month period ended October 31, 2020, was a volatile time for the South African Reserve Bank aided the overweight position in South the world’s financial markets. Nonetheless, major equity and fixed- African rates. An underweight position in the South African rand further income indexes posted solid gains for the period. In the volatile boosted relative results during the period. environment, longer duration bonds generally performed especially well, driven by a global trend of declining interest rates. Investments in Eastern Europe made the second-largest contribution to Fund performance versus the Index. An out-of-Index holding in Ukrainian The period began on a positive note, with financial markets registering local bonds was favorable due to a decrease in local interest rates and broad gains from November through early 2020 amid accommodative news that the Ukrainian government had secured a loan package from central bank policies. In late January, however, news of the outbreak of the International Monetary Fund. Out-of-Index local bond exposure in the novel coronavirus in China started to raise investor concerns. As the Uzbekistan was advantageous as well, while an underweight position in virus turned into a global pandemic in February and March, it brought the Polish zloty detracted from performance relative to the Index during most of the world’s economies to a near standstill. The abrupt decline in the period. economic output triggered a global sell-off in equities and higher yielding sectors of the fixed-income market. Emerging market countries proved Holdings in Latin America also made a significant contribution to returns particularly vulnerable to the economic and health effects of COVID-19. versus the Index. Overweight interest rate positions in the Dominican Plummeting oil prices were an additional headwind for emerging market Republic and Uruguay were notable contributors given the global trend of nations that depend on oil exports. declining rates during the period. Select currency exposures dampened the positive impact of these and other Latin American investments. Chief Global markets subsequently regained their footing, and most major among them was an overweight position in the Brazilian real early in the asset classes delivered strong returns from April through August 2020. period, which weakened as the central bank reduced interest rates in an Several factors contributed to the rally, including aggressive monetary effort to support the economy. and fiscal responses by central banks and governments to help mitigate the economic impact of the virus. In addition, economies started to Investments in Asia made a relatively modest contribution to recover as policymakers learned more about how to slow the spread of performance versus the Index during the period. Overweight positions in COVID-19 and began easing social-distancing restrictions. Lastly, the Chinese and Malaysian interest rates were helpful; however, other U.S. Federal Reserve (the Fed) announced a shift in its inflation-targeting holdings muted the value that they added. These included an policy from seeking a rate of 2% “over the longer run” to “inflation out-of-Index allocation to the Pakistani rupee. Pakistan’s heavy reliance moderately above 2% for some time.” on textile exports, which were hurt by the pandemic-driven global economic slowdown, pressured the currency. By period-end, the position Markets generally weakened from September through October as a lack in the Pakistani rupee was sold from the Fund. of additional fiscal stimulus in the U.S. created worries about the sustainability of the domestic economic recovery. Rising cases of The Fund uses derivatives extensively to both hedge select undesired risk COVID-19, especially in Europe, and uncertainties surrounding the exposures as well as gain select desired risk exposures. Some of the November 2020 U.S. elections further dampened investor sentiment. above commentary about notable drivers of performance at the country While central banks in developed economies held their respective policy level involved the use of derivatives. The Fund’s use of derivatives rates steady in the last two months of the period, a number of emerging broadly detracted from returns versus the Index during the period. In market central banks reduced rates to levels likely approaching their particular, currency forwards, which are used both to gain and hedge lower bounds. desired exposures, detracted from Fund performance with exposure management of the Polish zloty, Brazilian real, and Czech koruna being Fund Performance the most notable. Interest rate swaps, which are also used both to gain For the 12-month period ended October 31, 2020, Eaton Vance and hedge desired exposures and are the other major derivative type Emerging Markets Local Income Fund (the Fund) returned –0.31% for used by the Fund, contributed to relative performance with those in Class A shares at net asset value (NAV), outperforming its benchmark, Malaysia, China, and Brazil being the largest contributors at the country the J.P. Morgan Government Bond Index: Emerging Markets Global level during the period. Diversified (JPM GBI-EM GD) (Unhedged) (the Index), which returned –3.81%. Positioning in all major regions of investment positively impacted relative returns, led by the Middle East & Africa (MEA). Within MEA, an out-of-Index allocation to the Egyptian pound and an overweight position in South African interest rates were particularly helpful. The Egyptian pound benefited from attractive yields on short-term instruments

2 Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Performance2,3 Portfolio Managers John R. Baur and Michael A. Cirami, CFA

Class Performance % Average Annual Total Returns Inception Date Inception Date One Year Five Years Ten Years Class A at NAV 06/27/2007 06/27/2007 –0.31% 6.64% 1.60% Class A with 4.75% Maximum Sales Charge — — –5.09 5.60 1.11 Class C at NAV 08/03/2010 06/27/2007 –0.90 5.91 0.90 Class C with 1% Maximum Sales Charge — — –1.77 5.91 0.90 Class I at NAV 11/30/2009 06/27/2007 –0.01 6.97 1.90 ...... J.P. Morgan Government Bond Index: Emerging Markets Global Diversified (JPM GBI-EM GD) (Unhedged) — — –3.81% 3.94% 0.44%

% Total Annual Operating Expense Ratios4 Class A Class C Class I Gross 1.22% 1.92% 0.92% Net 1.20 1.90 0.90

$14,000 Class A at NAV

Class A with Maximum Sales Charge $12,000 $11,721 $11,164 J.P. Morgan Government Bond Index: $10,447 Emerging Markets Global Diversified $10,000 (JPM GBI-EM GD) (Unhedged)

$8,000

$6,000 10/10 10/11 10/12 10/13 10/14 10/15 10/16 10/1710/18 10/19 10/20

Growth of Investment Amount Invested Period Beginning At NAV With Maximum Sales Charge Class C $10,000 10/31/2010 $10,935 N.A. Class I $250,000 10/31/2010 $301,880 N.A.

3 Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Fund Profile5 Asset Allocation (% of net assets)6 Foreign Currency Exposures by Country (% of net assets)7

Foreign Government Bonds 58.9% Mexico 11.9% Thailand 11.1 Short-Term Investments 27.2 Egypt 10.6 Indonesia 9.5 Loan Participation Notes 2.7 Serbia 9.4 Brazil 8.8 Russia 8.1 Foreign Corporate Bonds 1.8 Poland 8.1 China 8.0 Other Net Assets 9.4 Colombia 7.0 Ukraine 5.4 Malaysia 4.4 Peru 4.0 Uzbekistan 4.0 Czech Republic 3.9 Uruguay 3.6 Hungary 3.3 South Africa 2.8 Dominican Republic 2.4 South Korea 2.1 Turkey 1.9 Georgia 1.9 Chile 1.7 Other 1.4* Euro –6.2

Total Long 135.3

Total Short –6.2

Total Net 129.1

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

See Endnotes and Additional Disclosures in this report.

4 Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Endnotes and Additional Disclosures

1 The views expressed in this report are those of the portfolio manager(s) Additional Information and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or Duration is a measure of the expected change in price of a bond — in other conditions, and Eaton Vance and the Fund(s) disclaim any percentage terms — given a one percent change in interest rates, all responsibility to update such views. These views may not be relied else being constant. Securities with lower durations tend to be less upon as investment advice and, because investment decisions are sensitive to interest rate changes. based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

2 J.P. Morgan Government Bond Index: Emerging Markets Global Diversified (JPM GBI-EM GD) (Unhedged) is an unmanaged index of local-currency bonds with maturities of more than one year issued by emerging markets governments. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 2020, J.P. Morgan Chase & Co. All rights reserved. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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

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

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

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

Fund profile subject to change due to active management.

5 Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Fund Expenses

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2020 – October 31, 2020). Actual Expenses: The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Hypothetical Example for Comparison Purposes: The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

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

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

Hypothetical (5% return per year before expenses) Class A $1,000.00 $1,019.10 $6.09** 1.20% Class C $1,000.00 $1,015.60 $9.63** 1.90% Class I $1,000.00 $1,020.60 $4.57** 0.90% * Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on April 30, 2020. The Example reflects the expenses of both the Fund and the Portfolio. ** Absent an allocation of certain expenses to an affiliate, expenses would be higher.

6 Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Statement of Assets and Liabilities

Assets October 31, 2020 Investment in Emerging Markets Local Income Portfolio, at value (identified cost, $1,167,573,865) $1,177,335,599 Receivable for Fund shares sold 2,711,342 Total assets $1,180,046,941

Liabilities Payable for Fund shares redeemed $ 7,218,480 Payable to affiliates: Distribution and service fees 84,330 Trustees’ fees 43 Other 42,090 Accrued expenses 305,591 Total liabilities $ 7,650,534 Net Assets $1,172,396,407

Sources of Net Assets Paid-in capital $1,171,442,281 Distributable earnings 954,126 Total $1,172,396,407

Class A Shares Net Assets $ 129,953,980 Shares Outstanding 25,858,865 Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) $ 5.03 Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) $ 5.28

Class C Shares Net Assets $ 59,169,214 Shares Outstanding 11,643,725 Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) $ 5.08

Class I Shares Net Assets $ 983,273,213 Shares Outstanding 195,738,940 Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) $ 5.02

On sales of $50,000 or more, the offering price of Class A shares is reduced. * Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

7 See Notes to Financial Statements. Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Statement of Operations

Year Ended Investment Income October 31, 2020 Interest allocated from Portfolio (net of foreign taxes, $3,129,414) $ 76,541,683 Dividends allocated from Portfolio 1,681,149 Expenses allocated from Portfolio (9,428,144) Total investment income from Portfolio $ 68,794,688

Expenses Distribution and service fees Class A $ 428,507 Class C 627,947 Trustees’ fees and expenses 500 Custodian fee 65,669 Transfer and dividend disbursing agent fees 956,233 Legal and accounting services 50,527 Printing and postage 316,484 Registration fees 102,923 Miscellaneous 17,484 Total expenses $ 2,566,274 Deduct — Allocation of expenses to affiliate $ 186,450 Total expense reductions $ 186,450

Net expenses $ 2,379,824

Net investment income $ 66,414,864

Realized and Unrealized Gain (Loss) from Portfolio Net realized gain (loss) — Investment transactions (net of foreign capital gains taxes of $1,259,327) $ (9,660,258) Financial futures contracts (1,013,707) Swap contracts 18,626,205 Foreign currency transactions (5,519,907) Forward foreign currency exchange contracts (47,034,815) Non-deliverable bond forward contracts 2,965,581 Net realized loss $(41,636,901) Change in unrealized appreciation (depreciation) — Investments (including net increase in accrued foreign capital gains taxes of $329,371) $(50,873,244) Financial futures contracts 103,044 Swap contracts 15,172,115 Foreign currency (510,673) Forward foreign currency exchange contracts (9,744,652) Non-deliverable bond forward contracts (554,476) Net change in unrealized appreciation (depreciation) $(46,407,886)

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

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

8 See Notes to Financial Statements. Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Statements of Changes in Net Assets

Year Ended October 31, Increase (Decrease) in Net Assets 2020 2019 From operations — Net investment income $ 66,414,864 $ 61,860,848 Net realized loss (41,636,901) (14,006,360) Net change in unrealized appreciation (depreciation) (46,407,886) 139,154,069 Net increase (decrease) in net assets from operations $ (21,629,923) $ 187,008,557 Distributions to shareholders — Class A $ (5,302,962) $ (13,551,046) Class C (2,204,003) (4,848,104) Class I (37,213,761) (75,781,104) Total distributions to shareholders $ (44,720,726) $ (94,180,254) Tax return of capital to shareholders — Class A $ (14,029,463) $ — Class C (5,830,888) — Class I (98,452,351) — Total tax return of capital to shareholders $ (118,312,702) $ — Transactions in shares of beneficial interest — Proceeds from sale of shares Class A $ 60,982,647 $ 85,066,938 Class C 18,540,195 24,388,178 Class I 698,914,541 588,059,210 Net asset value of shares issued to shareholders in payment of distributions declared Class A 17,771,603 12,545,769 Class C 7,791,365 4,662,466 Class I 121,886,362 65,869,958 Cost of shares redeemed Class A (81,245,981) (66,890,933) Class C (19,502,304) (14,552,761) Class I (621,864,337) (345,787,716) Net asset value of shares converted Class A 1,179,537 1,377,959 Class C (1,179,537) (1,377,959) Net increase in net assets from Fund share transactions $ 203,274,091 $ 353,361,109

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

Net Assets At beginning of year $1,153,785,667 $ 707,596,255 At end of year $1,172,396,407 $1,153,785,667

9 See Notes to Financial Statements. Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Financial Highlights

Class A Year Ended October 31, 2020 2019 2018 2017 2016 Net asset value — Beginning of year $ 5.760 $ 5.190 $ 6.310 $ 6.400 $ 6.150

Income (Loss) From Operations Net investment income(1) $ 0.286 $ 0.363 $ 0.408 $ 0.343 $ 0.346 Net realized and unrealized gain (loss) (0.293) 0.759 (0.970) 0.124 0.573

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

Less Distributions From net investment income $ (0.198) $ (0.552) $ — $ (0.502) $ (0.078) Tax return of capital (0.525) — (0.558) (0.055) (0.591)

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

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

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

Ratios/Supplemental Data Net assets, end of year (000’s omitted) $129,954 $152,308 $107,550 $87,390 $86,313 Ratios (as a percentage of average daily net assets):(4) Expenses 1.20%(3) 1.20%(3) 1.23%(3)(5) 1.26%(6) 1.30%(3)(6) Net investment income 5.40% 6.57% 6.84% 5.45% 5.56% Portfolio Turnover of the Portfolio 56% 46% 52% 40% 73%

(1) Computed using average shares outstanding. (2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. (3) The investment adviser reimbursed certain operating expenses (equal to 0.02%, 0.02%, 0.09% and 0.08% of average daily net assets for the years ended October 31, 2020, 2019, 2018 and 2016, respectively). Absent this reimbursement, total return would be lower. (4) Includes the Fund’s share of the Portfolio’s allocated expenses. (5) Includes interest expense of 0.02% of average daily net assets for the year ended October 31, 2018. (6) Includes interest and dividend expense, primarily on securities sold short and reverse repurchase agreements, of 0.02% and 0.05% of average daily net assets for the years ended October 31, 2017 and 2016, respectively.

10 See Notes to Financial Statements. Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Financial Highlights — continued

Class C Year Ended October 31, 2020 2019 2018 2017 2016 Net asset value — Beginning of year $ 5.820 $ 5.240 $ 6.380 $ 6.470 $ 6.190

Income (Loss) From Operations Net investment income(1) $ 0.250 $ 0.328 $ 0.373 $ 0.302 $ 0.305 Net realized and unrealized gain (loss) (0.298) 0.770 (0.992) 0.126 0.579

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

Less Distributions From net investment income $ (0.190) $ (0.518) $ — $ (0.467) $ (0.070) Tax return of capital (0.502) — (0.521) (0.051) (0.534)

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

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

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

Ratios/Supplemental Data Net assets, end of year (000’s omitted) $59,169 $62,869 $44,416 $41,754 $34,379 Ratios (as a percentage of average daily net assets):(4) Expenses 1.90%(3) 1.90%(3) 1.93%(3)(5) 1.96%(6) 2.00%(3)(6) Net investment income 4.68% 5.88% 6.17% 4.74% 4.87% Portfolio Turnover of the Portfolio 56% 46% 52% 40% 73%

(1) Computed using average shares outstanding. (2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. (3) The investment adviser reimbursed certain operating expenses (equal to 0.02%, 0.02%, 0.09% and 0.08% of average daily net assets for the years ended October 31, 2020, 2019, 2018 and 2016, respectively). Absent this reimbursement, total return would be lower. (4) Includes the Fund’s share of the Portfolio’s allocated expenses. (5) Includes interest expense of 0.02% of average daily net assets for the year ended October 31, 2018. (6) Includes interest and dividend expense, primarily on securities sold short and reverse repurchase agreements, of 0.02% and 0.05% of average daily net assets for the years ended October 31, 2017 and 2016, respectively.

11 See Notes to Financial Statements. Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Financial Highlights — continued

Class I Year Ended October 31, 2020 2019 2018 2017 2016 Net asset value — Beginning of year $ 5.760 $ 5.190 $ 6.310 $ 6.400 $ 6.160

Income (Loss) From Operations Net investment income(1) $ 0.301 $ 0.381 $ 0.427 $ 0.363 $ 0.364 Net realized and unrealized gain (loss) (0.302) 0.757 (0.971) 0.123 0.576

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

Less Distributions From net investment income $ (0.202) $ (0.568) $ — $ (0.519) $ (0.082) Tax return of capital (0.537) — (0.576) (0.057) (0.618)

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

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

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

Ratios/Supplemental Data Net assets, end of year (000’s omitted) $983,273 $938,608 $555,630 $414,676 $164,460 Ratios (as a percentage of average daily net assets):(4) Expenses 0.90%(3) 0.90%(3) 0.93%(3)(5) 0.96%(6) 1.00%(3)(6) Net investment income 5.68% 6.90% 7.15% 5.72% 5.84% Portfolio Turnover of the Portfolio 56% 46% 52% 40% 73%

(1) Computed using average shares outstanding. (2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. (3) The investment adviser reimbursed certain operating expenses (equal to 0.02%, 0.02%, 0.09% and 0.08% of average daily net assets for the years ended October 31, 2020, 2019, 2018 and 2016, respectively). Absent this reimbursement, total return would be lower. (4) Includes the Fund’s share of the Portfolio’s allocated expenses. (5) Includes interest expense of 0.02% of average daily net assets for the year ended October 31, 2018. (6) Includes interest and dividend expense, primarily on securities sold short and reverse repurchase agreements, of 0.02% and 0.05% of average daily net assets for the years ended October 31, 2017 and 2016, respectively.

12 See Notes to Financial Statements. Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies Eaton Vance Emerging Markets Local Income Fund (the Fund) is a non-diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, ClassC shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Emerging Markets Local Income Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (93.9% at October 31, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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

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.

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

13 Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Notes to Financial Statements — continued

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

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

Year Ended October 31, 2020 2019 Ordinary income $ 44,720,726 $94,180,254 Tax return of capital $118,312,702 $ —

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

Deferred capital losses $(28,978,357) Net unrealized appreciation $ 29,932,483

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $28,978,357 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2020, $9,843,600 are short-term and $19,134,757 are long-term.

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

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $15,659 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $124,038 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

14 Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Notes to Financial Statements — continued

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

5 Contingent Deferred Sales Charges A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $9,000 and $32,000 of CDSCs paid by Class A and Class C shareholders, respectively.

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

Year Ended October 31, Class A 2020 2019

Sales 11,269,552 15,355,679 Issued to shareholders electing to receive payments of distributions in Fund shares 3,326,503 2,276,793 Redemptions (15,400,058) (12,171,088) Converted from Class C shares 226,188 249,574

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

Year Ended October 31, Class C 2020 2019

Sales 3,337,465 4,363,337 Issued to shareholders electing to receive payments of distributions in Fund shares 1,444,632 836,847 Redemptions (3,711,667) (2,625,000) Converted to Class A shares (223,953) (247,221)

Net increase 846,477 2,327,963

15 Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Notes to Financial Statements — continued

Year Ended October 31, Class I 2020 2019

Sales 130,966,684 106,975,051 Issued to shareholders electing to receive payments of distributions in Fund shares 22,887,277 11,932,823 Redemptions (121,066,673) (63,054,227)

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

16 Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Report of Independent Registered Public Accounting Firm

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

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

/s/ Deloitte & Touche LLP Boston, Massachusetts December 18, 2020

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

17 Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Federal Tax Information (Unaudited)

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

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

18 Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments

Foreign Government Bonds — 58.9% Principal Amount Principal Security (000’s omitted) Value Amount Security (000’s omitted) Value Georgia (continued) Georgia Treasury Bond, 7.25%, 1/17/21 GEL 4,662 $ 1,445,250 Albania — 0.1% Georgia Treasury Bond, 7.375%, 9/27/23 GEL 6,187 1,875,255 (1) Republic of Albania, 5.75%, 11/12/20 EUR 646 $ 754,014 Georgia Treasury Bond, 8.125%, 1/25/23 GEL 3,108 971,615 Total Albania $ 754,014 Georgia Treasury Bond, 9.375%, 4/9/22 GEL 13,205 4,188,977 Republic of Georgia, 6.875%, 4/12/21(1) USD 570 580,826 Belarus — 0.0%(2) Total Georgia $ 18,160,379 Republic of Belarus, 6.875%, 2/28/23(1) USD 564 $ 559,220 Total Belarus $ 559,220 Indonesia — 9.2% Indonesia Government Bond, 6.50%, 2/15/31 IDR 244,529,000 $ 16,632,095 Bosnia and Herzegovina — 0.2% Indonesia Government Bond, 7.00%, 9/15/30 IDR 118,500,000 8,349,692 Republic of Srpska, 1.50%, 6/30/23 BAM 97 $ 58,043 Indonesia Government Bond, 7.375%, 5/15/48 IDR 72,833,000 4,981,030 Republic of Srpska, 1.50%, 10/30/23 BAM 265 158,069 Indonesia Government Bond, 7.50%, 8/15/32 IDR 70,753,000 4,958,757 Republic of Srpska, 1.50%, 12/15/23 BAM 19 11,435 Indonesia Government Bond, 7.50%, 5/15/38 IDR 667,200,000 46,195,331 Republic of Srpska, 1.50%, 5/31/25 BAM 2,781 1,641,803 Indonesia Government Bond, 7.50%, 4/15/40 IDR 170,184,000 11,951,863 Republic of Srpska, 1.50%, 6/9/25 BAM 267 156,184 Indonesia Government Bond, 8.25%, 6/15/32 IDR 11,609,000 854,065 Republic of Srpska, 1.50%, 12/24/25 BAM 349 205,385 Indonesia Government Bond, 8.25%, 5/15/36 IDR 242,576,000 17,833,690 Republic of Srpska, 1.50%, 9/25/26 BAM 217 128,151 Indonesia Government Bond, 8.375%, 4/15/39 IDR 43,001,000 3,191,042 Republic of Srpska, 1.50%, 9/26/27 BAM 77 44,919 Indonesia Government Bond, 9.50%, 5/15/41 IDR 5,702,000 459,357 Total Bosnia and Herzegovina $ 2,403,989 Total Indonesia $ 115,406,922

Brazil — 0.4% Macedonia — 0.5% Nota do Tesouro Nacional, 10.00%, 1/1/21 BRL 5,127 $ 905,543 Republic of Macedonia, 3.975%, 7/24/21(1) EUR 1,470 $ 1,750,556 Nota do Tesouro Nacional, 10.00%, 1/1/27 BRL 22,375 4,407,110 Republic of Macedonia, 4.875%, 12/1/20(1) EUR 3,491 4,088,245 Total Brazil $ 5,312,653 Total Macedonia $ 5,838,801

Colombia — 0.2% Malaysia — 2.7% Republic of Colombia, 7.75%, 4/14/21 COP 6,301,000 $ 1,662,413 Malaysia Government Bond, 3.733%, 6/15/28 MYR 81,500 $ 21,267,870 Titulos De Tesoreria B, 10.00%, 7/24/24 COP 3,528,300 1,110,666 Malaysia Government Bond, 3.828%, 7/5/34 MYR 28,100 7,300,237 Total Colombia $ 2,773,079 Malaysia Government Bond, 4.254%, 5/31/35 MYR 17,800 4,787,181 Total Malaysia $ 33,355,288 Costa Rica — 0.0%(2) Mexico — 2.2% Titulo Propiedad UD, 1.00%, 1/12/22(3) CRC 66,285 $ 103,576 Total Costa Rica $ 103,576 Mexican Bonos, 7.75%, 11/13/42 MXN 230,000 $ 11,627,678 Mexican Bonos, 8.50%, 5/31/29 MXN 224,000 12,330,217 Dominican Republic — 2.3% Mexican Bonos, 8.50%, 11/18/38 MXN 36,100 1,977,395 Mexican Bonos, 10.00%, 11/20/36 MXN 22,074 1,362,293 Dominican Republic, 7.50%, 5/6/21(1) USD 283 $ 290,771 Dominican Republic, 9.75%, 6/5/26(1) DOP 1,433,750 25,360,742 Total Mexico $ 27,297,583 Dominican Republic, 9.75%, 6/5/26(4) DOP 203,450 3,598,705 Oman — 0.0%(2) Total Dominican Republic $ 29,250,218 Oman Government International Bond, (1) Georgia — 1.4% 3.625%, 6/15/21 USD 600 $ 596,407 Total Oman $ 596,407 Georgia Treasury Bond, 7.00%, 5/30/24 GEL 30,533 $ 9,098,456

19 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Principal Principal Amount Amount Security (000’s omitted) Value Security (000’s omitted) Value

Paraguay — 0.1% South Africa (continued) Republic of Paraguay, 4.625%, 1/25/23(1) USD 580 $ 614,510 Republic of South Africa, 8.75%, 2/28/48 ZAR 231,000 $ 10,793,603 Total Paraguay $ 614,510 Total South Africa $ 55,150,704

Peru — 4.5% Thailand — 4.6% Peru Government Bond, 5.94%, 2/12/29 PEN 75,758 $ 25,021,822 Thailand Government Bond, 1.25%, 3/12/28(1)(3) THB 933,573 $ 29,149,818 Peru Government Bond, 6.15%, 8/12/32 PEN 30,084 9,597,470 Thailand Government Bond, 3.30%, 6/17/38 THB 536,751 20,900,994 Peru Government Bond, 6.714%, 2/12/55 PEN 4,100 1,323,573 Thailand Government Bond, 3.40%, 6/17/36 THB 205,000 8,149,699 Peru Government Bond, 6.85%, 2/12/42 PEN 19,284 6,170,589 Total Thailand $ 58,200,511 Peru Government Bond, 6.90%, 8/12/37 PEN 41,002 13,430,421 Peru Government Bond, 6.95%, 8/12/31 PEN 3,915 1,337,104 Turkey — 1.3% Total Peru $ 56,880,979 Republic of Turkey, 5.125%, 3/25/22 USD 540 $ 537,712 Turkey Government Bond, 7.10%, 3/8/23 TRY 70,204 7,180,002 Romania — 0.6% Turkey Government Bond, 10.70%, 8/17/22 TRY 9,380 1,055,593 Romanian Government International Bond, Turkey Government Bond, 12.40%, 3/8/28 TRY 23,227 2,559,835 (1) 2.75%, 2/26/26 EUR 2,755 $ 3,476,697 Turkey Government Bond, 16.20%, 6/14/23 TRY 36,761 4,549,335 Romanian Government International Bond, Total Turkey $ 15,882,477 3.624%, 5/26/30(1) EUR 2,755 3,687,737

Total Romania $ 7,164,434 Ukraine — 9.2% Ukraine Government International Bond, Russia — 3.0% 9.79%, 5/26/27 UAH 45,679 $ 1,407,586 (3) Russia Government Bond, 2.50%, 2/2/28 RUB 2,050,498 $ 25,694,547 Ukraine Government International Bond, Russia Government Bond, 7.70%, 3/23/33 RUB 778,365 10,929,418 9.84%, 2/15/23 UAH 57,091 1,960,728 Russia Government Bond, 7.75%, 9/16/26 RUB 31,480 441,036 Ukraine Government International Bond, Russia Government Bond, 8.50%, 9/17/31 RUB 8,092 119,693 10.00%, 8/23/23 UAH 672,489 22,923,329 Ukraine Government International Bond, Total Russia $ 37,184,694 11.67%, 11/22/23 UAH 57,092 2,025,990 Ukraine Government International Bond, Serbia — 9.9% 15.84%, 2/26/25 UAH 2,008,519 79,459,195 Republic of Serbia, 7.25%, 9/28/21(1) USD 5,240 $ 5,541,939 Ukraine Government International Bond, Serbia Treasury Bond, 4.50%, 1/11/26 RSD 7,094,340 76,098,073 17.00%, 5/11/22 UAH 213,246 8,150,988 Serbia Treasury Bond, 4.50%, 8/20/32 RSD 385,930 3,945,385 Total Ukraine $ 115,927,816 Serbia Treasury Bond, 5.75%, 7/21/23 RSD 1,865,250 20,261,129 Serbia Treasury Bond, 5.875%, 2/8/28 RSD 1,526,670 17,653,634 Uruguay — 2.0% Total Serbia $ 123,500,160 Republic of Uruguay, 3.875%, 7/2/40(3) UYU 549,954 $ 14,729,775 Republic of Uruguay, 4.375%, 12/15/28(3) UYU 395,363 10,383,103 Seychelles — 0.1% Total Uruguay $ 25,112,878 Republic of Seychelles, 8.00%, 1/1/26(1) USD 1,081 $ 1,013,376 Total Seychelles $ 1,013,376 Total Foreign Government Bonds (identified cost $764,159,962) $ 738,444,668 South Africa — 4.4% Republic of South Africa, 8.25%, 3/31/32 ZAR 95,739 $ 5,059,169 Republic of South Africa, 8.50%, 1/31/37 ZAR 417,200 20,141,220 Republic of South Africa, 8.75%, 1/31/44 ZAR 408,487 19,156,712

20 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Foreign Corporate Bonds — 1.8% Loan Participation Notes — 2.7%

Principal Principal Amount Amount Security (000’s omitted) Value Security (000’s omitted) Value

Colombia — 0.0%(2) Uzbekistan — 2.7% Emgesa S.A. ESP, 8.75%, 1/25/21(1) COP 697,000 $ 181,994 Daryo Finance BV (borrower—Uzbek Industrial and Construction Bank ATB), 18.75%, 6/15/23(1)(7)(8) UZS 84,634,000 $ 8,603,857 Total Colombia $ 181,994 Europe Asia Investment Finance BV (borrower— Joint Stock Commercial Bank “Asaka”), Indonesia — 0.1% 18.70%, 7/26/23(1)(7)(8) UZS 253,458,000 25,551,896 Jasa Marga (Persero) Tbk PT, 7.50%, 12/11/20(1) IDR 21,720,000 $ 1,465,439 Total Uzbekistan $ 34,155,753 Total Indonesia $ 1,465,439 Total Loan Participation Notes Mexico — 0.1% (identified cost $33,883,927) $ 34,155,753 Petroleos Mexicanos, 7.19%, 9/12/24(4) MXN 10,630 $ 437,111 Short-Term Investments — 27.2% Petroleos Mexicanos, 7.65%, 11/24/21 MXN 5,900 276,736 Total Mexico $ 713,847 Foreign Government Securities — 12.6%

Peru — 1.2% Principal Amount Alicorp SAA, 6.875%, 4/17/27(1) PEN 25,530 $ 8,173,413 Security (000’s omitted) Value Telefonica del Peru SAA, 7.375%, 4/10/27(4) PEN 24,500 6,864,472 Egypt — 10.6% Total Peru $ 15,037,885 Egypt Treasury Bill, 0.00%, 12/8/20 EGP 500,775 $ 31,520,552 Uzbekistan — 0.4% Egypt Treasury Bill, 0.00%, 12/22/20 EGP 422,300 26,597,159 Nederlandse Financierings-Maatschappij voor Egypt Treasury Bill, 0.00%, 12/29/20 EGP 76,925 4,830,173 Ontwikkelingslanden NV (FMO), Egypt Treasury Bill, 0.00%, 1/12/21 EGP 50,575 3,147,629 15.00%, 12/8/22(1) UZS 48,000,000 $ 4,609,499 Egypt Treasury Bill, 0.00%, 2/2/21 EGP 66,200 4,102,760 Total Uzbekistan $ 4,609,499 Egypt Treasury Bill, 0.00%, 2/9/21 EGP 326,025 20,155,327 Egypt Treasury Bill, 0.00%, 3/2/21 EGP 44,850 2,752,178 Total Foreign Corporate Bonds Egypt Treasury Bill, 0.00%, 3/30/21 EGP 149,550 9,087,141 (identified cost $23,316,932) $ 22,008,664 Egypt Treasury Bill, 0.00%, 4/6/21 EGP 59,725 3,620,204 Egypt Treasury Bill, 0.00%, 7/6/21 EGP 50,575 2,969,019 (2) Sovereign Loans — 0.0% Egypt Treasury Bill, 0.00%, 7/13/21 EGP 29,950 1,753,921 Egypt Treasury Bill, 0.00%, 8/3/21 EGP 345,975 20,118,147 Principal Amount Egypt Treasury Bill, 0.00%, 10/12/21 EGP 31,500 1,789,716 Borrower (000’s omitted) Value Total Egypt $ 132,443,926

(2) Ethiopia — 0.0% Georgia — 0.4% Ethiopian Railways Corporation (Federal Georgia Treasury Bill, 0.00%, 12/3/20 GEL 1,755 $ 540,482 Democratic Republic of Ethiopia guaranteed), Term Loan, 4.06%, (6 mo. USD LIBOR + Georgia Treasury Bill, 0.00%, 1/14/21 GEL 5,888 1,794,708 3.75%), Maturing August 1, 2021(5)(6) $ 533 $ 530,599 Georgia Treasury Bill, 0.00%, 2/11/21 GEL 9,360 2,838,583 Georgia Treasury Bill, 0.00%, 4/8/21 GEL 912 273,207 Total Ethiopia $ 530,599 Total Georgia $ 5,446,980 Total Sovereign Loans (identified cost $527,323) $ 530,599 Uruguay — 1.6% Uruguay Monetary Regulation Bill, 0.00%, 12/18/20 UYU 337,685 $ 7,789,199 Uruguay Monetary Regulation Bill, 0.00%, 2/5/21 UYU 102,951 2,354,140

21 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Principal (1) Security exempt from registration under Regulation S of the Securities Act Amount of 1933, as amended, which exempts from registration securities offered Security (000’s omitted) Value 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 Uruguay (continued) transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At October 31, 2020, the aggregate value of Uruguay Monetary Regulation Bill, 0.00%, 2/19/21 UYU 86,552 $ 1,974,221 these securities is $126,050,956 or 10.1% of the Portfolio’s net assets. Uruguay Monetary Regulation Bill, 0.00%, 7/21/21 UYU 355,650 7,843,932 (2) Amount is less than 0.05%. (3) Total Uruguay $ 19,961,492 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. Total Foreign Government Securities (4) Security exempt from registration under Rule 144A of the Securities Act (identified cost $155,683,046) $ 157,852,398 of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to U.S. Treasury Obligations — 1.8% qualified institutional buyers). At October 31, 2020, the aggregate value of these securities is $10,900,288 or 0.9% of the Portfolio’s net assets. Principal (5) Variable rate security. The stated interest rate represents the rate in effect Amount at October 31, 2020. Security (000’s omitted) Value (6) Loan is subject to scheduled mandatory prepayments. Maturity date U.S. Treasury Bill, 0.00%, 11/19/20(9) $ 22,550 $ 22,549,228 shown reflects the final maturity date. (7) For fair value measurement disclosure purposes, security is categorized as Total U.S. Treasury Obligations Level 3 (see Note 8). (identified cost $22,549,127) $ 22,549,228 (8) Limited recourse note whose payments by the issuer are limited to amounts received by the issuer from the borrower pursuant to a loan Other — 12.8% agreement with the borrower. (9) Security (or a portion thereof) has been pledged to cover collateral Description Units Value requirements on open derivative contracts. (10) Eaton Vance Cash Reserves Fund, LLC, 0.12%(10) 160,245,815 $ 160,245,815 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 Total Other of October 31, 2020. (identified cost $160,245,815) $ 160,245,815

Total Short-Term Investments (identified cost $338,477,988) $ 340,647,441

Total Investments — 90.6% (identified cost $1,160,366,132) $1,135,787,125

Other Assets, Less Liabilities — 9.4% $ 118,147,965

Net Assets — 100.0% $1,253,935,090

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

22 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts

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

EUR 51,308,905 USD 59,767,178 11/3/20 $ (10,258) EUR 1,336,525 USD 1,581,867 11/3/20 (25,283) USD 60,205,485 EUR 51,308,905 11/3/20 448,565 USD 1,556,851 EUR 1,336,525 11/3/20 267 BRL 545,432,081 USD 94,499,477 11/4/20 557,483 BRL 545,432,081 USD 96,786,206 11/4/20 (1,729,246) USD 95,000,667 BRL 545,432,081 11/4/20 (56,292) USD 94,499,477 BRL 545,432,081 11/4/20 (557,483) COP 34,750,000,000 USD 9,072,160 11/5/20 (93,996) PEN 576,000 USD 160,093 11/5/20 (781) PEN 5,322,544 USD 1,480,211 11/5/20 (8,077) PEN 7,308,000 USD 2,033,276 11/5/20 (11,995) PEN 13,257,000 USD 3,686,699 11/5/20 (20,015) PEN 12,650,000 USD 3,567,500 11/5/20 (68,704) PEN 26,650,000 USD 7,518,691 11/5/20 (147,708) PEN 45,934,050 USD 12,954,130 11/5/20 (249,473) USD 189,960 COP 725,000,000 11/5/20 2,646 USD 20,987,384 PEN 74,442,250 11/5/20 397,794 USD 17,272,141 PEN 61,245,286 11/5/20 332,630 USD 8,725,358 PEN 31,289,133 11/5/20 71,261 RUB 7,351,974,159 USD 94,515,512 11/9/20 (2,034,476) USD 19,232,835 RUB 1,524,248,600 11/9/20 59,197 IDR 102,181,098,249 USD 6,818,892 11/18/20 87,424 USD 5,351,171 IDR 80,000,000,000 11/18/20 (55,948) USD 1,166,293 IDR 17,102,166,779 11/23/20 11,071 KRW 4,027,843,130 USD 3,397,823 12/1/20 144,050 KRW 3,832,637,070 USD 3,231,542 12/1/20 138,677 BRL 545,432,081 USD 94,915,941 12/2/20 9,198 USD 58,245,957 EUR 49,972,380 12/2/20 8,425 USD 7,604,231 PEN 26,822,405 12/3/20 184,992 KRW 10,707,000,000 USD 9,014,380 12/10/20 401,747 KRW 5,683,540,000 USD 4,789,244 12/10/20 209,068 KRW 5,353,500,000 USD 4,509,236 12/10/20 198,828 USD 1,179,937 EUR 1,000,000 12/11/20 14,252 CLP 22,611,908,480 USD 28,531,297 12/16/20 706,246 COP 725,000,000 USD 189,636 12/16/20 (2,679) COP 66,494,809,538 USD 17,251,573 12/16/20 (104,430) COP 70,340,900,000 USD 18,245,247 12/16/20 (106,305) CZK 1,258,637,322 USD 56,145,303 12/16/20 (2,313,004) PLN 15,000,000 USD 3,988,566 12/16/20 (198,930) PLN 369,499,304 USD 98,251,493 12/16/20 (4,900,302) USD 12,015,997 CLP 9,449,500,000 12/16/20 (202,351) USD 8,250,251 CZK 184,950,000 12/16/20 339,884 USD 7,136,874 PLN 26,840,000 12/16/20 355,952

23 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)

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

USD 189,511 ZAR 3,201,421 12/17/20 $ (6,200) USD 3,195,772 ZAR 55,090,000 12/17/20 (172,016) USD 13,897,568 ZAR 234,773,000 12/17/20 (454,689) USD 13,049,330 ZAR 223,000,000 12/17/20 (583,214) USD 11,542,730 ZAR 204,026,994 12/17/20 (929,946) USD 38,342,383 ZAR 647,721,712 12/17/20 (1,254,453) USD 26,226,289 ZAR 463,570,635 12/17/20 (2,112,935) ZAR 936,070,000 USD 52,957,716 12/17/20 4,266,567 ZAR 633,305,000 USD 37,488,975 12/17/20 1,226,532 ZAR 70,000,000 USD 3,960,217 12/17/20 319,057 MXN 2,490,645,688 USD 116,857,658 12/18/20 (16,269) USD 10,212,503 MXN 217,664,175 12/18/20 1,422 USD 5,391,779 MXN 114,917,676 12/18/20 751 COP 78,942,400,000 USD 21,094,933 12/21/20 (741,884) IDR 647,441,164,894 USD 42,851,358 1/4/21 671,158 USD 6,597,190 IDR 99,676,943,832 1/4/21 (103,328) USD 19,670,737 IDR 297,205,161,408 1/4/21 (308,092) INR 216,200,000 USD 2,902,197 1/5/21 (19,385) INR 318,400,000 USD 4,273,424 1/5/21 (27,877) PHP 111,362,000 USD 2,288,574 1/11/21 1,822 COP 82,004,908,653 USD 21,151,640 1/15/21 (32,403) KRW 113,276,800 USD 99,107 1/19/21 544 USD 4,121,899 IDR 61,387,437,500 1/19/21 2,491 USD 3,964,885 IDR 59,053,000,000 1/19/21 2,130 IDR 69,472,322,258 USD 4,683,948 1/26/21 (25,796) USD 7,990 PHP 388,000 1/27/21 14

$(8,514,078)

Forward Foreign Currency Exchange Contracts

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

EUR 49,972,380 USD 58,210,327 BNP Paribas 11/3/20 $ — $ (9,991) USD 58,210,327 EUR 49,972,380 BNP Paribas 11/3/20 9,991 — EUR 2,247,790 CZK 60,500,000 Deutsche Bank AG 11/5/20 32,110 — EUR 1,095,634 RSD 129,000,000 JPMorgan Chase Bank, N.A. 11/6/20 — (1,595) CNH 129,163,640 USD 18,874,467 Citibank, N.A. 11/9/20 406,134 — CNH 74,900,000 USD 10,873,084 Standard Chartered Bank 11/9/20 307,439 — USD 7,954,002 RUB 618,821,320 Standard Chartered Bank 11/9/20 169,802 — USD 6,793,098 RUB 528,503,000 Standard Chartered Bank 11/9/20 145,019 — USD 8,316,584 UAH 235,692,000 Bank of America, N.A. 11/12/20 77,202 — MXN 111,000,000 USD 5,280,913 JPMorgan Chase Bank, N.A. 11/18/20 — (56,054) MYR 13,000,000 USD 3,087,079 BNP Paribas 11/20/20 31,272 —

24 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts (continued)

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

USD 15,057,111 MYR 63,407,000 BNP Paribas 11/20/20 $ — $ (152,528) USD 15,639,530 IDR 229,329,564,095 Standard Chartered Bank 11/23/20 148,710 — EUR 668,698 USD 780,474 BNP Paribas 11/30/20 — (1,212) EUR 169,252,818 USD 198,531,761 BNP Paribas 11/30/20 — (1,294,160) USD 74,414,809 EUR 63,440,308 BNP Paribas 11/30/20 485,085 — USD 56,399,892 EUR 48,082,184 BNP Paribas 11/30/20 367,652 — USD 49,545,814 EUR 42,238,927 BNP Paribas 11/30/20 322,972 — USD 8,111,186 EUR 6,914,969 BNP Paribas 11/30/20 52,874 — USD 6,456,094 EUR 5,503,967 BNP Paribas 11/30/20 42,085 — USD 1,007,384 EUR 858,817 BNP Paribas 11/30/20 6,567 — USD 825,053 EUR 703,376 BNP Paribas 11/30/20 5,378 — USD 1,413,869 UAH 40,718,000 Goldman Sachs International 11/30/20 — (1,084) USD 1,413,889 UAH 40,720,000 Goldman Sachs International 11/30/20 — (1,133) Australia and New Zealand Banking KRW 267,900,000 USD 225,750 Group Limited 12/1/20 9,827 — Australia and New Zealand Banking KRW 295,267,000 USD 254,088 Group Limited 12/1/20 5,554 — MYR 30,980,392 USD 7,434,699 Goldman Sachs International 12/2/20 — (5,194) MYR 16,419,608 USD 3,945,314 Goldman Sachs International 12/2/20 — (7,676) CNH 96,872,730 USD 14,133,339 Citibank, N.A. 12/9/20 295,706 — Australia and New Zealand Banking KRW 42,636,000 USD 36,120 Group Limited 12/10/20 1,375 — MYR 119,741,230 USD 28,718,367 Morgan Stanley & Co. International PLC 12/14/20 — (9,360) PLN 100,000 EUR 21,798 Goldman Sachs International 12/14/20 — (148) USD 8,592,114 MYR 35,824,820 Morgan Stanley & Co. International PLC 12/14/20 2,800 — USD 3,282,102 ZAR 54,180,000 Citibank, N.A. 12/14/20 — (31,229) USD 7,409,117 ZAR 120,000,000 Standard Chartered Bank 12/14/20 70,622 — USD 6,195,874 ZAR 100,350,000 Standard Chartered Bank 12/14/20 59,058 — USD 19,871,626 UAH 574,290,000 Bank of America, N.A. 12/15/20 8,763 — USD 2,403,673 MYR 10,000,000 Standard Chartered Bank 12/17/20 6,220 — TRY 13,070,000 USD 1,666,963 Standard Chartered Bank 12/22/20 — (145,717) TRY 19,480,000 USD 2,439,143 Standard Chartered Bank 12/22/20 — (171,823) TRY 42,000,000 USD 5,220,572 Standard Chartered Bank 12/22/20 — (332,100) TRY 54,355,672 USD 6,877,192 Standard Chartered Bank 12/22/20 — (550,616) USD 13,017,143 TRY 102,884,375 Standard Chartered Bank 12/22/20 1,042,205 — USD 14,579,308 TRY 124,500,000 Standard Chartered Bank 12/22/20 88,480 — CNH 129,163,639 USD 18,798,102 Bank of America, N.A. 1/11/21 393,757 — CNH 129,163,639 USD 18,797,281 UBS AG 1/11/21 394,577 — USD 14,799,350 UAH 432,585,000 Goldman Sachs International 1/19/21 — (1,772) CNH 112,071,352 USD 16,627,790 Goldman Sachs International 1/21/21 12,121 — EUR 1,661,853 RSD 195,882,558 HSBC Bank USA, N.A. 1/26/21 14 — THB 2,821,001,348 USD 90,030,042 Standard Chartered Bank 1/26/21 451,725 — THB 285,321,129 USD 9,097,380 Standard Chartered Bank 1/26/21 54,108 — USD 3,106,265 THB 97,331,696 Standard Chartered Bank 1/26/21 — (15,586) USD 9,105,800 THB 285,321,129 Standard Chartered Bank 1/26/21 — (45,688) USD 12,434,171 THB 389,612,312 Standard Chartered Bank 1/26/21 — (62,388)

25 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts (continued)

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

HUF 6,776,984,000 EUR 18,518,252 Citibank, N.A. 1/27/21 $ — $ (117,569) HUF 6,125,529,000 EUR 16,732,665 Bank of America, N.A. 1/28/21 — (100,595) USD 2,120,832 UAH 62,204,000 Bank of America, N.A. 1/29/21 — (977) USD 2,120,816 UAH 62,352,000 Bank of America, N.A. 1/29/21 — (6,040) USD 1,903,729 UAH 56,160,000 Citibank, N.A. 2/16/21 — (1,222) TRY 135,800,000 USD 18,406,571 Standard Chartered Bank 2/26/21 — (3,105,645) USD 6,757,954 TRY 47,154,000 Standard Chartered Bank 2/26/21 1,444,995 — USD 5,406,411 TRY 37,632,000 Standard Chartered Bank 2/26/21 1,166,319 — USD 5,406,380 TRY 37,641,000 Standard Chartered Bank 2/26/21 1,165,274 — USD 3,378,968 TRY 23,631,000 Standard Chartered Bank 2/26/21 716,404 — USD 12,908 TRY 90,000 Standard Chartered Bank 2/26/21 2,767 — USD 281,153 TRY 2,254,000 Standard Chartered Bank 5/17/21 37,055 — USD 151,333 TRY 1,162,290 Standard Chartered Bank 5/17/21 25,462 — USD 140,611 TRY 1,136,000 Standard Chartered Bank 5/17/21 17,588 — USD 84,343 TRY 666,000 Standard Chartered Bank 5/17/21 12,219 — USD 56,210 TRY 439,000 Standard Chartered Bank 5/17/21 8,668 — USD 56,266 TRY 440,000 Standard Chartered Bank 5/17/21 8,616 — USD 56,214 TRY 441,000 Standard Chartered Bank 5/17/21 8,456 — USD 56,267 TRY 446,000 Standard Chartered Bank 5/17/21 7,967 — USD 4,644 TRY 35,919 Standard Chartered Bank 5/17/21 754 — KES 317,940,000 USD 2,685,985 Standard Chartered Bank 10/12/21 18,073 — KES 211,960,000 USD 1,790,656 Standard Chartered Bank 10/12/21 12,049 — UZS 133,770,000,000 USD 9,994,023 JPMorgan Chase Bank, N.A. 6/20/22 410,263 —

$10,570,133 $(6,229,102)

Non-deliverable Bond Forward Contracts*

Unrealized Notional Amount Appreciation Settlement Date (000’s omitted) Reference Entity Counterparty Aggregate Cost (Depreciation)

Republic of Colombia, 11/24/20 COP 54,000,000 6.00%, 4/28/28 Bank of America, N.A. $13,952,227 $(289,899) Republic of Colombia, 11/24/20 COP 18,500,000 7.00%, 6/30/32 Bank of America, N.A. 4,779,929 (106,784) Republic of Colombia, 11/24/20 COP 24,000,000 7.50%, 8/26/26 Bank of America, N.A. 6,200,990 (65,228) Republic of Colombia, 11/24/20 COP 43,000,000 7.75%, 9/18/30 Bank of America, N.A. 11,110,106 (243,634) Republic of Colombia, 11/24/20 COP 73,500,000 10.00%, 7/24/24 Bank of America, N.A. 18,990,531 (149,076)

$(854,621)

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

26 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Futures Contracts

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

Interest Rate Futures 5-Year USD Deliverable Interest Rate Swap (14) Short 12/14/20 $(1,436,969) $ 7,656 10-Year USD Deliverable Interest Rate Swap (71) Short 12/14/20 (7,168,781) 126,469 Euro-Bobl (23) Short 12/8/20 (3,639,543) (17,679) Euro-Bund (15) Short 12/8/20 (3,077,297) (34,241) U.S. 10-Year Treasury Note (32) Short 12/21/20 (4,423,000) 31,500

$113,705

Centrally Cleared Interest Rate Swaps

Brazil CETIP Interbank 3.06% Deposit Rate (pays upon BRL 548,199 Pays (pays upon termination) termination) 1/3/22 $ (304,038) $ — $ (304,038) Brazil CETIP Interbank 3.08% Deposit Rate (pays upon BRL 360,049 Pays (pays upon termination) termination) 1/3/22 (183,264) — (183,264) Brazil CETIP Interbank 3.42% Deposit Rate (pays upon BRL 64,031 Receives (pays upon termination) termination) 1/3/22 (9,298) — (9,298) Brazil CETIP Interbank 3.44% Deposit Rate (pays upon BRL 507,598 Receives (pays upon termination) termination) 1/3/22 (98,754) — (98,754) Brazil CETIP Interbank 4.12% Deposit Rate (pays upon BRL 63,539 Pays (pays upon termination) termination) 1/2/23 (111,482) — (111,482) Brazil CETIP Interbank 4.70% Deposit Rate (pays upon BRL 109,032 Pays (pays upon termination) termination) 1/2/23 149,468 — 149,468 Brazil CETIP Interbank 4.71% Deposit Rate (pays upon BRL 175,133 Receives (pays upon termination) termination) 1/2/23 116,150 — 116,150 Brazil CETIP Interbank 4.84% Deposit Rate (pays upon BRL 62,400 Pays (pays upon termination) termination) 1/2/23 130,998 — 130,998 Brazil CETIP Interbank 5.84% Deposit Rate (pays upon BRL 40,336 Pays (pays upon termination) termination) 1/2/23 311,663 — 311,663 Brazil CETIP Interbank 5.96% Deposit Rate (pays upon BRL 30,974 Pays (pays upon termination) termination) 1/2/23 271,599 — 271,599

27 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

Brazil CETIP Interbank 6.55% Deposit Rate (pays upon BRL 76,081 Pays (pays upon termination) termination) 1/2/23 $ 963,065 $ — $ 963,065 Brazil CETIP Interbank 8.13% Deposit Rate (pays upon BRL 35,200 Pays (pays upon termination) termination) 1/2/23 856,459 — 856,459 Brazil CETIP Interbank 5.41% Deposit Rate (pays upon BRL 31,500 Pays (pays upon termination) termination) 1/2/25 (211,122) — (211,122) Brazil CETIP Interbank 6.27% Deposit Rate (pays upon BRL 70,160 Pays (pays upon termination) termination) 1/2/25 169,193 — 169,193 Brazil CETIP Interbank 8.57% Deposit Rate (pays upon BRL 11,269 Pays (pays upon termination) termination) 1/2/25 330,109 — 330,109 Brazil CETIP Interbank 9.58% Deposit Rate (pays upon BRL 47,000 Pays (pays upon termination) termination) 1/2/25 2,462,028 — 2,462,028 Brazil CETIP Interbank 9.90% Deposit Rate (pays upon BRL 5,239 Pays (pays upon termination) termination) 1/2/25 305,264 — 305,264 6-month Sinacofi Chile 2.09% Interbank Rate (pays semi- CLP 9,792,953 Pays (pays semi-annually) annually) 12/6/21 306,485 — 306,485 6-month Sinacofi Chile 1.98% Interbank Rate (pays semi- CLP 4,865,090 Pays (pays semi-annually) annually) 12/11/21 141,576 — 141,576 6-month Sinacofi Chile 3.81% Interbank Rate (pays semi- CLP 8,101,730 Pays (pays semi-annually) annually) 5/29/23 988,644 — 988,644 6-month Sinacofi Chile 3.68% Interbank Rate (pays CLP 5,000,000 Pays (pays semi-annually) semi-annually) 2/11/24 694,075 — 694,075 6-month Sinacofi Chile 3.49% Interbank Rate (pays CLP 1,140,000 Pays (pays semi-annually) semi-annually) 4/26/24 134,479 — 134,479 6-month Sinacofi Chile 2.71% Interbank Rate (pays CLP 4,609,640 Pays (pays semi-annually) semi-annually) 6/13/24 483,372 — 483,372 6-month Sinacofi Chile 2.29% Interbank Rate (pays semi- CLP 4,400,000 Pays (pays semi-annually) annually) 2/11/25 311,436 — 311,436 6-month Sinacofi Chile 1.91% Interbank Rate (pays semi- CLP 12,261,000 Pays (pays semi-annually) annually) 3/6/25 571,628 — 571,628 6-month Sinacofi Chile 1.38% Interbank Rate (pays semi- CLP 2,650,000 Pays (pays semi-annually) annually) 6/17/25 37,424 — 37,424

28 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

6-month Sinacofi Chile 1.33% Interbank Rate (pays CLP 3,700,000 Pays (pays semi-annually) semi-annually) 9/11/25 $ 23,428 $ — $ 23,428 6-month Sinacofi Chile 4.02% Interbank Rate (pays semi- CLP 794,000 Pays (pays semi-annually) annually) 3/18/29 166,580 — 166,580 7-day China Fixing Repo Rates 2.31% CNY 464,140 Pays (pays quarterly) (pays quarterly) 7/28/22 (130,526) — (130,526) 7-day China Fixing Repo Rates 2.67% CNY 15,590 Pays (pays quarterly) (pays quarterly) 8/12/24 11,924 — 11,924 7-day China Fixing Repo Rates 3.00% CNY 90,000 Pays (pays quarterly) (pays quarterly) 1/6/25 232,379 — 232,379 7-day China Fixing Repo Rates 2.59% CNY 105,000 Pays (pays quarterly) (pays quarterly) 2/10/25 22,071 — 22,071 7-day China Fixing Repo Rates 1.96% CNY 75,100 Pays (pays quarterly) (pays quarterly) 6/1/25 (309,257) — (309,257) 7-day China Fixing Repo Rates 2.22% CNY 32,150 Pays (pays quarterly) (pays quarterly) 6/17/25 (77,713) — (77,713) 7-day China Fixing Repo Rates 2.35% CNY 126,500 Pays (pays quarterly) (pays quarterly) 7/2/25 (201,715) — (201,715) 7-day China Fixing Repo Rates 2.62% CNY 116,500 Pays (pays quarterly) (pays quarterly) 8/4/25 35,037 — 35,037 7-day China Fixing Repo Rates 2.79% CNY 90,500 Pays (pays quarterly) (pays quarterly) 9/3/25 126,594 — 126,594 7-day China Fixing Repo Rates 2.70% CNY 50,000 Pays (pays quarterly) (pays quarterly) 10/13/25 35,284 — 35,284 6-month CZK PRIBOR 1.84% CZK 232,350 Pays (pays semi-annually) (pays annually) 12/5/24 705,851 — 705,851 6-month CZK PRIBOR 1.80% CZK 491,000 Pays (pays semi-annually) (pays annually) 2/26/25 1,419,310 — 1,419,310 6-month CZK PRIBOR 1.40% CZK 200,800 Pays (pays semi-annually) (pays annually) 3/6/25 410,769 — 410,769 6-month CZK PRIBOR 1.37% CZK 258,400 Receives (pays semi-annually) (pays annually) 3/17/25 (505,655) — (505,655) 6-month CZK PRIBOR 0.60% CZK 107,690 Pays (pays semi-annually) (pays annually) 6/15/25 18,242 — 18,242 6-month CZK PRIBOR 0.64% CZK 184,250 Pays (pays semi-annually) (pays annually) 7/27/25 44,365 — 44,365

29 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

6-month CZK PRIBOR 1.74% CZK 497,198 Pays (pays semi-annually) (pays annually) 5/31/29 $ 1,858,322 $ — $ 1,858,322 6-month EURIBOR 0.25% EUR 16,300 Receives (pays semi-annually) (pays annually) 9/20/22 (298,562) (24,303) (322,865) 6-month HUF BUBOR 2.30% HUF 5,700,000 Pays (pays semi-annually) (pays annually) 11/19/23 971,188 — 971,188 6-month HUF BUBOR 1.39% HUF 7,255,400 Pays (pays semi-annually) (pays annually) 5/31/24 254,520 — 254,520 6-month HUF BUBOR 0.79% HUF 1,680,000 Pays (pays semi-annually) (pays annually) 8/6/24 (64,383) — (64,383) 6-month HUF BUBOR 0.71% HUF 3,500,000 Pays (pays semi-annually) (pays annually) 11/22/24 (180,684) — (180,684) 6-month HUF BUBOR 1.30% HUF 6,619,000 Receives (pays semi-annually) (pays annually) 3/16/25 (268,040) — (268,040) Mexico Interbank TIIE 28 Day 5.35% MXN 154,220 Pays (pays monthly) (pays monthly) 4/13/22 88,428 — 88,428 Mexico Interbank TIIE 28 Day 5.38% MXN 74,620 Pays (pays monthly) (pays monthly) 4/13/22 44,299 — 44,299 Mexico Interbank TIIE 28 Day 5.25% MXN 74,622 Pays (pays monthly) (pays monthly) 4/14/22 37,993 — 37,993 Mexico Interbank TIIE 28 Day 5.29% MXN 233,195 Pays (pays monthly) (pays monthly) 4/14/22 125,551 — 125,551 Mexico Interbank TIIE 28 Day 5.16% MXN 48,628 Pays (pays monthly) (pays monthly) 4/15/22 21,789 — 21,789 Mexico Interbank TIIE 28 Day 5.20% MXN 74,623 Pays (pays monthly) (pays monthly) 4/15/22 35,453 — 35,453 Mexico Interbank TIIE 28 Day 5.14% MXN 74,622 Pays (pays monthly) (pays monthly) 4/18/22 34,019 — 34,019 Mexico Interbank TIIE 28 Day 7.29% MXN 154,600 Pays (pays monthly) (pays monthly) 11/22/22 396,850 (10,771) 386,079 Mexico Interbank TIIE 28 Day 7.58% MXN 267,700 Pays (pays monthly) (pays monthly) 3/21/23 852,357 (2,898) 849,459 Mexico Interbank TIIE 28 Day 8.98% MXN 350,500 Pays (pays monthly) (pays monthly) 11/29/23 2,060,944 (8,687) 2,052,257 Mexico Interbank TIIE 28 Day 8.54% MXN 516,400 Pays (pays monthly) (pays monthly) 12/15/23 2,707,176 — 2,707,176

30 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

Mexico Interbank TIIE 28 Day 8.13% MXN 185,000 Pays (pays monthly) (pays monthly) 2/2/24 $ 896,812 $ — $ 896,812 Mexico Interbank TIIE 28 Day 6.76% MXN 600,760 Receives (pays monthly) (pays monthly) 3/7/24 (1,724,255) — (1,724,255) Mexico Interbank TIIE 28 Day 6.79% MXN 166,961 Receives (pays monthly) (pays monthly) 3/7/24 (486,678) — (486,678) Mexico Interbank TIIE 28 Day 7.35% MXN 408,300 Receives (pays monthly) (pays monthly) 3/14/24 (1,526,518) — (1,526,518) Mexico Interbank TIIE 28 Day 7.69% MXN 180,000 Pays (pays monthly) (pays monthly) 5/22/24 802,019 (4,337) 797,682 Mexico Interbank TIIE 28 Day 7.49% MXN 329,000 Pays (pays monthly) (pays monthly) 6/5/24 1,355,324 — 1,355,324 Mexico Interbank TIIE 28 Day 6.08% MXN 67,771 Pays (pays monthly) (pays monthly) 6/27/24 129,236 — 129,236 Mexico Interbank TIIE 28 Day 7.19% MXN 224,000 Pays (pays monthly) (pays monthly) 6/27/24 827,229 — 827,229 Mexico Interbank TIIE 28 Day 6.66% MXN 130,204 Receives (pays monthly) (pays monthly) 11/7/24 (383,548) — (383,548) Mexico Interbank TIIE 28 Day 7.40% MXN 144,000 Receives (pays monthly) (pays monthly) 3/11/25 (640,753) — (640,753) Mexico Interbank TIIE 28 Day 5.13% MXN 332,000 Pays (pays monthly) (pays monthly) 6/6/25 30,867 — 30,867 Mexico Interbank TIIE 28 Day 6.21% MXN 130,000 Pays (pays monthly) (pays monthly) 6/29/26 289,192 — 289,192 Mexico Interbank TIIE 28 Day 7.86% MXN 176,000 Pays (pays monthly) (pays monthly) 1/5/28 1,190,095 (4,896) 1,185,199 Mexico Interbank TIIE 28 Day 8.58% MXN 168,218 Pays (pays monthly) (pays monthly) 10/13/28 1,547,941 (12,096) 1,535,845 Mexico Interbank TIIE 28 Day 7.06% MXN 232,520 Pays (pays monthly) (pays monthly) 7/30/29 1,044,127 — 1,044,127 Mexico Interbank TIIE 28 Day 6.77% MXN 83,120 Pays (pays monthly) (pays monthly) 9/18/29 285,729 — 285,729

31 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

Mexico Interbank TIIE 28 Day 6.94% MXN 206,360 Pays (pays monthly) (pays monthly) 11/21/29 $ 833,107 $ — $ 833,107 Mexico Interbank TIIE 28 Day 5.91% MXN 80,000 Pays (pays monthly) (pays monthly) 5/1/30 20,952 — 20,952 Mexico Interbank TIIE 28 Day 7.43% MXN 70,000 Pays (pays monthly) (pays monthly) 6/22/37 350,978 — 350,978 6-month PLN WIBOR 2.19% PLN 4,400 Pays (pays semi-annually) (pays annually) 10/28/21 22,069 — 22,069 6-month PLN WIBOR 2.35% PLN 35,000 Pays (pays semi-annually) (pays annually) 11/19/22 560,719 — 560,719 6-month PLN WIBOR 2.43% PLN 25,000 Pays (pays semi-annually) (pays annually) 6/8/23 417,665 — 417,665 6-month PLN WIBOR 2.04% PLN 20,000 Pays (pays semi-annually) (pays annually) 1/31/24 360,177 — 360,177 6-month PLN WIBOR 2.01% PLN 16,000 Pays (pays semi-annually) (pays annually) 2/11/24 282,054 — 282,054 6-month PLN WIBOR 2.05% PLN 13,000 Pays (pays semi-annually) (pays annually) 2/28/24 234,214 — 234,214 6-month PLN WIBOR 2.01% PLN 15,522 Pays (pays semi-annually) (pays annually) 3/13/24 273,441 — 273,441 6-month PLN WIBOR 1.99% PLN 18,000 Pays (pays semi-annually) (pays annually) 5/30/24 303,013 — 303,013 6-month PLN WIBOR 1.79% PLN 37,000 Pays (pays semi-annually) (pays annually) 7/5/24 543,117 — 543,117 6-month PLN WIBOR 1.76% PLN 27,850 Pays (pays semi-annually) (pays annually) 8/6/24 399,268 — 399,268 6-month PLN WIBOR 1.66% PLN 12,200 Pays (pays semi-annually) (pays annually) 10/2/24 158,543 — 158,543 6-month PLN WIBOR 2.44% PLN 11,400 Pays (pays semi-annually) (pays annually) 10/28/24 235,883 — 235,883 6-month PLN WIBOR 1.97% PLN 50,000 Pays (pays semi-annually) (pays annually) 1/20/25 1,012,349 — 1,012,349 6-month PLN WIBOR 1.44% PLN 37,000 Receives (pays semi-annually) (pays annually) 3/17/25 (494,320) — (494,320) 6-month PLN WIBOR 0.48% PLN 10,800 Pays (pays semi-annually) (pays annually) 8/7/25 3,185 — 3,185 6-month PLN WIBOR 0.69% PLN 11,000 Pays (pays semi-annually) (pays annually) 8/26/25 30,247 — 30,247 6-month PLN WIBOR 0.64% PLN 48,600 Pays (pays semi-annually) (pays annually) 9/8/25 98,987 — 98,987 6-month PLN WIBOR 2.84% PLN 75,000 Pays (pays semi-annually) (pays annually) 1/10/28 3,255,068 — 3,255,068 6-month PLN WIBOR 0.93% PLN 78,000 Receives (pays semi-annually) (pays annually) 5/8/30 (58,883) — (58,883)

32 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

6-month THB Fixing 1.29% Rate (pays semi- THB 175,000 Pays (pays semi-annually) annually) 11/25/24 $ 163,545 $ — $ 163,545 6-month THB Fixing 1.26% Rate (pays THB 456,500 Pays (pays semi-annually) semi-annually) 12/16/24 405,967 — 405,967 6-month THB Fixing 0.94% Rate (pays semi- THB 675,000 Pays (pays semi-annually) annually) 2/12/25 232,772 — 232,772 6-month THB Fixing 0.70% Rate (pays semi- THB 442,000 Pays (pays semi-annually) annually) 3/6/25 (2,803) — (2,803) 6-month THB Fixing 1.02% Rate (pays semi- THB 483,000 Receives (pays semi-annually) annually) 3/17/25 (221,526) — (221,526) 6-month THB Fixing 0.80% Rate (pays semi- THB 290,000 Pays (pays semi-annually) annually) 6/16/25 34,205 — 34,205 6-month THB Fixing 0.82% Rate (pays semi- THB 180,000 Pays (pays semi-annually) annually) 9/11/25 19,943 — 19,943 3-month ZAR JIBAR 6.99% ZAR 221,000 Pays (pays quarterly) (pays quarterly) 7/3/24 1,348,441 — 1,348,441 3-month ZAR JIBAR 6.88% ZAR 559,737 Pays (pays quarterly) (pays quarterly) 1/10/25 3,283,619 — 3,283,619 3-month ZAR JIBAR 6.64% ZAR 55,027 Pays (pays quarterly) (pays quarterly) 2/14/25 306,466 — 306,466 3-month ZAR JIBAR 6.65% ZAR 256,793 Pays (pays quarterly) (pays quarterly) 2/14/25 1,433,450 — 1,433,450 3-month ZAR JIBAR 7.04% ZAR 244,000 Receives (pays quarterly) (pays quarterly) 3/12/25 (1,569,656) — (1,569,656) 3-month ZAR JIBAR 6.91% ZAR 65,700 Receives (pays quarterly) (pays quarterly) 3/13/25 (400,128) — (400,128) 3-month ZAR JIBAR 5.40% ZAR 148,340 Pays (pays quarterly) (pays quarterly) 6/11/25 303,948 — 303,948 3-month ZAR JIBAR 4.97% ZAR 50,000 Pays (pays quarterly) (pays quarterly) 8/24/25 34,125 119 34,244 3-month ZAR JIBAR 4.94% ZAR 130,000 Pays (pays quarterly) (pays quarterly) 10/1/25 48,389 335 48,724 3-month ZAR JIBAR 8.79% ZAR 68,770 Pays (pays quarterly) (pays quarterly) 3/18/26 778,366 — 778,366

Total $38,199,120 $(67,534) $38,131,586

33 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Interest Rate Swaps

Portfolio Value/Unrealized Notional Amount Pays/Receives Annual Termination Appreciation Counterparty (000’s omitted) Floating Rate Floating Rate Fixed Rate Date (Depreciation)

Brazil CETIP Interbank 13.10% Deposit Rate (pays (pays upon Bank of America, N.A. BRL 12,953 Pays upon termination) termination) 1/2/23 $ 2,037,101 6-month PLN WIBOR 5.45% Bank of America, N.A. PLN 8,765 Pays (pays semi-annually) (pays annually) 6/7/21 117,407 3-month Moscow Prime Offered Rate 6.20% Bank of America, N.A. RUB 1,085,000 Pays (pays quarterly) (pays annually) 3/4/25 862,245 3-month Moscow Prime Offered Rate 5.20% Bank of America, N.A. RUB 606,000 Pays (pays quarterly) (pays annually) 8/6/25 (107,378) 6-month THB Fixing 1.91% Rate (pays semi- Bank of America, N.A. THB 400,000 Pays (pays semi-annually) annually) 11/2/22 502,345 6-month THB Fixing 1.90% Rate (pays semi- Bank of America, N.A. THB 230,000 Pays (pays semi-annually) annually) 12/8/22 290,432 Brazil CETIP Interbank 11.72% Deposit Rate (pays upon Barclays Bank PLC BRL 22,098 Pays (pays upon termination) termination) 1/4/21 1,152,521 3-month MYR KLIBOR 2.00% BNP Paribas MYR 26,626 Pays (pays quarterly) (pays quarterly) 10/14/25 4,432 3-month MYR KLIBOR 3.95% Citibank, N.A. MYR 44,600 Pays (pays quarterly) (pays quarterly) 3/20/23 586,868 3-month MYR KLIBOR 3.88% Citibank, N.A. MYR 5,500 Pays (pays quarterly) (pays quarterly) 8/1/23 85,479 3-month MYR KLIBOR 3.73% Citibank, N.A. MYR 40,530 Pays (pays quarterly) (pays quarterly) 1/29/24 580,200 3-month MYR KLIBOR 3.37% Citibank, N.A. MYR 40,000 Pays (pays quarterly) (pays quarterly) 5/29/24 544,280 3-month MYR KLIBOR 3.13% Citibank, N.A. MYR 42,400 Pays (pays quarterly) (pays quarterly) 10/4/24 491,088 3-month MYR KLIBOR 3.29% Citibank, N.A. MYR 53,296 Pays (pays quarterly) (pays quarterly) 11/7/24 764,369 3-month MYR KLIBOR 2.19% Citibank, N.A. MYR 47,134 Pays (pays quarterly) (pays quarterly) 6/4/25 120,194 3-month MYR KLIBOR 2.00% Citibank, N.A. MYR 23,844 Pays (pays quarterly) (pays quarterly) 10/14/25 3,261 3-month Moscow Prime Offered Rate 8.65% Citibank, N.A. RUB 768,000 Receives (pays quarterly) (pays annually) 3/13/25 (1,666,472) 6-month THB Fixing 2.03% Rate (pays semi- Citibank, N.A. THB 490,000 Pays (pays semi-annually) annually) 4/24/22 379,453 6-month THB Fixing 1.79% Rate (pays semi- Citibank, N.A. THB 260,000 Pays (pays semi-annually) annually) 8/10/22 240,928

34 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Interest Rate Swaps (continued)

Portfolio Value/Unrealized Notional Amount Pays/Receives Annual Termination Appreciation Counterparty (000’s omitted) Floating Rate Floating Rate Fixed Rate Date (Depreciation)

6-month THB Fixing 1.87% Rate (pays semi- Citibank, N.A. THB 330,000 Pays (pays semi-annually) annually) 3/27/23 $ 376,557 6-month THB Fixing 2.22% Rate (pays semi- Citibank, N.A. THB 250,000 Pays (pays semi-annually) annually) 10/25/23 396,773 6-month THB Fixing 1.96% Rate (pays semi- Citibank, N.A. THB 87,340 Pays (pays semi-annually) annually) 3/18/24 136,896 3-month Moscow Credit Suisse Prime Offered Rate 7.85% International RUB 51,950 Pays (pays quarterly) (pays annually) 5/23/22 46,039 3-month Moscow Credit Suisse Prime Offered Rate 7.85% International RUB 275,000 Pays (pays quarterly) (pays annually) 11/1/22 449,758 3-month Moscow Credit Suisse Prime Offered Rate 7.66% International RUB 230,200 Pays (pays quarterly) (pays annually) 8/1/24 241,186 Brazil CETIP Interbank 12.98% Deposit Rate (pays upon Deutsche Bank AG BRL 1,970 Pays (pays upon termination) termination) 1/2/23 302,012 6-month THB Fixing 2.13% Rate (pays semi- Deutsche Bank AG THB 324,320 Pays (pays semi-annually) annually) 11/19/23 614,689 6-month Sinacofi Chile 3.83% Goldman Sachs Interbank Rate (pays semi- International CLP 8,866,700 Pays (pays semi-annually) annually) 5/29/23 1,087,219 Goldman Sachs 3-month MYR KLIBOR 2.18% International MYR 31,400 Pays (pays quarterly) (pays quarterly) 5/13/25 80,276 Goldman Sachs 6-month PLN WIBOR 5.54% International PLN 11,000 Pays (pays semi-annually) (pays annually) 5/10/21 143,926 3-month Moscow Goldman Sachs Prime Offered Rate 6.67% International RUB 1,487,640 Pays (pays quarterly) (pays annually) 11/20/24 1,974,640 3-month Moscow Goldman Sachs Prime Offered Rate 6.67% International RUB 1,543,910 Pays (pays quarterly) (pays annually) 11/20/24 2,049,331 3-month Moscow Goldman Sachs Prime Offered Rate 6.51% International RUB 879,100 Pays (pays quarterly) (pays annually) 4/16/25 823,377 3-month Moscow Goldman Sachs Prime Offered Rate 5.51% International RUB 671,200 Pays (pays quarterly) (pays annually) 5/15/25 138,644 3-month Moscow Goldman Sachs Prime Offered Rate 5.34% International RUB 603,873 Pays (pays quarterly) (pays annually) 5/18/25 66,869

35 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Interest Rate Swaps (continued)

Portfolio Value/Unrealized Notional Amount Pays/Receives Annual Termination Appreciation Counterparty (000’s omitted) Floating Rate Floating Rate Fixed Rate Date (Depreciation)

3-month Moscow Goldman Sachs Prime Offered Rate 5.27% International RUB 252,000 Pays (pays quarterly) (pays annually) 6/17/25 $ 11,966 3-month Moscow Goldman Sachs Prime Offered Rate 5.14% International RUB 430,000 Pays (pays quarterly) (pays annually) 7/24/25 (18,908) 3-month Moscow Goldman Sachs Prime Offered Rate 5.50% International RUB 320,000 Pays (pays quarterly) (pays annually) 8/25/25 (6,710) Mexico Interbank TIIE 28 Day 7.28% HSBC Bank USA, N.A. MXN 44,030 Pays (pays monthly) (pays monthly) 12/23/20 12,864 JPMorgan Chase Bank, 3-month MYR KLIBOR 3.88% N.A. MYR 11,300 Pays (pays quarterly) (pays quarterly) 8/1/23 175,621 JPMorgan Chase Bank, 3-month MYR KLIBOR 3.89% N.A. MYR 5,810 Pays (pays quarterly) (pays quarterly) 8/14/23 89,846 JPMorgan Chase Bank, 3-month MYR KLIBOR 3.89% N.A. MYR 5,815 Pays (pays quarterly) (pays quarterly) 8/14/23 89,923 JPMorgan Chase Bank, 3-month MYR KLIBOR 3.86% N.A. MYR 14,500 Pays (pays quarterly) (pays quarterly) 9/4/23 217,407 JPMorgan Chase Bank, 3-month MYR KLIBOR 3.89% N.A. MYR 11,600 Pays (pays quarterly) (pays quarterly) 9/5/23 175,873 JPMorgan Chase Bank, 3-month MYR KLIBOR 3.66% N.A. MYR 12,167 Pays (pays quarterly) (pays quarterly) 2/20/24 188,407 3-month Moscow JPMorgan Chase Bank, Prime Offered Rate 7.78% N.A. RUB 565,000 Pays (pays quarterly) (pays annually) 8/6/24 623,287 3-month Moscow JPMorgan Chase Bank, Prime Offered Rate 7.20% N.A. RUB 401,200 Pays (pays quarterly) (pays annually) 10/1/24 321,707 Mexico Interbank TIIE Morgan Stanley & Co. 28 Day 7.95% International PLC MXN 29,200 Pays (pays monthly) (pays monthly) 12/3/31 223,468 Brazil CETIP Interbank Deposit Rate 12.90% (pays upon (pays upon Nomura International PLC BRL 2,006 Pays termination) termination) 1/2/23 301,670 Brazil CETIP Interbank Deposit Rate 12.83% (pays upon (pays upon Nomura International PLC BRL 4,440 Pays termination) termination) 1/2/23 656,935 3-month MYR KLIBOR 4.19% Nomura International PLC MYR 4,070 Pays (pays quarterly) (pays quarterly) 10/24/24 87,445 3-month MYR KLIBOR 3.88% Standard Chartered Bank MYR 5,800 Pays (pays quarterly) (pays quarterly) 7/23/23 77,950 3-month MYR KLIBOR 3.88% Standard Chartered Bank MYR 5,900 Pays (pays quarterly) (pays quarterly) 9/4/23 89,238

36 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Interest Rate Swaps (continued)

Portfolio Value/Unrealized Notional Amount Pays/Receives Annual Termination Appreciation Counterparty (000’s omitted) Floating Rate Floating Rate Fixed Rate Date (Depreciation) 3-month MYR KLIBOR 1.92% Standard Chartered Bank MYR 30,000 Pays (pays quarterly) (pays quarterly) 8/25/25 $ (20,976)

6-month THB Fixing 2.15% Rate (pays semi- Standard Chartered Bank THB 650,000 Pays (pays semi-annually) annually) 8/20/23 1,042,898

$20,256,856

Centrally Cleared Credit Default Swaps — Sell Protection

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

1.00% South Africa $2,240 (pays quarterly)(1) 6/20/21 0.90% $ 4,049 $ 42,580 $ 46,629 1.00% Turkey 4,570 (pays quarterly)(1) 6/20/21 3.90 (78,919) 149,023 70,104

Total $6,810 $(74,870) $191,603 $116,733

Centrally Cleared Credit Default Swaps — Buy Protection

Unamortized Contract Upfront Unrealized Notional Amount Annual Termination Receipts Appreciation Reference Entity (000’s omitted) Fixed Rate** Date Value (Payments) (Depreciation) Markit CDX Emerging Markets Index 1.00% (CDX.EM.31.V1) $94 (pays quarterly)(1) 6/20/24 $1,546 $(2,001) $(455)

Total $1,546 $(2,001) $(455)

37 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Credit Default Swaps — Sell Protection

Current Unamortized Contract Market Upfront Unrealized Notional Amount* Annual Termination Annual Receipts Appreciation Reference Entity Counterparty (000’s omitted) Fixed Rate** Date Fixed Rate*** Value (Payments) (Depreciation) Deutsche 1.00% Bahamas Bank AG $1,600 (pays quarterly)(1) 6/20/22 7.27% $(151,473) $46,961 $(104,512)

Total $1,600 $(151,473) $46,961 $(104,512)

* If the Portfolio is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Portfolio could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At October 31, 2020, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $8,410,000. ** The contract annual fixed rate represents the fixed rate of interest received by the Portfolio (as a seller of protection) or paid by the Portfolio (as a buyer of protection) on the notional amount of the credit default swap contract. *** Current market annual fixed rates, utilized in determining the net unrealized appreciation or depreciation as of period end, serve as an indicator of the market’s perception of the current status of the payment/performance risk associated with the credit derivative. The current market annual fixed rate of a particular reference entity reflects the cost, as quoted by the pricing vendor, of selling protection against default of that entity as of period end and may include upfront payments required to be made to enter into the agreement. The higher the fixed rate, the greater the market perceived risk of a credit event involving the reference entity. A rate identified as “Defaulted” indicates a credit event has occurred for the reference entity. (1) Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.

Cross-Currency Swaps

Value/Unrealized Effective Date/ Appreciation Counterparty Portfolio Receives* Portfolio Pays* Termination Date(1) (Depreciation)

3-month COP Interbank Nominal Rate on COP 34,605,000,000 3-month USD-LIBOR minus 0.70% on (Notional Amount) (pays USD equivalent of Notional Amount at quarterly) plus USD equivalent of effective date (pays quarterly) plus 11/3/21/ Bank of America, N.A. Notional Amount at effective date Notional Amount 11/3/26 $ 101,687 9.56% on TRY 16,903,000 3-month USD-LIBOR on USD Goldman Sachs (pays annually) plus USD 5,549,245 (pays quarterly) plus TRY Not applicable/ International 5,549,245 16,903,000 7/28/23 (3,815,417) 9.51% on TRY 43,482,000 3-month USD-LIBOR on USD Goldman Sachs (pays annually) plus USD 14,326,853 (pays quarterly) plus TRY Not applicable/ International 14,326,853 43,482,000 7/29/23 (9,875,658) 3-month COP Interbank Nominal Rate on COP 30,920,000,000 3-month USD-LIBOR minus 0.67% on (Notional Amount) (pays USD equivalent of Notional Amount at Goldman Sachs quarterly) plus USD equivalent of effective date (pays quarterly) 9/27/21/ International Notional Amount at effective date plus Notional Amount 9/27/26 35,766 3-month COP Interbank Nominal Rate on COP 15,560,000,000 (Notional Amount) (pays 3-month USD-LIBOR minus 0.54% on quarterly) plus USD equivalent of Notional Amount at Goldman Sachs USD equivalent of Notional effective date (pays quarterly) plus 10/6/21/ International Amount at effective date Notional Amount 10/6/26 (33,787) 18.56% on TRY 125,287,000 3-month USD-LIBOR on USD JPMorgan Chase (pays annually) plus USD 17,791,394 (pays quarterly) plus TRY Not applicable/ Bank, N.A. 17,791,394 125,287,000 8/7/22 (2,101,008)

38 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Cross-Currency Swaps (continued) Value/Unrealized Effective Date/ Appreciation Counterparty Portfolio Receives* Portfolio Pays* Termination Date(1) (Depreciation) 3-month USD LIBOR on USD JPMorgan Chase 1,018,776 (pays quarterly) plus 13.77% on TRY 8,112,000 (pays Not applicable/ Bank, N.A. TRY 8,112,000 annually) plus USD 1,018,776 12/16/25 $ 49,727

$(15,638,690)

* The Portfolio pays interest on the currency received and receives interest on the currency delivered. At the termination date, the notional amount of the currency received will be exchanged for the notional amount of the currency delivered. (1) Effective date represents the date on which the Portfolio and counterparty exchange the currencies and begin interest payment accrual.

Abbreviations:

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

39 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Portfolio of Investments — continued

Currency Abbreviations:

BAM – Bosnia-Herzegovina Convertible Mark KRW – South Korean Won BRL – Brazilian Real MXN – Mexican Peso CLP – Chilean Peso MYR – Malaysian Ringgit CNH – Yuan Renminbi Offshore PEN – Peruvian Sol CNY – Yuan Renminbi PHP – Philippine Peso COP – Colombian Peso PLN – Polish Zloty CRC – Costa Rican Colon RSD – Serbian Dinar CZK – Czech Koruna RUB – Russian Ruble DOP – Dominican Peso THB – Thai Baht EGP – Egyptian Pound TRY – New Turkish Lira EUR – Euro UAH – Ukrainian Hryvnia GEL – Georgian Lari USD – United States Dollar HUF – Hungarian Forint UYU – Uruguayan Peso IDR – Indonesian Rupiah UZS – Uzbekistani Som INR – Indian Rupee ZAR – South African Rand KES – Kenyan Shilling

40 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Statement of Assets and Liabilities

Assets October 31, 2020 Unaffiliated investments, at value (identified cost, $1,000,120,317) $ 975,541,310 Affiliated investment, at value (identified cost, $160,245,815) 160,245,815 Cash 98,743 Deposits for derivatives collateral — Centrally cleared derivatives 68,680,190 OTC derivatives 5,026,000 Foreign currency, at value (identified cost, $7,365,909) 7,290,564 Interest receivable 17,770,163 Dividends receivable from affiliated investment 19,929 Receivable for investments sold 8,742,757 Receivable for variation margin on open financial futures contracts 26,078 Receivable for variation margin on open centrally cleared derivatives 12,364,171 Receivable for open forward foreign currency exchange contracts 10,570,133 Receivable for open swap contracts 22,264,480 Total assets $1,288,640,333

Liabilities Cash collateral due to brokers $ 5,026,000 Payable for investments purchased 1,763,048 Payable for open forward foreign currency exchange contracts 6,229,102 Payable for open swap contracts 17,750,826 Upfront receipts on open non-centrally cleared swap contracts 46,961 Payable for open non-deliverable bond forward contracts 854,621 Payable to affiliates: Investment adviser fee 691,379 Trustees’ fees 5,764 Accrued foreign capital gains taxes 1,616,936 Accrued expenses 720,606 Total liabilities $ 34,705,243 Net Assets applicable to investors’ interest in Portfolio $1,253,935,090

41 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Statement of Operations

Year Ended Investment Income October 31, 2020 Interest (net of foreign taxes, $3,337,151) $ 81,692,759 Dividends from affiliated investment 1,796,648 Total investment income $ 83,489,407

Expenses Investment adviser fee $ 8,169,352 Trustees’ fees and expenses 68,101 Custodian fee 1,587,343 Legal and accounting services 119,324 Miscellaneous 113,420 Total expenses $ 10,057,540

Net investment income $ 73,431,867

Realized and Unrealized Gain (Loss) Net realized gain (loss) — Investment transactions (net of foreign capital gains taxes of $1,342,907) $(10,295,088) Investment transactions — affiliated investment 39,684 Financial futures contracts (1,075,440) Swap contracts 19,843,892 Foreign currency transactions (5,871,677) Forward foreign currency exchange contracts (49,791,178) Non-deliverable bond forward contracts 3,141,914 Net realized loss $(44,007,893) Change in unrealized appreciation (depreciation) — Investments (including net increase in accrued foreign capital gains taxes of $348,621) $(54,314,078) Investments — affiliated investment (14,771) Financial futures contracts 103,713 Swap contracts 16,190,461 Foreign currency (547,430) Forward foreign currency exchange contracts (11,018,911) Non-deliverable bond forward contracts (602,375) Net change in unrealized appreciation (depreciation) $(50,203,391)

Net realized and unrealized loss $(94,211,284)

Net decrease in net assets from operations $(20,779,417)

42 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Statements of Changes in Net Assets

Year Ended October 31, Increase (Decrease) in Net Assets 2020 2019 From operations — Net investment income $ 73,431,867 $ 70,481,340 Net realized loss (44,007,893) (15,066,272) Net change in unrealized appreciation (depreciation) (50,203,391) 152,740,534 Net increase (decrease) in net assets from operations $ (20,779,417) $ 208,155,602 Capital transactions — Contributions $ 394,900,465 $ 428,013,477 Withdrawals (358,676,352) (180,948,792) Net increase in net assets from capital transactions $ 36,224,113 $ 247,064,685

Net increase in net assets $ 15,444,696 $ 455,220,287

Net Assets At beginning of year $1,238,490,394 $ 783,270,107 At end of year $1,253,935,090 $1,238,490,394

43 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Financial Highlights

Year Ended October 31, Ratios/Supplemental Data 2020 2019 2018 2017 2016 Ratios (as a percentage of average daily net assets): Expenses 0.79% 0.78% 0.87%(1) 0.81%(2) 0.91%(2) Net investment income 5.79% 7.01% 7.22% 5.90% 5.94% Portfolio Turnover 56% 46% 52% 40% 73% Total Return 0.08% 23.15% (9.33)% 8.23% 16.39%

Net assets, end of year (000’s omitted) $1,253,935 $1,238,490 $783,270 $617,181 $348,304

(1) Includes interest expense of 0.02% of average daily net assets for the year ended October 31, 2018. (2) Includes interest and dividend expense, primarily on securities sold short and reverse repurchase agreements, of 0.02% and 0.05% of average daily net assets for the years ended October 31, 2017 and 2016, respectively.

44 See Notes to Financial Statements. Emerging Markets Local Income Portfolio October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies Emerging Markets Local Income Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2020, Eaton Vance Emerging Markets Local Income Fund, Eaton Vance Short Duration Strategic Income Fund, Eaton Vance International (Cayman Islands) Emerging Markets Local Income Fund and Eaton Vance International (Cayman Islands) Short Duration Strategic Income Fund held an interest of 93.9%, 4.8%, 0.8% and 0.5%, respectively, in the Portfolio.

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

45 Emerging Markets Local Income Portfolio October 31, 2020

Notes to Financial Statements — continued

in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit. In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments. As of October 31, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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.

46 Emerging Markets Local Income Portfolio October 31, 2020

Notes to Financial Statements — continued

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

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

During the year ended October 31, 2020, EVM reimbursed the Portfolio $1,235 for a net realized loss due to a trading error. The amount of the reimbursement had an impact on total return of less than 0.01%.

3 Purchases and Sales of Investments Purchases and sales of investments, other than short-term obligations and including maturities and paydowns, aggregated $452,230,460 and $450,414,522, respectively, for the year ended October 31, 2020.

47 Emerging Markets Local Income Portfolio October 31, 2020

Notes to Financial Statements — continued

Aggregate cost $1,107,779,626

Gross unrealized appreciation $ 40,684,132 Gross unrealized depreciation (12,636,928)

Net unrealized appreciation $ 28,047,204

5 Financial Instruments The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts, non-deliverable bond forward contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2020 is included in the Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

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

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

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

The Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would triggerapaymentby the Portfolio for those derivatives in a liability position. At October 31, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $24,881,510. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $8,475,710 at October 31, 2020.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/ or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2020 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 8) at October 31, 2020.

48 Emerging Markets Local Income Portfolio October 31, 2020

Notes to Financial Statements — continued

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

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

Not applicable $ 5,595* $ 11,172,145* $ 48,828,306* $ 60,006,046 Receivable for open forward foreign currency exchange contracts — 10,570,133 — 10,570,133 Receivable/payable for open swap contracts; Upfront payments/ receipts on open non-centrally cleared swap contracts — — 22,264,480 22,264,480

Total Asset Derivatives $ 5,595 $ 21,742,278 $ 71,092,786 $ 92,840,659

Derivatives not subject to master netting or similar agreements $ 5,595 $ 11,172,145 $ 48,828,306 $ 60,006,046

Total Asset Derivatives subject to master netting or similar agreements $ — $ 10,570,133 $ 22,264,480 $ 32,834,613

Not applicable $ (78,919)* $(19,686,223)* $(10,515,481)* $(30,280,623) Payable for open forward foreign currency exchange contracts — (6,229,102) — (6,229,102) Payable/receivable for open swap contracts; Upfront payments/ receipts on open non-centrally cleared swap contracts (151,473) — (17,646,314) (17,797,787) Payable for open non-deliverable bond forward contracts — — (854,621) (854,621)

Total Liability Derivatives $(230,392) $(25,915,325) $(29,016,416) $(55,162,133)

Derivatives not subject to master netting or similar agreements $ (78,919) $(19,686,223) $(10,515,481) $(30,280,623)

Total Liability Derivatives subject to master netting or similar agreements $(151,473) $ (6,229,102) $(18,500,935) $(24,881,510)

49 Emerging Markets Local Income Portfolio October 31, 2020

Notes to Financial Statements — continued

Derivative Assets Subject to Derivatives Non-cash Cash Net Amount Total Cash Master Netting Available Collateral Collateral of Derivative Collateral Counterparty Agreement for Offset Received(a) Received(a) Assets(b) Received Australia and New Zealand Banking Group Limited $ 16,756 $ — $ — $ — $ 16,756 $ — Bank of America, N.A. 4,390,939 (1,069,611) (3,321,328) — — — Barclays Bank PLC 1,152,521 — — (1,152,521) — 1,320,000 BNP Paribas 1,328,308 (1,328,308) — — — — Citibank, N.A. 5,408,186 (1,816,492) — (2,346,000) 1,245,694 2,346,000 Credit Suisse International 736,983 — — (736,983) — 750,000 Deutsche Bank AG 948,811 (151,473) (693,002) — 104,336 — Goldman Sachs International 6,424,135 (6,424,135) — — — — HSBC Bank USA, N.A. 12,878 — — — 12,878 — JPMorgan Chase Bank, N.A. 2,342,061 (2,158,657) — (183,404) — 260,000 Morgan Stanley & Co. International PLC 226,268 (9,360) — (216,908) — 240,000 Nomura International PLC 1,046,050 — (990,713) (55,337) — 110,000 Standard Chartered Bank 8,406,140 (4,450,539) — — 3,955,601 — UBS AG 394,577 — (394,577) — — —

$ 32,834,613 $(17,408,575) $(5,399,620) $(4,691,153) $5,335,265 $5,026,000

Bank of America, N.A. $ (1,069,611) $ 1,069,611 $ — $ — $ — $ — BNP Paribas (1,457,891) 1,328,308 100,997 — (28,586) — Citibank, N.A. (1,816,492) 1,816,492 — — — — Deutsche Bank AG (151,473) 151,473 — — — — Goldman Sachs International (13,767,487) 6,424,135 7,343,352 — — — JPMorgan Chase Bank, N.A. (2,158,657) 2,158,657 — — — — Morgan Stanley & Co. International PLC (9,360) 9,360 — — — — Standard Chartered Bank (4,450,539) 4,450,539 — — — —

$(24,881,510) $ 17,408,575 $ 7,444,349 $ — $ (28,586) $ —

Total — Deposits for derivatives collateral — OTC derivatives $5,026,000

50 Emerging Markets Local Income Portfolio October 31, 2020

Notes to Financial Statements — continued

Foreign Interest Statement of Operations Caption Credit Exchange Rate Total

Net realized gain (loss) — Financial futures contracts $ — $ — $ (1,075,440) $ (1,075,440) Swap contracts 231,725 (1,788,791) 21,400,958 19,843,892 Forward foreign currency exchange contracts — (49,791,178) — (49,791,178) Non-deliverable bond forward contracts — — 3,141,914 3,141,914

Total $231,725 $(51,579,969) $23,467,432 $(27,880,812)

Change in unrealized appreciation (depreciation) — Financial futures contracts $ — $ — $ 103,713 $ 103,713 Swap contracts (17,642) 1,992,223 14,215,880 16,190,461 Forward foreign currency exchange contracts — (11,018,911) — (11,018,911) Non-deliverable bond forward contracts — — (602,375) (602,375)

Total $ (17,642) $ (9,026,688) $13,717,218 $ 4,672,888

Forward Foreign Currency Non-deliverable Futures Exchange Bond Forward Swap Contracts — Short Contracts* Contracts Contracts

$16,024,000 $2,603,155,000 $61,808,000 $1,488,397,000

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

51 Emerging Markets Local Income Portfolio October 31, 2020

Notes to Financial Statements — continued

7 Investments in Affiliated Funds At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $160,245,815, which represents 12.8% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 were as follows:

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

Short-Term Investments Eaton Vance Cash Reserves Fund, LLC $141,707,135 $1,061,384,405 $(1,042,870,638) $39,684 $(14,771) $160,245,815 $1,796,648 160,245,815

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

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

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

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description Level 1 Level 2 Level 3 Total Foreign Government Bonds $ — $ 738,444,668 $ — $ 738,444,668 Foreign Corporate Bonds — 22,008,664 — 22,008,664 Sovereign Loans — 530,599 — 530,599 Loan Participation Notes — — 34,155,753 34,155,753 Short-Term Investments — Foreign Government Securities — 157,852,398 — 157,852,398 U.S. Treasury Obligations — 22,549,228 — 22,549,228 Other — 160,245,815 — 160,245,815

Total Investments $ — $1,101,631,372 $34,155,753 $1,135,787,125

Forward Foreign Currency Exchange Contracts $ — $ 21,742,278 $ — $ 21,742,278 Futures Contracts 165,625 — — 165,625 Swap Contracts — 70,932,756 — 70,932,756

Total $165,625 $1,194,306,406 $34,155,753 $1,228,627,784

Liability Description

Forward Foreign Currency Exchange Contracts $ — $ (25,915,325) $ — $ (25,915,325) Non-deliverable Bond Forward Contracts — (854,621) — (854,621) Futures Contracts (51,920) — — (51,920) Swap Contracts — (28,340,267) — (28,340,267)

Total $ (51,920) $ (55,110,213) $ — $ (55,162,133)

52 Emerging Markets Local Income Portfolio October 31, 2020

Notes to Financial Statements — continued

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Loan Participation Notes Total

Balance as of October 31, 2019 $—$— Realized gains (losses) —— Change in net unrealized appreciation (depreciation) 271,826 271,826 Cost of purchases 33,943,900 33,943,900 Proceeds from sales, including return of capital —— Accrued discount (premium) (59,973) (59,973) Transfers to Level 3 —— Transfers from Level 3 ——

Balance as of October 31, 2020 $34,155,753 $34,155,753

Change in net unrealized appreciation (depreciation) on investments still held as of October 31, 2020 $ 271,826 $ 271,826

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 investments held as of October 31, 2020:

Fair Value as of Valuation Unobservable Type of Investment October 31, 2020 Technique Inputs Input Adjusted Credit Spread to the Central Bank of Loan Participation Notes $ 34,155,753 Matrix Pricing Uzbekistan Quoted Policy Rate 2.15%

An increase (decrease) in the unobservable input would result in a corresponding (decrease) increase in the fair value of the Level 3 investments.

53 Emerging Markets Local Income Portfolio October 31, 2020

Notes to Financial Statements — continued

to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement. The new investment advisory agreement will be presented to Portfolio interest holders for approval, and, if approved, would take effect upon consummation of the transaction. A special joint meeting of Portfolio interest holders will be held on February 18, 2021, at which the proposed investment advisory agreement for the Portfolio will be submitted for approval.

54 Emerging Markets Local Income Portfolio October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Emerging Markets Local Income Portfolio:

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

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

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

/s/ Deloitte & Touche LLP Boston, Massachusetts December 18, 2020

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

55 Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Liquidity Risk Management Program

56 Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Management and Organization

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

Trust/Portfolio Trustee Principal Occupation(s) and Other Directorships Name and Year of Birth Position(s) Since(1) During Past Five Years and Other Relevant Experience Interested Trustee Thomas E. Faust Jr. Trustee 2007 Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief 1958 Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and the Portfolio. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm). Noninterested Trustees Mark R. Fetting Trustee 2016 Private investor. Formerly held various positions at Legg Mason, Inc. (investment 1954 management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None. Cynthia E. Frost Trustee 2014 Private investor. Formerly, Chief Investment Officer of Brown University (university 1961 endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None. George J. Gorman Trustee 2014 Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & 1952 Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014). Valerie A. Mosley Trustee 2014 Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment 1960 firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).

57 Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Management and Organization — continued

Trust/Portfolio Trustee Principal Occupation(s) and Other Directorships Name and Year of Birth Position(s) Since(1) During Past Five Years and Other Relevant Experience Noninterested Trustees (continued) William H. Park Chairperson of the 2016 Private investor. Formerly, Consultant (management and transactional) (2012-2014). 1947 Board and Trustee (Chairperson) Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) and (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty 2003 finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm (Trustee) Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None. Helen Frame Peters Trustee 2008 Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, 1948 Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None. Keith Quinton Trustee 2018 Private investor, researcher and lecturer. Independent Investment Committee Member at 1958 New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank. Marcus L. Smith Trustee 2018 Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). 1966 Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). Susan J. Sutherland Trustee 2015 Private investor. Director of Ascot Group Limited and certain of its subsidiaries 1957 (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015). Scott E. Wennerholm Trustee 2016 Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) 1959 (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

58 Eaton Vance Emerging Markets Local Income Fund October 31, 2020

Management and Organization — continued

Trust/Portfolio Officer Principal Occupation(s) Name and Year of Birth Position(s) Since(2) During Past Five Years Principal Officers who are not Trustees (continued) James F. Kirchner Treasurer 2007 Vice President of EVM and BMR. Also Vice President of CRM. 1967 Richard F. Froio Chief Compliance 2017 Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer 1968 Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). (1) Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise. (2) Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

59 Eaton Vance Funds

IMPORTANT NOTICES

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

60 Investment Adviser of Emerging Markets Local Income Portfolio Transfer Agent Boston Management and Research BNY Mellon Investment Servicing (US) Inc. Two International Place Attn: Eaton Vance Funds Boston, MA 02110 P.O. Box 9653 Providence, RI 02940-9653 (800) 262-1122 Investment Adviser and Administrator of Eaton Vance Emerging Markets Local Income Fund Eaton Vance Management Independent Registered Public Accounting Firm Two International Place Deloitte & Touche LLP Boston, MA 02110 200 Berkeley Street Boston, MA 02116-5022

Principal Underwriter* Eaton Vance Distributors, Inc. Fund Offices Two International Place Two International Place Boston, MA 02110 Boston, MA 02110 (617) 482-8260

Custodian State Street Bank and Trust Company State Street Financial Center, One Lincoln Street Boston, MA 02111

* 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. 3040 10.31.20 Eaton Vance Global Macro Absolute Return Fund Annual Report October 31, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up. You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable. 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.

Table of Contents Management’s Discussion of Fund Performance 2 Performance 3 Fund Profile 4 Endnotes and Additional Disclosures 5 Fund Expenses 6 Financial Statements 7 Report of Independent Registered Public Accounting Firm 19 and 67 Federal Tax Information 20 Liquidity Risk Management Program 68 Management and Organization 69 Important Notices 72 Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Management’s Discussion of Fund Performance1

Economic and Market Conditions By region, the Middle East & Africa (MEA) was the top contributor to performance, led by long positions in Egyptian local bonds and The 12-month period ended October 31, 2020, was a volatile time for South African interest rates. Egyptian local bonds benefited from their the world’s financial markets. Nonetheless, major equity and fixed- attractive yields, coupled with the credibility of the central bank and income indexes posted solid gains for the period. In the volatile strong support from the International Monetary Fund (IMF). Central bank environment, longer duration bonds generally performed especially well, interest rate cuts aided the position in South African rates. By driven by a global trend of declining interest rates. period-end, the South African rates position was sold from the Fund. The period began on a positive note, with financial markets registering Investments in both Asia and Eastern Europe added value during the broad gains from November through early 2020 amid accommodative period. In Asia, a long position in Chinese interest rates performed central bank policies. In late January, however, news of the outbreak of especially well as the central bank implemented numerous easing the novel coronavirus in China started to raise investor concerns. As the measures to bolster China’s economy during the pandemic. In Eastern virus turned into a global pandemic in February and March, it brought Europe, the standout contributor was a long local bond position in most of the world’s economies to a near standstill. The abrupt decline in Ukraine that advanced amid a decline in local interest rates and a new economic output triggered a global sell-off in equities and higher yielding loan program from the IMF. On the negative side, limited long equity sectors of the fixed-income market. Emerging market countries proved exposures in Greece and Cyprus dampened results in Eastern Europe. particularly vulnerable to the economic and health effects of COVID-19. Plummeting oil prices were an additional headwind for emerging market The Dollar Bloc — Canada, New Zealand, and Australia — made a nations that depend on oil exports. modest contribution to returns during the period. A long position in New Zealand inflation-linked bonds was a top performer, benefiting from Global markets subsequently regained their footing, and most major monetary stimulus. However, losses in other holdings, including a short asset classes delivered strong returns from April through August 2020. position in Canadian interest rates, limited gains in the region. Several factors contributed to the rally, including aggressive monetary and fiscal responses by central banks and governments to help mitigate Investments in both Latin America and Western Europe registered losses the economic impact of the virus. In addition, economies started to during the period. In Latin America, a long sovereign credit position in El recover as policymakers learned more about how to slow the spread of Salvador was particularly unfavorable as concerns about the country’s COVID-19 and began easing social-distancing restrictions. Lastly, the ability to manage the impacts of the pandemic caused credit spreads to U.S. Federal Reserve (the Fed) announced a shift in its inflation-targeting widen significantly. By period-end, this position was sold from the Fund. policy from seeking a rate of 2% “over the longer run” to “inflation In Western Europe, a long Icelandic local bond position detracted, moderately above 2% for some time.” impacted by a disappointing growth outlook for the country and the reintroduction of local coronavirus restrictions later in the period. Markets generally weakened from September through October as a lack of additional fiscal stimulus in the U.S. created worries about the The Fund uses derivatives extensively to both hedge select undesired risk sustainability of the domestic economic recovery. Rising cases of exposures as well as gain select desired risk exposures. Some of the COVID-19, especially in Europe, and uncertainties surrounding the above commentary about notable drivers of performance at the country November 2020 U.S. elections further dampened investor sentiment. level involved the use of derivatives. The Fund’s use of derivatives While central banks in developed economies held their respective policy broadly contributed to returns versus the Index. Interest rate swaps used rates steady in the last two months of the period, a number of emerging to gain select exposures as well as hedge others contributed to market central banks reduced rates to levels likely approaching their performance, with those used to gain long exposure in China and lower bounds. Singapore most notable. Credit default swaps used to gain short exposure to certain sovereign credits — which also acted as hedges to Fund Performance other exposures in certain cases — also aided performance during the For the 12-month period ended October 31, 2020, Eaton Vance Global period. Currency forwards used to gain both long and short exposure to Macro Absolute Return Fund (the Fund) returned 3.63% for Class A select currencies around the world contributed to performance during the shares at net asset value (NAV), outperforming its benchmark, the ICE period, with short exposures in the Russian ruble and Turkish lira being BofA 3-Month U.S. Treasury Bill Index (the Index), which returned the most notable. 0.92%. The Fund’s interest rate exposure made the largest contribution to returns during the period. Allocations to commodities, currencies, sovereign credit, and corporate credit also positively impacted returns. The Fund’s limited exposure to equities was a detractor.

2 Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Performance2,3 Portfolio Managers John R. Baur, Michael A. Cirami, CFA and Eric Stein, CFA

Class Performance % Average Annual Total Returns Inception Date Inception Date One Year Five Years Ten Years Class A at NAV 06/27/2007 10/31/1997 3.63% 2.94% 2.17% Class A with 4.75% Maximum Sales Charge — — –1.34 1.93 1.68 Class C at NAV 10/01/2009 10/31/1997 2.91 2.23 1.46 Class C with 1% Maximum Sales Charge — — 1.92 2.23 1.46 Class I at NAV 06/27/2007 10/31/1997 4.07 3.28 2.48 Class R at NAV 04/08/2010 10/31/1997 3.55 2.75 1.97 Class R6 at NAV 05/31/2017 10/31/1997 4.01 3.30 2.49 ...... ICE BofA 3-Month U.S. Treasury Bill Index — — 0.92% 1.20% 0.63%

% Total Annual Operating Expense Ratios4 Class A Class C Class I Class R Class R6 1.04% 1.76% 0.75% 1.26% 0.69%

$14,000 Class A at NAV

Class A with Maximum Sales Charge $12,393 $12,000 $11,810 ICE BofA 3-Month U.S. Treasury Bill Index

$10,654

$10,000

$8,000 10/10 10/11 10/12 10/13 10/14 10/15 10/16 10/1710/18 10/19 10/20

Growth of Investment3 Amount Invested Period Beginning At NAV With Maximum Sales Charge Class C $10,000 10/31/2010 $11,557 N.A. Class I $250,000 10/31/2010 $319,612 N.A. Class R $10,000 10/31/2010 $12,154 N.A. Class R6 $1,000,000 10/31/2010 $1,279,484 N.A.

3 Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Fund Profile5 Asset Allocation (% of net assets)6 Foreign Currency Exposures by Country (% of net assets)7

50.3% Egypt 7.0% Foreign Government Bonds Serbia 6.6 29.2 Ukraine 6.1 Short-Term Investments Iceland 4.5 3.0 South Korea 2.7 Foreign Corporate Bonds Chile 2.2 2.4 Switzerland 1.6 Mortgage Pass-Throughs Australia 1.5 2.2 Japan 1.5 Sovereign Loans Uzbekistan 1.3 Thailand 1.1 2.2* Uruguay 1.0 Common Stocks Georgia 1.0 1.2 Indonesia 1.0 Loan Participation Notes Other 3.7* 9.5 New Zealand –1.5 Other Net Assets Bahrain –1.6 South Africa –1.8 Chile –2.8 * Net of securities sold short. Saudi Arabia –3.7 Oman –5.2 United Arab Emirates –11.5 Euro –14.0

Total Long 43.4

Total Short –42.7

Total Net 0.7

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

See Endnotes and Additional Disclosures in this report.

4 Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Endnotes and Additional Disclosures

1 The views expressed in this report are those of the portfolio manager(s) 7 Currency exposures include all foreign exchange denominated assets, and are current only through the date stated at the top of this page. currency derivatives and commodities (including commodity These views are subject to change at any time based upon market or derivatives). Total exposures may exceed 100% due to implicit other conditions, and Eaton Vance and the Fund(s) disclaim any leverage created by derivatives. responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are Fund profile subject to change due to active management. based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary Additional Information may contain statements that are not historical facts, referred to as “forward looking statements.” The Fund’s actual future results may Duration is a measure of the expected change in price of a bond — in differ significantly from those stated in any forward looking statement, percentage terms — given a one percent change in interest rates, all depending on factors such as changes in securities or financial else being constant. Securities with lower durations tend to be less markets or general economic conditions, the volume of sales and sensitive to interest rate changes. purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from Important Notice to Shareholders time to time in the Fund’s filings with the Securities and Exchange Effective April 1, 2021, the portfolio management team for the Fund Commission. will be John R. Baur and Michael A. Cirami.

2 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.

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

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

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

5 Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Fund Expenses

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

Actual Class A $1,000.00 $1,050.10 $5.26 1.02% Class C $1,000.00 $1,046.30 $8.80 1.71% Class I $1,000.00 $1,053.00 $3.72 0.72% Class R $1,000.00 $1,050.20 $6.29 1.22% Class R6 $1,000.00 $1,052.00 $3.35 0.65%

Hypothetical (5% return per year before expenses) Class A $1,000.00 $1,020.00 $5.18 1.02% Class C $1,000.00 $1,016.50 $8.67 1.71% Class I $1,000.00 $1,021.50 $3.66 0.72% Class R $1,000.00 $1,019.00 $6.19 1.22% Class R6 $1,000.00 $1,021.90 $3.30 0.65% * Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on April 30, 2020. The Example reflects the expenses of both the Fund and the Portfolio.

6 Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Statement of Assets and Liabilities

Assets October 31, 2020 Investment in Global Macro Portfolio, at value (identified cost, $3,179,935,966) $3,165,728,946 Receivable for Fund shares sold 8,662,405 Total assets $3,174,391,351

Liabilities Payable for Fund shares redeemed $ 5,967,654 Payable to affiliates: Distribution and service fees 148,082 Trustees’ fees 43 Accrued expenses 629,176 Total liabilities $ 6,744,955 Net Assets $3,167,646,396

Sources of Net Assets Paid-in capital $3,728,754,897 Accumulated loss (561,108,501) Total $3,167,646,396

Class A Shares Net Assets $ 398,173,620 Shares Outstanding 46,061,241 Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) $ 8.64 Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) $ 9.07

Class C Shares Net Assets $ 54,464,284 Shares Outstanding 6,277,040 Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) $ 8.68

Class I Shares Net Assets $2,323,830,939 Shares Outstanding 269,369,467 Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) $ 8.63

Class R Shares Net Assets $ 967,823 Shares Outstanding 111,749 Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) $ 8.66

Class R6 Shares Net Assets $ 390,209,730 Shares Outstanding 45,256,301 Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) $ 8.62

On sales of $50,000 or more, the offering price of Class A shares is reduced. * Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

7 See Notes to Financial Statements. Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Statement of Operations

Year Ended Investment Income October 31, 2020 Interest allocated from Portfolio (net of foreign taxes, $3,889,993) $165,228,178 Dividends allocated from Portfolio (net of foreign taxes, $136,752) 6,745,717 Expenses, excluding interest and dividend expense, allocated from Portfolio (21,525,692) Interest and dividend expense allocated from Portfolio (286,215) Total investment income from Portfolio $150,161,988

Expenses Distribution and service fees Class A $ 1,123,708 Class C 819,568 Class R 4,700 Trustees’ fees and expenses 500 Custodian fee 61,976 Transfer and dividend disbursing agent fees 2,324,982 Legal and accounting services 83,796 Printing and postage 308,939 Registration fees 133,476 Miscellaneous 39,810 Total expenses $ 4,901,455

Net investment income $145,260,533

Realized and Unrealized Gain (Loss) from Portfolio Net realized gain (loss) — Investment transactions (net of foreign capital gains taxes of $677,383) $ (30,690,930) Futures contracts 16,002,460 Swap contracts 941,772 Foreign currency transactions (6,655,252) Forward foreign currency exchange contracts 381,568 Non-deliverable bond forward contracts 1,919,698 Net realized loss $ (18,100,684) Change in unrealized appreciation (depreciation) — Investments (including net increase in accrued foreign capital gains taxes of $384,551) $ (56,823,503) Securities sold short 3,386,405 Futures contracts (2,447,342) Swap contracts 29,168,910 Forward commodity contracts (2,375,840) Foreign currency 730,138 Forward foreign currency exchange contracts 17,782,434 Net change in unrealized appreciation (depreciation) $ (10,578,798)

Net realized and unrealized loss $ (28,679,482)

Net increase in net assets from operations $116,581,051

8 See Notes to Financial Statements. Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Statements of Changes in Net Assets

Year Ended October 31, Increase (Decrease) in Net Assets 2020 2019 From operations — Net investment income $ 145,260,533 $ 208,079,187 Net realized loss (18,100,684) (116,195,079) Net change in unrealized appreciation (depreciation) (10,578,798) 141,777,947 Net increase in net assets from operations $ 116,581,051 $ 233,662,055 Distributions to shareholders — Class A $ (17,639,422) $ (13,472,803) Class C (3,423,482) (4,680,061) Class I (133,791,097) (148,262,513) Class R (41,899) (37,287) Class R6 (11,050,708) (6,639,389) Total distributions to shareholders $ (165,946,608) $ (173,092,053) Transactions in shares of beneficial interest — Proceeds from sale of shares Class A $ 112,886,314 $ 238,658,629 Class C 4,797,540 6,749,097 Class I 802,477,314 1,318,653,109 Class R 306,413 78,954 Class R6 350,869,286 173,268,558 Net asset value of shares issued to shareholders in payment of distributions declared Class A 17,123,987 13,089,995 Class C 3,103,817 4,166,008 Class I 100,180,809 106,037,056 Class R 41,899 37,287 Class R6 5,221,810 5,037,991 Cost of shares redeemed Class A (124,065,715) (183,972,463) Class C (28,978,368) (76,067,305) Class I (1,399,141,995) (2,853,775,002) Class R (226,245) (305,596) Class R6 (185,396,441) (108,983,142) Net asset value of shares converted Class A 29,478,283 8,945,698 Class C (29,478,283) (8,945,698) Net decrease in net assets from Fund share transactions $ (340,799,575) $(1,357,326,824)

Net decrease in net assets $ (390,165,132) $(1,296,756,822)

Net Assets At beginning of year $ 3,557,811,528 $ 4,854,568,350 At end of year $ 3,167,646,396 $ 3,557,811,528

9 See Notes to Financial Statements. Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Financial Highlights

Class A Year Ended October 31, 2020 2019 2018 2017 2016 Net asset value — Beginning of year $ 8.740 $ 8.590 $ 9.140 $ 9.110 $ 9.160

Income (Loss) From Operations Net investment income(1) $ 0.356 $ 0.438 $ 0.383 $ 0.344 $ 0.375 Net realized and unrealized gain (loss) (0.046) 0.078 (0.647) (0.029) 0.035

Total income (loss) from operations $ 0.310 $ 0.516 $ (0.264) $ 0.315 $ 0.410

Less Distributions From net investment income $ (0.410) $ (0.366) $ (0.087) $ (0.285) $ (0.337) Tax return of capital — — (0.199) — (0.123)

Total distributions $ (0.410) $ (0.366) $ (0.286) $ (0.285) $ (0.460)

Net asset value — End of year $ 8.640 $ 8.740 $ 8.590 $ 9.140 $ 9.110

Total Return(2) 3.63% 6.14% (2.97)% 3.52% 4.62%(3)

Ratios/Supplemental Data Net assets, end of year (000’s omitted) $398,174 $366,740 $284,958 $336,889 $476,495 Ratios (as a percentage of average daily net assets):(4) Expenses(5) 1.05% 1.04% 1.08% 1.04% 1.06% Net investment income 4.11% 5.06% 4.26% 3.77% 4.15% Portfolio Turnover of the Portfolio 81% 61% 78% 74% 65%

(1) Computed using average shares outstanding. (2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. (3) During the year ended October 31, 2016, the Portfolio’s investment adviser reimbursed the Fund, through its investment in the Portfolio, for a net loss realized on the disposal of an investment which did not meet the Portfolio’s investment guidelines. The reimbursement was less than $0.01 per share and had no effect on total return for the year ended October 31, 2016. (4) Includes the Fund’s share of the Portfolio’s allocated expenses. (5) Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.01%, 0.01%, 0.04%, 0.03% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.

10 See Notes to Financial Statements. Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Financial Highlights — continued

Class C Year Ended October 31, 2020 2019 2018 2017 2016 Net asset value — Beginning of year $ 8.770 $ 8.620 $ 9.170 $ 9.140 $ 9.180

Income (Loss) From Operations Net investment income(1) $ 0.305 $ 0.374 $ 0.321 $ 0.280 $ 0.313 Net realized and unrealized gain (loss) (0.044) 0.082 (0.647) (0.028) 0.036

Total income (loss) from operations $ 0.261 $ 0.456 $ (0.326) $ 0.252 $ 0.349

Less Distributions From net investment income $ (0.351) $ (0.306) $ (0.068) $ (0.222) $ (0.291) Tax return of capital — — (0.156) — (0.098)

Total distributions $ (0.351) $ (0.306) $ (0.224) $ (0.222) $ (0.389)

Net asset value — End of year $ 8.680 $ 8.770 $ 8.620 $ 9.170 $ 9.140

Total Return(2) 2.91% 5.39% (3.63)% 2.80% 3.91%(3)

Ratios/Supplemental Data Net assets, end of year (000’s omitted) $54,464 $106,291 $178,033 $216,384 $257,491 Ratios (as a percentage of average daily net assets):(4) Expenses(5) 1.75% 1.76% 1.78% 1.74% 1.76% Net investment income 3.51% 4.31% 3.56% 3.06% 3.44% Portfolio Turnover of the Portfolio 81% 61% 78% 74% 65%

(1) Computed using average shares outstanding. (2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. (3) During the year ended October 31, 2016, the Portfolio’s investment adviser reimbursed the Fund, through its investment in the Portfolio, for a net loss realized on the disposal of an investment which did not meet the Portfolio’s investment guidelines. The reimbursement was less than $0.01 per share and had no effect on total return for the year ended October 31, 2016. (4) Includes the Fund’s share of the Portfolio’s allocated expenses. (5) Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.01%, 0.01%, 0.04%, 0.03% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.

11 See Notes to Financial Statements. Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Financial Highlights — continued

Class I Year Ended October 31, 2020 2019 2018 2017 2016 Net asset value — Beginning of year $ 8.720 $ 8.580 $ 9.120 $ 9.090 $ 9.140

Income (Loss) From Operations Net investment income(1) $ 0.385 $ 0.458 $ 0.408 $ 0.369 $ 0.401 Net realized and unrealized gain (loss) (0.039) 0.074 (0.636) (0.027) 0.039

Total income (loss) from operations $ 0.346 $ 0.532 $ (0.228) $ 0.342 $ 0.440

Less Distributions From net investment income $ (0.436) $ (0.392) $ (0.095) $ (0.312) $ (0.356) Tax return of capital — — (0.217) — (0.134)

Total distributions $ (0.436) $ (0.392) $ (0.312) $ (0.312) $ (0.490)

Net asset value — End of year $ 8.630 $ 8.720 $ 8.580 $ 9.120 $ 9.090

Total Return(2) 4.07% 6.34% (2.58)% 3.83% 4.98%(3)

Ratios/Supplemental Data Net assets, end of year (000’s omitted) $2,323,831 $2,859,484 $4,237,027 $4,910,029 $4,685,999 Ratios (as a percentage of average daily net assets):(4) Expenses(5) 0.75% 0.75% 0.78% 0.74% 0.76% Net investment income 4.45% 5.31% 4.56% 4.06% 4.43% Portfolio Turnover of the Portfolio 81% 61% 78% 74% 65%

(1) Computed using average shares outstanding. (2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. (3) During the year ended October 31, 2016, the Portfolio’s investment adviser reimbursed the Fund, through its investment in the Portfolio, for a net loss realized on the disposal of an investment which did not meet the Portfolio’s investment guidelines. The reimbursement was less than $0.01 per share and had no effect on total return for the year ended October 31, 2016. (4) Includes the Fund’s share of the Portfolio’s allocated expenses. (5) Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.01%, 0.01%, 0.04%, 0.03% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.

12 See Notes to Financial Statements. Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Financial Highlights — continued

Class R Year Ended October 31, 2020 2019 2018 2017 2016 Net asset value — Beginning of year $ 8.750 $ 8.610 $ 9.150 $ 9.120 $ 9.170

Income (Loss) From Operations Net investment income(1) $ 0.338 $ 0.417 $ 0.369 $ 0.325 $ 0.358 Net realized and unrealized gain (loss) (0.034) 0.073 (0.641) (0.027) 0.032

Total income (loss) from operations $ 0.304 $ 0.490 $(0.272) $ 0.298 $ 0.390

Less Distributions From net investment income $(0.394) $(0.350) $(0.081) $(0.268) $(0.324) Tax return of capital — — (0.187) — (0.116)

Total distributions $(0.394) $(0.350) $(0.268) $(0.268) $(0.440)

Net asset value — End of year $ 8.660 $ 8.750 $ 8.610 $ 9.150 $ 9.120

Total Return(2) 3.55% 5.80% (3.04)% 3.31% 4.39%(3)

Ratios/Supplemental Data Net assets, end of year (000’s omitted) $ 968 $ 861 $ 1,034 $ 1,703 $ 815 Ratios (as a percentage of average daily net assets):(4) Expenses(5) 1.25% 1.26% 1.28% 1.23% 1.26% Net investment income 3.89% 4.82% 4.09% 3.56% 3.94% Portfolio Turnover of the Portfolio 81% 61% 78% 74% 65%

(1) Computed using average shares outstanding. (2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. (3) During the year ended October 31, 2016, the Portfolio’s investment adviser reimbursed the Fund, through its investment in the Portfolio, for a net loss realized on the disposal of an investment which did not meet the Portfolio’s investment guidelines. The reimbursement was less than $0.01 per share and had no effect on total return for the year ended October 31, 2016. (4) Includes the Fund’s share of the Portfolio’s allocated expenses. (5) Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.01%, 0.01%, 0.04%, 0.03% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.

13 See Notes to Financial Statements. Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Financial Highlights — continued

Class R6 Year Ended October 31, Period Ended 2020 2019 2018 October 31, 2017(1) Net asset value — Beginning of period $ 8.710 $ 8.570 $ 9.120 $ 9.120

Income (Loss) From Operations Net investment income(2) $ 0.391 $ 0.464 $ 0.405 $ 0.163 Net realized and unrealized gain (loss) (0.040) 0.073 (0.638) (0.031)

Total income (loss) from operations $ 0.351 $ 0.537 $ (0.233) $ 0.132

Less Distributions From net investment income $ (0.441) $ (0.397) $ (0.096) $ (0.132) Tax return of capital — — (0.221) —

Total distributions $ (0.441) $ (0.397) $ (0.317) $ (0.132)

Net asset value — End of period $ 8.620 $ 8.710 $ 8.570 $ 9.120

Total Return(3) 4.01% 6.53% (2.63)% 1.46%(4)

Ratios/Supplemental Data Net assets, end of period (000’s omitted) $390,210 $224,436 $153,516 $14,841 Ratios (as a percentage of average daily net assets):(5) Expenses(6) 0.68% 0.69% 0.72% 0.68%(7) Net investment income 4.51% 5.37% 4.54% 4.23%(7) Portfolio Turnover of the Portfolio 81% 61% 78% 74%(8)

(1) For the period from commencement of operations, May 31, 2017, to October 31, 2017. (2) Computed using average shares outstanding. (3) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. (4) Not annualized. (5) Includes the Fund’s share of the Portfolio’s allocated expenses. (6) Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.01%, 0.01%, 0.04% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019 and 2018 and the period ended October 31, 2017, respectively. (7) Annualized. (8) For the Portfolio’s year ended October 31, 2017.

14 See Notes to Financial Statements. Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies Eaton Vance Global Macro Absolute Return Fund (the Fund) is a non-diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, ClassC shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I, Class R and Class R6 shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Global Macro Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (99.9% at October 31, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The consolidated financial statements of the Portfolio, including the consolidated portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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

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

15 Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Notes to Financial Statements — continued

2 Distributions to Shareholders and Income Tax Information The 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.

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

Year Ended October 31, 2020 2019

Ordinary income $165,946,608 $173,092,053

During the year ended October 31, 2020, accumulated loss was increased by $3,612,982 and paid-in capital was increased by $3,612,982 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

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

Undistributed ordinary income $ 13,711,578 Deferred capital losses $(427,860,399) Net unrealized depreciation $(146,959,680)

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $427,860,399 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2020, $92,058,046 are short-term and $335,802,353 are long-term.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $2,863 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $6,472 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4) and contingent deferred sales charges (see Note 5).

16 Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Notes to Financial Statements — continued

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2020, the Fund paid or accrued to EVD $614,676 for Class C shares. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended October 31, 2020, the Fund paid or accrued to EVD $2,350 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2020 amounted to $204,892 and $2,350 for Class C and Class R shares, respectively.

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

5 Contingent Deferred Sales Charges A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $3,000 of CDSCs paid by Class C shareholders.

6 Investment Transactions For the year ended October 31, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $163,502,210 and $678,982,536, respectively.

Year Ended October 31, Class A 2020 2019

Sales 13,133,662 27,610,532 Issued to shareholders electing to receive payments of distributions in Fund shares 1,974,178 1,511,518 Redemptions (14,440,997) (21,340,044) Converted from Class C shares 3,417,260 1,034,404

Net increase 4,084,103 8,816,410

17 Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Notes to Financial Statements — continued

Year Ended October 31, Class C 2020 2019

Sales 549,951 778,714 Issued to shareholders electing to receive payments of distributions in Fund shares 355,743 480,705 Redemptions (3,344,526) (8,752,716) Converted to Class A shares (3,405,698) (1,031,188)

Net decrease (5,844,530) (8,524,485)

Year Ended October 31, Class I 2020 2019

Sales 92,702,765 153,499,227 Issued to shareholders electing to receive payments of distributions in Fund shares 11,566,403 12,300,814 Redemptions (162,859,694) (331,928,868)

Net decrease (58,590,526) (166,128,827)

Year Ended October 31, Class R 2020 2019

Sales 34,836 9,106 Issued to shareholders electing to receive payments of distributions in Fund shares 4,824 4,306 Redemptions (26,230) (35,243)

Net increase (decrease) 13,430 (21,831)

Year Ended October 31, Class R6 2020 2019

Sales 40,299,688 19,915,857 Issued to shareholders electing to receive payments of distributions in Fund shares 601,599 583,708 Redemptions (21,399,153) (12,653,133)

Net increase 19,502,134 7,846,432

18 Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Global Macro Absolute Return Fund:

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

/s/ Deloitte & Touche LLP Boston, Massachusetts December 22, 2020

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

19 Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Federal Tax Information (Unaudited)

Qualified Dividend Income. For the fiscal year ended October 31, 2020, the Fund designates approximately $640,394, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Foreign Tax Credit. For the fiscal year ended October 31, 2020, the Fund paid foreign taxes of $4,704,128 and recognized foreign source income of $135,925,839.

20 Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments

Foreign Government Bonds — 50.3% Principal Amount Principal Security (000’s omitted) Value Amount Security (000’s omitted) Value China — 0.1% China Government Bond, 3.40%, 2/9/27 CNY 10,000 $ 1,514,966 Argentina — 0.2% Total China $ 1,514,966 City of Buenos Aires, 7.50%, 6/1/27(1) USD 8,968 $ 6,703,670 Total Argentina $ 6,703,670 Costa Rica — 0.1% Titulo Propiedad UD, 1.00%, 1/12/22(3) CRC 1,686,457 $ 2,635,237 Armenia — 0.2% Total Costa Rica $ 2,635,237 Republic of Armenia, 3.95%, 9/26/29(1) USD 3,412 $ 3,243,242 (1) Republic of Armenia, 7.15%, 3/26/25 USD 2,450 2,644,065 Dominican Republic — 1.1% Total Armenia $ 5,887,307 Dominican Republic, 5.875%, 1/30/60(1) USD 27,458 $ 26,359,680 Dominican Republic, 6.85%, 1/27/45(1) USD 3,219 3,464,610 Australia — 3.2% Dominican Republic, 7.45%, 4/30/44(1) USD 4,820 5,526,130 Australia Government Bond, 0.25%, 11/21/25(1) AUD 95,000 $ 66,675,824 Total Dominican Republic $ 35,350,420 Australia Government Bond, 1.00%, 12/21/30(1) AUD 48,500 34,665,954 Total Australia $ 101,341,778 Ecuador — 0.4% Republic of Ecuador, 0.50% to 7/31/21, 7/31/30(1)(4) USD 9,190 $ 6,157,560 Bahrain — 2.8% Republic of Ecuador, 0.50% to 7/31/21, 7/31/40(1)(4) USD 12,946 6,473,157 CBB International Sukuk Programme Co., Total Ecuador $ 12,630,717 6.25%, 11/14/24(1) USD 7,080 $ 7,654,365 Kingdom of Bahrain, 5.45%, 9/16/32(1) USD 10,100 9,894,141 Egypt — 2.9% Kingdom of Bahrain, 5.625%, 9/30/31(1) USD 4,748 4,713,869 (1) Kingdom of Bahrain, 6.00%, 9/19/44(1) USD 2,854 2,675,274 Arab Republic of Egypt, 6.375%, 4/11/31 EUR 32,648 $ 36,482,023 (1) Kingdom of Bahrain, 6.75%, 9/20/29(1) USD 5,477 5,941,911 Arab Republic of Egypt, 8.15%, 11/20/59 USD 35,695 33,796,026 Arab Republic of Egypt, 8.70%, 3/1/49(1) USD 19,982 20,190,732 Kingdom of Bahrain, 7.00%, 1/26/26(1) USD 3,000 3,394,552 Kingdom of Bahrain, 7.00%, 10/12/28(1) USD 15,052 16,651,397 Total Egypt $ 90,468,781 Kingdom of Bahrain, 7.375%, 5/14/30(1) USD 29,668 32,959,804 Kingdom of Bahrain, 7.50%, 9/20/47(1) USD 5,750 6,094,028 Gabon — 0.2% (1) Total Bahrain $ 89,979,341 Republic of Gabon, 6.625%, 2/6/31 USD 7,287 $ 6,527,636 Total Gabon $ 6,527,636 Barbados — 0.9% Government of Barbados, 6.50%, 10/1/29(2) USD 28,151 $ 27,376,556 Georgia — 0.6% Total Barbados $ 27,376,556 Georgia Treasury Bond, 7.00%, 5/30/24 GEL 25,057 $ 7,466,676 Georgia Treasury Bond, 7.25%, 1/17/21 GEL 4,385 1,359,378 Belarus — 0.8% Georgia Treasury Bond, 7.375%, 9/27/23 GEL 5,820 1,764,018 Georgia Treasury Bond, 8.125%, 1/25/23 GEL 2,922 913,469 Republic of Belarus, 5.875%, 2/24/26(1) USD 7,310 $ 6,973,155 Georgia Treasury Bond, 9.375%, 4/9/22 GEL 22,758 7,219,442 Republic of Belarus, 6.378%, 2/24/31(1) USD 12,994 12,309,346 Republic of Belarus, 6.875%, 2/28/23(1) USD 6,700 6,643,218 Total Georgia $ 18,722,983

Total Belarus $ 25,925,719 Iceland — 3.0%

Benin — 0.5% Republic of Iceland, 3.50%, 8/5/21 ISK 1,335,384 $ 9,622,906 Republic of Iceland, 5.00%, 11/15/28 ISK 2,671,988 21,803,955 Benin Government International Bond, Republic of Iceland, 6.50%, 1/24/31 ISK 5,641,242 52,144,754 5.75%, 3/26/26(1) EUR 15,118 $ 16,934,409 Republic of Iceland, 8.00%, 6/12/25 ISK 1,279,138 11,257,684 Total Benin $ 16,934,409 Total Iceland $ 94,829,299

21 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Principal Principal Amount Amount Security (000’s omitted) Value Security (000’s omitted) Value

Indonesia — 2.6% Oman — 0.3% Indonesia Government Bond, 6.50%, 2/15/31 IDR 308,686,000 $ 20,995,852 Oman Government International Bond, (1) Indonesia Government Bond, 7.00%, 9/15/30 IDR 328,345,000 23,135,694 3.625%, 6/15/21 USD 3,600 $ 3,578,440 Indonesia Government Bond, 7.50%, 6/15/35 IDR 540,000,000 38,104,615 Oman Government International Bond, 5.625%, 1/17/28(1) USD 750 687,142 Total Indonesia $ 82,236,161 Oman Government International Bond, 6.00%, 8/1/29(1) USD 3,645 3,340,223 Ivory Coast — 0.4% Oman Government International Bond, Ivory Coast Government International Bond, 6.75%, 1/17/48(1) USD 3,223 2,648,452 5.25%, 3/22/30(1) EUR 10,453 $ 11,785,369 Total Oman $ 10,254,257 Total Ivory Coast $ 11,785,369 Peru — 1.1% Jordan — 0.6% Peru Government Bond, 6.15%, 8/12/32 PEN 65,544 $ 20,910,006 Jordan Government International Bond, Peru Government Bond, 6.90%, 8/12/37 PEN 19,620 6,426,634 (1) 5.85%, 7/7/30 USD 1,638 $ 1,653,095 Peru Government Bond, 6.95%, 8/12/31 PEN 23,000 7,855,273 Jordan Government International Bond, 7.375%, 10/10/47(1) USD 17,147 17,779,461 Total Peru $ 35,191,913

Total Jordan $ 19,432,556 Philippines — 1.6%

Lebanon — 0.3% Republic of the Philippines, 2.95%, 5/5/45 USD 7,455 $ 7,861,693 Republic of the Philippines, 6.25%, 1/14/36 PHP 1,649,000 43,960,942 Lebanese Republic, 6.25%, 11/4/24(1)(5) USD 7,398 $ 1,100,452 Lebanese Republic, 6.25%, 6/12/25(1)(5) USD 2,947 439,840 Total Philippines $ 51,822,635 Lebanese Republic, 6.40%, 5/26/23(5) USD 7,397 1,112,842 Romania — 2.4% Lebanese Republic, 6.65%, 4/22/24(1)(5) USD 14,581 2,096,019 Lebanese Republic, 6.65%, 2/26/30(1)(5) USD 453 67,044 Romania Government International Bond, (1) Lebanese Republic, 6.75%, 11/29/27(1)(5) USD 120 17,867 3.375%, 1/28/50 EUR 27,506 $ 33,424,922 Lebanese Republic, 6.85%, 5/25/29(5) USD 9,840 1,461,437 Romania Government International Bond, 4.625%, 4/3/49(1) EUR 28,560 41,316,898 Lebanese Republic, 7.00%, 12/3/24(5) USD 3,446 512,592 Lebanese Republic, 7.00%, 3/20/28(1)(5) USD 2,952 422,490 Total Romania $ 74,741,820 Lebanese Republic, 7.15%, 11/20/31(1)(5) USD 4,621 674,943 Rwanda — 0.0%(6) Lebanese Republic, 8.20%, 5/17/33(5) USD 1,595 227,288 Lebanese Republic, 8.25%, 4/12/21(1)(5) USD 1,000 161,440 Republic of Rwanda, 6.625%, 5/2/23(1) USD 579 $ 610,282 Lebanese Republic, 8.25%, 5/17/34(5) USD 1,326 188,955 Total Rwanda $ 610,282 Total Lebanon $ 8,483,209 Serbia — 7.3% Mongolia — 0.1% Serbia Treasury Bond, 4.50%, 1/11/26 RSD 2,859,650 $ 30,674,292 Mongolia Government International Bond, Serbia Treasury Bond, 4.50%, 8/20/32 RSD 600,880 6,142,831 5.125%, 4/7/26(1) USD 1,554 $ 1,610,193 Serbia Treasury Bond, 5.75%, 7/21/23 RSD 10,331,850 112,228,893 Total Mongolia $ 1,610,193 Serbia Treasury Bond, 5.875%, 2/8/28 RSD 6,989,920 80,827,873 Total Serbia $ 229,873,889 New Zealand — 4.7% New Zealand Government Bond, 2.00%, 9/20/25(1)(3) NZD 92,599 $ 69,408,353 South Africa — 0.3% New Zealand Government Bond, 2.50%, 9/20/35(1)(3) NZD 41,796 40,215,420 Republic of South Africa, 4.30%, 10/12/28 USD 10,400 $ 10,127,000 (1)(3) New Zealand Government Bond, 3.00%, 9/20/30 NZD 44,849 40,456,498 Total South Africa $ 10,127,000 Total New Zealand $ 150,080,271

22 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Principal Principal Amount Amount Security (000’s omitted) Value Security (000’s omitted) Value

Suriname — 0.3% Bulgaria — 0.3% Republic of Suriname, 9.25%, 10/26/26(1) USD 18,004 $ 9,632,140 Eurohold Bulgaria AD, 6.50%, 12/7/22(1) EUR 9,200 $ 10,150,163 Total Suriname $ 9,632,140 Total Bulgaria $ 10,150,163

Thailand — 2.6% Georgia — 0.3% (1)(3) Thailand Government Bond, 1.25%, 3/12/28 THB 2,468,129 $ 77,064,689 Georgia Capital JSC, 6.125%, 3/9/24(1) USD 5,296 $ 5,190,080 Thailand Government Bond, 2.875%, 6/17/46 THB 112,400 4,178,678 Silknet JSC, 11.00%, 4/2/24(1) USD 2,470 2,639,244 Total Thailand $ 81,243,367 Total Georgia $ 7,829,324

Ukraine — 7.7% Iceland — 0.6% Ukraine Government International Bond, Arion Banki HF, 6.00%, 4/12/24(1) ISK 1,000,000 $ 7,860,712 0.00%, GDP-Linked, 5/31/40(1)(2)(7) USD 16,642 $ 14,469,054 Islandsbanki HF, 6.40%, 10/26/23 ISK 860,000 6,762,956 Ukraine Government International Bond, (1) 9.79%, 5/26/27 UAH 75,000 2,311,104 Landsbankinn HF, 5.00%, 11/23/23 ISK 560,000 4,252,745 Ukraine Government International Bond, WOW Air HF, 0.00%(5)(8)(10) EUR 79 0 10.00%, 8/23/23 UAH 696,196 23,731,436 WOW Air HF, 0.00%, (3 mo. EURIBOR + 9.00%), Ukraine Government International Bond, 9/24/24(5)(8) EUR 3,600 0 11.67%, 11/22/23 UAH 693,998 24,627,501 Total Iceland $ 18,876,413 Ukraine Government International Bond, 15.84%, 2/26/25 UAH 4,481,371 177,287,907 (6) Ukraine Government International Bond, India — 0.0% 17.00%, 5/11/22 UAH 25,000 955,585 Reliance Communications, Ltd., 6.50%, 11/6/20(1)(5) USD 1,800 $ 117,000 Ukraine Government International Bond, 17.25%, 1/5/22 UAH 39,000 1,474,139 Total India $ 117,000 Total Ukraine $ 244,856,726 Indonesia — 0.2%

Uruguay — 1.0% Bayan Resources Tbk PT, 6.125%, 1/24/23(1) USD 5,385 $ 5,253,173 Jasa Marga (Persero) Tbk PT, 7.50%, 12/11/20(1) IDR 18,080,000 1,219,850 Republic of Uruguay, 3.875%, 7/2/40(3) UYU 963,501 $ 25,806,054 Republic of Uruguay, 4.375%, 12/15/28(3) UYU 248,571 6,528,016 Total Indonesia $ 6,473,023 Total Uruguay $ 32,334,070 Ireland — 0.4% Zambia — 0.0%(6) Aragvi Finance International DAC, 12.00%, 4/9/24(1) USD 11,426 $ 11,968,735 Zambia Government International Bond, Total Ireland $ 11,968,735 5.375%, 9/20/22(1) USD 200 $ 88,248 Total Zambia $ 88,248 Mexico — 0.0%(6) Grupo Kaltex S.A. de CV, 8.875%, 4/11/22(1) USD 781 $ 490,878 Total Foreign Government Bonds (identified cost $1,538,600,237) $1,591,232,925 Total Mexico $ 490,878

Foreign Corporate Bonds — 3.0% Netherlands — 0.3% Ardshinbank CJSC Via Dilijan Finance BV, Principal 6.50%, 1/28/25(1) USD 8,832 $ 7,948,800 Amount Security (000’s omitted) Value Total Netherlands $ 7,948,800

Belarus — 0.1% Eurotorg LLC Via Bonitron DAC, 9.00%, 10/22/25(1) USD 2,019 $ 2,029,095 Total Belarus $ 2,029,095

23 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Principal Principal Amount Amount Security (000’s omitted) Value Borrower (000’s omitted) Value

Paraguay — 0.1% Kenya — 0.6% Frigorifico Concepcion S.A., 10.25%, 1/29/25(1) USD 4,725 $ 4,606,875 Government of Kenya, Term Loan, 6.81%, (6 mo. USD LIBOR + 6.45%), Maturing Total Paraguay $ 4,606,875 June 29, 2025(9) $ 17,415 $ 17,342,345 Government of Kenya, Term Loan, 6.95%, Singapore — 0.2% (6 mo. USD LIBOR + 6.70%), Maturing Alam Synergy Pte Ltd., 6.625%, 4/24/22(1) USD 6,700 $ 4,713,667 October 24, 2024(9) 2,323 2,313,629 Total Singapore $ 4,713,667 Total Kenya $ 19,655,974

United Kingdom — 0.1% Macedonia — 0.2% Ellaktor Value PLC, 6.375%, 12/15/24(1) EUR 4,445 $ 4,472,815 Republic of Macedonia, Term Loan, 4.50%, (6 mo. EURIBOR + 4.50%), Maturing Total United Kingdom $ 4,472,815 December 16, 2022(9)(13) EUR 6,050 $ 7,093,180

Uzbekistan — 0.4% Total Macedonia $ 7,093,180

Nederlandse Financierings-Maatschappij voor Nigeria — 0.2% Ontwikkelingslanden NV (FMO), 15.00%, 12/8/22(1) UZS 143,000,000 $ 13,732,466 Bank of Industry Limited, Term Loan, 6.22%, (3 mo. USD LIBOR + 6.00%), Maturing Total Uzbekistan $ 13,732,466 April 11, 2021(9)(13) $ 6,095 $ 5,901,417

Total Foreign Corporate Bonds Total Nigeria $ 5,901,417 (identified cost $101,475,550) $ 93,409,254 Tanzania — 1.1% (6) Senior Floating-Rate Loans — 0.0% Government of the United Republic of Tanzania, Term Loan, 5.61%, (6 mo. USD LIBOR + Principal 5.20%), Maturing June 23, 2022(9) $ 33,794 $ 34,282,410 Amount Borrower/Tranche Description (000’s omitted) Value Total Tanzania $ 34,282,410

Argentina — 0.0%(6) Total Sovereign Loans (identified cost $69,562,072) $ 70,381,874 Desarrolladora Energética S.A., Term Loan, 9.50%, Maturing July 18, 2020(5)(8)(12) $ 1,825 $ 967,250 Loan Participation Notes — 1.2% Total Argentina $ 967,250 Principal Total Senior Floating-Rate Loans Amount (identified cost $1,825,000) $ 967,250 Security (000’s omitted) Value

Sovereign Loans — 2.2% Uzbekistan — 1.2% Daryo Finance BV (borrower - Uzbek Industrial and Principal Construction Bank ATB), Amount 18.75%, 6/15/23(1)(8)(14) UZS 112,570,000 $ 11,443,818 Borrower (000’s omitted) Value Europe Asia Investment Finance BV (borrower - Joint Stock Commercial Bank “Asaka”), Ethiopia — 0.1% 18.70%, 7/26/23(1)(8)(14) UZS 248,781,000 25,080,393 Ethiopian Railways Corporation (Federal Total Uzbekistan $ 36,524,211 Democratic Republic of Ethiopia guaranteed), Term Loan, 4.06%, (6 mo. USD LIBOR + 3.75%), Maturing August 1, 2021(9)(13) $ 3,467 $ 3,448,893 Total Loan Participation Notes (identified cost $36,139,419) $ 36,524,211 Total Ethiopia $ 3,448,893

24 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Debt Obligations — United States — 4.3% Principal Security Amount Value Asset-Backed Securities — 0.5% Federal National Mortgage Association: (continued) Principal Security Amount Value Series 2001-31, Class ZA, 6.00%, 7/25/31 $ 1,830,863 $ 2,091,388 Series 2001-74, Class QE, 6.00%, 12/25/31 478,470 552,153 Pnmac Gmsr Issuer Trust Series 2009-48, Class WA, 5.849%, 7/25/39(16) 2,380,157 2,666,224 Series 2018-GT1, Class A, 2.999%, (1 mo. USD Series 2011-38, Class SA, 13.052%, LIBOR + 2.85%), 2/25/23(2)(9) $ 9,000,000 $ 8,862,781 (13.50% - 1 mo. USD LIBOR x 3), 5/25/41(9)(17) 3,227,981 4,339,247 Series 2018-GT2, Class A, 2.799%, (1 mo. USD (15) LIBOR + 2.65%), 8/25/25(2)(9) 8,064,000 7,804,629 Interest Only: Series 424, Class C8, 3.50%, 2/25/48 15,224,884 1,253,771 Total Asset-Backed Securities Series 2018-21, Class IO, 3.00%, 4/25/48 15,079,080 1,287,869 (identified cost $17,064,000) $ 16,667,410 Series 2018-58, Class BI, 4.00%, 8/25/48 2,225,044 221,135 $ 14,939,032 Collateralized Mortgage Obligations — 0.6% Government National Mortgage Association: Principal Series 2001-35, Class K, 6.45%, 10/26/23 $ 28,631 $ 30,451 Security Amount Value $ 30,451 Federal Home Loan Mortgage Corp.: Series 4, Class D, 8.00%, 12/25/22 $ 14,925 $ 15,700 Total Collateralized Mortgage Obligations Series 1548, Class Z, 7.00%, 7/15/23 21,812 23,349 (identified cost $28,345,935) $ 17,946,015 Series 1650, Class K, 6.50%, 1/15/24 145,754 156,866 Series 1817, Class Z, 6.50%, 2/15/26 31,042 34,213 Mortgage Pass-Throughs — 2.4% Series 1927, Class ZA, 6.50%, 1/15/27 106,994 119,219 Principal Series 2344, Class ZD, 6.50%, 8/15/31 314,720 369,887 Security Amount Value Series 2458, Class ZB, 7.00%, 6/15/32 612,405 736,077 Federal Home Loan Mortgage Corp.: Interest Only:(15) 2.802%, (COF + 1.25%), with maturity at Series 4791, Class JI, 4.00%, 5/15/48 14,517,272 1,521,221 2035(18) $ 1,062,379 $ 1,089,052 $ 2,976,532 2.944%, (1 yr. CMT + 2.31%), with maturity at 2036(18) 874,203 921,369 Federal National Mortgage Association: 3.344%, (COF + 2.39%), with maturity at Series G48, Class Z, 7.10%, 12/25/21 $ 29,995 $ 30,615 2023(18) 10,308 10,392 Series G92-60, Class Z, 7.00%, 10/25/22 70,598 73,098 4.036%, (COF + 1.25%), with maturity at Series G93-1, Class K, 6.675%, 1/25/23 75,736 78,956 2029(18) 9,016 9,535 Series G94-7, Class PJ, 7.50%, 5/17/24 133,321 144,386 4.357%, (COF + 1.25%), with maturity at Series 1992-180, Class F, 1.299%, 2030(18) 217,706 230,442 (9) (1 mo. USD LIBOR + 1.15%), 10/25/22 73,573 74,042 4.50%, with maturity at 2035 173,716 190,539 Series 1993-16, Class Z, 7.50%, 2/25/23 68,234 72,214 6.00%, with various maturities to 2035 4,910,268 5,663,579 Series 1993-79, Class PL, 7.00%, 6/25/23 38,974 41,732 6.50%, with various maturities to 2032 5,575,491 6,440,773 Series 1993-104, Class ZB, 6.50%, 7/25/23 19,845 21,075 6.60%, with maturity at 2030 568,761 653,628 Series 1993-121, Class Z, 7.00%, 7/25/23 291,552 312,140 7.00%, with various maturities to 2036 7,767,099 8,930,648 Series 1993-141, Class Z, 7.00%, 8/25/23 66,124 70,934 7.31%, with maturity at 2026 17,308 18,828 Series 1994-42, Class ZQ, 7.00%, 4/25/24 471,094 510,441 7.50%, with various maturities to 2035 3,281,974 3,679,155 Series 1994-79, Class Z, 7.00%, 4/25/24 83,422 89,564 7.95%, with maturity at 2022 22,481 23,128 Series 1994-89, Class ZQ, 8.00%, 7/25/24 91,073 99,392 8.00%, with various maturities to 2030 750,361 812,175 Series 1996-35, Class Z, 7.00%, 7/25/26 29,853 33,402 8.50%, with maturity at 2025 29,893 30,147 Series 1998-16, Class H, 7.00%, 4/18/28 119,527 137,639 9.00%, with various maturities to 2027 67,431 72,162 Series 1998-44, Class ZA, 6.50%, 7/20/28 210,926 239,318 9.50%, with maturity at 2027 34,104 37,864 Series 1999-25, Class Z, 6.00%, 6/25/29 227,255 259,182 $ 28,813,416 Series 2000-2, Class ZE, 7.50%, 2/25/30 51,833 60,175 Series 2000-49, Class A, 8.00%, 3/18/27 159,526 178,940

25 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Principal U.S. Treasury Obligations — 0.0%(6) Security Amount Value Federal National Mortgage Association: Principal Security Amount Value 1.79%, (COF + 1.25%), with maturity at 2027(18) $ 65,072 $ 65,827 U.S. Treasury Bond, 7.875%, 2/15/21 $ 1,500,000 $ 1,533,326 1.932%, (COF + 1.25%), with various maturities to 2033(18) 1,356,452 1,371,358 Total U.S. Treasury Obligations 2.053%, (COF + 1.40%), with maturity at (identified cost $1,509,081) $ 1,533,326 2025(18) 249,386 251,534 U.S. Government Guaranteed Small Business Administration 2.253%, (COF + 1.60%), with maturity at (19)(20) 2024(18) 100,540 101,503 Loans — 0.8% 3.368%, (COF + 1.25%), with maturity at (18) Principal 2034 451,897 468,826 Amount 3.401%, (COF + 1.25%), with maturity at Security (000’s omitted) Value 2035(18) 1,184,091 1,218,486 1.11%, 9/15/42 $ 1,661 $ 68,706 3.792%, (1 yr. CMT + 2.15%), with maturity at 1.41%, 9/15/42 1,111 59,660 2028(18) 90,037 93,107 1.61%, 9/15/42 1,877 123,428 3.934%, (COF + 1.78%), with maturity at 2035(18) 1,782,293 1,880,407 1.66%, 8/15/42 to 4/15/43 7,160 442,349 6.00%, with various maturities to 2035 16,430,192 19,151,945 1.91%, 8/15/42 to 4/15/43 13,170 942,998 6.332%, (COF + 2.00%, Floor 6.332%), with 1.93%, 3/15/41 to 5/15/42 2,108 151,275 maturity at 2032(18) 459,922 506,658 1.96%, 9/15/42 2,900 199,944 6.50%, with various maturities to 2038 6,638,215 7,572,086 2.03%, 8/15/32 775 52,531 7.00%, with various maturities to 2035 10,857,574 12,610,368 2.11%, 8/15/42 to 9/15/42 5,935 471,896 7.50%, with various maturities to 2027 48,993 52,102 2.16%, 2/15/42 to 4/15/43 16,085 1,329,082 7.679%, (1 yr. CMT + 2.15%), with maturity at 2.21%, 9/15/42 2,608 210,114 2025(18) 14,447 15,244 2.28%, 3/15/43 2,720 272,671 8.00%, with maturity at 2026 7,384 7,696 2.36%, 9/15/42 1,949 175,155 8.50%, with various maturities to 2037 1,331,217 1,550,327 2.38%, 2/15/41 651 49,206 9.00%, with various maturities to 2032 160,892 178,254 2.39%, 7/15/39 1,004 76,701 9.285%, with maturity at 2028 138 143 2.41%, 7/15/42 to 4/15/43 22,224 2,117,428 9.50%, with various maturities to 2031 54,301 59,369 2.46%, 3/15/28 to 4/15/43 9,901 878,610 9.535%, with maturity at 2027 1,479 1,609 2.53%, 6/15/36 849 65,391 10.50%, with maturity at 2029 24,206 28,485 2.56%, 5/15/37 1,369 103,251 11.50%, with maturity at 2031 103,655 124,480 2.61%, 9/15/42 2,857 295,528 $ 47,309,814 2.63%, 11/15/36 610 46,793 2.66%, 4/15/43 8,086 870,381 Government National Mortgage Association: 2.67%, 10/4/23 to 8/25/42(21) 20,028 1,594,181 3.125%, (1 yr. CMT + 1.50%), with maturity at 2024(18) $ 104,282 $ 106,353 2.71%, 7/15/27 to 9/15/42 9,342 895,383 6.50%, with various maturities to 2032 267,384 300,964 2.91%, 10/15/42 to 4/15/43 16,182 1,931,684 7.00%, with various maturities to 2031 507,715 572,201 2.93%, 4/15/42 925 114,640 7.50%, with various maturities to 2028 73,370 80,792 2.96%, 7/15/27 to 2/15/43 7,862 688,410 8.00%, with various maturities to 2023 37,000 39,033 2.98%, 7/15/43 1,201 151,203 9.00%, with maturity at 2025 10,696 11,374 2.99%, 2/15/29 856 56,815 9.50%, with various maturities to 2021 379 385 3.16%, 9/15/42 to 4/15/43 6,337 882,288 3.21%, 6/15/27 to 3/15/43 7,761 921,625 $ 1,111,102 3.29%, 12/15/42 3,525 478,968 (21) Total Mortgage Pass-Throughs 3.36%, 12/28/26 to 8/17/42 31,121 2,653,852 (identified cost $72,891,574) $ 77,234,332 3.41%, 3/15/43 to 4/15/43 8,176 1,102,189 3.46%, 3/15/27 to 9/15/42 5,167 643,445 3.66%, 1/15/43 to 6/15/43 8,690 1,395,677

26 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Principal Security Shares Value Amount Security (000’s omitted) Value Greece — 0.2% 3.69%, 3/15/43 $ 1,340 $ 243,621 Alpha Bank AE(22) 1,247,900 $ 635,027 3.71%, 2/15/28 to 10/15/42 10,657 1,165,650 Eurobank Ergasias Services and Holdings S.A.(22) 2,679,600 896,083 3.78%, 5/15/27 to 9/15/42 4,007 547,364 Hellenic Telecommunications Organization S.A. 86,871 1,152,058 JUMBO S.A. 67,891 951,583 Total U.S. Government Guaranteed Small Business Administration Loans (22) (identified cost $25,873,326) $ 24,470,093 National Bank of Greece S.A. 776,900 818,182 OPAP S.A. 122,204 988,639 (22) Total Debt Obligations — United States Piraeus Bank S.A. 716,900 551,470 (identified cost $145,683,916) $ 137,851,176 Total Greece $ 5,993,042

Common Stocks — 2.5% Iceland — 0.8%

(2)(22) Security Shares Value Arion Banki HF 11,398,203 $ 6,760,464 Eik Fasteignafelag HF(22) 42,391,952 2,191,561 Argentina — 0.2% Eimskipafelag Islands HF(22) 2,989,145 3,969,617 Hagar HF(22) 11,272,419 4,344,061 Empresa Distribuidora Y Comercializadora Norte (22) ADR(22) 36,031 $ 119,623 Reginn HF 15,791,200 1,799,286 IRSA Inversiones y Representaciones S.A. ADR(22) 131,493 482,579 Reitir Fasteignafelag HF 6,661,681 2,170,577 Loma Negra Cia Industrial Argentina S.A. ADR 225,800 966,424 Siminn HF 71,023,761 3,751,390 Pampa Energia S.A. ADR(22) 89,700 1,058,460 Total Iceland $ 24,986,956 Telecom Argentina S.A. ADR 143,100 917,271 Transportadora de Gas del Sur S.A. ADR(22) 164,357 792,201 Italy — 0.0%(6) (22) YPF S.A. ADR 298,100 959,882 Intesa Sanpaolo SpA(22) 194,400 $ 322,725 Total Argentina $ 5,296,440 UniCredit SpA(22) 39,000 292,086 Total Italy $ 614,811 Belgium — 0.0%(6) KBC Group NV 5,400 $ 266,797 Mexico — 0.0%(6) Total Belgium $ 266,797 Vista Oil & Gas SAB de CV ADR(22) 477,800 $ 950,822 Total Mexico $ 950,822 Cyprus — 0.1% Bank of Cyprus Holdings PLC(22) 4,401,002 $ 2,328,798 Netherlands — 0.0%(6) Total Cyprus $ 2,328,798 ING Groep NV(22) 53,500 $ 366,460 Total Netherlands $ 366,460 France — 0.0%(6) BNP Paribas S.A.(22) 9,400 $ 327,823 Serbia — 0.1% (22) Credit Agricole S.A. 37,100 293,481 Komercijalna Banka AD Beograd(22) 84,003 $ 2,410,213 Societe Generale S.A.(22) 18,400 250,017 Total Serbia $ 2,410,213 Total France $ 871,321 Singapore — 0.2% Georgia — 0.1% Yoma Strategic Holdings, Ltd.(22) 43,974,000 $ 8,218,449 Georgia Capital PLC(22) 333,685 $ 1,590,887 Total Singapore $ 8,218,449 Total Georgia $ 1,590,887 Spain — 0.0%(6) Germany — 0.0%(6) Banco Bilbao Vizcaya Argentaria S.A. 95,500 $ 275,532 (22) Deutsche Bank AG 42,100 $ 389,052 Banco Santander S.A.(22) 140,000 280,358 Total Germany $ 389,052 Total Spain $ 555,890

27 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Security Shares Value Principal Amount Sri Lanka — 0.1% Security (000’s omitted) Value

(22) Softlogic Life Insurance PLC 20,500,000 $ 3,349,227 Egypt (continued) Total Sri Lanka $ 3,349,227 Egypt Treasury Bill, 0.00%, 3/23/21 EGP 45,250 $ 2,756,283 Egypt Treasury Bill, 0.00%, 3/30/21 EGP 184,700 11,222,968 Vietnam — 0.7% Egypt Treasury Bill, 0.00%, 4/6/21 EGP 208,975 12,666,924 Bank for Foreign Trade of Vietnam JSC 539,910 $ 1,939,070 Egypt Treasury Bill, 0.00%, 6/15/21 EGP 157,275 9,276,091 Bank for Investment and Development of Egypt Treasury Bill, 0.00%, 6/29/21 EGP 295,900 17,394,158 Vietnam JSC 468,816 781,524 Egypt Treasury Bill, 0.00%, 7/6/21 EGP 264,775 15,543,690 Binh Minh Plastics JSC 39,120 91,836 Egypt Treasury Bill, 0.00%, 7/13/21 EGP 184,100 10,781,198 Coteccons Construction JSC 133,000 324,050 Egypt Treasury Bill, 0.00%, 9/28/21 EGP 92,950 5,305,357 FPT Corp. 503,306 1,196,363 Egypt Treasury Bill, 0.00%, 10/12/21 EGP 194,675 11,060,729 Hoa Phat Group JSC 953,288 1,259,614 Total Egypt $ 215,574,166 KIDO Group Corp. 24,450 36,299 (22) Masan Group Corp. 429,280 1,555,203 Georgia — 0.4% Military Commercial Joint Stock Bank(22) 2,143,462 1,650,371 Georgia Treasury Bill, 0.00%, 12/3/20 GEL 1,570 $ 483,508 PetroVietnam Nhon Trach 2 Power JSC 485,400 476,256 Georgia Treasury Bill, 0.00%, 1/14/21 GEL 3,982 1,213,745 Phu Nhuan Jewelry JSC 532,630 1,609,623 Georgia Treasury Bill, 0.00%, 2/11/21 GEL 11,447 3,471,502 Refrigeration Electrical Engineering Corp. 807,810 1,562,236 Georgia Treasury Bill, 0.00%, 4/8/21 GEL 843 252,536 SSI Securities Corp. 775,425 574,211 Georgia Treasury Bill, 0.00%, 5/13/21 GEL 18,000 5,346,223 Viet Capital Securities JSC 448,200 715,382 Georgia Treasury Bill, 0.00%, 7/15/21 GEL 7,000 2,054,269 Vietnam Dairy Products JSC 474,081 2,215,051 Total Georgia $ 12,821,783 Vietnam Prosperity JSC Bank(22) 1,581,255 1,614,006 Vietnam Technological & Commercial Joint Stock Bank(22) 781,800 770,401 Total Foreign Government Securities (identified cost $225,716,167) $ 228,395,949 Vingroup JSC(22) 632,834 2,911,051 Total Vietnam $ 21,282,547 U.S. Treasury Obligations — 6.5%

Total Common Stocks Principal (identified cost $111,664,265) $ 79,471,712 Amount Security (000’s omitted) Value Short-Term Investments — 29.2% U.S. Treasury Bill, 0.00%, 11/19/20(11) $ 54,900 $ 54,898,120 U.S. Treasury Bill, 0.00%, 12/3/20 150,000 149,989,989 Foreign Government Securities — 7.2% Total U.S. Treasury Obligations Principal (identified cost $204,886,406) $ 204,888,109 Amount Security (000’s omitted) Value Other — 15.5% Egypt — 6.8% Description Units Value Egypt Treasury Bill, 0.00%, 11/3/20 EGP 248,100 $ 15,802,548 Eaton Vance Cash Reserves Fund, LLC, 0.12%(23) 490,405,962 $ 490,405,962 Egypt Treasury Bill, 0.00%, 11/10/20 EGP 175,475 11,172,811 Egypt Treasury Bill, 0.00%, 11/17/20 EGP 517,100 32,971,859 Total Other Egypt Treasury Bill, 0.00%, 12/8/20 EGP 42,575 2,679,821 (identified cost $490,395,037) $ 490,405,962 Egypt Treasury Bill, 0.00%, 12/29/20 EGP 134,350 8,435,928 Egypt Treasury Bill, 0.00%, 1/12/21 EGP 176,875 11,008,143 Total Short-Term Investments Egypt Treasury Bill, 0.00%, 2/2/21 EGP 44,050 2,730,009 (identified cost $920,997,610) $ 923,690,020 Egypt Treasury Bill, 0.00%, 2/16/21 EGP 534,050 32,933,932 Total Investments — 92.7% Egypt Treasury Bill, 0.00%, 3/2/21 EGP 29,850 1,831,717 (identified cost $2,925,948,069) $2,933,528,422

28 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Securities Sold Short — (0.3)% (14) Limited recourse note whose payments by the issuer are limited to amounts received by the issuer from the borrower pursuant to a loan Common Stocks — (0.3)% agreement with the borrower. (15) Interest only security that entitles the holder to receive only interest Security Shares Value payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is Ashmore Group PLC (1,867,300) $ (8,639,152) calculated. (16) Weighted average fixed-rate coupon that changes/updates monthly. Rate Total Common Stocks $ (8,639,152) shown is the rate at October 31, 2020. (17) Inverse floating-rate security whose coupon varies inversely with changes Total Securities Sold Short in the interest rate index. The stated interest rate represents the coupon (proceeds $12,025,557) $ (8,639,152) rate in effect at October 31, 2020. (18) Adjustable rate mortgage security whose interest rate generally adjusts Other Assets, Less Liabilities — 7.6% $ 240,839,692 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 Net Assets — 100.0% $3,165,728,962 and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at The percentage shown for each investment category in the Consolidated October 31, 2020. Portfolio of Investments is based on net assets. (19) Interest only security that entitles the holder to receive only a portion of (1) Security exempt from registration under Regulation S of the Securities Act the interest payments on the underlying loans. Principal amount shown is of 1933, as amended, which exempts from registration securities offered the notional amount of the underlying loans on which coupon interest is and sold outside the United States. Security may not be offered or sold in calculated. the United States except pursuant to an exemption from, or in a (20) Securities comprise a trust that is wholly-owned by the Portfolio and may transaction not subject to, the registration requirements of the Securities only be sold on a pro-rata basis with all securities in the trust. Act of 1933, as amended. At October 31, 2020, the aggregate value of (21) The stated interest rate represents the weighted average fixed interest rate these securities is $889,669,261 or 28.1% of the Portfolio’s net assets. at October 31, 2020 of all interest only securities comprising the (2) Security exempt from registration under Rule 144A of the Securities Act certificate. of 1933, as amended. These securities may be sold in certain (22) Non-income producing security. transactions in reliance on an exemption from registration (normally to (23) qualified institutional buyers). At October 31, 2020, the aggregate value Affiliated investment company, available to Eaton Vance portfolios and of these securities is $65,273,484 or 2.1% of the Portfolio’s net assets. funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as (3) Inflation-linked security whose principal is adjusted for inflation based on of October 31, 2020. changes in a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal. (4) Step coupon security. Interest rate represents the rate in effect at October 31, 2020. (5) Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy. For a variable rate security, interest rate has been adjusted to reflect non-accrual status. (6) Amount is less than 0.05%. (7) Amounts payable in respect of the security are contingent upon and determined by reference to Ukraine’s GDP and Real GDP Growth Rate. Principal amount represents the notional amount used to calculate payments due to the security holder and does not represent an entitlement for payment. (8) For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8). (9) Variable rate security. The stated interest rate represents the rate in effect at October 31, 2020. (10) Perpetual security with no stated maturity date but may be subject to calls by the issuer. (11) Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts. (12) Fixed-rate loan. (13) Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.

29 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Forward Commodity Contracts(1)

Value/Unrealized Appreciation Settlement Date Deliver In Exchange For Counterparty (Depreciation)

United States Dollar Gold 2/2/21 9,456,000 4,800 Troy Ounces Citibank, N.A. $ (435,024) United States Dollar Gold 2/2/21 15,362,944 8,000 Troy Ounces Citibank, N.A. (327,984) United States Dollar Gold 2/2/21 6,275,200 3,200 Troy Ounces Citibank, N.A. (261,216) United States Dollar Gold 2/2/21 15,717,200 8,000 Troy Ounces Citibank, N.A. (682,240) United States Dollar Gold 2/2/21 15,522,320 8,000 Troy Ounces Citibank, N.A. (487,360) United States Dollar Gold 2/2/21 6,196,000 3,200 Troy Ounces Citibank, N.A. (182,016)

$(2,375,840)

(1) Non-deliverable contracts that are settled with the counterparty in cash.

Centrally Cleared Forward Foreign Currency Exchange Contracts

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

EUR 592,412,738 USD 690,071,978 11/3/20 $ (118,438) EUR 15,775,432 USD 18,671,281 11/3/20 (298,423) USD 695,132,669 EUR 592,412,738 11/3/20 5,179,130 USD 18,376,012 EUR 15,775,432 11/3/20 3,154 BRL 17,905,000 USD 3,102,152 11/4/20 18,301 BRL 17,905,000 USD 3,102,152 11/4/20 18,301 BRL 17,905,000 USD 3,177,219 11/4/20 (56,766) BRL 17,905,000 USD 3,177,219 11/4/20 (56,766) USD 3,118,605 BRL 17,905,000 11/4/20 (1,848) USD 3,118,605 BRL 17,905,000 11/4/20 (1,848) USD 3,102,152 BRL 17,905,000 11/4/20 (18,301) USD 3,102,152 BRL 17,905,000 11/4/20 (18,301) COP 3,000,000,000 USD 778,493 11/5/20 (3,400) PEN 6,308,000 USD 1,755,050 11/5/20 (10,353) PEN 6,308,000 USD 1,755,050 11/5/20 (10,353) PEN 498,000 USD 138,414 11/5/20 (675) PEN 498,000 USD 138,414 11/5/20 (675) PEN 4,595,000 USD 1,277,880 11/5/20 (6,973) PEN 4,595,000 USD 1,277,880 11/5/20 (6,973) PEN 11,444,000 USD 3,182,513 11/5/20 (17,278) PEN 11,444,000 USD 3,182,513 11/5/20 (17,278) USD 34,369 COP 131,200,000 11/5/20 472 USD 16,507 COP 63,000,000 11/5/20 230

30 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)

Value/Unrealized Settlement Appreciation Currency Purchased Currency Sold Date (Depreciation) USD 32,749,524 PEN 116,162,563 11/5/20 $ 620,733 NZD 30,878,633 USD 20,475,742 11/9/20 (58,794) USD 38,450,468 NZD 57,331,000 11/9/20 543,219 RUB 319,231,000 USD 4,127,975 11/13/20 (114,140) RUB 319,231,000 USD 4,134,719 11/13/20 (120,884) RUB 383,078,000 USD 4,949,471 11/13/20 (132,859) RUB 415,000,000 USD 5,362,030 11/13/20 (144,048) RUB 421,960,000 USD 5,457,845 11/13/20 (152,352) USD 7,992,975 RUB 634,095,161 11/13/20 20,211 USD 584,740 RUB 45,400,000 11/13/20 13,906 USD 4,434,824 RUB 353,309,228 11/13/20 (7,492) USD 10,391,154 RUB 825,695,611 11/13/20 9,311 USD 5,046,837 NZD 7,693,467 11/16/20 (40,122) USD 18,429,141 NZD 28,093,631 11/16/20 (146,511) USD 1,078,061 JPY 114,682,000 11/19/20 (17,518) USD 1,472,293 IDR 21,589,260,057 11/23/20 13,975 USD 33,130,627 NZD 50,148,151 11/23/20 (27,891) USD 23,243,047 IDR 352,690,000,000 11/24/20 (577,691) JPY 5,916,978,060 USD 56,031,989 11/25/20 497,934 USD 25,473,428 JPY 2,689,994,017 11/25/20 (226,372) GBP 24,507,000 USD 31,491,495 11/30/20 262,619 GBP 7,567,574 USD 9,724,333 11/30/20 81,095 USD 24,672,000 GBP 19,200,000 11/30/20 (205,749) KRW 6,038,729,496 USD 5,094,174 12/1/20 215,967 KRW 5,746,067,504 USD 4,844,878 12/1/20 207,912 BRL 17,905,000 USD 3,115,823 12/2/20 302 BRL 17,905,000 USD 3,115,823 12/2/20 302 USD 672,107,108 EUR 576,637,306 12/2/20 97,215 USD 11,054,119 NZD 16,406,442 12/2/20 205,868 USD 6,278,387 NZD 9,318,336 12/2/20 116,926 CHF 43,722,477 USD 47,551,412 12/7/20 179,834 NOK 157,860,700 USD 16,918,057 12/7/20 (384,949) JPY 2,006,531,681 USD 18,908,210 12/8/20 265,439 KRW 12,175,000,000 USD 10,259,284 12/10/20 447,856 KRW 22,936,000,000 USD 19,310,154 12/10/20 860,603 KRW 11,468,000,000 USD 9,659,459 12/10/20 425,919 CAD 4,414,732 USD 3,348,960 12/16/20 (34,618) COP 63,000,000 USD 16,479 12/16/20 (233) COP 131,200,000 USD 34,311 12/16/20 (478) COP 4,484,731,500 USD 1,163,530 12/16/20 (7,043) COP 4,744,200,000 USD 1,230,566 12/16/20 (7,170) COP 5,942,631,500 USD 1,541,771 12/16/20 (9,333) COP 6,286,300,000 USD 1,630,561 12/16/20 (9,500) USD 15,722,969 CLP 12,364,700,000 12/16/20 (264,777)

31 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)

Value/Unrealized Settlement Appreciation Currency Purchased Currency Sold Date (Depreciation) USD 16,732,342 NZD 24,958,454 12/17/20 $ 229,211 USD 10,650,126 ZAR 182,000,000 12/17/20 (475,986) USD 92,857,155 ZAR 1,568,645,212 12/17/20 (3,038,021) USD 51,954,514 ZAR 918,337,604 12/17/20 (4,185,744) ZAR 1,375,561,247 USD 77,821,725 12/17/20 6,269,750 ZAR 257,360,000 USD 15,234,622 12/17/20 498,433 ZAR 54,554,000 USD 3,229,366 12/17/20 105,656 ZAR 54,554,000 USD 3,229,366 12/17/20 105,656 MXN 70,704,000 USD 3,317,334 12/18/20 (462) MXN 70,704,000 USD 3,317,334 12/18/20 (462) MXN 103,308,000 USD 4,847,069 12/18/20 (675) USD 4,847,069 MXN 103,308,000 12/18/20 675 IDR 46,357,618,000 USD 3,068,212 1/4/21 48,056 IDR 46,357,618,000 USD 3,068,212 1/4/21 48,056 INR 189,500,000 USD 2,543,785 1/5/21 (16,991) INR 189,500,000 USD 2,543,785 1/5/21 (16,991) INR 279,151,000 USD 3,746,641 1/5/21 (24,441) INR 279,151,000 USD 3,746,641 1/5/21 (24,441) JPY 1,633,418,840 USD 15,489,470 1/7/21 128,003 USD 5,777,451 NZD 8,688,942 1/7/21 32,063 PHP 7,558,338 USD 155,330 1/11/21 124 USD 20,550,760 PHP 1,000,000,000 1/11/21 (16,361) USD 22,509,129 PHP 1,095,294,228 1/11/21 (17,921) NZD 2,193,467 USD 1,438,404 1/13/21 11,982 USD 23,763,726 NZD 36,238,052 1/13/21 (197,956) KRW 3,554,222,400 USD 3,109,638 1/19/21 17,077 USD 17,692,623 NZD 26,551,546 1/19/21 135,947 USD 9,641,991 SGD 13,081,000 1/26/21 64,865 USD 8,309,274 SGD 11,272,943 1/26/21 55,900 USD 108,816 PHP 5,284,000 1/27/21 197 AUD 65,822,527 USD 46,887,361 1/28/21 (600,154) USD 101,435,204 AUD 142,399,175 1/28/21 1,298,362 USD 16,516,567 NZD 24,682,000 1/28/21 196,092

$ 7,601,060

Forward Foreign Currency Exchange Contracts

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

EUR 576,637,306 USD 671,695,966 BNP Paribas 11/3/20 $ — $(115,284) MYR 13,670,913 USD 3,287,067 Morgan Stanley & Co. International PLC 11/3/20 3,164 — MYR 13,670,913 USD 3,287,067 Morgan Stanley & Co. International PLC 11/3/20 3,164 — MYR 13,670,913 USD 3,290,628 Morgan Stanley & Co. International PLC 11/3/20 — (396)

32 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts (continued)

Settlement Unrealized Unrealized Currency Purchased Currency Sold Counterparty Date Appreciation (Depreciation) MYR 13,670,913 USD 3,290,628 Morgan Stanley & Co. International PLC 11/3/20 $ — $ (396) USD 671,695,966 EUR 576,637,306 BNP Paribas 11/3/20 115,284 — USD 3,287,067 MYR 13,670,913 Morgan Stanley & Co. International PLC 11/3/20 — (3,164) USD 3,287,067 MYR 13,670,913 Morgan Stanley & Co. International PLC 11/3/20 — (3,164) USD 3,280,757 MYR 13,670,913 Morgan Stanley & Co. International PLC 11/3/20 — (9,475) USD 3,280,757 MYR 13,670,913 Morgan Stanley & Co. International PLC 11/3/20 — (9,475) USD 1,199,380 CRC 711,700,000 Citibank, N.A. 11/5/20 29,540 — EUR 9,945,643 RSD 1,171,000,000 JPMorgan Chase Bank, N.A. 11/6/20 — (14,475) USD 6,859,240 UAH 196,723,000 Bank of America, N.A. 11/6/20 — (30,905) CNH 15,897,731 USD 2,323,109 Citibank, N.A. 11/9/20 49,988 — CNH 15,897,731 USD 2,323,109 Citibank, N.A. 11/9/20 49,988 — CNH 13,980,822 USD 2,042,994 Citibank, N.A. 11/9/20 43,960 — RUB 240,726,000 USD 3,094,165 Standard Chartered Bank 11/9/20 — (66,054) RUB 240,726,000 USD 3,094,165 Standard Chartered Bank 11/9/20 — (66,054) USD 6,013,273 CNH 42,100,000 Citibank, N.A. 11/9/20 — (271,106) USD 9,632,980 CNH 67,435,000 Standard Chartered Bank 11/9/20 — (433,223) EGP 90,130,000 USD 5,511,695 Goldman Sachs International 11/10/20 214,270 — EGP 95,900,000 USD 5,407,387 Goldman Sachs International 11/12/20 680,664 — USD 3,359,342 RSD 332,070,980 Citibank, N.A. 11/17/20 70,495 — USD 2,883,514 CNH 19,410,000 Barclays Bank PLC 11/20/20 — (11,579) USD 19,742,869 IDR 289,498,690,734 Standard Chartered Bank 11/23/20 187,727 — USD 2,499,458 CRC 1,500,000,000 Citibank, N.A. 11/24/20 34,779 — EUR 490,781 USD 575,681 BNP Paribas 11/30/20 — (3,753) EUR 3,668,469 USD 4,281,672 BNP Paribas 11/30/20 — (6,647) EUR 576,637,306 USD 676,389,447 BNP Paribas 11/30/20 — (4,409,151) USD 237,594,681 EUR 202,554,840 BNP Paribas 11/30/20 1,548,798 — USD 111,098,768 EUR 94,714,213 BNP Paribas 11/30/20 724,215 — USD 69,777,404 EUR 59,486,816 BNP Paribas 11/30/20 454,855 — USD 50,887,474 EUR 43,382,723 BNP Paribas 11/30/20 331,718 — USD 47,771,166 EUR 40,726,000 BNP Paribas 11/30/20 311,404 — USD 32,093,774 EUR 27,360,668 BNP Paribas 11/30/20 209,208 — USD 30,056,679 EUR 25,623,999 BNP Paribas 11/30/20 195,929 — USD 18,361,918 EUR 15,653,950 BNP Paribas 11/30/20 119,695 — USD 13,010,727 EUR 11,091,939 BNP Paribas 11/30/20 84,812 — USD 10,791,502 EUR 9,200,000 BNP Paribas 11/30/20 70,346 — USD 10,351,148 EUR 8,824,588 BNP Paribas 11/30/20 67,476 — USD 9,649,368 EUR 8,226,305 BNP Paribas 11/30/20 62,901 — USD 9,036,317 EUR 7,703,664 BNP Paribas 11/30/20 58,905 — USD 8,533,212 EUR 7,274,757 BNP Paribas 11/30/20 55,625 — USD 5,213,938 EUR 4,445,000 BNP Paribas 11/30/20 33,988 — USD 4,222,762 EUR 3,600,000 BNP Paribas 11/30/20 27,527 — USD 1,394,836 EUR 1,189,129 BNP Paribas 11/30/20 9,092 — USD 1,307,465 EUR 1,114,643 BNP Paribas 11/30/20 8,523 — USD 349,594 EUR 298,037 BNP Paribas 11/30/20 2,279 — USD 63,995 EUR 54,557 BNP Paribas 11/30/20 417 — USD 3,573,006 UAH 102,899,000 Goldman Sachs International 11/30/20 — (2,740)

33 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts (continued)

Settlement Unrealized Unrealized Currency Purchased Currency Sold Counterparty Date Appreciation (Depreciation) USD 3,572,951 UAH 102,901,000 Goldman Sachs International 11/30/20 $ — $ (2,864) Australia and New Zealand Banking KRW 17,068,390,000 USD 14,382,920 Group Limited 12/1/20 626,124 — Australia and New Zealand Banking KRW 9,264,416,000 USD 7,972,366 Group Limited 12/1/20 174,275 — MYR 8,429,469 USD 2,022,911 Goldman Sachs International 12/2/20 — (1,413) MYR 8,429,469 USD 2,022,911 Goldman Sachs International 12/2/20 — (1,413) MYR 4,467,618 USD 1,073,482 Goldman Sachs International 12/2/20 — (2,089) MYR 4,467,618 USD 1,073,482 Goldman Sachs International 12/2/20 — (2,089) USD 5,364,645 UAH 154,770,000 Goldman Sachs International 12/8/20 35 — CNH 11,923,298 USD 1,739,561 Citibank, N.A. 12/9/20 36,396 — CNH 11,923,298 USD 1,739,561 Citibank, N.A. 12/9/20 36,396 — CNH 10,485,616 USD 1,529,809 Citibank, N.A. 12/9/20 32,008 — Australia and New Zealand Banking KRW 6,159,176,412 USD 5,217,945 Group Limited 12/10/20 198,660 — USD 1,320,058 ZAR 21,380,000 Standard Chartered Bank 12/14/20 12,582 — USD 8,367,032 UAH 244,150,000 BNP Paribas 1/5/21 — (22,858) CNH 15,897,731 USD 2,313,710 Bank of America, N.A. 1/11/21 48,464 — CNH 15,897,731 USD 2,313,710 Bank of America, N.A. 1/11/21 48,464 — CNH 13,980,822 USD 2,034,728 Bank of America, N.A. 1/11/21 42,621 — CNH 15,897,731 USD 2,313,609 UBS AG 1/11/21 48,565 — CNH 15,897,731 USD 2,313,609 UBS AG 1/11/21 48,565 — CNH 13,980,822 USD 2,034,639 UBS AG 1/11/21 42,709 — USD 2,267,586 UAH 65,760,000 BNP Paribas 1/11/21 12,017 — TRY 19,888,000 USD 2,441,313 Standard Chartered Bank 1/13/21 — (150,991) TRY 52,200,000 USD 6,384,201 Standard Chartered Bank 1/13/21 — (372,796) TRY 65,220,000 USD 7,981,399 Standard Chartered Bank 1/13/21 — (470,598) TRY 65,190,000 USD 7,981,210 Standard Chartered Bank 1/13/21 — (473,864) USD 916,125 CRC 556,500,000 Citibank, N.A. 1/13/21 3,852 — USD 1,170,734 TRY 9,400,000 Citibank, N.A. 1/13/21 88,221 — USD 7,969,871 TRY 67,983,000 Standard Chartered Bank 1/13/21 140,881 — USD 7,969,822 TRY 68,401,000 Standard Chartered Bank 1/13/21 92,695 — USD 6,583,169 TRY 56,714,000 Standard Chartered Bank 1/13/21 51,928 — USD 2,734,687 UAH 79,470,000 Bank of America, N.A. 1/13/21 10,546 — USD 927,166 CRC 563,300,000 Citibank, N.A. 1/20/21 4,258 — CNH 6,347,510 USD 941,767 Goldman Sachs International 1/21/21 687 — CNH 6,347,510 USD 941,767 Goldman Sachs International 1/21/21 687 — USD 4,661,401 CNH 31,417,857 Goldman Sachs International 1/21/21 — (3,398) USD 1,855,356 CRC 1,127,500,000 Citibank, N.A. 1/21/21 8,212 — EUR 14,742,739 RSD 1,737,726,598 HSBC Bank USA, N.A. 1/26/21 128 — THB 990,390,000 USD 31,607,519 Standard Chartered Bank 1/26/21 158,591 — USD 9,983,148 IDR 148,100,000,000 Deutsche Bank AG 1/26/21 52,973 — USD 6,283,523 IDR 93,197,208,210 Standard Chartered Bank 1/26/21 34,606 — USD 79,845,008 THB 2,501,863,495 Standard Chartered Bank 1/26/21 — (400,622) USD 1,530,088 CRC 934,700,000 Citibank, N.A. 1/28/21 — (351) USD 5,359,461 UAH 157,193,000 Bank of America, N.A. 1/29/21 — (2,468) USD 5,359,456 UAH 157,568,000 Bank of America, N.A. 1/29/21 — (15,265)

34 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts (continued)

Settlement Unrealized Unrealized Currency Purchased Currency Sold Counterparty Date Appreciation (Depreciation) Morgan Stanley & Co. MYR 13,670,913 USD 3,275,255 International PLC 2/2/21 $ — $ (1,136) Morgan Stanley & Co. MYR 13,670,913 USD 3,275,255 International PLC 2/2/21 — (1,136) OMR 2,165,000 USD 5,469,934 BNP Paribas 2/16/21 139,169 — USD 5,479,625 OMR 2,165,000 BNP Paribas 2/16/21 — (129,478) TRY 15,546,000 USD 2,079,778 Citibank, N.A. 2/26/21 — (328,171) TRY 9,413,645 USD 1,259,334 Standard Chartered Bank 2/26/21 — (198,675) TRY 64,285,000 USD 8,590,484 Standard Chartered Bank 2/26/21 — (1,347,333) TRY 107,066,000 USD 14,317,465 Standard Chartered Bank 2/26/21 — (2,254,071) TRY 107,052,000 USD 14,317,507 Standard Chartered Bank 2/26/21 — (2,255,690) USD 224,620 TRY 1,700,000 Citibank, N.A. 2/26/21 33,077 — USD 11,506,751 TRY 80,289,000 Standard Chartered Bank 2/26/21 2,460,389 — USD 9,205,351 TRY 64,075,000 Standard Chartered Bank 2/26/21 1,985,860 — USD 9,205,539 TRY 64,092,000 Standard Chartered Bank 2/26/21 1,984,133 — USD 5,753,439 TRY 40,237,000 Standard Chartered Bank 2/26/21 1,219,836 — USD 4,070,803 TRY 30,870,000 Standard Chartered Bank 2/26/21 592,603 — USD 1,989,529 TRY 14,440,000 Standard Chartered Bank 2/26/21 362,538 — USD 943,948 TRY 7,505,645 Standard Chartered Bank 2/26/21 98,269 — USD 22,086 TRY 154,000 Standard Chartered Bank 2/26/21 4,735 — EGP 136,520,000 USD 7,726,089 Goldman Sachs International 3/8/21 638,304 — EGP 75,050,000 USD 4,237,719 Goldman Sachs International 3/8/21 360,492 — EGP 489,295,000 USD 26,999,674 HSBC Bank USA, N.A. 3/8/21 2,978,760 — EGP 147,335,000 USD 8,309,927 HSBC Bank USA, N.A. 3/8/21 717,087 — USD 10,316,284 EGP 179,916,000 Goldman Sachs International 3/8/21 — (706,922) USD 21,908,945 EGP 382,092,000 Goldman Sachs International 3/8/21 — (1,501,308) USD 21,908,945 EGP 382,092,000 Goldman Sachs International 3/8/21 — (1,501,308) OMR 2,000,000 USD 5,037,783 Standard Chartered Bank 3/10/21 139,758 — USD 46,099,201 OMR 18,170,000 Standard Chartered Bank 3/10/21 — (938,765) USD 8,023,144 BHD 3,039,167 Standard Chartered Bank 3/11/21 — (25,291) USD 6,685,631 SAR 25,265,000 Standard Chartered Bank 3/11/21 — (46,988) USD 10,723,443 BHD 4,061,000 Standard Chartered Bank 3/16/21 — (30,457) USD 23,189,500 OMR 9,138,750 Standard Chartered Bank 3/29/21 — (452,559) USD 23,457,728 AED 86,430,000 BNP Paribas 4/5/21 — (69,566) Credit Agricole Corporate and USD 100,000,000 AED 368,410,000 Investment Bank 4/5/21 — (285,670) USD 6,889,064 AED 25,380,000 BNP Paribas 4/8/21 — (19,661) USD 13,779,125 AED 50,749,895 BNP Paribas 4/8/21 — (35,574) USD 61,323,814 AED 225,892,400 Standard Chartered Bank 4/8/21 — (166,668) USD 77,166,210 AED 284,180,000 Standard Chartered Bank 4/8/21 — (190,820) USD 9,084,659 OMR 3,568,000 BNP Paribas 4/8/21 — (142,501) USD 7,091,855 OMR 2,781,000 Standard Chartered Bank 4/26/21 — (95,431) TRY 7,505,645 USD 909,006 Standard Chartered Bank 5/17/21 — (96,179) TRY 13,105,000 USD 1,594,635 Standard Chartered Bank 5/17/21 — (175,423) TRY 39,693,269 USD 4,820,108 Standard Chartered Bank 5/17/21 — (521,506) TRY 39,707,000 USD 4,826,170 Standard Chartered Bank 5/17/21 — (526,081)

35 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts (continued)

Settlement Unrealized Unrealized Currency Purchased Currency Sold Counterparty Date Appreciation (Depreciation) TRY 39,669,000 USD 4,825,951 Standard Chartered Bank 5/17/21 $ — $ (529,977) TRY 39,670,000 USD 4,826,073 Standard Chartered Bank 5/17/21 — (529,990) TRY 39,640,000 USD 4,825,358 Standard Chartered Bank 5/17/21 — (532,525) TRY 39,611,000 USD 4,826,234 Standard Chartered Bank 5/17/21 — (536,541) TRY 39,280,000 USD 4,825,591 Standard Chartered Bank 5/17/21 — (571,744) TRY 79,190,000 USD 9,651,509 Standard Chartered Bank 5/17/21 — (1,075,589) USD 15,804,790 TRY 126,707,000 Standard Chartered Bank 5/17/21 2,082,993 — USD 6,292,606 TRY 48,329,354 Standard Chartered Bank 5/17/21 1,058,755 — USD 7,902,339 TRY 63,843,000 Standard Chartered Bank 5/17/21 988,430 — USD 4,741,461 TRY 37,440,000 Standard Chartered Bank 5/17/21 686,878 — USD 3,160,948 TRY 24,687,000 Standard Chartered Bank 5/17/21 487,457 — USD 3,160,870 TRY 24,718,000 Standard Chartered Bank 5/17/21 484,022 — USD 3,160,994 TRY 24,798,000 Standard Chartered Bank 5/17/21 475,483 — USD 3,160,916 TRY 25,055,000 Standard Chartered Bank 5/17/21 447,572 — USD 193,088 TRY 1,493,560 Standard Chartered Bank 5/17/21 31,343 — USD 3,218,128 GHS 21,658,000 ICBC Standard Bank plc 5/24/21 — (185,714) USD 1,380,699 GHS 9,254,000 Standard Chartered Bank 5/24/21 — (73,689) USD 17,461,490 OMR 6,858,000 Standard Chartered Bank 5/27/21 — (240,528) USD 684,132 GHS 4,570,000 JPMorgan Chase Bank, N.A. 5/28/21 — (32,772) USD 577,528 GHS 3,855,000 JPMorgan Chase Bank, N.A. 6/2/21 — (25,813) USD 1,878,190 GHS 12,659,000 Standard Chartered Bank 6/4/21 — (101,221) USD 1,863,080 GHS 12,641,000 JPMorgan Chase Bank, N.A. 6/7/21 — (110,778) USD 1,165,714 GHS 7,752,000 ICBC Standard Bank plc 6/14/21 — (40,840) USD 677,596 GHS 4,567,000 Standard Chartered Bank 6/16/21 — (32,577) USD 676,492 GHS 4,567,000 Standard Chartered Bank 6/18/21 — (33,029) USD 932,346 GHS 6,298,000 ICBC Standard Bank plc 6/21/21 — (44,753) USD 862,351 GHS 5,795,000 JPMorgan Chase Bank, N.A. 6/23/21 — (35,887) USD 1,193,573 GHS 7,985,000 JPMorgan Chase Bank, N.A. 7/1/21 — (39,598) USD 9,440,346 OMR 3,711,000 BNP Paribas 7/6/21 — (122,790) USD 9,949,641 OMR 3,912,000 Standard Chartered Bank 7/6/21 — (131,466) USD 1,183,759 GHS 7,872,000 JPMorgan Chase Bank, N.A. 7/12/21 — (25,884) USD 8,422,392 OMR 3,310,000 BNP Paribas 7/19/21 — (102,816) USD 35,093,372 OMR 13,793,450 Standard Chartered Bank 8/9/21 — (399,981) KES 400,890,000 USD 3,386,753 Standard Chartered Bank 10/12/21 22,788 — KES 267,260,000 USD 2,257,836 Standard Chartered Bank 10/12/21 15,192 — GEL 4,403,600 USD 1,271,247 Goldman Sachs International 10/21/21 — (5,845) USD 1,085,187 AED 4,000,000 Standard Chartered Bank 1/31/22 — (2,512) USD 78,294,208 AED 288,627,683 Standard Chartered Bank 2/10/22 — (186,053) USD 6,701,464 BHD 2,555,000 Bank of America, N.A. 3/14/22 — (32,811) USD 13,371,339 SAR 50,898,000 Standard Chartered Bank 3/14/22 — (163,133) USD 32,193,679 SAR 122,510,000 Standard Chartered Bank 3/14/22 — (383,398) Credit Agricole Corporate USD 3,538,199 BHD 1,350,000 and Investment Bank 3/16/22 — (19,916) USD 3,038,592 BHD 1,171,833 Standard Chartered Bank 3/16/22 — (49,939) USD 13,404,845 BHD 5,116,000 Standard Chartered Bank 3/16/22 — (79,094) USD 6,701,258 BHD 2,583,000 Standard Chartered Bank 3/16/22 — (106,602)

36 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts (continued)

Settlement Unrealized Unrealized Currency Purchased Currency Sold Counterparty Date Appreciation (Depreciation) USD 14,866,113 SAR 56,350,000 BNP Paribas 3/24/22 $ — $ (116,897) USD 22,298,945 SAR 84,513,000 HSBC Bank USA, N.A. 3/24/22 — (172,380) USD 26,680,048 SAR 101,024,000 Standard Chartered Bank 3/28/22 — (180,542)

$28,412,805 $(28,480,112)

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

Commodity Futures WTI Crude Oil (111) Short 11/19/20 $ (3,972,690) $ 557,045

Equity Futures E-mini S&P 500 Index 52 Long 12/18/20 8,488,220 (339,040) TOPIX Index 102 Long 12/10/20 15,409,106 (357,244) MSCI Emerging Markets Index (145) Short 12/18/20 (7,988,775) 102,950

Interest Rate Futures Euro-Bobl (131) Short 12/8/20 (20,729,572) (100,696) Euro-Bund (75) Short 12/8/20 (15,386,483) (110,397) Euro-Buxl (84) Short 12/8/20 (22,379,730) (797,180) U.S. 2-Year Treasury Note (151) Short 12/31/20 (33,347,406) 15,336 U.S. 5-Year Treasury Note (508) Short 12/31/20 (63,805,594) 168,148 U.S. 10-Year Treasury Note (234) Short 12/21/20 (32,343,188) 240,000 U.S. Long Treasury Bond (139) Short 12/21/20 (23,973,156) 556,097 U.S. Ultra 10-Year Treasury Note (21) Short 12/21/20 (3,302,906) 45,844 U.S. Ultra-Long Treasury Bond (93) Short 12/21/20 (19,995,000) 337,134

$ 317,997

Centrally Cleared Inflation Swaps

1.57% Eurostat Eurozone HICP ex Tobacco NSA (pays upon EUR 13,634 Receives (pays upon termination) Pays termination) 8/15/32 $(1,821,540) 1.59% Eurostat Eurozone HICP ex Tobacco NSA (pays upon EUR 13,669 Receives (pays upon termination) Pays termination) 8/15/32 (1,875,271) 1.60% Eurostat Eurozone HICP ex Tobacco NSA (pays upon EUR 13,346 Receives (pays upon termination) Pays termination) 8/15/32 (1,878,988)

37 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Inflation Swaps (continued)

Portfolio Notional Pays/Receives Portfolio Value/Unrealized Amount Return on Pays/Receives Annual Termination Appreciation (000’s omitted) Reference Index Reference Index Rate Rate Date (Depreciation) 1.64% Eurostat Eurozone HICP ex Tobacco NSA (pays upon EUR 13,427 Receives (pays upon termination) Pays termination) 10/15/32 $(1,977,412) 1.77% Eurostat Eurozone HICP ex Tobacco NSA (pays upon EUR 13,634 Pays (pays upon termination) Receives termination) 8/15/42 3,421,895 1.78% Eurostat Eurozone HICP ex Tobacco NSA (pays upon EUR 13,669 Pays (pays upon termination) Receives termination) 8/15/42 3,449,491 1.79% Eurostat Eurozone HICP ex Tobacco NSA (pays upon EUR 13,346 Pays (pays upon termination) Receives termination) 8/15/42 3,475,378 1.85% Eurostat Eurozone HICP ex Tobacco NSA (pays upon EUR 13,427 Pays (pays upon termination) Receives termination) 10/15/42 3,797,864 1.90% Eurostat Eurozone HICP ex Tobacco NSA (pays upon EUR 1,231 Pays (pays upon termination) Receives termination) 8/4/47 448,595 2.16% Return on CPI-U (NSA) (pays upon USD 3,927 Receives (pays upon termination) Pays termination) 8/4/47 (182,882) 2.13% Return on CPI-U (NSA) (pays upon USD 6,107 Receives (pays upon termination) Pays termination) 8/22/47 (210,554) 2.15% Return on CPI-U (NSA) (pays upon USD 6,072 Receives (pays upon termination) Pays termination) 8/25/47 (242,987) 2.15% Return on CPI-U (NSA) (pays upon USD 6,054 Receives (pays upon termination) Pays termination) 9/1/47 (248,524) 2.22% Return on CPI-U (NSA) (pays upon USD 5,275 Receives (pays upon termination) Pays termination) 10/5/47 (362,010)

$ 5,793,055

CPI-U (NSA) – Consumer Price Index All Urban Non-Seasonally Adjusted HICP – Harmonised Indices of Consumer Prices

38 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps

Brazil CETIP Interbank 2.77% Deposit Rate (pays upon BRL 164,060 Pays (pays upon termination) termination) 1/3/22 $ (169,204) $ — $ (169,204) Brazil CETIP Interbank 3.42% Deposit Rate (pays upon BRL 243,243 Receives (pays upon termination) termination) 1/3/22 (35,323) — (35,323) Brazil CETIP Interbank 3.08% Deposit Rate (pays upon BRL 818,909 Pays (pays upon termination) termination) 1/3/22 (414,899) — (414,899) Brazil CETIP Interbank 2.92% Deposit Rate (pays upon BRL 1,189,580 Pays (pays upon termination) termination) 1/3/22 (636,472) — (636,472) Brazil CETIP Interbank 3.44% Deposit Rate (pays upon BRL 1,928,281 Receives (pays upon termination) termination) 1/3/22 (375,151) — (375,151) 3-month Canadian Bankers 1.80% Acceptances (pays CAD 41,210 Receives (pays quarterly) semi-annually) 6/11/24 (1,565,427) — (1,565,427) 3-month Canadian Bankers 1.70% Acceptances (pays CAD 20,350 Receives (pays quarterly) semi-annually) 2/19/25 (711,080) — (711,080) 3-month Canadian Bankers 1.71% Acceptances (pays CAD 23,340 Receives (pays quarterly) semi-annually) 2/19/25 (820,471) — (820,471) 3-month Canadian Bankers 0.88% Acceptances (pays CAD 58,220 Receives (pays quarterly) semi-annually) 6/5/25 (378,635) — (378,635) 3-month Canadian Bankers 1.03% Acceptances (pays CAD 8,660 Receives (pays quarterly) semi-annually) 8/19/30 56,536 (92) 56,444 3-month Canadian Bankers 1.04% Acceptances (pays CAD 13,202 Receives (pays quarterly) semi-annually) 8/19/30 81,286 (141) 81,145 6-month Sinacofi Chile 1.53% Interbank Rate (pays CLP 13,031,890 Receives (pays semi-annually) semi-annually) 5/11/25 (340,252) — (340,252) 6-month Sinacofi Chile 1.48% Interbank Rate (pays CLP 6,418,690 Receives (pays semi-annually) semi-annually) 5/13/25 (145,762) — (145,762) 6-month Sinacofi Chile 1.41% Interbank Rate (pays CLP 6,418,690 Receives (pays semi-annually) semi-annually) 5/14/25 (118,138) — (118,138) 6-month Sinacofi Chile 1.35% Interbank Rate (pays CLP 12,837,390 Receives (pays semi-annually) semi-annually) 5/15/25 (212,134) — (212,134) 6-month Sinacofi Chile 1.24% Interbank Rate (pays CLP 18,672,560 Receives (pays semi-annually) semi-annually) 5/19/25 (156,644) — (156,644) 7-day China Fixing Repo Rates 2.34% CNY 563,000 Pays (pays quarterly) (pays quarterly) 7/27/22 (112,614) — (112,614)

39 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

Notional Portfolio Unamortized Unrealized Amount Pays/Receives Annual Termination Upfront Receipts Appreciation (000’s omitted) Floating Rate Floating Rate Fixed Rate Date Value (Payments) (Depreciation) 7-day China Fixing Repo Rates 2.34% CNY 581,750 Pays (pays quarterly) (pays quarterly) 7/27/22 $(116,365) $ — $(116,365) Colombia Overnight Interbank Reference Rate 3.84% COP 62,519,600 Receives (pays quarterly) (pays quarterly) 5/5/25 (641,499) — (641,499) Colombia Overnight Interbank Reference Rate 3.85% COP 10,940,900 Receives (pays quarterly) (pays quarterly) 5/6/25 (133,645) — (133,645) Colombia Overnight Interbank Reference Rate 3.70% COP 72,092,900 Receives (pays quarterly) (pays quarterly) 5/7/25 (737,785) — (737,785) Colombia Overnight Interbank Reference Rate 3.49% COP 7,936,800 Receives (pays quarterly) (pays quarterly) 5/13/25 (48,026) — (48,026) Colombia Overnight Interbank Reference Rate 3.54% COP 7,936,810 Receives (pays quarterly) (pays quarterly) 5/14/25 (52,553) — (52,553) Colombia Overnight Interbank Reference Rate 3.19% COP 29,306,100 Pays (pays quarterly) (pays quarterly) 6/4/25 63,458 — 63,458 Colombia Overnight Interbank Reference Rate 3.26% COP 44,982,400 Pays (pays quarterly) (pays quarterly) 6/5/25 130,018 — 130,018 Colombia Overnight Interbank Reference Rate 3.34% COP 59,477,600 Pays (pays quarterly) (pays quarterly) 6/8/25 225,383 — 225,383 Colombia Overnight Interbank Reference Rate 3.44% COP 29,163,200 Pays (pays quarterly) (pays quarterly) 6/9/25 144,856 — 144,856 6-month EURIBOR 1.00% EUR 7,400 Receives (pays semi-annually) (pays annually) 3/21/23 (375,223) 129,481 (245,742) 6-month EURIBOR (0.45)% EUR 2,500 Receives (pays semi-annually) (pays annually) 8/26/24 (7,709) (3) (7,712) 6-month EURIBOR (0.46)% EUR 2,500 Receives (pays semi-annually) (pays annually) 9/12/24 (6,907) — (6,907) 6-month EURIBOR 0.11% EUR 3,813 Receives (pays semi-annually) (pays annually) 7/23/29 (182,401) 37,926 (144,475) 6-month EURIBOR 0.11% EUR 6,627 Receives (pays semi-annually) (pays annually) 7/23/29 (314,519) 23,965 (290,554) 6-month EURIBOR (0.08)% EUR 7,000 Receives (pays semi-annually) (pays annually) 8/6/29 (191,740) (7) (191,747) 6-month EURIBOR (0.16)% EUR 4,728 Receives (pays semi-annually) (pays annually) 9/12/29 (85,738) 2 (85,736) 6-month EURIBOR 0.37% EUR 1,847 Receives (pays semi-annually) (pays annually) 2/12/50 (280,798) — (280,798) 6-month EURIBOR 0.39% EUR 1,821 Receives (pays semi-annually) (pays annually) 2/13/50 (285,032) — (285,032) 6-month EURIBOR 0.37% EUR 3,316 Receives (pays semi-annually) (pays annually) 2/17/50 (501,838) (1) (501,839) 6-month EURIBOR 0.35% EUR 2,876 Receives (pays semi-annually) (pays annually) 2/18/50 (418,786) (1) (418,787)

40 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

Notional Portfolio Unamortized Unrealized Amount Pays/Receives Annual Termination Upfront Receipts Appreciation (000’s omitted) Floating Rate Floating Rate Fixed Rate Date Value (Payments) (Depreciation) 6-month EURIBOR 0.26% EUR 16,000 Receives (pays semi-annually) (pays annually) 2/25/50 $(1,796,809) $ 4 $(1,796,805) 6-month EURIBOR 0.21% EUR 2,510 Receives (pays semi-annually) (pays annually) 2/26/50 (235,609) — (235,609) 6-month EURIBOR 0.12% EUR 7,009 Receives (pays semi-annually) (pays annually) 6/8/50 (445,249) (6) (445,255) 1.49% 6-month GBP LIBOR (pays GBP 23,102 Receives (pays semi-annually) semi-annually) 2/28/29 (2,817,091) — (2,817,091) 1.49% 6-month GBP LIBOR (pays GBP 26,040 Receives (pays semi-annually) semi-annually) 2/28/29 (3,176,775) — (3,176,775) 3-month KRW Certificate of 0.92% Deposit Rate (pays KRW 17,462,170 Receives (pays quarterly) quarterly) 7/27/30 282,885 — 282,885 3-month KRW Certificate of 0.92% Deposit Rate (pays KRW 23,283,000 Receives (pays quarterly) quarterly) 7/27/30 372,174 — 372,174 Mexico Interbank TIIE 28 Day 4.42% MXN 699,100 Pays (pays monthly) (pays monthly) 9/1/21 (9,217) — (9,217) Mexico Interbank TIIE 28 Day 4.42% MXN 785,600 Pays (pays monthly) (pays monthly) 9/1/21 (10,358) — (10,358) Mexico Interbank TIIE 28 Day 4.43% MXN 2,111,800 Pays (pays monthly) (pays monthly) 9/1/21 (19,443) — (19,443) Mexico Interbank TIIE 28 Day 4.42% MXN 360,100 Pays (pays monthly) (pays monthly) 9/2/21 (4,659) — (4,659) Mexico Interbank TIIE 28 Day 4.50% MXN 389,616 Pays (pays monthly) (pays monthly) 8/31/22 (15,163) — (15,163) Mexico Interbank TIIE 28 Day 4.49% MXN 1,554,016 Pays (pays monthly) (pays monthly) 8/31/22 (64,514) — (64,514) 3.13% 3-month NZD Bank Bill (pays NZD 16,900 Receives (pays quarterly) semi-annually) 1/9/28 (2,374,940) — (2,374,940) 3.13% 3-month NZD Bank Bill (pays NZD 39,000 Receives (pays quarterly) semi-annually) 1/9/28 (5,485,449) — (5,485,449) 6-month Singapore Swap 2.44% Offered Rate (pays SGD 19,000 Pays (pays semi-annually) semi-annually) 10/23/23 897,297 — 897,297 6-month Singapore Swap 1.55% Offered Rate (pays SGD 9,469 Pays (pays semi-annually) semi-annually) 8/14/24 326,000 — 326,000 6-month Singapore Swap 1.56% Offered Rate (pays SGD 10,653 Pays (pays semi-annually) semi-annually) 8/14/24 371,424 — 371,424 6-month Singapore Swap 1.55% Offered Rate (pays SGD 10,889 Pays (pays semi-annually) semi-annually) 8/14/24 374,094 — 374,094

41 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

Notional Portfolio Unamortized Unrealized Amount Pays/Receives Annual Termination Upfront Receipts Appreciation (000’s omitted) Floating Rate Floating Rate Fixed Rate Date Value (Payments) (Depreciation) 6-month Singapore Swap Offered 1.08% Rate (pays SGD 14,570 Pays (pays semi-annually) semi-annually) 3/31/25 $ 313,632 $— $ 313,632 6-month Singapore Swap Offered 1.06% Rate (pays SGD 24,900 Pays (pays semi-annually) semi-annually) 3/31/25 519,684 — 519,684 6-month Singapore Swap Offered 1.07% Rate (pays SGD 72,840 Pays (pays semi-annually) semi-annually) 3/31/25 1,551,245 — 1,551,245 6-month Singapore Swap Offered 0.52% Rate (pays SGD 46,100 Pays (pays semi-annually) semi-annually) 8/21/25 98,996 — 98,996 0.52% 3-month USD-LIBOR (pays USD 3,700 Receives (pays quarterly) semi-annually) 3/19/23 (24,088) — (24,088) 0.46% 3-month USD-LIBOR (pays USD 665 Receives (pays quarterly) semi-annually) 4/1/23 (3,430) — (3,430) 0.47% 3-month USD-LIBOR (pays USD 2,300 Receives (pays quarterly) semi-annually) 4/3/23 (11,895) — (11,895) 2.22% 3-month USD-LIBOR (pays USD 1,688 Receives (pays quarterly) semi-annually) 3/28/24 (112,276) — (112,276) 2.37% 3-month USD-LIBOR (pays USD 5,290 Receives (pays quarterly) semi-annually) 4/3/24 (379,844) — (379,844) 1.75% 3-month USD-LIBOR (pays USD 186 Receives (pays quarterly) semi-annually) 7/5/24 (10,671) — (10,671) 1.84% 3-month USD-LIBOR (pays USD 885 Receives (pays quarterly) semi-annually) 7/11/24 (53,923) — (53,923) 1.80% 3-month USD-LIBOR (pays USD 350 Receives (pays quarterly) semi-annually) 7/22/24 (20,821) — (20,821) 1.40% 3-month USD-LIBOR (pays USD 750 Receives (pays quarterly) semi-annually) 8/23/24 (31,922) — (31,922) 1.64% 3-month USD-LIBOR (pays USD 1,500 Receives (pays quarterly) semi-annually) 11/7/24 (88,117) — (88,117) 1.55% 3-month USD-LIBOR (pays USD 836 Receives (pays quarterly) semi-annually) 11/27/24 (45,588) — (45,588) 1.59% 3-month USD-LIBOR (pays USD 3,880 Receives (pays quarterly) semi-annually) 1/23/25 (215,844) — (215,844)

42 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

Notional Portfolio Unamortized Unrealized Amount Pays/Receives Annual Termination Upfront Receipts Appreciation (000’s omitted) Floating Rate Floating Rate Fixed Rate Date Value (Payments) (Depreciation) 1.60% 3-month USD-LIBOR (pays USD 4,760 Receives (pays quarterly) semi-annually) 1/23/25 $(266,765) $— $(266,765) 1.49% 3-month USD-LIBOR (pays USD 775 Receives (pays quarterly) semi-annually) 1/28/25 (39,495) — (39,495) 1.46% 3-month USD-LIBOR (pays USD 2,344 Receives (pays quarterly) semi-annually) 1/30/25 (116,695) — (116,695) 1.41% 3-month USD-LIBOR (pays USD 4,650 Receives (pays quarterly) semi-annually) 2/3/25 (217,459) — (217,459) 1.44% 3-month USD-LIBOR (pays USD 780 Receives (pays quarterly) semi-annually) 2/18/25 (37,119) — (37,119) 1.16% 3-month USD-LIBOR (pays USD 1,500 Receives (pays quarterly) semi-annually) 2/28/25 (52,832) — (52,832) 0.83% 3-month USD-LIBOR (pays USD 740 Receives (pays quarterly) semi-annually) 3/5/25 (14,877) — (14,877) 0.71% 3-month USD-LIBOR (pays USD 14,720 Pays (pays quarterly) semi-annually) 3/20/25 214,341 — 214,341 0.58% 3-month USD-LIBOR (pays USD 3,000 Receives (pays quarterly) semi-annually) 4/15/25 (24,668) — (24,668) 0.43% 3-month USD-LIBOR (pays USD 1,940 Receives (pays quarterly) semi-annually) 4/30/25 (2,421) — (2,421) 0.33% 3-month USD-LIBOR (pays USD 5,975 Receives (pays quarterly) semi-annually) 5/12/25 12,791 — 12,791 0.33% 3-month USD-LIBOR (pays USD 600 Receives (pays quarterly) semi-annually) 5/18/25 1,356 — 1,356 0.43% 3-month USD-LIBOR (pays USD 1,990 Receives (pays quarterly) semi-annually) 6/12/25 (3,969) — (3,969) 0.39% 3-month USD-LIBOR (pays USD 7,257 Receives (pays quarterly) semi-annually) 6/19/25 (526) — (526) 0.32% 3-month USD-LIBOR (pays USD 2,580 Receives (pays quarterly) semi-annually) 7/14/25 9,942 — 9,942 0.33% 3-month USD-LIBOR (pays USD 760 Receives (pays quarterly) semi-annually) 7/15/25 2,560 — 2,560

43 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

Notional Portfolio Unamortized Unrealized Amount Pays/Receives Annual Termination Upfront Receipts Appreciation (000’s omitted) Floating Rate Floating Rate Fixed Rate Date Value (Payments) (Depreciation) 1.74% 3-month USD-LIBOR (pays USD 33,064 Receives (pays quarterly) semi-annually) 12/16/26 $(2,589,008) $— $(2,589,008) 0.84% 3-month USD-LIBOR (pays USD 32,860 Pays (pays quarterly) semi-annually) 3/20/27 558,662 — 558,662 0.76% 3-month USD-LIBOR (pays USD 3,277 Receives (pays quarterly) semi-annually) 3/27/30 24,529 — 24,529 0.76% 3-month USD-LIBOR (pays USD 2,373 Receives (pays quarterly) semi-annually) 3/30/30 18,992 — 18,992 0.80% 3-month USD-LIBOR (pays USD 1,886 Receives (pays quarterly) semi-annually) 4/15/30 8,592 — 8,592 0.60% 3-month USD-LIBOR (pays USD 5,602 Receives (pays quarterly) semi-annually) 5/12/30 119,706 — 119,706 0.67% 3-month USD-LIBOR (pays USD 2,316 Receives (pays quarterly) semi-annually) 5/26/30 36,315 — 36,315 0.67% 3-month USD-LIBOR (pays USD 1,330 Receives (pays quarterly) semi-annually) 5/29/30 20,998 — 20,998 0.69% 3-month USD-LIBOR (pays USD 1,516 Receives (pays quarterly) semi-annually) 6/1/30 20,001 — 20,001 0.66% 3-month USD-LIBOR (pays USD 1,007 Receives (pays quarterly) semi-annually) 6/2/30 16,845 — 16,845 0.76% 3-month USD-LIBOR (pays USD 14,560 Receives (pays quarterly) semi-annually) 6/5/30 108,212 — 108,212 0.80% 3-month USD-LIBOR (pays USD 4,475 Receives (pays quarterly) semi-annually) 6/11/30 16,338 — 16,338 0.77% 3-month USD-LIBOR (pays USD 597 Receives (pays quarterly) semi-annually) 6/12/30 3,459 — 3,459 0.69% 3-month USD-LIBOR (pays USD 3,281 Receives (pays quarterly) semi-annually) 6/16/30 45,610 — 45,610 0.74% 3-month USD-LIBOR (pays USD 1,411 Receives (pays quarterly) semi-annually) 6/18/30 13,330 — 13,330 0.72% 3-month USD-LIBOR (pays USD 4,394 Receives (pays quarterly) semi-annually) 6/19/30 50,655 — 50,655 0.72% 3-month USD-LIBOR (pays USD 10,808 Receives (pays quarterly) semi-annually) 6/19/30 117,704 — 117,704

44 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

Notional Portfolio Unamortized Unrealized Amount Pays/Receives Annual Termination Upfront Receipts Appreciation (000’s omitted) Floating Rate Floating Rate Fixed Rate Date Value (Payments) (Depreciation) 0.68% 3-month USD-LIBOR (pays USD 1,350 Receives (pays quarterly) semi-annually) 6/23/30 $ 21,236 $ — $ 21,236 0.67% 3-month USD-LIBOR (pays USD 3,600 Receives (pays quarterly) semi-annually) 6/26/30 58,656 — 58,656 0.69% 3-month USD-LIBOR (pays USD 4,127 Receives (pays quarterly) semi-annually) 6/26/30 60,085 — 60,085 0.64% 3-month USD-LIBOR (pays USD 1,311 Receives (pays quarterly) semi-annually) 6/30/30 26,122 — 26,122 0.62% 3-month USD-LIBOR (pays USD 3,250 Receives (pays quarterly) semi-annually) 7/1/30 70,068 — 70,068 2.50% 3-month USD-LIBOR (pays USD 0(1) Receives (pays quarterly) semi-annually) 6/15/46 (40) 11 (29) 2.75% 3-month USD-LIBOR (pays USD 8,500 Receives (pays quarterly) semi-annually) 9/21/46 (2,843,628) 1,419,077 (1,424,551) 2.75% 3-month USD-LIBOR (pays USD 8,500 Pays (pays quarterly) semi-annually) 9/21/46 2,843,677 (1,566,748) 1,276,929 1.70% 3-month USD-LIBOR (pays USD 1,226 Receives (pays quarterly) semi-annually) 8/27/49 (123,263) — (123,263) 1.58% 3-month USD-LIBOR (pays USD 300 Receives (pays quarterly) semi-annually) 9/3/49 (20,819) — (20,819) 1.65% 3-month USD-LIBOR (pays USD 3,590 Receives (pays quarterly) semi-annually) 9/9/49 (311,368) — (311,368) 1.70% 3-month USD-LIBOR (pays USD 2,390 Receives (pays quarterly) semi-annually) 9/12/49 (236,156) — (236,156) 1.82% 3-month USD-LIBOR (pays USD 700 Receives (pays quarterly) semi-annually) 9/20/49 (91,586) — (91,586) 1.97% 3-month USD-LIBOR (pays USD 1,085 Receives (pays quarterly) semi-annually) 11/15/49 (189,168) — (189,168) 1.91% 3-month USD-LIBOR (pays USD 4,700 Receives (pays quarterly) semi-annually) 11/18/49 (743,289) — (743,289) 1.81% 3-month USD-LIBOR (pays USD 100 Receives (pays quarterly) semi-annually) 11/22/49 (13,387) — (13,387) 1.83% 3-month USD-LIBOR (pays USD 1,500 Receives (pays quarterly) semi-annually) 11/22/49 (207,788) — (207,788)

45 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

Notional Portfolio Unamortized Unrealized Amount Pays/Receives Annual Termination Upfront Receipts Appreciation (000’s omitted) Floating Rate Floating Rate Fixed Rate Date Value (Payments) (Depreciation) 1.84% 3-month USD-LIBOR (pays USD 100 Receives (pays quarterly) semi-annually) 11/25/49 $ (14,222) $ — $ (14,222) 1.85% 3-month USD-LIBOR (pays USD 450 Receives (pays quarterly) semi-annually) 11/25/49 (64,057) — (64,057) 1.85% 3-month USD-LIBOR (pays USD 3,150 Receives (pays quarterly) semi-annually) 11/25/49 (448,397) — (448,397) 1.84% 3-month USD-LIBOR (pays USD 100 Receives (pays quarterly) semi-annually) 11/26/49 (13,986) — (13,986) 1.81% 3-month USD-LIBOR (pays USD 568 Receives (pays quarterly) semi-annually) 12/6/49 (73,247) — (73,247) 1.82% 3-month USD-LIBOR (pays USD 4,060 Receives (pays quarterly) semi-annually) 12/6/49 (528,905) — (528,905) 1.94% 3-month USD-LIBOR (pays USD 770 Receives (pays quarterly) semi-annually) 12/11/49 (127,036) — (127,036) 1.93% 3-month USD-LIBOR (pays USD 770 Receives (pays quarterly) semi-annually) 12/12/49 (126,214) — (126,214) 1.90% 3-month USD-LIBOR (pays USD 1,063 Receives (pays quarterly) semi-annually) 1/8/50 (164,029) — (164,029) 1.94% 3-month USD-LIBOR (pays USD 466 Receives (pays quarterly) semi-annually) 1/9/50 (76,580) — (76,580) 0.62% 3-month USD-LIBOR (pays USD 2,805 Pays (pays quarterly) semi-annually) 3/11/50 (497,917) — (497,917) 0.58% 3-month USD-LIBOR (pays USD 2,805 Pays (pays quarterly) semi-annually) 3/11/50 (528,620) — (528,620) 0.97% 3-month USD-LIBOR (pays USD 4,680 Pays (pays quarterly) semi-annually) 3/20/50 (416,588) — (416,588) 0.83% 3-month USD-LIBOR (pays USD 3,430 Receives (pays quarterly) semi-annually) 4/29/50 427,527 — 427,527 0.93% 3-month USD-LIBOR (pays USD 1,320 Receives (pays quarterly) semi-annually) 6/15/50 128,585 — 128,585 0.97% 3-month USD-LIBOR (pays USD 800 Receives (pays quarterly) semi-annually) 6/16/50 68,708 — 68,708

Total $(28,318,019) $43,467 $(28,274,552)

(1) Notional amount is less than USD 500.

46 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Credit Default Swaps — Sell Protection

Unamortized Notional Current Upfront Unrealized Amount* Contract Annual Termination Market Annual Receipts Appreciation Reference Entity (000’s omitted) Fixed Rate** Date Fixed Rate*** Value (Payments) (Depreciation) 1.00% Brazil $ 27,265 (pays quarterly)(1) 12/20/25 2.15% $(1,510,000) $1,909,873 $ 399,873 1.00% Chile 24,408 (pays quarterly)(1) 12/20/25 0.57 562,566 (370,618) 191,948 1.00% Colombia 25,681 (pays quarterly)(1) 12/20/25 1.26 (301,888) 681,498 379,610 1.00% Mexico 25,681 (pays quarterly)(1) 12/20/25 1.28 (330,178) 749,125 418,947 1.00% Peru 24,568 (pays quarterly)(1) 12/20/25 0.60 527,742 (197,748) 329,994 1.00% South Africa 3,290 (pays quarterly)(1) 6/20/21 0.90 5,947 62,539 68,486 1.00% Turkey 40,966 (pays quarterly)(1) 6/20/21 3.90 (707,864) 1,101,495 393,631 1.00% Turkey 7,810 (pays quarterly)(1) 12/20/21 4.74 (317,977) 348,641 30,664

Total $179,669 $(2,071,652) $4,284,805 $2,213,153

Centrally Cleared Credit Default Swaps — Buy Protection

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

1.00% Malaysia $ 89,753 (pays quarterly)(1) 12/20/25 $ (2,512,428) $ 2,227,243 $ (285,185) Markit CDX Emerging Markets Index 1.00% (CDX.EM.31.V2) 2,820 (pays quarterly)(1) 6/20/24 46,370 (60,023) (13,653) 1.00% Qatar 119,079 (pays quarterly)(1) 12/20/22 (2,191,245) 2,708 (2,188,537) 1.00% Qatar 12,396 (pays quarterly)(1) 12/20/23 (303,562) 71,729 (231,833) 1.00% Qatar 8,250 (pays quarterly)(1) 12/20/25 (218,327) 214,112 (4,215) 1.00% Russia 73,003 (pays quarterly)(1) 12/20/25 112,400 (482,602) (370,202) 1.00% Saudi Arabia 24,167 (pays quarterly)(1) 12/20/25 (168,640) 144,833 (23,807) 1.00% South Africa 32,140 (pays quarterly)(1) 9/20/22 409,667 183,503 593,170 1.00% Turkey 86,108 (pays quarterly)(1) 12/20/25 16,872,860 (15,601,429) 1,271,431

Total $12,047,095 $(13,299,926) $(1,252,831)

47 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Credit Default Swaps — Sell Protection

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

Barclays Bank 1.00% Vietnam PLC $3,300 (pays quarterly)(1) 12/20/25 1.27% $(40,617) $ 43,249 $2,632 Goldman Sachs 1.00% Vietnam International 3,100 (pays quarterly)(1) 12/20/25 1.27 (38,155) 41,004 2,849 Nomura International 1.00% Vietnam PLC 1,500 (pays quarterly)(1) 12/20/25 1.27 (18,462) 18,571 109

Total $7,900 $(97,234) $102,824 $5,590

Credit Default Swaps — Buy Protection

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

1.00% Dubai Barclays Bank PLC $ 5,058 (pays quarterly)(1) 12/20/24 $ 55,538 $ (69,565) $ (14,027) 1.00% Dubai Barclays Bank PLC 3,357 (pays quarterly)(1) 12/20/24 36,817 (46,130) (9,313) 1.00% Oman Bank of America, N.A. 20,851 (pays quarterly)(1) 6/20/22 963,219 (339,977) 623,242 1.00% Oman Bank of America, N.A. 16,680 (pays quarterly)(1) 12/20/22 1,051,780 (383,421) 668,359 1.00% Qatar Goldman Sachs International 9,740 (pays quarterly)(1) 12/20/20 (23,499) (4,200) (27,699) 1.00% Qatar Goldman Sachs International 1,660 (pays quarterly)(1) 12/20/20 (4,005) (1,052) (5,057) 1.00% Qatar Goldman Sachs International 10 (pays quarterly)(1) 12/20/20 (24) (3) (27) 1.00% Qatar Goldman Sachs International 3,700 (pays quarterly)(1) 12/20/23 (90,608) (3,962) (94,570) 1.00% Qatar Goldman Sachs International 3,090 (pays quarterly)(1) 9/20/24 (82,001) 1,028 (80,973) 1.00% Qatar Nomura International PLC 9,620 (pays quarterly)(1) 9/20/24 (255,292) 12,811 (242,481) 1.00% Saudi Arabia Barclays Bank PLC 47,716 (pays quarterly)(1) 12/20/30 1,537,460 (1,616,764) (79,304) 1.00% Saudi Arabia Goldman Sachs International 6,273 (pays quarterly)(1) 12/20/30 202,421 (197,699) 4,722 1.00% Saudi Arabia Goldman Sachs International 1,575 (pays quarterly)(1) 12/20/30 50,736 (59,639) (8,903) 1.00% South Africa Bank of America, N.A. 29,280 (pays quarterly)(1) 9/20/22 373,213 (390,819) (17,606) 1.00% South Africa Bank of America, N.A. 20,830 (pays quarterly)(1) 9/20/22 265,506 (307,915) (42,409)

48 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Credit Default Swaps — Buy Protection (continued)

Unamortized Notional Contract Upfront Unrealized Amount Annual Termination Receipts Appreciation Reference Entity Counterparty (000’s omitted) Fixed Rate** Date Value (Payments) (Depreciation) 1.00% South Africa Bank of America, N.A. $19,900 (pays quarterly)(1) 9/20/22 $ 253,652 $ (370,118) $ (116,466) 1.00% South Africa Bank of America, N.A. 16,100 (pays quarterly)(1) 9/20/22 205,216 (227,233) (22,017) 1.00% South Africa Goldman Sachs International 10,690 (pays quarterly)(1) 9/20/22 136,258 (192,320) (56,062) 1.00% South Africa Goldman Sachs International 8,022 (pays quarterly)(1) 12/20/22 133,104 (166,200) (33,096) 1.00% South Africa Goldman Sachs International 16,600 (pays quarterly)(1) 12/20/28 2,581,903 (1,869,819) 712,084 1.00% South Africa Goldman Sachs International 11,190 (pays quarterly)(1) 12/20/30 2,166,277 (2,279,646) (113,369) 1.00% South Africa Goldman Sachs International 11,190 (pays quarterly)(1) 12/20/30 2,165,345 (2,406,917) (241,572) 1.00% South Africa Goldman Sachs International 10,230 (pays quarterly)(1) 12/20/30 1,979,578 (2,253,392) (273,814) 1.00% South Africa Goldman Sachs International 7,990 (pays quarterly)(1) 12/20/30 1,546,122 (1,668,664) (122,542) 1.00% South Africa HSBC Bank USA, N.A. 7,300 (pays quarterly)(1) 12/20/22 121,124 (145,239) (24,115) 1.00% South Africa HSBC Bank USA, N.A. 23,540 (pays quarterly)(1) 6/20/29 3,895,407 (2,568,697) 1,326,710 1.00% South Africa Nomura International PLC 7,068 (pays quarterly)(1) 12/20/22 117,275 (144,115) (26,840) 5.00% Ukraine Barclays Bank PLC 35,369 (pays quarterly)(1) 12/20/25 1,348,752 (1,032,286) 316,466 5.00% Ukraine JPMorgan Chase Bank, N.A. 20,000 (pays quarterly)(1) 12/20/25 762,671 (554,486) 208,185

Total $21,493,945 $(19,286,439) $2,207,506

* If the Portfolio is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Portfolio could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At October 31, 2020, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $187,569,000. ** 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.

49 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Total Return Swaps

Value/ Unrealized Notional Amount Termination Appreciation Counterparty (000’s omitted) Portfolio Receives Portfolio Pays Date (Depreciation)

Excess Return on Bloomberg Commodity 4 Month Forward Excess Return on Bloomberg Index Commodity Index + 0.24% Citibank, N.A. USD 44,600 (pays upon termination) (pays upon termination) 12/17/20 $ 7,523 Excess Return on Bloomberg Commodity 5 Month Forward Excess Return on Bloomberg Index Commodity Index + 0.25% Citibank, N.A. USD 38,200 (pays upon termination) (pays upon termination) 12/17/20 18,866 Excess Return on Bloomberg Commodity 6 Month Forward Excess Return on Bloomberg Index Commodity Index + 0.26% Citibank, N.A. USD 35,100 (pays upon termination) (pays upon termination) 12/17/20 52,879 Value of 80 Gold 100 oz. Notional Amount (pays upon Feb. 2021 futures contracts Citibank, N.A. USD 15,480 termination) (pays upon termination) 1/29/21 382,400 Value of 32 Gold 100 oz. Notional Amount (pays upon Feb. 2021 futures contracts Citibank, N.A. USD 6,243 termination) (pays upon termination) 1/29/21 204,160 Value of 80 Gold 100 oz. Notional Amount (pays upon Feb. 2021 futures contracts Citibank, N.A. USD 15,640 termination) (pays upon termination) 1/29/21 542,400 Value of 80 Gold 100 oz. Notional Amount (pays upon Feb. 2021 futures contracts Citibank, N.A. USD 15,816 termination) (pays upon termination) 1/29/21 718,400 Value of 32 Gold 100 oz. Notional Amount (pays upon Feb. 2021 futures contracts Citibank, N.A. USD 6,314 termination) (pays upon termination) 1/29/21 274,560 Value of 48 Gold 100 oz. Notional Amount (pays upon Feb. 2021 futures contracts Citibank, N.A. USD 9,514 termination) (pays upon termination) 1/29/21 455,040 Total Return on Shenzhen Stock Exchange Composite 3-month USD-LIBOR minus JPMorgan Chase Index 14.00% on $10,079,542 Bank, N.A. CNY 67,655 (pays upon termination) (pays quarterly) 4/16/21 (264,971) Total Return on Shenzhen Stock Exchange Composite 3-month USD-LIBOR minus Index 11.00% on $5,407,827 UBS AG CNY 37,584 (pays upon termination) (pays upon termination) 2/12/21 84,441

$2,475,698

50 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Cross-Currency Swaps

Portfolio Portfolio Receives Pays Fixed Rate Floating Rate on Notional on Notional Amount Amount Value/Unrealized (000’s (000’s Annual Termination Appreciation Counterparty omitted) omitted) Floating Rate Fixed Rate Date (Depreciation)

6-month Sinacofi Goldman Sachs Chile Interbank Rate (0.62)% International CLF 428 CLP 12,285,939 (pays semi-annually) (pays semi-annually) 5/11/25 $ 605,932 6-month Sinacofi Goldman Sachs Chile Interbank Rate (0.74)% International CLF 214 CLP 6,143,584 (pays semi-annually) (pays semi-annually) 5/13/25 252,110 6-month Sinacofi Goldman Sachs Chile Interbank Rate (0.86)% International CLF 214 CLP 6,143,584 (pays semi-annually) (pays semi-annually) 5/14/25 201,799 6-month Sinacofi Goldman Sachs Chile Interbank Rate (0.93)% International CLF 428 CLP 12,287,167 (pays semi-annually) (pays semi-annually) 5/15/25 340,849 6-month Sinacofi Goldman Sachs Chile Interbank Rate (1.09)% International CLF 615 CLP 17,671,170 (pays semi-annually) (pays semi-annually) 5/19/25 298,669

$1,699,359

Abbreviations:

ADR – American Depositary Receipt CMT – Constant Maturity Treasury COF – Cost of Funds 11th District EURIBOR – Euro Interbank Offered Rate GDP – Gross Domestic Product LIBOR – London Interbank Offered Rate

Currency Abbreviations:

AED – United Arab Emirates Dirham KES – Kenyan Shilling AUD – Australian Dollar KRW – South Korean Won BHD – Bahraini Dinar MXN – Mexican Peso BRL – Brazilian Real MYR – Malaysian Ringgit CAD – Canadian Dollar NOK – Norwegian Krone CHF – Swiss Franc NZD – New Zealand Dollar CLF – Chilean Unidad de Fomento OMR – Omani Rial CLP – Chilean Peso PEN – Peruvian Sol CNH – Yuan Renminbi Offshore PHP – Philippine Peso CNY – Yuan Renminbi RSD – Serbian Dinar COP – Colombian Peso RUB – Russian Ruble CRC – Costa Rican Colon SAR – Saudi Riyal EGP – Egyptian Pound SGD – Singapore Dollar EUR – Euro THB – Thai Baht GBP – British Pound Sterling TRY – New Turkish Lira GEL – Georgian Lari UAH – Ukrainian Hryvnia GHS – Ghanaian Cedi USD – United States Dollar IDR – Indonesian Rupiah UYU – Uruguayan Peso INR – Indian Rupee UZS – Uzbekistani Som ISK – Icelandic Krona ZAR – South African Rand JPY – Japanese Yen

51 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Statement of Assets and Liabilities

Assets October 31, 2020 Unaffiliated investments, at value (identified cost, $2,435,553,032) $2,443,122,460 Affiliated investment, at value (identified cost, $490,395,037) 490,405,962 Cash 46,862,946 Deposits for derivatives collateral — Futures contracts 906,870 Centrally cleared derivatives 105,791,877 OTC derivatives 14,172,000 Foreign currency, at value (identified cost, $22,980,996) 22,949,039 Interest and dividends receivable 37,685,986 Dividends receivable from affiliated investment 57,059 Receivable for investments sold 20,644,641 Receivable for variation margin on open centrally cleared derivatives 2,582,964 Receivable for open forward foreign currency exchange contracts 28,412,805 Receivable for open swap contracts 8,305,386 Receivable for closed swap contracts 171,467 Upfront payments on open non-centrally cleared swap contracts 19,300,278 Total assets $3,241,371,740

Liabilities Cash collateral due to brokers $ 14,172,000 Payable for investments purchased 16,268,638 Payable for securities sold short, at value (proceeds, $12,025,557) 8,639,152 Payable for variation margin on open futures contracts 7,858 Payable for open forward commodity contracts 2,375,840 Payable for open forward foreign currency exchange contracts 28,480,112 Payable for open swap contracts 1,917,233 Payable for closed swap contracts 190,902 Upfront receipts on open non-centrally cleared swap contracts 116,663 Payable to affiliates: Investment adviser fee 1,504,689 Trustees’ fees 9,223 Interest payable on securities sold short 148,750 Accrued foreign capital gains taxes 537,406 Accrued expenses 1,274,312 Total liabilities $ 75,642,778 Net Assets applicable to investors’ interest in Portfolio $3,165,728,962

52 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Statement of Operations

Year Ended Investment Income October 31, 2020 Interest (net of foreign taxes, $3,889,993) $165,228,178 Dividends (net of foreign taxes, $136,752) 1,357,107 Dividends from affiliated investment 5,388,610 Total investment income $171,973,895

Expenses Investment adviser fee $ 18,433,760 Trustees’ fees and expenses 108,500 Custodian fee 2,663,015 Legal and accounting services 180,209 Interest expense and fees 121,638 Interest and dividend expense on securities sold short 164,577 Miscellaneous 140,208 Total expenses $ 21,811,907

Net investment income $150,161,988

Realized and Unrealized Gain (Loss) Net realized gain (loss) — Investment transactions (net of foreign capital gains taxes of $677,383) $ (30,756,859) Investment transactions — affiliated investment 65,928 Futures contracts 16,002,460 Swap contracts 941,772 Foreign currency transactions (6,655,252) Forward foreign currency exchange contracts 381,568 Non-deliverable bond forward contracts 1,919,698 Net realized loss $ (18,100,685) Change in unrealized appreciation (depreciation) — Investments (including net increase in accrued foreign capital gains taxes of $384,551) $ (56,775,964) Investments — affiliated investment (47,539) Securities sold short 3,386,405 Futures contracts (2,447,342) Swap contracts 29,168,910 Forward commodity contracts (2,375,840) Foreign currency 730,138 Forward foreign currency exchange contracts 17,782,434 Net change in unrealized appreciation (depreciation) $ (10,578,798)

Net realized and unrealized loss $ (28,679,483)

Net increase in net assets from operations $121,482,505

53 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Statements of Changes in Net Assets

Year Ended October 31, Increase (Decrease) in Net Assets 2020 2019 From operations — Net investment income $ 150,161,988 $ 214,359,937 Net realized loss (18,100,685) (116,195,606) Net change in unrealized appreciation (depreciation) (10,578,798) 141,778,557 Net increase in net assets from operations $ 121,482,505 $ 239,942,888 Capital transactions — Contributions $ 163,502,210 $ 146,704,921 Withdrawals (678,982,536) (1,691,439,864) Net decrease in net assets from capital transactions $ (515,480,326) $(1,544,734,943)

Net decrease in net assets $ (393,997,821) $(1,304,792,055)

Net Assets At beginning of year $3,559,726,783 $ 4,864,518,838 At end of year $3,165,728,962 $ 3,559,726,783

54 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Consolidated Financial Highlights

Year Ended October 31, Ratios/Supplemental Data 2020 2019 2018 2017 2016 Ratios (as a percentage of average daily net assets): Expenses(1) 0.66% 0.65% 0.70% 0.64% 0.64% Net investment income 4.53% 5.41% 4.64% 4.14% 4.54% Portfolio Turnover 81% 61% 78% 74% 65%

Total Return 4.03% 6.56% (2.60)% 3.93% 5.06%(2)

Net assets, end of year (000’s omitted) $3,165,729 $3,559,727 $4,864,519 $5,484,065 $5,412,097

(1) Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.01%, 0.01%, 0.04%, 0.03% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively. (2) During the year ended October 31, 2016, the investment adviser reimbursed the Portfolio for a net loss realized on the disposal of an investment which did not meet the Portfolio’s investment guidelines. The reimbursement had no effect on total return for the year ended October 31, 2016.

55 See Notes to Consolidated Financial Statements. Global Macro Portfolio October 31, 2020

Notes to Consolidated Financial Statements

1 Significant Accounting Policies Global Macro Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2020, Eaton Vance Global Macro Absolute Return Fund held an interest of 99.9%, in the Portfolio.

The Portfolio seeks to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance GMP Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Portfolio. The Portfolio may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at October 31, 2020 were $34,200,351 or 1.1% of the Portfolio’s consolidated net assets. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

A Investment Valuation — The following methodologies are used to determine the market value or fair value of investments. 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. Financial and commodities futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign financial futures contracts as described below. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Forward commodity contracts are generally valued at the price provided by the exchange on which they are traded or if unavailable, by a third party pricing service based on an interpolation of the forward rates. Swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. In the case of total return swaps, the pricing service valuations are based on the value of the underlying index or instrument and reference interest rate. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. 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.

56 Global Macro Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the 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.

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.

The Subsidiary is treated as a controlled foreign corporation under the Internal Revenue Code and is not expected to be subject to U.S. federal income tax. The Portfolio is treated as a U.S. shareholder of the Subsidiary. As a result, the Portfolio is required to include in gross income for U.S. federal tax purposes all of the Subsidiary’s income, whether or not such income is distributed by the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income earned by the Portfolio.

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

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

57 Global Macro Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

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

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

K Purchased Options — Upon the purchase of a call or put option, the premium paid by the Portfolio is included in the Consolidated Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Portfolio’s policies on investment valuations discussed above. As the purchaser of an index option, the Portfolio has the right to receive a cash payment equal to any depreciation in the value of the index below the exercise price of the option (in the case of a put) or equal to any appreciation in the value of the index over the exercise price of the option (in the case of a call) as of the valuation date of the option. If an option which the Portfolio had purchased expires on the stipulated expiration date, the Portfolio will realize a loss in the amount of the cost of the option. If the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss, depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. If the Portfolio exercises a put option on a security, it will realize a gain or loss from the sale of the underlying security, and the proceeds from such sale will be decreased by the premium originally paid. If the Portfolio exercises a call option on a security, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

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

58 Global Macro Portfolio October 31, 2020

Notes to Consolidated Financial Statements — 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 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 assetsin the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked-to-market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

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

Q Swaptions — A purchased swaption contract grants the Portfolio, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Portfolio purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Portfolio the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Portfolio writes a swaption, the premium received by the Portfolio is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Portfolio’s risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

R Repurchase Agreements — A repurchase agreement is the purchase by the Portfolio of securities from a counterparty in exchange for cash that is coupled with an agreement to resell those securities to the counterparty at a specified date and price. When a repurchase agreement is entered, the Portfolio typically receives securities with a value that equals or exceeds the repurchase price, including any accrued interest earned on the agreement. The value of such securities will be marked-to-market daily, and cash or additional securities will be exchanged between the parties as needed. Except in the case of a repurchase agreement entered to settle a short sale, the value of the securities delivered to the Portfolio will be at least equal to 90% of the repurchase price during the term of the repurchase agreement. The terms of a repurchase agreement entered to settle a short sale may provide that the cash purchase price paid by the Portfolio is more than the value of purchased securities that effectively collateralize the repurchase price payable by the counterparty. Since in such a transaction, the Portfolio normally will have used the purchased securities to settle the short sale, the Portfolio will segregate liquid assets equal to the marked-to-market value of the purchased securities that it is obligated to return to the counterparty under the repurchase agreement. In the event of insolvency of the counterparty to a repurchase agreement, recovery of the repurchase price owed to the Portfolio may be

59 Global Macro Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

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 andPO securities can be unusually volatile due to changes in interest rates.

2 Investment Adviser Fee and Other Transactions with Affiliates The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Portfolio and the Subsidiary. Pursuant to the investment advisory agreement between the Portfolio and BMR and the investment advisory agreement between the Subsidiary and BMR, the Portfolio and Subsidiary each pay BMR a fee at an annual rate of 0.615% of its respective average daily net assets up to $500 million, 0.595% from $500 million but less than $1 billion, 0.575% from $1 billion but less than $1.5 billion, 0.555% from $1.5 billion but less than $2 billion, 0.520% from $2 billion but less than $3 billion, and 0.490% of average daily net assets of $3 billion or more, and is payable monthly. In determining the investment adviser fee for the Portfolio and Subsidiary, the applicable advisory fee rate is based on the average daily net assets of the Portfolio (inclusive of its interest in the Subsidiary). Such fee rate is then assessed separately on the Portfolio’s average daily net assets (exclusive of its interest in the Subsidiary) and the Subsidiary’s average daily net assets to determine the amount of the investment adviser fee. For the year ended October 31, 2020, the Portfolio’s investment adviser fee amounted to $18,433,760 or 0.56% of the Portfolio’s consolidated average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

During the year ended October 31, 2020, EVM reimbursed the Portfolio $1,083 for a net realized loss due to trading errors. The amount of the reimbursement had an impact on total return of less than 0.01%.

3 Purchases and Sales of Investments Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and securities sold short, for the year ended October 31, 2020 were as follows:

Purchases Sales

Investments (non-U.S. Government) $1,777,610,694 $2,138,682,234 U.S. Government and Agency Securities 38,771,077 108,159,391

$1,816,381,771 $2,246,841,625

60 Global Macro Portfolio October 31, 2020

Notes to Consolidated Financial Statements — 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 October 31, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost $3,088,832,140

Gross unrealized appreciation $ 105,588,505 Gross unrealized depreciation (246,504,965)

Net unrealized depreciation $ (140,916,460)

5 Financial Instruments The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts, non-deliverable bond forward contracts, forward commodity contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2020 is included in the Consolidated Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

Commodity Risk: The Portfolio invests in commodities-linked derivative instruments, including commodity futures contracts, forward commodity contracts and total return swap contracts based on commodity indices, that provide exposure to the investment returns of certain commodities. Commodities-linked derivative instruments are used to enhance total return and/or as a substitute for the purchase or sale of commodities and to manage certain investment risks.

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

Equity Price Risk: The Portfolio enters into equity index futures contracts and options thereon and total return swaps to enhance total return and/or to manage certain investment risks.

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

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

The Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would triggera payment by the Portfolio for those derivatives in a liability position. At October 31, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $31,673,586. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $11,289,313 at October 31, 2020.

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

61 Global Macro Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

derivatives to terminate derivative contracts prior to maturity in the event the Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio (and Subsidiary) and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Consolidated Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Consolidated Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2020 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 8) at October 31, 2020. Because the Subsidiary is not registered under the 1940 Act, it may not be able to negotiate terms with its counterparties that are equivalent to those a registered portfolio may negotiate. As a result, the Subsidiary may have greater exposure to those counterparties than a registered portfolio.

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

Fair Value Consolidated Statement of Assets and Equity Foreign Interest Liabilities Caption Commodity Credit Price Exchange Rate Total

Not applicable $ 557,045* $18,537,552* $ 102,950* $ 19,552,839* $ 26,890,352* $ 65,640,738 Receivable for open forward foreign currency exchange contracts — — — 28,412,805 — 28,412,805 Receivable/Payable for open swap contracts; Upfront payments/receipts on open non-centrally cleared swap contracts 2,656,228 21,949,374 84,441 — 1,699,359 26,389,402

Total Asset Derivatives $ 3,213,273 $40,486,926 $ 187,391 $ 47,965,644 $ 28,589,711 $ 120,442,945

Derivatives not subject to master netting or similar agreements $ 557,045 $18,537,552 $ 102,950 $ 19,552,839 $ 26,890,352 $ 65,640,738

Total Asset Derivatives subject to master netting or similar agreements $ 2,656,228 $21,949,374 $ 84,441 $ 28,412,805 $ 1,699,359 $ 54,802,207

Not applicable $ — $ (8,562,109)* $(696,284)* $(11,951,779)* $(49,061,030)* $ (70,271,202) Payable for open forward commodity contracts (2,375,840) — — — — (2,375,840) Payable for open forward foreign currency exchange contracts — — — (28,480,112) — (28,480,112) Payable/Receivable for open swap contracts; Upfront payments/receipts on open non-centrally cleared swap contracts — (552,663) (264,971) — — (817,634)

Total Liability Derivatives $(2,375,840) $ (9,114,772) $(961,255) $(40,431,891) $(49,061,030) $(101,944,788)

Derivatives not subject to master netting or similar agreements $ — $ (8,562,109) $(696,284) $(11,951,779) $(49,061,030) $ (70,271,202)

Total Liability Derivatives subject to master netting or similar agreements $(2,375,840) $ (552,663) $(264,971) $(28,480,112) $ — $ (31,673,586)

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

62 Global Macro Portfolio October 31, 2020

Notes to Consolidated Financial Statements — 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 October 31, 2020.

Derivative Assets Subject to Derivatives Non-cash Cash Net Amount Total Cash Master Netting Available Collateral Collateral of Derivative Collateral Counterparty Agreement for Offset Received(a) Received(a) Assets(b) Received Australia and New Zealand Banking Group Limited $ 999,059 $ — $ — $ (999,059) $ — $ 1,110,000 Bank of America, N.A. 3,262,681 (81,449) (3,181,232) — — — Barclays Bank PLC 2,978,567 (52,196) — (2,680,000) 246,371 2,680,000 BNP Paribas 4,644,183 (4,644,183) — — — — Citibank, N.A. 3,177,398 (2,897,010) — — 280,388 — Deutsche Bank AG 52,973 — — — 52,973 — Goldman Sachs International 14,556,242 (3,969,681) — (9,822,000) 764,561 9,822,000 HSBC Bank USA, N.A. 7,712,506 (172,380) (7,540,126) — — — JPMorgan Chase Bank, N.A. 762,671 (550,178) — (212,493) — 560,000 Morgan Stanley & Co. International PLC 6,328 (6,328) — — — — Nomura International PLC 117,275 (117,275) — — — — Standard Chartered Bank 16,308,044 (16,308,044) — — — — UBS AG 224,280 — (62,208) — 162,072 —

$ 54,802,207 $(28,798,724) $(10,783,566) $(13,713,552) $1,506,365 $14,172,000

Derivative Liabilities Subject to Derivatives Non-cash Cash Net Amount Total Cash Master Netting Available Collateral Collateral of Derivative Collateral Counterparty Agreement for Offset Pledged(a) Pledged(a) Liabilities(c) Pledged Bank of America, N.A. $ (81,449) $ 81,449 $ — $ — $ — $ — Barclays Bank PLC (52,196) 52,196 — — — — BNP Paribas (5,296,976) 4,644,183 349,988 — (302,805) — Citibank, N.A. (2,975,468) 2,897,010 70,198 — (8,260) — Credit Agricole Corporate and Investment Bank (305,586) — 300,990 — (4,596) — Goldman Sachs International (3,969,681) 3,969,681 — — — — HSBC Bank USA, N.A. (172,380) 172,380 — — — — ICBC Standard Bank plc (271,307) — 262,991 — (8,316) — JPMorgan Chase Bank, N.A. (550,178) 550,178 — — — — Morgan Stanley & Co. International PLC (28,342) 6,328 — — (22,014) — Nomura International PLC (273,754) 117,275 156,479 — — — Standard Chartered Bank (17,696,269) 16,308,044 1,388,225 — — —

$(31,673,586) $ 28,798,724 $ 2,528,871 $ — $ (345,991) $ —

Total — Deposits for derivatives collateral — OTC derivatives $14,172,000

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Notes to Consolidated Financial Statements — 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 year ended October 31, 2020 was as follows:

Foreign Consolidated Statement of Operations Caption Commodity Credit Equity Price Exchange Interest Rate Total

Net realized gain (loss) — Investment transactions $ — $ — $(3,445,231) $ (623,662) $ 2,555,819 $ (1,513,074) Futures contracts 17,682,506 — 676,334 — (2,356,380) 16,002,460 Swap contracts 9,375,415 7,216,994 5,098,724 — (20,749,361) 941,772 Forward foreign currency exchange contracts — — — 381,568 — 381,568 Non-deliverable bond forward contracts — — — — 1,919,698 1,919,698

Total $27,057,921 $7,216,994 $ 2,329,827 $ (242,094) $(18,630,224) $17,732,424

Change in unrealized appreciation (depreciation) — Investments $ — $ — $ 2,586,006 $ 454,217 $ (3,052,461) $ (12,238) Futures contracts 647,881 — (2,003,972) — (1,091,251) (2,447,342) Swap contracts 1,989,723 9,619,423 (404,422) — 17,964,186 29,168,910 Forward commodity contracts (2,375,840) — — — — (2,375,840) Forward foreign currency exchange contracts — — — 17,782,434 — 17,782,434

Total $ 261,764 $9,619,423 $ 177,612 $18,236,651 $ 13,820,474 $42,115,924

Forward Non-deliverable Interest Rate Futures Futures Forward Foreign Currency Bond Forward Swaptions Swap Contracts — Long Contracts — Short Commodity Contracts Exchange Contracts* Contracts Purchased Contracts

$40,770,000 $228,937,000 $13,395,000 $5,484,242,000 $11,618,000 $32,795,000 $3,015,098,000

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

The average principal amount of purchased currency options contracts and average number of purchased options contracts outstanding during year ended October 31, 2020, which are indicative of the volume of these derivative types, were approximately $25,435,000 and 110 contracts, respectively.

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7 Investments in Affiliated Funds At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $490,405,962, which represents 15.5% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 were as follows:

Short-Term Investments Eaton Vance Cash Reserves Fund, LLC $559,146,895 $1,927,801,634 $(1,996,560,956) $65,928 $(47,539) $490,405,962 $5,388,610 490,405,962

‰ Level 1 — quoted prices in active markets for identical investments

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

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

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description Level 1 Level 2 Level 3* Total

Foreign Government Bonds $ — $1,591,232,925 $ — $1,591,232,925 Foreign Corporate Bonds — 93,409,254 0 93,409,254 Senior Floating-Rate Loans — — 967,250 967,250 Sovereign Loans — 70,381,874 — 70,381,874 Loan Participation Notes — — 36,524,211 36,524,211 Asset-Backed Securities — 16,667,410 — 16,667,410 Collateralized Mortgage Obligations — 17,946,015 — 17,946,015 Mortgage Pass-Throughs — 77,234,332 — 77,234,332 U.S. Treasury Obligations — 1,533,326 — 1,533,326 U.S. Government Guaranteed Small Business Administration Loans — 24,470,093 — 24,470,093 Common Stocks 6,247,262 73,224,450** — 79,471,712 Short-Term Investments — Foreign Government Securities — 228,395,949 — 228,395,949 U.S. Treasury Obligations — 204,888,109 — 204,888,109 Other — 490,405,962 — 490,405,962 Total Investments $ 6,247,262 $2,889,789,699 $37,491,461 $2,933,528,422 Forward Foreign Currency Exchange Contracts $ — $ 47,965,644 $ — $ 47,965,644 Futures Contracts 2,022,554 — — 2,022,554 Swap Contracts — 70,454,747 — 70,454,747 Total $ 8,269,816 $3,008,210,090 $37,491,461 $3,053,971,367

65 Global Macro Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

Liability Description Level 1 Level 2 Level 3* Total

Securities Sold Short $ — $ (8,639,152) $ — $ (8,639,152) Forward Commodity Contracts — (2,375,840) — (2,375,840) Forward Foreign Currency Exchange Contracts — (40,431,891) — (40,431,891) Futures Contracts (1,347,313) (357,244) — (1,704,557) Swap Contracts — (57,432,500) — (57,432,500)

Total $(1,347,313) $ (109,236,627) $ — $ (110,583,940)

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio. ** Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

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

66 Global Macro Portfolio October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Global Macro Portfolio:

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

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

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

/s/ Deloitte & Touche LLP Boston, Massachusetts December 22, 2020

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

67 Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Liquidity Risk Management Program

68 Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Management and Organization

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

Noninterested Trustees Mark R. Fetting Trustee 2016 Private investor. Formerly held various positions at Legg Mason, Inc. (investment 1954 management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None. Cynthia E. Frost Trustee 2014 Private investor. Formerly, Chief Investment Officer of Brown University (university 1961 endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None. George J. Gorman Trustee 2014 Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & 1952 Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014). Valerie A. Mosley Trustee 2014 Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment 1960 firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).

69 Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Management and Organization — continued

70 Eaton Vance Global Macro Absolute Return Fund October 31, 2020

Management and Organization — continued

Trust/Portfolio Officer Principal Occupation(s) Name and Year of Birth Position(s) Since(2) During Past Five Years Principal Officers who are not Trustees (continued) Richard F. Froio Chief Compliance 2017 Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer 1968 Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

71 Eaton Vance Funds

IMPORTANT NOTICES

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

72 Investment Adviser of Global Macro Portfolio Transfer Agent Boston Management and Research BNY Mellon Investment Servicing (US) Inc. Two International Place Attn: Eaton Vance Funds Boston, MA 02110 P.O. Box 9653 Providence, RI 02940-9653 (800) 262-1122 Investment Adviser and Administrator of Eaton Vance Global Macro Absolute Return Fund Eaton Vance Management Independent Registered Public Accounting Firm Two International Place Deloitte & Touche LLP Boston, MA 02110 200 Berkeley Street Boston, MA 02116-5022

Principal Underwriter* Eaton Vance Distributors, Inc. Fund Offices Two International Place Two International Place Boston, MA 02110 Boston, MA 02110 (617) 482-8260

Custodian State Street Bank and Trust Company State Street Financial Center, One Lincoln Street Boston, MA 02111

* 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. 3041 10.31.20 Eaton Vance Global Macro Absolute Return Advantage Fund Annual Report October 31, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up. You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable. 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.

Table of Contents Management’s Discussion of Fund Performance 2 Performance 3 Fund Profile 4 Endnotes and Additional Disclosures 5 Fund Expenses 6 Financial Statements 7 Report of Independent Registered Public Accounting Firm 19 and 68 Federal Tax Information 20 Liquidity Risk Management Program 69 Management and Organization 70 Important Notices 73 Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Management’s Discussion of Fund Performance1

Economic and Market Conditions African interest rates. Egyptian local bonds benefited from their attractive yields, coupled with the credibility of the central bank and strong support The 12-month period ended October 31, 2020, was a volatile time for from the International Monetary Fund (IMF). Central bank interest rate the world’s financial markets. Nonetheless, major equity and fixed- cuts aided the position in South African rates. By period-end, the South income indexes posted solid gains for the period. In the volatile African rates position was sold from the Fund. environment, longer duration bonds generally performed especially well, driven by a global trend of declining interest rates. Investments in both Asia and Eastern Europe added value during the period. In Asia, a long position in Chinese interest rates performed The period began on a positive note, with financial markets registering especially well as the central bank implemented numerous easing broad gains from November through early 2020 amid accommodative measures to bolster China’s economy during the pandemic. In Eastern central bank policies. In late January, however, news of the outbreak of Europe, the standout contributor was a long local bond position in the novel coronavirus in China started to raise investor concerns. As the Ukraine that advanced amid a decline in local interest rates and a new virus turned into a global pandemic in February and March, it brought loan program from the IMF. On the negative side, limited long equity most of the world’s economies to a near standstill. The abrupt decline in exposures in Greece and Cyprus dampened results in Eastern Europe. economic output triggered a global sell-off in equities and higher yielding sectors of the fixed-income market. Emerging market countries proved The Dollar Bloc — Canada, New Zealand, and Australia — made a particularly vulnerable to the economic and health effects of COVID-19. modest contribution to returns during the period. A long position in New Plummeting oil prices were an additional headwind for emerging market Zealand inflation-linked bonds was a top performer, benefiting from nations that depend on oil exports. monetary stimulus. However, losses in other holdings, including a short position in Canadian interest rates, limited gains in the region. Global markets subsequently regained their footing, and most major asset classes delivered strong returns from April through August 2020. Investments in both Latin America and Western Europe registered losses Several factors contributed to the rally, including aggressive monetary during the period. In Latin America, a long sovereign credit position in El and fiscal responses by central banks and governments to help mitigate Salvador was particularly unfavorable as concerns about the country’s the economic impact of the virus. In addition, economies started to ability to manage the impacts of the pandemic caused credit spreads to recover as policymakers learned more about how to slow the spread of widen significantly. By period-end, this position was sold from the Fund. COVID-19 and began easing social-distancing restrictions. Lastly, the In Western Europe, a long Icelandic local bond position detracted, U.S. Federal Reserve (the Fed) announced a shift in its inflation-targeting impacted by a disappointing growth outlook for the country and the policy from seeking a rate of 2% “over the longer run” to “inflation reintroduction of local coronavirus restrictions later in the period. moderately above 2% for some time.” The Fund uses derivatives extensively to both hedge select undesired risk Markets generally weakened from September through October as a lack exposures as well as gain select desired risk exposures. Some of the of additional fiscal stimulus in the U.S. created worries about the above commentary about notable drivers of performance at the country sustainability of the domestic economic recovery. Rising cases of level involved the use of derivatives. The Fund’s use of derivatives COVID-19, especially in Europe, and uncertainties surrounding the broadly contributed to returns versus the Index. Interest rate swaps used November 2020 U.S. elections further dampened investor sentiment. to gain select exposures as well as hedge others contributed to While central banks in developed economies held their respective policy performance, with those used to gain long exposure in China and rates steady in the last two months of the period, a number of emerging Singapore most notable. Credit default swaps used to gain short market central banks reduced rates to levels likely approaching their exposure to certain sovereign credits — which also acted as hedges to lower bounds. other exposures in certain cases — also aided performance during the period. Currency forwards used to gain both long and short exposure to Fund Performance select currencies around the world contributed to performance during the For the 12-month period ended October 31, 2020, Eaton Vance Global period, with short exposures in the Russian ruble and Turkish lira being Macro Absolute Return Advantage Fund (the Fund) returned 6.15% for the most notable. Class A shares at net asset value (NAV), outperforming its benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index (the Index), which returned 0.92%. The Fund’s interest rate exposure made the largest contribution to returns during the period. Allocations to currencies, commodities, and corporate credit also positively impacted returns. The Fund’s limited exposure to equities and its exposure to sovereign credit were detractors. By region, the Middle East & Africa (MEA) was the top contributor to performance, led by long positions in Egyptian local bonds and South

2 Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Performance2,3 Portfolio Managers John R. Baur, Michael A. Cirami, CFA and Eric Stein, CFA

Class Performance % Average Annual Total Returns Inception Date Inception Date One Year Five Years Ten Years Class A at NAV 08/31/2010 08/31/2010 6.15% 3.64% 3.03% Class A with 4.75% Maximum Sales Charge — — 1.12 2.64 2.53 Class C at NAV 08/31/2010 08/31/2010 5.29 2.90 2.30 Class C with 1% Maximum Sales Charge — — 4.29 2.90 2.30 Class I at NAV 08/31/2010 08/31/2010 6.36 3.95 3.33 Class R at NAV 12/01/2010 08/31/2010 5.97 3.45 2.84 Class R6 at NAV 05/31/2017 08/31/2010 6.56 4.04 3.38 ...... ICE BofA 3-Month U.S. Treasury Bill Index — — 0.92% 1.20% 0.63%

% Total Annual Operating Expense Ratios4 Class A Class C Class I Class R Class R6 Gross 1.75% 2.47% 1.47% 1.97% 1.44% Net 1.57 2.29 1.29 1.79 1.26

$14,000

$13,478 Class A at NAV $12,840 Class A with Maximum Sales Charge

$12,000 ICE BofA 3-Month U.S. Treasury Bill Index

$10,654

$10,000

$8,000 10/10 10/11 10/12 10/13 10/1410/15 10/16 10/17 10/18 10/19 10/20

Growth of Investment3 Amount Invested Period Beginning At NAV With Maximum Sales Charge Class C $10,000 10/31/2010 $12,558 N.A. Class I $250,000 10/31/2010 $347,050 N.A. Class R $10,000 10/31/2010 $13,230 N.A. Class R6 $1,000,000 10/31/2010 $1,394,210 N.A.

3 Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Fund Profile5 Asset Allocation (% of net assets)6 Foreign Currency Exposures by Country (% of net assets)7

60.1% Egypt 11.0% Foreign Government Bonds Ukraine 10.9 16.2 Serbia 8.6 Short-Term Investments Iceland 6.2 5.4 South Korea 5.2 Foreign Corporate Bonds Chile 3.2 4.2 Japan 3.0 Sovereign Loans Australia 3.0 4.2* Uzbekistan 2.6 Common Stocks Switzerland 2.3 Georgia 2.0 1.7 Uruguay 1.6 Loan Participation Notes Thailand 1.5 1.1 Vietnam 1.1 U.S. Gov’t Guaranteed Small Business Administration Loans Norway 1.0 7.1 Other 4.7* Other Net Assets Ghana -1.1 New Zealand -3.0 Bahrain -3.4 * Net of securities sold short. South Africa -3.7 Chile -4.0 Saudi Arabia -6.9 Oman -9.8 United Arab Emirates -18.6 Euro -19.9

Total Long 68.3

Total Short -70.8

Total Net -2.5

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

See Endnotes and Additional Disclosures in this report.

4 Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Endnotes and Additional Disclosures

1 The views expressed in this report are those of the portfolio manager(s) 7 Currency exposures include all foreign exchange denominated assets, and are current only through the date stated at the top of this page. currency derivatives and commodities (including commodity These views are subject to change at any time based upon market or derivatives). Total exposures may exceed 100% due to implicit other conditions, and Eaton Vance and the Fund(s) disclaim any leverage created by derivatives. responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are Fund profile subject to change due to active management. based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary Additional Information may contain statements that are not historical facts, referred to as Duration is a measure of the expected change in price of a bond — in “forward looking statements.” The Fund’s actual future results may percentage terms — given a one percent change in interest rates, all differ significantly from those stated in any forward looking statement, else being constant. Securities with lower durations tend to be less depending on factors such as changes in securities or financial sensitive to interest rate changes. markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, Important Notice to Shareholders administrative and service contracts, and other risks discussed from Effective April 1, 2021, the portfolio management team for the Fund time to time in the Fund’s filings with the Securities and Exchange will be John R. Baur and Michael A. Cirami. Commission.

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

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

5 Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Fund Expenses

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

Actual Class A $1,000.00 $1,070.60 $ 7.49** 1.44% Class C $1,000.00 $1,066.20 $11.11** 2.14% Class I $1,000.00 $1,071.70 $ 5.94** 1.14% Class R $1,000.00 $1,069.30 $ 8.48** 1.63% Class R6 $1,000.00 $1,072.70 $ 5.73** 1.10%

Hypothetical (5% return per year before expenses) Class A $1,000.00 $1,017.90 $ 7.30** 1.44% Class C $1,000.00 $1,014.40 $10.84** 2.14% Class I $1,000.00 $1,019.40 $ 5.79** 1.14% Class R $1,000.00 $1,016.90 $ 8.26** 1.63% Class R6 $1,000.00 $1,019.60 $ 5.58** 1.10% * Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on April 30, 2020. The Example reflects the expenses of both the Fund and the Portfolio. ** Absent an allocation of certain expenses to affiliates, the expenses would be higher.

6 Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Statement of Assets and Liabilities

Assets October 31, 2020 Investment in Global Macro Absolute Return Advantage Portfolio, at value (identified cost, $2,851,725,410) $2,776,716,319 Receivable for Fund shares sold 2,916,424 Receivable from affiliate 164,623 Total assets $2,779,797,366

Liabilities Payable for Fund shares redeemed $ 4,911,649 Payable to affiliates: Distribution and service fees 207,707 Trustees’ fees 43 Accrued expenses 795,016 Total liabilities $ 5,914,415 Net Assets $2,773,882,951

Sources of Net Assets Paid-in capital $2,947,683,615 Accumulated loss (173,800,664) Total $2,773,882,951

Class A Shares Net Assets $ 758,795,072 Shares Outstanding 72,594,013 Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) $ 10.45 Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) $ 10.97

Class C Shares Net Assets $ 20,894,130 Shares Outstanding 2,058,770 Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) $ 10.15

Class I Shares Net Assets $1,293,210,830 Shares Outstanding 121,934,941 Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) $ 10.61

Class R Shares Net Assets $ 1,506,033 Shares Outstanding 145,779 Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) $ 10.33

Class R6 Shares Net Assets $ 699,476,886 Shares Outstanding 65,847,784 Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) $ 10.62

On sales of $50,000 or more, the offering price of Class A shares is reduced. * Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

7 See Notes to Financial Statements. Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Statement of Operations

Year Ended Investment Income October 31, 2020 Interest and other income allocated from Portfolio (net of foreign taxes, $1,060,193) $ 191,238,744 Dividends allocated from Portfolio (net of foreign taxes, $212,320) 3,104,319 Expenses, excluding interest and dividend expense, allocated from Portfolio (29,136,353) Interest and dividend expense allocated from Portfolio (2,587,777) Total investment income from Portfolio $ 162,618,933

Expenses Distribution and service fees Class A $ 2,276,120 Class C 257,984 Class R 6,890 Trustees’ fees and expenses 500 Custodian fee 60,996 Transfer and dividend disbursing agent fees 3,288,063 Legal and accounting services 88,367 Printing and postage 375,001 Registration fees 127,566 Miscellaneous 37,692 Total expenses $ 6,519,179 Deduct — Allocation of expenses to affiliate $ 3,169,790 Total expense reductions $ 3,169,790

Net expenses $ 3,349,389

Net investment income $ 159,269,544

Realized and Unrealized Gain (Loss) from Portfolio Net realized gain (loss) — Investment transactions (net of foreign capital gains taxes of $1,162,352) $ (15,813,173) Futures contracts 24,431,129 Swap contracts 25,434,068 Foreign currency transactions (8,099,744) Forward foreign currency exchange contracts 18,057,250 Non-deliverable bond forward contracts 1,225,313 Net realized gain $ 45,234,843 Change in unrealized appreciation (depreciation) — Investments (including net decrease in accrued foreign capital gains taxes of $89,998) $(107,268,322) Securities sold short 5,893,222 Futures contracts (2,332,374) Swap contracts 58,953,933 Forward commodity contracts (4,136,419) Foreign currency (335,749) Forward foreign currency exchange contracts 6,049,505 Net change in unrealized appreciation (depreciation) $ (43,176,204)

Net realized and unrealized gain $ 2,058,639

Net increase in net assets from operations $ 161,328,183

8 See Notes to Financial Statements. Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Statements of Changes in Net Assets

Year Ended October 31, Increase (Decrease) in Net Assets 2020 2019 From operations — Net investment income $ 159,269,544 $ 194,161,985 Net realized gain (loss) 45,234,843 (203,856,598) Net change in unrealized appreciation (depreciation) (43,176,204) 254,759,551 Net increase in net assets from operations $ 161,328,183 $ 245,064,938 Distributions to shareholders — Class A $ (31,695,427) $ — Class C (875,479) — Class I (74,463,466) (1,875,599) Class R (57,122) — Class R6 (16,669,348) (199,027) Total distributions to shareholders $ (123,760,842) $ (2,074,626) Transactions in shares of beneficial interest — Proceeds from sale of shares Class A $ 167,949,872 $ 772,266,484 Class C 815,648 2,011,286 Class I 473,771,416 935,580,747 Class R 447,427 212,310 Class R6 728,914,385 48,550,507 Net asset value of shares issued to shareholders in payment of distributions declared Class A 31,462,714 — Class C 792,763 — Class I 45,258,310 1,351,903 Class R 57,122 — Class R6 14,201,255 105,370 Cost of shares redeemed Class A (241,261,577) (153,262,927) Class C (9,711,075) (33,401,222) Class I (1,338,531,493) (2,777,491,833) Class R (587,011) (566,059) Class R6 (173,833,865) (90,474,011) Net asset value of shares converted Class A 1,461,383 714,839 Class C (1,461,383) (714,839) Net decrease in net assets from Fund share transactions $ (300,254,109) $(1,295,117,445)

Net decrease in net assets $ (262,686,768) $(1,052,127,133)

Net Assets At beginning of year $ 3,036,569,719 $ 4,088,696,852 At end of year $ 2,773,882,951 $ 3,036,569,719

9 See Notes to Financial Statements. Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Financial Highlights

Class A Year Ended October 31, 2020 2019 2018 2017 2016 Net asset value — Beginning of year $ 10.250 $ 9.510 $ 10.560 $ 10.180 $ 10.100

Income (Loss) From Operations Net investment income(1) $ 0.549 $ 0.564 $ 0.479 $ 0.416 $ 0.462 Net realized and unrealized gain (loss) 0.066 0.176 (1.239) 0.111 0.237

Total income (loss) from operations $ 0.615 $ 0.740 $ (0.760) $ 0.527 $ 0.699

Less Distributions From net investment income $ (0.415) $ — $ (0.290) $ (0.147) $ (0.619)

Total distributions $ (0.415) $ — $ (0.290) $ (0.147) $ (0.619)

Net asset value — End of year $ 10.450 $ 10.250 $ 9.510 $ 10.560 $ 10.180

Total Return(2) 6.15%(3) 7.78%(3) (7.40)%(3) 5.25% 7.27%(4)

Ratios/Supplemental Data Net assets, end of year (000’s omitted) $758,795 $789,497 $122,402 $123,985 $307,915 Ratios (as a percentage of average daily net assets):(5) Expenses(6) 1.44%(3) 1.57%(3) 1.45%(3) 1.53% 1.56% Net investment income 5.35% 5.70% 4.73% 4.07% 4.69% Portfolio Turnover of the Portfolio 80% 71% 75% 76% 97%

(1) Computed using average shares outstanding. (2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. (3) The investment adviser and administrator of the Fund and/or the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.15%, 0.18% and 0.10% of average daily net assets for the years ended October 31, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. (4) 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) Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.09%, 0.22%, 0.07%, 0.04% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.

10 See Notes to Financial Statements. Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Financial Highlights — continued

Class C Year Ended October 31, 2020 2019 2018 2017 2016 Net asset value — Beginning of year $ 9.930 $ 9.270 $10.330 $ 9.970 $ 9.900

Income (Loss) From Operations Net investment income(1) $ 0.468 $ 0.453 $ 0.399 $ 0.347 $ 0.383 Net realized and unrealized gain (loss) 0.056 0.207 (1.214) 0.095 0.237

Total income (loss) from operations $ 0.524 $ 0.660 $ (0.815) $ 0.442 $ 0.620

Less Distributions From net investment income $ (0.304) $ — $ (0.245) $ (0.082) $ (0.550)

Total distributions $ (0.304) $ — $ (0.245) $ (0.082) $ (0.550)

Net asset value — End of year $10.150 $ 9.930 $ 9.270 $10.330 $ 9.970

Total Return(2) 5.29%(3) 7.12%(3) (8.08)%(3) 4.58% 6.45%(4)

Ratios/Supplemental Data Net assets, end of year (000’s omitted) $20,894 $30,108 $59,782 $64,164 $49,817 Ratios (as a percentage of average daily net assets):(5) Expenses(6) 2.14%(3) 2.29%(3) 2.15%(3) 2.24% 2.26% Net investment income 4.69% 4.80% 4.03% 3.43% 3.96% Portfolio Turnover of the Portfolio 80% 71% 75% 76% 97%

(1) Computed using average shares outstanding. (2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. (3) The investment adviser and administrator of the Fund and/or the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.15%, 0.18% and 0.10% of average daily net assets for the years ended October 31, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. (4) 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) Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.09%, 0.24%, 0.07%, 0.06% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.

11 See Notes to Financial Statements. Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Financial Highlights — continued

Class I Year Ended October 31, 2020 2019 2018 2017 2016 Net asset value — Beginning of year $ 10.390 $ 9.610 $ 10.680 $ 10.300 $ 10.210

Income (Loss) From Operations Net investment income(1) $ 0.592 $ 0.570 $ 0.514 $ 0.462 $ 0.491 Net realized and unrealized gain (loss) 0.062 0.216 (1.250) 0.098 0.247

Total income (loss) from operations $ 0.654 $ 0.786 $ (0.736) $ 0.560 $ 0.738

Less Distributions From net investment income $ (0.434) $ (0.006) $ (0.334) $ (0.180) $ (0.648)

Total distributions $ (0.434) $ (0.006) $ (0.334) $ (0.180) $ (0.648)

Net asset value — End of year $ 10.610 $ 10.390 $ 9.610 $ 10.680 $ 10.300

Total Return(2) 6.36%(3) 8.18%(3) (7.12)%(3) 5.53% 7.62%(4)

Ratios/Supplemental Data Net assets, end of year (000’s omitted) $1,293,211 $2,075,104 $3,731,477 $3,379,555 $1,407,915 Ratios (as a percentage of average daily net assets):(5) Expenses(6) 1.14%(3) 1.29%(3) 1.15%(3) 1.24% 1.26% Net investment income 5.70% 5.81% 5.04% 4.43% 4.92% Portfolio Turnover of the Portfolio 80% 71% 75% 76% 97%

(1) Computed using average shares outstanding. (2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. (3) The investment adviser and administrator of the Fund and/or the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.15%, 0.18% and 0.10% of average daily net assets for the years ended October 31, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. (4) 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) Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.09%, 0.24%, 0.07%, 0.06% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.

12 See Notes to Financial Statements. Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Financial Highlights — continued

Class R Year Ended October 31, 2020 2019 2018 2017 2016 Net asset value — Beginning of year $10.120 $ 9.410 $10.440 $10.070 $10.010

Income (Loss) From Operations Net investment income(1) $ 0.526 $ 0.515 $ 0.451 $ 0.398 $ 0.435 Net realized and unrealized gain (loss) 0.064 0.195 (1.217) 0.104 0.237

Total income (loss) from operations $ 0.590 $ 0.710 $ (0.766) $ 0.502 $ 0.672

Less Distributions From net investment income $ (0.380) $ — $ (0.264) $ (0.132) $ (0.612)

Total distributions $ (0.380) $ — $ (0.264) $ (0.132) $ (0.612)

Net asset value — End of year $10.330 $10.120 $ 9.410 $10.440 $10.070

Total Return(2) 5.97%(3) 7.55%(3) (7.53)%(3) 5.05% 7.05%(4)

Ratios/Supplemental Data Net assets, end of year (000’s omitted) $ 1,506 $ 1,566 $ 1,801 $ 2,294 $ 5,279 Ratios (as a percentage of average daily net assets):(5) Expenses(6) 1.64%(3) 1.79%(3) 1.65%(3) 1.74% 1.76% Net investment income 5.18% 5.35% 4.50% 3.91% 4.46% Portfolio Turnover of the Portfolio 80% 71% 75% 76% 97%

(1) Computed using average shares outstanding. (2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. (3) The investment adviser and administrator of the Fund and/or the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.15%, 0.18% and 0.10% of average daily net assets for the years ended October 31, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. (4) 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) Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.09%, 0.24%, 0.07%, 0.05% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.

13 See Notes to Financial Statements. Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Financial Highlights — continued

Class R6 Year Ended October 31, Period Ended 2020 2019 2018 October 31, 2017(1) Net asset value — Beginning of period $ 10.410 $ 9.640 $ 10.690 $10.530

Income (Loss) From Operations Net investment income(2) $ 0.576 $ 0.579 $ 0.534 $ 0.179 Net realized and unrealized gain (loss) 0.079 0.207 (1.245) (0.019)

Total income (loss) from operations $ 0.655 $ 0.786 $ (0.711) $ 0.160

Less Distributions From net investment income $ (0.445) $ (0.016) $ (0.339) $ —

Total distributions $ (0.445) $ (0.016) $ (0.339) $ —

Net asset value — End of period $ 10.620 $ 10.410 $ 9.640 $10.690

Total Return(3) 6.56%(4) 8.07%(4) (6.88)%(4) 1.52%(5)

Ratios/Supplemental Data Net assets, end of period (000’s omitted) $699,477 $140,294 $173,234 $ 7,959 Ratios (as a percentage of average daily net assets):(6) Expenses(7) 1.11%(4) 1.26%(4) 1.10%(4) 1.20%(8) Net investment income 5.53% 5.86% 5.30% 3.97%(8) Portfolio Turnover of the Portfolio 80% 71% 75% 76%(9)

(1) For the period from commencement of operations on May 31, 2017 to October 31, 2017. (2) Computed using average shares outstanding. (3) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. (4) The investment adviser and administrator of the Fund and/or the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.15%, 0.18% and 0.10% of average daily net assets for the years ended October 31, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. (5) Not annualized. (6) Includes the Fund’s share of the Portfolio’s allocated expenses. (7) Includes interest expense, including on securities sold short and/or reverse repurchase agreements, of 0.09%, 0.24%, 0.08% and 0.11% of average daily net assets for the years ended October 31, 2020, 2019, 2018 and the period ended October 31, 2017, respectively. (8) Annualized. (9) For the Portfolio’s year ended October 31, 2017.

14 See Notes to Financial Statements. Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies Eaton Vance Global Macro Absolute Return Advantage Fund (the Fund) is a non-diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, ClassC shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I, Class R and Class R6 shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Global Macro Absolute Return Advantage Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (91.2% at October 31, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The consolidated financial statements of the Portfolio, including the consolidated portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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

15 Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Notes to Financial Statements — continued

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

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

Year Ended October 31, 2020 2019

Ordinary income $123,760,842 $2,074,626

During the year ended October 31, 2020, accumulated loss was increased by $30,975,879 and paid-in capital was increased by $30,975,879 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

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

Undistributed ordinary income $ 137,101,197 Deferred capital losses $(186,997,497) Net unrealized depreciation $(123,904,364)

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $186,997,497 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2020, $102,058,882 are short-term and $84,938,615 are long-term.

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates The investment adviser and administration fee is earned by Eaton Vance Management (EVM), a wholly-owned subsidiary of Eaton Vance Corp., as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 1.00% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator (“Investable Assets”) up to $500 million and is payable monthly. On Investable Assets of $500 million and over, the annual fee is reduced. For the year ended October 31, 2020, the Fund incurred no investment adviser and administration fee on Investable Assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses) exceed 1.35%, 2.05%, 1.05%, 1.55% and 1.02% of the Fund’s average daily net assets for Class A, Class C, Class I, Class R and Class R6, respectively. This agreement may be changed or terminated after February 28, 2021. Pursuant to this agreement, EVM was allocated $3,169,790 of the Fund’s operating expenses for the year ended October 31, 2020. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Consolidated Financial Statements which are included elsewhere in this report.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $522,607 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $2,524 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4) and contingent deferred sales charges (see Note 5).

16 Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Notes to Financial Statements — continued

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended October 31, 2020, the Fund paid or accrued to EVD $193,488 for Class C shares. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended October 31, 2020, the Fund paid or accrued to EVD $3,445 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2020 amounted to $64,496 and $3,445 for Class C and Class R shares, respectively.

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

5 Contingent Deferred Sales Charges A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Effective December 2, 2019, Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $800 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6 Investment Transactions For the year ended October 31, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $181,408,709 and $612,595,052, respectively.

Year Ended October 31, Class A 2020 2019

Sales 16,323,345 79,735,722 Issued to shareholders electing to receive payments of distributions in Fund shares 3,045,761 — Redemptions (23,922,666) (15,676,420) Converted from Class C shares 143,133 74,538

Net increase (decrease) (4,410,427) 64,133,840

17 Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Notes to Financial Statements — continued

Year Ended October 31, Class C 2020 2019

Sales 82,532 217,557 Issued to shareholders electing to receive payments of distributions in Fund shares 78,569 — Redemptions (987,990) (3,554,914) Converted to Class A shares (147,229) (76,622)

Net decrease (974,118) (3,413,979)

Year Ended October 31, Class I 2020 2019

Sales 45,898,141 96,016,735 Issued to shareholders electing to receive payments of distributions in Fund shares 4,326,798 142,606 Redemptions (128,093,023) (284,625,500)

Net decrease (77,868,084) (188,466,159)

Year Ended October 31, Class R 2020 2019

Sales 44,409 22,204 Issued to shareholders electing to receive payments of distributions in Fund shares 5,584 — Redemptions (58,917) (58,927)

Net decrease (8,924) (36,723)

Year Ended October 31, Class R6 2020 2019

Sales 68,115,804 4,920,002 Issued to shareholders electing to receive payments of distributions in Fund shares 1,356,376 11,092 Redemptions (17,107,065) (9,422,409)

Net increase (decrease) 52,365,115 (4,491,315)

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

18 Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Global Macro Absolute Return Advantage Fund:

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

/s/ Deloitte & Touche LLP Boston, Massachusetts December 22, 2020

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

19 Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Federal Tax Information (Unaudited)

Qualified Dividend Income. For the fiscal year ended October 31, 2020, the Fund designates approximately $748,617, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Foreign Tax Credit. For the fiscal year ended October 31, 2020, the Fund paid foreign taxes of $2,434,865 and recognized foreign source income of $185,643,032.

20 Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments

Foreign Government Bonds — 60.1% Principal Amount Principal Security (000’s omitted) Value Amount Security (000’s omitted) Value Egypt — 4.4% Arab Republic of Egypt, 6.375%, 4/11/31(1) EUR 46,967 $ 52,482,577 Argentina — 0.4% Arab Republic of Egypt, 8.15%, 11/20/59(1)(3) USD 20,369 19,285,369 (1) City of Buenos Aires, 7.50%, 6/1/27 USD 16,728 $ 12,504,347 Arab Republic of Egypt, 8.50%, 1/31/47(1)(3) USD 9,499 9,471,301 Total Argentina $ 12,504,347 Arab Republic of Egypt, 8.70%, 3/1/49(1)(3) USD 43,230 43,681,581 Arab Republic of Egypt, 8.875%, 5/29/50(1) USD 7,864 7,970,439 Bahrain — 5.5% Total Egypt $ 132,891,267 CBB International Sukuk Programme Co., (1) 6.25%, 11/14/24 USD 5,488 $ 5,933,214 Gabon — 0.4% Kingdom of Bahrain, 5.45%, 9/16/32(1) USD 18,625 18,245,384 Republic of Gabon, 6.625%, 2/6/31(1) USD 13,772 $ 12,336,846 Kingdom of Bahrain, 5.625%, 9/30/31(1) USD 10,006 9,934,072 Kingdom of Bahrain, 6.00%, 9/19/44(1) USD 4,094 3,837,622 Total Gabon $ 12,336,846 Kingdom of Bahrain, 6.75%, 9/20/29(1) USD 11,473 12,446,876 Georgia — 1.2% Kingdom of Bahrain, 7.00%, 1/26/26(1) USD 5,769 6,527,724 Kingdom of Bahrain, 7.00%, 10/12/28(1) USD 35,975 39,797,636 Georgia Treasury Bond, 7.00%, 5/30/24 GEL 51,500 $ 15,346,362 Kingdom of Bahrain, 7.375%, 5/14/30(1) USD 54,380 60,413,716 Georgia Treasury Bond, 7.25%, 1/17/21 GEL 8,852 2,744,177 Kingdom of Bahrain, 7.50%, 9/20/47(1) USD 8,632 9,148,461 Georgia Treasury Bond, 7.375%, 9/27/23 GEL 12,110 3,670,492 Georgia Treasury Bond, 8.125%, 1/25/23 GEL 6,262 1,957,612 Total Bahrain $ 166,284,705 Georgia Treasury Bond, 9.375%, 4/9/22 GEL 43,335 13,747,013 Barbados — 1.4% Total Georgia $ 37,465,656 Government of Barbados, 6.50%, 10/1/29(1) USD 43,780 $ 42,575,758 Iceland — 2.0% Total Barbados $ 42,575,758 Republic of Iceland, 3.50%, 8/5/21 ISK 2,531,376 $ 18,241,338 Belarus — 1.2% Republic of Iceland, 6.50%, 1/24/31 ISK 4,650,242 42,984,457 Republic of Iceland, 8.00%, 6/12/25 ISK 32,541 286,395 Republic of Belarus, 5.875%, 2/24/26(1) USD 14,016 $ 13,370,143 Republic of Belarus, 6.378%, 2/24/31(1) USD 24,910 23,597,492 Total Iceland $ 61,512,190

Total Belarus $ 36,967,635 Ivory Coast — 0.7%

Benin — 0.8% Ivory Coast Government International Bond, 5.25%, 3/22/30(1) EUR 19,942 $ 22,483,863 Benin Government International Bond, 5.75%, 3/26/26(1) EUR 21,263 $ 23,817,724 Total Ivory Coast $ 22,483,863

Total Benin $ 23,817,724 Jordan — 1.0%

Dominican Republic — 1.7% Jordan Government International Bond, 5.85%, 7/7/30(1) USD 2,343 $ 2,364,592 (1) Dominican Republic, 5.875%, 1/30/60 USD 39,033 $ 37,471,680 Jordan Government International Bond, (1) Dominican Republic, 6.85%, 1/27/45 USD 4,546 4,892,860 7.375%, 10/10/47(1) USD 26,710 27,695,189 Dominican Republic, 7.45%, 4/30/44(1) USD 6,949 7,967,028 Total Jordan $ 30,059,781 Total Dominican Republic $ 50,331,568 Lebanon — 0.5% Ecuador — 0.8% Lebanese Republic, 6.25%, 11/4/24(1)(4) USD 10,470 $ 1,557,412 (1)(2) Republic of Ecuador, 0.50% to 7/31/21, 7/31/30 USD 17,630 $ 11,812,570 Lebanese Republic, 6.25%, 6/12/25(1)(4) USD 7,800 1,164,150 (1)(2) Republic of Ecuador, 0.50% to 7/31/21, 7/31/40 USD 25,058 12,529,286 Lebanese Republic, 6.40%, 5/26/23(4) USD 10,470 1,575,159 Total Ecuador $ 24,341,856 Lebanese Republic, 6.65%, 4/22/24(1)(4) USD 29,480 4,237,750 Lebanese Republic, 6.65%, 2/26/30(1)(4) USD 132 19,536

21 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Principal Principal Amount Amount Security (000’s omitted) Value Security (000’s omitted) Value

Lebanon (continued) Thailand — 1.7% Lebanese Republic, 6.75%, 11/29/27(1)(4) USD 1,056 $ 157,227 Thailand Government Bond, 1.25%, 3/12/28(1)(5) THB 1,661,397 $ 51,875,344 (4) Lebanese Republic, 6.85%, 5/25/29 USD 13,921 2,067,547 Total Thailand $ 51,875,344 Lebanese Republic, 7.00%, 12/3/24(4) USD 4,878 725,602 (1)(4) Lebanese Republic, 7.00%, 3/20/28 USD 7,809 1,117,624 Ukraine — 15.6% Lebanese Republic, 7.15%, 11/20/31(1)(4) USD 12,224 1,785,437 Ukraine Government International Bond, Lebanese Republic, 8.20%, 5/17/33(4) USD 4,223 601,778 0.00%, GDP-Linked, 5/31/40(1)(6)(7) USD 31,977 $ 27,801,763 Lebanese Republic, 8.25%, 5/17/34(4) USD 3,507 499,748 Ukraine Government International Bond, Total Lebanon $ 15,508,970 10.00%, 8/23/23 UAH 1,717,893 58,558,320 Ukraine Government International Bond, Mongolia — 0.1% 11.67%, 11/22/23 UAH 1,317,779 46,763,253 Mongolia Government International Bond, Ukraine Government International Bond, (3) 5.125%, 4/7/26(1) USD 1,474 $ 1,527,300 15.84%, 2/26/25 UAH 8,685,064 343,590,571 Total Mongolia $ 1,527,300 Total Ukraine $ 476,713,907

New Zealand — 5.9% Uruguay — 1.5% (5) New Zealand Government Bond, 2.50%, 9/20/35(1)(5) NZD 90,651 $ 87,223,051 Republic of Uruguay, 3.875%, 7/2/40 UYU 1,387,207 $ 37,154,449 (5) New Zealand Government Bond, 2.50%, 9/20/40(1)(5) NZD 91,765 93,459,271 Republic of Uruguay, 4.375%, 12/15/28 UYU 358,203 9,407,204 Total New Zealand $ 180,682,322 Total Uruguay $ 46,561,653

Oman — 0.3% Total Foreign Government Bonds (identified cost $1,785,027,529) $1,830,332,772 Oman Government International Bond, 5.625%, 1/17/28(1) USD 1,000 $ 916,190 Foreign Corporate Bonds — 5.4% Oman Government International Bond, 6.00%, 8/1/29(1) USD 5,391 4,940,232 Principal Oman Government International Bond, Amount 6.75%, 1/17/48(1) USD 4,709 3,869,550 Security (000’s omitted) Value Total Oman $ 9,725,972 Belarus — 0.1% Romania — 4.7% Eurotorg LLC Via Bonitron DAC, 9.00%, 10/22/25(1) USD 3,827 $ 3,846,135 Romania Government International Bond, Total Belarus $ 3,846,135 3.375%, 1/28/50(1) EUR 50,724 $ 61,639,124 Romania Government International Bond, Bulgaria — 0.4% 4.625%, 4/3/49(1)(3) EUR 55,702 80,582,417 Eurohold Bulgaria AD, 6.50%, 12/7/22(1) EUR 10,090 $ 11,132,080 Total Romania $ 142,221,541 Total Bulgaria $ 11,132,080 Serbia — 7.8% Georgia — 0.3% Serbia Treasury Bond, 4.50%, 1/11/26 RSD 4,442,590 $ 47,653,840 (1) Serbia Treasury Bond, 4.50%, 8/20/32 RSD 947,330 9,684,610 Georgia Capital JSC, 6.125%, 3/9/24 USD 2,988 $ 2,928,240 (6) Serbia Treasury Bond, 5.875%, 2/8/28 RSD 15,546,220 179,768,567 Georgia Capital JSC, 6.125%, 3/9/24 USD 2,580 2,528,400 Silknet JSC, 11.00%, 4/2/24(1) USD 3,388 3,620,146 Total Serbia $ 237,107,017 Total Georgia $ 9,076,786 Suriname — 0.5% Iceland — 2.1% Republic of Suriname, 9.25%, 10/26/26(1) USD 27,730 $ 14,835,550 Almenna Leigufelagid EHF, 6.65%, 1/26/28(8) ISK 4,540,000 $ 35,326,462 Total Suriname $ 14,835,550

22 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Principal Sovereign Loans — 4.2% Amount Security (000’s omitted) Value Principal Amount Iceland (continued) Borrower (000’s omitted) Value Arion Banki HF, 6.00%, 4/12/24(1) ISK 1,720,000 $ 13,520,425 Ethiopia — 0.1% Islandsbanki HF, 6.40%, 10/26/23 ISK 900,000 7,077,512 Landsbankinn HF, 5.00%, 11/23/23(1) ISK 1,020,000 7,746,071 Ethiopian Railways Corporation (Federal (4)(8)(9) Democratic Republic of Ethiopia guaranteed), WOW Air HF, 0.00% EUR 121 0 Term Loan, 4.06%, (6 mo. USD LIBOR + WOW Air HF, 0.00% (3 mo. EURIBOR + 9.00%), 3.75%), Maturing August 1, 2021(10)(12) $ 2,156 $ 2,144,504 9/24/24(4)(8) EUR 5,500 0 Total Ethiopia $ 2,144,504 Total Iceland $ 63,670,470 Kenya — 1.1% Indonesia — 0.1% Government of Kenya, Term Loan, (1) Jasa Marga (Persero) Tbk PT, 7.50%, 12/11/20 IDR 27,880,000 $ 1,881,051 6.81%, (6 mo. USD LIBOR + 6.45%), (10) Total Indonesia $ 1,881,051 Maturing June 29, 2025 $ 29,835 $ 29,710,529 Government of Kenya, Term Loan, Ireland — 0.7% 6.95%, (6 mo. USD LIBOR + 6.70%), Maturing October 24, 2024(10) 3,977 3,960,056 Aragvi Finance International DAC, 12.00%, 4/9/24(1) USD 21,357 $ 22,371,458 Total Kenya $ 33,670,585 Total Ireland $ 22,371,458 Tanzania — 3.0% Mexico — 0.0%(11) Government of the United Republic of Tanzania, Grupo Kaltex S.A. de CV, 8.875%, 4/11/22(1) USD 1,779 $ 1,118,146 Term Loan, 5.61%, (6 mo. USD LIBOR + (10) Total Mexico $ 1,118,146 5.20%), Maturing June 23, 2022 $ 29,029 $ 29,447,860 Government of the United Republic of Tanzania, Netherlands — 0.5% Term Loan, 5.78%, (6 mo. USD LIBOR + 5.20%), Maturing May 23, 2023(10) 62,871 63,922,136 Ardshinbank CJSC Via Dilijan Finance BV, Total Tanzania $ 93,369,996 6.50%, 1/28/25(1) USD 16,608 $ 14,947,200

Total Netherlands $ 14,947,200 Total Sovereign Loans (identified cost $127,513,897) $ 129,185,085 Paraguay — 0.2% Frigorifico Concepcion S.A., 10.25%, 1/29/25(1) USD 6,760 $ 6,591,000 Senior Floating-Rate Loans — 0.1%

Total Paraguay $ 6,591,000 Principal Amount United Kingdom — 0.2% Borrower/Tranche Description (000’s omitted) Value Ellaktor Value PLC, 6.375%, 12/15/24(1) EUR 6,410 $ 6,450,112 Argentina — 0.1% Total United Kingdom $ 6,450,112 Desarrolladora Energética S.A., Term Loan, 9.50%, Maturing July 18, 2020(4)(8)(14) $ 2,607 $ 1,381,786 Uzbekistan — 0.8% Total Argentina $ 1,381,786 Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV (FMO), Total Senior Floating-Rate Loans 15.00%, 12/8/22(1) UZS 256,000,000 $ 24,583,994 (identified cost $2,607,143) $ 1,381,786 Total Uzbekistan $ 24,583,994

Total Foreign Corporate Bonds (identified cost $181,381,568) $ 165,668,432

23 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Loan Participation Notes — 1.7% Principal Amount Principal Security (000’s omitted) Value Amount 2.38%, 11/30/42 to 3/1/43 $ 6,080 $ 594,115 Security (000’s omitted) Value 2.391%, 11/15/32 to 4/10/43(20) 51,464 4,329,723 Uzbekistan — 1.7% 2.63%, 10/27/42 to 3/20/43 9,856 992,794 2.857%, 4/12/27 to 3/10/43(20) 97,793 10,103,414 Daryo Finance BV (borrower - Uzbek Industrial and 2.88%, 10/27/42 to 2/13/43 10,320 1,187,902 Construction Bank ATB), (20) 18.75%, 6/15/23(1)(8)(15) UZS 225,032,000 $ 22,876,657 3.047%, 2/2/27 to 12/17/43 104,961 11,475,663 Europe Asia Investment Finance BV (borrower - 3.13%, 10/12/42 to 2/15/43 5,589 753,621 Joint Stock Commercial Bank “Asaka”), 3.38%, 12/18/42 660 96,553 18.70%, 7/26/23(1)(8)(15) UZS 290,568,000 29,293,072 3.63%, 10/27/42 to 3/28/43 23,571 3,580,406 Total Uzbekistan $ 52,169,729 Total U.S. Government Guaranteed Small Business Administration Loans (identified cost $35,879,568) $ 34,077,662 Total Loan Participation Notes (identified cost $51,700,859) $ 52,169,729 Common Stocks — 4.7%

Collateralized Mortgage Obligations — 0.3% Security Shares Value Principal Amount Argentina — 0.3% Security (000’s omitted) Value Empresa Distribuidora Y Comercializadora Norte Federal Home Loan Mortgage Corp.: ADR(21) 68,659 $ 227,948 Interest Only:(16) IRSA Inversiones y Representaciones S.A. ADR(21) 250,411 919,008 Series 2770, Class SH, 6.952%, (7.10% - 1 mo. Loma Negra Cia Industrial Argentina S.A. ADR 429,400 1,837,832 USD LIBOR), 3/15/34(17) $ 1,203 $ 303,428 Pampa Energia S.A. ADR(21) 171,000 2,017,800 Series 4791, Class JI, 4.00%, 5/15/48 26,291 2,754,911 Telecom Argentina S.A. ADR(21) 272,100 1,744,161 (21) $ 3,058,339 Transportadora de Gas del Sur S.A. ADR 313,291 1,510,063 YPF S.A. ADR(21) 567,000 1,825,740 Federal National Mortgage Association: Interest Only:(16) Total Argentina $ 10,082,552 Series 424, Class C8, 3.50%, 2/25/48 $ 27,560 $ 2,269,552 Belgium — 0.0%(11) Series 2010-67, Class BI, 5.50%, 6/25/25 6 155 Series 2010-109, Class PS, 6.451%, (6.60% - KBC Group NV(21) 7,400 $ 365,610 (17) 1 mo. USD LIBOR), 10/25/40 2,793 591,203 Total Belgium $ 365,610 Series 2018-21, Class IO, 3.00%, 4/25/48 27,311 2,332,542 Series 2018-58, Class BI, 4.00%, 8/25/48 4,248 422,214 Cyprus — 0.2% $ 5,615,666 Bank of Cyprus Holdings PLC(21) 8,424,416 $ 4,457,795 Total Cyprus $ 4,457,795 Total Collateralized Mortgage Obligations (identified cost $27,995,740) $ 8,674,005 France — 0.1%(11) U.S. Government Guaranteed Small Business Administration BNP Paribas S.A.(21) 13,000 $ 453,372 Loans(18)(19) — 1.1% Credit Agricole S.A.(21) 51,500 407,392 Societe Generale S.A.(21) 25,500 346,492 Principal Amount Total France $ 1,207,256 Security (000’s omitted) Value 1.63%, 11/20/42 $ 1,218 $ 79,464 Georgia — 0.1% 1.88%, 10/30/42 to 12/28/42 10,630 753,020 Georgia Capital PLC(21) 633,722 $ 3,021,353 2.13%, 1/25/43 1,680 130,987 Total Georgia $ 3,021,353

24 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Security Shares Value Security Shares Value

Germany — 0.0%(11) Spain — 0.0%(11) Deutsche Bank AG(21) 58,600 $ 541,531 Banco Bilbao Vizcaya Argentaria S.A. 133,000 $ 383,725 (21) Total Germany $ 541,531 Banco Santander S.A. 195,000 390,498 Total Spain $ 774,223 Greece — 0.3% Alpha Bank AE(21) 1,784,700 $ 908,192 Vietnam — 1.1% Eurobank Ergasias Services and Holdings S.A.(21) 3,832,200 1,281,524 Bank for Foreign Trade of Vietnam JSC 1,036,910 $ 3,724,029 Hellenic Telecommunications Organization S.A. 121,285 1,608,446 Bank for Investment and Development of Vietnam JUMBO S.A. 94,787 1,328,566 JSC 845,160 1,408,896 National Bank of Greece S.A.(21) 1,111,000 1,170,035 Binh Minh Plastics JSC 73,100 171,606 OPAP S.A. 170,909 1,382,666 Coteccons Construction JSC 239,670 583,947 Piraeus Bank S.A.(21) 1,025,200 788,627 Ho Chi Minh City Infrastructure Investment JSC 1,400,400 992,940 Total Greece $ 8,468,056 Hoa Phat Group JSC 2,552,026 3,372,084 KIDO Group Corp. 55,900 82,990 Iceland — 1.9% Masan Group Corp.(21) 863,000 3,126,492 Mobile World Investment Corp. 372,000 1,797,683 Arion Banki HF(6)(21) 27,795,230 $ 16,485,813 Eik Fasteignafelag HF(21) 89,045,925 4,603,458 PetroVietnam Nhon Trach 2 Power JSC 859,040 842,858 Eimskipafelag Islands HF(21) 7,239,370 9,613,962 Refrigeration Electrical Engineering Corp. 703,160 1,359,852 Hagar HF(21) 27,817,695 10,720,128 SSI Securities Corp. 1,394,992 1,033,008 Reginn HF(21) 37,885,938 4,316,811 Viet Capital Securities JSC 806,139 1,286,696 Reitir Fasteignafelag HF 15,302,713 4,986,088 Vietnam Dairy Products JSC 841,296 3,930,791 (21) Siminn HF 148,207,338 7,828,134 Vietnam Prosperity JSC Bank 1,746,682 1,782,859 Vietnam Technological & Commercial Joint Stock Total Iceland $ 58,554,394 Bank(21) 1,408,200 1,387,669 Vingroup JSC(21) 1,246,080 5,731,997 Italy — 0.0%(11) Total Vietnam $ 32,616,397 Intesa Sanpaolo SpA(21) 269,400 $ 447,232 UniCredit SpA(21) 54,000 404,427 Total Common Stocks Total Italy $ 851,659 (identified cost $205,209,786) $ 141,910,574

Mexico — 0.1% Rights — 0.0% Vista Oil & Gas SAB de CV ADR(21) 908,700 $ 1,808,313 Security Shares Value Total Mexico $ 1,808,313 Ho Chi Minh City Infrastructure Investment JSC, Exp. 11/2/20 1,400,400 $ 0 Netherlands — 0.0%(11) ING Groep NV(21) 74,100 $ 507,564 Total Rights (identified cost $0) $0 Total Netherlands $ 507,564

Serbia — 0.1% Warrants — 0.0% Komercijalna Banka AD Beograd(21) 133,148 $ 3,820,281 Security Shares Value Total Serbia $ 3,820,281 Almenna Leigufelagid EHF, Exp. 1/25/22, Strike ISK 10.95(8)(21) 22,753,484 $ 0 Singapore — 0.5% Total Warrants Yoma Strategic Holdings, Ltd.(21) 79,369,266 $ 14,833,590 (identified cost $0) $0 Total Singapore $ 14,833,590

25 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Short-Term Investments — 16.2% Securities Sold Short — (0.5)%

Foreign Government Securities — 4.0% Common Stocks — (0.5)%

Principal Security Shares Value Amount Security (000’s omitted) Value Ashmore Group PLC (3,562,400) $ (16,481,613)

Egypt — 3.7% Total Common Stocks $ (16,481,613) Egypt Treasury Bill, 0.00%, 1/12/21 EGP 336,325 $ 20,931,809 Egypt Treasury Bill, 0.00%, 3/30/21 EGP 163,300 9,922,635 Total Securities Sold Short Egypt Treasury Bill, 0.00%, 4/6/21 EGP 397,350 24,085,189 (proceeds $22,945,760) $ (16,481,613) Egypt Treasury Bill, 0.00%, 6/15/21 EGP 243,050 14,335,106 Egypt Treasury Bill, 0.00%, 7/6/21 EGP 503,900 29,581,590 Other Assets, Less Liabilities — 6.7% $ 205,640,036 Egypt Treasury Bill, 0.00%, 7/13/21 EGP 105,300 6,166,541 Egypt Treasury Bill, 0.00%, 10/12/21 EGP 111,325 6,325,084 Net Assets — 100.0% $3,045,719,848 Total Egypt $ 111,347,954 The percentage shown for each investment category in the Consolidated Portfolio of Investments is based on net assets.

Georgia — 0.3% (1) Security exempt from registration under Regulation S of the Securities Act Georgia Treasury Bill, 0.00%, 12/3/20 GEL 2,968 $ 914,046 of 1933, as amended, which exempts from registration securities offered Georgia Treasury Bill, 0.00%, 1/14/21 GEL 8,533 2,600,925 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 Georgia Treasury Bill, 0.00%, 2/11/21 GEL 21,479 6,513,882 transaction not subject to, the registration requirements of the Securities Georgia Treasury Bill, 0.00%, 4/8/21 GEL 1,686 505,072 Act of 1933, as amended. At October 31, 2020, the aggregate value of Total Georgia $ 10,533,925 these securities is $1,166,210,065 or 38.3% of the Portfolio’s net assets. (2) Step coupon security. Interest rate represents the rate in effect at Total Foreign Government Securities October 31, 2020. (identified cost $121,031,058) $ 121,881,879 (3) Security (or a portion thereof) has been pledged for the benefit of the counterparty for reverse repurchase agreements. U.S. Treasury Obligations — 1.8% (4) Issuer is in default with respect to interest and/or principal payments or Principal has declared bankruptcy. For a variable rate security, interest rate has Amount been adjusted to reflect non-accrual status. Security (000’s omitted) Value (5) Inflation-linked security whose principal is adjusted for inflation based on

(13) changes in a designated inflation index or inflation rate for the applicable U.S. Treasury Bill, 0.00%, 11/5/20 $ 30,000 $ 29,999,846 country. Interest is calculated based on the inflation-adjusted principal. U.S. Treasury Bill, 0.00%, 11/19/20(13) 25,000 24,999,143 (6) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain Total U.S. Treasury Obligations transactions in reliance on an exemption from registration (normally to (identified cost $54,998,724) $ 54,998,989 qualified institutional buyers). At October 31, 2020, the aggregate value of these securities is $46,815,976 or 1.5% of the Portfolio’s net assets Other — 10.4% (7) Amounts payable in respect of the security are contingent upon and determined by reference to Ukraine’s GDP and Real GDP Growth Rate. Description Units Value Principal amount represents the notional amount used to calculate Eaton Vance Cash Reserves Fund, LLC, 0.12%(22) 316,280,512 $ 316,280,512 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 Total Other Level 3 (see Note 9). (identified cost $316,280,512) $ 316,280,512 (9) Perpetual security with no stated maturity date but may be subject to calls by the issuer. Total Short-Term Investments (10) Variable rate security. The stated interest rate represents the rate in effect (identified cost $492,310,294) $ 493,161,380 at October 31, 2020. (11) Amount is less than 0.05%. Total Investments — 93.8% (12) (identified cost $2,909,626,384) $2,856,561,425 Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.

26 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

(13) Security (or a portion thereof) has been pledged to cover collateral (18) Interest only security that entitles the holder to receive only a portion of requirements on open derivative contracts. the interest payments on the underlying loans. Principal amount shown is (14) Fixed-rate loan. the notional amount of the underlying loans on which coupon interest is calculated. (15) Limited recourse note whose payments by the issuer are limited to (19) amounts received by the issuer from the borrower pursuant to a loan Securities comprise a trust that is wholly-owned by the Portfolio and may agreement with the borrower. only be sold on a pro rata basis with all securities in the trust. (20) (16) Interest only security that entitles the holder to receive only interest The stated interest rate represents the weighted average fixed interest rate payments on the underlying mortgages. Principal amount shown is the at October 31, 2020 of all interest only securities comprising the notional amount of the underlying mortgages on which coupon interest is certificate. calculated. (21) Non-income producing security. (17) Inverse floating-rate security whose coupon varies inversely with changes (22) Affiliated investment company, available to Eaton Vance portfolios and in the interest rate index. The stated interest rate represents the coupon funds, which invests in high quality, U.S. dollar denominated money rate in effect at October 31, 2020. market instruments. The rate shown is the annualized seven-day yield as of October 31, 2020.

Forward Commodity Contracts(1)

Value/Unrealized Appreciation Settlement Date Deliver In Exchange For Counterparty (Depreciation)

United States Dollar Gold 2/2/21 29,686,437 15,300 Troy Ounces Citibank, N.A. $ (932,076) United States Dollar Gold 2/2/21 11,617,500 6,000 Troy Ounces Citibank, N.A. (341,280) United States Dollar Gold 2/2/21 29,381,630 15,300 Troy Ounces Citibank, N.A. (627,269) United States Dollar Gold 2/2/21 11,962,100 6,100 Troy Ounces Citibank, N.A. (497,943) United States Dollar Gold 2/2/21 30,059,145 15,300 Troy Ounces Citibank, N.A. (1,304,784) United States Dollar Gold 2/2/21 18,124,000 9,200 Troy Ounces Citibank, N.A. (833,796)

$(4,537,148)

(1) Non-deliverable contracts that are settled with the counterparty in cash.

Centrally Cleared Forward Foreign Currency Exchange Contracts

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

EUR 120,100,804 USD 139,899,422 11/3/20 $ (24,011) EUR 670,303,994 USD 780,803,607 11/3/20 (134,010) USD 786,529,686 EUR 670,303,994 11/3/20 5,860,089 USD 142,147,348 EUR 120,100,804 11/3/20 2,271,938 BRL 30,060,000 USD 5,208,081 11/4/20 30,724 BRL 30,060,000 USD 5,208,081 11/4/20 30,724 BRL 30,060,000 USD 5,334,107 11/4/20 (95,303) BRL 30,060,000 USD 5,334,107 11/4/20 (95,303) USD 5,235,702 BRL 30,060,000 11/4/20 (3,102)

27 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)

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

USD 5,235,702 BRL 30,060,000 11/4/20 $ (3,102) USD 5,208,081 BRL 30,060,000 11/4/20 (30,724) USD 5,208,081 BRL 30,060,000 11/4/20 (30,724) PEN 10,589,902 USD 2,946,386 11/5/20 (17,381) PEN 10,591,000 USD 2,946,692 11/5/20 (17,383) PEN 836,000 USD 232,358 11/5/20 (1,133) PEN 836,000 USD 232,358 11/5/20 (1,133) PEN 7,712,500 USD 2,144,863 11/5/20 (11,704) PEN 7,712,598 USD 2,144,891 11/5/20 (11,704) PEN 19,211,000 USD 5,342,473 11/5/20 (29,004) PEN 19,212,000 USD 5,342,751 11/5/20 (29,006) NZD 28,178,400 USD 18,685,207 11/9/20 (53,653) USD 2,280,327 NZD 3,400,047 11/9/20 32,216 RUB 608,350,000 USD 7,866,571 11/13/20 (217,513) RUB 608,349,000 USD 7,879,410 11/13/20 (230,365) RUB 730,019,000 USD 9,432,042 11/13/20 (253,185) RUB 790,856,000 USD 10,218,297 11/13/20 (274,509) RUB 804,116,000 USD 10,400,845 11/13/20 (290,332) USD 15,388,560 RUB 1,220,798,433 11/13/20 38,912 USD 656,867 RUB 51,000,000 11/13/20 15,621 USD 18,473,830 RUB 1,471,755,175 11/13/20 (31,210) USD 10,044,328 RUB 798,136,392 11/13/20 9,000 USD 8,651,721 NZD 13,188,800 11/16/20 (68,781) USD 19,577,991 NZD 29,844,954 11/16/20 (155,644) JPY 241,424,400 USD 2,269,496 11/19/20 36,878 NZD 911,229 USD 602,008 11/23/20 507 NZD 34,654 USD 22,895 11/23/20 19 JPY 10,414,057,390 USD 98,617,968 11/25/20 876,379 USD 55,187,547 JPY 5,827,804,962 11/25/20 (490,430) GBP 35,063,000 USD 45,055,955 11/30/20 375,738 GBP 14,435,765 USD 18,549,958 11/30/20 154,695 USD 32,896,000 GBP 25,600,000 11/30/20 (274,332) KRW 11,445,439,238 USD 9,655,187 12/1/20 409,330 KRW 10,890,745,562 USD 9,182,686 12/1/20 394,063 BRL 30,060,000 USD 5,231,033 12/2/20 507 BRL 30,060,000 USD 5,231,033 12/2/20 507 USD 921,266,587 EUR 790,404,798 12/2/20 133,254 USD 19,679,151 NZD 29,207,650 12/2/20 366,498 USD 8,535,615 NZD 12,668,496 12/2/20 158,964 USD 7,530 NZD 11,176 12/2/20 140 CHF 60,849,753 USD 66,178,585 12/7/20 250,279 NOK 291,820,100 USD 31,274,593 12/7/20 (711,614) JPY 4,173,320,938 USD 39,326,580 12/8/20 552,079

28 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)

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

KRW 23,006,077,600 USD 19,386,109 12/10/20 $ 846,276 KRW 43,336,500,000 USD 36,485,633 12/10/20 1,626,069 KRW 21,668,000,000 USD 18,250,887 12/10/20 804,744 CAD 11,164,478 USD 8,469,230 12/16/20 (87,545) COP 9,975,363,000 USD 2,588,032 12/16/20 (15,666) COP 9,975,463,000 USD 2,588,058 12/16/20 (15,666) COP 10,552,400,000 USD 2,737,115 12/16/20 (15,948) COP 10,552,500,000 USD 2,737,141 12/16/20 (15,948) USD 22,400,671 CLP 17,616,112,000 12/16/20 (377,230) USD 32,061,389 NZD 47,823,711 12/17/20 439,198 USD 140,288 ZAR 2,369,905 12/17/20 (4,590) USD 20,328,867 ZAR 347,400,000 12/17/20 (908,558) USD 34,673,328 ZAR 585,740,000 12/17/20 (1,134,412) USD 74,163,783 ZAR 1,310,904,200 12/17/20 (5,975,046) ZAR 241,669,900 USD 14,305,835 12/17/20 468,046 ZAR 82,429,100 USD 4,663,387 12/17/20 375,708 ZAR 91,566,000 USD 5,420,320 12/17/20 177,337 ZAR 91,566,000 USD 5,420,320 12/17/20 177,337 MXN 118,688,000 USD 5,568,677 12/18/20 (775) MXN 118,688,000 USD 5,568,677 12/18/20 (775) MXN 142,864,000 USD 6,702,982 12/18/20 (933) USD 6,702,982 MXN 142,864,000 12/18/20 933 IDR 77,788,206,500 USD 5,148,468 1/4/21 80,638 IDR 77,788,206,500 USD 5,148,468 1/4/21 80,638 INR 318,100,000 USD 4,270,068 1/5/21 (28,522) INR 318,100,000 USD 4,270,068 1/5/21 (28,522) INR 468,294,500 USD 6,285,242 1/5/21 (41,001) INR 468,294,500 USD 6,285,242 1/5/21 (41,001) JPY 3,397,295,144 USD 32,216,049 1/7/21 266,230 USD 52,497,053 NZD 78,952,435 1/7/21 291,345 PHP 11,012,420 USD 226,314 1/11/21 180 USD 20,559 PHP 1,000,400 1/11/21 (16) NZD 1,420,800 USD 931,714 1/13/21 7,761 USD 4,904 NZD 7,478 1/13/21 (41) USD 38,640,152 NZD 58,923,582 1/13/21 (321,880) KRW 6,862,662,816 USD 6,004,237 1/19/21 32,973 USD 33,901,415 NZD 50,876,289 1/19/21 260,493 USD 20,447,124 SGD 27,740,000 1/26/21 137,556 USD 14,897,737 SGD 20,211,313 1/26/21 100,223 USD 206,129 PHP 10,009,400 1/27/21 373 AUD 128,375,671 USD 91,445,842 1/28/21 (1,170,499) USD 31,716,869 NZD 47,397,000 1/28/21 376,557

$ 4,778,807

29 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts

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

EUR 790,404,798 USD 920,703,029 BNP Paribas 11/3/20 $ — $ (158,022) MYR 22,939,223 USD 5,515,562 Morgan Stanley & Co. International PLC 11/3/20 5,310 — MYR 22,939,223 USD 5,515,562 Morgan Stanley & Co. International PLC 11/3/20 5,310 — MYR 22,939,223 USD 5,521,536 Morgan Stanley & Co. International PLC 11/3/20 — (664) MYR 22,939,223 USD 5,521,536 Morgan Stanley & Co. International PLC 11/3/20 — (664) USD 920,703,029 EUR 790,404,798 BNP Paribas 11/3/20 158,022 — USD 5,515,562 MYR 22,939,223 Morgan Stanley & Co. International PLC 11/3/20 — (5,310) USD 5,515,562 MYR 22,939,223 Morgan Stanley & Co. International PLC 11/3/20 — (5,310) USD 5,504,973 MYR 22,939,223 Morgan Stanley & Co. International PLC 11/3/20 — (15,899) USD 5,504,973 MYR 22,939,223 Morgan Stanley & Co. International PLC 11/3/20 — (15,899) USD 2,216,825 CRC 1,315,442,000 Citibank, N.A. 11/5/20 54,598 — USD 11,843,480 UAH 339,671,000 Bank of America, N.A. 11/6/20 — (53,363) CNH 55,277,982 USD 8,077,679 Citibank, N.A. 11/9/20 173,813 — CNH 26,676,249 USD 3,898,156 Citibank, N.A. 11/9/20 83,879 — CNH 26,676,249 USD 3,898,156 Citibank, N.A. 11/9/20 83,879 — EGP 141,130,000 USD 8,647,672 Citibank, N.A. 11/9/20 321,631 — EGP 94,090,000 USD 5,765,319 Citibank, N.A. 11/9/20 214,428 — EGP 205,349,000 USD 12,582,659 HSBC Bank USA, N.A. 11/9/20 467,984 — EGP 193,874,000 USD 10,934,800 JPMorgan Chase Bank, N.A. 11/9/20 1,386,567 — RUB 404,058,000 USD 5,193,548 Standard Chartered Bank 11/9/20 — (110,872) RUB 404,058,000 USD 5,193,548 Standard Chartered Bank 11/9/20 — (110,872) USD 16,725,754 CNH 117,100,000 Citibank, N.A. 11/9/20 — (754,075) USD 26,859,193 CNH 188,025,899 Standard Chartered Bank 11/9/20 — (1,207,935) USD 11,726,841 EGP 193,874,000 HSBC Bank USA, N.A. 11/9/20 — (594,526) EGP 170,140,000 USD 10,404,525 Goldman Sachs International 11/10/20 404,481 — EGP 318,893,000 USD 19,515,558 Goldman Sachs International 11/12/20 728,827 — USD 5,542,765 UAH 156,416,830 BNP Paribas 11/13/20 76,525 — USD 4,175,053 UAH 117,653,000 BNP Paribas 11/13/20 63,478 — EGP 314,980,000 USD 19,312,078 HSBC Bank USA, N.A. 11/17/20 647,172 — USD 4,186,209 UAH 119,600,000 Bank of America, N.A. 11/18/20 13,535 — USD 8,625,287 CNH 58,060,000 Barclays Bank PLC 11/20/20 — (34,635) EUR 1,893,845 USD 2,210,411 BNP Paribas 11/30/20 — (3,431) EUR 726,204 USD 851,829 BNP Paribas 11/30/20 — (5,553) EUR 2,942,278 USD 3,451,261 BNP Paribas 11/30/20 — (22,498) EUR 790,404,798 USD 927,136,450 BNP Paribas 11/30/20 — (6,043,684) USD 264,005,593 EUR 225,070,741 BNP Paribas 11/30/20 1,720,962 — USD 132,836,084 EUR 113,245,766 BNP Paribas 11/30/20 865,913 — USD 117,931,714 EUR 100,539,454 BNP Paribas 11/30/20 768,756 — USD 91,096,703 EUR 77,662,000 BNP Paribas 11/30/20 593,828 — USD 71,099,026 EUR 60,613,528 BNP Paribas 11/30/20 463,470 — USD 70,821,477 EUR 60,376,911 BNP Paribas 11/30/20 461,661 — USD 48,961,829 EUR 41,741,066 BNP Paribas 11/30/20 319,165 — USD 25,869,523 EUR 22,054,354 BNP Paribas 11/30/20 168,635 — USD 23,877,375 EUR 20,356,002 BNP Paribas 11/30/20 155,648 — USD 19,747,565 EUR 16,835,246 BNP Paribas 11/30/20 128,728 —

30 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts (continued)

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

USD 17,282,787 EUR 14,733,967 BNP Paribas 11/30/20 $ 112,661 $ — USD 12,077,794 EUR 10,296,593 BNP Paribas 11/30/20 78,731 — USD 11,638,228 EUR 9,921,852 BNP Paribas 11/30/20 75,866 — USD 7,518,862 EUR 6,410,000 BNP Paribas 11/30/20 49,013 — USD 6,451,442 EUR 5,500,000 BNP Paribas 11/30/20 42,055 — USD 2,288,888 EUR 1,951,329 BNP Paribas 11/30/20 14,920 — USD 3,317,754 UAH 95,548,000 Goldman Sachs International 11/30/20 — (2,544) USD 3,317,778 UAH 95,552,000 Goldman Sachs International 11/30/20 — (2,659) Australia and New Zealand Banking KRW 33,083,265,000 USD 27,878,082 Group Limited 12/1/20 1,213,602 — Australia and New Zealand Banking KRW 17,888,172,200 USD 15,393,421 Group Limited 12/1/20 336,497 — MYR 14,144,299 USD 3,394,360 Goldman Sachs International 12/2/20 — (2,371) MYR 14,144,299 USD 3,394,360 Goldman Sachs International 12/2/20 — (2,371) MYR 7,496,478 USD 1,801,259 Goldman Sachs International 12/2/20 — (3,505) MYR 7,496,478 USD 1,801,259 Goldman Sachs International 12/2/20 — (3,505) USD 21,079,792 UAH 609,206,000 Bank of America, N.A. 12/7/20 — (42,940) EGP 149,000,000 USD 9,186,190 Citibank, N.A. 12/8/20 188,292 — USD 15,200,347 UAH 438,530,000 Goldman Sachs International 12/8/20 99 — CNH 41,458,486 USD 6,048,625 Citibank, N.A. 12/9/20 126,553 — CNH 20,007,187 USD 2,918,968 Citibank, N.A. 12/9/20 61,072 — CNH 20,007,187 USD 2,918,968 Citibank, N.A. 12/9/20 61,072 — Australia and New Zealand Banking KRW 11,972,349,015 USD 10,142,761 Group Limited 12/10/20 386,160 — USD 5,685,880 ZAR 92,090,000 Standard Chartered Bank 12/14/20 54,196 — EGP 430,165,000 USD 26,689,313 Citibank, N.A. 12/16/20 319,714 — EGP 260,033,000 USD 16,138,588 Citibank, N.A. 12/16/20 188,259 — USD 28,571,429 OMR 11,800,000 BNP Paribas 12/21/20 — (2,051,723) EGP 163,263,000 USD 9,348,010 Citibank, N.A. 12/24/20 882,006 — EGP 117,540,000 USD 7,264,524 Goldman Sachs International 12/24/20 100,501 — EGP 88,500,000 USD 5,466,337 Goldman Sachs International 12/24/20 79,049 — EGP 78,325,000 USD 4,851,347 Goldman Sachs International 12/24/20 56,476 — USD 2,175,345 EGP 36,263,000 Goldman Sachs International 12/24/20 — (96,885) USD 14,446,196 UAH 421,540,000 BNP Paribas 1/5/21 — (39,466) CNH 55,277,981 USD 8,044,997 Bank of America, N.A. 1/11/21 168,515 — CNH 26,676,250 USD 3,882,384 Bank of America, N.A. 1/11/21 81,323 — CNH 26,676,250 USD 3,882,384 Bank of America, N.A. 1/11/21 81,323 — CNH 55,277,981 USD 8,044,646 UBS AG 1/11/21 168,867 — CNH 26,676,250 USD 3,882,215 UBS AG 1/11/21 81,492 — CNH 26,676,250 USD 3,882,215 UBS AG 1/11/21 81,492 — EGP 250,092,500 USD 15,500,000 Goldman Sachs International 1/11/21 90,603 — EGP 48,450,000 USD 3,000,000 Goldman Sachs International 1/11/21 20,341 — EGP 290,000,000 USD 18,034,826 HSBC Bank USA, N.A. 1/11/21 43,585 — EGP 32,370,000 USD 2,000,000 HSBC Bank USA, N.A. 1/11/21 17,925 — USD 9,696,712 UAH 283,144,000 Bank of America, N.A. 1/11/21 — (15,133)

31 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts (continued)

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

USD 6,424,828 UAH 186,320,000 BNP Paribas 1/11/21 $ 34,047 $ — TRY 37,893,000 USD 4,651,483 Standard Chartered Bank 1/13/21 — (287,687) TRY 99,490,000 USD 12,167,895 Standard Chartered Bank 1/13/21 — (710,527) TRY 124,277,500 USD 15,208,652 Standard Chartered Bank 1/13/21 — (896,731) TRY 124,220,000 USD 15,208,251 Standard Chartered Bank 1/13/21 — (902,951) USD 1,692,979 CRC 1,028,400,000 Citibank, N.A. 1/13/21 7,119 — USD 2,167,104 TRY 17,400,000 Citibank, N.A. 1/13/21 163,303 — USD 15,208,441 TRY 129,728,000 Standard Chartered Bank 1/13/21 268,834 — USD 15,208,564 TRY 130,527,500 Standard Chartered Bank 1/13/21 176,886 — USD 12,562,391 TRY 108,225,000 Standard Chartered Bank 1/13/21 99,092 — USD 7,747,763 UAH 225,150,000 Bank of America, N.A. 1/13/21 29,878 — EGP 60,356,250 USD 3,750,000 HSBC Bank USA, N.A. 1/18/21 3,833 — USD 1,713,604 CRC 1,041,100,000 Citibank, N.A. 1/20/21 7,871 — CNH 10,651,064 USD 1,580,276 Goldman Sachs International 1/21/21 1,152 — CNH 10,651,064 USD 1,580,276 Goldman Sachs International 1/21/21 1,152 — USD 7,269,942 CNH 48,999,431 Goldman Sachs International 1/21/21 — (5,300) USD 3,429,159 CRC 2,083,900,000 Citibank, N.A. 1/21/21 15,178 — EGP 488,721,000 USD 30,483,144 HSBC Bank USA, N.A. 1/26/21 — (167,783) THB 1,424,220,000 USD 45,452,863 Standard Chartered Bank 1/26/21 228,060 — USD 56,131,167 THB 1,758,814,001 Standard Chartered Bank 1/26/21 — (281,638) USD 2,828,051 CRC 1,727,600,000 Citibank, N.A. 1/28/21 — (648) USD 4,976,645 UAH 145,965,000 Bank of America, N.A. 1/29/21 — (2,292) USD 4,976,633 UAH 146,313,000 Bank of America, N.A. 1/29/21 — (14,175) MYR 22,939,223 USD 5,495,741 Morgan Stanley & Co. International PLC 2/2/21 — (1,906) MYR 22,939,223 USD 5,495,741 Morgan Stanley & Co. International PLC 2/2/21 — (1,906) EGP 786,746,000 USD 45,938,690 Goldman Sachs International 2/8/21 2,662,512 — USD 43,500,452 EGP 786,746,000 HSBC Bank USA, N.A. 2/8/21 — (5,100,750) USD 12,311,703 UAH 362,949,000 Bank of America, N.A. 2/22/21 23,450 — TRY 15,300,000 USD 2,021,581 Citibank, N.A. 2/26/21 — (297,691) TRY 29,589,900 USD 3,958,602 Citibank, N.A. 2/26/21 — (624,634) TRY 19,154,911 USD 2,562,496 Standard Chartered Bank 2/26/21 — (404,264) TRY 122,354,400 USD 16,350,370 Standard Chartered Bank 2/26/21 — (2,564,394) TRY 203,778,000 USD 27,250,334 Standard Chartered Bank 2/26/21 — (4,290,157) TRY 203,750,000 USD 27,250,234 Standard Chartered Bank 2/26/21 — (4,293,212) USD 21,734,832 TRY 151,656,000 Standard Chartered Bank 2/26/21 4,647,371 — USD 17,388,063 TRY 121,031,800 Standard Chartered Bank 2/26/21 3,751,108 — USD 17,388,173 TRY 121,062,200 Standard Chartered Bank 2/26/21 3,747,792 — USD 10,867,504 TRY 76,002,500 Standard Chartered Bank 2/26/21 2,304,113 — USD 10,102,502 TRY 76,610,000 Standard Chartered Bank 2/26/21 1,470,662 — USD 3,517,498 TRY 25,530,000 Standard Chartered Bank 2/26/21 640,969 — USD 2,840,198 TRY 21,000,000 Standard Chartered Bank 2/26/21 474,076 — USD 93,722 TRY 745,211 Standard Chartered Bank 2/26/21 9,757 — USD 41,519 TRY 289,500 Standard Chartered Bank 2/26/21 8,901 — USD 1,387,729 EGP 24,202,000 Goldman Sachs International 3/8/21 — (95,094)

32 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts (continued)

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

USD 2,947,190 EGP 51,399,000 Goldman Sachs International 3/8/21 $ — $ (201,956) USD 2,947,190 EGP 51,399,000 Goldman Sachs International 3/8/21 — (201,956) USD 15,116,251 BHD 5,726,036 Standard Chartered Bank 3/11/21 — (47,651) USD 12,596,983 SAR 47,604,000 Standard Chartered Bank 3/11/21 — (88,534) USD 13,934,265 OMR 5,681,000 BNP Paribas 3/15/21 — (769,911) USD 20,203,166 BHD 7,651,000 Standard Chartered Bank 3/16/21 — (57,383) USD 70,240,195 AED 258,800,000 BNP Paribas 4/5/21 — (208,303) AED 400,000,000 USD 108,663,171 BNP Paribas 4/8/21 221,380 — USD 40,013,843 AED 147,415,000 BNP Paribas 4/8/21 — (114,197) USD 80,028,140 AED 294,751,643 BNP Paribas 4/8/21 — (206,611) USD 70,473,173 AED 259,672,500 BNP Paribas 4/8/21 — (212,636) USD 139,374,949 AED 513,540,937 BNP Paribas 4/12/21 — (416,224) USD 146,852,095 AED 540,959,063 Morgan Stanley & Co. International PLC 4/12/21 — (402,576) TRY 745,211 USD 90,252 Standard Chartered Bank 5/17/21 — (9,549) TRY 24,673,000 USD 3,002,246 Standard Chartered Bank 5/17/21 — (330,272) TRY 74,724,186 USD 9,074,048 Standard Chartered Bank 5/17/21 — (981,755) TRY 74,749,500 USD 9,085,396 Standard Chartered Bank 5/17/21 — (990,362) TRY 74,680,000 USD 9,085,231 Standard Chartered Bank 5/17/21 — (997,723) TRY 74,683,000 USD 9,085,596 Standard Chartered Bank 5/17/21 — (997,764) TRY 74,645,000 USD 9,086,500 Standard Chartered Bank 5/17/21 — (1,002,783) TRY 74,567,500 USD 9,085,361 Standard Chartered Bank 5/17/21 — (1,010,036) TRY 73,960,000 USD 9,086,068 Standard Chartered Bank 5/17/21 — (1,076,533) TRY 149,100,000 USD 18,171,992 Standard Chartered Bank 5/17/21 — (2,025,134) USD 27,894,973 TRY 223,634,000 Standard Chartered Bank 5/17/21 3,676,419 — USD 15,022,295 TRY 115,376,332 Standard Chartered Bank 5/17/21 2,527,558 — USD 13,947,518 TRY 112,682,000 Standard Chartered Bank 5/17/21 1,744,566 — USD 8,368,540 TRY 66,080,500 Standard Chartered Bank 5/17/21 1,212,319 — USD 5,579,001 TRY 43,572,000 Standard Chartered Bank 5/17/21 860,350 — USD 5,579,028 TRY 43,628,000 Standard Chartered Bank 5/17/21 854,312 — USD 5,578,968 TRY 43,767,000 Standard Chartered Bank 5/17/21 839,199 — USD 5,579,007 TRY 44,222,000 Standard Chartered Bank 5/17/21 789,964 — USD 460,958 TRY 3,565,565 Standard Chartered Bank 5/17/21 74,824 — USD 6,119,316 GHS 41,183,000 ICBC Standard Bank plc 5/24/21 — (353,138) USD 2,625,328 GHS 17,596,000 Standard Chartered Bank 5/24/21 — (140,116) USD 1,300,599 GHS 8,688,000 JPMorgan Chase Bank, N.A. 5/28/21 — (62,302) USD 1,097,978 GHS 7,329,000 JPMorgan Chase Bank, N.A. 6/2/21 — (49,074) USD 3,571,810 GHS 24,074,000 Standard Chartered Bank 6/4/21 — (192,494) USD 3,542,668 GHS 24,037,000 JPMorgan Chase Bank, N.A. 6/7/21 — (210,645) USD 2,216,842 GHS 14,742,000 ICBC Standard Bank plc 6/14/21 — (77,665) USD 1,288,576 GHS 8,685,000 Standard Chartered Bank 6/16/21 — (61,951) USD 1,286,476 GHS 8,685,000 Standard Chartered Bank 6/18/21 — (62,810) USD 1,772,761 GHS 11,975,000 ICBC Standard Bank plc 6/21/21 — (85,093) USD 1,639,881 GHS 11,020,000 JPMorgan Chase Bank, N.A. 6/23/21 — (68,243) USD 2,269,357 GHS 15,182,000 JPMorgan Chase Bank, N.A. 7/1/21 — (75,289) USD 2,250,827 GHS 14,968,000 JPMorgan Chase Bank, N.A. 7/12/21 — (49,216)

33 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts (continued)

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

USD 1,921,019 OMR 754,000 BNP Paribas 8/19/21 $ — $ (18,173) USD 43,018,585 OMR 16,897,700 BNP Paribas 8/23/21 — (431,160) USD 26,816,272 OMR 10,530,750 BNP Paribas 8/26/21 — (257,675) KES 764,700,000 USD 6,460,252 Standard Chartered Bank 10/12/21 43,468 — KES 509,790,000 USD 4,306,750 Standard Chartered Bank 10/12/21 28,978 — USD 6,079,569 OMR 2,390,000 Standard Chartered Bank 10/12/21 — (50,089) GEL 38,944,800 USD 11,242,725 Goldman Sachs International 10/21/21 — (51,691) USD 18,442,153 OMR 7,245,000 Bank of America, N.A. 10/28/21 — (123,851) Credit Agricole Corporate and USD 35,659,705 OMR 14,000,000 Investment Bank 10/28/21 — (216,634) USD 47,974,561 OMR 18,858,800 Bank of America, N.A. 11/4/21 — (335,809) USD 40,155,317 AED 148,012,500 BNP Paribas 1/31/22 — (92,953) USD 43,217,150 AED 159,291,500 BNP Paribas 2/3/22 — (97,371) USD 42,719,148 AED 157,394,000 BNP Paribas 2/22/22 — (74,469) USD 19,404,125 OMR 7,620,000 Standard Chartered Bank 2/22/22 — (19,968) USD 38,900,204 OMR 15,280,000 Standard Chartered Bank 2/22/22 — (49,947) USD 12,633,111 BHD 4,816,500 Bank of America, N.A. 3/14/22 — (61,853) USD 9,612,169 OMR 4,139,000 BNP Paribas 3/14/22 — (929,106) USD 25,194,536 SAR 95,903,000 Standard Chartered Bank 3/14/22 — (307,378) USD 60,660,554 SAR 230,838,000 Standard Chartered Bank 3/14/22 — (722,414) USD 17,011,383 BHD 6,518,000 BNP Paribas 3/16/22 — (167,724) USD 25,249,372 BHD 9,636,500 Standard Chartered Bank 3/16/22 — (148,981) USD 12,624,854 BHD 4,866,250 Standard Chartered Bank 3/16/22 — (200,834) USD 25,617,465 SAR 97,103,000 BNP Paribas 3/24/22 — (201,439) USD 38,426,649 SAR 145,637,000 HSBC Bank USA, N.A. 3/24/22 — (297,053) USD 45,976,495 SAR 174,090,000 Standard Chartered Bank 3/28/22 — (311,119) OMR 7,500,000 USD 18,796,992 BNP Paribas 8/29/22 161,899 — USD 23,292,293 OMR 9,293,625 BNP Paribas 8/29/22 — (200,618)

$49,610,817 $(51,556,248)

Futures Contracts

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

Commodity Futures WTI Crude Oil (211) Short 11/19/20 $ (7,551,690) $1,058,887

Equity Futures E-mini S&P 500 Index 97 Long 12/18/20 15,833,795 (632,702) TOPIX Index 195 Long 12/10/20 29,458,584 (687,974) MSCI Emerging Markets Index (274) Short 12/18/20 (15,096,030) 193,817

34 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Futures Contracts (continued)

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

Interest Rate Futures Australia 10-Year Bond 569 Long 12/15/20 $ 59,798,215 $ 636,433 Euro-Bobl (239) Short 12/8/20 (37,819,600) (184,029) Euro-Bund (122) Short 12/8/20 (25,028,679) (164,560) Euro-Buxl (146) Short 12/8/20 (38,898,101) (1,384,819) U.S. 5-Year Treasury Note (117) Short 12/31/20 (14,695,383) 23,380 U.S. 10-Year Treasury Note (442) Short 12/21/20 (61,092,688) 450,222 U.S. 10-Year Ultra-Long Treasury Bond (28) Short 12/21/20 (4,403,875) 59,763 U.S. Long Treasury Bond (207) Short 12/21/20 (35,701,031) 746,007 U.S. Ultra-Long Treasury Bond (185) Short 12/21/20 (39,775,000) 712,469

$ 826,894

Centrally Cleared Inflation Swaps

Portfolio Notional Pays/Receives Portfolio Value/Unrealized Amount Return on Pays/Receives Termination Appreciation (000’s omitted) Reference Index Reference Index Rate Annual Rate Date (Depreciation)

Eurostat Eurozone HICP ex Tobacco NSA 0.62% EUR 56,810 Pays (pays upon termination) Receives (pays upon termination) 3/15/28 $ (255,532) Eurostat Eurozone HICP ex Tobacco NSA 1.57% EUR 11,623 Receives (pays upon termination) Pays (pays upon termination) 8/15/32 (1,552,865) Eurostat Eurozone HICP ex Tobacco NSA 1.59% EUR 11,653 Receives (pays upon termination) Pays (pays upon termination) 8/15/32 (1,598,693) Eurostat Eurozone HICP ex Tobacco NSA 1.60% EUR 11,378 Receives (pays upon termination) Pays (pays upon termination) 8/15/32 (1,601,913) Eurostat Eurozone HICP ex Tobacco NSA 1.64% EUR 11,446 Receives (pays upon termination) Pays (pays upon termination) 10/15/32 (1,685,667) Eurostat Eurozone HICP ex Tobacco NSA 1.74% EUR 15,315 Receives (pays upon termination) Pays (pays upon termination) 2/15/33 (2,617,065) Eurostat Eurozone HICP ex Tobacco NSA 1.77% EUR 11,623 Pays (pays upon termination) Receives (pays upon termination) 8/15/42 2,917,169 Eurostat Eurozone HICP ex Tobacco NSA 1.78% EUR 11,653 Pays (pays upon termination) Receives (pays upon termination) 8/15/42 2,940,736

35 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Inflation Swaps (continued)

Eurostat Eurozone HICP ex Tobacco NSA 1.79% EUR 11,378 Pays (pays upon termination) Receives (pays upon termination) 8/15/42 $ 2,962,899 Eurostat Eurozone HICP ex Tobacco NSA 1.85% EUR 11,446 Pays (pays upon termination) Receives (pays upon termination) 10/15/42 3,237,532 Eurostat Eurozone HICP ex Tobacco NSA 1.93% EUR 15,315 Pays (pays upon termination) Receives (pays upon termination) 2/15/43 4,974,727 Eurostat Eurozone HICP ex Tobacco NSA 1.90% EUR 3,065 Pays (pays upon termination) Receives (pays upon termination) 8/4/47 1,116,933 Eurostat Eurozone HICP ex Tobacco NSA 1.89% EUR 3,065 Pays (pays upon termination) Receives (pays upon termination) 8/7/47 1,097,366 Eurostat Eurozone HICP ex Tobacco NSA 1.95% EUR 8,521 Pays (pays upon termination) Receives (pays upon termination) 12/15/47 3,408,723 Eurostat Eurozone HICP ex Tobacco NSA 1.10% EUR 4,350 Pays (pays upon termination) Receives (pays upon termination) 3/12/50 (425,509) Return on CPI-U (NSA) 1.00% USD 43,660 Pays (pays upon termination) Receives (pays upon termination) 3/12/27 (2,327,412) Return on CPI-U (NSA) 2.17% USD 36,500 Receives (pays upon termination) Pays (pays upon termination) 10/26/27 (1,191,036) Return on CPI-U (NSA) 2.23% USD 14,000 Receives (pays upon termination) Pays (pays upon termination) 1/17/28 (624,273) Return on CPI-U (NSA) 2.35% USD 14,682 Receives (pays upon termination) Pays (pays upon termination) 2/6/28 (821,627) Return on CPI-U (NSA) 2.41% USD 27,996 Pays (pays upon termination) Receives (pays upon termination) 2/6/33 2,316,074 Return on CPI-U (NSA) 2.42% USD 27,996 Receives (pays upon termination) Pays (pays upon termination) 2/6/43 (3,784,901) Return on CPI-U (NSA) 2.16% USD 4,128 Receives (pays upon termination) Pays (pays upon termination) 8/4/47 (192,243) Return on CPI-U (NSA) 2.15% USD 4,128 Receives (pays upon termination) Pays (pays upon termination) 8/7/47 (171,042) Return on CPI-U (NSA) 2.13% USD 5,209 Receives (pays upon termination) Pays (pays upon termination) 8/22/47 (179,593) Return on CPI-U (NSA) 2.15% USD 5,178 Receives (pays upon termination) Pays (pays upon termination) 8/25/47 (207,211) Return on CPI-U (NSA) 2.15% USD 5,163 Receives (pays upon termination) Pays (pays upon termination) 9/1/47 (211,947) Return on CPI-U (NSA) 2.22% USD 4,498 Receives (pays upon termination) Pays (pays upon termination) 10/5/47 (308,687)

36 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Inflation Swaps (continued)

Return on CPI-U (NSA) 2.26% USD 14,130 Receives (pays upon termination) Pays (pays upon termination) 12/7/47 $(1,286,071) Return on CPI-U (NSA) 2.42% USD 5,824 Receives (pays upon termination) Pays (pays upon termination) 6/8/48 (956,863)

$ 2,972,009

CPI-U (NSA) – Consumer Price Index All Urban Non-Seasonally Adjusted HICP – Harmonised Indices of Consumer Prices

Inflation Swaps

Portfolio Notional Pays/Receives Portfolio Value/Unrealized Amount Return on Pays/Receives Annual Termination Appreciation Counterparty (000’s omitted) Reference Index Reference Index Rate Rate Date (Depreciation) 1.97% Return on CPI-U (NSA) (pays upon Bank of America, N.A. $ 87,363 Receives (pays upon termination) Pays termination) 6/23/27 $(1,168,932)

$(1,168,932)

CPI-U (NSA) – Consumer Price Index All Urban Non-Seasonally Adjusted

Centrally Cleared Interest Rate Swaps

3.44% Brazil CETIP Interbank Deposit Rate (pays upon BRL 3,674,499 Receives (pays upon termination) termination) 1/3/22 $ (714,881) $— $ (714,881) 2.92% Brazil CETIP Interbank Deposit Rate (pays upon BRL 2,244,640 Pays (pays upon termination) termination) 1/3/22 (1,200,971) — (1,200,971) 3.08% Brazil CETIP Interbank Deposit Rate (pays upon BRL 1,544,575 Pays (pays upon termination) termination) 1/3/22 (782,555) — (782,555) 3.42% Brazil CETIP Interbank Deposit Rate (pays upon BRL 463,519 Receives (pays upon termination) termination) 1/3/22 (67,310) — (67,310) 2.77% Brazil CETIP Interbank Deposit Rate (pays upon BRL 354,128 Pays (pays upon termination) termination) 1/3/22 (365,232) — (365,232)

37 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

Unamortized Notional Portfolio Upfront Unrealized Amount Pays/Receives Annual Termination Receipts Appreciation (000’s omitted) Floating Rate Floating Rate Fixed Rate Date Value (Payments) (Depreciation) 3-month Canadian Bankers Acceptances 1.80% CAD 84,020 Receives (pays quarterly) (pays semi-annually) 6/11/24 $(3,191,633) $ — $(3,191,633) 3-month Canadian Bankers Acceptances 1.71% CAD 41,620 Receives (pays quarterly) (pays semi-annually) 2/19/25 (1,463,068) — (1,463,068) 3-month Canadian Bankers Acceptances 1.70% CAD 36,300 Receives (pays quarterly) (pays semi-annually) 2/19/25 (1,268,412) — (1,268,412) 3-month Canadian Bankers Acceptances 0.88% CAD 46,740 Receives (pays quarterly) (pays semi-annually) 6/5/25 (303,975) — (303,975) 3-month Canadian Bankers Acceptances 1.04% CAD 19,729 Receives (pays quarterly) (pays semi-annually) 8/19/30 121,473 (211) 121,262 3-month Canadian Bankers Acceptances 1.03% CAD 12,950 Receives (pays quarterly) (pays semi-annually) 8/19/30 84,543 (137) 84,406 6-month Sinacofi Chile Interbank Rate 1.53% CLP 18,211,700 Receives (pays semi-annually) (pays semi-annually) 5/11/25 (475,493) — (475,493) 6-month Sinacofi Chile Interbank Rate 1.48% CLP 8,969,940 Receives (pays semi-annually) (pays semi-annually) 5/13/25 (203,698) — (203,698) 6-month Sinacofi Chile Interbank Rate 1.41% CLP 8,969,940 Receives (pays semi-annually) (pays semi-annually) 5/14/25 (165,095) — (165,095) 6-month Sinacofi Chile Interbank Rate 1.35% CLP 17,939,880 Receives (pays semi-annually) (pays semi-annually) 5/15/25 (296,451) — (296,451) 6-month Sinacofi Chile Interbank Rate 1.24% CLP 26,094,380 Receives (pays semi-annually) (pays semi-annually) 5/19/25 (218,906) — (218,906) 7-day China Fixing Repo Rates 2.34% CNY 820,290 Pays (pays quarterly) (pays quarterly) 7/27/22 (164,079) — (164,079) 7-day China Fixing Repo Rates 2.34% CNY 793,000 Pays (pays quarterly) (pays quarterly) 7/27/22 (158,620) — (158,620) Colombia Overnight Interbank Reference Rate 3.84% COP 86,746,200 Receives (pays quarterly) (pays quarterly) 5/5/25 (890,083) — (890,083) Colombia Overnight Interbank Reference Rate 3.85% COP 15,180,600 Receives (pays quarterly) (pays quarterly) 5/6/25 (185,434) — (185,434) Colombia Overnight Interbank Reference Rate 3.70% COP 100,029,200 Receives (pays quarterly) (pays quarterly) 5/7/25 (927,890) — (927,890)

38 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

Unamortized Notional Portfolio Upfront Unrealized Amount Pays/Receives Annual Termination Receipts Appreciation (000’s omitted) Floating Rate Floating Rate Fixed Rate Date Value (Payments) (Depreciation) Colombia Overnight Interbank Reference Rate 3.49% COP 11,171,900 Receives (pays quarterly) (pays quarterly) 5/13/25 $ (67,602) $ — $ (67,602) Colombia Overnight Interbank Reference Rate 3.54% COP 11,171,850 Receives (pays quarterly) (pays quarterly) 5/14/25 (73,973) — (73,973) Colombia Overnight Interbank Reference Rate 3.19% COP 40,662,300 Pays (pays quarterly) (pays quarterly) 6/4/25 88,048 — 88,048 Colombia Overnight Interbank Reference Rate 3.26% COP 61,940,900 Pays (pays quarterly) (pays quarterly) 6/5/25 179,035 — 179,035 Colombia Overnight Interbank Reference Rate 3.34% COP 85,106,600 Pays (pays quarterly) (pays quarterly) 6/8/25 322,501 — 322,501 Colombia Overnight Interbank Reference Rate 3.44% COP 41,729,700 Pays (pays quarterly) (pays quarterly) 6/9/25 207,276 — 207,276 6-month EURIBOR 0.11% EUR 9,682 Receives (pays semi-annually) (pays annually) 7/23/29 (459,509) 34,350 (425,159) 6-month EURIBOR 0.11% EUR 5,493 Receives (pays semi-annually) (pays annually) 7/23/29 (262,767) 54,637 (208,130) 6-month EURIBOR (0.08)% EUR 10,400 Receives (pays semi-annually) (pays annually) 8/6/29 (284,871) (16) (284,887) 6-month EURIBOR (0.16)% EUR 5,660 Receives (pays semi-annually) (pays annually) 9/12/29 (95,331) 8 (95,323) 6-month EURIBOR 0.37% EUR 3,520 Receives (pays semi-annually) (pays annually) 2/12/50 (535,142) (1) (535,143) 6-month EURIBOR 0.39% EUR 3,472 Receives (pays semi-annually) (pays annually) 2/13/50 (543,455) — (543,455) 6-month EURIBOR 0.37% EUR 6,319 Receives (pays semi-annually) (pays annually) 2/17/50 (956,307) (2) (956,309) 6-month EURIBOR 0.35% EUR 5,470 Receives (pays semi-annually) (pays annually) 2/18/50 (796,508) (2) (796,510) 6-month EURIBOR 0.26% EUR 30,400 Receives (pays semi-annually) (pays annually) 2/25/50 (3,413,937) 8 (3,413,929) 6-month EURIBOR 0.21% EUR 4,758 Receives (pays semi-annually) (pays annually) 2/26/50 (446,624) (57) (446,681) 6-month EURIBOR 0.12% EUR 13,498 Receives (pays semi-annually) (pays annually) 6/8/50 (857,464) (12) (857,476) 6-month GBP LIBOR 1.49% GBP 46,520 Receives (pays semi-annually) (pays semi-annually) 2/28/29 (5,675,252) — (5,675,252) 6-month GBP LIBOR 1.49% GBP 41,298 Receives (pays semi-annually) (pays semi-annually) 2/28/29 (5,035,937) — (5,035,937) 3-month KRW Certificate of Deposit Rate 0.92% KRW 32,813,000 Receives (pays quarterly) (pays quarterly) 7/27/30 524,509 — 524,509

39 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

Unamortized Notional Portfolio Upfront Unrealized Amount Pays/Receives Annual Termination Receipts Appreciation (000’s omitted) Floating Rate Floating Rate Fixed Rate Date Value (Payments) (Depreciation) 3-month KRW Certificate of Deposit Rate 0.92% KRW 24,609,560 Receives (pays quarterly) (pays quarterly) 7/27/30 $ 398,672 $— $ 398,672 Mexico Interbank TIIE 28 Day 4.43% MXN 4,049,800 Pays (pays monthly) (pays monthly) 9/1/21 (37,285) — (37,285) Mexico Interbank TIIE 28 Day 4.42% MXN 1,506,600 Pays (pays monthly) (pays monthly) 9/1/21 (19,863) — (19,863) Mexico Interbank TIIE 28 Day 4.42% MXN 1,340,800 Pays (pays monthly) (pays monthly) 9/1/21 (17,677) — (17,677) Mexico Interbank TIIE 28 Day 4.42% MXN 690,500 Pays (pays monthly) (pays monthly) 9/2/21 (8,936) — (8,936) Mexico Interbank TIIE 28 Day 4.49% MXN 2,980,263 Pays (pays monthly) (pays monthly) 8/31/22 (123,723) — (123,723) Mexico Interbank TIIE 28 Day 4.50% MXN 747,198 Pays (pays monthly) (pays monthly) 8/31/22 (29,080) — (29,080) 3-month NZD Bank Bill 4.96% NZD 20,093 Pays (pays quarterly) (pays semi-annually) 4/29/24 2,296,657 — 2,296,657 3-month NZD Bank Bill 3.77% NZD 11,875 Pays (pays quarterly) (pays semi-annually) 3/5/25 1,305,317 — 1,305,317 3-month NZD Bank Bill 4.05% NZD 11,470 Pays (pays quarterly) (pays semi-annually) 6/16/25 1,503,629 — 1,503,629 3-month NZD Bank Bill 3.13% NZD 94,000 Receives (pays quarterly) (pays semi-annually) 1/9/28 (13,221,337) — (13,221,337) 3-month NZD Bank Bill 3.13% NZD 41,300 Receives (pays quarterly) (pays semi-annually) 1/9/28 (5,803,848) — (5,803,848) 6-month Singapore Swap Offered Rate 2.44% SGD 52,000 Pays (pays semi-annually) (pays semi-annually) 10/23/23 2,455,760 — 2,455,760 6-month Singapore Swap Offered Rate 2.44% SGD 35,480 Pays (pays semi-annually) (pays semi-annually) 10/23/23 1,675,584 — 1,675,584 6-month Singapore Swap Offered Rate 2.44% SGD 35,000 Pays (pays semi-annually) (pays semi-annually) 10/23/23 1,652,916 — 1,652,916 6-month Singapore Swap Offered Rate 1.56% SGD 26,430 Pays (pays semi-annually) (pays semi-annually) 8/14/24 921,499 — 921,499 6-month Singapore Swap Offered Rate 1.55% SGD 23,493 Pays (pays semi-annually) (pays semi-annually) 8/14/24 808,821 — 808,821 6-month Singapore Swap Offered Rate 1.07% SGD 44,090 Pays (pays semi-annually) (pays semi-annually) 3/31/25 938,968 — 938,968

40 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

Unamortized Notional Portfolio Upfront Unrealized Amount Pays/Receives Annual Termination Receipts Appreciation (000’s omitted) Floating Rate Floating Rate Fixed Rate Date Value (Payments) (Depreciation) 6-month Singapore Swap Offered Rate 1.06% SGD 15,065 Pays (pays semi-annually) (pays semi-annually) 3/31/25 $ 314,420 $— $ 314,420 6-month Singapore Swap Offered Rate 1.08% SGD 8,815 Pays (pays semi-annually) (pays semi-annually) 3/31/25 189,750 — 189,750 6-month Singapore Swap Offered Rate 0.52% SGD 90,200 Pays (pays semi-annually) (pays semi-annually) 8/21/25 193,697 — 193,697 3-month USD-LIBOR 2.22% USD 2,481 Receives (pays quarterly) (pays semi-annually) 3/28/24 (165,022) — (165,022) 3-month USD-LIBOR 2.37% USD 9,830 Receives (pays quarterly) (pays semi-annually) 4/3/24 (705,835) — (705,835) 3-month USD-LIBOR 1.75% USD 228 Receives (pays quarterly) (pays semi-annually) 7/5/24 (13,080) — (13,080) 3-month USD-LIBOR 1.84% USD 1,635 Receives (pays quarterly) (pays semi-annually) 7/11/24 (99,621) — (99,621) 3-month USD-LIBOR 1.80% USD 650 Receives (pays quarterly) (pays semi-annually) 7/22/24 (38,667) — (38,667) 3-month USD-LIBOR 1.79% USD 818 Receives (pays quarterly) (pays semi-annually) 7/23/24 (48,160) — (48,160) 3-month USD-LIBOR 1.40% USD 1,420 Receives (pays quarterly) (pays semi-annually) 8/23/24 (60,440) — (60,440) 3-month USD-LIBOR 1.64% USD 2,200 Receives (pays quarterly) (pays semi-annually) 11/7/24 (129,238) — (129,238) 3-month USD-LIBOR 1.55% USD 1,446 Receives (pays quarterly) (pays semi-annually) 11/27/24 (78,851) — (78,851) 3-month USD-LIBOR 1.60% USD 9,000 Receives (pays quarterly) (pays semi-annually) 1/23/25 (504,388) — (504,388) 3-month USD-LIBOR 1.59% USD 5,590 Receives (pays quarterly) (pays semi-annually) 1/23/25 (310,971) — (310,971) 3-month USD-LIBOR 1.49% USD 1,100 Receives (pays quarterly) (pays semi-annually) 1/28/25 (56,058) — (56,058) 3-month USD-LIBOR 1.46% USD 2,978 Receives (pays quarterly) (pays semi-annually) 1/30/25 (148,258) — (148,258) 3-month USD-LIBOR 1.41% USD 7,400 Receives (pays quarterly) (pays semi-annually) 2/3/25 (346,063) — (346,063) 3-month USD-LIBOR 1.44% USD 742 Receives (pays quarterly) (pays semi-annually) 2/18/25 (35,311) — (35,311) 3-month USD-LIBOR 1.16% USD 2,100 Receives (pays quarterly) (pays semi-annually) 2/28/25 (73,965) — (73,965) 3-month USD-LIBOR 0.83% USD 700 Receives (pays quarterly) (pays semi-annually) 3/5/25 (14,073) — (14,073) 3-month USD-LIBOR 0.71% USD 20,810 Pays (pays quarterly) (pays semi-annually) 3/20/25 303,018 — 303,018 3-month USD-LIBOR 0.46% USD 6,240 Receives (pays quarterly) (pays semi-annually) 4/23/25 (17,755) — (17,755)

41 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

Unamortized Notional Portfolio Upfront Unrealized Amount Pays/Receives Annual Termination Receipts Appreciation (000’s omitted) Floating Rate Floating Rate Fixed Rate Date Value (Payments) (Depreciation) 3-month USD-LIBOR 0.33% USD 4,634 Receives (pays quarterly) (pays semi-annually) 5/12/25 $ 9,920 $— $ 9,920 3-month USD-LIBOR 0.33% USD 1,800 Receives (pays quarterly) (pays semi-annually) 5/18/25 4,067 — 4,067 3-month USD-LIBOR 0.43% USD 3,742 Receives (pays quarterly) (pays semi-annually) 6/12/25 (7,463) — (7,463) 3-month USD-LIBOR 0.39% USD 14,000 Receives (pays quarterly) (pays semi-annually) 6/19/25 (1,015) — (1,015) 3-month USD-LIBOR 1.74% USD 59,173 Receives (pays quarterly) (pays semi-annually) 12/16/26 (4,633,419) — (4,633,419) 3-month USD-LIBOR 0.84% USD 59,130 Pays (pays quarterly) (pays semi-annually) 3/20/27 1,005,286 — 1,005,286 3-month USD-LIBOR 0.60% USD 6,513 Receives (pays quarterly) (pays semi-annually) 5/12/30 139,173 — 139,173 3-month USD-LIBOR 0.67% USD 4,370 Receives (pays quarterly) (pays semi-annually) 5/26/30 68,522 — 68,522 3-month USD-LIBOR 0.67% USD 2,500 Receives (pays quarterly) (pays semi-annually) 5/29/30 39,470 — 39,470 3-month USD-LIBOR 0.69% USD 2,975 Receives (pays quarterly) (pays semi-annually) 6/1/30 39,249 — 39,249 3-month USD-LIBOR 0.66% USD 1,925 Receives (pays quarterly) (pays semi-annually) 6/2/30 32,201 — 32,201 3-month USD-LIBOR 0.76% USD 26,160 Receives (pays quarterly) (pays semi-annually) 6/5/30 194,424 — 194,424 3-month USD-LIBOR 0.80% USD 8,783 Receives (pays quarterly) (pays semi-annually) 6/11/30 32,066 — 32,066 3-month USD-LIBOR 0.77% USD 1,170 Receives (pays quarterly) (pays semi-annually) 6/12/30 6,780 — 6,780 3-month USD-LIBOR 0.69% USD 6,441 Receives (pays quarterly) (pays semi-annually) 6/16/30 89,539 — 89,539 3-month USD-LIBOR 0.74% USD 2,341 Receives (pays quarterly) (pays semi-annually) 6/18/30 22,116 — 22,116 3-month USD-LIBOR 0.75% USD 1,000 Receives (pays quarterly) (pays semi-annually) 6/18/30 7,877 — 7,877 3-month USD-LIBOR 0.72% USD 20,406 Receives (pays quarterly) (pays semi-annually) 6/19/30 222,230 — 222,230 3-month USD-LIBOR 0.72% USD 10,592 Receives (pays quarterly) (pays semi-annually) 6/19/30 122,108 — 122,108 3-month USD-LIBOR 0.68% USD 3,200 Receives (pays quarterly) (pays semi-annually) 6/23/30 50,336 — 50,336 3-month USD-LIBOR 0.69% USD 9,962 Receives (pays quarterly) (pays semi-annually) 6/26/30 145,036 — 145,036 3-month USD-LIBOR 0.67% USD 8,152 Receives (pays quarterly) (pays semi-annually) 6/26/30 132,840 — 132,840 3-month USD-LIBOR 0.64% USD 3,282 Receives (pays quarterly) (pays semi-annually) 6/30/30 65,396 — 65,396 3-month USD-LIBOR 0.63% USD 1,000 Receives (pays quarterly) (pays semi-annually) 6/30/30 20,681 — 20,681

42 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

Total $(44,630,445) $88,565 $(44,541,880)

Interest Rate Swaps

Value/ Portfolio Unrealized Notional Amount Pays/Receives Termination Appreciation Counterparty (000’s omitted) Floating Rate Floating Rate Annual Fixed Rate Date (Depreciation)

6-month THB Fixing Rate 2.18% Bank of America, N.A. THB 87,100 Pays (pays semi-annually) (pays semi-annually) 2/22/29 $ 267,408 6-month THB Fixing Rate 2.18% Citibank, N.A. THB 725,400 Pays (pays semi-annually) (pays semi-annually) 2/22/29 2,232,012 Goldman Sachs 6-month THB Fixing Rate 2.19% International THB 938,900 Pays (pays semi-annually) (pays semi-annually) 2/22/29 2,901,742

$5,401,162

43 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Credit Default Swaps — Sell Protection

1.00% Brazil $ 51,766 (pays quarterly)(1) 12/20/25 2.15% $(2,866,923) $3,626,131 $ 759,208 1.00% Chile 46,350 (pays quarterly)(1) 12/20/25 0.57 1,068,295 (703,792) 364,503 1.00% Colombia 48,757 (pays quarterly)(1) 12/20/25 1.26 (573,154) 1,293,857 720,703 1.00% Mexico 48,754 (pays quarterly)(1) 12/20/25 1.28 (626,825) 1,422,183 795,358 1.00% Peru 46,643 (pays quarterly)(1) 12/20/25 0.60 1,001,933 (375,430) 626,503 1.00% South Africa 6,050 (pays quarterly)(1) 6/20/21 0.90 10,936 115,004 125,940 1.00% Turkey 77,931 (pays quarterly)(1) 6/20/21 3.90 (1,346,604) 2,084,747 738,143 1.00% Turkey 14,870 (pays quarterly)(1) 12/20/21 4.74 (605,419) 663,803 58,384

Total $341,121 $(3,937,761) $8,126,503 $4,188,742

Centrally Cleared Credit Default Swaps — Buy Protection

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

1.00% Malaysia $162,817 (pays quarterly)(1) 12/20/25 $(4,557,682) $ 4,040,445 $ (517,237) Markit CDX Emerging Markets 1.00% Index (CDX.EM.31.V2) 940 (pays quarterly)(1) 6/20/24 15,457 (20,008) (4,551) 1.00% Qatar 52,166 (pays quarterly)(1) 12/20/22 (959,951) (8,115) (968,066) 1.00% Qatar 23,815 (pays quarterly)(1) 12/20/27 (506,847) (755,315) (1,262,162) 1.00% Qatar 23,816 (pays quarterly)(1) 12/20/27 (506,868) (755,437) (1,262,305) 1.00% Qatar 57,454 (pays quarterly)(1) 12/20/27 (1,222,768) (1,717,333) (2,940,101) 1.00% Russia 138,897 (pays quarterly)(1) 12/20/25 213,855 (918,213) (704,358) 1.00% Saudi Arabia 47,234 (pays quarterly)(1) 12/20/25 (329,603) 283,064 (46,539) 1.00% South Africa 10,560 (pays quarterly)(1) 9/20/22 134,601 60,292 194,893

44 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Credit Default Swaps — Buy Protection (continued)

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

1.00% South Africa $ 41,600 (pays quarterly)(1) 12/20/27 $ 5,595,588 $ (4,088,941) $ 1,506,647 1.00% Turkey 158,639 (pays quarterly)(1) 12/20/25 31,085,311 (28,742,682) 2,342,629

Total $28,961,093 $(32,622,243) $(3,661,150)

Credit Default Swaps — Sell Protection

1.00% Vietnam Barclays Bank PLC $ 6,200 (pays quarterly)(1) 12/20/25 1.27% $ (76,310) $ 81,256 $ 4,946 Goldman 1.00% Vietnam Sachs International 5,900 (pays quarterly)(1) 12/20/25 1.27 (72,618) 78,039 5,421 Nomura 1.00% Vietnam International PLC 3,500 (pays quarterly)(1) 12/20/25 1.27 (43,078) 43,332 254

Total $15,600 $(192,006) $202,627 $10,621

Credit Default Swaps — Buy Protection

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

1.00% Dubai Barclays Bank PLC $ 6,348 (pays quarterly)(1) 12/20/24 $ 69,621 $ (87,232) $ (17,611) 1.00% Dubai Barclays Bank PLC 9,572 (pays quarterly)(1) 12/20/24 104,979 (131,648) (26,669) 1.00% Egypt Barclays Bank PLC 9,744 (pays quarterly)(1) 12/20/24 1,039,444 (792,868) 246,576 1.00% Egypt JPMorgan Chase Bank, N.A. 9,097 (pays quarterly)(1) 12/20/24 970,426 (738,710) 231,716 1.00% Oman Bank of America, N.A. 17,964 (pays quarterly)(1) 6/20/22 829,853 (292,904) 536,949 1.00% Oman Bank of America, N.A. 14,372 (pays quarterly)(1) 12/20/22 906,246 (330,367) 575,879 1.00% Oman Bank of America, N.A. 23,000 (pays quarterly)(1) 6/20/26 4,121,677 (2,891,698) 1,229,979

45 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Credit Default Swaps — Buy Protection (continued)

Unamortized Notional Contract Upfront Unrealized Amount Annual Termination Receipts Appreciation Reference Entity Counterparty (000’s omitted) Fixed Rate** Date Value (Payments) (Depreciation) 1.00% Qatar Goldman Sachs International $ 1,360 (pays quarterly)(1) 12/20/20 $ (3,281) $ (862) $ (4,143) 1.00% Qatar Goldman Sachs International 7,960 (pays quarterly)(1) 12/20/20 (19,205) (3,433) (22,638) 1.00% Qatar Goldman Sachs International 1,730 (pays quarterly)(1) 9/20/24 (45,910) 575 (45,335) 1.00% Qatar Nomura International PLC 5,380 (pays quarterly)(1) 9/20/24 (142,773) 7,164 (135,609) 1.00% Saudi Arabia Barclays Bank PLC 86,688 (pays quarterly)(1) 12/20/30 2,793,180 (2,937,308) (144,128) 1.00% Saudi Arabia Goldman Sachs International 12,269 (pays quarterly)(1) 12/20/30 395,904 (386,667) 9,237 1.00% Saudi Arabia Goldman Sachs International 7,214 (pays quarterly)(1) 12/20/30 232,385 (273,166) (40,781) 1.00% South Africa Bank of America, N.A. 5,000 (pays quarterly)(1) 9/20/22 63,732 (70,569) (6,837) 1.00% South Africa Bank of America, N.A. 14,640 (pays quarterly)(1) 9/20/22 186,606 (195,410) (8,804) 1.00% South Africa Bank of America, N.A. 7,500 (pays quarterly)(1) 9/20/22 95,598 (139,492) (43,894) 1.00% South Africa BNP Paribas 2,940 (pays quarterly)(1) 12/20/25 245,712 (253,068) (7,356) 1.00% South Africa BNP Paribas 15,990 (pays quarterly)(1) 12/20/25 1,336,370 (1,530,256) (193,886) 1.00% South Africa Goldman Sachs International 3,070 (pays quarterly)(1) 9/20/22 39,131 (55,231) (16,100) 1.00% South Africa Goldman Sachs International 15,000 (pays quarterly)(1) 9/20/22 191,195 (278,612) (87,417) 1.00% South Africa Goldman Sachs International 21,329 (pays quarterly)(1) 12/20/30 4,129,091 (4,345,180) (216,089) 1.00% South Africa Goldman Sachs International 15,240 (pays quarterly)(1) 12/20/30 2,949,048 (3,182,784) (233,736) 1.00% South Africa Goldman Sachs International 21,330 (pays quarterly)(1) 12/20/30 4,127,507 (4,587,984) (460,477) 1.00% South Africa Goldman Sachs International 19,501 (pays quarterly)(1) 12/20/30 3,773,582 (4,295,541) (521,959) 1.00% South Africa HSBC Bank USA, N.A. 7,120 (pays quarterly)(1) 12/20/22 118,137 (134,428) (16,291) 1.00% South Africa HSBC Bank USA, N.A. 58,700 (pays quarterly)(1) 6/20/29 9,713,696 (6,405,375) 3,308,321 5.00% Ukraine Barclays Bank PLC 145,588 (pays quarterly)(1) 12/20/25 5,551,794 (4,249,145) 1,302,649 5.00% Ukraine JPMorgan Chase Bank, N.A. 9,135 (pays quarterly)(1) 12/20/25 348,350 (253,261) 95,089

Total $44,122,095 $(38,835,460) $5,286,635

46 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

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

Value/Unrealized Notional Amount Termination Appreciation Counterparty (000’s omitted) Portfolio Receives Portfolio Pays Date (Depreciation)

Excess Return on Bloomberg Commodity 4 Month Forward Index Excess Return on Bloomberg Commodity Citibank, N.A. USD 63,700 (pays upon termination) Index + 0.24% (pays upon termination) 12/17/20 $ 10,744 Excess Return on Bloomberg Commodity 5 Month Forward Index Excess Return on Bloomberg Commodity Citibank, N.A. USD 54,700 (pays upon termination) Index + 0.25% (pays upon termination) 12/17/20 27,013 Excess Return on Bloomberg Commodity 6 Month Forward Index Excess Return on Bloomberg Commodity Citibank, N.A. USD 50,000 (pays upon termination) Index + 0.26% (pays upon termination) 12/17/20 75,327 Notional Amount Value of 153 Gold 100 oz. Feb. 2021 Citibank, N.A. USD 29,606 (pays upon termination) futures contracts (pays upon termination) 1/29/21 731,340 Notional Amount Value of 60 Gold 100 oz. Feb. 2021 Citibank, N.A. USD 11,706 (pays upon termination) futures contracts (pays upon termination) 1/29/21 382,800 Notional Amount Value of 153 Gold 100 oz. Feb. 2021 Citibank, N.A. USD 29,912 (pays upon termination) futures contracts (pays upon termination) 1/29/21 1,037,340 Notional Amount Value of 153 Gold 100 oz. Feb. 2021 Citibank, N.A. USD 30,248 (pays upon termination) futures contracts (pays upon termination) 1/29/21 1,373,940 Notional Amount Value of 61 Gold 100 oz. Feb. 2021 Citibank, N.A. USD 12,035 (pays upon termination) futures contracts (pays upon termination) 1/29/21 523,380 Notional Amount Value of 92 Gold 100 oz. Feb. 2021 Citibank, N.A. USD 18,234 (pays upon termination) futures contracts (pays upon termination) 1/29/21 872,160 Total Return on Peru Government Bond, 6.95% 3-month USD-LIBOR plus 140 bp on due 8/12/31 (pays upon $18,692,057 (pays upon termination) Goldman Sachs termination) plus Notional plus USD equivalent of Notional Amount at International PEN 66,454 Amount at termination date termination date 12/15/20 (324,318) Total Return on Peru Government Bond, 5.94% 3-month USD-LIBOR plus 140 bp on due 2/12/29 (pays upon $26,590,387 (pays upon termination) Goldman Sachs termination) plus Notional plus USD equivalent of Notional Amount at International PEN 94,933 Amount at termination date termination date 12/16/20 200,682

47 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Total Return Swaps (continued)

Value/Unrealized Notional Amount Termination Appreciation Counterparty (000’s omitted) Portfolio Receives Portfolio Pays Date (Depreciation) Total Return on Peru Government Bond, 6.90% due 8/12/37 (pays upon termination) 3-month USD-LIBOR plus 140 bp on plus Notional $18,562,291 (pays upon termination) plus USD Goldman Sachs Amount at equivalent of Notional Amount at termination International PEN 66,453 termination date date 12/17/20 $ (197,104) Total Return on Shenzhen Stock Exchange Composite Index JPMorgan (pays upon 3-month USD-LIBOR minus 14.00% on Chase Bank, N.A. CNY 110,859 termination) $16,516,286 (pays quarterly) 4/16/21 (434,181) Total Return on Shenzhen Stock Exchange Composite Index (pays upon 3-month USD-LIBOR minus 11.00% on UBS AG CNY 88,988 termination) $12,804,186 (pays upon termination) 2/12/21 199,933

$4,479,056

Cross-Currency Swaps Portfolio Portfolio Receives Pays Fixed Rate Floating Rate on Notional on Notional Amount Amount Value/Unrealized (000’s (000’s Annual Termination Appreciation Counterparty omitted) omitted) Floating Rate Fixed Rate Date (Depreciation)

6-month Sinacofi Chile Interbank Rate (0.62)% Goldman Sachs International CLF 597 CLP 17,170,562 (pays semi-annually) (pays semi-annually) 5/8/25 $ 846,838 6-month Sinacofi Chile Interbank Rate (0.74)% Goldman Sachs International CLF 299 CLP 8,586,125 (pays semi-annually) (pays semi-annually) 5/13/25 352,343 6-month Sinacofi Chile Interbank Rate (0.86)% Goldman Sachs International CLF 299 CLP 8,586,153 (pays semi-annually) (pays semi-annually) 5/14/25 282,030 6-month Sinacofi Chile Interbank Rate (0.93)% Goldman Sachs International CLF 598 CLP 17,172,249 (pays semi-annually) (pays semi-annually) 5/15/25 476,362 6-month Sinacofi Chile Interbank Rate (1.09)% Goldman Sachs International CLF 860 CLP 24,696,839 (pays semi-annually) (pays semi-annually) 5/19/25 417,413

$2,374,986

48 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Abbreviations:

ADR – American Depositary Receipt EURIBOR – Euro Interbank Offered Rate GDP – Gross Domestic Product LIBOR – London Interbank Offered Rate

Currency Abbreviations:

49 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Statement of Assets and Liabilities

Assets October 31, 2020 Unaffiliated investments, at value (identified cost, $2,593,345,872) $2,540,280,913 Affiliated investment, at value (identified cost, $316,280,512) 316,280,512 Cash 24,469,769 Deposits for derivatives collateral — Futures contracts 1,723,870 Centrally cleared derivatives 163,801,754 OTC derivatives 18,235,596 Foreign currency, at value (identified cost, $22,721,303) 24,348,043 Interest and dividends receivable 54,074,139 Dividends receivable from affiliated investment 34,101 Receivable for investments sold 29,151,984 Receivable for variation margin on open centrally cleared derivatives 3,462,458 Receivable for open forward foreign currency exchange contracts 49,610,817 Receivable for open swap contracts 20,757,823 Receivable for closed swap contracts 335,121 Upfront payments on open non-centrally cleared swap contracts 38,843,199 Total assets $3,285,410,099

Liabilities Cash collateral due to brokers $ 17,209,996 Payable for reverse repurchase agreements, including accrued interest of $298,672 129,156,898 Payable for investments purchased 11,522,018 Payable for securities sold short, at value (proceeds, $22,945,760) 16,481,613 Payable for variation margin on open futures contracts 152,210 Payable for open forward commodity contracts 4,537,148 Payable for open forward foreign currency exchange contracts 51,556,248 Payable for open swap contracts 4,374,295 Payable for closed swap contracts 373,376 Upfront receipts on open non-centrally cleared swap contracts 210,366 Payable to affiliates: Investment adviser fee 2,407,460 Trustees’ fees 9,218 Other 251,836 Accrued foreign capital gains taxes 146,147 Accrued expenses 1,301,422 Total liabilities $ 239,690,251 Net Assets applicable to investors’ interest in Portfolio $3,045,719,848

50 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Statement of Operations

Year Ended Investment Income October 31, 2020 Interest and other income (net of foreign taxes, $1,163,896) $ 209,728,643 Dividends (net of foreign taxes, $232,377) 2,240,792 Dividends from affiliated investment 1,161,342 Total investment income $ 213,130,777

Expenses Investment adviser fee $ 29,354,652 Trustees’ fees and expenses 108,500 Custodian fee 3,370,875 Legal and accounting services 169,898 Interest expense and fees 2,618,004 Dividend expense on securities sold short 220,960 Miscellaneous 115,409 Total expenses $ 35,958,298 Deduct — Allocation of expenses to affiliate $ 1,161,983 Total expense reductions $ 1,161,983

Net expenses $ 34,796,315

Net investment income $ 178,334,462

Realized and Unrealized Gain (Loss) Net realized gain (loss) — Investment transactions (net of foreign capital gains taxes of $1,275,848) $ (17,421,580) Investment transactions — affiliated investment 77,371 Futures contracts 26,815,100 Swap contracts 27,999,966 Foreign currency transactions (8,887,346) Forward foreign currency exchange contracts 20,125,247 Non-deliverable bond forward contracts 1,345,781 Net realized gain $ 50,054,539 Change in unrealized appreciation (depreciation) — Investments (including net decrease in accrued foreign capital gains taxes of $99,174) $(117,310,295) Investments — affiliated investment (17,234) Securities sold short 6,464,147 Futures contracts (2,574,866) Swap contracts 64,466,184 Forward commodity contracts (4,537,148) Foreign currency (319,354) Forward foreign currency exchange contracts 6,202,205 Net change in unrealized appreciation (depreciation) $ (47,626,361)

Net realized and unrealized gain $ 2,428,178

Net increase in net assets from operations $ 180,762,640

51 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Statements of Changes in Net Assets

Year Ended October 31, Increase (Decrease) in Net Assets 2020 2019 From operations — Net investment income $ 178,334,462 $ 214,642,982 Net realized gain (loss) 50,054,539 (223,067,269) Net change in unrealized appreciation (depreciation) (47,626,361) 277,785,510 Net increase in net assets from operations $ 180,762,640 $ 269,361,223 Capital transactions — Contributions $ 204,435,055 $ 370,424,184 Withdrawals (670,755,810) (1,825,445,711) Net decrease in net assets from capital transactions $ (466,320,755) $(1,455,021,527)

Net decrease in net assets $ (285,558,115) $(1,185,660,304)

Net Assets At beginning of year $3,331,277,963 $ 4,516,938,267 At end of year $3,045,719,848 $ 3,331,277,963

52 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Consolidated Financial Highlights

Year Ended October 31, Ratios/Supplemental Data 2020 2019 2018 2017 2016 Ratios (as a percentage of average daily net assets): Expenses(1) 1.11%(2) 1.26%(2) 1.11%(2) 1.13% 1.10% Net investment income 5.69% 5.86% 5.09% 4.54% 5.09% Portfolio Turnover 80% 71% 75% 76% 97%

Total Return 6.57%(2) 8.22%(2) (7.08)%(2) 5.65% 7.79%(3)

Net assets, end of year (000’s omitted) $3,045,720 $3,331,278 $4,516,938 $4,067,979 $2,260,213

(1) Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.09%, 0.24%, 0.07%, 0.06% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively. (2) The investment adviser reimbursed certain operating expenses (equal to 0.04%, 0.05% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. (3) During the year ended October 31, 2016, the investment adviser reimbursed the Portfolio for a net loss realized on the disposal of an investment which did not meet the Portfolio’s investment guidelines. The reimbursement had no effect on total return for the year ended October 31, 2016.

53 See Notes to Consolidated Financial Statements. Global Macro Absolute Return Advantage Portfolio October 31, 2020

Notes to Consolidated Financial Statements

1 Significant Accounting Policies Global Macro Absolute Return Advantage Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2020, Eaton Vance Global Macro Absolute Return Advantage Fund, Eaton Vance Short Duration Strategic Income Fund and Eaton Vance International (Cayman Islands) Short Duration Strategic Income Fund held an interest of 91.2%, 8.4% and 0.4%, respectively, in the Portfolio.

The Portfolio seeks to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance GMAP Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Portfolio. The Portfolio may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at October 31, 2020 were $7,573,310 or 0.2% of the Portfolio’s consolidated net assets. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

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.

54 Global Macro Absolute Return Advantage Portfolio October 31, 2020

Notes to Consolidated Financial Statements — 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.

55 Global Macro Absolute Return Advantage Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

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

56 Global Macro Absolute Return Advantage Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

O Credit Default Swaps — When the Portfolio is the buyer of a credit default swap contract, the Portfolio is entitled to receive the par (or other agreed- upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Portfolio pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Portfolio would have spent the stream of payments and received no proceeds from the contract. When the Portfolio is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation. As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Portfolio also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 5 and 9. The Portfolio segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Portfolio segregates assetsin the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked-to-market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

R Reverse Repurchase Agreements — Under a reverse repurchase agreement, the Portfolio temporarily transfers possession of a portfolio security to another party, such as a bank or broker/dealer, in return for cash. At the same time, the Portfolio agrees to repurchase the security at an agreed upon time and price, which reflects an interest payment. In periods of increased demand for a security, the Portfolio may receive a payment from the counterparty for the use of the security, which is recorded as interest income. Because the Portfolio retains effective control over the transferred security, the transaction is accounted for as a secured borrowing. The Portfolio may enter into such agreements when it believes it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Portfolio enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Portfolio’s assets. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds (and the counterparty making a loan), they constitute a form of leverage. The Portfolio segregates cash or liquid assets equal to its obligation to repurchase the security. During the term of the agreement, the Portfolio may also be obligated to pledge additional cash and/or securities in the event of a decline in the fair value of the transferred security. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Portfolio may be delayed or the Portfolio may incur a loss equal to the amount by which the value of the security transferred by the Portfolio exceeds the repurchase price payable by the Portfolio.

57 Global Macro Absolute Return Advantage Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

2 Investment Adviser Fee and Other Transactions with Affiliates The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Portfolio and the Subsidiary. Pursuant to the investment advisory agreement between the Portfolio and BMR and the investment advisory agreement between the Subsidiary and BMR, the Portfolio and Subsidiary each pay BMR a fee at an annual rate of 1.00% of its respective average daily net assets up to $500 million, 0.95% from $500 million but less than $1 billion, 0.925% from $1 billion but less than $2.5 billion, 0.90% from $2.5 billion but less than $5 billion, and 0.88% of average daily net assets of $5 billion or more, and is payable monthly. In determining the investment adviser fee for the Portfolio and Subsidiary, the applicable advisory fee rate is based on the average daily net assets of the Portfolio (inclusive of its interest in the Subsidiary). Such fee rate is then assessed separately on the Portfolio’s average daily net assets (exclusive of its interest in the Subsidiary) and the Subsidiary’s average daily net assets to determine the amount of the investment adviser fee. For the year ended October 31, 2020, the Portfolio’s investment adviser fee amounted to $29,354,652 or 0.94% of the Portfolio’s consolidated average daily net assets. Pursuant to a voluntary expense reimbursement, BMR was allocated $1,161,983 of the Portfolio’s operating expenses for the year ended October 31, 2020. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Purchases Sales

Investments (non-U.S. Government) $1,901,778,132 $2,106,388,638 U.S. Government and Agency Securities 60,381,632 79,731,102

$1,962,159,764 $2,186,119,740

58 Global Macro Absolute Return Advantage Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

Aggregate cost $2,959,902,900

Gross unrealized appreciation $ 113,965,569 Gross unrealized depreciation (249,485,917)

Net unrealized depreciation $ (135,520,348)

5 Financial Instruments The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options, forward foreign currency exchange contracts, non-deliverable bond forward contracts, forward commodity contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all relatedand offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2020 is included in the Consolidated Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

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

Equity Price Risk: The Portfolio enters into equity index futures contracts and options thereon and total return swaps to enhance total return and/or to manage certain investment risks.

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

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

The Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would triggera payment by the Portfolio for those derivatives in a liability position. At October 31, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $58,621,106. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $21,161,679 at October 31, 2020.

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

59 Global Macro Absolute Return Advantage Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio (and Subsidiary) and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Consolidated Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Consolidated Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2020 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 9) at October 31, 2020. Because the Subsidiary is not registered under the 1940 Act, it may not be able to negotiate terms with its counterparties that are equivalent to those a registered portfolio may negotiate. As a result, the Subsidiary may have greater exposure to those counterparties than a registered portfolio.

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

Fair Value Consolidated Statement of Assets and Foreign Liabilities Caption Commodity Credit Equity Price Exchange Interest Rate Total

Not applicable $ 1,058,887* $ 39,125,976* $ 193,817* $ 18,549,676* $ 47,738,191* $ 106,666,547 Receivable for open forward foreign currency exchange contracts — — — 49,610,817 — 49,610,817 Receivable/Payable for open swap contracts; Upfront payments/receipts on open non-centrally cleared swap contracts 5,034,044 44,333,264 199,933 200,682 7,776,148 57,544,071

Total Asset Derivatives $ 6,092,931 $ 83,459,240 $ 393,750 $ 68,361,175 $ 55,514,339 $ 213,821,435

Derivatives not subject to master netting or similar agreements $ 1,058,887 $ 39,125,976 $ 193,817 $ 18,549,676 $ 47,738,191 $ 106,666,547

Total Asset Derivatives subject to master netting or similar agreements $ 5,034,044 $ 44,333,264 $ 199,933 $ 49,811,499 $ 7,776,148 $ 107,154,888

Not applicable $ — $(14,102,644)* $(1,320,676)* $(13,770,869)* $(88,501,761)* $(117,695,950) Payable for open forward commodity contracts (4,537,148) — — — — (4,537,148) Payable for open forward foreign currency exchange contracts — — — (51,556,248) — (51,556,248) Payable/Receivable for open swap contracts; Upfront payments/receipts on open non-centrally cleared swap contracts — (403,175) (434,181) (521,422) (1,168,932) (2,527,710)

Total Liability Derivatives $(4,537,148) $(14,505,819) $(1,754,857) $(65,848,539) $(89,670,693) $(176,317,056)

Derivatives not subject to master netting or similar agreements $ — $(14,102,644) $(1,320,676) $(13,770,869) $(88,501,761) $(117,695,950)

Total Liability Derivatives subject to master netting or similar agreements $(4,537,148) $ (403,175) $ (434,181) $(52,077,670) $ (1,168,932) $ (58,621,106)

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

60 Global Macro Absolute Return Advantage Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

Australia and New Zealand Banking Group Limited $ 1,936,259 $ — $ — $ (1,936,259) $ — $ 2,150,000 Bank of America, N.A. 6,869,144 (1,818,348) (5,050,796) — — — Barclays Bank PLC 9,559,018 (110,945) — (9,448,073) — 9,540,000 BNP Paribas 8,317,445 (8,317,445) — — — — Citibank, N.A. 10,218,723 (6,214,196) — (3,439,996) 564,531 3,439,996 Goldman Sachs International 25,460,446 (1,332,273) (21,681,696) — 2,446,477 — HSBC Bank USA, N.A. 11,012,332 (6,160,112) (4,852,220) — — — JPMorgan Chase Bank, N.A. 2,705,343 (948,950) — (1,756,393) — 2,080,000 Morgan Stanley & Co. International PLC 10,620 (10,620) — — — — Standard Chartered Bank 30,533,774 (27,944,820) — — 2,588,954 — UBS AG 531,784 — (531,784) — — —

$107,154,888 $(52,857,709) $(32,116,496) $(16,580,721) $5,599,962 $17,209,996

Derivative Liabilities Subject to Derivatives Non-cash Cash Net Amount Total Cash Master Netting Available for Collateral Collateral of Derivative Collateral Counterparty Agreement Offset Pledged(a) Pledged(a) Liabilities(c) Pledged

Bank of America, N.A. $ (1,818,348) $ 1,818,348 $ — $ — $ — $ — Barclays Bank PLC (110,945) 110,945 — — — — BNP Paribas (12,722,947) 8,317,445 4,405,502 — — — Citibank, N.A. (6,214,196) 6,214,196 — — — 1,025,600 Credit Agricole Corporate and Investment Bank (216,634) — 216,634 — — — Goldman Sachs International (1,332,273) 1,332,273 — — — — HSBC Bank USA, N.A. (6,160,112) 6,160,112 — — — — ICBC Standard Bank plc (515,896) — — — (515,896) — JPMorgan Chase Bank, N.A. (948,950) 948,950 — — — — Morgan Stanley & Co. International PLC (450,134) 10,620 400,986 — (38,528) — Nomura International PLC (185,851) — 185,851 — — — Standard Chartered Bank (27,944,820) 27,944,820 — — — —

$ (58,621,106) $ 52,857,709 $ 5,208,973 $ — $ (554,424) $ 1,025,600

Total — Deposits for derivatives collateral — OTC derivatives $18,235,596

61 Global Macro Absolute Return Advantage Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

Information with respect to reverse repurchase agreements at October 31, 2020 is included at Note 7.

Foreign Consolidated Statement of Operations Caption Commodity Credit Equity Price Exchange Interest Rate Total

Net realized gain (loss) — Investment transactions $ — $ — $(6,535,555) $ (928,702) $ 4,842,052 $ (2,622,205) Futures contracts 24,425,567 — 1,145,711 — 1,243,822 26,815,100 Swap contracts 13,484,817 21,747,063 8,809,974 (7,256,928) (8,784,960) 27,999,966 Forward foreign currency exchange contracts — — — 20,125,247 — 20,125,247 Non-deliverable bond forward contracts — — — — 1,345,781 1,345,781

Total $37,910,384 $21,747,063 $ 3,420,130 $11,939,617 $ (1,353,305) $73,663,889

Change in unrealized appreciation (depreciation) — Investments $ — $ — $ 4,906,018 $ 676,379 $ (5,711,069) $ (128,672) Futures contracts 1,194,717 — (3,783,326) — 13,743 (2,574,866) Swap contracts 4,102,768 24,592,547 (797,686) 6,200,435 30,368,120 64,466,184 Forward commodity contracts (4,537,148) — — — — (4,537,148) Forward foreign currency exchange contracts — — — 6,202,205 — 6,202,205

Total $ 760,337 $24,592,547 $ 325,006 $13,079,019 $24,670,794 $63,427,703

Forward Forward Non-deliverable Interest Rate Futures Futures Commodity Foreign Currency Bond Forward Swaptions Swap Contracts — Long Contracts — Short Contracts Exchange Contracts* Contracts Purchased Contracts

$97,961,000 $152,229,000 $25,565,000 $8,296,568,000 $14,284,000 $56,572,000 $5,264,567,000

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

The average principal amount of purchased currency options contracts and average number of purchased options contracts outstanding during the year ended October 31, 2020, which are indicative of the volume of these derivative types, were approximately $37,876,000 and 210 contracts, respectively.

62 Global Macro Absolute Return Advantage Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

7 Reverse Repurchase Agreements Reverse repurchase agreements outstanding as of October 31, 2020 were as follows:

Value Including Trade Maturity Interest Principal Accrued Counterparty Date Date Rate Paid Amount Interest Barclays Bank PLC 9/22/2020 On Demand(1) 2.50% $ 21,363,304 $ 21,421,163 Barclays Bank PLC 9/22/2020 On Demand(1) 2.50% 10,248,010 10,275,765 Barclays Bank PLC 10/15/2020 On Demand(1) 2.50% 6,610,032 6,617,376 JPMorgan Chase Bank, N.A. 10/1/2020 On Demand(1) 1.50% 7,397,942 7,406,265 JPMorgan Chase Bank, N.A. 10/6/2020 On Demand(1) 1.00% 20,617,178 20,630,923 JPMorgan Chase Bank, N.A. 10/6/2020 On Demand(1) 1.15% 13,738,609 13,749,142 Nomura International PLC 5/28/2020 On Demand(1) 1.75% 13,545,648 13,648,369 Nomura International PLC 5/28/2020 On Demand(1) 1.75% 8,521,250 8,585,869 Nomura International PLC 10/26/2020 On Demand(1) 1.55% 26,816,253 26,822,026

Total $128,858,226 $129,156,898

(1) Open reverse repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

At October 31, 2020, the remaining contractual maturity of all open reverse repurchase agreements was overnight and continuous. The type of securities pledged as collateral for all open reverse repurchase agreements was sovereign debt.

For the year ended October 31, 2020, the average borrowings under settled reverse repurchase agreements and the average interest rate paid were approximately $120,223,000 and 2.02%, respectively. Based on the short-term nature of the borrowings under the reverse repurchase agreements, the carrying value of the payable for reverse repurchase agreements approximated its fair value at October 31, 2020. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as Level 2 in the fair value hierarchy (see Note 9) at October 31, 2020.

Reverse repurchase agreements entered into by the Portfolio are subject to Master Repurchase Agreements (MRA), which permit the Portfolio, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Portfolio.

The following table presents the Portfolio’s reverse repurchase agreements net of amounts available for offset under an MRA and net of the related collateral pledged by the Portfolio as of October 31, 2020.

Reverse Assets Securities Repurchase Available for Collateral Net Counterparty Agreements* Offset Pledged(a) Amount(b) Barclays Bank PLC $ (38,314,304) $ — $ 38,314,304 $ — JPMorgan Chase Bank, N.A. (41,786,330) — 41,786,330 — Nomura International PLC (49,056,264) — 49,056,264 —

$(129,156,898) $ — $129,156,898 $ —

* Including accrued interest. (a) In some instances, the total collateral pledged may be more than the amount shown due to overcollateralization. (b) Net amount represents the net amount payable to the counterparty in the event of default.

63 Global Macro Absolute Return Advantage Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

8 Investments in Affiliated Funds At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $316,280,512, which represents 10.4% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 were as follows:

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

Short-Term Investments Eaton Vance Cash Reserves Fund, LLC $172,862,422 $2,383,415,412 $(2,240,057,459) $77,371 $(17,234) $316,280,512 $1,161,342 316,280,512

9 Fair Value Measurements 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)

64 Global Macro Absolute Return Advantage Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description Level 1 Level 2 Level 3 Total

Foreign Government Bonds $ — $1,830,332,772 $ — $1,830,332,772 Foreign Corporate Bonds — 130,341,970 35,326,462 165,668,432 Sovereign Loans — 129,185,085 — 129,185,085 Senior Floating-Rate Loans — — 1,381,786 1,381,786 Loan Participation Notes — — 52,169,729 52,169,729 Collateralized Mortgage Obligations — 8,674,005 — 8,674,005 U.S. Government Guaranteed Small Business Administration Loans — 34,077,662 — 34,077,662 Common Stocks 11,890,865 130,019,709* — 141,910,574 Rights — 0 — 0 Warrants — — 0 0 Short-Term Investments — Foreign Government Securities — 121,881,879 — 121,881,879 U.S. Treasury Obligations — 54,998,989 — 54,998,989 Other — 316,280,512 — 316,280,512

Total Investments $11,890,865 $2,755,792,583 $88,877,977 $2,856,561,425 Forward Foreign Currency Exchange Contracts $ — $ 68,160,493 $ — $ 68,160,493 Futures Contracts 3,880,978 — — 3,880,978 Swap Contracts — 141,779,964 — 141,779,964

Total $15,771,843 $2,965,733,040 $88,877,977 $3,070,382,860

Liability Description

Securities Sold Short $ — $ (16,481,613) $ — $ (16,481,613) Forward Commodity Contracts — (4,537,148) — (4,537,148) Forward Foreign Currency Exchange Contracts — (65,327,117) — (65,327,117) Futures Contracts (2,366,110) (687,974) — (3,054,084) Swap Contracts — (103,398,707) — (103,398,707)

Total $ (2,366,110) $ (190,432,559) $ — $ (192,798,669)

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

65 Global Macro Absolute Return Advantage Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Senior Investments Investments Investments Floating- in Foreign in Loan in Credit Rate Corporate Participation Linked Investments Loans Bonds Notes Notes in Warrants Total

Balance as of October 31, 2019 $ 35,366,583 $ 16,752,410 $ — $ 2,306,101 $ 0 $ 54,425,094 Realized gains (losses) (3,732,599) (3,591,825) — (1,010,268) — (8,334,692) Change in net unrealized appreciation (depreciation) 2,959,155 (2,938,552) 373,332 333,631 — 727,566 Cost of purchases 1,629,464 42,654,506 51,796,397 — — 96,080,367 Proceeds from sales (35,818,496) (18,177,050) — (1,629,464) — (55,625,010) Accrued discount (premium) 977,679 — — — — 977,679 Transfers to Level 3(1) — 626,973 — — — 626,973 Transfers from Level 3 — — — — — —

Balance as of October 31, 2020 $ 1,381,786 $ 35,326,462 $52,169,729 $ — $ 0 $ 88,877,977

Change in net unrealized appreciation (depreciation) on investments still held as of October 31, 2020 $ (1,225,357) $ (5,611,898) $ 373,332 $ — $— $ (6,463,923)

(1) Transferred into Level 3 as a result of the unavailability of significant observable valuation inputs.

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 investments held as of October 31, 2020:

Fair Value Impact to as of Valuation from an Type of Investment October 31, 2020 Valuation Technique Unobservable Inputs Input Increase to Input*

Estimated Recovery Value Senior Floating-Rate Loans $ 1,381,786 Estimated Recovery Value Percentage 53.00% Increase

Credit Spread to Iceland Foreign Corporate Bonds 35,326,462 Matrix Pricing Government Bond Yield 2.00% Decrease

Adjusted Credit Spread to the Central Bank of Uzbekistan Loan Participation Notes 52,169,729 Matrix Pricing Quoted Policy Rate 2.15% Decrease

Warrants 0 Price to Book Value Per Share Price to Book Ratio 0.75 Increase

Included in foreign corporate bonds are securities valued at $0 based on their estimated recovery value percentage. * Represents the directional change in the fair value of the Level 3 investments that would result in an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

10 Risks and Uncertainties Risks Associated with Foreign Investments 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.

66 Global Macro Absolute Return Advantage Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

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

67 Global Macro Absolute Return Advantage Portfolio October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Global Macro Absolute Return Advantage Portfolio:

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

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

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

/s/ Deloitte & Touche LLP Boston, Massachusetts December 22, 2020

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

68 Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Liquidity Risk Management Program

69 Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Management and Organization

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

Noninterested Trustees Mark R. Fetting Trustee 2016 Private investor. Formerly held various positions at Legg Mason, Inc. (investment 1954 management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None. Cynthia E. Frost Trustee 2014 Private investor. Formerly, Chief Investment Officer of Brown University (university 1961 endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None. George J. Gorman Trustee 2014 Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & 1952 Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014). Valerie A. Mosley Trustee 2014 Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment 1960 firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).

70 Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Management and Organization — continued

Trust/Portfolio Trustee Principal Occupation(s) and Other Directorships Name and Year of Birth Position(s) Since(1) During Past Five Years and Other Relevant Experience Noninterested Trustees (continued) William H. Park Chairperson of 2016 (Chairperson) Private investor. Formerly, Consultant (management and transactional) (2012- 1947 the Board and 2003 (Trustee) 2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment and Trustee management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972- 1981). Other Directorships in the Last Five Years. None. Helen Frame Peters Trustee 2008 Professor of Finance, Carroll School of Management, Boston College. Formerly, 1948 Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None. Keith Quinton Trustee 2018 Private investor, researcher and lecturer. Independent Investment Committee 1958 Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank. Marcus L. Smith Trustee 2018 Private investor. Member of Posse Boston Advisory Board (foundation) (since 1966 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). Susan J. Sutherland Trustee 2015 Private investor. Director of Ascot Group Limited and certain of its subsidiaries 1957 (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982- 2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015). Scott E. Wennerholm Trustee 2016 Private Investor. Formerly, Trustee at Wheelock College (postsecondary 1959 institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

71 Eaton Vance Global Macro Absolute Return Advantage Fund October 31, 2020

Management and Organization — continued

Trust/Portfolio Officer Principal Occupation(s) Name and Year of Birth Position(s) Since(2) During Past Five Years Principal Officers who are not Trustees (continued) Maureen A. Gemma Vice President, 2005 Vice President of EVM and BMR. Also Vice President of CRM. 1960 Secretary and Chief Legal Officer James F. Kirchner Treasurer 2007 Vice President of EVM and BMR. Also Vice President of CRM. 1967 Richard F. Froio Chief Compliance 2017 Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer 1968 Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

72 Eaton Vance Funds

IMPORTANT NOTICES

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

73 This Page Intentionally Left Blank This Page Intentionally Left Blank This Page Intentionally Left Blank Investment Adviser of Global Macro Absolute Return Advantage Transfer Agent Portfolio BNY Mellon Investment Servicing (US) Inc. Boston Management and Research Attn: Eaton Vance Funds Two International Place P.O. Box 9653 Boston, MA 02110 Providence, RI 02940-9653 (800) 262-1122

Investment Adviser and Administrator of Eaton Vance Global Macro Absolute Return Advantage Fund Independent Registered Public Accounting Firm Eaton Vance Management Deloitte & Touche LLP Two International Place 200 Berkeley Street Boston, MA 02110 Boston, MA 02116-5022

Principal Underwriter* Fund Offices Eaton Vance Distributors, Inc. Two International Place Two International Place Boston, MA 02110 Boston, MA 02110 (617) 482-8260

Custodian State Street Bank and Trust Company State Street Financial Center, One Lincoln Street Boston, MA 02111

* 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. 4836 10.31.20 Eaton Vance Short Duration Strategic Income Fund Annual Report October 31, 2020

Table of Contents Management’s Discussion of Fund Performance 2 Performance 3 Fund Profile 4 Endnotes and Additional Disclosures 5 Fund Expenses 6 Financial Statements 7 Report of Independent Registered Public Accounting Firm 21 and 62 Federal Tax Information 22 Liquidity Risk Management Program 63 Management and Organization 64 Important Notices 67 Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Management’s Discussion of Fund Performance1

Economic and Market Conditions The Fund’s allocation to U.S. government agency mortgage-backed securities (MBS) was another major contributor to performance. Most of The 12-month period ended October 31, 2020, was a volatile time for the strong performance came at the early stages of the pandemic as the world’s financial markets. Nonetheless, major equity and investors sought out high-quality assets as well as from the increased fixed-income indexes posted solid gains for the period. In the volatile support of the U.S. Federal Reserve (the Fed) through its asset purchase environment, longer duration bonds generally performed especially well, program. The Fed reversed course from selling off about $20 billion in driven by a global trend of declining interest rates. agency MBS from its balance sheet per month, to purchasing over $1 The period began on a positive note, with financial markets registering trillion in agency MBS since March 2020. broad gains from November through early 2020 amid accommodative The Fund’s allocation to absolute-return strategies made a notable central bank policies. In late January, however, news of the outbreak of contribution to performance during the period. Gains in interest rate the novel coronavirus in China started to raise investor concerns. As the positions drove positive returns while, at the regional level, exposures in virus turned into a global pandemic in February and March, it brought Eastern Europe, Asia, and the Middle East and Africa were particularly most of the world’s economies to a near standstill. The abrupt decline in beneficial. Long local-bond positions in Ukraine and Egypt were among economic output triggered a global sell-off in equities and higher yielding the top contributors to returns. In Ukraine, a decline in local interest sectors of the fixed-income market. Emerging market countries proved rates and a new loan program from the International Monetary Fund particularly vulnerable to the economic and health effects of COVID-19. (IMF) aided returns. Egyptian local bonds benefited from their attractive Plummeting oil prices were an additional headwind for emerging market yields, coupled with the credibility of its central bank and strong support nations that depend on oil exports. from the IMF. Other top performers included long-rate exposures in Global markets subsequently regained their footing, and most major China and New Zealand. The People’s Bank of China implemented asset classes delivered strong returns from April through August 2020. numerous easing measures to bolster its economy during the pandemic, Several factors contributed to the rally, including aggressive monetary while New Zealand inflation-linked exposure benefited from monetary and fiscal responses by central banks and governments to help mitigate stimulus and the potential for negative interest rates. the economic impact of the virus. In addition, economies started to Exposure to floating-rate loans and U.S. high yield bonds also added to recover as policymakers learned more about how to slow the spread of returns during the period. U.S. credit markets bounced back after a COVID-19 and began easing social-distancing restrictions. Lastly, the sharp sell-off earlier in the year as supply-demand dynamics became U.S. Federal Reserve (the Fed) announced a shift in its inflation-targeting favorable with increased investor demand as well as from Fed purchases policy from seeking a rate of 2% “over the longer run” to “inflation of high yield bonds. moderately above 2% for some time.” Duration management contributed to performance during the period as Markets generally weakened from September through October as a lack positions used to limit U.S. interest rate sensitivity and those that benefit of additional fiscal stimulus in the U.S. created worries about the from a steepening of the U.S. Treasury yield curve were primary drivers. sustainability of the domestic economic recovery. Rising cases of The Fund’s duration positions in other countries around the world were COVID-19, especially in Europe, and uncertainties surrounding the limited, while the Fund’s U.S. duration remained near zero. November 2020 U.S. elections further dampened investor sentiment. While central banks in developed economies held their respective policy The Fund’s small allocation to commercial MBS detracted from rates steady in the last two months of the period, a number of emerging performance during the period. Government shutdowns due to COVID-19 market central banks reduced rates to levels likely approaching their negatively impacted areas within the commercial real estate market, lower bounds. including retail, restaurant, lodging, and office space as people stayed home and many companies implemented remote working. Fund Performance Currency management slightly detracted from returns during the period. For the 12-month period ended October 31, 2020, Eaton Vance Short Long positions in the Australian dollar, Icelandic krona, and Norwegian Duration Strategic Income Fund (the Fund) returned 6.83% for Class A krone hurt performance, while primary contributors included long shares at net asset value (NAV), outperforming its benchmark, the exposure in the Egyptian pound and British pound. Bloomberg Barclays U.S. Aggregate Bond Index (the Index), which returned 6.19%. The Fund uses derivatives extensively to both hedge select, undesired risk exposures as well as gain select, desired risk exposures. Some of the Asset allocation aided Fund performance versus the Index during the above commentary about notable drivers of performance at the country period. Exposure to local and hard currency emerging markets debt level involved the use of derivatives. The Fund’s use of derivatives contributed the most to performance. Investor demand, a weak U.S. contributed to returns versus the Index. Interest rate derivatives and dollar and euro, and dovish developed-market monetary policy were the credit-default swaps contributed to performance while currency forwards main factors broadly supporting emerging markets during the period. were relatively flat.

2 Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Performance2,3 Portfolio Managers Eric A. Stein, CFA, Andrew Szczurowski, CFA, Justin Bourgette, CFA and Brian Shaw, CFA

Class Performance % Average Annual Total Returns Inception Date Inception Date One Year Five Years Ten Years Class A at NAV 01/23/1998 11/26/1990 6.83% 4.14% 3.52% Class A with 2.25% Maximum Sales Charge — — 4.37 3.67 3.29 Class C at NAV 05/25/1994 11/26/1990 6.02 3.37 2.75 Class C with 1% Maximum Sales Charge — — 5.02 3.37 2.75 Class I at NAV 04/03/2009 11/26/1990 7.10 4.40 3.78 Class R at NAV 08/03/2009 11/26/1990 6.56 3.88 3.26 ...... Bloomberg Barclays U.S. Aggregate Bond Index — — 6.19% 4.08% 3.55%

% Total Annual Operating Expense Ratios4 Class A Class C Class I Class R 1.21% 1.96% 0.94% 1.47%

$15,000 $14,177 Class A at NAV $14,141 $13,821 Class A with Maximum Sales Charge

Bloomberg Barclays U.S. Aggregate Bond Index $10,000

$5,000 10/10 10/11 10/12 10/13 10/1410/15 10/16 10/17 10/18 10/19 10/20

Growth of Investment Amount Invested Period Beginning At NAV With Maximum Sales Charge Class C $10,000 10/31/2010 $13,115 N.A. Class I $250,000 10/31/2010 $362,482 N.A. Class R $10,000 10/31/2010 $13,790 N.A.

3 Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Fund Profile5 Allocation to Portfolios and Funds (% of net assets) Asset Allocation (% of net assets)

75.2% Global Opportunities Portfolio 14.9 Global Macro Absolute Return Advantage Portfolio 3.5 Emerging Markets Local Income Portfolio 3.3 Eaton Vance Emerging Markets Debt Opportunities Fund, Class R6 3.2 Senior Debt Portfolio

* Net of unfunded loan commitments. SBA — Small Business Administration

See Endnotes and Additional Disclosures in this report.

4 Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Endnotes and Additional Disclosures

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

2 Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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

5 Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio in which it invests. Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets.

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

5 Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Fund Expenses

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

Actual Class A $1,000.00 $1,088.30 $5.77 1.10% Class C $1,000.00 $1,083.50 $9.69 1.85% Class I $1,000.00 $1,089.80 $4.36 0.83% Class R $1,000.00 $1,086.90 $7.13 1.36%

Hypothetical (5% return per year before expenses) Class A $1,000.00 $1,019.60 $5.58 1.10% Class C $1,000.00 $1,015.80 $9.37 1.85% Class I $1,000.00 $1,021.00 $4.22 0.83% Class R $1,000.00 $1,018.30 $6.90 1.36% * Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on April 30, 2020. The Example reflects the expenses of both the Fund and the Portfolios.

6 Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Portfolio of Investments

Investments in Affiliated Portfolios

% of Net Description Value Assets Emerging Markets Local Income Portfolio (identified cost, $59,562,956) $ 60,774,270 3.5% Global Macro Absolute Return Advantage Portfolio (identified cost, $253,226,784) 255,322,498 14.9 Global Opportunities Portfolio (identified cost, $1,350,104,701) 1,291,185,868 75.2 Senior Debt Portfolio (identified cost, $50,885,716) 55,673,407 3.2

Total Investments in Affiliated Portfolios (identified cost $1,713,780,157) $1,662,956,043 96.8%

Investments in Affiliated Investment Funds

% of Net Security Shares Value Assets Fixed Income Funds Eaton Vance Emerging Markets Debt Opportunities Fund, Class R6 6,505,219 $ 56,465,297 3.3%

Total Investments in Affiliated Investment Funds (identified cost $61,674,193) $ 56,465,297 3.3%

Total Investments (identified cost $1,775,454,350) $1,719,421,340 100.1%

Other Assets, Less Liabilities $ (2,365,740) (0.1)%

Net Assets $1,717,055,600 100.0%

7 See Notes to Financial Statements. Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Statement of Assets and Liabilities

Assets October 31, 2020 Affiliated investments, at value (identified cost, $1,775,454,350) $1,719,421,340 Cash 12,568 Receivable for Fund shares sold 3,528,805 Total assets $1,722,962,713

Liabilities Payable for Fund shares redeemed $ 5,243,794 Distributions payable 123 Payable to affiliates: Distribution and service fees 289,075 Trustees’ fees 43 Accrued expenses 374,078 Total liabilities $ 5,907,113 Net Assets $1,717,055,600

Sources of Net Assets Paid-in capital $1,890,738,043 Accumulated loss (173,682,443) Total $1,717,055,600

Class A Shares Net Assets $ 545,013,794 Shares Outstanding 75,858,775 Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) $ 7.18 Maximum Offering Price Per Share (100 ÷ 97.75 of net asset value per share) $ 7.35

Class C Shares Net Assets $ 201,797,500 Shares Outstanding 29,819,097 Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) $ 6.77

Class I Shares Net Assets $ 967,715,911 Shares Outstanding 134,900,284 Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) $ 7.17

Class R Shares Net Assets $ 2,528,395 Shares Outstanding 351,377 Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) $ 7.20

On sales of $100,000 or more ($50,000 or more for certain financial intermediaries, as disclosed in an appendix to the Fund’s prospectus), the offering price of Class A shares is reduced. * Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

8 See Notes to Financial Statements. Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Statement of Operations

Year Ended Investment Income October 31, 2020 Dividends from Affiliated Investment Funds $ 4,821,750 Interest income 165 Interest and other income allocated from affiliated Portfolios (net of foreign taxes, $892,976) 63,252,024 Dividends allocated from affiliated Portfolios (net of foreign taxes, $21,818) 5,224,064 Expenses, excluding interest and dividend expense, allocated from affiliated Portfolios (11,925,002) Interest and dividend expense allocated from affiliated Portfolios (591,177) Total investment income $ 60,781,824

Expenses Distribution and service fees Class A $ 1,324,070 Class C 2,252,811 Class R 10,968 Trustees’ fees and expenses 522 Custodian fee 59,042 Transfer and dividend disbursing agent fees 1,084,993 Legal and accounting services 97,352 Printing and postage 213,748 Registration fees 95,870 Miscellaneous 19,016 Total expenses $ 5,158,392

Net investment income $ 55,623,432

Realized and Unrealized Gain (Loss) Net realized gain (loss) — Investment transactions — Affiliated Investments Funds $ (493,033) Net realized gain (loss) allocated from affiliated Portfolios — Investment transactions (net of foreign capital gains taxes of $711,373) 13,130,322 Written options 148,875 Futures contracts 8,534,324 Swap contracts 33,364,597 Foreign currency transactions (4,654,573) Forward foreign currency exchange contracts (5,352,120) Non-deliverable bond forward contracts 241,293 Net realized gain $ 44,919,685 Change in unrealized appreciation (depreciation) — Investments — Affiliated Investment Funds $ (1,122,153) Change in unrealized appreciation (depreciation) allocated from affiliated Portfolios — Investments (including net decrease in accrued foreign capital gains taxes of $205,693) (12,496,809) Written options and swaptions (83,893) Securities sold short 2,459,308 Futures contracts (1,855,341) Swap contracts 10,623,377 Forward commodity contracts (734,872) Forward volatility agreements (81,147) Foreign currency 485,888 Forward foreign currency exchange contracts 5,481,426 Non-deliverable bond forward contracts (42,568) Net change in unrealized appreciation (depreciation) $ 2,633,216

Net realized and unrealized gain $ 47,552,901

Net increase in net assets from operations $103,176,333

9 See Notes to Financial Statements. Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Statements of Changes in Net Assets

Year Ended October 31, Increase (Decrease) in Net Assets 2020 2019 From operations — Net investment income $ 55,623,432 $ 86,428,786 Net realized gain (loss) 44,919,685 (28,031,870) Net change in unrealized appreciation (depreciation) 2,633,216 20,365,879 Net increase in net assets from operations $ 103,176,333 $ 78,762,795 Distributions to shareholders — Class A $ (36,642,940) $ (22,960,163) Class B — (77,447) Class C (14,538,410) (10,333,581) Class I (65,491,430) (43,341,943) Class R (141,231) (81,640) Total distributions to shareholders $ (116,814,011) $ (76,794,774) Transactions in shares of beneficial interest — Proceeds from sale of shares Class A $ 89,542,611 $ 56,915,775 Class B — 447 Class C 27,588,888 20,629,529 Class I 389,108,106 289,013,216 Class R 1,000,622 748,811 Net asset value of shares issued to shareholders in payment of distributions declared Class A 34,145,740 21,423,637 Class B — 72,215 Class C 13,851,123 9,734,053 Class I 61,322,886 39,950,621 Class R 121,214 61,056 Cost of shares redeemed Class A (137,500,943) (197,140,874) Class B — (960,769) Class C (66,211,779) (101,079,767) Class I (394,541,426) (579,984,230) Class R (540,026) (1,068,622) Net asset value of shares converted(1) Class A 22,749,421 91,404,980 Class B — (4,051,679) Class C (22,749,421) (87,353,301) Net increase (decrease) in net assets from Fund share transactions $ 17,887,016 $ (441,684,902)

Net increase (decrease) in net assets $ 4,249,338 $ (439,716,881)

Net Assets At beginning of year $1,712,806,262 $2,152,523,143 At end of year $1,717,055,600 $1,712,806,262

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

10 See Notes to Financial Statements. Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Financial Highlights

Class A Year Ended October 31, 2020 2019 2018 2017 2016 Net asset value — Beginning of year $ 7.210 $ 7.180 $ 7.470 $ 7.280 $ 7.360

Income (Loss) From Operations Net investment income(1) $ 0.234 $ 0.337 $ 0.331 $ 0.295 $ 0.284 Net realized and unrealized gain (loss) 0.227 (0.004) (0.345) 0.171 (0.069)

Total income (loss) from operations $ 0.461 $ 0.333 $ (0.014) $ 0.466 $ 0.215

Less Distributions From net investment income $ (0.491) $ (0.303) $ (0.108) $ (0.276) $ (0.269) Tax return of capital — — (0.168) — (0.026)

Total distributions $ (0.491) $ (0.303) $ (0.276) $ (0.276) $ (0.295)

Net asset value — End of year $ 7.180 $ 7.210 $ 7.180 $ 7.470 $ 7.280

Total Return(2) 6.83% 4.60% 0.06% 6.35% 3.05%

Ratios/Supplemental Data Net assets, end of year (000’s omitted) $545,014 $539,448 $565,348 $642,805 $878,296 Ratios (as a percentage of average daily net assets):(3) Expenses(4) 1.11% 1.18% 1.11% 1.09% 1.08% Net investment income 3.30% 4.70% 4.48% 3.98% 3.94% Portfolio Turnover of the Fund(5) 18% 11% 15% 11% 10%

(1) Computed using average shares outstanding. (2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. (3) Includes the Fund’s share of the Portfolios’ allocated expenses. (4) Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.04%, 0.10%, 0.04%, 0.01% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively. (5) Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

11 See Notes to Financial Statements. Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Financial Highlights — continued

Class C Year Ended October 31, 2020 2019 2018 2017 2016 Net asset value — Beginning of year $ 6.800 $ 6.780 $ 7.040 $ 6.870 $ 6.940

Income (Loss) From Operations Net investment income(1) $ 0.172 $ 0.269 $ 0.260 $ 0.227 $ 0.216 Net realized and unrealized gain (loss) 0.221 (0.014) (0.312) 0.151 (0.059)

Total income (loss) from operations $ 0.393 $ 0.255 $ (0.052) $ 0.378 $ 0.157

Less Distributions From net investment income $ (0.423) $ (0.235) $ (0.081) $ (0.208) $ (0.207) Tax return of capital — — (0.127) — (0.020)

Total distributions $ (0.423) $ (0.235) $ (0.208) $ (0.208) $ (0.227)

Net asset value — End of year $ 6.770 $ 6.800 $ 6.780 $ 7.040 $ 6.870

Total Return(2) 6.02% 3.84% (0.77)% 5.56% 2.35%

Ratios/Supplemental Data Net assets, end of year (000’s omitted) $201,798 $251,581 $409,686 $506,158 $598,798 Ratios (as a percentage of average daily net assets):(3) Expenses(4) 1.86% 1.93% 1.86% 1.84% 1.83% Net investment income 2.57% 3.98% 3.73% 3.24% 3.18% Portfolio Turnover of the Fund(5) 18% 11% 15% 11% 10%

(1) Computed using average shares outstanding. (2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. (3) Includes the Fund’s share of the Portfolios’ allocated expenses. (4) Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.04%, 0.10%, 0.04%, 0.01% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively. (5) Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

12 See Notes to Financial Statements. Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Financial Highlights — continued

Class I Year Ended October 31, 2020 2019 2018 2017 2016 Net asset value — Beginning of year $ 7.200 $ 7.170 $ 7.460 $ 7.270 $ 7.350

Income (Loss) From Operations Net investment income(1) $ 0.252 $ 0.354 $ 0.349 $ 0.316 $ 0.302 Net realized and unrealized gain (loss) 0.226 (0.004) (0.345) 0.168 (0.069)

Total income from operations $ 0.478 $ 0.350 $ 0.004 $ 0.484 $ 0.233

Less Distributions From net investment income $ (0.508) $ (0.320) $ (0.115) $ (0.294) $ (0.285) Tax return of capital — — (0.179) — (0.028)

Total distributions $ (0.508) $ (0.320) $ (0.294) $ (0.294) $ (0.313)

Net asset value — End of year $ 7.170 $ 7.200 $ 7.170 $ 7.460 $ 7.270

Total Return(2) 7.10% 4.87% 0.30% 6.62% 3.30%

Ratios/Supplemental Data Net assets, end of year (000’s omitted) $967,716 $919,828 $1,170,337 $1,112,215 $706,509 Ratios (as a percentage of average daily net assets):(3) Expenses(4) 0.84% 0.91% 0.85% 0.84% 0.82% Net investment income 3.55% 4.95% 4.73% 4.25% 4.19% Portfolio Turnover of the Fund(5) 18% 11% 15% 11% 10%

(1) Computed using average shares outstanding. (2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. (3) Includes the Fund’s share of the Portfolios’ allocated expenses. (4) Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.04%, 0.10%, 0.04%, 0.01% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively. (5) Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

13 See Notes to Financial Statements. Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Financial Highlights — continued

Class R Year Ended October 31, 2020 2019 2018 2017 2016 Net asset value — Beginning of year $ 7.220 $ 7.190 $ 7.480 $ 7.290 $ 7.370

Income (Loss) From Operations Net investment income(1) $ 0.192 $ 0.300 $ 0.298 $ 0.279 $ 0.269 Net realized and unrealized gain (loss) 0.262 0.015 (0.330) 0.169 (0.072)

Total income (loss) from operations $ 0.454 $ 0.315 $(0.032) $ 0.448 $ 0.197

Less Distributions From net investment income $(0.474) $(0.285) $(0.101) $(0.258) $(0.249) Tax return of capital — — (0.157) — (0.028)

Total distributions $(0.474) $(0.285) $(0.258) $(0.258) $(0.277)

Net asset value — End of year $ 7.200 $ 7.220 $ 7.190 $ 7.480 $ 7.290

Total Return(2) 6.56% 4.34% (0.19)% 6.08% 2.79%

Ratios/Supplemental Data Net assets, end of year (000’s omitted) $ 2,528 $ 1,949 $ 2,204 $ 2,781 $ 2,579 Ratios (as a percentage of average daily net assets):(3) Expenses(4) 1.36% 1.44% 1.36% 1.34% 1.33% Net investment income 2.71% 4.18% 4.03% 3.75% 3.72% Portfolio Turnover of the Fund(5) 18% 11% 15% 11% 10%

(1) Computed using average shares outstanding. (2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. (3) Includes the Fund’s share of the Portfolios’ allocated expenses. (4) Includes interest and dividend expense, including on securities sold short and/or reverse repurchase agreements, of 0.04%, 0.10%, 0.04%, 0.01% and 0.03% of average daily net assets for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively. (5) Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

14 See Notes to Financial Statements. Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Notes to Financial Statements

1 Significant Accounting Policies Eaton Vance Short Duration Strategic Income Fund (the Fund) is a non-diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 6). Effective January 25, 2019, ClassC shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase, as described in the Fund’s prospectus. Class I and Class R shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund’s investment objective is total return. The Fund currently pursues its objective by investing substantially all of its investable assets in interests in four portfolios managed by Eaton Vance Management (EVM) or its affiliates (the Portfolios), which are Massachusetts business trusts and in shares of Eaton Vance Emerging Markets Debt Opportunities Fund (the Affiliated Investment Fund). The value of the Fund’s investments in the Portfolios reflects the Fund’s proportionate interest in their net assets. The Portfolios and the Fund’s proportionate interest in each of their net assets at October 31, 2020 were as follows: Emerging Markets Local Income Portfolio (4.8%), Global Macro Absolute Return Advantage Portfolio (8.4%), Global Opportunities Portfolio (95.0%) and Senior Debt Portfolio (1.0%). The performance of the Fund is directly affected by the performance of the Portfolios and the Affiliated Investment Fund. The financial statements of Global Opportunities Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements. A copy of each Portfolio’s financial statements and the Affiliated Investment Fund’s financial statements is available by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the Securities and Exchange Commission’s website at www.sec.gov.

A Investment Valuation — Valuation of securities by Global Opportunities Portfolio is discussed in Note 1A of such Portfolio’s Notes to Consolidated Financial Statements, which are included elsewhere in this report. Such policies are consistent with those of the other Portfolios in which the Fund invests.

Additional valuation policies for the other Portfolios are as follows: Equity Securities. Preferred equity securities that are not listed or traded in the over-the-counter market are valued by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/ dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events. Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii)a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Portfolios based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Portfolios. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Portfolios. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans. Derivatives. Non-deliverable bond forward contracts are generally valued based on the current price of the underlying bond as provided by a third party pricing service and current interest rates.

In addition to investing in the Portfolios, the Fund may invest directly in securities. The valuation policies of the Fund are consistent with the valuation policies of the Portfolios. The Fund’s investment in the Affiliated Investment Fund is valued at the closing net asset value per share.

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

15 Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Notes to Financial Statements — continued

dividends received in cash and/or securities. Distributions from the Affiliated Investment Fund are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

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

G Other — Investment transactions are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

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

Year Ended October 31, 2020 2019

Ordinary income $116,814,011 76,794,774

During the year ended October 31, 2020, accumulated loss was increased by $322,430 and paid-in capital was increased by $322,430 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

16 Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Notes to Financial Statements — continued

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

Deferred capital losses $ (51,078,219) Net unrealized depreciation $(122,604,224)

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $51,078,219 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2020, $21,557,232 are short-term and $29,520,987 are long-term.

Deferred capital losses of $30,044,727 included in the amounts above are available to the Fund as a result of a reorganization which occurred in a prior year. Utilization of these deferred capital losses may be limited in accordance with certain income tax regulations.

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

Aggregate cost $1,842,025,569

Gross unrealized appreciation $— Gross unrealized depreciation (122,604,229)

Net unrealized depreciation $ (122,604,229)

3 Investment Adviser Fee and Other Transactions with Affiliates The investment adviser fee is earned by EVM, a wholly-owned subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.615% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator (“Investable Assets”) up to $500 million and is payable monthly. On Investable Assets of $500 million and over, the annual fee is reduced. For the year ended October 31, 2020, the Fund incurred no investment adviser fee on Investable Assets. To the extent the Fund’s assets are invested in the Portfolios, the Fund is allocated its share of the Portfolios’ investment adviser fees. The Portfolios have engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. For the year ended October 31, 2020, the Fund’s allocated portion of the investment adviser fees paid by the Portfolios totaled $10,480,177 or 0.63% of the Fund’s average daily net assets. EVM also serves as the administrator of the Fund, but receives no compensation.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended October 31, 2020, EVM earned $23,556 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $17,412 as its portion of the sales charge on sales of Class A shares for the year ended October 31, 2020. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 5) and contingent deferred sales charges (see Note 6).

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 $4,821,750 and $10,000,000, respectively, for the year ended October 31, 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 year ended October 31, 2020 amounted to $1,324,070 for Class A shares.

17 Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Notes to Financial Statements — continued

The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended October 31, 2020, the Fund paid or accrued to EVD $5,484 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended October 31, 2020 amounted to $563,203 and $5,484 for Class C and Class R shares, respectively.

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

6 Contingent Deferred Sales Charges A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Effective December 2, 2019, Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended October 31, 2020, the Fund was informed that EVD received approximately $4,000 and $12,000 of CDSCs paid by Class A and Class C shareholders, respectively.

7 Investment Transactions For the year ended October 31, 2020, increases and decreases in the Fund’s investments in the Portfolios were as follows:

Portfolio Contributions Withdrawals

Emerging Markets Local Income Portfolio $ 16,753,109 $ (22,443,038) Global Macro Absolute Return Advantage Portfolio 22,518,454 (48,784,998) Global Opportunities Portfolio 193,012,640 (255,023,459) Senior Debt Portfolio 65,937,188 (65,987,956)

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

Year Ended October 31, Class A 2020 2019

Sales 12,543,932 7,943,601 Issued to shareholders electing to receive payments of distributions in Fund shares 4,822,433 2,995,371 Redemptions (19,529,608) (27,607,071) Converted from Class B shares — 564,602 Converted from Class C shares 3,212,430 12,225,996

Net increase (decrease) 1,049,187 (3,877,501)

18 Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Notes to Financial Statements — continued

Year Ended Class B October 31, 2019(1)

Sales 66 Issued to shareholders electing to receive payments of distributions in Fund shares 10,752 Redemptions (142,240) Converted to Class A shares (599,074)

Net decrease (730,496)

Year Ended October 31, Class C 2020 2019

Sales 4,120,172 3,051,544 Issued to shareholders electing to receive payments of distributions in Fund shares 2,074,933 1,444,186 Redemptions (9,946,812) (14,972,809) Converted to Class A shares (3,411,146) (12,986,853)

Net decrease (7,162,853) (23,463,932)

Year Ended October 31, Class I 2020 2019

Sales 54,690,519 40,374,032 Issued to shareholders electing to receive payments of distributions in Fund shares 8,671,488 5,595,325 Redemptions (56,206,408) (81,345,193)

Net increase (decrease) 7,155,599 (35,375,836)

Year Ended October 31, Class R 2020 2019

Sales 141,505 104,320 Issued to shareholders electing to receive payments of distributions in Fund shares 17,090 8,523 Redemptions (77,144) (149,227)

Net increase (decrease) 81,451 (36,384)

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

19 Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Notes to Financial Statements — continued

9 Investments in Affiliated Funds At October 31, 2020, the value of the Fund’s investment in affiliated funds was $56,465,297, which represents 3.3% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended October 31, 2020 were as follows:

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

Eaton Vance Emerging Markets Debt Opportunities Fund, Class R6 $63,258,733 $4,821,750 $(10,000,000) $(493,033) $(1,122,153) $56,465,297 $4,821,750 6,505,219

10 Fair Value Measurements 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)

At October 31, 2020, the hierarchy of inputs used in valuing the Fund’s investments in securities and investments in the Portfolios, which are carried at value, were as follows:

Asset Description Level 1 Level 2 Level 3 Total

Investments in Affiliated Portfolios $1,662,956,043 $ — $ — 1,662,956,043 Investments in Affiliated Investment Funds 56,465,297 56,465,297

Total Investments $1,719,421,340 $ — $ — $1,719,421,340

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

20 Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Short Duration Strategic Income Fund:

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

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

/s/ Deloitte & Touche LLP Boston, Massachusetts December 22, 2020

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

21 Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Federal Tax Information (Unaudited)

22 Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments

Collateralized Mortgage Obligations — 8.1% Principal Security Amount Value Principal Federal Home Loan Mortgage Corp.: (continued) Security Amount Value Interest Only:(2) (continued) Federal Home Loan Mortgage Corp.: Series 4370, Class IO, 3.50%, 9/15/41 $ 1,785,638 $ 73,144 Series 2182, Class ZC, 7.50%, 9/15/29 $ 95,486 $ 111,137 Series 4381, Class SK, 6.002%, (6.15% - 1 mo. Series 4273, Class SP, 11.603%, (12.00% - USD LIBOR), 6/15/44(1) 3,441,781 426,508 (1) 1 mo. USD LIBOR x 2.67), 11/15/43 516,145 840,373 Series 4388, Class MS, 5.952%, (6.10% - Series 4637, Class CU, 3.00%, 8/15/44 7,537,876 7,673,483 1 mo. USD LIBOR), 9/15/44(1) 4,280,045 789,301 Series 4774, Class QD, 4.50%, 1/15/43 6,414,746 6,530,468 Series 4408, Class IP, 3.50%, 4/15/44 5,777,785 447,869 (2) Interest Only: Series 4452, Class SP, 6.052%, (6.20% - 1 mo. Series 2631, Class DS, 6.952%, (7.10% - 1 mo. USD LIBOR), 10/15/43(1) 5,115,608 267,284 (1) USD LIBOR), 6/15/33 1,621,926 233,417 Series 4497, Class CS, 6.052%, (6.20% - 1 mo. Series 2953, Class LS, 6.552%, (6.70% - 1 mo. USD LIBOR), 9/15/44(1) 9,906,395 923,691 (1) USD LIBOR), 12/15/34 942,550 52,929 Series 4507, Class MI, 3.50%, 8/15/44 6,017,138 223,860 Series 2956, Class SL, 6.852%, (7.00% - 1 mo. Series 4507, Class SJ, 6.032%, (6.18% - 1 mo. (1) USD LIBOR), 6/15/32 923,762 216,230 USD LIBOR), 9/15/45(1) 7,907,958 1,576,670 Series 3114, Class TS, 6.502%, (6.65% - 1 mo. Series 4520, Class PI, 4.00%, 8/15/45 21,355,308 1,805,352 (1) USD LIBOR), 9/15/30 2,857,774 449,437 Series 4526, Class PI, 3.50%, 1/15/42 3,177,011 79,287 Series 3153, Class JI, 6.468%, (6.62% - 1 mo. (1) Series 4528, Class BS, 6.002%, (6.15% - 1 mo. USD LIBOR), 5/15/36 2,206,204 471,254 USD LIBOR), 7/15/45(1) 5,801,583 666,723 Series 3973, Class SG, 6.502%, (6.65% - 1 mo. Series 4629, Class QI, 3.50%, 11/15/46 7,120,737 515,240 USD LIBOR), 4/15/30(1) 350,531 4,431 Series 4637, Class IP, 3.50%, 4/15/44 2,678,873 91,947 Series 4007, Class JI, 4.00%, 2/15/42 1,797,262 196,064 Series 4644, Class TI, 3.50%, 1/15/45 5,959,557 343,340 Series 4050, Class IB, 3.50%, 5/15/41 6,947,243 320,355 Series 4653, Class PI, 3.50%, 7/15/44 2,024,503 21,216 Series 4067, Class JI, 3.50%, 6/15/27 5,371,024 381,451 Series 4667, Class PI, 3.50%, 5/15/42 11,733,540 256,907 Series 4070, Class S, 5.952%, (6.10% - 1 mo. USD LIBOR), 6/15/32(1) 11,051,288 1,812,252 Series 4672, Class LI, 3.50%, 1/15/43 5,542,277 130,309 Series 4095, Class HS, 5.952%, (6.10% - 1 mo. Series 4744, Class IO, 4.00%, 11/15/47 5,311,356 559,460 USD LIBOR), 7/15/32(1) 3,091,235 373,807 Series 4749, Class IL, 4.00%, 12/15/47 4,120,191 471,871 Series 4109, Class ES, 6.002%, (6.15% - 1 mo. Series 4767, Class IM, 4.00%, 5/15/45 6,052,865 140,274 USD LIBOR), 12/15/41(1) 85,099 22,062 Series 4768, Class IO, 4.00%, 3/15/48 5,136,095 584,871 Series 4109, Class SA, 6.052%, (6.20% - 1 mo. Principal Only:(3) (1) USD LIBOR), 9/15/32 4,434,538 757,014 Series 4417, Class KO, 0.00%, 12/15/43 1,375,559 1,190,135 Series 4149, Class S, 6.102%, (6.25% - 1 mo. Series 4478, Class PO, 0.00%, 5/15/45 2,257,883 2,112,363 USD LIBOR), 1/15/33(1) 3,309,611 585,669 $ 37,917,847 Series 4163, Class GS, 6.052%, (6.20% - 1 mo. USD LIBOR), 11/15/32(1) 2,693,393 490,178 Federal Home Loan Mortgage Corp. Series 4169, Class AS, 6.102%, (6.25% - 1 mo. Structured Agency Credit Risk Debt Notes: USD LIBOR), 2/15/33(1) 3,857,982 752,992 Series 2020-DNA4, Class M2, 3.899%, (1 mo. (4)(5) Series 4180, Class GI, 3.50%, 8/15/26 2,030,306 81,110 USD LIBOR + 3.75%), 8/25/50 $ 6,500,000 $ 6,582,544 Series 4188, Class AI, 3.50%, 4/15/28 4,564,444 294,658 Series 2020-HQA4, Class M2, 3.299%, (1 mo. USD LIBOR + 3.15%), 9/25/50(4)(5) 11,000,000 11,084,689 Series 4189, Class SQ, 6.002%, (6.15% - 1 mo. USD LIBOR), 12/15/42(1) 2,554,943 262,064 $ 17,667,233 Series 4203, Class QS, 6.102%, (6.25% - 1 mo. Federal National Mortgage Association: USD LIBOR), 5/15/43(1) 2,518,562 490,728 Series G94-7, Class PJ, 7.50%, 5/17/24 $ 133,321 $ 144,386 Series 4212, Class SA, 6.052%, (6.20% - 1 mo. Series 1994-42, Class K, 6.50%, 4/25/24 86,429 93,093 USD LIBOR), 7/15/38(1) 1,946,991 13,146 Series 2009-62, Class WA, 5.569%, 8/25/39(6) 1,344,100 1,497,265 Series 4323, Class CI, 4.00%, 3/15/40 3,320,284 51,307 Series 2013-6, Class TA, 1.50%, 1/25/43 1,505,098 1,512,917 Series 4332, Class IK, 4.00%, 4/15/44 1,760,720 213,420 Series 2017-66, Class ZJ, 3.00%, 9/25/57 1,652,080 1,651,525 Series 4332, Class KI, 4.00%, 9/15/43 1,400,056 68,268 Series 2019-64, Class ZN, 3.50%, 11/25/49 4,294,191 4,295,962 Series 4343, Class PI, 4.00%, 5/15/44 3,661,874 470,521

23 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Principal Principal Security Amount Value Security Amount Value Federal National Mortgage Federal National Mortgage Association: (continued) Association: (continued) Interest Only:(2) Interest Only:(2) (continued) Series 2004-46, Class SI, 5.851%, (6.00% - Series 2012-112, Class SB, 6.001%, (6.15% - 1 mo. USD LIBOR), 5/25/34(1) $ 2,496,780 $ 422,588 1 mo. USD LIBOR), 9/25/40(1) $ 4,374,728 $ 187,356 Series 2005-17, Class SA, 6.551%, (6.70% - Series 2012-124, Class IO, 1.732%, 11/25/42(6) 5,995,096 299,055 (1) 1 mo. USD LIBOR), 3/25/35 1,747,353 421,206 Series 2012-139, Class LS, 6.001%, (6.15% - Series 2005-71, Class SA, 6.601%, (6.75% - 1 mo. USD LIBOR), 12/25/42(1) 5,405,144 1,036,458 (1) 1 mo. USD LIBOR), 8/25/25 856,485 62,688 Series 2012-147, Class SA, 5.951%, (6.10% - Series 2005-105, Class S, 6.551%, (6.70% - 1 mo. USD LIBOR), 1/25/43(1) 6,839,628 1,317,577 (1) 1 mo. USD LIBOR), 12/25/35 1,496,876 357,063 Series 2012-150, Class PS, 6.001%, (6.15% - Series 2006-44, Class IS, 6.451%, (6.60% - 1 mo. USD LIBOR), 1/25/43(1) 5,833,196 1,174,073 (1) 1 mo. USD LIBOR), 6/25/36 1,287,252 301,446 Series 2012-150, Class SK, 6.001%, (6.15% - Series 2006-65, Class PS, 7.071%, (7.22% - 1 mo. USD LIBOR), 1/25/43(1) 9,041,454 1,632,846 1 mo. USD LIBOR), 7/25/36(1) 1,276,334 330,036 Series 2013-11, Class IO, 4.00%, 1/25/43 16,777,531 2,792,073 Series 2006-96, Class SN, 7.051%, (7.20% - Series 2013-12, Class SP, 5.501%, (5.65% - 1 mo. USD LIBOR), 10/25/36(1) 1,602,547 345,852 1 mo. USD LIBOR), 11/25/41(1) 1,432,213 133,731 Series 2006-104, Class SD, 6.491%, (6.64% - Series 2013-15, Class DS, 6.051%, (6.20% - 1 mo. USD LIBOR), 11/25/36(1) 1,301,547 290,914 1 mo. USD LIBOR), 3/25/33(1) 6,766,136 1,325,568 Series 2006-104, Class SE, 6.481%, (6.63% - Series 2013-23, Class CS, 6.101%, (6.25% - 1 mo. USD LIBOR), 11/25/36(1) 867,698 193,625 1 mo. USD LIBOR), 3/25/33(1) 3,584,046 725,633 Series 2007-50, Class LS, 6.301%, (6.45% - Series 2013-54, Class HS, 6.151%, (6.30% - 1 mo. USD LIBOR), 6/25/37(1) 2,032,463 468,678 1 mo. USD LIBOR), 10/25/41(1) 3,386,470 225,984 Series 2008-26, Class SA, 6.051%, (6.20% - 1 mo. USD LIBOR), 4/25/38(1) 2,368,777 533,296 Series 2013-64, Class PS, 6.101%, (6.25% - 1 mo. USD LIBOR), 4/25/43(1) 3,754,925 631,066 Series 2008-61, Class S, 5.951%, (6.10% - 1 mo. USD LIBOR), 7/25/38(1) 4,096,147 786,567 Series 2013-66, Class JI, 3.00%, 7/25/43 7,557,968 891,350 Series 2010-124, Class SJ, 5.901%, (6.05% - Series 2013-75, Class SC, 6.101%, (6.25% - (1) 1 mo. USD LIBOR), 11/25/38(1) 647,533 12,466 1 mo. USD LIBOR), 7/25/42 7,600,247 787,401 Series 2010-135, Class SD, 5.851%, (6.00% - Series 2014-29, Class IG, 3.50%, 6/25/43 1,509,842 57,362 1 mo. USD LIBOR), 6/25/39(1) 1,746,865 53,548 Series 2014-32, Class EI, 4.00%, 6/25/44 1,909,636 258,970 Series 2011-101, Class IC, 3.50%, 10/25/26 2,671,210 163,269 Series 2014-41, Class SA, 5.901%, (6.05% - (1) Series 2011-101, Class IE, 3.50%, 10/25/26 1,969,172 118,955 1 mo. USD LIBOR), 7/25/44 4,046,856 924,392 Series 2011-104, Class IM, 3.50%, 10/25/26 3,363,463 209,081 Series 2014-43, Class PS, 5.951%, (6.10% - (1) Series 2012-24, Class S, 5.351%, (5.50% - 1 mo. USD LIBOR), 3/25/42 4,337,434 645,141 1 mo. USD LIBOR), 5/25/30(1) 749,248 15,422 Series 2014-55, Class IN, 3.50%, 7/25/44 5,571,360 649,396 Series 2012-52, Class DI, 3.50%, 5/25/27 5,573,295 395,602 Series 2014-64, Class BI, 3.50%, 3/25/44 1,630,966 92,784 Series 2012-63, Class EI, 3.50%, 8/25/40 3,111,358 32,896 Series 2014-67, Class IH, 4.00%, 10/25/44 3,798,785 485,432 Series 2012-73, Class MS, 5.901%, (6.05% - Series 2014-80, Class CI, 3.50%, 12/25/44 3,359,084 390,094 1 mo. USD LIBOR), 5/25/39(1) 903,968 5,363 Series 2014-89, Class IO, 3.50%, 1/25/45 5,336,849 458,873 Series 2012-76, Class GS, 5.901%, (6.05% - Series 2015-6, Class IM, 1.00%, (5.33% - (1) 1 mo. USD LIBOR), 9/25/39 1,277,835 24,748 1 mo. USD LIBOR x 1.33, Cap 1.00%), Series 2012-86, Class CS, 5.951%, (6.10% - 6/25/43(1) 16,854,426 276,697 (1) 1 mo. USD LIBOR), 4/25/39 751,063 8,539 Series 2015-14, Class KI, 3.00%, 3/25/45 7,506,439 748,640 Series 2012-94, Class KS, 6.501%, (6.65% - Series 2015-17, Class SA, 6.051%, (6.20% - (1) 1 mo. USD LIBOR), 5/25/38 6,880,685 297,433 1 mo. USD LIBOR), 11/25/43(1) 4,589,669 321,820 Series 2012-94, Class SL, 6.551%, (6.70% - Series 2015-22, Class GI, 3.50%, 4/25/45 2,972,015 386,788 1 mo. USD LIBOR), 5/25/38(1) 5,160,514 224,761 Series 2015-31, Class SG, 5.951%, (6.10% - Series 2012-97, Class PS, 6.001%, (6.15% - 1 mo. USD LIBOR), 5/25/45(1) 8,256,938 1,173,259 1 mo. USD LIBOR), 3/25/41(1) 5,157,776 369,395 Series 2015-36, Class IL, 3.00%, 6/25/45 3,933,444 417,212 Series 2012-103, Class GS, 5.951%, (6.10% - Series 2015-52, Class MI, 3.50%, 7/25/45 9,957,960 1,066,625 1 mo. USD LIBOR), 2/25/40(1) 1,281,052 12,024

24 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Principal Principal Security Amount Value Security Amount Value Federal National Mortgage Federal National Mortgage Association: (continued) Association: (continued) Interest Only:(2) (continued) 7.00%, with various maturities to 2037 $ 498,584 $ 567,816 Series 2015-93, Class BS, 6.001%, (6.15% - 8.50%, with maturity at 2032 150,023 176,280 (1) 1 mo. USD LIBOR), 8/25/45 $ 5,521,641 $ 783,252 9.50%, with maturity at 2028 57,446 64,368 Series 2017-46, Class NI, 3.00%, 8/25/42 6,346,395 116,826 $ 12,858,988 Series 2018-21, Class IO, 3.00%, 4/25/48 13,521,304 1,154,823 Government National Mortgage Association: $ 39,221,166 2.50%, with maturity at 2050 $ 50,000,000 $ 52,445,020 Government National Mortgage Association: 3.00%, with maturity at 2050 79,300,794 83,376,752 Series 2017-101, Class NS, 5.00%, (20.00% - $ 135,821,772 1 mo. USD LIBOR x 5.00, Cap 5.00%), 7/20/47(1) $ 361,426 $ 362,966 Series 2017-115, Class ZA, 3.00%, 7/20/47 293,587 293,576 Total Mortgage Pass-Throughs (identified cost $186,336,864) $ 186,324,443 Series 2019-110, Class ZD, 3.50%, 9/20/49 983,043 982,709 Series 2019-158, Class ZJ, 3.50%, 12/20/49 6,543,949 6,544,494 Commercial Mortgage-Backed Securities — 0.9% Interest Only:(2) Series 2014-68, Class KI, 2.429%, 10/20/42(6) 5,411,007 236,279 Principal Series 2017-104, Class SD, 6.049%, (6.20% - Security Amount Value (1) 1 mo. USD LIBOR), 7/20/47 10,632,452 1,891,444 JPMBB Commercial Mortgage Securities Trust Series 2017-121, Class DS, 4.349%, (4.50% - Series 2014-C22, Class D, 4.554%, 9/15/47(4)(6) $ 3,430,000 $ 2,248,148 1 mo. USD LIBOR), 8/20/47(1) 8,137,625 899,210 Series 2014-C25, Class D, 3.95%, 11/15/47(4)(6) 8,045,000 5,813,645 Series 2017-137, Class AS, 4.349%, (4.50% - Morgan Stanley Bank of America Merrill 1 mo. USD LIBOR), 9/20/47(1) 11,998,023 1,229,314 Lynch Trust Series 2020-146, Class IQ, 2.00%, 10/20/50 25,000,000 2,561,770 Series 2013-C11, Class D, 4.497%, 8/15/46(4)(6) 5,000,000 1,149,533 $ 15,001,762 WF-RBS Commercial Mortgage Trust Series 2014-C24, Class D, 3.692%, 11/15/47(4) 8,000,000 3,272,730 Total Collateralized Mortgage Obligations (identified cost $166,619,909) $ 109,808,008 Total Commercial Mortgage-Backed Securities (identified cost $23,293,214) $ 12,484,056 Mortgage Pass-Throughs — 13.7%

Principal Asset-Backed Securities — 10.2% Security Amount Value Principal Federal Home Loan Mortgage Corp.: Security Amount Value (7) 2.802%, (COF + 1.25%), with maturity at 2035 $ 316,326 $ 324,268 Alinea CLO, Ltd. 3.00%, with maturity at 2050 33,943,354 35,825,249 Series 2018-1A, Class E, 6.218%, (3 mo. USD 4.357%, (COF + 1.25%), with LIBOR + 6.00%), 7/20/31(4)(5) $ 2,000,000 $ 1,738,789 (7) maturity at 2030 108,853 115,221 Allegany Park CLO, Ltd. 7.00%, with various maturities to 2036 1,160,028 1,319,279 Series 2019-1A, Class D, 3.918%, (3 mo. USD 8.00%, with maturity at 2026 55,362 59,666 LIBOR + 3.70%), 1/20/33(4)(5) 1,700,000 1,636,138 $ 37,643,683 AMMC CLO 15, Ltd. Series 2014-15A, Class ERR, 7.147%, (3 mo. Federal National Mortgage Association: USD LIBOR + 6.91%), 1/15/32(4)(5) 3,000,000 2,616,652 3.00%, with maturity at 2050 $ 9,564,690 $ 10,055,374 AMMC CLO XII, Ltd. 3.401%, (COF + 1.25%), with maturity at 2035(7) 192,593 198,188 Series 2013-12A, Class ER, 6.423%, (3 mo. USD LIBOR + 6.18%), 11/10/30(4)(5) 2,000,000 1,553,258 3.934%, (COF + 1.78%), with maturity at 2035(7) 758,859 800,634 Ares XL CLO, Ltd. 6.00%, with maturity at 2032 277,848 320,908 Series 2016-40A, Class DR, 6.587%, (3 mo. USD LIBOR + 6.35%), 1/15/29(4)(5) 1,000,000 898,227 6.50%, with maturity at 2036 593,253 675,420

25 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Principal Principal Security Amount Value Security Amount Value Ares XXXIIR CLO, Ltd. Carlyle Global Market Strategies CLO, Ltd. Series 2014-32RA, Class D, 6.13%, (3 mo. USD Series 2012-3A, Class DR2, 6.724%, (3 mo. LIBOR + 5.85%), 5/15/30(4)(5) $ 4,000,000 $ 3,492,409 USD LIBOR + 6.50%), 1/14/32(4)(5) $ 1,000,000 $ 764,602 Ares XXXVR CLO, Ltd. Series 2014-3RA, Class D, 5.617%, (3 mo. USD (4)(5) Series 2015-35RA, Class E, 5.937%, (3 mo. LIBOR + 5.40%), 7/27/31 2,000,000 1,542,506 USD LIBOR + 5.70%), 7/15/30(4)(5) 3,000,000 2,628,962 Series 2014-4RA, Class D, 5.887%, (3 mo. USD (4)(5) Babson CLO, Ltd. LIBOR + 5.65%), 7/15/30 3,000,000 2,266,079 Series 2016-1A, Class ER, 6.209%, (3 mo. USD Series 2015-5A, Class DR, 6.918%, (3 mo. USD (4)(5) LIBOR + 6.00%), 7/23/30(4)(5) 2,000,000 1,694,635 LIBOR + 6.70%), 1/20/32 3,500,000 2,741,593 Series 2018-1A, Class D, 5.737%, (3 mo. USD Series C17A, Class DR, 6.214%, (3 mo. USD (4)(5) LIBOR + 5.50%), 4/15/31(4)(5) 5,000,000 4,155,015 LIBOR + 6.00%), 4/30/31 3,000,000 2,486,018 Bain Capital Credit CLO, Ltd. Cole Park CLO, Ltd. Series 2017-2A, Class E, 6.565%, (3 mo. USD Series 2015-1A, Class ER, 6.818%, (3 mo. USD (4)(5) LIBOR + 6.35%), 7/25/30(4)(5) 2,250,000 1,873,614 LIBOR + 6.60%), 10/20/28 2,000,000 1,809,606 Series 2018-1A, Class E, 5.559%, (3 mo. USD Dryden CLO, Ltd. LIBOR + 5.35%), 4/23/31(4)(5) 3,500,000 2,838,388 Series 2018-55A, Class E, 5.637%, (3 mo. USD (4)(5) Barings CLO, Ltd. LIBOR + 5.40%), 4/15/31 1,000,000 854,985 Series 2017-1A, Class E, 6.218%, (3 mo. USD Dryden Senior Loan Fund LIBOR + 6.00%), 7/18/29(4)(5) 2,900,000 2,673,362 Series 2015-40A, Class ER, 6.03%, (3 mo. USD (4)(5) Benefit Street Partners CLO V-B, Ltd. LIBOR + 5.75%), 8/15/31 2,000,000 1,767,918 Series 2018-5BA, Class D, 6.168%, (3 mo. USD Series 2016-42A, Class ER, 5.787%, (3 mo. (4)(5) LIBOR + 5.95%), 4/20/31(4)(5) 3,000,000 2,478,889 USD LIBOR + 5.55%), 7/15/30 2,000,000 1,756,818 Benefit Street Partners CLO VIII, Ltd. Galaxy XXI CLO, Ltd. Series 2015-8A, Class DR, 5.818%, (3 mo. USD Series 2015-21A, Class DR, 2.868%, (3 mo. (4)(5) LIBOR + 5.60%), 1/20/31(4)(5) 5,000,000 3,930,904 USD LIBOR + 2.65%), 4/20/31 5,000,000 4,484,609 Benefit Street Partners CLO XIV, Ltd. Series 2015-21A, Class ER, 5.468%, (3 mo. (4)(5) Series 2018-14A, Class E, 5.568%, (3 mo. USD USD LIBOR + 5.25%), 4/20/31 4,000,000 3,350,349 LIBOR + 5.35%), 4/20/31(4)(5) 3,000,000 2,470,555 Galaxy XXV CLO, Ltd. Benefit Street Partners CLO XVI, Ltd. Series 2018-25A, Class E, 6.165%, (3 mo. USD (4)(5) Series 2018-16A, Class E, 6.918%, (3 mo. USD LIBOR + 5.95%), 10/25/31 2,000,000 1,732,884 LIBOR + 6.70%), 1/17/32(4)(5) 2,000,000 1,810,091 Golub Capital Partners CLO 22B, Ltd. Betony CLO 2, Ltd. Series 2015-22A, Class ER, 6.218%, (3 mo. (4)(5) Series 2018-1A, Class D, 5.864%, (3 mo. USD USD LIBOR + 6.00%), 1/20/31 3,000,000 2,472,841 LIBOR + 5.65%), 4/30/31(4)(5) 3,000,000 2,567,918 Golub Capital Partners CLO 37B, Ltd. BlueMountain CLO, Ltd. Series 2018-37A, Class E, 5.968%, (3 mo. USD (4)(5) Series 2015-3A, Class DR, 5.618%, (3 mo. USD LIBOR + 5.75%), 7/20/30 3,000,000 2,569,132 LIBOR + 5.40%), 4/20/31(4)(5) 2,000,000 1,511,265 Golub Capital Partners CLO, Ltd. Series 2016-3A, Class ER, 6.23%, (3 mo. USD Series 2020-48A, Class D, 4.018%, (3 mo. USD (4)(5) LIBOR + 5.95%), 11/15/30(4)(5) 1,000,000 788,663 LIBOR + 3.80%), 4/17/33 3,000,000 2,802,851 Series 2018-1A, Class E, 6.164%, (3 mo. USD Highbridge Loan Management, Ltd. LIBOR + 5.95%), 7/30/30(4)(5) 750,000 598,475 Series 3A-2014, Class DR, 6.718%, (3 mo. USD (4)(5) Canyon Capital CLO, Ltd. LIBOR + 6.50%), 7/18/29 2,900,000 2,455,498 Series 2016-1A, Class ER, 5.987%, (3 mo. USD ICG US CLO, Ltd. LIBOR + 5.75%), 7/15/31(4)(5) 4,000,000 3,418,125 Series 2018-2A, Class E, 5.966%, (3 mo. USD (4)(5) Series 2016-2A, Class ER, 6.237%, (3 mo. USD LIBOR + 5.75%), 7/22/31 1,000,000 780,648 LIBOR + 6.00%), 10/15/31(4)(5) 1,000,000 845,596 Madison Park Funding XVII, Ltd. Series 2017-1A, Class E, 6.487%, (3 mo. USD Series 2015-17A, Class DR, 3.809%, (3 mo. LIBOR + 6.25%), 7/15/30(4)(5) 1,000,000 863,700 USD LIBOR + 3.60%), 7/21/30(4)(5) 3,500,000 3,436,497 Series 2018-1A, Class E, 5.987%, (3 mo. USD Series 2015-17A, Class ER, 6.709%, (3 mo. LIBOR + 5.75%), 7/15/31(4)(5) 2,000,000 1,710,715 USD LIBOR + 6.50%), 7/21/30(4)(5) 2,500,000 2,245,636

26 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Principal Principal Security Amount Value Security Amount Value Neuberger Berman CLO XXII, Ltd. Voya CLO, Ltd. (continued) Series 2016-22A, Class ER, 6.278%, (3 mo. Series 2018-2A, Class E, 5.487%, (3 mo. USD USD LIBOR + 6.06%), 10/17/30(4)(5) $ 2,000,000 $ 1,798,789 LIBOR + 5.25%), 7/15/31(4)(5) $ 1,000,000 $ 838,373 Neuberger Berman Loan Advisers CLO 30, Ltd. Series 2018-30A, Class E, 6.968%, (3 mo. USD Total Asset-Backed Securities LIBOR + 6.75%), 1/20/31(4)(5) 2,000,000 1,916,872 (identified cost $159,523,260) $ 138,036,232 Palmer Square CLO, Ltd. U.S. Government Guaranteed Small Business Administration Series 2013-2A, Class DRR, 6.068%, (3 mo. (8)(9) USD LIBOR + 5.85%), 10/17/31(4)(5) 1,500,000 1,334,211 Loans — 3.6% Series 2015-1A, Class DR2, 6.497%, (3 mo. (4)(5) Principal USD LIBOR + 6.25%), 5/21/29 2,000,000 1,843,802 Security Amount Value Series 2018-1A, Class D, 5.368%, (3 mo. USD LIBOR + 5.15%), 4/18/31(4)(5) 4,000,000 3,607,468 0.66%, 3/15/30 $ 2,695,021 $ 51,755 Series 2018-2A, Class D, 5.83%, (3 mo. USD 0.73%, 7/15/31 3,082,127 76,723 LIBOR + 5.60%), 7/16/31(4)(5) 2,500,000 2,200,244 0.93%, 5/15/42 1,627,571 56,474 Pnmac Gmsr Issuer Trust 0.98%, 4/15/32 1,510,033 52,031 Series 2018-GT1, Class A, 2.999%, (1 mo. USD 1.31%, 4/15/42 to 7/15/42 5,886,814 303,798 LIBOR + 2.85%), 2/25/23(4)(5) 5,000,000 4,923,767 1.34%, 9/15/41 1,896,925 94,985 Series 2018-GT2, Class A, 2.799%, (1 mo. USD 1.38%, 6/15/41 3,111,968 150,999 (4)(5) LIBOR + 2.65%), 8/25/25 4,272,000 4,134,595 1.56%, 7/15/42 2,483,333 146,565 Recette CLO, Ltd. 1.59%, 10/21/36 1,255,759 61,741 Series 2015-1A, Class F, 7.668%, (3 mo. USD 1.61%, 12/15/41 to 7/15/42 7,361,574 458,362 LIBOR + 7.45%), 10/20/27(4)(5) 2,000,000 1,682,194 1.63%, 9/15/41 1,967,065 123,562 Regatta IX Funding, Ltd. 1.68%, 4/15/41 to 7/15/41 3,657,816 232,068 Series 2017-1A, Class E, 6.218%, (3 mo. USD 1.73%, 10/15/33 to 11/21/41 3,005,258 181,566 LIBOR + 6.00%), 4/17/30(4)(5) 3,000,000 2,738,531 1.74%, 5/15/36 3,554,644 187,872 Regatta XIII Funding, Ltd. 1.81%, 12/21/41 to 11/15/42 7,842,924 537,256 Series 2018-2A, Class D, 6.187%, (3 mo. USD LIBOR + 5.95%), 7/15/31(4)(5) 3,000,000 2,554,504 1.84%, 11/9/36 to 2/15/40 2,994,286 175,139 Regatta XV Funding, Ltd. 1.86%, 12/28/41 to 6/15/42 18,366,922 1,255,172 Series 2018-4A, Class D, 6.715%, (3 mo. USD 1.91%, 2/15/42 to 7/15/42 10,193,610 772,853 LIBOR + 6.50%), 10/25/31(4)(5) 2,000,000 1,790,710 1.93%, 7/15/42 1,740,469 129,829 THL Credit Wind River CLO, Ltd. 1.96%, 11/29/30 to 8/15/42 5,062,300 360,250 Series 2013-1A, Class DR, 6.518%, (3 mo. USD 1.98%, 10/15/37 1,049,982 60,226 LIBOR + 6.30%), 7/20/30(4)(5) 2,037,589 1,471,581 2.03%, 2/15/42 to 5/15/42 4,699,895 418,493 Series 2017-1A, Class E, 6.638%, (3 mo. USD 2.06%, 5/15/42 to 7/15/42 5,071,466 398,344 (4)(5) LIBOR + 6.42%), 4/18/29 2,000,000 1,718,240 2.11%, 4/15/33 to 7/15/42 7,073,495 534,843 Upland CLO, Ltd. 2.16%, 5/15/42 to 6/15/42 3,951,165 308,010 Series 2016-1A, Class DR, 6.118%, (3 mo. USD 2.21%, 8/15/42 3,239,049 264,665 LIBOR + 5.90%), 4/20/31(4)(5) 2,000,000 1,732,043 2.23%, 1/15/41 to 7/15/41 2,775,339 235,214 Vibrant CLO IX, Ltd. 2.28%, 11/1/29 1,320,538 82,961 Series 2018-9A, Class D, 6.468%, (3 mo. USD 2.31%, 4/15/42 to 7/15/42 5,169,308 477,482 LIBOR + 6.25%), 7/20/31(4)(5) 2,000,000 1,536,755 2.36%, 1/16/42 to 6/15/42 18,596,066 1,641,889 Voya CLO, Ltd. 2.38%, 6/15/42 1,651,319 145,616 Series 2013-1A, Class DR, 6.717%, (3 mo. USD LIBOR + 6.48%), 10/15/30(4)(5) 5,000,000 3,856,386 2.39%, 7/15/40 1,405,312 108,841 Series 2014-1A, Class DR2, 6.218%, (3 mo. 2.41%, 1/15/38 to 7/15/42 14,976,270 1,371,320 USD LIBOR + 6.00%), 4/18/31(4)(5) 2,000,000 1,598,057 2.43%, 3/15/41 to 1/5/42 3,097,510 269,816 Series 2015-3A, Class DR, 6.418%, (3 mo. USD 2.46%, 12/15/26 to 8/15/42 12,982,189 1,178,316 LIBOR + 6.20%), 10/20/31(4)(5) 2,000,000 1,643,695 2.48%, 2/23/41 1,117,538 102,517

27 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Principal Sovereign Loans — 0.0%(11) Security Amount Value 2.56%, 1/15/41 to 7/15/42 $ 3,258,232 $ 334,284 Principal Amount 2.59%, 4/15/36 1,394,584 107,254 Borrower (000’s omitted) Value 2.61%, 6/15/33 to 7/15/42 7,077,013 680,332 2.63%, 4/15/41 1,240,633 119,316 Nigeria — 0.0%(11) 2.66%, 3/15/42 to 6/15/42 4,618,837 475,164 Bank of Industry Limited 2.68%, 4/15/41 to 4/15/42 3,458,689 359,742 Term Loan, 6.22%, (3 mo. USD LIBOR + 2.71%, 5/15/27 to 9/15/42 20,385,516 2,123,548 6.00%), Maturing April 11, 2021(5)(12) $ 453 $ 438,128 2.73%, 8/15/42 1,224,604 132,285 2.86%, 5/15/32 to 7/15/42 16,420,170 1,809,723 Total Sovereign Loans 2.88%, 10/25/41 to 1/7/43(10) 33,159,604 3,714,598 (identified cost $452,149) $ 438,128 2.89%, 8/15/40 1,025,395 97,390 2.91%, 12/15/41 to 7/15/42 13,042,350 1,529,111 Foreign Government Bonds — 20.4% 2.93%, 4/15/41 to 7/15/42 4,173,180 435,280 Principal (10) 2.95%, 1/15/42 to 3/15/43 20,679,754 2,463,396 Amount 2.96%, 2/15/27 to 1/15/43 12,968,091 1,303,251 Security (000’s omitted) Value 2.98%, 2/15/41 to 7/15/42 10,002,349 1,251,936 3.03%, 7/15/41 to 6/15/42 2,461,636 286,916 Iceland — 2.8% 3.11%, 12/15/41 to 8/15/42 8,447,359 976,676 Republic of Iceland, 5.00%, 11/15/28 ISK 1,278,572 $ 10,433,403 3.13%, 6/15/32 613,074 59,372 Republic of Iceland, 6.50%, 1/24/31 ISK 1,622,639 14,998,843 3.16%, 5/15/42 to 1/15/43 15,803,942 2,038,317 Republic of Iceland, 8.00%, 6/12/25 ISK 1,465,382 12,896,818 3.19%, 8/15/39 1,533,112 164,751 Total Iceland $ 38,329,064 3.21%, 12/15/26 to 10/15/42 16,456,089 1,948,821 3.23%, 2/15/41 to 4/15/42 4,393,678 465,675 Indonesia — 2.4% 3.24%, 7/15/28 to 4/15/42 2,693,296 245,773 Indonesia Government Bond, 6.50%, 2/15/31 IDR 199,409,000 $ 13,563,174 3.28%, 6/21/26 to 7/15/42 6,395,828 672,275 Indonesia Government Bond, 7.00%, 9/15/30 IDR 153,000,000 10,780,615 3.36%, 3/15/42 to 5/15/42 3,071,816 397,096 Indonesia Government Bond, 7.50%, 4/15/40 IDR 74,225,000 5,212,752 3.41%, 4/15/42 to 12/15/42 5,667,048 774,238 Indonesia Government Bond, 8.375%, 4/15/39 IDR 45,746,000 3,394,744 3.43%, 11/7/39 to 9/15/41 1,557,204 182,475 Total Indonesia $ 32,951,285 3.46%, 2/15/27 to 8/15/42 13,364,809 1,430,536 3.48%, 5/15/36 to 7/15/42 3,405,860 433,206 New Zealand — 6.4% 3.53%, 6/15/26 to 8/15/42 3,063,936 311,829 3.61%, 5/15/32 to 6/15/42 10,796,045 1,563,708 New Zealand Government Bond, 2.00%, 9/20/25(13)(14) NZD 44,429 $ 33,301,828 3.64%, 8/15/41 to 12/15/41 3,690,248 556,777 New Zealand Government Bond, 3.66%, 5/15/42 to 7/15/42 9,153,658 1,388,150 2.50%, 9/20/35(13)(14) NZD 622 598,181 3.68%, 11/15/31 to 5/15/42 3,927,128 524,817 New Zealand Government Bond, 3.71%, 1/15/24 to 8/15/42 30,908,724 3,446,823 3.00%, 9/20/30(13)(14) NZD 59,090 53,303,093 3.73%, 12/15/36 to 1/15/37 3,063,434 353,236 Total New Zealand $ 87,203,102 3.78%, 11/15/26 to 6/15/42 7,827,722 930,660 Peru — 2.4% Total U.S. Government Guaranteed Small Business Administration Loans Peru Government Bond, 5.94%, 2/12/29(4)(13) PEN 56,477 $ 18,653,574 (identified cost $50,597,395) $ 49,096,290 Peru Government Bond, 6.15%, 8/12/32(4)(13) PEN 37,752 12,043,734 Peru Government Bond, 6.95%, 8/12/31 PEN 5,285 1,805,005 Total Peru $ 32,502,313

28 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Principal Principal Amount Amount Security (000’s omitted) Value Security (000’s omitted) Value

Russia — 0.7% Brazil — 0.1% Russia Government Bond, 2.50%, 2/2/28(14) RUB 774,020 $ 9,699,155 Odebrecht Offshore Drilling Finance, Ltd., 6.72%, 12/1/22(13) USD 1,619 $ 1,473,108 Total Russia $ 9,699,155 Total Brazil $ 1,473,108 Serbia — 0.9% Bulgaria — 0.1% Serbia Treasury Bond, 5.75%, 7/21/23 RSD 1,035,720 $ 11,250,426 (13) Serbia Treasury Bond, 5.875%, 2/8/28 RSD 97,420 1,126,515 Eurohold Bulgaria AD, 6.50%, 12/7/22 EUR 1,200 $ 1,323,934 Total Serbia $ 12,376,941 Total Bulgaria $ 1,323,934

Thailand — 2.5% Canada — 0.1% Thailand Government Bond, 1.25%, 3/12/28(13)(14) THB 1,073,645 $ 33,523,433 Gran Tierra Energy International Holdings, Ltd., 6.25%, 2/15/25(4) USD 278 $ 97,995 Total Thailand $ 33,523,433 Gran Tierra Energy International Holdings, Ltd., 6.25%, 2/15/25(13) USD 2,238 788,895 Ukraine — 2.3% Total Canada $ 886,890 Ukraine Government Bond, 16.00%, 8/11/21 UAH 151,050 $ 5,527,874 Ukraine Government Bond, 16.06%, 8/3/22 UAH 25,000 949,159 China — 0.2%

Ukraine Government International Bond, (13) 0.00%, GDP-Linked, 5/31/40(4)(13)(15) USD 4,433 3,854,183 CIFI Holdings Group Co., Ltd., 5.50%, 1/23/22 USD 500 $ 507,497 Logan Property Holdings Co., Ltd., Ukraine Government International Bond, (13) 11.67%, 11/22/23 UAH 25,000 887,160 6.875%, 4/24/21 USD 500 507,500 (13) Ukraine Government International Bond, Shimao Group Holdings, Ltd., 5.60%, 7/15/26 USD 1,300 1,426,662 15.84%, 2/26/25 UAH 255,480 10,107,066 Total China $ 2,441,659 Ukraine Government International Bond, 17.00%, 5/11/22 UAH 238,050 9,099,082 Colombia — 0.1% Total Ukraine $ 30,424,524 Frontera Energy Corp., 9.70%, 6/25/23(13) USD 1,333 $ 1,076,398 Total Colombia $ 1,076,398 Total Foreign Government Bonds (identified cost $265,577,786) $ 277,009,817 El Salvador — 0.1% Foreign Corporate Bonds — 3.9% AES El Salvador Trust II, 6.75%, 3/28/23(13) USD 1,254 $ 1,145,711 Total El Salvador $ 1,145,711 Principal Amount Security (000’s omitted) Value Georgia — 0.2% Georgia Capital JSC, 6.125%, 3/9/24(13) USD 1,850 $ 1,813,000 Argentina — 0.2% Silknet JSC, 11.00%, 4/2/24(13) USD 1,159 1,238,415 Generacion Mediterranea S.A./Central Termica Roca Total Georgia $ 3,051,415 S.A., 15.00%, 5/5/23(4)(16) USD 1,250 $ 800,582 (13) Telecom Argentina S.A., 8.00%, 7/18/26 USD 1,900 1,571,319 Iceland — 0.4% Transportadora de Gas del Sur S.A., (13) 6.75%, 5/2/25(13) USD 1,000 825,000 Arion Banki HF, 6.00%, 4/12/24 ISK 440,000 $ 3,458,713 Islandsbanki HF, 6.40%, 10/26/23 ISK 120,000 943,668 Total Argentina $ 3,196,901 Landsbankinn HF, 5.00%, 11/23/23(13) ISK 120,000 911,303 (16)(17)(18) Belarus — 0.0%(11) WOW Air HF, 0.00% EUR 20 0 WOW Air HF, 0.00%, (3 mo. EURIBOR + 9.00%), (13) Eurotorg, LLC Via Bonitron DAC, 9.00%, 10/22/25 USD 484 $ 486,420 9/24/24(16)(17) EUR 900 0 Total Belarus $ 486,420 Total Iceland $ 5,313,684

29 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Principal Principal Amount Amount Security (000’s omitted) Value Security (000’s omitted) Value

Indonesia — 0.1% Russia — 0.2% Bayan Resources Tbk PT, 6.125%, 1/24/23(13) USD 1,660 $ 1,619,362 Gazprom PJSC via Gaz Finance PLC, 4.599% to 10/26/25(13)(18) USD 870 $ 870,397 Total Indonesia $ 1,619,362 Petropavlovsk 2016 Ltd., 8.125%, 11/14/22(13) USD 1,231 1,241,469 Ireland — 0.2% Total Russia $ 2,111,866 Aragvi Finance International DAC, 12.00%, 4/9/24(13) USD 2,000 $ 2,095,000 Saint Lucia — 0.1% Total Ireland $ 2,095,000 Digicel International Finance, Ltd./Digicel Holdings Bermuda, Ltd., 8.75%, 5/25/24(13) USD 1,503 $ 1,506,757 Mauritius — 0.0%(11) Total Saint Lucia $ 1,506,757 HTA Group, Ltd./Mauritius, 7.00%, 12/18/25(13) USD 350 $ 367,437 Saudi Arabia — 0.1% Total Mauritius $ 367,437 Dar Al-Arkan Sukuk Co., Ltd., 6.75%, 2/15/25(13) USD 550 $ 524,854 (13) Mexico — 0.2% Dar Al-Arkan Sukuk Co., Ltd., 6.875%, 4/10/22 USD 1,500 1,497,030 Total Saudi Arabia $ 2,021,884 Braskem Idesa SAPI, 7.45%, 11/15/29(13) USD 2,170 $ 2,072,350 Grupo Kaltex S.A. de CV, 8.875%, 4/11/22(13) USD 1,962 1,233,166 Singapore — 0.3% Total Mexico $ 3,305,516 Alam Synergy Pte Ltd., 6.625%, 4/24/22(13) USD 1,725 $ 1,213,593 Netherlands — 0.5% Puma International Financing S.A., 5.00%, 1/24/26(13) USD 1,722 1,426,677 Ardshinbank CJSC Via Dilijan Finance BV, TBLA International Pte Ltd., 7.00%, 1/24/23(13) USD 1,000 939,972 6.50%, 1/28/25(13) USD 2,200 $ 1,980,000 Total Singapore $ 3,580,242 Braskem Netherlands Finance BV, 4.50%, 1/31/30(13) USD 1,206 1,115,309 Turkey — 0.1% Metinvest BV, 5.625%, 6/17/25(13) EUR 840 921,119 (13) Metinvest BV, 7.75%, 4/23/23(13) USD 461 472,903 QNB Finansbank AS, 6.875%, 9/7/24 USD 530 $ 541,263 (13) Metinvest BV, 8.50%, 4/23/26(13) USD 506 513,008 Ulker Biskuvi Sanayi AS, 6.95%, 10/30/25 USD 1,022 1,015,940 Petrobras Global Finance BV, 6.90%, 3/19/49 USD 1,530 1,733,704 Total Turkey $ 1,557,203 Total Netherlands $ 6,736,043 Ukraine — 0.1% Nigeria — 0.1% Kernel Holding S.A., 8.75%, 1/31/22(13) USD 1,500 $ 1,571,625 SEPLAT Petroleum Development Co. PLC, Total Ukraine $ 1,571,625 9.25%, 4/1/23(13) USD 1,100 $ 1,104,125 Total Nigeria $ 1,104,125 United Kingdom — 0.1% Ellaktor Value PLC, 6.375%, 12/15/24(13) EUR 1,050 $ 1,056,571 Paraguay — 0.2% Total United Kingdom $ 1,056,571 Frigorifico Concepcion S.A., 10.25%, 1/29/25(13) USD 2,300 $ 2,242,500 (11) Total Paraguay $ 2,242,500 Uzbekistan — 0.0% Nederlandse Financierings-Maatschappij voor Peru — 0.1% Ontwikkelingslanden NV (FMO), 15.00%, 12/8/22(13) UZS 3,000,000 $ 288,094 Telefonica del Peru S.A., 7.375%, 4/10/27(13) PEN 3,500 $ 980,639 Total Uzbekistan $ 288,094 Total Peru $ 980,639

Total Foreign Corporate Bonds (identified cost $54,658,518) $ 52,540,984

30 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Convertible Bonds — 0.3% Closed-End Funds — 1.0%

Principal Security Shares Value Amount Security (000’s omitted) Value BlackRock Multi-Sector Income Trust 156,650 $ 2,451,572 Nuveen Global High Income Fund 83,400 1,135,074 Bermuda — 0.3% PGIM Global High Yield Fund, Inc. 430,326 5,478,050 Western Asset High Income Opportunity Fund, Inc. 804,975 3,928,278 Liberty Latin America, Ltd., 2.00%, 7/15/24 USD 3,985 $ 3,494,994

Total Bermuda $ 3,494,994 Total Closed-End Funds (identified cost $13,337,045) $ 12,992,974 Total Convertible Bonds (identified cost $3,313,872) $ 3,494,994 Exchange-Traded Funds — 2.3%

Common Stocks — 0.3% Security Shares Value VanEck Vectors Fallen Angel High Yield Bond ETF 1,044,000 $ 31,205,160 Security Shares Value

Total Exchange-Traded Funds Iceland — 0.3% (identified cost $28,474,657) $ 31,205,160 Arion Banki HF(4)(19) 2,497,017 $ 1,481,022 Eik Fasteignafelag HF(19) 3,180,300 164,414 Reinsurance Side Cars — 2.6% Eimskipafelag Islands HF(19) 326,400 433,463 Principal Hagar HF(19) 1,349,100 519,904 Amount/ (19) Reginn HF 1,843,700 210,076 Security Shares Value Reitir Fasteignafelag HF 875,500 285,264 Altair VI Reinsurance(16)(19)(21)(22) 1,000 $ 214,500 Siminn HF 13,623,900 719,598 Blue Lotus Re, Ltd.(16)(19)(21)(22) 242 273,764 Total Iceland $ 3,813,741 Eden Re II, Ltd., Series 2018A, 0.00%, 3/22/22(4)(16)(21) $ 7,471 81,236 Total Common Stocks Eden Re II, Ltd., Series 2018B, (identified cost $5,902,392) $ 3,813,741 0.00%, 3/22/22(4)(16)(21) $ 8,667 234,634 Eden Re II, Ltd., Series 2019A, Loan Participation Notes — 0.0%(11) 0.00%, 3/22/23(4)(16)(21) $ 5,000 40,583 Eden Re II, Ltd., Series 2019B, Principal 0.00%, 3/22/23(4)(16)(21) $ 95,000 793,468 Amount Security (000’s omitted) Value Eden Re II, Ltd., Series 2020A, 0.00%, 3/22/24(4)(16)(21) $ 9,900,000 10,989,000 Uzbekistan — 0.0%(11) Mt. Logan Re, Ltd., Series 13, Preference Shares(16)(19)(21)(22) 10,000 9,659,610 Daryo Finance BV (borrower - Uzbek Industrial and Mt. Logan Re, Ltd., Special Investment Series 13, Construction Bank ATB), 12/18(16)(19)(21)(22) 2,000 694,775 18.75%, 6/15/23(13)(16)(20) UZS 2,619,000 $ 266,247 Mt. Logan Re, Ltd., Special Investment Series 13, Europe Asia Investment Finance BV (borrower - Joint 12/19(16)(19)(21)(22) 1,829 1,655,302 Stock Commercial Bank “Asaka”), Sussex Capital, Ltd., Designated Investment 18.70%, 7/26/23(13)(16)(20) UZS 2,952,000 297,600 Series 5, 5/19(16)(19)(21)(22) 249 38,398 Total Uzbekistan $ 563,847 Sussex Capital, Ltd., Designated Investment Series 5, 12/19(16)(19)(21)(22) 791 262,678 Total Loan Participation Notes Sussex Capital, Ltd., Designated Investment (identified cost $558,933) $ 563,847 Series 5, 6/20(16)(19)(21)(22) 434 434,117 Sussex Capital, Ltd., Series 5, Preference Shares(16)(19)(21)(22) 6,000 6,053,535 Sussex Re, Ltd., Series 2020A(16)(19)(21)(22) 4,081,939 4,400,330

31 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Principal Other — 20.8% Amount/ Security Shares Value Description Units Value (16)(19)(21)(22) Versutus Re, Ltd., Series 2019 234,323 $ 258,693 Eaton Vance Cash Reserves Fund, LLC, 0.12%(25) 282,555,462 $ 282,555,462

Total Reinsurance Side Cars Total Other (identified cost $32,574,324) $ 36,084,623 (identified cost $282,550,403) $ 282,555,462

U.S. Treasury Obligations — 3.1% Total Short-Term Investments (identified cost $346,751,368) $ 347,790,378 Principal Security Amount Value Total Purchased Options and Swaptions — 0.1% U.S. Treasury Inflation-Protected Note, (identified cost $2,944,923) $ 2,925,779 0.50%, 4/15/24(23) $ 39,363,572 $ 41,565,952 Total Investments — 96.1% Total U.S. Treasury Obligations (identified cost $1,380,643,792) $1,306,175,406 (identified cost $39,727,183) $ 41,565,952 Total Written Options and Swaptions — (0.0)%(11) Short-Term Investments — 25.6% (premiums received $806,571) $ (755,298)

Foreign Government Securities — 4.3% Securities Sold Short — (0.4)% Principal Amount Common Stocks — (0.4)% Security (000’s omitted) Value Security Shares Value Egypt — 4.3% Ashmore Group PLC (1,119,000) $ (5,177,107) Egypt Treasury Bill, 0.00%, 11/3/20 EGP 277,000 $ 17,643,312 Total Common Stocks $ (5,177,107) Egypt Treasury Bill, 0.00%, 11/10/20 EGP 90,325 5,751,156 Egypt Treasury Bill, 0.00%, 11/17/20 EGP 206,850 13,189,381 Total Securities Sold Short Egypt Treasury Bill, 0.00%, 12/8/20 EGP 21,900 1,378,464 (proceeds $7,195,403) $ (5,177,107) Egypt Treasury Bill, 0.00%, 12/29/20 EGP 26,275 1,649,825 Egypt Treasury Bill, 0.00%, 2/2/21 EGP 22,625 1,402,190 Other Assets, Less Liabilities — 4.3% $ 58,873,433 Egypt Treasury Bill, 0.00%, 2/16/21 EGP 213,650 13,175,423 Egypt Treasury Bill, 0.00%, 3/2/21 EGP 15,325 940,404 Net Assets — 100.0% $1,359,116,434 Egypt Treasury Bill, 0.00%, 3/30/21 EGP 51,100 3,105,001 The percentage shown for each investment category in the Consolidated Total Egypt $ 58,235,156 Portfolio of Investments is based on net assets.

(1) Inverse floating-rate security whose coupon varies inversely with changes Total Foreign Government Securities in the interest rate index. The stated interest rate represents the coupon (identified cost $57,201,236) $ 58,235,156 rate in effect at October 31, 2020. (2) Interest only security that entitles the holder to receive only interest U.S. Treasury Obligations — 0.5% payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is Principal calculated. Amount (3) Principal only security that entitles the holder to receive only principal Security (000’s omitted) Value payments on the underlying mortgages. (24) U.S. Treasury Bill, 0.00%, 11/19/20 $ 7,000 $ 6,999,760 (4) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain Total U.S. Treasury Obligations transactions in reliance on an exemption from registration (normally to (identified cost $6,999,729) $ 6,999,760 qualified institutional buyers). At October 31, 2020, the aggregate value of these securities is $217,257,532 or 16.0% of the Portfolio’s net assets. (5) Variable rate security. The stated interest rate represents the rate in effect at October 31, 2020.

32 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

(6) Weighted average fixed-rate coupon that changes/updates monthly. Rate (15) Amounts payable in respect of the security are contingent upon and shown is the rate at October 31, 2020. determined by reference to Ukraine’s GDP and Real GDP Growth Rate. (7) Adjustable rate mortgage security whose interest rate generally adjusts Principal amount represents the notional amount used to calculate monthly based on a weighted average of interest rates on the underlying payments due to the security holder and does not represent an entitlement mortgages. The coupon rate may not reflect the applicable index value as for payment. interest rates on the underlying mortgages may adjust on various dates (16) For fair value measurement disclosure purposes, security is categorized as and at various intervals and may be subject to lifetime ceilings and lifetime Level 3 (see Note 9). floors and lookback periods. Rate shown is the coupon rate at October 31, (17) Issuer is in default with respect to interest and/or principal payments or 2020. has declared bankruptcy. For a variable rate security, interest rate has (8) Interest only security that entitles the holder to receive only a portion of been adjusted to reflect non-accrual status. the interest payments on the underlying loans. Principal amount shown is (18) Perpetual security with no stated maturity date but may be subject to calls the notional amount of the underlying loans on which coupon interest is by the issuer. calculated. (19) Non-income producing security. (9) Securities comprise a trust that is wholly-owned by the Portfolio and may (20) Limited recourse note whose payments by the issuer are limited to only be sold on a pro-rata basis with all securities in the trust. amounts received by the issuer from the borrower pursuant to a loan (10) The stated interest rate represents the weighted average fixed interest rate agreement with the borrower. at October 31, 2020 of all interest only securities comprising the (21) Security is subject to risk of loss depending on the occurrence, frequency certificate. and severity of the loss events that are covered by underlying reinsurance (11) Amount is less than 0.05% or (0.05)%, as applicable. contracts and that may occur during a specified risk period. (12) Loan is subject to scheduled mandatory prepayments. Maturity date (22) Restricted security (see Note 5). shown reflects the final maturity date. (23) Inflation-linked security whose principal is adjusted for inflation based on (13) Security exempt from registration under Regulation S of the Securities Act changes in the U.S. Consumer Price Index. Interest is calculated based on of 1933, as amended, which exempts from registration securities offered the inflation-adjusted principal. and sold outside the United States. Security may not be offered or sold in (24) Security (or a portion thereof) has been pledged to cover collateral the United States except pursuant to an exemption from, or in a requirements on open derivative contracts. transaction not subject to, the registration requirements of the Securities (25) Act of 1933, as amended. At October 31, 2020, the aggregate value of Affiliated investment company, available to Eaton Vance portfolios and these securities is $204,806,908 or 15.1% of the Portfolio’s net assets. funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as (14) Inflation-linked security whose principal is adjusted for inflation based on of October 31, 2020. changes in a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal.

Purchased Currency Options — 0.0%(11)

Notional Exercise Expiration Description Counterparty Amount Price Date Value

Call EUR/Put USD Goldman Sachs International USD 82,000,000 USD 1.24 7/28/21 $600,076

Total $600,076

Purchased Interest Rate Swaptions — 0.0%(11)

Notional Expiration Description Counterparty Amount Date Value

Option to enter into interest rate swap expiring 3/5/51 to receive 3-month USD-LIBOR and pay 1.70% The Toronto-Dominion Bank $12,500,000 3/3/21 $229,368

Total $229,368

33 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Purchased Call Options — 0.1%

Notional Expiration Description Counterparty Amount Spread Date Value

2-year 10 Constant Maturity Swap Curve Cap Goldman Sachs International USD 320,000,000 0.74% 7/5/22 $ 665,178 2-year 10 Constant Maturity Swap Curve Cap Morgan Stanley & Co. International PLC USD 450,000,000 0.45 6/21/21 1,431,157

Total $2,096,335

Written Currency Options — (0.0)%(11)

Notional Exercise Expiration Description Counterparty Amount Price Date Value

Call EUR/Put USD Goldman Sachs International USD 82,000,000 USD 1.33 7/28/21 $(123,984)

Total $(123,984)

Written Interest Rate Swaptions — (0.0)%(11)

Notional Expiration Description Counterparty Amount Date Value

Option to enter into interest rate swap expiring 7/5/32 to pay 3-month USD-LIBOR and receive 0.98% Goldman Sachs International USD 17,000,000 6/30/22 $(631,314)

Total $(631,314)

Forward Commodity Contracts(1)

Value/Unrealized Appreciation Settlement Date Deliver In Exchange For Counterparty (Depreciation)

United States Dollar Gold 2/2/21 387,250 200 Troy Ounces Citibank, N.A. $ (11,376) United States Dollar Gold 2/2/21 392,200 200 Troy Ounces Citibank, N.A. (16,326) United States Dollar Gold 2/2/21 394,000 200 Troy Ounces Citibank, N.A. (18,126) United States Dollar Gold 2/2/21 768,147 400 Troy Ounces Citibank, N.A. (16,399) United States Dollar Gold 2/2/21 776,116 400 Troy Ounces Citibank, N.A. (24,368) United States Dollar Gold 2/2/21 785,860 400 Troy Ounces Citibank, N.A. (34,112) United States Dollar Gold 9/1/22 8,366,876 4,300 Troy Ounces Citibank, N.A. (252,475)

$(373,182)

(1) Non-deliverable contracts that are settled with the counterparty in cash.

34 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts

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

EUR 37,574,117 USD 43,768,210 11/3/20 $ (7,512) EUR 54,726,332 USD 63,747,968 11/3/20 (10,941) USD 44,471,485 EUR 37,574,117 11/3/20 710,787 USD 64,215,468 EUR 54,726,332 11/3/20 478,441 PEN 34,366,098 USD 9,561,543 11/5/20 (56,405) USD 21,155,180 PEN 75,037,422 11/5/20 400,974 USD 11,254,995 PEN 40,360,412 11/5/20 91,921 USD 1,005,191 PEN 3,563,000 11/5/20 19,720 NZD 7,114,644 USD 4,717,748 11/9/20 (13,547) USD 3,000,600 NZD 4,474,000 11/9/20 42,392 NZD 79,000 USD 51,823 11/16/20 412 USD 2,964,520 NZD 4,519,155 11/16/20 (23,568) JPY 46,190,000 USD 434,206 11/19/20 7,056 USD 951,091 IDR 13,946,512,875 11/23/20 9,028 USD 30,008,600 NZD 45,422,497 11/23/20 (25,263) JPY 9,766,145,567 USD 92,482,439 11/25/20 821,854 USD 78,934,863 JPY 8,335,521,525 11/25/20 (701,463) GBP 36,927,000 USD 47,451,195 11/30/20 395,713 GBP 4,427,508 USD 5,689,348 11/30/20 47,446 USD 45,617,500 GBP 35,500,000 11/30/20 (380,421) KRW 3,684,303,858 USD 3,108,019 12/1/20 131,764 KRW 3,505,747,142 USD 2,955,920 12/1/20 126,849 USD 107,581,988 EUR 92,300,449 12/2/20 15,561 USD 17,179,078 NZD 25,497,061 12/2/20 319,937 USD 8,662,467 NZD 12,856,769 12/2/20 161,327 USD 9,875,010 PEN 34,832,122 12/3/20 240,234 CHF 17,050,094 USD 18,543,232 12/7/20 70,128 NOK 60,126,840 USD 6,443,841 12/7/20 (146,621) JPY 1,648,997,982 USD 15,539,052 12/8/20 218,142 KRW 7,408,260,000 USD 6,242,583 12/10/20 272,512 KRW 13,955,500,000 USD 11,749,339 12/10/20 523,637 KRW 6,978,000,000 USD 5,877,547 12/10/20 259,161 USD 10,394,777 NZD 15,505,155 12/17/20 142,395 USD 166,212 ZAR 2,807,831 12/17/20 (5,438) USD 5,184,507 MXN 110,500,000 12/18/20 722 USD 6,723,849 IDR 101,590,637,396 1/4/21 (105,312) JPY 1,342,368,120 USD 12,729,479 1/7/21 105,195 USD 8,473,989 NZD 12,744,373 1/7/21 47,028 PHP 3,215,114 USD 66,073 1/11/21 53 NZD 47,000 USD 30,821 1/13/21 257 USD 6,363,664 NZD 9,704,151 1/13/21 (53,011) KRW 1,561,582,000 USD 1,366,249 1/19/21 7,503 USD 10,991,340 NZD 16,494,845 1/19/21 84,456 USD 7,227,255 SGD 9,805,000 1/26/21 48,621

35 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts (continued)

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

USD 66,229 PHP 3,216,000 1/27/21 $ 120 AUD 42,245,000 USD 30,092,381 1/28/21 (385,180) USD 12,045,143 NZD 18,000,000 1/28/21 143,005

$4,029,669

Forward Foreign Currency Exchange Contracts

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

EUR 92,300,449 USD 107,516,178 BNP Paribas 11/3/20 $ — $ (18,453) USD 107,516,178 EUR 92,300,449 BNP Paribas 11/3/20 18,453 — USD 1,230,195 UAH 35,282,000 Bank of America, N.A. 11/6/20 — (5,543) CNH 16,069,809 USD 2,348,254 Citibank, N.A. 11/9/20 50,529 — USD 3,656,527 CNH 25,600,000 Citibank, N.A. 11/9/20 — (164,853) USD 5,867,925 CNH 41,078,000 Standard Chartered Bank 11/9/20 — (263,897) USD 9,097,481 RUB 707,784,000 Standard Chartered Bank 11/9/20 194,213 — USD 2,436,324 RUB 189,546,000 Standard Chartered Bank 11/9/20 52,010 — EGP 46,620,000 USD 2,850,940 Goldman Sachs International 11/10/20 110,832 — USD 341,708 UAH 9,643,000 BNP Paribas 11/13/20 4,718 — USD 257,417 UAH 7,254,000 BNP Paribas 11/13/20 3,914 — USD 258,103 UAH 7,374,000 Bank of America, N.A. 11/18/20 835 — USD 12,753,755 IDR 187,014,132,030 Standard Chartered Bank 11/23/20 121,270 — EUR 371,311 USD 433,377 BNP Paribas 11/30/20 — (673) EUR 75,382,841 USD 88,423,273 BNP Paribas 11/30/20 — (576,401) USD 44,074,041 EUR 37,574,117 BNP Paribas 11/30/20 287,304 — USD 17,859,937 EUR 15,226,000 BNP Paribas 11/30/20 116,423 — USD 7,269,120 EUR 6,197,089 BNP Paribas 11/30/20 47,385 — USD 6,681,785 EUR 5,696,373 BNP Paribas 11/30/20 43,556 — USD 5,760,593 EUR 4,911,036 BNP Paribas 11/30/20 37,551 — USD 1,419,060 EUR 1,209,781 BNP Paribas 11/30/20 9,250 — USD 1,231,639 EUR 1,050,000 BNP Paribas 11/30/20 8,029 — USD 1,055,690 EUR 900,000 BNP Paribas 11/30/20 6,882 — USD 703,815 EUR 600,018 BNP Paribas 11/30/20 4,588 — USD 22,887 EUR 19,512 BNP Paribas 11/30/20 149 — Australia and New Zealand Banking Group KRW 7,057,000,000 USD 5,946,681 Limited 12/1/20 258,874 — Australia and New Zealand Banking Group KRW 4,070,412,000 USD 3,502,737 Limited 12/1/20 76,569 — USD 1,197,197 UAH 34,599,000 Bank of America, N.A. 12/7/20 — (2,439) USD 2,593,068 UAH 74,810,000 Goldman Sachs International 12/8/20 17 — CNH 12,052,357 USD 1,758,390 Citibank, N.A. 12/9/20 36,790 — Australia and New Zealand Banking Group KRW 2,460,046,104 USD 2,084,107 Limited 12/10/20 79,347 —

36 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts (continued)

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

USD 1,618,899 MYR 6,750,000 Morgan Stanley & Co. International PLC 12/14/20 $ 528 $ — ZAR 2,807,831 USD 170,388 UBS AG 12/14/20 1,322 — USD 1,500,343 UAH 43,780,000 BNP Paribas 1/5/21 — (4,099) CNH 16,069,809 USD 2,338,754 Bank of America, N.A. 1/11/21 48,989 — CNH 16,069,809 USD 2,338,651 UBS AG 1/11/21 49,091 — USD 550,685 UAH 16,080,000 Bank of America, N.A. 1/11/21 — (859) USD 1,095,862 UAH 31,780,000 BNP Paribas 1/11/21 5,807 — USD 1,321,748 UAH 38,410,000 Bank of America, N.A. 1/13/21 5,097 — USD 10,441,508 IDR 155,505,375,000 JPMorgan Chase Bank, N.A. 1/19/21 6,310 — CNH 6,416,216 USD 951,960 Goldman Sachs International 1/21/21 694 — THB 453,670,000 USD 14,478,522 Standard Chartered Bank 1/26/21 72,646 — USD 30,896,569 THB 968,113,089 Standard Chartered Bank 1/26/21 — (155,023) USD 759,023 UAH 22,376,000 Bank of America, N.A. 2/22/21 1,446 — TRY 5,685,000 USD 760,552 Citibank, N.A. 2/26/21 — (120,009) TRY 1,871,500 USD 250,365 Standard Chartered Bank 2/26/21 — (39,498) TRY 23,509,000 USD 3,141,537 Standard Chartered Bank 2/26/21 — (492,719) TRY 39,155,000 USD 5,236,026 Standard Chartered Bank 2/26/21 — (824,334) TRY 39,150,000 USD 5,236,057 Standard Chartered Bank 2/26/21 — (824,929) TRY 40,430,500 USD 5,470,767 Standard Chartered Bank 2/26/21 — (915,361) USD 6,926,924 TRY 48,333,000 Standard Chartered Bank 2/26/21 1,481,124 — USD 5,541,456 TRY 38,572,000 Standard Chartered Bank 2/26/21 1,195,452 — USD 5,541,536 TRY 38,582,000 Standard Chartered Bank 2/26/21 1,194,405 — USD 3,463,474 TRY 24,222,000 Standard Chartered Bank 2/26/21 734,321 — USD 13,194 TRY 92,000 Standard Chartered Bank 2/26/21 2,829 — USD 5,044,942 BHD 1,911,024 Standard Chartered Bank 3/11/21 — (15,903) USD 4,204,022 SAR 15,887,000 Standard Chartered Bank 3/11/21 — (29,547) USD 6,744,071 BHD 2,554,000 Standard Chartered Bank 3/16/21 — (19,155) USD 11,881,604 OMR 4,666,500 BNP Paribas 4/8/21 — (186,374) USD 11,896,188 OMR 4,664,971 Standard Chartered Bank 4/26/21 — (160,080) TRY 55,096,000 USD 7,173,641 Standard Chartered Bank 5/17/21 — (1,206,992) USD 2,660,846 TRY 21,332,000 Standard Chartered Bank 5/17/21 350,686 — USD 1,330,486 TRY 10,749,000 Standard Chartered Bank 5/17/21 166,418 — USD 798,222 TRY 6,303,000 Standard Chartered Bank 5/17/21 115,635 — USD 532,266 TRY 4,157,000 Standard Chartered Bank 5/17/21 82,082 — USD 532,225 TRY 4,162,000 Standard Chartered Bank 5/17/21 81,499 — USD 532,186 TRY 4,175,000 Standard Chartered Bank 5/17/21 80,052 — USD 532,139 TRY 4,218,000 Standard Chartered Bank 5/17/21 75,349 — USD 8,234,546 OMR 3,237,000 BNP Paribas 7/6/21 — (107,107) USD 5,188,295 OMR 2,039,000 BNP Paribas 7/12/21 — (64,849) USD 961,832 OMR 378,000 BNP Paribas 7/19/21 — (11,742) USD 4,209,726 BHD 1,605,000 Bank of America, N.A. 3/14/22 — (20,611) USD 8,407,724 SAR 32,004,000 Standard Chartered Bank 3/14/22 — (102,576) USD 20,243,572 SAR 77,035,000 Standard Chartered Bank 3/14/22 — (241,083) USD 8,429,122 BHD 3,217,000 Standard Chartered Bank 3/16/22 — (49,735) USD 4,215,852 BHD 1,625,000 Standard Chartered Bank 3/16/22 — (67,065)

37 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Forward Foreign Currency Exchange Contracts (continued)

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

USD 4,112,475 BHD 1,585,976 Standard Chartered Bank 3/16/22 $ — $ (67,588) USD 8,651,101 SAR 32,792,000 BNP Paribas 3/24/22 — (68,026) USD 12,976,517 SAR 49,181,000 HSBC Bank USA, N.A. 3/24/22 — (100,314) USD 15,526,212 SAR 58,790,000 Standard Chartered Bank 3/28/22 — (105,064) USD 23,292,293 OMR 9,293,625 BNP Paribas 8/29/22 — (200,618)

$7,321,270 $(7,233,519)

Futures Contracts

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

Interest Rate Futures U.S. 5-Year Treasury Note 32 Long 12/31/20 $ 4,019,250 $ (6,803) U.S. 10-Year Treasury Note 56 Long 12/21/20 7,740,250 (56,716) U.S. Ultra 10-Year Treasury Note 175 Long 12/21/20 27,524,219 (271,102) U.S. Ultra-Long Treasury Bond 8 Long 12/21/20 1,720,000 (29,262) Euro-Buxl (20) Short 12/8/20 (5,328,507) (188,208)

$(552,091)

Centrally Cleared Inflation Swaps

1.60% Eurostat Eurozone HICP ex Tobacco NSA (pays upon EUR 5,003 Receives (pays upon termination) Pays termination) 8/15/32 $ (704,374) 1.69% Eurostat Eurozone HICP ex Tobacco NSA (pays upon EUR 19,000 Receives (pays upon termination) Pays termination) 11/15/32 (2,998,801) 1.79% Eurostat Eurozone HICP ex Tobacco NSA (pays upon EUR 5,003 Pays (pays upon termination) Receives termination) 8/15/42 1,302,811 1.89% Eurostat Eurozone HICP ex Tobacco NSA (pays upon EUR 19,000 Pays (pays upon termination) Receives termination) 11/15/42 5,779,716 1.89% Return on CPI-U (NSA) (pays upon USD 36,500 Receives (pays upon termination) Pays termination) 7/16/24 (625,930) 1.58% Return on CPI-U (NSA) (pays upon USD 58,000 Receives (pays upon termination) Pays termination) 9/6/24 35,292

38 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Inflation Swaps (continued)

0.84% Return on CPI-U (NSA) (pays upon USD 16,500 Receives (pays upon termination) Pays termination) 3/24/30 $ 1,763,359 1.28% Return on CPI-U (NSA) (pays upon USD 14,300 Receives (pays upon termination) Pays termination) 4/20/30 911,650 2.22% Return on CPI-U (NSA) (pays upon USD 25,300 Pays (pays upon termination) Receives termination) 11/14/32 1,122,521 2.20% Return on CPI-U (NSA) (pays upon USD 25,300 Receives (pays upon termination) Pays termination) 11/14/42 (1,444,135) 2.13% Return on CPI-U (NSA) (pays upon USD 2,309 Receives (pays upon termination) Pays termination) 8/22/47 (79,609) 2.15% Return on CPI-U (NSA) (pays upon USD 2,295 Receives (pays upon termination) Pays termination) 8/25/47 (91,840) 2.42% Return on CPI-U (NSA) (pays upon USD 4,400 Receives (pays upon termination) Pays termination) 6/8/48 (720,973)

$ 4,249,687

CPI-U (NSA) – Consumer Price Index All Urban Non-Seasonally Adjusted HICP – Harmonised Indices of Consumer Prices

Inflation Swaps

2.09% Return on CPI-U (NSA) (pays upon Bank of America, N.A. USD 19,500 Receives (pays upon termination) Pays termination) 4/2/29 $(448,019)

$(448,019)

CPI-U (NSA) – Consumer Price Index All Urban Non-Seasonally Adjusted

39 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps

Brazil CETIP Interbank Deposit Rate 3.08% BRL 413,556 Pays (pays upon termination) (pays upon termination) 1/3/22 $ (210,500) $ — $ (210,500) 3-month Canadian Bankers Acceptances 0.88% CAD 69,760 Receives (pays quarterly) (pays semi-annually) 6/5/25 (453,686) — (453,686) 3-month Canadian Bankers Acceptances 1.03% CAD 6,730 Receives (pays quarterly) (pays semi-annually) 8/19/30 43,936 (71) 43,865 3-month Canadian Bankers Acceptances 1.04% CAD 10,270 Receives (pays quarterly) (pays semi-annually) 8/19/30 63,233 (110) 63,123 7-day China Fixing Repo Rates 2.31% CNY 892,000 Pays (pays quarterly) (pays quarterly) 7/28/22 (250,850) — (250,850) 6-month EURIBOR (0.30)% EUR 750 Receives (pays semi-annually) (pays annually) 6/16/25 (7,476) — (7,476) 6-month GBP LIBOR 1.00% GBP 26,000 Receives (pays semi-annually) (pays semi-annually) 1/9/30 (1,876,213) — (1,876,213) 3-month KRW Certificate of Deposit Rate 0.92% KRW 31,500,000 Receives (pays quarterly) (pays quarterly) 7/28/30 504,315 — 504,315 Mexico Interbank TIIE 28 Day 8.54% MXN 1,081,600 Pays (pays monthly) (pays monthly) 12/15/23 5,670,182 — 5,670,182 Mexico Interbank TIIE 28 Day 6.76% MXN 298,383 Receives (pays monthly) (pays monthly) 3/7/24 (856,396) — (856,396) Mexico Interbank TIIE 28 Day 6.79% MXN 82,926 Receives (pays monthly) (pays monthly) 3/7/24 (241,723) — (241,723) Mexico Interbank TIIE 28 Day 5.29% MXN 350,000 Pays (pays monthly) (pays monthly) 5/2/25 154,632 — 154,632 3-month NZD Bank Bill 3.32% NZD 65,710 Receives (pays quarterly) (pays semi-annually) 2/19/28 (9,792,289) — (9,792,289) 3-month NZD Bank Bill 2.49% NZD 5,220 Receives (pays quarterly) (pays semi-annually) 2/22/29 (613,716) — (613,716) 3-month NZD Bank Bill 2.50% NZD 6,500 Receives (pays quarterly) (pays semi-annually) 2/22/29 (766,927) — (766,927) 6-month PLN WIBOR 0.64% PLN 62,600 Pays (pays semi-annually) (pays annually) 9/8/25 129,938 — 129,938 6-month Singapore Swap Offered Rate 2.42% SGD 18,500 Pays (pays semi-annually) (pays semi-annually) 10/19/23 865,100 — 865,100 6-month Singapore Swap Offered Rate 2.44% SGD 9,630 Pays (pays semi-annually) (pays semi-annually) 10/23/23 454,788 — 454,788 6-month Singapore Swap Offered Rate 2.44% SGD 10,000 Pays (pays semi-annually) (pays semi-annually) 10/23/23 472,262 — 472,262 6-month Singapore Swap Offered Rate 2.44% SGD 15,000 Pays (pays semi-annually) (pays semi-annually) 10/23/23 708,393 — 708,393

40 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

6-month Singapore Swap Offered Rate 2.09% SGD 26,350 Pays (pays semi-annually) (pays semi-annually) 12/13/23 $ 1,204,283 $ — $ 1,204,283 6-month Singapore Swap Offered Rate 1.55% SGD 2,885 Pays (pays semi-annually) (pays semi-annually) 8/14/24 99,325 — 99,325 6-month Singapore Swap Offered Rate 1.56% SGD 3,245 Pays (pays semi-annually) (pays semi-annually) 8/14/24 113,139 — 113,139 6-month Singapore Swap Offered Rate 1.06% SGD 5,640 Pays (pays semi-annually) (pays semi-annually) 3/31/25 117,712 — 117,712 6-month Singapore Swap Offered Rate 1.07% SGD 16,500 Pays (pays semi-annually) (pays semi-annually) 3/31/25 351,394 — 351,394 6-month Singapore Swap Offered Rate 1.08% SGD 3,300 Pays (pays semi-annually) (pays semi-annually) 3/31/25 71,035 — 71,035 6-month Singapore Swap Offered Rate 0.52% SGD 30,100 Pays (pays semi-annually) (pays semi-annually) 8/21/25 64,637 — 64,637 3-month USD-LIBOR 0.32% USD 1,010 Receives (pays quarterly) (pays semi-annually) 6/11/23 (2,185) — (2,185) 3-month USD-LIBOR 0.26% USD 555 Receives (pays quarterly) (pays semi-annually) 6/25/23 (284) — (284) 3-month USD-LIBOR 0.26% USD 1,755 Receives (pays quarterly) (pays semi-annually) 6/26/23 (584) — (584) 3-month USD-LIBOR 0.24% USD 320 Receives (pays quarterly) (pays semi-annually) 7/8/23 119 — 119 3-month USD-LIBOR 0.24% USD 360 Receives (pays quarterly) (pays semi-annually) 7/8/23 96 — 96 3-month USD-LIBOR 1.86% USD 40,459 Pays (pays quarterly) (pays semi-annually) 7/16/24 2,494,318 — 2,494,318 3-month USD-LIBOR 1.26% USD 64,000 Pays (pays quarterly) (pays semi-annually) 9/6/24 2,356,684 — 2,356,684 3-month USD-LIBOR 0.44% USD 332 Receives (pays quarterly) (pays semi-annually) 6/12/25 (831) — (831) 3-month USD-LIBOR 0.36% USD 1,010 Receives (pays quarterly) (pays semi-annually) 6/15/25 1,393 — 1,393 3-month USD-LIBOR 0.37% USD 1,316 Receives (pays quarterly) (pays semi-annually) 6/23/25 1,601 — 1,601 3-month USD-LIBOR 0.32% USD 1,180 Receives (pays quarterly) (pays semi-annually) 7/14/25 4,547 — 4,547 3-month USD-LIBOR 0.50% USD 1,000 Receives (pays quarterly) (pays semi-annually) 6/4/27 5,116 — 5,116 3-month USD-LIBOR 2.34% USD 34,731 Pays (pays quarterly) (pays semi-annually) 5/17/29 4,895,148 — 4,895,148 3-month USD-LIBOR 2.50% USD 11,693 Receives (pays quarterly) (pays semi-annually) 9/20/47 (3,356,210) (100,822) (3,457,032)

41 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)

3-month USD-LIBOR 2.54% USD 10,766 Receives (pays quarterly) (pays semi-annually) 5/17/49 $(3,427,103) $ — $(3,427,103) 3-month USD-LIBOR 0.58% USD 2,450 Pays (pays quarterly) (pays semi-annually) 3/11/50 (461,800) — (461,800) 3-month USD-LIBOR 0.62% USD 2,450 Pays (pays quarterly) (pays semi-annually) 3/11/50 (434,978) — (434,978) 3-month USD-LIBOR 0.97% USD 3,670 Pays (pays quarterly) (pays semi-annually) 3/20/50 (326,683) — (326,683) 3-month USD-LIBOR 0.94% USD 700 Receives (pays quarterly) (pays semi-annually) 5/21/50 64,444 — 64,444 3-month USD-LIBOR 1.18% USD 5,000 Receives (pays quarterly) (pays semi-annually) 6/10/50 154,345 — 154,345 3-month USD-LIBOR 1.24% USD 3,000 Receives (pays quarterly) (pays semi-annually) 3/5/51 69,376 — 69,376 3-month USD-LIBOR 1.26% USD 3,000 Pays (pays quarterly) (pays semi-annually) 3/5/51 (55,738) — (55,738) 3-month ZAR JIBAR 4.94% ZAR 169,000 Pays (pays quarterly) (pays quarterly) 10/1/25 62,906 435 63,341

Total $(1,937,775) $(100,568) $(2,038,343)

Interest Rate Swaps

Portfolio Value/Unrealized Notional Amount Pays/Receives Annual Termination Appreciation Counterparty (000’s omitted) Floating Rate Floating Rate Fixed Rate Date (Depreciation)

3-month MYR KLIBOR 3.13% BNP Paribas MYR 89,300 Pays (pays quarterly) (pays quarterly) 10/4/24 $1,034,296 3-month MYR KLIBOR 2.00% BNP Paribas MYR 33,832 Pays (pays quarterly) (pays quarterly) 10/14/25 5,631 3-month MYR KLIBOR 2.00% Citibank, N.A. MYR 30,298 Pays (pays quarterly) (pays quarterly) 10/14/25 4,144 Goldman Sachs 3-month Moscow Prime Offered Rate 6.51% International RUB 1,539,500 Pays (pays quarterly) (pays annually) 4/16/25 1,441,933 Goldman Sachs 3-month Moscow Prime Offered Rate 5.51% International RUB 785,500 Pays (pays quarterly) (pays annually) 5/15/25 162,261 Goldman Sachs 3-month Moscow Prime Offered Rate 5.34% International RUB 706,636 Pays (pays quarterly) (pays annually) 5/18/25 78,255 Standard 3-month MYR KLIBOR 3.12% Chartered Bank MYR 72,700 Pays (pays quarterly) (pays quarterly) 10/4/24 836,786

$3,563,306

42 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Centrally Cleared Credit Default Swaps — Buy Protection

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

1.00% Malaysia $26,266 (pays quarterly)(1) 12/20/25 $ (735,255) $ 651,863 $ (83,392) 1.00% Turkey 24,617 (pays quarterly)(1) 12/20/25 4,823,682 (4,461,229) 362,453

$4,088,427 $(3,809,366) $279,061

* The contract annual fixed rate represents the fixed rate of interest paid by the Portfolio (as a buyer of protection) on the notional amount of the credit default swap contract. (1) Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.

Total Return Swaps

Notional Value/Unrealized Amount Termination Appreciation Counterparty (000’s omitted) Portfolio Receives Portfolio Pays Date (Depreciation)

Value of 2 Gold 100 oz. Notional Amount Feb. 2021 futures contracts Citibank, N.A. USD 396 (pays upon termination) (pays upon termination) 1/29/21 $18,960 Value of 2 Gold 100 oz. Notional Amount Feb. 2021 futures contracts Citibank, N.A. USD 395 (pays upon termination) (pays upon termination) 1/29/21 17,160 Value of 4 Gold 100 oz. Notional Amount Feb. 2021 futures contracts Citibank, N.A. USD 791 (pays upon termination) (pays upon termination) 1/29/21 35,920 Value of 4 Gold 100 oz. Notional Amount Feb. 2021 futures contracts Citibank, N.A. USD 782 (pays upon termination) (pays upon termination) 1/29/21 27,120 Value of 2 Gold 100 oz. Notional Amount Feb. 2021 futures contracts Citibank, N.A. USD 390 (pays upon termination) (pays upon termination) 1/29/21 12,760 Value of 4 Gold 100 oz. Notional Amount Feb. 2021 futures contracts Citibank, N.A. USD 774 (pays upon termination) (pays upon termination) 1/29/21 19,120

$131,040

43 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Portfolio of Investments — continued

Cross-Currency Swaps

Effective Date/ Value/Unrealized Termination Appreciation Counterparty Portfolio Receives* Portfolio Pays* Date(1) (Depreciation)

3-month COP Interbank Nominal Rate 3-month USD-LIBOR minus on COP 42,295,000,000 0.70% on USD equivalent of (Notional Amount) (pays Notional Amount at effective quarterly) plus USD equivalent of date (pays quarterly) plus 11/3/21/ Bank of America, N.A. Notional Amount at effective date Notional Amount 11/3/26 $124,284 3-month COP Interbank Nominal 3-month USD-LIBOR minus Rate on COP 38,650,000,000 0.67% on USD equivalent of (Notional Amount) (pays Notional Amount at effective quarterly) plus USD equivalent of date (pays quarterly) plus 9/27/21/ Goldman Sachs International Notional Amount at effective date Notional Amount 9/27/26 44,708 3-month COP Interbank Nominal 3-month USD-LIBOR minus Rate on COP 19,450,000,000 0.54% on USD equivalent of (Notional Amount) (pays Notional Amount at effective quarterly) plus USD equivalent of date (pays quarterly) plus 10/6/21/ Goldman Sachs International Notional Amount at effective date Notional Amount 10/6/26 (42,233) 3-month USD-LIBOR on USD 13.77% on TRY 10,377,000 1,303,234 (pays quarterly) plus (pays annually) plus USD Not applicable/ JPMorgan Chase Bank, N.A. TRY 10,377,000 1,303,234 12/16/25 63,612

$190,371

Abbreviations:

COF – Cost of Funds 11th District EURIBOR – Euro Interbank Offered Rate GDP – Gross Domestic Product LIBOR – London Interbank Offered Rate

Currency Abbreviations:

AUD – Australian Dollar NOK – Norwegian Krone BHD – Bahraini Dinar NZD – New Zealand Dollar BRL – Brazilian Real OMR – Omani Rial CAD – Canadian Dollar PEN – Peruvian Sol CHF – Swiss Franc PHP – Philippine Peso CNH – Yuan Renminbi Offshore PLN – Polish Zloty CNY – Yuan Renminbi RSD – Serbian Dinar EGP – Egyptian Pound RUB – Russian Ruble EUR – Euro SAR – Saudi Riyal GBP – British Pound Sterling SGD – Singapore Dollar IDR – Indonesian Rupiah THB – Thai Baht ISK – Icelandic Krona TRY – New Turkish Lira JPY – Japanese Yen UAH – Ukrainian Hryvnia KRW – South Korean Won USD – United States Dollar MXN – Mexican Peso UZS – Uzbekistani Som MYR – Malaysian Ringgit ZAR – South African Rand

44 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Statement of Assets and Liabilities

Assets October 31, 2020 Unaffiliated investments, at value (identified cost, $1,098,093,389) $1,023,619,944 Affiliated investment, at value (identified cost, $282,550,403) 282,555,462 Cash 8,441,935 Deposits for derivatives collateral — Futures contracts 819,119 Centrally cleared derivatives 25,764,883 OTC derivatives 5,119,000 Foreign currency, at value (identified cost, $4,315,366) 4,978,863 Interest and dividends receivable 10,031,135 Dividends receivable from affiliated investment 34,365 Receivable for investments sold 5,540,571 Receivable for variation margin on open centrally cleared derivatives 723,278 Receivable for open forward foreign currency exchange contracts 7,321,270 Receivable for open swap contracts 3,926,950 Prepaid expenses 481 Total assets $1,378,877,256

Liabilities Cash collateral due to brokers $ 3,929,000 Written options and swaptions outstanding, at value (premiums received, $806,571) 755,298 Payable for investments purchased 550,000 Payable for securities sold short, at value (proceeds, $7,195,403) 5,177,107 Payable for variation margin on open futures contracts 64,348 Payable for open forward commodity contracts 373,182 Payable for open forward foreign currency exchange contracts 7,233,519 Payable for open swap contracts 490,252 Payable to affiliates: Investment adviser fee 682,274 Trustees’ fees 5,857 Accrued foreign capital gains taxes 66,707 Accrued expenses 433,278 Total liabilities $ 19,760,822 Net Assets applicable to investors’ interest in Portfolio $1,359,116,434

45 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Statement of Operations

Year Ended Investment Income October 31, 2020 Interest (net of foreign taxes, $683,063) $ 41,675,434 Dividends 4,082,668 Dividends from affiliated investment 1,070,457 Total investment income $ 46,828,559

Expenses Investment adviser fee $ 7,886,138 Trustees’ fees and expenses 68,510 Custodian fee 817,913 Legal and accounting services 243,728 Dividend expense on securities sold short 69,407 Miscellaneous 84,859 Total expenses $ 9,170,555

Net investment income $ 37,658,004

Realized and Unrealized Gain (Loss) Net realized gain (loss) — Investment transactions (net of foreign capital gains taxes of $580,925) $ 17,885,806 Investment transactions — affiliated investment (106,657) Written options 158,824 Futures contracts 6,808,922 Swap contracts 32,180,750 Foreign currency transactions (3,637,262) Forward foreign currency exchange contracts (5,507,486) Net realized gain $ 47,782,897 Change in unrealized appreciation (depreciation) — Investments (including net decrease in accrued foreign capital gains taxes of $226,991) $(12,660,162) Investments — affiliated investment (5,246) Written options and swaptions (90,051) Securities sold short 2,018,296 Futures contracts (1,733,274) Swap contracts 5,176,970 Forward volatility agreements (87,117) Forward commodity contracts (373,182) Foreign currency 535,313 Forward foreign currency exchange contracts 6,823,347 Net change in unrealized appreciation (depreciation) $ (395,106)

Net realized and unrealized gain $ 47,387,791

Net increase in net assets from operations $ 85,045,795

46 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Statements of Changes in Net Assets

Year Ended October 31, Increase (Decrease) in Net Assets 2020 2019 From operations — Net investment income $ 37,658,004 $ 64,381,880 Net realized gain (loss) 47,782,897 (15,129,368) Net change in unrealized appreciation (depreciation) (395,106) (3,111,881) Net increase in net assets from operations $ 85,045,795 $ 46,140,631 Capital transactions — Contributions $ 200,389,717 $ 176,442,491 Withdrawals (293,390,778) (345,993,255) Net decrease in net assets from capital transactions $ (93,001,061) $ (169,550,764)

Net decrease in net assets $ (7,955,266) $ (123,410,133)

Net Assets At beginning of year $1,367,071,700 $1,490,481,833 At end of year $1,359,116,434 $1,367,071,700

47 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Consolidated Financial Highlights

Year Ended October 31, Ratios/Supplemental Data 2020 2019 2018 2017 2016 Ratios (as a percentage of average daily net assets): Expenses 0.69%(1) 0.69% 0.69% 0.68% 0.66% Net investment income 2.85% 4.61% 4.47% 3.84% 3.75% Portfolio Turnover 87%(2) 39% 57% 44% 30%

Total Return 7.52% 3.21% 2.74% 6.70% 0.04%

Net assets, end of year (000’s omitted) $1,359,116 $1,367,072 $1,490,482 $1,633,327 $1,479,688

(1) Includes dividend expense on securities sold short of 0.01% of average daily net assets for the year ended October 31, 2020. (2) Includes the effect of To-Be-Announced (TBA) transactions.

48 See Notes to Consolidated Financial Statements. Global Opportunities Portfolio October 31, 2020

Notes to Consolidated Financial Statements

1 Significant Accounting Policies Global Opportunities Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2020, Eaton Vance Short Duration Strategic Income Fund and Eaton Vance International (Cayman Islands) Short Duration Strategic Income Fund held an interest of 95.0% and 5.0%, respectively, in the Portfolio.

The Portfolio seeks to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance GOP Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Portfolio. The net assets of the Subsidiary at October 31, 2020 were $1,675,457 or 0.1% of the Portfolio’s consolidated net assets. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

A Investment Valuation — The following methodologies are used to determine the market value or fair value of investments. 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 commodity contracts are generally valued at the price provided by the exchange on which they are traded or if unavailable, by a third party pricing service based on an interpolation of the forward rates. Swaps and options on interest rate swaps (“swaptions”) are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. In the case of total return swaps, the pricing service valuations are based on the value of the underlying index or instrument and reference interest rate. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. Alternatively, swaptions may be valued at the valuation provided by a broker/dealer (usually the counterparty to the option), so determined using similar techniques as those employed by the pricing service. 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.

49 Global Opportunities Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

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

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.

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

H Financial and Commodities Futures Contracts — Upon entering into a financial or commodities futures contract, the Portfolio is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as

50 Global Opportunities Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

variation margin, are made or received by the Portfolio each business day, depending on the daily fluctuations in the value of the underlying security, index or commodity, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the financial or commodities futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the financial or commodities futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

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

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

51 Global Opportunities Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from the unanticipated movements in value of interest rates or the index.

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

Q Volatility Swaps — Volatility swaps involve the exchange of cash flows between two parties based on the measured volatility of a specified underlying asset. One party agrees to exchange a “fixed rate” or strike payment for the “floating rate” or realized price volatility on the underlying asset with respect to the notional amount. At inception, the strike is generally chosen such that the fair value of the swap is zero. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price volatility of the underlying asset and the strike multiplied by the notional amount. Changes in the value of the swap are recorded as unrealized gains and losses. Gains or losses are realized upon the termination of the contract. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying asset. Risk of loss is dependent on the volatility of the underlying instrument.

R Swaptions — A purchased swaption contract grants the Portfolio, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Portfolio purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Portfolio the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Portfolio writes a swaption, the premium received by the Portfolio is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Portfolio’s risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

52 Global Opportunities Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

S Forward Volatility Agreements — Forward volatility agreements are transactions in which two parties agree to the purchase or sale of a swaption straddle (i.e., a receiver swaption and a payer swaption with the same expiration date) on an underlying floating-rate versus a fixed rate reference entity. The fixed rate shall equal the prevailing at-the-money forward rate of the benchmark swap at determination date. Changes in the value of the agreement are recorded as unrealized gains or losses. The primary risk associated with forward volatility agreements is the change in the volatility of the underlying reference entity.

T When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase or sell securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Portfolio maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract. A forward purchase or sale commitment may be closed by entering into an offsetting commitment or delivery of securities. The Portfolio will realize a gain or loss on investments based on the price established when the Portfolio entered into the commitment.

U Securities Sold Short — A short sale is a transaction in which the Portfolio sells a security it does not own in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer with an obligation to replace such borrowed security at a later date. When making a short sale, the Portfolio segregates liquid assets with the custodian equal to its obligations under the short sale. Until the security is replaced, the Portfolio is required to repay the lender any dividends or interest, which accrue during the period of the loan. The proceeds received from a short sale are recorded as a liability and the Portfolio records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of the open short position on the day of determination. A gain, limited to the price at which the Portfolio sold the security short, or a loss, potentially unlimited as there is no upward limit on the price of a security, is recorded when the short position is terminated. Interest and dividends payable on securities sold short are recorded as an expense.

V Stripped Mortgage-Backed Securities — The Portfolio may invest in Interest Only (IO) and Principal Only (PO) securities, forms of stripped mortgage- backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Portfolio may fail to recoup its initial investment in an IO security. The market value of IO andPO securities can be unusually volatile due to changes in interest rates.

2 Investment Adviser Fee and Other Transactions with Affiliates The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Portfolio and the Subsidiary. Pursuant to the investment advisory agreement between the Portfolio and BMR and the investment advisory agreement between the Subsidiary and BMR, the Portfolio and Subsidiary each pay BMR a fee at an annual rate of 0.615% of its respective average daily net assets up to $500 million, 0.595% from $500 million but less than $1 billion, 0.575% from $1 billion but less than $1.5 billion, 0.555% from $1.5 billion but less than $2 billion and at reduced rates on daily net assets of $2 billion or more, and is payable monthly. In determining the investment adviser fee for the Portfolio and Subsidiary, the applicable advisory fee rate is based on the average daily net assets of the Portfolio (inclusive of its interest in the Subsidiary). Such fee rate is then assessed separately on the Portfolio’s average daily net assets (exclusive of its interest in the Subsidiary) and the Subsidiary’s average daily net assets to determine the amount of the investment adviser fee. For the year ended October 31, 2020, the Portfolio’s investment adviser fee amounted to $7,886,138 or 0.598% of the Portfolio’s consolidated average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

3 Purchases and Sales of Investments Purchases and sales of investments, other than short-term obligations and including maturities, paydowns, principal repayments on Senior Loans, TBA transactions and securities sold short, for the year ended October 31, 2020 were as follows:

Purchases Sales

Investments (non-U.S. Government) $421,396,018 $ 568,154,230 U.S. Government and Agency Securities 491,492,263 537,721,876

$912,888,281 $1,105,876,106

53 Global Opportunities Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

Aggregate cost $1,412,393,550

Gross unrealized appreciation $ 41,446,294 Gross unrealized depreciation (150,093,792)

Net unrealized depreciation $ (108,647,498)

5 Restricted Securities At October 31, 2020, the Portfolio owned the following securities (representing 1.8% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available,orif not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

Date of Description Acquisition Shares Cost Value

Reinsurance Side Cars Altair VI Reinsurance 12/29/17 1,000 $ 2,670,333 $ 214,500 Blue Lotus Re, Ltd. 12/20/17 242 — 273,764 Mt. Logan Re, Ltd., Series 13, Preference Shares 1/2/18 10,000 7,231,214 9,659,610 Mt. Logan Re, Ltd., Special Investment Series 13, 12/18 1/22/19 2,000 1,446,242 694,775 Mt. Logan Re, Ltd., Special Investment Series 13, 12/19 1/17/20 1,829 1,322,544 1,655,302 Sussex Capital, Ltd., Designated Investment Series 5, 5/19 5/31/19 249 212,150 38,398 Sussex Capital, Ltd., Designated Investment Series 5, 12/19 1/17/20 791 673,953 262,678 Sussex Capital, Ltd., Designated Investment Series 5, 6/20 6/30/20 434 354,368 434,117 Sussex Capital, Ltd., Series 5, Preference Shares 12/17/18 6,000 4,759,530 6,053,535 Sussex Re, Ltd., Series 2020A 1/21/20 4,081,939 3,728,940 4,400,330 Versutus Re, Ltd., Series 2019 1/21/20 234,323 158,913 258,693

Total Restricted Securities $22,558,187 $23,945,702

6 Financial Instruments The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options, swaptions, forward commodity contracts, forward foreign currency exchange contracts, futures contracts, forward volatility agreements and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2020 is included in the Consolidated Portfolio of Investments. At October 31, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts. In the normal course of pursuing its investment objective, the Portfolio is subject to the following risks: Commodity Risk: The Portfolio invests in commodities-linked derivative instruments, including forward commodity contracts, commodity futures contracts and total return swaps, that provide exposure to the investment returns of certain commodities. Commodities-linked derivative instruments are usedto enhance total return and/or as a substitute for the purchase or sale of commodities and to manage certain investment risks. Credit Risk: The Portfolio enters into credit default swap contracts to manage certain investment risks and/or to enhance total return or as a substitute for the purchase or sale of securities. Equity Price Risk: During the year ended October 31, 2020, the Portfolio entered into equity index options, total return swaps and volatility swaps to enhance total return and/or to manage certain investment risks.

54 Global Opportunities Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

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

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

The Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would triggera payment by the Portfolio for those derivatives in a liability position. At October 31, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $8,852,251. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $3,605,717at October 31, 2020.

The OTC derivatives in which the Portfolio invests (except for written options and swaptions as the Portfolio, not the counterparty, is obligated to perform) are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio (and Subsidiary) has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio (and Subsidiary) may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio (and Subsidiary) and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Consolidated Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Consolidated Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at October 31, 2020 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 9) at October 31, 2020. Because the Subsidiary is not registered under the 1940 Act, it may not be able to negotiate terms with its counterparties that are equivalent to those a registered portfolio may negotiate. As a result, the Subsidiary may have greater exposure to those counterparties than a registered portfolio.

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

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

Unaffiliated investments, at value $ — $ — $ 600,076 $ 2,325,703 $ 2,925,779 Not applicable — 4,823,682* 5,944,351* 32,113,746* 42,881,779 Receivable for open forward foreign currency exchange contracts — — 7,321,270 — 7,321,270 Receivable for open swap contracts 131,040 — — 3,795,910 3,926,950

Total Asset Derivatives $ 131,040 $4,823,682 $13,865,697 $ 38,235,359 $ 57,055,778

Derivatives not subject to master netting or similar agreements $ — $4,823,682 $ 5,944,351 $ 32,113,746 $ 42,881,779

Total Asset Derivatives subject to master netting or similar agreements $ 131,040 $ — $ 7,921,346 $ 6,121,613 $ 14,173,999

55 Global Opportunities Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

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

Written options and swaptions outstanding, at value $ — $ — $ (123,984) $ (631,314) $ (755,298) Not applicable — (735,255)* (1,914,682)* (30,353,925)* (33,003,862) Payable for open forward foreign currency exchange contracts — — (7,233,519) — (7,233,519) Payable for open swap contracts — — — (490,252) (490,252) Payable for open forward commodity contracts (373,182) — — — (373,182)

Total Liability Derivatives $(373,182) $ (735,255) $ (9,272,185) $(31,475,491) $(41,856,113)

Derivatives not subject to master netting or similar agreements $ — $ (735,255) $ (1,914,682) $(30,353,925) $(33,003,862)

Total Liability Derivatives subject to master netting or similar agreements $(373,182) $ — $ (7,357,503) $ (1,121,566) $ (8,852,251)

Australia and New Zealand Banking Group Limited $ 414,790 $ — $(287,758) $ — $ 127,032 $ — Bank of America, N.A. 180,651 (180,651) — — — — BNP Paribas 1,633,936 (1,238,342) — — 395,594 — Citibank, N.A. 222,503 (222,503) — — — — Goldman Sachs International 3,103,954 (797,531) — (2,280,000) 26,423 2,280,000 JPMorgan Chase Bank, N.A. 69,922 — — — 69,922 — Morgan Stanley & Co. International PLC 1,431,685 — — (1,339,000) 92,685 1,339,000 Standard Chartered Bank 6,836,777 (5,580,549) — — 1,256,228 — The Toronto-Dominion Bank 229,368 — — (229,368) — 310,000 UBS AG 50,413 — — — 50,413 —

$14,173,999 $(8,019,576) $(287,758) $(3,848,368) $2,018,297 $3,929,000

56 Global Opportunities Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

Bank of America, N.A. $ (477,471) $ 180,651 $ 296,820 $ — $ — $ — BNP Paribas (1,238,342) 1,238,342 — — — — Citibank, N.A. (658,044) 222,503 170,794 242,142 (22,605) 1,190,000 Goldman Sachs International (797,531) 797,531 — — — — HSBC Bank USA, N.A. (100,314) — 100,314 — — — Standard Chartered Bank (5,580,549) 5,580,549 — — — —

$ (8,852,251) $ 8,019,576 $ 567,928 $ 242,142 $ (22,605) $1,190,000

Total — Deposits for derivatives collateral — OTC derivatives $5,119,000

Consolidated Statement of Operations Caption Commodity Credit Equity Price Foreign Exchange Interest Rate Total

Net realized gain (loss) — Investment transactions $ — $ — $ (9,455) $(1,459,362) $ 7,134,861 $ 5,666,044 Written options — — — 158,824 — 158,824 Futures contracts (591,577) — — — 7,400,499 6,808,922 Swap contracts — 14,374,159 (1,634,134) — 19,440,725 32,180,750 Forward foreign currency exchange contracts — — — (5,507,486) — (5,507,486)

Total $(591,577) $14,374,159 $(1,643,589) $(6,808,024) $33,976,085 $39,307,054

Change in unrealized appreciation (depreciation) — Investments $ — $ — $ 530,658 $ 226,954 $ (568,902) $ 188,710 Written options and swaptions — — — 41,263 (131,314) (90,051) Futures contracts (707,800) — — — (1,025,474) (1,733,274) Swap contracts 131,040 661,401 — — 4,384,529 5,176,970 Forward volatility agreements — — — — (87,117) (87,117) Forward commodity contracts (373,182) — — — — (373,182) Forward foreign currency exchange contracts — — — 6,823,347 — 6,823,347

Total $(949,942) $ 661,401 $ 530,658 $ 7,091,564 $ 2,571,722 $ 9,905,403

57 Global Opportunities Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

Forward Futures Futures Forward Foreign Currency Forward Contracts — Long Contracts — Short Commodity Contracts Exchange Contracts* Volatility Agreements

$54,428,000 $34,708,000 $2,618,000 $1,464,251,000 $21,538,000

Purchased Purchased Call Written Swaptions Options Swaptions Swap Contracts

$54,923,000 $548,462,000 $5,231,000 $1,713,739,000

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

The average principal amount of purchased currency options contracts and written currency options contracts and average number of purchased options contracts and written options contracts outstanding during the year ended October 31, 2020, which are indicative of the volume of these derivative types, were approximately $34,923,000, $25,231,000, 2,387 contracts and 862 contracts, respectively.

7 Line of Credit The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement witha group of banks, which is in effect through October 26, 2021. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2020.

8 Investments in Affiliated Funds At October 31, 2020, the value of the Portfolio’s investment in affiliated funds was $282,555,462, which represents 20.8% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended October 31, 2020 were as follows:

Short-Term Investments Eaton Vance Cash Reserves Fund, LLC $132,568,586 $1,387,940,174 $(1,237,841,395) $(106,657) $(5,246) $282,555,462 $1,070,457 282,555,462

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

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

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

58 Global Opportunities Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

At October 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description Level 1 Level 2 Level 3 Total

Collateralized Mortgage Obligations $ — $ 109,808,008 $ — $ 109,808,008 Mortgage Pass-Throughs — 186,324,443 — 186,324,443 Commercial Mortgage-Backed Securities — 12,484,056 — 12,484,056 Asset-Backed Securities — 138,036,232 — 138,036,232 U.S. Government Guaranteed Small Business Administration Loans — 49,096,290 — 49,096,290 Sovereign Loans — 438,128 — 438,128 Foreign Government Bonds — 277,009,817 — 277,009,817 Foreign Corporate Bonds — 51,740,402 800,582 52,540,984 Convertible Bonds — 3,494,994 — 3,494,994 Common Stocks — 3,813,741* — 3,813,741 Loan Participation Notes — — 563,847 563,847 Closed-End Funds 12,992,974 — — 12,992,974 Exchange-Traded Funds 31,205,160 — — 31,205,160 Reinsurance Side Cars — — 36,084,623 36,084,623 U.S. Treasury Obligations — 41,565,952 — 41,565,952 Short-Term Investments — Foreign Government Securities — 58,235,156 — 58,235,156 U.S. Treasury Obligations — 6,999,760 — 6,999,760 Other — 282,555,462 — 282,555,462 Purchased Currency Options — 600,076 — 600,076 Purchased Interest Rate Swaptions — 229,368 — 229,368 Purchased Call Options — 2,096,335 — 2,096,335

Total Investments $44,198,134 $1,224,528,220 $37,449,052 $1,306,175,406

Forward Foreign Currency Exchange Contracts $ — $ 13,265,621 $ — $ 13,265,621 Swap Contracts — 40,864,378 — 40,864,378

Total $44,198,134 $1,278,658,219 $37,449,052 $1,360,305,405

Liability Description Securities Sold Short $ — $ (5,177,107) $ — $ (5,177,107) Written Currency Options — (123,984) — (123,984) Written Interest Rate Swaptions — (631,314) — (631,314) Forward Commodity Contracts — (373,182) — (373,182) Forward Foreign Currency Exchange Contracts — (9,148,201) — (9,148,201) Futures Contracts (552,091) — — (552,091) Swap Contracts — (31,027,341) — (31,027,341)

Total $ (552,091) $ (46,481,129) $ — $ (47,033,220)

59 Global Opportunities Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments Investments Investments in Senior in Foreign in Loan Investments Floating-Rate Corporate Participation in Reinsurance Loans Bonds Notes Side Cars Total

Balance as of October 31, 2019 $ 1,561,925 $ — $ — $ 40,437,548 $ 41,999,473 Realized gains (losses) (28,391) — — (1,931,845) (1,960,236) Change in net unrealized appreciation (depreciation) 24,124 (458,263) 4,914 3,872,489 3,443,264 Cost of purchases — — 560,031 16,191,955 16,751,986 Proceeds from sales, including return of capital (1,557,658) — — (22,485,524) (24,043,182) Accrued discount (premium) — — (1,098) — (1,098) Transfers to Level 3(1) — 1,258,845 — — 1,258,845 Transfers from Level 3 — — — — —

Balance as of October 31, 2020 $ — $ 800,582 $563,847 $ 36,084,623 $ 37,449,052

Change in net unrealized appreciation (depreciation) on investments still held as of October 31, 2020 $ — $ (458,263) $ 4,914 $ 3,992,646 $ 3,539,297

(1) Investments transferred to Level 3 as a result of the unavailability of a quoted price in an active market for an identical investment or the unavailability of other significant observable inputs.

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 investments held as of October 31, 2020:

Impact to Valuation from Fair Value as of Valuation an Increase to Type of Investment October 31, 2020 Technique Unobservable Inputs Input Input*

Foreign Corporate Bonds $800,582 Matrix Pricing Credit spread to U.S. Treasury 4.36% Decrease

Adjusted Credit Spread to the Central Loan Participation Notes 563,847 Matrix Pricing Bank of Uzbekistan Quoted Policy Rate 2.15% Decrease

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

60 Global Opportunities Portfolio October 31, 2020

Notes to Consolidated Financial Statements — continued

61 Global Opportunities Portfolio October 31, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Global Opportunities Portfolio:

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

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

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

/s/ Deloitte & Touche LLP Boston, Massachusetts December 22, 2020

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

62 Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Liquidity Risk Management Program

63 Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Management and Organization

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

Trust Trustee Principal Occupation(s) and Other Directorships Name and Year of Birth Position(s) Since(1) During Past Five Years and Other Relevant Experience Interested Trustee Thomas E. Faust Jr. Trustee 2007 Chairman, Chief Executive Officer and President of EVC, Director and President of EV, 1958 Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

64 Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Management and Organization — continued

Trust Trustee Principal Occupation(s) and Other Directorships Name and Year of Birth Position(s) Since(1) During Past Five Years and Other Relevant Experience Noninterested Trustees (continued) William H. Park Chairperson of the 2016 Private investor. Formerly, Consultant (management and transactional) (2012-2014). 1947 Board and Trustee (Chairperson) Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) and 2003 (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty (Trustee) finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None. Helen Frame Peters Trustee 2008 Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, 1948 Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None. Keith Quinton Trustee 2018 Private investor, researcher and lecturer. Independent Investment Committee Member at 1958 New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank. Marcus L. Smith Trustee 2018 Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). 1966 Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). Susan J. Sutherland Trustee 2015 Private investor. Director of Ascot Group Limited and certain of its subsidiaries 1957 (insurance and reinsurance) (since 2018). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015). Scott E. Wennerholm Trustee 2016 Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) 1959 (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

Trust Officer Principal Occupation(s) Name and Year of Birth Position(s) Since(2) During Past Five Years Principal Officers who are not Trustees Eric A. Stein President 2020 Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to 1980 November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”). Maureen A. Gemma Vice President, 2005 Vice President of EVM and BMR. Also Vice President of CRM. 1960 Secretary and Chief Legal Officer James F. Kirchner Treasurer 2007 Vice President of EVM and BMR. Also Vice President of CRM. 1967

65 Eaton Vance Short Duration Strategic Income Fund October 31, 2020

Management and Organization — continued

Trust Officer Principal Occupation(s) Name and Year of Birth Position(s) Since(2) During Past Five Years Principal Officers who are not Trustees (continued) Richard F. Froio Chief Compliance 2017 Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance 1968 Officer Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012- 2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

66 Eaton Vance Funds

IMPORTANT NOTICES

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

67 This Page Intentionally Left Blank Investment Adviser of Emerging Markets Local Transfer Agent Income Portfolio, Global Macro Absolute Return BNY Mellon Investment Servicing (US) Inc. Advantage Portfolio, Global Opportunities Portfolio and Attn: Eaton Vance Funds Senior Debt Portfolio P.O. Box 9653 Boston Management and Research Providence, RI 02940-9653 Two International Place (800) 262-1122 Boston, MA 02110

Independent Registered Public Accounting Firm Investment Adviser and Administrator of Eaton Vance Deloitte & Touche LLP Short Duration Strategic Income Fund 200 Berkeley Street Eaton Vance Management Boston, MA 02116-5022 Two International Place Boston, MA 02110 Fund Offices Two International Place Principal Underwriter* Boston, MA 02110 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