Exhibit 21.1

List of Subsidiaries

As of October 31, 2018*



|                                                  | State or Jurisdiction of
        Incorporation or
        Organization | Name Under
        Which
        Subsidiary Does
        Business
|------------------------------------------------- | ---------------------------------------------------------------------- | -----------------------------------------------------------------
|First Tier Subsidiaries of Eaton Vance Corp.:     |                                                                        |                                                                  
|Eaton Vance Distributors, Inc.                    | Massachusetts                                                          | Same                                                             
|Eaton Vance Investment Counsel                    | Massachusetts                                                          | Same                                                             
|Eaton Vance Management                            | Massachusetts                                                          | Same                                                             
|Eaton Vance Acquisitions                          | Delaware                                                               | Same                                                             
|                                                  |                                                                        |                                                                  
|Certain Subsidiaries of Eaton Vance Acquisitions: |                                                                        |                                                                  
|Atlanta Capital Management Company, LLC           | Delaware                                                               | Same                                                             
|Parametric Portfolio Associates LLC               | Delaware                                                               | Same                                                             
|                                                  |                                                                        |                                                                  
|Certain Subsidiaries of Eaton Vance Management:   |                                                                        |                                                                  
|Boston Management and Research                    | Massachusetts                                                          | Same                                                             
|Eaton Vance Management Canada Ltd                 | British Columbia                                                       | Same                                                             
|Eaton Vance Management (International) Limited    | United Kingdom                                                         | Same                                                             
|Calvert Research and Management                   | Massachusetts                                                          | Same                                                             



*The names of certain subsidiaries have been
omitted from this list inasmuch as the unnamed subsidiaries, considered in the aggregate as a single subsidiary, would not constitute
a significant subsidiary as of the Company’s fiscal year ended October 31, 2018.