N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04015

Eaton Vance Mutual Funds Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

September 30

Date of Fiscal Year End

March 31, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Municipal Income Funds

Semiannual Report

March 31, 2020

AMT-Free    •    National

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each 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 Funds’ 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 Funds 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 Funds 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. Each investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of each Fund. Accordingly neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, each Fund’s adviser is registered with the CFTC as a commodity pool operator. Each adviser is also registered as a commodity trading advisor.

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

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

Semiannual Report March 31, 2020

Eaton Vance

Municipal Income Funds

Table of Contents

Performance and Fund Profile
AMT-Free Municipal Income Fund	2
National Municipal Income Fund	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	7
Officers and Trustees	41
Important Notices	42

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2020

Performance^1,2

Portfolio Manager Cynthia J. Clemson

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		01/06/1998		03/16/1978		0.60	%		4.70	%		3.33	%		4.50	%
Class A with 4.75% Maximum Sales Charge		—		—		–4.17			–0.27			2.32			4.00
Class C at NAV		05/02/2006		03/16/1978		0.11			3.82			2.54			3.71
Class C with 1% Maximum Sales Charge		—		—		–0.88			2.82			2.54			3.71
Class I at NAV		03/16/1978		03/16/1978		0.70			4.95			3.56			4.75
Bloomberg Barclays Municipal Bond Index		—		—		0.10	%		3.85	%		3.19	%		4.14	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									1.04	%		1.79	%		0.79	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.85	%		2.10	%		3.11	%
Taxable-Equivalent Distribution Rate									4.81			3.55			5.25
SEC 30-day Yield									1.48			0.83			1.77
Taxable-Equivalent SEC 30-day Yield									2.51			1.40			2.99
% Total Leverage5
Residual Interest Bond (RIB) Financing															8.77	%

Fund Profile

Credit Quality (% of total investments)^6,7

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

National Municipal Income Fund

March 31, 2020

Performance^1,2

Portfolio Manager Craig R. Brandon, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		04/05/1994		12/19/1985		–0.28	%		4.04	%		3.71	%		4.70	%
Class A with 4.75% Maximum Sales Charge		—		—		–5.05			–0.88			2.72			4.19
Class C at NAV		12/03/1993		12/19/1985		–0.64			3.28			2.94			3.92
Class C with 1% Maximum Sales Charge		—		—		–1.62			2.28			2.94			3.92
Class I at NAV		07/01/1999		12/19/1985		–0.15			4.29			3.97			4.96
Bloomberg Barclays Municipal Bond Index		—		—		0.10	%		3.85	%		3.19	%		4.14	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.80	%		1.55	%		0.55	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.68	%		1.92	%		2.94	%
Taxable-Equivalent Distribution Rate									4.53			3.24			4.97
SEC 30-day Yield									1.58			0.92			1.90
Taxable-Equivalent SEC 30-day Yield									2.67			1.55			3.21
% Total Leverage5
RIB Financing															3.46	%

Fund Profile

Credit Quality (% of total investments)^6,7

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.

3

Eaton Vance

Municipal Income Funds

March 31, 2020

Endnotes and Additional Disclosures

¹  Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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

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

⁴  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099- DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ.

⁵  Fund employs RIB financing. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of NAV). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets plus Floating Rate Notes.

⁶  Ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

⁷  The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments.

Fund profiles subject to change due to active management.

4

Eaton Vance

Municipal Income Funds

March 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 (October 1, 2019 – March 31, 2020).

Actual Expenses:  The first section of each 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 each 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 each 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 each 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.

Eaton Vance AMT-Free Municipal Income Fund

	Beginning Account Value (10/1/19)		Ending Account Value (3/31/20)		Expenses Paid During Period* (10/1/19 – 3/31/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,006.00	$	4.86		0.97	%
Class C	$	1,000.00	$	1,001.10	$	8.60		1.72	%
Class I	$	1,000.00	$	1,007.00	$	3.61		0.72	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.20	$	4.90		0.97	%
Class C	$	1,000.00	$	1,016.40	$	8.67		1.72	%
Class I	$	1,000.00	$	1,021.40	$	3.64		0.72	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (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 September 30, 2019.

5

Eaton Vance

Municipal Income Funds

March 31, 2020

Fund Expenses — continued

Eaton Vance National Municipal Income Fund

	Beginning Account Value (10/1/19)		Ending Account Value (3/31/20)		Expenses Paid During Period* (10/1/19 – 3/31/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	997.20	$	3.59		0.72	%
Class C	$	1,000.00	$	993.60	$	7.33		1.47	%
Class I	$	1,000.00	$	998.50	$	2.35		0.47	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.40	$	3.64		0.72	%
Class C	$	1,000.00	$	1,017.70	$	7.42		1.47	%
Class I	$	1,000.00	$	1,022.70	$	2.38		0.47	%

* 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 183/366 (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 September 30, 2019.

6

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 107.4%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 3.2%
New York State Environmental Facilities Corp., 5.00%, 10/15/35(1)	$	9,900	$	9,929,700
			$	9,929,700
Education — 6.5%
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 4.00%, 7/1/38	$	315	$	373,054
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 4.00%, 7/1/39		380		448,594
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 4.00%, 7/1/42		860		1,012,504
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 5.00%, 7/1/32		175		232,346
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/46		5,000		5,641,150
District of Columbia, (KIPP DC), 4.00%, 7/1/39		100		101,084
District of Columbia, (KIPP DC), 4.00%, 7/1/44		100		100,105
District of Columbia, (KIPP DC), 4.00%, 7/1/49		135		133,441
North Carolina Capital Facilities Finance Agency, (Duke University), 5.00%, 10/1/41		1,480		1,722,883
Pennsylvania Higher Educational Facilities Authority, (Drexel University), 5.00%, 5/1/37		1,750		2,013,375
Pima County Community College District, AZ, 5.00%, 7/1/35		725		898,427
University of California, 5.25%, 5/15/35		3,555		4,053,660
West Virginia University, Prerefunded to 11/1/22, 5.00%, 10/1/31		3,000		3,288,990
			$	20,019,613
Electric Utilities — 2.4%
Chula Vista, CA, (San Diego Gas and Electric), 5.875%, 2/15/34	$	3,520	$	3,532,953
Northern Municipal Power Agency, MN, 5.00%, 1/1/31		200		240,520
Northern Municipal Power Agency, MN, 5.00%, 1/1/35		170		201,637
Northern Municipal Power Agency, MN, 5.00%, 1/1/36		160		189,248
Utility Debt Securitization Authority, NY, 5.00%, 12/15/33		2,895		3,281,946
			$	7,446,304
Escrowed / Prerefunded — 6.7%
Henrico County Economic Development Authority, VA, (Bon Secours Health System, Inc.), Prerefunded to 11/1/22, 5.00%, 11/1/30	$	1,185	$	1,299,708
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		470		489,298

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36	$	315	$	327,934
New Jersey Turnpike Authority, Prerefunded to 7/1/22, 5.00%, 1/1/30		3,060		3,329,127
Oklahoma Development Finance Authority, (St. John Health System), Prerefunded to 2/15/22, 5.00%, 2/15/34		2,035		2,180,258
Oregon Facilities Authority, (Lewis & Clark College), Prerefunded to 10/1/21, 5.625%, 10/1/36		1,050		1,121,180
Savannah Economic Development Authority, GA, Escrowed to Maturity, 0.00%, 12/1/21		6,000		5,877,840
Washington, Prerefunded to 2/1/21, 5.25%, 2/1/36(1)		6,000		6,205,200
			$	20,830,545
General Obligations — 22.0%
California, 5.00%, 4/1/35	$	2,125	$	2,410,239
California, 5.25%, 10/1/29		560		594,373
California, 5.25%, 10/1/32		3,480		3,691,445
Chicago, IL, 5.00%, 1/1/39		1,400		1,418,004
Chicago, IL, 5.00%, 1/1/44		1,490		1,496,407
Chicago Board of Education, IL, 5.00%, 12/1/21		230		232,571
Chicago Board of Education, IL, 5.00%, 12/1/42		260		259,267
Chicago Board of Education, IL, 5.00%, 12/1/44		1,405		1,389,952
Chicago Board of Education, IL, 5.00%, 12/1/46		10		9,819
District of Columbia, 5.00%, 6/1/37(1)		7,000		8,547,350
Fennville Public Schools, MI, 4.00%, 5/1/34		1,000		1,145,550
Foothill-De Anza Community College District, CA, 5.00%, 8/1/34		1,150		1,326,824
Foothill-De Anza Community College District, CA, 5.00%, 8/1/36		1,150		1,322,638
Gallatin County School District No. 44, MT, 4.00%, 6/1/35		520		604,131
Illinois, 4.00%, 6/1/33		2,000		1,908,480
Illinois, 5.00%, 1/1/26		5,000		5,260,600
Illinois, 5.00%, 5/1/35		2,000		2,025,680
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/31		4,470		5,021,956
Lodi Unified School District, CA, (Election of 2016), 4.00%, 8/1/33		1,250		1,440,850
New York, NY, 4.00%, 10/1/35		3,655		4,257,052
New York, NY, 4.00%, 3/1/36		2,520		2,939,252
New York, NY, 4.00%, 8/1/42(1)		7,000		7,955,080
New York, NY, 5.00%, 3/1/40		1,750		2,184,280
Renton School District No. 403, WA, 4.00%, 12/1/33		1,230		1,472,236
Renton School District No. 403, WA, 4.00%, 12/1/34		1,300		1,547,585
Salem-Keizer School District No. 24J, OR, 0.00%, 6/15/24		1,220		1,150,972
San Rafael City High School District, CA, (Election of 2015), 4.00%, 8/1/36		1,190		1,380,079

7 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Springfield School District No. 19, OR, 5.00%, 6/15/30	$	1,085	$	1,275,732
Union R-XI School District, MO, 5.00%, 3/1/38		2,100		2,423,316
University of Connecticut, 5.00%, 2/15/32		650		729,469
Washington, 5.00%, 6/1/38(2)		710		879,555
			$	68,300,744
Hospital — 13.2%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28	$	535	$	546,813
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		1,720		1,899,327
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		2,300		2,522,456
California Health Facilities Financing Authority, (Sutter Health), 5.25%, 8/15/31		1,325		1,396,855
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.25%, 12/1/34		3,000		3,309,540
Colorado Health Facilities Authority, (CommonSpirit Health), 4.00%, 8/1/39		1,250		1,302,387
Colorado Health Facilities Authority, (Vail Valley Medical Center), 5.00%, 1/15/35		2,000		2,372,400
Delaware Health Facilities Authority, (Beebe Medical Center), 5.00%, 6/1/36		3,730		4,471,748
Delaware Health Facilities Authority, (Beebe Medical Center), 5.00%, 6/1/37		1,000		1,195,500
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/45		520		550,124
Illinois Finance Authority, (Presence Health Network), 4.00%, 2/15/36		5,345		5,810,229
Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31		2,110		2,451,271
Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 11/15/47		3,000		3,501,990
New York Dormitory Authority, (Montefiore Obligated Group), 4.00%, 9/1/45		1,000		1,060,640
Ohio, (University Hospitals Health Systems, Inc.), 5.00%, 1/15/36		2,500		2,851,525
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(1)		5,000		5,561,150
			$	40,803,955
Housing — 0.7%
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/37	$	500	$	561,190

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/42	$	1,250	$	1,388,900
Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(3)		285		285,000
			$	2,235,090
Insured – Education — 1.1%
Northern Illinois University, IL, (BAM), 5.00%, 4/1/31(2)	$	950	$	1,169,384
Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31		1,750		2,295,755
			$	3,465,139
Insured – Electric Utilities — 0.8%
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/29	$	2,865	$	2,379,039
			$	2,379,039
Insured – Escrowed / Prerefunded — 0.5%
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), Escrowed to Maturity, 0.00%, 8/15/21	$	1,560	$	1,535,898
			$	1,535,898
Insured – General Obligations — 1.3%
Atlantic City, NJ, (AGM), 4.00%, 3/1/42	$	145	$	157,925
Chicago Board of Education, IL, (AGM), 5.00%, 12/1/24		505		572,089
McCook, IL, (AGM), 4.00%, 12/1/29		240		275,362
McCook, IL, (AGM), 4.00%, 12/1/30		200		228,530
McCook, IL, (AGM), 4.00%, 12/1/33		500		557,950
McCook, IL, (AGM), 4.00%, 12/1/34		440		485,716
Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38		1,500		1,642,995
			$	3,920,567
Insured – Lease Revenue / Certificates of Participation — 2.2%
Anaheim Public Financing Authority, CA, (Anaheim Public Improvements), (AGM), 0.00%, 9/1/31	$	8,680	$	6,851,037
			$	6,851,037

8 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Other Revenue — 2.2%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	10,600	$	6,739,056
			$	6,739,056
Insured – Special Tax Revenue — 5.7%
Alabama Public School and College Authority, (AGM), 2.50%, 12/1/27	$	5,265	$	5,269,686
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/27		6,000		7,551,480
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		2,565		3,414,836
Successor Agency to San Francisco City and County Redevelopment Agency, CA, (NPFG), 5.00%, 8/1/43		1,100		1,278,508
			$	17,514,510
Insured – Transportation — 9.6%
Chicago, IL, (O’Hare International Airport), (AGM), 5.00%, 1/1/28	$	1,000	$	1,076,410
Chicago, IL, (O’Hare International Airport), (AGM), 5.125%, 1/1/31		1,000		1,076,680
Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/32		785		847,353
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39		7,120		3,067,723
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/46		1,275		1,326,306
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 5.00%, 11/15/44		2,470		2,870,165
Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38		11,000		14,453,560
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/21		5,285		5,184,162
			$	29,902,359
Insured – Water and Sewer — 2.4%
Detroit, MI, Sewage Disposal System, (AGM), 5.00%, 7/1/39	$	4,825	$	5,195,512
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/32		655		735,984
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/33		565		639,546
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/35		280		315,963
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/37		565		635,105
			$	7,522,110

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation — 2.8%
Hudson Yards Infrastructure Corp., NY, 4.00%, 2/15/44	$	5,020	$	5,434,752
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/37		3,000		3,186,630
			$	8,621,382
Other Revenue — 1.4%
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/22	$	400	$	404,216
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(4)		1,200		216,000
Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.25%, 12/1/38		970		1,001,942
Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.50%, 12/1/43		355		368,596
Mercer County Improvement Authority, NJ, 4.00%, 3/15/40		935		1,083,684
White Earth Band of Chippewa Indians, MN, 6.375%, 12/1/26(5)		1,385		1,376,053
			$	4,450,491
Senior Living / Life Care — 3.8%
National Finance Authority, NH, (The Vista), 5.25%, 7/1/39(5)	$	265	$	250,261
National Finance Authority, NH, (The Vista), 5.625%, 7/1/46(5)		360		347,764
National Finance Authority, NH, (The Vista), 5.75%, 7/1/54(5)		775		751,262
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/39		570		598,015
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.50%, 6/1/49		2,690		2,823,935
Saint Louis County Industrial Development Authority, MO, (St. Andrew’s Resources for Seniors Obligated Group), 5.00%, 12/1/35		1,700		1,672,698
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.00%, 12/1/32		160		163,563
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.25%, 12/1/42		660		673,173
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/32(5)		1,575		1,693,141
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/38(5)		2,325		2,470,987
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/34(5)		245		249,339
			$	11,694,138

9 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 4.3%
Bridgeville, DE, (Heritage Shores Special Development District), 5.45%, 7/1/35	$	911	$	847,968
Jurupa Public Financing Authority, CA, 5.00%, 9/1/31		1,200		1,384,512
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 11/1/38		5,820		6,650,921
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 11/1/37		1,000		1,169,180
River Hall Community Development District, FL, (Capital Improvements), 5.45%, 5/1/36		930		934,734
San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue, 4.00%, 7/1/35		2,000		2,276,120
			$	13,263,435
Transportation — 10.3%
Central Texas Regional Mobility Authority, Prerefunded to 1/1/21, 5.75%, 1/1/31	$	415	$	429,313
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30		1,100		1,209,736
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31		1,455		1,599,612
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/31		290		326,485
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43		1,100		1,149,027
Metropolitan Transportation Authority, NY, 5.00%, 11/15/35		325		359,931
Miami-Dade County, FL, Aviation Revenue, 5.00%, 10/1/33		2,650		2,947,118
New Orleans Aviation Board, LA, 5.00%, 1/1/43		1,555		1,788,794
New York Thruway Authority, 3.00%, 1/1/49		4,190		4,081,270
New York Thruway Authority, 5.00%, 1/1/38		2,000		2,510,800
New York Thruway Authority, 5.00%, 1/1/46		4,000		4,644,680
San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/34		5,235		5,649,821
Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34		3,500		3,527,370
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/37		440		448,892
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/38		275		279,656
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/39		265		268,623
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/36		355		400,238

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Texas Transportation Commission, 0.00%, 8/1/40	$	1,000	$	397,420
			$	32,018,786
Water and Sewer — 4.3%
Atlanta, GA, Water and Wastewater Revenue, 5.00%, 11/1/35(1)	$	6,990	$	8,627,617
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 4.00%, 6/15/41		4,000		4,552,680
			$	13,180,297
Total Tax-Exempt Investments — 107.4% (identified cost $310,861,156)			$	332,624,195
Other Assets, Less Liabilities — (7.4)%			$	(22,842,081	)
Net Assets — 100.0%			$	309,782,114

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

At March 31, 2020, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

New York	21.0%
California	15.1%
Illinois	10.6%
Others, representing less than 10% individually	60.7%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2020, 24.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.4% to 15.6% of total investments.

⁽¹⁾  Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

⁽²⁾  When-issued security.

⁽³⁾  The issuer is in default on the payment of principal but continues to pay interest.

⁽⁴⁾  Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy.

⁽⁵⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2020, the aggregate value of these securities is $7,138,807 or 2.3% of the Fund’s net assets.

10 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Abbreviations:

AGM	–	Assured Guaranty Municipal Corp.
AMBAC	–	AMBAC Financial Group, Inc.
BAM	–	Build America Mutual Assurance Co.
NPFG	–	National Public Finance Guarantee Corp.

11 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 93.5%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.4%
Connecticut, (State Revolving Fund), Green Bonds, 5.00%, 3/1/28	$	10,000	$	11,777,700
Ohio Water Development Authority, Water Pollution Control Loan Fund, 5.00%, 6/1/29		10,000		12,978,900
Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		13,045		16,544,060
			$	41,300,660
Cogeneration — 0.1%
Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 12/31/23(1)	$	14,652	$	3,663,079
			$	3,663,079
Education — 6.3%
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 5.00%, 8/1/27	$	3,335	$	4,186,492
Bowling Green State University, OH, 4.00%, 6/1/38		440		488,928
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 4.00%, 7/1/36		480		571,858
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 4.00%, 7/1/37		300		356,169
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 5.00%, 7/1/29		220		288,198
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 5.00%, 7/1/30		185		247,251
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 5.00%, 7/1/31		250		332,870
Connecticut Health and Educational Facilities Authority, (Yale University), 5.00%, 7/1/27		5,000		6,283,600
District of Columbia, (District of Columbia International School), 5.00%, 7/1/54		2,290		2,591,204
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 4.75%, 6/1/38(2)		2,245		2,132,099
Maryland Health and Higher Educational Facilities Authority, (Loyola University Maryland), 5.00%, 10/1/22		500		539,020
Maryland Health and Higher Educational Facilities Authority, (Loyola University Maryland), 5.00%, 10/1/23		500		552,775
Maryland Health and Higher Educational Facilities Authority, (Loyola University Maryland), 5.00%, 10/1/24		500		566,795
Massachusetts Development Finance Agency, (Harvard University), 5.00%, 7/15/34		18,855		22,494,015

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Michigan State University, 5.00%, 2/15/31	$	1,200	$	1,529,988
New Hampshire Health and Education Facilities Authority, (University System of New Hampshire), (SPA: State Street Bank and Trust Company), 0.85%, 7/1/33(3)		6,825		6,825,000
New Hampshire Health and Education Facilities Authority, (University System of New Hampshire), (SPA: Wells Fargo Bank, N.A.), 0.75%, 7/1/33(3)		7,465		7,465,000
New Hampshire Health and Education Facilities Authority, (University System of New Hampshire), (SPA: Wells Fargo Bank, N.A.), 0.85%, 7/1/33(3)		2,535		2,535,000
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/33		4,370		5,404,248
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38		19,235		23,496,514
Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute), 5.00%, 9/1/39(4)		6,000		7,520,220
University of California, 5.25%, 5/15/36		7,080		8,061,005
University of California, 5.25%, 5/15/37		13,000		14,779,180
University of California, 5.25%, 5/15/38		7,700		8,737,344
University of Virginia, 5.00%, 4/1/38		13,205		15,987,557
University of Virginia, 5.00%, 4/1/39		40,970		49,505,280
			$	193,477,610
Electric Utilities — 4.2%
Los Angeles Department of Water & Power, CA, Power System Revenue, 5.00%, 7/1/38	$	6,130	$	7,668,569
Los Angeles Department of Water & Power, CA, Power System Revenue, 5.00%, 7/1/42		1,870		2,209,405
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/33		1,180		1,515,793
Omaha Public Power District, NE, 5.00%, 2/1/39		10,805		12,560,272
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/28		6,025		6,994,422
San Antonio, TX, Electric and Gas Systems Revenue, 4.00%, 2/1/30		2,000		2,433,980
Unified Government of Wyandotte County/Kansas City, KS, Utility System Revenue, 5.00%, 9/1/32		10,000		10,852,100
Utility Debt Securitization Authority, NY, 5.00%, 12/15/30(5)		22,500		25,533,450
Utility Debt Securitization Authority, NY, 5.00%, 12/15/31(5)		27,500		31,207,550
Utility Debt Securitization Authority, NY, 5.00%, 12/15/33		10,000		11,837,500
Utility Debt Securitization Authority, NY, 5.00%, 12/15/40		13,260		16,087,828
			$	128,900,869

12 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded — 5.2%
Bexar County Health Facilities Development Corp., TX, (St. Luke’s Lutheran Hospital), Escrowed to Maturity, 7.00%, 5/1/21	$	1,655	$	1,709,433
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		4,505		4,689,975
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		3,005		3,128,385
North Carolina, Capital Improvement Limited Obligation Bonds, Prerefunded to 5/1/20, 5.25%, 5/1/31		16,475		16,530,850
Oregon Department of Transportation, Prerefunded to 11/15/23, 5.00%, 11/15/38		250		284,595
Oregon Facilities Authority, (Lewis & Clark College), Prerefunded to 10/1/21, 5.625%, 10/1/36		9,930		10,603,155
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		4,515		4,638,169
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		3,490		3,585,207
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.45%, 12/1/35		12,125		12,463,651
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34		3,795		3,903,196
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34		3,585		3,687,209
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34		17,620		18,122,346
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.50%, 12/1/36		10,000		10,341,000
Rutgers State University, NJ, Prerefunded to 5/1/23, 5.00%, 5/1/43(5)		37,000		41,370,440
Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33		9,170		11,076,260
Tarrant County Cultural Education Facilities Finance Corp., TX, (Scott & White Healthcare), Prerefunded to 8/15/20, 5.25%, 8/15/40		1,000		1,015,390
Tarrant County Cultural Education Facilities Finance Corp., TX, (Scott & White Healthcare), Prerefunded to 8/15/20, 5.25%, 8/15/40		12,500		12,692,375
			$	159,841,636
General Obligations — 15.4%
Aiken County Consolidated School District, SC, 4.00%, 4/1/37	$	5,370	$	6,236,342
Anaheim Union High School District, CA, (Election of 2014), 4.00%, 8/1/30		2,070		2,418,919
Anaheim Union High School District, CA, (Election of 2014), 4.00%, 8/1/31		2,295		2,674,341

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Belmont, MA, 4.00%, 3/15/32	$	3,030	$	3,553,069
California, 5.14%, (SIFMA + 0.43%), 12/1/23 (Put Date), 12/1/29(6)		15,000		14,878,350
California Education Notes Program, Fiscal Year 2019-20 Note Participations, 5.00%, 6/30/20		5,245		5,293,936
Chicago, IL, 5.00%, 1/1/39		2,100		2,127,006
Chicago, IL, 5.00%, 1/1/40		1,500		1,517,055
Chicago Board of Education, IL, 5.00%, 12/1/21		1,980		2,002,136
Chicago Board of Education, IL, 5.00%, 12/1/42		2,770		2,762,189
Chicago Board of Education, IL, 5.00%, 12/1/44		15,110		14,948,172
Chicago Board of Education, IL, 5.00%, 12/1/46		85		83,463
Clackamas Community College District, OR, 5.00%, (0.00% until 6/15/20), 6/15/38		760		905,130
Clackamas Community College District, OR, 5.00%, (0.00% until 6/15/20), 6/15/39		1,000		1,188,860
Clackamas Community College District, OR, 5.00%, (0.00% until 6/15/20), 6/15/40		1,250		1,484,662
Connecticut, 4.00%, 1/15/37		15,000		16,447,950
Desert Community College District, CA, 5.00%, 8/1/37		5,350		6,290,797
District of Columbia, 5.00%, 10/15/30		4,000		5,207,400
Hartford County Metropolitan District, CT, 5.00%, 7/15/23		1,000		1,121,200
Hartford County Metropolitan District, CT, Series A, 5.00%, 7/15/24		500		577,490
Hartford County Metropolitan District, CT, Series B, 5.00%, 7/15/24		1,000		1,154,980
Hawaii, 5.00%, 1/1/34		13,700		16,927,172
Hennepin County Regional Railroad Authority, MN, 5.00%, 12/1/30		4,040		5,225,134
Hillsboro School District No. 1J, OR, 4.00%, 6/15/37		4,370		5,155,027
Hillsboro School District No. 1J, OR, 4.00%, 6/15/39		8,000		9,294,720
Hillsboro School District No. 1J, OR, 4.00%, 6/15/40		5,000		5,826,450
Hudsonville Public Schools, MI, 4.00%, 5/1/37		1,500		1,749,735
Hudsonville Public Schools, MI, 4.00%, 5/1/39		1,060		1,226,770
Hudsonville Public Schools, MI, 4.00%, 5/1/44		1,975		2,254,245
Illinois, 5.00%, 2/1/24		10,705		11,168,848
Illinois, 5.00%, 11/1/24		11,295		11,864,607
Illinois, 5.00%, 2/1/27		18,500		19,047,785
Illinois, 5.00%, 2/1/29		15,000		15,529,950
Illinois, 5.00%, 5/1/39		10,000		10,066,700
Illinois, 5.25%, 7/1/30		6,150		6,296,124
Johnson City, TN, 5.00%, 6/1/22		440		475,332
Johnson City, TN, 5.00%, 6/1/24		505		580,937
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29		1,920		2,159,309

13 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/30	$	4,105	$	4,613,445
King County, WA, (SPA: TD Bank, N.A.), 0.75%, 1/1/46(3)		5,735		5,735,000
Klein Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/36		14,180		14,601,004
Lodi Unified School District, CA, (Election of 2016), 4.00%, 8/1/36		1,250		1,414,613
Lodi Unified School District, CA, (Election of 2016), 4.00%, 8/1/39		2,935		3,255,150
Louisiana, 5.00%, 3/1/28		5,790		7,236,400
Massachusetts, 5.00%, 7/1/35		10,000		11,727,600
Massachusetts, 5.00%, 3/1/37		10,900		12,288,878
Minneapolis-St. Paul Metropolitan Council, MN, 4.00%, 3/1/30		1,250		1,486,650
New York, NY, 4.00%, 10/1/35		7,310		8,514,103
New York, NY, 4.00%, 3/1/36		8,000		9,084,480
New York, NY, 4.00%, 12/1/41		1,130		1,275,691
New York, NY, 4.00%, 8/1/42(5)		28,000		31,820,320
New York, NY, 5.00%, 8/1/33		10,000		11,928,700
Novi Community School District, MI, 5.00%, 5/1/41		1,100		1,388,464
Novi Community School District, MI, 5.00%, 5/1/42		1,700		2,139,178
Novi Community School District, MI, 5.00%, 5/1/43		1,150		1,447,217
Onondaga County, NY, 4.00%, 6/1/28		2,275		2,641,480
Oxnard Union High School District, CA, (Election of 2018), 5.00%, 8/1/43		3,750		4,411,987
Paradise Valley Unified School District No. 69, AZ, 4.00%, 7/1/35		350		413,427
Paradise Valley Unified School District No. 69, AZ, 4.00%, 7/1/36		500		587,155
Paradise Valley Unified School District No. 69, AZ, 4.00%, 7/1/37		250		292,183
Park City, UT, 4.00%, 2/1/31		3,490		4,198,959
Randolph County, NC, Limited Obligation Bonds, 5.00%, 10/1/33		500		640,785
Richmond Community Schools, MI, 4.00%, 5/1/36		2,200		2,526,986
Richmond Community Schools, MI, 4.00%, 5/1/37		2,655		3,040,798
Richmond Community Schools, MI, 4.00%, 5/1/38		2,665		3,042,284
Richmond Community Schools, MI, 4.00%, 5/1/39		2,665		3,032,690
Riverside Unified School District, CA, (Election of 2016), 4.00%, 8/1/32		2,250		2,591,010
Riverside Unified School District, CA, (Election of 2016), 4.00%, 8/1/33		1,350		1,541,160
Riverside Unified School District, CA, (Election of 2016), 4.00%, 8/1/34		1,100		1,244,221
Tennessee, 5.00%, 9/1/28		4,785		6,041,876
Texas, (Texas Transportation Commission), 5.00%, 10/1/44		10,000		11,484,800

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Virginia Beach, VA, 4.00%, 7/15/32	$	2,300	$	2,784,817
Washington, 5.00%, 2/1/33		13,140		14,849,120
Washington, 5.00%, 8/1/35		14,455		17,660,396
Washington, 5.00%, 6/1/39(4)		2,125		2,626,627
Washington, 5.00%, 2/1/40		4,755		5,686,409
Washington, 5.00%, 6/1/41(4)		2,000		2,463,780
Washington County, OR, 4.00%, 3/1/30		1,000		1,127,180
West Linn-Wilsonville School District No. 3JT, OR, 0.00%, 6/15/40		1,200		708,324
West Linn-Wilsonville School District No. 3JT, OR, 0.00%, 6/15/41		1,500		854,295
Wisconsin, 5.00%, 5/1/38		22,500		26,407,350
			$	470,579,284
Hospital — 9.0%
Allegheny County Hospital Development Authority, PA, (UPMC Health System), 5.00%, 7/15/32	$	2,250	$	2,860,155
Arizona Industrial Development Authority, (Phoenix Children’s Hospital), (LOC: JPMorgan Chase Bank, N.A.), 0.75%, 2/1/48(3)		6,605		6,605,000
Brookhaven Development Authority, GA, (Children’s Healthcare of Atlanta), 5.00%, 7/1/31		755		944,747
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28		5,700		5,825,856
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		17,530		19,357,678
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		25,465		27,927,975
California Health Facilities Financing Authority, (Sutter Health), 5.25%, 8/15/31		13,675		14,416,595
Colorado Health Facilities Authority, (CommonSpirit Health), 5.00%, 8/1/44		6,000		6,483,600
Colorado Health Facilities Authority, (SCL Health System), 4.00%, 1/1/36		2,000		2,224,800
Connecticut Health and Educational Facilities Authority, (Hartford HealthCare), 4.00%, 7/1/36		1,700		1,920,541
Connecticut Health and Educational Facilities Authority, (Nuvance Health), 4.00%, 7/1/34		2,455		2,814,191
DeKalb Private Hospital Authority, GA, (Children’s Healthcare of Atlanta), 5.00%, 7/1/31		1,000		1,251,320
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/45		4,350		4,601,995
Fulton County Development Authority, GA, (Piedmont Healthcare, Inc.), 4.00%, 7/1/37		2,000		2,188,680
Illinois Finance Authority, (Edward-Elmhurst Healthcare), 5.46%, (SIFMA + 0.75%), 7/1/23 (Put Date), 1/1/46(6)		9,500		9,527,550

14 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Illinois Finance Authority, (Northwestern Memorial Hospital), (SPA: JPMorgan Chase Bank, N.A.), 0.75%, 8/15/42(3)	$	8,900	$	8,900,000
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/26		7,500		8,565,975
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/33		1,500		1,709,685
Minneapolis and St. Paul Housing and Redevelopment Authority, MN, (Allina Health System), 5.00%, 11/15/23		1,700		1,925,539
Minneapolis and St. Paul Housing and Redevelopment Authority, MN, (Allina Health System), 5.00%, 11/15/27		1,150		1,442,261
Missouri Health and Educational Facilities Authority, (Mosaic Health System), 4.00%, 2/15/44		2,200		2,430,582
Missouri Health and Educational Facilities Authority, (SSM Health Care), 5.00%, 6/1/30		7,505		8,515,923
Montana Facility Finance Authority, (SCL Health System), 4.00%, 1/1/38		2,150		2,366,785
New Mexico Hospital Equipment Loan Council, (Presbyterian Healthcare Services), (SPA: Wells Fargo Bank, N.A.), Series 2008C, 0.75%, 8/1/34(3)		10,300		10,300,000
New Mexico Hospital Equipment Loan Council, (Presbyterian Healthcare Services), (SPA: Wells Fargo Bank, N.A.), Series 2008D, 0.75%, 8/1/34(3)		6,000		6,000,000
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 4.00%, 7/1/31		4,000		4,773,440
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 4.00%, 7/1/38		3,800		4,420,654
New York Dormitory Authority, (NYU Langone Hospitals Obligated Group), 4.00%, 7/1/50		5,330		5,755,654
New York Dormitory Authority, (NYU Langone Hospitals Obligated Group), 4.00%, 7/1/53		10,000		10,780,300
North Carolina Medical Care Commission, (Rex Healthcare), 4.00%, 7/1/40		1,400		1,525,552
Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/38		1,750		2,021,915
Oklahoma Development Finance Authority, (OU Medicine), 5.25%, 8/15/43		5,200		5,990,764
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/35		2,260		2,630,798
Oregon Health and Science University, 4.00%, 7/1/44		1,685		1,903,073
Philadelphia Hospitals and Higher Education Facilities Authority, PA, (Children’s Hospital of Philadelphia), (SPA: Wells Fargo Bank, N.A.), 0.75%, 7/1/25(3)		5,000		5,000,000
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 4.00%, 12/1/34		2,685		3,066,028
University of Kansas Hospital Authority, 5.00%, 9/1/45		25,500		29,253,345

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Virginia Small Business Financing Authority, (Sentara Healthcare), 4.00%, 11/1/36	$	5,000	$	5,490,350
Virginia Small Business Financing Authority, (Sentara Healthcare), 4.00%, 11/1/38		5,000		5,442,950
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/42		2,250		2,662,942
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 5.375%, 6/1/38		21,895		23,826,358
			$	275,651,556
Housing — 0.5%
Massachusetts Housing Finance Agency, (Mill Road Apartments), 5.26%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48(6)	$	3,960	$	3,960,000
Texas Student Housing Corp., (University of Northern Texas), 6.85%, 7/1/31		10,640		10,275,261
			$	14,235,261
Industrial Development Revenue — 1.1%
Metropolitan Nashville Airport Authority, TN, (Aero Nashville), 5.20%, 7/1/26	$	300	$	301,641
Miami-Dade County Industrial Development Authority, FL, (Waste Management, Inc.), (AMT), 5.51%, (SIFMA + 0.80%), 11/1/21 (Put Date), 11/1/48(6)		5,000		5,006,050
Mission Economic Development Corp., TX, (Waste Management, Inc.), (AMT), 5.51%, (SIFMA + 0.80%), 11/1/21 (Put Date), 11/1/48(6)		10,000		10,013,000
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 2.20% to 12/3/29 (Put Date), 10/1/39		13,900		13,994,520
Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 5.25%, 5/1/44(2)		3,685		3,567,301
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(2)		475		487,626
			$	33,370,138
Insured – Electric Utilities — 0.0%(7)
Cleveland, OH, Public Power System Revenue, (AGM), 4.00%, 11/15/35	$	1,000	$	1,143,560
			$	1,143,560
Insured – General Obligations — 1.1%
Grandville Public Schools, MI, (AGM), 4.00%, 5/1/35	$	785	$	929,259
Grandville Public Schools, MI, (AGM), 4.00%, 5/1/36		1,045		1,232,180

15 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Grandville Public Schools, MI, (AGM), 4.00%, 5/1/37	$	1,000	$	1,175,400
Grandville Public Schools, MI, (AGM), 4.00%, 5/1/38		1,000		1,170,200
Grandville Public Schools, MI, (AGM), 4.00%, 5/1/39		1,000		1,167,150
Grandville Public Schools, MI, (AGM), 4.00%, 5/1/40		650		757,816
Nassau County, NY, (AGM), 5.00%, 4/1/44		10,205		12,653,996
Pittsburg Unified School District Financing Authority, CA, (AGM), 5.00%, 9/1/47		6,890		8,373,004
Santa Rosa High School District, CA, (Election of 2014), (AGM), 5.00%, 8/1/43		3,930		4,600,654
			$	32,059,659
Insured – Hospital — 0.4%
Medford Hospital Facilities Authority, OR, (Asante Health System), (AGM), 5.50%, 8/15/28	$	12,000	$	12,192,360
			$	12,192,360
Insured – Other Revenue — 1.2%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	58,155	$	36,972,623
			$	36,972,623
Insured – Special Tax Revenue — 0.6%
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29	$	11,000	$	14,445,750
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		3,080		4,100,466
			$	18,546,216
Insured – Transportation — 2.2%
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37	$	13,335	$	6,388,665
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/48(5)		8,900		9,271,664
Metropolitan Transportation Authority, NY, Green Bonds, Series 2019A, (AGM), 4.00%, 11/15/46		6,380		6,636,731
Metropolitan Transportation Authority, NY, Green Bonds, Series 2019C, (AGM), 4.00%, 11/15/46		1,100		1,148,609
North Texas Tollway Authority, (AGC), 6.20%, 1/1/42		37,070		44,770,551
			$	68,216,220
Lease Revenue / Certificates of Participation — 1.5%
Hillsborough County, FL, 4.00%, 8/1/31	$	4,840	$	5,750,259
Hillsborough County, FL, 4.00%, 8/1/34		5,445		6,411,596
Hudson Yards Infrastructure Corp., NY, 4.00%, 2/15/44		6,660		7,210,249

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/34	$	8,460	$	9,071,489
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/35		13,300		14,212,247
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/39		2,165		2,298,472
			$	44,954,312
Nursing Home — 0.2%
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25	$	5,715	$	5,747,175
			$	5,747,175
Other Revenue — 3.3%
Battery Park City Authority, NY, 5.00%, 11/1/40	$	1,000	$	1,270,860
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(8)		250		45,000
Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38(2)		1,865		1,989,433
Kalispel Tribe of Indians, WA, Series B, 5.25%, 1/1/38(2)		1,000		1,066,720
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/33		10,000		11,488,300
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/43		24,950		28,496,643
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 6.25%, 12/15/26		17,960		19,794,075
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/30		4,845		5,021,067
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/32		29,755		30,742,271
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 1.72%, (67% of 1 mo. USD LIBOR + 1.10%), 7/1/22 (Put Date), 1/1/42(6)		1,000		1,004,310
			$	100,918,679
Senior Living / Life Care — 0.4%
Delaware Economic Development Authority, (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/48	$	2,500	$	2,513,775
Logan County, CO, (TLC Care Choices, Inc.), 6.875%, 12/1/23(9)		409		110,475
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/47		8,000		7,570,880
Rockville, MD, (Ingleside at King Farm), 5.00%, 11/1/31		1,010		1,044,714
Rockville, MD, (Ingleside at King Farm), 5.00%, 11/1/32		525		539,983

16 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 5.00%, 9/15/40	$	750	$	750,217
			$	12,530,044
Special Tax Revenue — 7.5%
Illinois Sports Facilities Authority, 5.00%, 6/15/29	$	2,250	$	2,361,465
Illinois Sports Facilities Authority, 5.00%, 6/15/30		1,200		1,251,012
New River Community Development District, FL, (Capital Improvements), 5.00%, 5/1/13(8)		230		0
New River Community Development District, FL, (Capital Improvements), 5.35%, 5/1/38(8)		80		0
New River Community Development District, FL, (Capital Improvements), Series 2010A-2, 5.75%, 5/1/38		370		314,215
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 5/1/37		7,235		8,097,702
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 8/1/37		1,480		1,637,768
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 8/1/38		5,000		5,663,500
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 5/1/42		5,695		6,225,318
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 2/1/35		9,000		10,377,990
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/35		10,485		12,649,943
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 5/1/36		4,050		4,950,194
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/36		10,000		11,646,300
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 5/1/39		9,240		10,969,543
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/40		5,000		5,947,850
New York City Transitional Finance Authority, NY, Future Tax Revenue, (SPA: Barclays Bank PLC), 0.85%, 11/1/44(3)		20,000		20,000,000
New York City Transitional Finance Authority, NY, Future Tax Revenue, 2015 Series B, 5.00%, 8/1/39		4,585		5,198,886
New York City Transitional Finance Authority, NY, Future Tax Revenue, 2018 Series A, 5.00%, 8/1/39		11,845		14,131,917
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/45		10,000		11,366,800
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/36		7,840		9,430,344
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/40		10,000		11,961,900
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/27		1,620		2,002,822

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/28	$	1,705	$	2,125,470
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/29		1,790		2,248,401
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/31		970		1,209,144
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/32		2,070		2,572,079
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/35		10,000		11,691,400
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/41		10,000		12,169,500
Puerto Rico Sales Tax Financing Corp., 4.329%, 7/1/40		5,536		5,099,154
Puerto Rico Sales Tax Financing Corp., 4.784%, 7/1/58		2,219		2,083,685
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58		10,000		9,749,500
San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue, 4.00%, 7/1/37		3,075		3,474,012
San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue, 4.00%, 7/1/38		7,495		8,419,883
Southern Hills Plantation I Community Development District, FL, Series A1, 5.80%, 5/1/35		440		378,422
Southern Hills Plantation I Community Development District, FL, Series A2, 5.80%, 5/1/35		310		245,343
Sterling Hill Community Development District, FL, 6.20%, 5/1/35		1,532		964,937
Texas Transportation Commission, 5.00%, 4/1/33(5)		10,000		11,396,600
			$	230,012,999
Student Loan — 0.2%
New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/28	$	4,970	$	5,369,638
			$	5,369,638
Transportation — 25.3%
Atlanta, GA, Airport Revenue, (AMT), 4.00%, 7/1/33	$	3,575	$	3,902,041
Atlanta, GA, Airport Revenue, (AMT), 4.00%, 7/1/34		3,480		3,785,718
Atlanta, GA, Airport Revenue, (AMT), 4.00%, 7/1/36		5,000		5,400,000
Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/35		2,625		3,154,200
Charleston County Airport District, SC, (AMT), 5.50%, 7/1/38		10,000		11,060,000
Chicago, IL, (Midway International Airport), 5.00%, 1/1/33		3,830		4,258,577
Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/34		5,250		5,751,637
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/36		6,000		6,722,520

17 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/23	$	1,125	$	1,206,911
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/25		16,100		17,174,514
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/33		7,300		8,038,395
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/39		4,000		4,555,880
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31		10,395		11,428,159
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.25%, 11/1/30		11,015		11,995,005
Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/34		2,600		3,007,030
Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/39		3,225		3,643,992
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/31		2,290		2,578,105
Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 12/1/37		10,000		11,727,600
Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/41		2,935		3,251,217
Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/48		10,000		11,060,500
Houston, TX, (United Airlines, Inc.), (AMT), 5.00%, 7/1/29		7,670		7,631,650
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AMT), 5.00%, 3/1/46		31,930		35,607,697
Kansas Department of Transportation, 5.00%, 9/1/30		20,000		22,820,800
Los Angeles Department of Airports, CA, (Los Angeles International Airport), 5.00%, 5/15/35(5)		7,200		7,229,016
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/24		1,200		1,353,888
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/26		1,335		1,571,442
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/30		5,325		6,542,135
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/31		2,250		2,752,583
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/32		6,100		7,443,281
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/34		5,000		6,066,700
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/40		6,000		6,752,100
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/41		9,000		10,192,230
Louisiana Offshore Terminal Authority, (LOOP LLC), 2.00% to 10/1/22 (Put Date), 10/1/40		2,000		2,021,840

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Love Field Airport Modernization Corp., TX, (AMT), 5.00%, 11/1/24	$	1,500	$	1,686,930
Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/35		1,050		1,137,381
Massachusetts Port Authority, 5.00%, 7/1/32		3,800		4,819,616
Massachusetts Port Authority, (AMT), 5.00%, 7/1/26		10,105		12,077,799
Massachusetts Port Authority, (AMT), 5.00%, 7/1/30		3,000		3,755,280
Massachusetts Port Authority, (AMT), 5.00%, 7/1/31		2,965		3,698,808
Massachusetts Port Authority, (AMT), 5.00%, 7/1/32		4,200		5,205,942
Massachusetts Port Authority, (AMT), 5.00%, 7/1/33		3,855		4,765,821
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/35		3,440		4,013,620
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/36		3,200		3,719,648
Metropolitan Transportation Authority, NY, 5.00%, 9/1/22		15,000		15,870,150
Metropolitan Transportation Authority, NY, 5.25%, 11/15/33		4,250		4,637,005
Metropolitan Transportation Authority, NY, Green Bonds, 0.00%, 11/15/32		16,050		12,141,022
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/28		4,500		5,049,495
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/30		5,840		7,169,651
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/31		6,130		7,484,056
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/32		10,000		11,555,500
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/42		2,000		2,297,940
Miami-Dade County, FL, Aviation Revenue, (AMT), 4.00%, 10/1/44		5,000		5,311,950
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/33		23,250		25,595,925
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/36		10,000		11,000,100
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/38		1,935		2,210,950
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/40		32,530		36,584,539
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/41		2,470		2,808,020
Minneapolis-St. Paul Metropolitan Airports Commission, MN, (AMT), 5.00%, 1/1/32		3,710		4,472,924
New Jersey Economic Development Authority, (Transit Transportation Project), 4.00%, 11/1/44		8,250		8,042,925
New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.91%, (SIFMA + 1.20%), 12/15/21 (Put Date), 6/15/34(6)		2,275		2,274,386

18 See Notes to Financial Statements.

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Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
New Jersey Turnpike Authority, Series 2014A, 5.00%, 1/1/31	$	10,000	$	11,227,700
New Jersey Turnpike Authority, Series 2015E, 5.00%, 1/1/31		2,680		3,045,740
New Jersey Turnpike Authority, Series 2017B, 5.00%, 1/1/31		3,560		4,315,005
New York Thruway Authority, 3.00%, 1/1/49		9,310		9,068,405
New York Thruway Authority, 4.00%, 1/1/41		10,000		10,786,800
New York Thruway Authority, 4.00%, 1/1/42		15,395		16,567,329
New York Thruway Authority, 4.00%, 1/1/43		10,000		10,743,900
New York Thruway Authority, 5.00%, 1/1/36		12,500		15,578,000
New York Thruway Authority, 5.00%, 1/1/39		1,845		2,309,184
New York Thruway Authority, 5.00%, 1/1/40		17,155		21,442,549
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/46		14,090		14,303,604
North Texas Tollway Authority, 5.00%, 1/1/29		5,000		5,835,400
Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/35		11,855		11,966,793
Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/35		3,145		3,174,657
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		5,005		5,141,536
Port Authority of New York and New Jersey, 5.00%, 5/1/40		3,585		4,035,097
Port Authority of New York and New Jersey, (AMT), 4.00%, 9/1/34		10,800		11,690,244
Port Authority of New York and New Jersey, (AMT), 5.00%, 9/15/31		15,000		18,435,150
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/1/35		5,000		5,979,600
Port Authority of New York and New Jersey, (AMT), 5.00%, 4/1/36		11,230		13,422,545
Port of Seattle, WA, (AMT), 5.00%, 4/1/23		2,000		2,197,560
Port of Seattle, WA, (AMT), 5.00%, 4/1/24		2,165		2,442,142
Port of Seattle, WA, (AMT), 5.00%, 4/1/25		1,500		1,732,320
Raleigh-Durham Airport Authority, NC, (AMT), 5.00%, 5/1/36		1,000		1,209,990
Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/38		7,165		8,215,174
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/41		25,630		28,625,634
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/44		8,535		9,362,041

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/46	$	5,000	$	5,543,400
Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34		29,200		29,428,344
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/37		3,575		3,647,251
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/38		2,245		2,283,008
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/39		2,140		2,169,254
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/36		2,885		3,252,636
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58		12,635		13,552,175
			$	773,804,913
Water and Sewer — 6.4%
Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39	$	22,500	$	24,133,950
Detroit, MI, Water Supply System, 5.00%, 7/1/41		2,185		2,263,136
Detroit, MI, Water Supply System, 5.25%, 7/1/41		56,420		58,781,741
East Bay Municipal Utility District, CA, Water System Revenue, 5.00%, 6/1/35		2,905		3,532,799
East Bay Municipal Utility District, CA, Water System Revenue, 5.00%, 6/1/37		7,280		8,484,112
East Bay Municipal Utility District, CA, Water System Revenue, Green Bonds, 5.00%, 6/1/35		1,000		1,269,790
East Bay Municipal Utility District, CA, Water System Revenue, Green Bonds, 5.00%, 6/1/37		4,200		5,274,864
Grand Rapids, MI, Sanitary Sewer System Revenue, 5.00%, 1/1/45		1,245		1,558,205
Metropolitan Water District of Southern California, 5.00%, 7/1/35		7,500		9,526,050
Metropolitan Water District of Southern California, 5.00%, 7/1/38		4,270		5,354,879
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33		8,095		8,977,193
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/44		8,095		8,588,957
Missoula, MT, Water System Revenue, 4.00%, 7/1/37		600		683,814
Missoula, MT, Water System Revenue, 5.00%, 7/1/33		565		707,092
Missoula, MT, Water System Revenue, 5.00%, 7/1/35		1,135		1,411,406

19 See Notes to Financial Statements.

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March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Missoula, MT, Water System Revenue, 5.00%, 7/1/36	$	800	$	991,752
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.00%, 6/15/35		6,415		7,559,308
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: JPMorgan Chase Bank, N.A.), 0.75%, 6/15/50(3)		16,280		16,280,000
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: PNC Bank, N.A.), 1.05%, 6/15/46(3)		7,100		7,100,000
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: PNC Bank, N.A.), 1.05%, 6/15/48(3)		6,405		6,405,000
Port St. Lucie, FL, Stormwater Utility Revenue, 4.00%, 5/1/37		500		582,345
Port St. Lucie, FL, Stormwater Utility Revenue, 4.00%, 5/1/38		1,000		1,160,700
Port St. Lucie, FL, Stormwater Utility Revenue, 4.00%, 5/1/39		1,075		1,244,635
Tarrant Regional Water District, TX, 5.00%, 3/1/30		10,000		11,364,600
Virginia Beach, VA, Storm Water Utility Revenue, 4.00%, 11/15/31		1,085		1,297,617
			$	194,533,945
Total Tax-Exempt Municipal Securities — 93.5% (identified cost $2,742,973,300)			$	2,858,022,436
Taxable Municipal Securities — 7.6%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.0% (7)
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(1)	$	3,998	$	999,460
			$	999,460
Education — 1.0%
California State University, 2.965%, 11/1/39	$	9,000	$	9,181,980
New York Dormitory Authority, (New York University), 2.219%, 7/1/35		12,500		12,039,000
Red River Education Finance Corp., TX, (Texas Christian University), 3.317%, 3/15/40		10,000		10,204,500
			$	31,425,480

Security	Principal Amount (000’s omitted)		Value
General Obligations — 3.0%
Antelope Valley Community College District, CA, 2.568%, 8/1/34	$	3,300	$	3,284,490
Antelope Valley Community College District, CA, 2.738%, 8/1/36		3,500		3,488,135
Antelope Valley Community College District, CA, 2.768%, 8/1/37		2,930		2,922,177
Austin Independent School District, TX, (PSF Guaranteed), 2.022%, 8/1/34		3,000		2,975,790
Austin Independent School District, TX, (PSF Guaranteed), 2.122%, 8/1/36		2,000		1,969,520
Austin Independent School District, TX, (PSF Guaranteed), 2.152%, 8/1/37		2,000		1,961,420
Charlotte, NC, 1.574%, 7/1/24		1,075		1,090,566
Charlotte, NC, 1.624%, 7/1/25		9,730		9,878,772
Charlotte, NC, 1.775%, 7/1/26		7,490		7,715,823
Charlotte, NC, 1.875%, 7/1/27		2,000		2,046,140
Charlotte, NC, 2.055%, 7/1/30		1,310		1,330,515
Charlotte, NC, 2.155%, 7/1/32		1,000		1,007,020
Chicago, IL, 7.75%, 1/1/42		4,050		4,612,383
Dekalb, Kane, LaSalle, Lee, Ogle, Winnebago and Boone Counties Community College District No. 523, IL, 2.747%, 2/1/32		1,250		1,255,300
Dekalb, Kane, LaSalle, Lee, Ogle, Winnebago and Boone Counties Community College District No. 523, IL, 2.847%, 2/1/33		1,000		1,006,170
Dekalb, Kane, LaSalle, Lee, Ogle, Winnebago and Boone Counties Community College District No. 523, IL, 2.927%, 2/1/34		1,000		1,007,370
Dekalb, Kane, LaSalle, Lee, Ogle, Winnebago and Boone Counties Community College District No. 523, IL, 2.977%, 2/1/35		1,000		1,007,160
Dekalb, Kane, LaSalle, Lee, Ogle, Winnebago and Boone Counties Community College District No. 523, IL, 3.017%, 2/1/36		710		714,913
Denison Independent School District, TX, (PSF Guaranteed), 2.368%, 8/1/32		500		506,100
Denison Independent School District, TX, (PSF Guaranteed), 2.418%, 8/1/33		550		554,273
Denison Independent School District, TX, (PSF Guaranteed), 2.468%, 8/1/34		1,000		1,006,690
Denison Independent School District, TX, (PSF Guaranteed), 2.518%, 8/1/35		1,000		1,005,590
Denison Independent School District, TX, (PSF Guaranteed), 2.736%, 8/1/41		10,705		10,706,285
Monroe Township Board of Education, NJ, 2.071%, 8/1/26		1,375		1,400,561
Monroe Township Board of Education, NJ, 2.171%, 8/1/27		2,000		2,041,980

20 See Notes to Financial Statements.

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Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Oregon, 3.886%, 5/1/37	$	2,500	$	2,708,525
United Independent School District, TX, (PSF Guaranteed), 2.353%, 8/15/32		2,780		2,747,335
United Independent School District, TX, (PSF Guaranteed), 2.403%, 8/15/33		1,960		1,930,561
West Linn-Wilsonville School District No. 3JT, OR, 2.294%, 6/15/31		2,815		2,800,531
Wyandotte County Unified School District No. 500, KS, 3.00%, 9/1/40		13,750		13,931,225
			$	90,613,320
Hospital — 1.2%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	34,250	$	35,856,325
			$	35,856,325
Insured-Transportation — 1.5%
Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/26	$	22,500	$	19,152,225
Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/27		34,390		28,262,734
			$	47,414,959
Special Tax Revenue — 0.2%
Sales Tax Securitization Corp., IL, 2.857%, 1/1/31	$	5,500	$	5,773,020
			$	5,773,020
Transportation — 0.1%
Ohio Turnpike and Infrastructure Commission, 3.096%, 2/15/40	$	3,000	$	3,059,400
			$	3,059,400
Water and Sewer — 0.6%
Narragansett Bay Commission, RI, Wastewater System Revenue, 2.404%, 9/1/34	$	2,410	$	2,322,420
Narragansett Bay Commission, RI, Wastewater System Revenue, 2.464%, 9/1/35		3,315		3,195,196
Narragansett Bay Commission, RI, Wastewater System Revenue, 2.544%, 9/1/36		5,000		4,821,800
Narragansett Bay Commission, RI, Wastewater System Revenue, 2.624%, 9/1/37		4,000		3,871,040

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
South Central Connecticut Regional Water Authority, 3.162%, 8/1/40	$	3,750	$	3,803,625
			$	18,014,081
Total Taxable Municipal Securities — 7.6% (identified cost $223,425,873)			$	233,156,045
Corporate Bonds & Notes — 0.2%
Security	Principal Amount (000’s omitted)		Value
Health Care — 0.2%
Providence St. Joseph Health Obligated Group, 2.532%, 10/1/29	$	5,000	$	4,910,996
Total Corporate Bonds & Notes — 0.2% (identified cost $5,000,000)			$	4,910,996
Total Investments — 101.3% (identified cost $2,971,399,173)			$	3,096,089,477
Other Assets, Less Liabilities — (1.3)%			$	(40,028,769	)
Net Assets — 100.0%			$	3,056,060,708

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

At March 31, 2020, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows:

New York	23.1%
California	13.4%
Texas	12.0%
Others, representing less than 10% individually	52.8%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2020, 7.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.4% to 3.2% of total investments.

⁽¹⁾  Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2020, the

21 See Notes to Financial Statements.

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Portfolio of Investments (Unaudited) — continued

aggregate value of these securities is $9,243,179 or 0.3% of the Fund’s net assets.

⁽³⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at March 31, 2020.

⁽⁴⁾  When-issued security.

⁽⁵⁾  Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

⁽⁶⁾  Floating rate security. The stated interest rate represents the rate in effect at March 31, 2020.

⁽⁷⁾  Amount is less than 0.05%.

⁽⁸⁾  Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy.

⁽⁹⁾  Security is in default and making only partial interest payments.

Abbreviations:

AGC	–	Assured Guaranty Corp.
AGM	–	Assured Guaranty Municipal Corp.
AMBAC	–	AMBAC Financial Group, Inc.
AMT	–	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
LIBOR	–	London Interbank Offered Rate
LOC	–	Letter of Credit
NPFG	–	National Public Finance Guarantee Corp.
PSF	–	Permanent School Fund
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
SPA	–	Standby Bond Purchase Agreement

Currency Abbreviations:

USD – United States Dollar

22 See Notes to Financial Statements.

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March 31, 2020

Statements of Assets and Liabilities (Unaudited)

	March 31, 2020
Assets	AMT-Free Fund			National Fund
Investments —
Identified cost	$	310,861,156		$	2,971,399,173
Unrealized appreciation		21,763,039			124,690,304
Investments, at value	$	332,624,195		$	3,096,089,477
Cash	$	6,268,492		$	9,924,941
Interest receivable		3,906,007			33,319,991
Receivable for investments sold		38,041			45,000
Receivable for Fund shares sold		141,434			54,427,934
Due from broker for floating rate notes issued		—			6,675,000
Total assets	$	342,978,169		$	3,200,482,343
Liabilities
Payable for floating rate notes issued	$	29,826,918		$	109,885,969
Payable for investments purchased		—			8,885,958
Payable for when-issued securities		2,052,513			12,619,682
Payable for Fund shares redeemed		568,649			8,918,515
Distributions payable		235,406			1,098,389
Payable to affiliates:
Investment adviser fee		121,090			850,894
Distribution and service fees		46,439			465,511
Interest expense and fees payable		210,550			709,211
Accrued expenses		134,490			987,506
Total liabilities	$	33,196,055		$	144,421,635
Net Assets	$	309,782,114		$	3,056,060,708
Sources of Net Assets
Paid-in capital	$	314,816,333		$	3,105,884,200
Accumulated loss		(5,034,219	)		(49,823,492	)
Net Assets	$	309,782,114		$	3,056,060,708
Class A Shares
Net Assets	$	147,223,800		$	1,556,037,564
Shares Outstanding		16,081,168			156,080,874
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.16		$	9.97
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	9.62		$	10.47
Class C Shares
Net Assets	$	17,690,292		$	155,076,011
Shares Outstanding		1,943,509			15,555,077
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.10		$	9.97
Class I Shares
Net Assets	$	144,868,022		$	1,344,947,133
Shares Outstanding		14,488,802			134,916,762
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.00		$	9.97

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.

23 See Notes to Financial Statements.

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March 31, 2020

Statements of Operations (Unaudited)

	Six Months Ended March 31, 2020
Investment Income	AMT-Free Fund			National Fund
Interest	$	6,578,120		$	54,711,690
Total investment income	$	6,578,120		$	54,711,690
Expenses
Investment adviser fee	$	688,952		$	5,084,164
Distribution and service fees
Class A		187,012			1,996,586
Class C		94,587			835,365
Trustees’ fees and expenses		8,120			54,250
Custodian fee		35,858			301,556
Transfer and dividend disbursing agent fees		46,405			612,904
Legal and accounting services		34,862			78,837
Printing and postage		13,119			131,054
Registration fees		38,820			96,338
Interest expense and fees		307,739			1,110,897
Miscellaneous		23,676			94,684
Total expenses	$	1,479,150		$	10,396,635
Net investment income	$	5,098,970		$	44,315,055
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(597,522	)	$	15,127,568
Net realized gain (loss)	$	(597,522	)	$	15,127,568
Change in unrealized appreciation (depreciation) —
Investments	$	(7,819,413	)	$	(76,080,640	)
Net change in unrealized appreciation (depreciation)	$	(7,819,413	)	$	(76,080,640	)
Net realized and unrealized loss	$	(8,416,935	)	$	(60,953,072	)
Net decrease in net assets from operations	$	(3,317,965	)	$	(16,638,017	)

24 See Notes to Financial Statements.

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Municipal Income Funds

March 31, 2020

Statements of Changes in Net Assets

	Six Months Ended March 31, 2020 (Unaudited)
Increase (Decrease) in Net Assets	AMT-Free Fund			National Fund
From operations —
Net investment income	$	5,098,970		$	44,315,055
Net realized gain (loss)		(597,522	)		15,127,568
Net change in unrealized appreciation (depreciation)		(7,819,413	)		(76,080,640	)
Net decrease in net assets from operations	$	(3,317,965	)	$	(16,638,017	)
Distributions to shareholders —
Class A	$	(2,364,023	)	$	(22,674,518	)
Class C		(228,982	)		(1,759,048	)
Class I		(2,807,012	)		(22,304,924	)
Total distributions to shareholders	$	(5,400,017	)	$	(46,738,490	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	8,282,512		$	92,876,994
Class C		1,458,781			15,130,550
Class I		104,517,020			427,484,947
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,099,247			19,322,248
Class C		184,734			1,420,305
Class I		1,890,372			18,927,145
Cost of shares redeemed
Class A		(13,181,425	)		(148,914,548	)
Class C		(2,563,007	)		(16,676,642	)
Class I		(100,543,752	)		(416,520,838	)
Net asset value of shares converted
Class A		862,341			14,107,669
Class C		(862,341	)		(14,107,669	)
Net increase (decrease) in net assets from Fund share transactions	$	2,144,482		$	(6,949,839	)
Net decrease in net assets	$	(6,573,500	)	$	(70,326,346	)
Net Assets
At beginning of period	$	316,355,614		$	3,126,387,054
At end of period	$	309,782,114		$	3,056,060,708

25 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Statements of Changes in Net Assets — continued

	Year Ended September 30, 2019
Increase (Decrease) in Net Assets	AMT-Free Fund			National Fund
From operations —
Net investment income	$	10,837,542		$	90,078,958
Net realized gain		496,446			22,467,982
Net change in unrealized appreciation (depreciation)		12,485,361			115,156,982
Net increase in net assets from operations	$	23,819,349		$	227,703,922
Distributions to shareholders —
Class A	$	(5,125,467	)	$	(49,279,956	)
Class B		—			(23,586	)
Class C		(675,044	)		(6,179,246	)
Class I		(5,080,058	)		(34,955,784	)
Total distributions to shareholders	$	(10,880,569	)	$	(90,438,572	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	17,120,080		$	132,818,482
Class B		—			15,727
Class C		3,443,300			28,224,568
Class I		37,835,385			787,247,276
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		4,583,249			41,711,115
Class B		—			20,042
Class C		558,182			5,138,875
Class I		3,665,870			29,299,489
Cost of shares redeemed
Class A		(27,446,522	)		(234,832,240	)
Class B		—			(416,016	)
Class C		(7,032,598	)		(64,286,308	)
Class I		(33,790,772	)		(276,494,610	)
Net asset value of shares converted(1)
Class A		10,699,119			170,804,852
Class B		—			(1,625,188	)
Class C		(10,699,119	)		(169,179,664	)
Net increase (decrease) in net assets from Fund share transactions	$	(1,063,826	)	$	448,446,400
Net increase in net assets	$	11,874,954		$	585,711,750
Net Assets
At beginning of year	$	304,480,660		$	2,540,675,304
At end of year	$	316,355,614		$	3,126,387,054

⁽¹⁾   Includes the conversion of Class B to Class A shares at the close of business on August 15, 2019 upon the termination of Class B.

26 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights

	AMT-Free Fund — Class A
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.250		$	8.870		$	9.130		$	9.430		$	9.210		$	9.350
Income (Loss) From Operations
Net investment income(1)	$	0.138		$	0.317		$	0.336		$	0.351		$	0.358		$	0.374
Net realized and unrealized gain (loss)		(0.082	)		0.381			(0.262	)		(0.298	)		0.218			(0.142	)
Total income from operations	$	0.056		$	0.698		$	0.074		$	0.053		$	0.576		$	0.232
Less Distributions
From net investment income	$	(0.146	)	$	(0.318	)	$	(0.334	)	$	(0.353	)	$	(0.356	)	$	(0.372	)
Total distributions	$	(0.146	)	$	(0.318	)	$	(0.334	)	$	(0.353	)	$	(0.356	)	$	(0.372	)
Net asset value — End of period	$	9.160		$	9.250		$	8.870		$	9.130		$	9.430		$	9.210
Total Return(2)		0.60	%(3)		8.02	%		0.83	%		0.64	%		6.33	%		2.52	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	147,224		$	150,853		$	139,623		$	155,589		$	198,762		$	194,227
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.79	%(5)		0.81	%		0.81	%		0.82	%		0.81	%		0.82	%
Interest and fee expense(6)		0.18	%(5)		0.23	%		0.24	%		0.16	%		0.10	%		0.08	%
Total expenses(4)		0.97	%(5)		1.04	%		1.05	%		0.98	%		0.91	%		0.90	%
Net investment income		2.99	%(5)		3.51	%		3.74	%		3.86	%		3.81	%		4.02	%
Portfolio Turnover		49	%(3)		33	%		18	%		33	%		21	%		17	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

27 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	AMT-Free Fund — Class C
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.200		$	8.820		$	9.080		$	9.380		$	9.160		$	9.300
Income (Loss) From Operations
Net investment income(1)	$	0.103		$	0.249		$	0.267		$	0.281		$	0.286		$	0.302
Net realized and unrealized gain (loss)		(0.092	)		0.380			(0.262	)		(0.298	)		0.218			(0.142	)
Total income (loss) from operations	$	0.011		$	0.629		$	0.005		$	(0.017	)	$	0.504		$	0.160
Less Distributions
From net investment income	$	(0.111	)	$	(0.249	)	$	(0.265	)	$	(0.283	)	$	(0.284	)	$	(0.300	)
Total distributions	$	(0.111	)	$	(0.249	)	$	(0.265	)	$	(0.283	)	$	(0.284	)	$	(0.300	)
Net asset value — End of period	$	9.100		$	9.200		$	8.820		$	9.080		$	9.380		$	9.160
Total Return(2)		0.11	%(3)		7.24	%		0.06	%		(0.12	)%		5.56	%		1.75	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	17,690		$	19,715		$	32,545		$	39,099		$	45,606		$	41,903
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.54	%(5)		1.56	%		1.56	%		1.57	%		1.56	%		1.57	%
Interest and fee expense(6)		0.18	%(5)		0.23	%		0.24	%		0.16	%		0.10	%		0.08	%
Total expenses(4)		1.72	%(5)		1.79	%		1.80	%		1.73	%		1.66	%		1.65	%
Net investment income		2.24	%(5)		2.78	%		2.99	%		3.11	%		3.06	%		3.27	%
Portfolio Turnover		49	%(3)		33	%		18	%		33	%		21	%		17	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

28 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	AMT-Free Fund — Class I
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.100		$	9.680		$	9.970		$	10.300		$	10.060		$	10.210
Income (Loss) From Operations
Net investment income(1)	$	0.163		$	0.370		$	0.391		$	0.407		$	0.415		$	0.434
Net realized and unrealized gain (loss)		(0.091	)		0.422			(0.292	)		(0.327	)		0.240			(0.152	)
Total income from operations	$	0.072		$	0.792		$	0.099		$	0.080		$	0.655		$	0.282
Less Distributions
From net investment income	$	(0.172	)	$	(0.372	)	$	(0.389	)	$	(0.410	)	$	(0.415	)	$	(0.432	)
Total distributions	$	(0.172	)	$	(0.372	)	$	(0.389	)	$	(0.410	)	$	(0.415	)	$	(0.432	)
Net asset value — End of period	$	10.000		$	10.100		$	9.680		$	9.970		$	10.300		$	10.060
Total Return(2)		0.70	%(3)		8.34	%		1.02	%		0.87	%		6.60	%		2.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	144,868		$	145,788		$	132,313		$	154,177		$	154,458		$	109,937
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.54	%(5)		0.56	%		0.56	%		0.57	%		0.56	%		0.57	%
Interest and fee expense(6)		0.18	%(5)		0.23	%		0.24	%		0.16	%		0.10	%		0.08	%
Total expenses(4)		0.72	%(5)		0.79	%		0.80	%		0.73	%		0.66	%		0.65	%
Net investment income		3.22	%(5)		3.76	%		3.98	%		4.09	%		4.04	%		4.27	%
Portfolio Turnover		49	%(3)		33	%		18	%		33	%		21	%		17	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

29 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	National Fund — Class A
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.140		$	9.650		$	9.930		$	10.170		$	9.810		$	9.870
Income (Loss) From Operations
Net investment income(1)	$	0.136		$	0.322		$	0.350		$	0.366		$	0.385		$	0.389
Net realized and unrealized gain (loss)		(0.162	)		0.491			(0.277	)		(0.242	)		0.357			(0.064	)
Total income (loss) from operations	$	(0.026	)	$	0.813		$	0.073		$	0.124		$	0.742		$	0.325
Less Distributions
From net investment income	$	(0.144	)	$	(0.323	)	$	(0.353	)	$	(0.364	)	$	(0.382	)	$	(0.385	)
Total distributions	$	(0.144	)	$	(0.323	)	$	(0.353	)	$	(0.364	)	$	(0.382	)	$	(0.385	)
Net asset value — End of period	$	9.970		$	10.140		$	9.650		$	9.930		$	10.170		$	9.810
Total Return(2)		(0.28	)%(3)		8.57	%		0.76	%		1.31	%		7.68	%		3.35	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,556,038		$	1,605,407		$	1,419,239		$	1,600,127		$	1,857,375		$	1,899,324
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.65	%(5)		0.68	%		0.69	%		0.68	%		0.67	%		0.67	%
Interest and fee expense(6)		0.07	%(5)		0.12	%		0.19	%		0.16	%		0.12	%		0.09	%
Total expenses(4)		0.72	%(5)		0.80	%		0.88	%		0.84	%		0.79	%		0.76	%
Net investment income		2.69	%(5)		3.26	%		3.58	%		3.71	%		3.83	%		3.94	%
Portfolio Turnover		66	%(3)		89	%		67	%		70	%		71	%		57	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

30 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	National Fund — Class C
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.140		$	9.650		$	9.930		$	10.170		$	9.810		$	9.870
Income (Loss) From Operations
Net investment income(1)	$	0.098		$	0.252		$	0.276		$	0.292		$	0.310		$	0.315
Net realized and unrealized gain (loss)		(0.161	)		0.488			(0.276	)		(0.242	)		0.357			(0.064	)
Total income (loss) from operations	$	(0.063	)	$	0.740		$	—		$	0.050		$	0.667		$	0.251
Less Distributions
From net investment income	$	(0.107	)	$	(0.250	)	$	(0.280	)	$	(0.290	)	$	(0.307	)	$	(0.311	)
Total distributions	$	(0.107	)	$	(0.250	)	$	(0.280	)	$	(0.290	)	$	(0.307	)	$	(0.311	)
Net asset value — End of period	$	9.970		$	10.140		$	9.650		$	9.930		$	10.170		$	9.810
Total Return(2)		(0.64	)%(3)		7.77	%		0.01	%		0.56	%		6.88	%		2.58	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	155,076		$	172,417		$	363,026		$	462,269		$	576,664		$	585,346
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.40	%(5)		1.43	%		1.44	%		1.43	%		1.42	%		1.42	%
Interest and fee expense(6)		0.07	%(5)		0.12	%		0.19	%		0.16	%		0.12	%		0.09	%
Total expenses(4)		1.47	%(5)		1.55	%		1.63	%		1.59	%		1.54	%		1.51	%
Net investment income		1.94	%(5)		2.57	%		2.83	%		2.96	%		3.08	%		3.19	%
Portfolio Turnover		66	%(3)		89	%		67	%		70	%		71	%		57	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

31 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	National Fund — Class I
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.140		$	9.650		$	9.930		$	10.170		$	9.810		$	9.870
Income (Loss) From Operations
Net investment income(1)	$	0.149		$	0.341		$	0.374		$	0.390		$	0.410		$	0.413
Net realized and unrealized gain (loss)		(0.163	)		0.495			(0.277	)		(0.241	)		0.357			(0.063	)
Total income (loss) from operations	$	(0.014	)	$	0.836		$	0.097		$	0.149		$	0.767		$	0.350
Less Distributions
From net investment income	$	(0.156	)	$	(0.346	)	$	(0.377	)	$	(0.389	)	$	(0.407	)	$	(0.410	)
Total distributions	$	(0.156	)	$	(0.346	)	$	(0.377	)	$	(0.389	)	$	(0.407	)	$	(0.410	)
Net asset value — End of period	$	9.970		$	10.140		$	9.650		$	9.930		$	10.170		$	9.810
Total Return(2)		(0.15	)%(3)		8.83	%		1.01	%		1.56	%		7.94	%		3.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,344,947		$	1,348,563		$	756,446		$	777,063		$	701,153		$	674,696
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.40	%(5)		0.43	%		0.44	%		0.43	%		0.42	%		0.42	%
Interest and fee expense(6)		0.07	%(5)		0.12	%		0.19	%		0.16	%		0.12	%		0.09	%
Total expenses(4)		0.47	%(5)		0.55	%		0.63	%		0.59	%		0.54	%		0.51	%
Net investment income		2.94	%(5)		3.45	%		3.83	%		3.95	%		4.09	%		4.19	%
Portfolio Turnover		66	%(3)		89	%		67	%		70	%		71	%		57	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

32 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance AMT-Free Municipal Income Fund (AMT-Free Fund) and Eaton Vance National Municipal Income Fund (National Fund) (each individually referred to as the Fund, and collectively, the Funds) are a diversified series of Eaton Vance Mutual Funds Trust and Eaton Vance Municipals Trust, respectively (collectively, the Trusts). The Trusts are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. The Funds’ investment objective is to provide current income exempt from regular federal income tax. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Funds’ prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

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

B  Investment Transactions and Related Income — 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. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C  Federal Taxes — Each 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 taxable, if any, and tax-exempt 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. Each Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by each Fund, as exempt-interest dividends. For National Fund, the portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

As of March 31, 2020, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each 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 Trusts 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  Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.

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.

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Notes to Financial Statements (Unaudited) — continued

G  Indemnifications — Under each 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 Funds. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as a Trust) could be deemed to have personal liability for the obligations of the Trust. However, each 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, each Fund enters into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Fund that have not yet occurred.

H  Floating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 9) at March 31, 2020. Interest expense related to a Fund’s liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At March 31, 2020, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:

	AMT-Free Fund		National Fund
Floating Rate Notes Outstanding	$	29,826,918	$	109,885,969
Interest Rate or Range of Interest Rates (%)		4.76 - 5.02		4.14 - 5.02
Collateral for Floating Rate Notes Outstanding	$	46,826,097	$	157,829,040

For the six months ended March 31, 2020, the Funds’ average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were as follows:

	AMT-Free Fund			National Fund
Average Floating Rate Notes Outstanding	$	29,775,000		$	111,006,694
Average Interest Rate		2.07	%		2.00	%

In certain circumstances, the Funds may enter into shortfall and forbearance agreements with brokers by which a Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of March 31, 2020.

The Funds may also purchase residual interest bonds in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.

The Funds’ investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. 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. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Funds’ investment policies do not allow the

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Municipal Income Funds

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

Funds to borrow money except as permitted by the 1940 Act. Management believes that the Funds’ restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Funds’ Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Funds’ restrictions apply. Residual interest bonds held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

I  When-Issued Securities and Delayed Delivery Transactions — The Funds may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Funds maintain cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

J  Interim Financial Statements — The interim financial statements relating to March 31, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

At September 30, 2019, the following Funds, for federal income tax purposes, had deferred capital losses which would reduce the respective Fund’s 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 Funds of any liability for federal income or

excise tax. The deferred capital losses are treated as arising on the first day of a Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. The amounts of the deferred capital losses are as follows:

	AMT-Free Fund		National Fund
Deferred capital losses:
Short-term	$	14,481,444	$	135,794,015
Long-term	$	13,406,119	$	93,936,872

The cost and unrealized appreciation (depreciation) of investments of each Fund at March 31, 2020, as determined on a federal income tax basis, were as follows:

	AMT-Free Fund			National Fund
Aggregate cost	$	280,559,196		$	2,828,828,342
Gross unrealized appreciation	$	25,019,856		$	193,320,104
Gross unrealized depreciation		(2,781,775	)		(35,944,938	)
Net unrealized appreciation	$	22,238,081		$	157,375,166

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) for AMT-Free Fund and Boston Management and Research (BMR), a subsidiary of EVM, for National Fund as compensation for management and investment advisory services rendered to each Fund. The fee is based upon a percentage

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Eaton Vance

Municipal Income Funds

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

of average daily net assets plus a percentage of gross income (i.e., income other than gains from the sale of securities) as presented in the following table and is payable monthly.

Daily Net Assets	Annual Asset Rate			Daily Income Rate
Up to $500 million		0.300	%		3.00	%
$500 million up to $1 billion		0.275			2.75
$1 billion up to $1.5 billion		0.250			2.50
$1.5 billion up to $2 billion		0.225			2.25
$2 billion up to $3 billion		0.200			2.00
$3 billion and over		0.175			1.75

For the six months ended March 31, 2020, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

	AMT-Free Fund			National Fund
Investment Adviser Fee	$	688,952		$	5,084,164
Effective Annual Rate		0.41	%		0.32	%

EVM serves as the administrator of each Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. 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). Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD for the six months ended March 31, 2020 were as follows:

	AMT-Free Fund		National Fund
EVM’s Sub-Transfer Agent Fees	$	6,289	$	72,157
EVD’s Class A Sales Charges	$	7,320	$	85,354

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

4  Distribution Plans

Each 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, each 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 each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2020 for Class A shares amounted to the following:

	AMT-Free Fund		National Fund
Class A Distribution and Service Fees	$	187,012	$	1,996,586

Each 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, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing

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Eaton Vance

Municipal Income Funds

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

distribution services and facilities to the respective Funds. For the six months ended March 31, 2020, the Funds paid or accrued to EVD the following distribution fees:

	AMT-Free Fund		National Fund
Class C Distribution Fees	$	70,940	$	626,524

The Class C Plan also authorizes each Fund to make payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of the average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended March 31, 2020 amounted to the following:

	AMT-Free Fund		National Fund
Class C Service Fees	$	23,647	$	208,841

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended March 31, 2020, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A and Class C shareholders:

	AMT-Free Fund		National Fund
Class A	$	20	$	8,000
Class C	$	40	$	9,000

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended March 31, 2020 were as follows:

	AMT-Free Fund		National Fund
Purchases	$	167,997,378	$	2,111,038,998
Sales	$	169,371,131	$	2,185,779,619

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Municipal Income Funds

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

Each 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 Funds) and classes. Transactions in Fund shares were as follows:

AMT-Free Fund
	Six Months Ended March 31, 2020 (Unaudited)
	Class A			Class C			Class I
Sales		891,322			157,874			10,258,252
Issued to shareholders electing to receive payments of distributions in Fund shares		226,218			20,024			186,511
Redemptions		(1,436,902	)		(283,997	)		(10,385,754	)
Converted from Class C shares		93,216			—			—
Converted to Class A shares		—			(93,743	)		—
Net increase (decrease)		(226,146	)		(199,842	)		59,009
	Year Ended September 30, 2019
	Class A			Class C			Class I
Sales		1,899,582			386,747			3,849,738
Issued to shareholders electing to receive payments of distributions in Fund shares		507,029			62,385			371,109
Redemptions		(3,048,646	)		(790,414	)		(3,453,702	)
Converted from Class C shares		1,200,770			—			—
Converted to Class A shares		—			(1,206,708	)		—
Net increase (decrease)		558,735			(1,547,990	)		767,145

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Eaton Vance

Municipal Income Funds

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

National Fund
	Six Months Ended March 31, 2020 (Unaudited)
	Class A			Class B			Class C			Class I
Sales		9,239,855			—			1,488,676			42,274,974
Issued to shareholders electing to receive payments of distributions in Fund shares		1,899,078			—			139,599			1,859,775
Redemptions		(14,789,146	)		—			(1,660,987	)		(42,209,777	)
Converted from Class C shares		1,413,278			—			—			—
Converted to Class A shares		—			—			(1,413,233	)		—
Net increase (decrease)		(2,236,935	)		—			(1,445,945	)		1,924,972
	Year Ended September 30, 2019
	Class A			Class B(1)			Class C			Class I
Sales		13,405,753			1,628			2,854,164			79,852,684
Issued to shareholders electing to receive payments of distributions in Fund shares		4,222,148			2,056			524,297			2,955,582
Redemptions		(23,904,165	)		(42,058	)		(6,560,819	)		(28,172,127	)
Converted from Class B shares		165,069			—			—			—
Converted from Class C shares		17,419,337			—			—			—
Converted to Class A shares		—			(165,036	)		(17,422,262	)		—
Net increase (decrease)		11,308,142			(203,410	)		(20,604,620	)		54,636,139

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

8  Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Funds solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to each Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the six months ended March 31, 2020.

9  Fair Value Measurements

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

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

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

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

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

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Eaton Vance

Municipal Income Funds

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

At March 31, 2020, the hierarchy of inputs used in valuing the Funds’ investments, which are carried at value, were as follows:

AMT-Free Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Investments	$	—	$	332,624,195	$	—	$	332,624,195
Total Investments	$	—	$	332,624,195	$	—	$	332,624,195
National Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	2,858,022,436	$	—	$	2,858,022,436
Taxable Municipal Securities		—		233,156,045		—		233,156,045
Corporate Bonds & Notes		—		4,910,996		—		4,910,996
Total Investments	$	—	$	3,096,089,477	$	—	$	3,096,089,477

10  Risks and Uncertainties

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Funds’ investments.

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Eaton Vance

Municipal Income Funds

March 31, 2020

Officers and Trustees

Officers of Eaton Vance Municipals Trust and Eaton Vance Mutual Funds Trust

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Municipals Trust and Eaton Vance Mutual Funds Trust

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

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Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

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

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

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

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Investment Advisers

AMT-Free Municipal Income Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

National Municipal Income Fund

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7714    3.31.20

Eaton Vance

Core Plus Bond Fund

Semiannual Report

March 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.

Semiannual Report March 31, 2020

Eaton Vance

Core Plus Bond Fund

Table of Contents

Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Officers and Trustees	27
Important Notices	28

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Performance^1,2

Portfolio Managers Matthew T. Buckley, CFA, John H. Croft, CFA and Vishal Khanduja, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		11/17/2009		11/17/2009		–9.25	%		–5.47	%		1.60	%		4.86	%
Class A with 4.75% Maximum Sales Charge		—		—		–13.57			–9.92			0.62			4.35
Class C at NAV		11/17/2009		11/17/2009		–9.67			–6.18			0.83			4.08
Class C with 1% Maximum Sales Charge		—		—		–10.56			–7.10			0.83			4.08
Class I at NAV		11/17/2009		11/17/2009		–9.22			–5.24			1.84			5.12
Bloomberg Barclays U.S. Aggregate Bond Index		—		—		3.33	%		8.93	%		3.35	%		3.88	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									0.85	%		1.60	%		0.60	%
Net									0.74			1.49			0.49

Fund Profile

Credit Quality (% of bond holdings)⁴

* Amount is less than 0.05%.

Asset Allocation (% of total investments)

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Endnotes and Additional Disclosures

¹ Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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

Effective May 1, 2015, the Fund changed its investment objective and policies. Prior to May 1, 2015, the Fund invested primarily in Build America Bonds. Performance prior to May 1, 2015 reflects the Fund’s performance under its former investment objective and policies.

³ Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴ Ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

Fund profile subject to change due to active management.

3

Eaton Vance

Core Plus Bond Fund

March 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 (October 1, 2019 – March 31, 2020).

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

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

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

	Beginning Account Value (10/1/19)		Ending Account Value (3/31/20)		Expenses Paid During Period* (10/1/19 – 3/31/20)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	907.50	$	3.53	**		0.74	%
Class C	$	1,000.00	$	903.30	$	7.09	**		1.49	%
Class I	$	1,000.00	$	907.80	$	2.34	**		0.49	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.30	$	3.74	**		0.74	%
Class C	$	1,000.00	$	1,017.60	$	7.52	**		1.49	%
Class I	$	1,000.00	$	1,022.60	$	2.48	**		0.49	%

* 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 183/366 (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 September 30, 2019.

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

4

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Portfolio of Investments (Unaudited)

Corporate Bonds & Notes— 41.1%
Security	Principal Amount* (000’s omitted)		Value
Aerospace & Defense — 0.7%
Aerovias de Mexico SA de CV, 7.00%, 2/5/25(1)		10,200	$	3,136,500
Azul Investments LLP, 5.875%, 10/26/24(1)		5,665		3,165,347
			$	6,301,847
Agriculture — 0.3%
Camposol SA, 6.00%, 2/3/27(1)		3,410	$	2,715,213
			$	2,715,213
Automotive — 0.3%
General Motors Co., 5.40%, 4/1/48		3,731	$	2,731,442
			$	2,731,442
Banks — 5.8%
Alliance Data Systems Corp., 4.75%, 12/15/24(1)		4,624	$	3,548,920
Australia & New Zealand Banking Group, Ltd., 2.95% to 7/22/25, 7/22/30(1)(2)		3,531		3,353,043
Banco Mercantil del Norte SA/Grand Cayman, 5.75% to 10/4/26, 10/4/31(1)(2)		6,225		5,344,427
Banco Mercantil del Norte SA/Grand Cayman, 7.50% to 6/27/29(1)(2)(3)		745		569,001
Banco Santander SA, 3.80%, 2/23/28		6,400		6,295,270
Barclays PLC, 5.088% to 6/20/29, 6/20/30(2)		3,595		3,731,467
BBVA Bancomer SA, 5.125% to 1/17/28, 1/18/33(1)(2)		7,120		5,949,294
Commonwealth Bank of Australia, 3.61% to 9/12/29, 9/12/34(1)(2)		7,600		6,903,732
Discover Bank, 4.682% to 8/9/23, 8/9/28(2)		2,040		2,078,811
Lloyds Banking Group PLC, 2.438% to 2/5/25, 2/5/26(2)		4,204		3,978,490
Morgan Stanley, 3.622% to 4/1/30, 4/1/31(2)		4,490		4,682,720
Western Union Co. (The), 2.85%, 1/10/25		2,758		2,750,561
			$	49,185,736
Beverages — 0.5%
Fomento Economico Mexicano SAB de CV, 3.50%, 1/16/50		4,292	$	4,016,738
			$	4,016,738
Building Materials — 0.9%
Owens Corning, 3.95%, 8/15/29		8,424	$	8,006,758
			$	8,006,758

Security		Principal Amount* (000’s omitted)		Value
Chemicals — 0.9%
Alpek SAB de CV, 4.25%, 9/18/29(1)			2,490	$	2,043,717
Huntsman International, LLC, 4.50%, 5/1/29			6,420		5,489,212
				$	7,532,929
Commercial Services — 0.6%
Ashtead Capital, Inc., 4.125%, 8/15/25(1)			2,765	$	2,543,800
Ashtead Capital, Inc., 4.25%, 11/1/29(1)			2,785		2,378,758
				$	4,922,558
Computers — 0.2%
Hewlett Packard Enterprise Co., 1.464%, (3 mo. USD LIBOR + 0.68%), 3/12/21(4)			2,013	$	1,947,952
				$	1,947,952
Consumer Products — 1.1%
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30(1)			9,080	$	9,425,494
				$	9,425,494
Diversified Financial Services — 5.0%
AG Issuer, LLC, 6.25%, 3/1/28(1)			7,010	$	5,940,975
Alpha Holding SA de CV, 9.00%, 2/10/25(1)			5,025		3,504,937
Alpha Holding SA de CV, 10.00%, 12/19/22(1)			825		576,218
Ameriprise Financial, Inc., 3.00%, 4/2/25			2,084		2,075,185
Banco BTG Pactual SA/Cayman Islands, 4.50%, 1/10/25(1)			10,550		9,284,000
Brookfield Finance, Inc., 4.70%, 9/20/47			3,240		3,057,247
Jefferies Group, LLC/Jefferies Group Capital Finance, Inc., 4.15%, 1/23/30			5,604		5,377,954
KKR Group Finance Co. VI, LLC, 3.75%, 7/1/29(1)			2,690		2,690,655
Neuberger Berman Group, LLC/Neuberger Berman Finance Corp., 4.875%, 4/15/45(1)			1,685		1,543,439
Raymond James Financial, Inc., 4.65%, 4/1/30			1,447		1,516,328
UniCredit SpA, 5.861% to 6/19/27, 6/19/32(1)(2)			6,349		5,854,316
Unifin Financiera SA DE, 7.375%, 2/12/26(1)			1,375		836,760
				$	42,258,014
Diversified Manufacturing — 0.4%
Ellaktor Value PLC, 6.375%, 12/15/24(1)	EUR		3,790	$	2,926,063
				$	2,926,063

5 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Electric Utilities — 1.6%
Consolidated Edison Co. of New York, Inc., 3.35%, 4/1/30		2,429	$	2,510,584
Edison International, 3.55%, 11/15/24		1,365		1,358,451
Edison International, 4.95%, 4/15/25		2,959		2,952,165
Enel Finance International NV, 3.625%, 5/25/27(1)		3,358		3,417,443
Engie Energia Chile SA, 3.40%, 1/28/30(1)		3,890		3,343,455
			$	13,582,098
Electrical and Electronic Equipment — 0.7%
Ingram Micro, Inc., 5.45%, 12/15/24		7,537	$	6,165,430
			$	6,165,430
Energy — 0.5%
Empresa Electrica Cochrane SpA, 5.50%, 5/14/27(1)		4,950	$	4,510,688
			$	4,510,688
Financial Services — 0.8%
Carlyle Finance Subsidiary, LLC, 3.50%, 9/19/29(1)		7,675	$	6,894,421
			$	6,894,421
Foods — 0.2%
Sysco Corp., 5.65%, 4/1/25		1,250	$	1,302,934
			$	1,302,934
Health Care — 0.9%
Centene Corp., 3.375%, 2/15/30(1)		2,333	$	2,178,439
Centene Corp., 4.25%, 12/15/27(1)		1,705		1,717,702
Centene Corp., 4.625%, 12/15/29(1)		3,890		3,931,040
			$	7,827,181
Home Construction — 0.9%
MDC Holdings, Inc., 6.00%, 1/15/43		5,450	$	5,181,996
PulteGroup, Inc., 6.00%, 2/15/35		2,622		2,655,027
			$	7,837,023
Insurance — 1.6%
Aflac, Inc., 3.60%, 4/1/30		2,594	$	2,631,300
Brown & Brown, Inc., 4.50%, 3/15/29		2,137		2,308,054
Radian Group, Inc., 4.875%, 3/15/27		8,554		8,498,763
			$	13,438,117

Security	Principal Amount* (000’s omitted)		Value
Machinery — 1.1%
nVent Finance S.a.r.l., 4.55%, 4/15/28		6,210	$	6,942,267
Valmont Industries, Inc., 5.25%, 10/1/54		2,184		2,166,728
			$	9,108,995
Media — 1.4%
Charter Communications Operating, LLC/Charter Communications Operating Capital, 4.80%, 3/1/50		5,215	$	5,459,768
Discovery Communications, LLC, 5.20%, 9/20/47		5,815		5,969,379
			$	11,429,147
Oil and Gas — 3.5%
Apache Corp., 4.25%, 1/15/30		2,540	$	1,350,202
EQT Corp., 6.125%, 2/1/25		7,993		6,215,357
Gran Tierra Energy, Inc., 7.75%, 5/23/27(1)		1,200		313,500
Gran Tierra Energy International Holdings, Ltd., 6.25%, 2/15/25(1)		3,125		808,593
National Oilwell Varco, Inc., 3.60%, 12/1/29		8,893		6,684,282
Neptune Energy Bondco PLC, 6.625%, 5/15/25(1)		10,919		6,196,205
Occidental Petroleum Corp., 3.142%, (3 mo. USD LIBOR + 1.45%), 8/15/22(4)		7,674		5,144,952
Oceaneering International, Inc., 6.00%, 2/1/28		452		176,939
Patterson-UTI Energy, Inc., 3.95%, 2/1/28		5,555		2,184,191
Petrobras Global Finance BV, 5.093%, 1/15/30(1)		869		796,221
			$	29,870,442
Pharmaceuticals — 0.3%
CVS Health Corp., 3.75%, 4/1/30		2,411	$	2,499,722
			$	2,499,722
Pipelines — 0.4%
Plains All American Pipeline, L.P./PAA Finance Corp., 3.55%, 12/15/29		4,976	$	3,419,127
			$	3,419,127
Real Estate Investment Trusts (REITs) — 2.7%
CyrusOne, L.P./CyrusOne Finance Corp., 3.45%, 11/15/29		3,783	$	3,360,288
EPR Properties, 3.75%, 8/15/29		9,364		7,024,305
Newmark Group, Inc., 6.125%, 11/15/23		5,219		5,317,674
Service Properties Trust, 4.75%, 10/1/26		9,755		7,415,415
			$	23,117,682

6 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Retail — 0.4%
TJX Cos, Inc. (The), 3.875%, 4/15/30		2,993	$	3,103,303
			$	3,103,303
Retail-Specialty and Apparel — 3.1%
Best Buy Co., Inc., 4.45%, 10/1/28		6,135	$	6,309,263
Macy’s Retail Holdings, Inc., 4.30%, 2/15/43		8,507		5,267,860
Macy’s Retail Holdings, Inc., 4.375%, 9/1/23		2,115		1,473,729
Nordstrom, Inc., 4.375%, 4/1/30		3,450		2,777,167
Nordstrom, Inc., 5.00%, 1/15/44		8,015		5,635,880
Tapestry, Inc., 4.125%, 7/15/27		5,966		5,097,881
			$	26,561,780
Technology — 0.7%
Seagate HDD Cayman, 5.75%, 12/1/34		2,589	$	2,406,316
Trimble, Inc., 4.90%, 6/15/28		2,965		3,199,939
Western Digital Corp., 4.75%, 2/15/26		447		456,052
			$	6,062,307
Telecommunications — 0.5%
CommScope Technologies, LLC, 5.00%, 3/15/27(1)		2,720	$	2,380,204
CommScope Technologies, LLC, 6.00%, 6/15/25(1)		1,874		1,729,140
			$	4,109,344
Thrifts & Mortgage Finance — 0.7%
Nationwide Building Society, 4.125% to 10/18/27, 10/18/32(1)(2)		6,160	$	6,036,502
			$	6,036,502
Transportation — 2.4%
A.P. Moller - Maersk A/S, 3.875%, 9/28/25(1)		1,631	$	1,582,675
A.P. Moller - Maersk A/S, 4.50%, 6/20/29(1)		4,090		4,184,267
Atlas Air Worldwide Holdings, Inc., 2.25%, 6/1/22		9,705		8,631,384
Cargo Aircraft Management, Inc., 4.75%, 2/1/28(1)		3,145		2,940,575
JSL Europe S.A., 7.75%, 7/26/24(1)		3,920		2,851,977
			$	20,190,878
Total Corporate Bonds & Notes (identified cost $408,518,547)			$	349,037,865

Collateralized Mortgage Obligations — 7.6%
Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes:
Series 2017-DNA3, Class M1, 1.697%, (1 mo. USD LIBOR + 0.75%), 3/25/30(4)	$	1,655	$	1,629,421
Series 2017-HQA1, Class M1, 2.147%, (1 mo. USD LIBOR + 1.20%), 8/25/29(4)		34		34,152
Series 2018-DNA1, Class M2, 2.747%, (1 mo. USD LIBOR + 1.80%), 7/25/30(4)		8,419		7,126,725
Series 2018-DNA1, Class M2AT, 1.997%, (1 mo. USD LIBOR + 1.05%), 7/25/30(4)		2,630		2,416,091
Series 2019-DNA3, Class M2, 2.997%, (1 mo. USD LIBOR + 2.05%), 7/25/49(1)(4)		10,346		8,779,751
Series 2019-DNA4, Class M1, 1.647%, (1 mo. USD LIBOR + 0.70%), 10/25/49(1)(4)		1,104		1,087,087
Series 2019-DNA4, Class M2, 2.897%, (1 mo. USD LIBOR + 1.95%), 10/25/49(1)(4)		2,670		2,159,158
Series 2019-HQA1, Class M2, 3.297%, (1 mo. USD LIBOR + 2.35%), 2/25/49(1)(4)		7,446		6,306,115
Series 2019-HQA2, Class M2, 2.997%, (1 mo. USD LIBOR + 2.05%), 4/25/49(1)(4)		3,855		3,238,739
Series 2019-HQA3, Class M2, 2.797%, (1 mo. USD LIBOR + 1.85%), 9/25/49(1)(4)		1,220		999,992
			$	33,777,231
Federal National Mortgage Association Connecticut Avenue Securities:
Series 2014-C03, Class 1M2, 3.947%, (1 mo. USD LIBOR + 3.00%), 7/25/24(4)	$	4,994	$	4,565,885
Series 2017-C03, Class 1M1, 1.897%, (1 mo. USD LIBOR + 0.95%), 10/25/29(4)		359		355,540
Series 2017-C04, Class 2M1, 1.797%, (1 mo. USD LIBOR + 0.85%), 11/25/29(4)		183		183,629
Series 2017-C07, Class 1M1, 1.597%, (1 mo. USD LIBOR + 0.65%), 5/25/30(4)		757		759,964
Series 2018-C03, Class 1M1, 1.627%, (1 mo. USD LIBOR + 0.68%), 10/25/30(4)		832		831,323
Series 2018-C05, Class 1M1, 1.667%, (1 mo. USD LIBOR + 0.72%), 1/25/31(4)		394		395,307
Series 2018-C06, Class 1M2, 2.947%, (1 mo. USD LIBOR + 2.00%), 3/25/31(4)		1,932		1,720,094
Series 2018-R07, Class 1M2, 3.347%, (1 mo. USD LIBOR + 2.40%), 4/25/31(1)(4)		3,514		3,114,580
Series 2019-01, Class M7, 2.647%, (1 mo. USD LIBOR + 1.70%), 10/15/49(1)(4)		931		836,691
Series 2019-01, Class M10, 4.197%, (1 mo. USD LIBOR + 3.25%), 10/15/49(1)(4)		510		362,809
Series 2019-R02, Class 1M2, 3.247%, (1 mo. USD LIBOR + 2.30%), 8/25/31(1)(4)		9,176		7,959,334
Series 2019-R03, Class 1M2, 3.097%, (1 mo. USD LIBOR + 2.15%), 9/25/31(1)(4)		3,214		2,772,634

7 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Federal National Mortgage Association Connecticut Avenue Securities:(continued)
Series 2019-R05, Class 1M2, 2.947%, (1 mo. USD LIBOR + 2.00%), 7/25/39(1)(4)	$	3,642	$	3,145,276
Series 2019-R06, Class 2M1, 1.697%, (1 mo. USD LIBOR + 0.75%), 9/25/39(1)(4)		3,704		3,634,957
			$	30,638,023
Total Collateralized Mortgage Obligations (identified cost $73,073,764)			$	64,415,254
Commercial Mortgage-Backed Securities — 10.9%
Security	Principal Amount (000’s omitted)		Value
BAMLL Commercial Mortgage Securities Trust
Series 2019-BPR, Class ENM, 3.720%, 11/5/32(1)(5)	$	7,255	$	5,944,516
Series 2019-BPR, Class FNM, 3.720%, 11/5/32(1)(5)		7,215		5,126,703
CFCRE Commercial Mortgage Trust
Series 2016-C3, Class D, 3.052%, 1/10/48(1)(5)		1,500		1,114,765
Series 2016-C7, Class D, 4.431%, 12/10/54(1)(5)		1,725		1,344,612
Citigroup Commercial Mortgage Trust
Series 2017-MDRB, Class C, 3.205%, (1 mo. USD LIBOR + 2.50%), 7/15/30(1)(4)		1,000		981,885
Series 2017-MDRC, Class C, 2.005%, (1 mo. USD LIBOR + 1.30%), 7/15/30(1)(4)		1,850		1,763,353
Series 2017-MDRC, Class D, 2.955%, (1 mo. USD LIBOR + 2.25%), 7/15/30(1)(4)		1,600		1,552,370
COMM Mortgage Trust
Series 2013-CR11, Class D, 5.124%, 8/10/50(1)(5)		4,603		4,157,310
Series 2015-CR22, Class D, 4.11%, 3/10/48(1)(5)		2,324		1,913,949
Credit Suisse Mortgage Trust
Series 2016-NXSR, Class D, 4.359%, 12/15/49(1)(5)		2,000		1,558,513
JPMBB Commercial Mortgage Securities Trust
Series 2014-C22, Class C, 4.554%, 9/15/47(5)		1,237		1,117,324
Series 2014-C22, Class D, 4.554%, 9/15/47(1)(5)		1,980		1,692,803
Series 2014-C25, Class D, 3.946%, 11/15/47(1)(5)		3,575		2,947,233
Series 2015-C29, Class D, 3.678%, 5/15/48(5)		500		396,953
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2011-C5, Class D, 5.419%, 8/15/46(1)(5)		2,454		2,375,713
Series 2013-C16, Class D, 5.027%, 12/15/46(1)(5)		1,500		1,341,106
Series 2014-DSTY, Class B, 3.771%, 6/10/27(1)		1,384		1,223,533
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2016-C29, Class C, 4.747%, 5/15/49(5)		4,199		3,667,289
Series 2016-C29, Class D, 3.00%, 5/15/49(1)		7,048		5,147,091
Series 2016-C32, Class D, 3.396%, 12/15/49(1)(5)		5,490		3,980,360

Security	Principal Amount (000’s omitted)		Value
Morgan Stanley Capital I Trust
Series 2016-UB12, Class D, 3.312%, 12/15/49(1)	$	7,150	$	5,175,022
Series 2019-BPR, Class B, 2.805%, (1 mo. USD LIBOR + 2.10%), 5/15/36(1)(4)		4,500		3,978,083
Series 2019-BPR, Class C, 3.755%, (1 mo. USD LIBOR + 3.05%), 5/15/36(1)(4)		1,540		1,348,859
Motel 6 Trust
Series 2017-MTL6, Class C, 2.105%, (1 mo. USD LIBOR + 1.40%), 8/15/34(1)(4)		802		698,221
Series 2017-MTL6, Class E, 3.955%, (1 mo. USD LIBOR + 3.25%), 8/15/34(1)(4)		664		540,279
Multifamily Connecticut Avenue Securities Trust
Series 2020-01, Class M10, 4.362%, (1 mo. USD LIBOR + 3.75%), 3/25/50(1)(4)		2,200		1,744,241
Natixis Commercial Mortgage Securities Trust
Series 2018-FL1, Class C, 3.859%, (1 mo. USD LIBOR + 2.20%), 6/15/35(1)(4)		3,219		2,855,286
Progress Residential Trust
Series 2015-SFR3, Class E, 5.66%, 11/12/32(1)		2,360		2,338,445
RETL Trust
Series 2019-RVP, Class B, 2.255%, (1 mo. USD LIBOR + 1.55%), 3/15/36(1)(4)		4,425		3,948,878
Toorak Mortgage Corp.
Series 2020-1, Class A1, 2.734% to 1/25/23, 3/25/23(1)(6)		3,160		3,156,588
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class C, 4.031%, 4/10/46(1)(5)		4,934		4,554,197
Series 2013-C6, Class D, 4.309%, 4/10/46(1)(5)		2,000		1,788,633
Wells Fargo Commercial Mortgage Trust
Series 2015-C31, Class D, 3.852%, 11/15/48		5,598		4,384,432
Series 2016-C35, Class D, 3.142%, 7/15/48(1)		2,150		1,564,229
Series 2016-C36, Class D, 2.942%, 11/15/59(1)		3,000		2,126,455
WF-RBS Commercial Mortgage Trust
Series 2014-C24, Class D, 3.692%, 11/15/47(1)		4,150		3,372,553
Total Commercial Mortgage-Backed Securities (identified cost $100,804,178)			$	92,921,782
Asset-Backed Securities — 25.2%
Security	Principal Amount (000’s omitted)		Value
Aircraft — 1.0%
Aaset Trust
Series 2019-2, Class B, 4.458%, 10/16/39(1)	$	3,375	$	2,276,481
Horizon Aircraft Finance I, Ltd.
Series 2018-1, Class A, 4.458%, 12/15/38(1)		1,271		932,372

8 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Aircraft (continued)
Horizon Aircraft Finance II, Ltd.
Series 2019-1, Class A, 3.721%, 7/15/39(1)	$	2,215	$	1,566,181
Series 2019-1, Class B, 4.703%, 7/15/39(1)		2,445		1,560,873
Series 2019-1, Class C, 6.90%, 7/15/39(1)		757		452,898
Series 2019-2, Class B, 4.458%, 11/15/39(1)		1,154		708,788
Lunar Aircraft, Ltd.
Series 2020-1A, Class B, 4.335%, 2/15/45(1)		1,400		909,174
Series 2020-1A, Class C, 6.413%, 2/15/45(1)		485		298,302
			$	8,705,069
Automobile — 2.1%
ARI Fleet Lease Trust
Series 2018-B, Class A2, 3.22%, 8/16/27(1)	$	633	$	633,892
Avis Budget Rental Car Funding, LLC
Series 2015-1A, Class B, 3.22%, 7/20/21(1)		2,433		2,419,506
CIG Auto Receivables Trust
Series 2019-1A, Class A, 3.33%, 8/15/24(1)		1,099		1,085,563
Enterprise Fleet Financing, LLC
Series 2017-1, Class A2, 2.13%, 7/20/22(1)		72		71,552
Exeter Automobile Receivables Trust
Series 2019-3A, Class A, 2.59%, 9/15/22(1)		1,486		1,477,800
OSCAR US Funding X, LLC
Series 2019-1A, Class A2, 3.10%, 4/11/22(1)		688		692,868
Prestige Auto Receivables Trust
Series 2019-1A, Class A2, 2.44%, 7/15/22(1)		1,182		1,179,181
Skopos Auto Receivables Trust
Series 2019-1A, Class A, 2.90%, 12/15/22(1)		5,125		5,004,534
Tesla Auto Lease Trust
Series 2018-B, Class B, 4.12%, 10/20/21(1)		1,000		986,191
Series 2019-A, Class E, 5.48%, 5/22/23(1)		3,630		3,630,075
Veros Automobile Receivables Trust
Series 2018-1, Class A, 3.63%, 5/15/23(1)		326		324,986
			$	17,506,148
Clean Energy — 0.9%
Helios Issuer, LLC
Series 2017-1A, Class C, 8.00%, 9/20/49(1)	$	5,420	$	3,856,364
Series 2018-1A, Class B, 7.71%, 7/20/48(1)		1,728		957,736
Mosaic Solar Loan Trust
Series 2019-2A, Class B, 3.28%, 9/20/40(1)		3,455		2,976,400
			$	7,790,500

Security	Principal Amount (000’s omitted)		Value
Consumer Loan — 9.6%
Avant Loans Funding Trust
Series 2018-A, Class C, 4.79%, 5/15/24(1)	$	7,560	$	6,814,584
Series 2018-B, Class A, 3.42%, 1/18/22(1)		314		309,662
Series 2018-B, Class C, 5.00%, 11/17/25(1)		3,000		2,855,827
Series 2019-A, Class A, 3.48%, 7/15/22(1)		476		463,907
Series 2019-B, Class A, 2.72%, 10/15/26(1)		7,065		6,883,251
Conn’s Receivables Funding, LLC
Series 2018-A, Class A, 3.25%, 1/15/23(1)		60		59,097
Series 2018-A, Class B, 4.65%, 1/15/23(1)		1,383		1,326,192
Series 2019-A, Class A, 3.40%, 10/16/23(1)		228		221,565
Series 2019-A, Class B, 4.36%, 10/16/23(1)		3,350		3,177,904
Series 2019-B, Class B, 3.62%, 6/17/24(1)		4,025		3,337,727
Consumer Loan Underlying Bond Credit Trust
Series 2019-P1, Class A, 2.94%, 7/15/26(1)		3,597		3,478,934
Series 2019-P2, Class A, 2.47%, 10/15/26(1)		5,331		5,031,521
Series 2020-P1, Class A, 2.26%, 3/15/28(1)		4,906		4,713,559
Foundation Finance Trust
Series 2017-1A, Class A, 3.30%, 7/15/33(1)		301		300,809
FREED ABS Trust
Series 2019-1, Class A, 3.42%, 6/18/26(1)		1,859		1,827,250
Series 2019-2, Class A, 2.62%, 11/18/26(1)		6,689		6,422,705
Series 2020-FP1, Class A, 2.52%, 3/18/27(1)		3,643		3,468,131
LL ABS Trust
Series 2019-1A, Class A, 2.87%, 3/15/27(1)		3,059		2,946,415
Marlette Funding Trust
Series 2018-3A, Class C, 4.63%, 9/15/28(1)		3,435		2,883,747
Series 2019-2A, Class A, 3.13%, 7/16/29(1)		640		615,694
OneMain Financial Issuance Trust
Series 2017-1A, Class A1, 2.37%, 9/14/32(1)		4,873		4,794,363
Prosper Marketplace Issuance Trust
Series 2017-2A, Class C, 5.37%, 9/15/23(1)		477		473,647
Series 2018-1A, Class C, 4.87%, 6/17/24(1)		1,250		1,214,399
Series 2018-2A, Class A, 3.35%, 10/15/24(1)		143		141,740
SpringCastle Funding
Series 2019-AA, Class A, 3.20%, 5/27/36(1)		3,854		3,632,950
Springleaf Funding Trust
Series 2015-BA, Class A, 3.48%, 5/15/28(1)		1,700		1,649,462
Series 2016-AA, Class A, 2.90%, 11/15/29(1)		185		183,321
Upgrade Receivables Trust
Series 2018-1A, Class A, 3.76%, 11/15/24(1)		973		963,509
Series 2018-1A, Class C, 5.17%, 11/15/24(1)		2,901		2,798,991
Series 2019-1A, Class A, 3.48%, 3/15/25(1)		1,217		1,207,553
Series 2019-1A, Class B, 4.09%, 3/15/25(1)		4,000		3,839,841
Series 2019-2A, Class A, 2.77%, 10/15/25(1)		3,643		3,517,055
			$	81,555,312

9 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Equipment — 0.1%
HPEFS Equipment Trust
Series 2019-1A, Class A1, 2.15%, 10/9/20(1)	$	954	$	954,343
			$	954,343
Other ABS — 7.1%
ExteNet LLC
Series 2019-1A, Class A2, 3.204%, 7/26/49(1)	$	2,475	$	2,295,764
Series 2019-1A, Class B, 4.14%, 7/26/49(1)		2,730		2,385,221
Series 2019-1A, Class C, 5.219%, 7/26/49(1)		2,090		1,834,013
Falcon Aerospace, Ltd.
Series 2019-1, Class B, 4.791%, 9/15/39(1)		5,769		3,667,875
Series 2019-1, Class C, 6.656%, 9/15/39(1)		3,250		1,996,957
InSite Issuer, LLC
Series 2016-1A, Class A, 2.883%, 11/15/46(1)		1,605		1,389,768
MelTel Land Funding, LLC
Series 2019-1A, Class B, 4.701%, 4/15/49(1)		515		415,369
Purchasing Power Funding, LLC
Series 2018-A, Class A, 3.34%, 8/15/22(1)		5,100		5,085,981
Sonic Capital, LLC
Series 2020-1A, Class A2I, 3.845%, 1/20/50(1)		7,226		7,031,915
Stack Infrastructure Issuer, LLC
Series 2019-2A, Class A2, 3.08%, 10/25/44(1)		1,135		14,145,746
Series 2019-1A, Class A2, 4.54%, 2/25/44(1)		14,081		1,079,250
Trafigura Securitisation Finance PLC
Series 2017-1A, Class A2, 2.47%, 12/15/20(1)		1,950		1,949,435
Series 2017-1A, Class B, 2.405%, (1 mo. USD LIBOR + 1.70%), 12/15/20(1)(4)		500		497,690
Tricon American Homes Trust
Series 2016-SFR1, Class D, 3.886%, 11/17/33(1)		1,510		1,483,231
Vantage Data Centers Issuer, LLC
Series 2018-1A, Class A2, 4.072%, 2/16/43(1)		1,224		1,220,885
Series 2018-2A, Class A2, 4.196%, 11/16/43(1)		987		987,498
Series 2019-1A, Class A2, 3.188%, 7/15/44(1)		5,463		5,286,461
VB-S1 Issuer, LLC
Series 2016-1A, Class C, 3.065%, 6/15/46(1)		5,610		5,568,643
Willis Engine Structured Trust
Series 2020-A, Class B, 4.212%, 3/15/45(1)		1,815		1,171,220
Series 2020-A, Class C, 6.657%, 3/15/45(1)		935		742,203
			$	60,235,125
Small Business Loans — 0.6%
Small Business Lending Trust
Series 2019-A, Class A, 2.85%, 7/15/26(1)	$	2,697	$	2,647,771

Security		Principal Amount (000’s omitted)		Value
Small Business Loans (continued)
Small Business Lending Trust (continued)
Series 2020-A, Class A, 2.62%, 12/15/26(1)		$	1,988	$	1,940,458
				$	4,588,229
Whole Business — 3.8%
Coinstar Funding, LLC
Series 2017-1A, Class A2, 5.216%, 4/25/47(1)		$	12,195	$	11,563,867
Driven Brands Funding, LLC
Series 2019-2A, Class A2, 3.981%, 10/20/49(1)			3,681		3,443,158
FOCUS Brands Funding, LLC
Series 2017-1A, Class A2I, 3.857%, 4/30/47(1)			2,815		2,686,806
Jack in the Box Funding, LLC
Series 2019-1A, Class A2I, 3.982%, 8/25/49(1)			1,232		1,139,470
Planet Fitness Master Issuer, LLC
Series 2018-1A, Class A2I, 4.262%, 9/5/48(1)			4,058		3,874,081
Series 2019-1A, Class A2, 3.858%, 12/5/49(1)			2,434		1,931,785
SERVPRO Master Issuer, LLC
Series 2019-1A, Class A2, 3.882%, 10/25/49(1)			8,468		7,983,771
				$	32,622,938
Total Asset-Backed Securities (identified cost $235,171,936)				$	213,957,664
Foreign Government Bonds— 3.1%
Security		Principal Amount (000’s omitted)		Value
Brazil — 1.0%
Nota do Tesouro Nacional, 10.00%, 1/1/25	BRL		31,070	$	6,788,748
Nota do Tesouro Nacional, 10.00%, 1/1/29	BRL		6,500		1,436,277
				$	8,225,025
Israel — 0.6%
State of Israel, 2.75%, 7/3/30	USD		3,300	$	3,300,000
State of Israel, 3.875%, 7/3/50	USD		2,000		2,000,000
				$	5,300,000
Mexico — 0.5%
Mexican Bonos, 7.75%, 5/29/31	MXN		89,055	$	3,852,875
				$	3,852,875

10 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)		Value
Supranational — 1.0%
European Bank for Reconstruction & Development, 9.25%, 12/2/20	IDR	$	140,260,000	$	8,688,208
				$	8,688,208
Total Foreign Government Bonds (identified cost $29,878,779)				$	26,066,108
Senior Floating-Rate Loans— 0.2%(7)
Borrower/Tranche Description		Principal Amount (000’s omitted)		Value
Retailers (Except Food and Drug) — 0.2%
PetSmart, Inc., Term Loan, 3/11/22(8)		$	1,685	$	1,623,919
Total Senior Floating-Rate Loans (identified cost $1,640,769)				$	1,623,919
Preferred Stocks— 1.2%
Security		Shares		Value
Oil and Gas — 0.0%(9)
Chesapeake Energy Corp., 5.75%, Convertible			400	$	13,392
				$	13,392
Oil, Gas & Consumable Fuels — 0.3%
NuStar Energy, L.P., Series B, 7.625% to 6/15/22(2)			245,045	$	2,376,937
				$	2,376,937
Real Estate Management & Development — 0.9%
Brookfield Property Partners, L.P., Series A, 5.75%			240,000	$	3,360,000
Brookfield Property Partners, L.P., Series A2, 6.375%			275,000		4,383,500
				$	7,743,500
Total Preferred Stocks (identified cost $18,565,664)				$	10,133,829

U.S. Treasury Obligations— 4.2%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Inflation-Protected Note, 0.25%, 1/15/25(10)	$	14,985	$	15,122,801
U.S. Treasury Inflation-Protected Note, 0.50%, 1/15/28(10)		4,601		4,798,548
U.S. Treasury Inflation-Protected Note, 0.625%, 4/15/23(10)		15,748		15,869,383
Total U.S. Treasury Obligations (identified cost $35,100,234)			$	35,790,732
Short-Term Investments— 8.8%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.69%(11)		74,889,476	$	74,859,520
Total Short-Term Investments (identified cost $74,898,285)			$	74,859,520
Total Investments — 102.3% (identified cost $977,652,156)			$	868,806,673
Other Assets, Less Liabilities — (2.3)%			$	(19,166,750	)
Net Assets — 100.0%			$	849,639,923

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

* In U.S. dollars unless otherwise indicated.

⁽¹⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2020, the aggregate value of these securities is $481,758,228 or 56.7% of the Fund’s net assets.

⁽²⁾  Security converts to variable rate after the indicated fixed-rate coupon period.

⁽³⁾  Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁴⁾  Variable rate security. The stated interest rate represents the rate in effect at March 31, 2020.

⁽⁵⁾  Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at March 31, 2020.

⁽⁶⁾  Step coupon bond. Interest rate represents the rate in effect at March 31, 2020.

11 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

⁽⁷⁾  Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate.

⁽⁸⁾  This Senior Loan will settle after March 31, 2020, at which time the interest rate will be determined.

⁽⁹⁾  Amount is less than 0.05%.

⁽¹⁰⁾  Inflation-linked security whose principal is adjusted for inflation based on changes in the U.S. Consumer Price Index. Interest is calculated based on the inflation-adjusted principal.

⁽¹¹⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of March 31, 2020.

Country Concentration of Portfolio
Country	Percentage of Total Investments			Value
United States		81.7	%	$	710,078,820
United Kingdom		3.7			31,807,489
Mexico		3.4			29,830,467
Brazil		2.8			24,322,570
Australia		1.2			10,256,775
Italy		1.1			9,271,759
Supranational		1.0			8,688,208
Chile		0.9			7,854,143
Cayman Islands		0.7			6,373,620
Spain		0.7			6,295,270
Denmark		0.7			5,766,942
Israel		0.6			5,300,000
Canada		0.5			4,179,340
Greece		0.3			2,926,063
Peru		0.3			2,715,213
Ireland		0.3			2,447,125
Japan		0.1			692,869
Total Investments		100.0	%	$	868,806,673

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	6,133,992	EUR	5,605,471	State Street Bank and Trust Company		05/29/20	$	—	$	(61,893	)
							$	—	$	(61,893	)

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount		Value/ Unrealized Appreciation
Interest Rate Futures
U.S. 2-Year Treasury Note		307		Long		6/30/20	$	67,657,523	$	939,690
U.S. 5-Year Treasury Note		264		Long		6/30/20		33,094,875		1,003,997
U.S. 10-Year Ultra-Long Treasury Bond		87		Long		6/19/20		13,574,719		729,830
U.S. Ultra-Long Treasury Bond		91		Long		6/19/20		20,190,625		1,866,041
									$	4,539,558

Abbreviations:

LIBOR – London Interbank Offered Rate

Currency Abbreviations:

BRL	–	Brazilian Real
EUR	–	Euro
IDR	–	Indonesian Rupiah
MXN	–	Mexican Peso
USD	–	United States Dollar

12 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	March 31, 2020
Unaffiliated investments, at value (identified cost, $902,753,871)	$	793,947,153
Affiliated investment, at value (identified cost, $74,898,285)		74,859,520
Deposits for derivatives collateral — financial futures contracts		2,049,625
Interest receivable		6,121,587
Dividends receivable from affiliated investment		136,627
Receivable for investments sold		8,455,724
Receivable for Fund shares sold		4,397,638
Tax reclaims receivable		27,412
Receivable from affiliate		94,005
Total assets	$	890,089,291
Liabilities
Payable for investments purchased	$	31,169,358
Payable for Fund shares redeemed		6,732,842
Payable for variation margin on open financial futures contracts		337,101
Payable for open forward foreign currency exchange contracts		61,893
Distributions payable		11,561
Due to custodian		1,488,905
Due to custodian — foreign currency, at value (identified cost, $10,048)		8,686
Payable to affiliates:
Investment adviser fee		365,277
Distribution and service fees		89,542
Accrued expenses		184,203
Total liabilities	$	40,449,368
Net Assets	$	849,639,923
Sources of Net Assets
Paid-in capital	$	949,371,164
Accumulated loss		(99,731,241	)
Net Assets	$	849,639,923
Class A Shares
Net Assets	$	157,573,417
Shares Outstanding		14,741,319
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.69
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	11.22
Class C Shares
Net Assets	$	58,492,079
Shares Outstanding		5,474,762
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	10.68
Class I Shares
Net Assets	$	633,574,427
Shares Outstanding		59,317,869
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.68

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.

13 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended March 31, 2020
Interest (net of foreign taxes, $3,304)	$	17,231,002
Dividends (net of foreign taxes, $1,016)		384,387
Dividends from affiliated investment		1,116,560
Total investment income	$	18,731,949
Expenses
Investment adviser fee	$	2,120,455
Distribution and service fees
Class A		201,484
Class C		298,805
Trustees’ fees and expenses		16,610
Custodian fee		82,692
Transfer and dividend disbursing agent fees		299,669
Legal and accounting services		40,866
Printing and postage		42,416
Registration fees		55,108
Miscellaneous		19,059
Total expenses	$	3,177,164
Deduct —
Allocation of expenses to affiliate	$	365,619
Total expense reductions	$	365,619
Net expenses	$	2,811,545
Net investment income	$	15,920,404
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	2,391,379
Investment transactions — affiliated investment		(4,886	)
Financial futures contracts		1,975,087
Foreign currency transactions		66,143
Forward foreign currency exchange contracts		55,976
Net realized gain	$	4,483,699
Change in unrealized appreciation (depreciation) —
Investments (including net decrease of $1,951 in accrued foreign capital gains taxes)	$	(120,170,772	)
Investments — affiliated investment		(39,281	)
Financial futures contracts		4,869,346
Foreign currency		(80,821	)
Forward foreign currency exchange contracts		(61,893	)
Net change in unrealized appreciation (depreciation)	$	(115,483,421	)
Net realized and unrealized loss	$	(110,999,722	)
Net decrease in net assets from operations	$	(95,079,318	)

14 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
From operations —
Net investment income	$	15,920,404		$	16,150,235
Net realized gain		4,483,699			2,395,935
Net change in unrealized appreciation (depreciation)		(115,483,421	)		15,710,047
Net increase (decrease) in net assets from operations	$	(95,079,318	)	$	34,256,217
Distributions to shareholders
Class A	$	(2,835,329	)	$	(2,807,716	)
Class C		(828,740	)		(955,369	)
Class I		(13,614,861	)		(13,044,946	)
Total distributions to shareholders	$	(17,278,930	)	$	(16,808,031	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	64,409,228		$	106,534,158
Class C		22,209,745			36,217,560
Class I		345,481,158			554,980,078
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,803,960			2,704,090
Class C		808,113			907,018
Class I		13,585,918			12,950,089
Cost of shares redeemed
Class A		(27,962,555	)		(18,826,622	)
Class C		(8,227,468	)		(6,212,159	)
Class I		(263,727,372	)		(110,877,083	)
Net asset value of shares converted
Class A		858,681			1,058,491
Class C		(858,681	)		(1,058,491	)
Net increase in net assets from Fund share transactions	$	149,380,727		$	578,377,129
Net increase in net assets	$	37,022,479		$	595,825,315
Net Assets
At beginning of period	$	812,617,444		$	216,792,129
At end of period	$	849,639,923		$	812,617,444

15 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Financial Highlights

	Class A
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	11.990		$	11.570		$	11.930		$	11.630		$	11.040		$	11.780
Income (Loss) From Operations
Net investment income(1)	$	0.193		$	0.427		$	0.402		$	0.367		$	0.415		$	0.358
Net realized and unrealized gain (loss)		(1.283	)		0.451			(0.344	)		0.319			0.774			(0.668	)
Total income (loss) from operations	$	(1.090	)	$	0.878		$	0.058		$	0.686		$	1.189		$	(0.310	)
Less Distributions
From net investment income	$	(0.201	)	$	(0.458	)	$	(0.409	)	$	(0.322	)	$	(0.450	)	$	(0.430	)
From net realized gain		(0.009	)		—			(0.009	)		—			(0.149	)		—
Tax return of capital		—			—			—			(0.064	)		—			—
Total distributions	$	(0.210	)	$	(0.458	)	$	(0.418	)	$	(0.386	)	$	(0.599	)	$	(0.430	)
Net asset value — End of period	$	10.690		$	11.990		$	11.570		$	11.930		$	11.630		$	11.040
Total Return(2)(3)		(9.25	)%(4)		7.76	%		0.50	%		6.01	%		11.21	%		(2.80	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	157,573		$	137,889		$	43,503		$	33,927		$	17,977		$	15,588
Ratios (as a percentage of average daily net assets):
Expenses(3)(5)		0.74	%(6)		0.74	%		0.74	%		0.77	%		0.80	%		0.85	%
Net investment income		3.23	%(6)		3.62	%		3.43	%		3.13	%		3.74	%		3.03	%
Portfolio Turnover		32	%(4)		75	%		43	%		61	%		71	%		119	%

⁽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 reimbursed certain operating expenses (equal to 0.08%, 0.11%, 0.22%, 0.36%, 0.53% and 0.34% of average daily net assets for the six months ended March 31, 2020 and the years ended September 30, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

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

⁽⁶⁾  Annualized.

16 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Financial Highlights — continued

	Class C
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	11.990		$	11.560		$	11.920		$	11.620		$	11.040		$	11.770
Income (Loss) From Operations
Net investment income(1)	$	0.148		$	0.344		$	0.313		$	0.282		$	0.331		$	0.266
Net realized and unrealized gain (loss)		(1.292	)		0.456			(0.343	)		0.317			0.765			(0.655	)
Total income (loss) from operations	$	(1.144	)	$	0.800		$	(0.030	)	$	0.599		$	1.096		$	(0.389	)
Less Distributions
From net investment income	$	(0.157	)	$	(0.370	)	$	(0.321	)	$	(0.249	)	$	(0.367	)	$	(0.341	)
From net realized gain		(0.009	)		—			(0.009	)		—			(0.149	)		—
Tax return of capital		—			—			—			(0.050	)		—			—
Total distributions	$	(0.166	)	$	(0.370	)	$	(0.330	)	$	(0.299	)	$	(0.516	)	$	(0.341	)
Net asset value — End of period	$	10.680		$	11.990		$	11.560		$	11.920		$	11.620		$	11.040
Total Return(2)(3)		(9.67	)%(4)		7.05	%		(0.25	)%		5.23	%		10.30	%		(3.44	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	58,492		$	52,001		$	20,926		$	19,197		$	12,574		$	10,457
Ratios (as a percentage of average daily net assets):
Expenses(3)(5)		1.49	%(6)		1.49	%		1.49	%		1.52	%		1.55	%		1.60	%
Net investment income		2.48	%(6)		2.93	%		2.67	%		2.41	%		2.98	%		2.25	%
Portfolio Turnover		32	%(4)		75	%		43	%		61	%		71	%		119	%

⁽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 reimbursed certain operating expenses (equal to 0.08%, 0.11%, 0.22%, 0.36%, 0.53% and 0.34% of average daily net assets for the six months ended March 31, 2020 and the years ended September 30, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

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

⁽⁶⁾  Annualized.

17 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Financial Highlights — continued

	Class I
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	11.990		$	11.560		$	11.920		$	11.620		$	11.040		$	11.770
Income (Loss) From Operations
Net investment income(1)	$	0.208		$	0.457		$	0.440		$	0.399		$	0.442		$	0.380
Net realized and unrealized gain (loss)		(1.293	)		0.460			(0.352	)		0.316			0.765			(0.651	)
Total income (loss) from operations	$	(1.085	)	$	0.917		$	0.088		$	0.715		$	1.207		$	(0.271	)
Less Distributions
From net investment income	$	(0.216	)	$	(0.487	)	$	(0.439	)	$	(0.346	)	$	(0.478	)	$	(0.459	)
From net realized gain		(0.009	)		—			(0.009	)		—			(0.149	)		—
Tax return of capital		—			—			—			(0.069	)		—			—
Total distributions	$	(0.225	)	$	(0.487	)	$	(0.448	)	$	(0.415	)	$	(0.627	)	$	(0.459	)
Net asset value — End of period	$	10.680		$	11.990		$	11.560		$	11.920		$	11.620		$	11.040
Total Return(2)(3)		(9.22	)%(4)		8.12	%		0.74	%		6.28	%		11.40	%		(2.47	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	633,574		$	622,727		$	152,363		$	41,563		$	6,700		$	6,969
Ratios (as a percentage of average daily net assets):
Expenses(3)(5)		0.49	%(6)		0.49	%		0.49	%		0.52	%		0.55	%		0.60	%
Net investment income		3.48	%(6)		3.89	%		3.77	%		3.40	%		4.00	%		3.21	%
Portfolio Turnover		32	%(4)		75	%		43	%		61	%		71	%		119	%

⁽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 reimbursed certain operating expenses (equal to 0.08%, 0.11%, 0.22%, 0.36%, 0.53% and 0.34% of average daily net assets for the six months ended March 31, 2020 and the years ended September 30, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

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

⁽⁶⁾  Annualized.

18 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Core Plus 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’s investment objective is total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service.

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

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

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

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

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

19

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Withholding taxes on foreign interest and dividends have been provided for in accordance with the Fund’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.

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

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

As of March 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.

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

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

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

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

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

J  Forward Foreign Currency Exchange Contracts — The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

K  When-Issued Securities and Delayed Delivery Transactions — The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin

20

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

L  Interim Financial Statements — The interim financial statements relating to March 31, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

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

Aggregate cost	$	976,752,119
Gross unrealized appreciation	$	10,688,120
Gross unrealized depreciation		(114,155,901	)
Net unrealized depreciation	$	(103,467,781	)

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and BMR, the fee is computed at an annual rate of 0.45% of the Fund’s average daily net assets up to $1 billion and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. The fee reduction cannot be terminated without the consent of the Trustees and shareholders. For the six months ended March 31, 2020, the Fund’s investment adviser fee amounted to $2,120,455 or 0.45% (annualized) of the Fund’s average daily net assets. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

BMR has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.74%, 1.49% and 0.49% 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 January 31, 2021. Pursuant to this agreement, BMR was allocated $365,619 of the Fund’s operating expenses for the six months ended March 31, 2020.

EVM serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended March 31, 2020, EVM earned $4,313 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 $26,966 as its portion of the sales charge on sales of Class A shares for the six months ended March 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).

During the six months ended March 31, 2020, BMR reimbursed the Fund $9,380 for a net realized loss due to a trading error. The impact of the reimbursement was less than $0.01 per share for each class and had no significant impact on total return.

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

21

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Notes to Financial Statements (Unaudited) — 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 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2020 amounted to $201,484 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended March 31, 2020, the Fund paid or accrued to EVD $224,104 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended March 31, 2020 amounted to $74,701 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 one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended March 31, 2020, the Fund was informed that EVD received approximately $200 and $2,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, and including maturities, paydowns and principal repayments on Senior Loans, for the six months ended March 31, 2020 were as follows:

	Purchases		Sales
Investments (non-U.S. Government)	$	436,884,388	$	234,049,998
U.S. Government and Agency Securities		67,397,743		28,627,003
	$	504,282,131	$	262,677,001

7  Shares of Beneficial Interest

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

Class A	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
Sales		5,345,615			9,020,427
Issued to shareholders electing to receive payments of distributions in Fund shares		237,069			229,199
Redemptions		(2,409,748	)		(1,607,150	)
Converted from Class C shares		72,520			92,036
Net increase		3,245,456			7,734,512

22

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

Class C	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
Sales		1,847,768			3,073,859
Issued to shareholders electing to receive payments of distributions in Fund shares		68,360			77,163
Redemptions		(706,260	)		(531,535	)
Converted to Class A shares		(72,553	)		(92,028	)
Net increase		1,137,315			2,527,459
Class I	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
Sales		28,960,632			47,131,144
Issued to shareholders electing to receive payments of distributions in Fund shares		1,147,972			1,098,871
Redemptions		(22,746,461	)		(9,455,127	)
Net increase		7,362,143			38,774,888

8  Financial Instruments

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

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

Interest Rate Risk: The Fund enters into interest rate futures contracts to seek to hedge against fluctuations in interest rates and/or to change the effective duration of its portfolio.

Foreign Exchange Risk: The Fund 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.

The Fund enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At March 31, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $61,893. At March 31, 2020, there were no assets pledged by the Fund for such liability.

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

23

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

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

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

		Fair Value
Risk	Derivative	Asset Derivative			Liability Derivative
Interest Rate	Futures contracts	$	4,539,558	(1)	$	—
Foreign Exchange	Forward foreign currency exchange contracts		—			(61,893	)(2)
Total		$	4,539,558		$	(61,893	)
Derivatives not subject to master netting or similar agreements		$	4,539,558		$	—
Total Derivatives subject to master netting or similar agreements		$	—		$	(61,893	)

⁽¹⁾  Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open financial futures contracts, as applicable.

⁽²⁾  Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.

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

Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(b)
State Street Bank and Trust Company	$	(61,893	)	$	—	$	—	$	—	$	(61,893	)

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

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

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

Risk	Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income(2)
Interest Rate	Futures contracts	$	1,975,087	$	4,869,346
Foreign Exchange	Forward foreign currency exchange contracts		55,976		(61,893	)
Total		$	2,031,063	$	4,807,453

⁽¹⁾   Statement of Operations location: Net realized gain (loss) – Financial futures contracts and Forward foreign currency exchange contracts, respectively.

⁽²⁾  Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts and Forward foreign currency exchange contracts, respectively.

24

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

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

Futures Contracts — Long		Forward Foreign Currency Exchange Contracts*
	$135,869,000	$	3,441,000

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

9  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended March 31, 2020.

10  Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Fund’s assets to the extent of any overdraft. At March 31, 2020, the Fund had a payment due to SSBT pursuant to the foregoing arrangement of $1,488,905. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at March 31, 2020. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 12) at March 31, 2020. The Fund’s average overdraft advances during the six months ended March 31, 2020 were not significant.

11  Investments in Affiliated Funds

At March 31, 2020, the value of the Fund’s investment in affiliated funds was $74,859,520, which represents 8.8% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended March 31, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	129,677,910	$	291,382,090	$	(346,156,313	)	$	(4,886	)	$	(39,281	)	$	74,859,520	$	1,116,560		74,889,476

12   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)

25

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

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

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

Asset Description	Level 1		Level 2			Level 3		Total
Corporate Bonds & Notes	$	—	$	349,037,865		$	—	$	349,037,865
Collateralized Mortgage Obligations		—		64,415,254			—		64,415,254
Commercial Mortgage-Backed Securities		—		92,921,782			—		92,921,782
Asset-Backed Securities		—		213,957,664			—		213,957,664
Foreign Government Bonds		—		26,066,108			—		26,066,108
Senior Floating-Rate Loans		—		1,623,919			—		1,623,919
Preferred Stocks		10,120,437		13,392			—		10,133,829
U.S. Treasury Obligations		—		35,790,732			—		35,790,732
Short-Term Investments		—		74,859,520			—		74,859,520
Total Investments	$	10,120,437	$	858,686,236		$	—	$	868,806,673
Futures Contracts	$	4,539,558	$	—		$	—	$	4,539,558
Total	$	14,659,995	$	858,686,236		$	—	$	873,346,231
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(61,893	)	$	—	$	(61,893	)
Total	$	—	$	(61,893	)	$	—	$	(61,893	)

13  Risks and Uncertainties

Risks Associated with Foreign Investments

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

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Fund’s investments.

26

Eaton Vance

Core Plus Bond Fund

March 31, 2020

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

27

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

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

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

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

28

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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7768  3.31.20

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.    

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Mutual Funds Trust
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	May 26, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	May 26, 2020
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	May 26, 2020

EX-99.CERT

EATON VANCE MUTUAL FUNDS TRUST

FORM N-CSR

Exhibit 13(a)(2)(i)

CERTIFICATION

I, James F. Kirchner, certify that:

1.    I have reviewed this report on Form N-CSR of Eaton Vance Mutual Funds Trust;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.     The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 26, 2020	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer

EATON VANCE MUTUAL FUNDS TRUST

FORM N-CSR

Exhibit 13(a)(2)(ii)

CERTIFICATION

I, Payson F. Swaffield, certify that:

1.    I have reviewed this report on Form N-CSR of Eaton Vance Mutual Funds Trust;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 26, 2020	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President

EX-99.906CERT

Form N-CSR Item 13(b) Exhibit

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Treasurer and President, respectively, of Eaton Vance Mutual Funds Trust (the “Trust”) that:

(a) the Semi-Annual Report of the Trust on Form N-CSR for the period ended March 31, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b) the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Trust for such period.

A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

Eaton Vance Mutual Funds Trust

Date: May 26, 2020

/s/ James F. Kirchner

James F. Kirchner

Treasurer

Date: May 26, 2020

/s/ Payson F. Swaffield

Payson F. Swaffield

President