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

September 30, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Core Plus Bond Fund

Annual Report

September 30, 2020

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

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

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

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

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

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

Annual Report September 30, 2020

Eaton Vance

Core Plus Bond Fund

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	30
Federal Tax Information	31
Board of Trustees’ Contract Approval	32
Liquidity Risk Management Program	35
Management and Organization	36
Important Notices	39

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

As the 12-month period opened on October 1, 2019, interest rates were trending modestly upward amid better-than-expected U.S. employment reports and cautious optimism about a détente in U.S.-China trade relations. Interest rates continued to move upward through the end of 2019.

In January 2020, however, news of the novel coronavirus outbreak in China began to raise investor concerns and led to a “flight to quality” that sparked a brief fixed-income market rally. As the virus turned into a global pandemic in February and March, it ended the longest-ever period of U.S. economic expansion and brought about a global economic slowdown. Credit markets along with equity markets declined in value amid unprecedented volatility.

In response, the U.S. Federal Reserve (the Fed) announced two emergency rate cuts in March 2020 — lowering the federal funds rate to 0.00%-0.25% — along with other measures designed to shore up credit markets. At its July meeting, the Fed provided additional reassurances that it would maintain rates close to zero percent for the foreseeable future and use all tools at its disposal to support the U.S. economy. These moves helped calm the markets and initiated a new fixed-income rally that began in April and lasted through most of the summer.

Midway through August, however, the fixed-income rally stalled as investors grew concerned about a resurgence of the coronavirus and the consequences for the nascent economic recovery. For the rest of the period, fixed-income prices were flat to down, driven in part by Congress’ failure to pass another stimulus bill — following the expiration of support from the federal CARES Act passed in March 2020, which boosted unemployment benefits and helped businesses keep workers employed. As the period ended, the U.S. Senate and House were deadlocked on an additional stimulus bill, and coronavirus cases were rising.

For the period as a whole, most fixed-income asset classes delivered positive returns, with strong gains from April through mid-August 2020, which compensated for losses in March. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. bond market, returned 6.98% for the period. As corporate bonds benefited from Fed policy — which included purchases of corporate investment-grade debt and high yield exchange-traded funds — the Bloomberg Barclays U.S. Corporate Bond Index returned 7.90% for the period.

High yield bonds, which had fared poorly early in the period, outperformed investment-grade bonds in the second half of the period as investors searched for yield in a low-rate environment. For the period as a whole, the Bloomberg Barclays U.S. Corporate High Yield Index returned 3.25%.

Fund Performance

For the 12-month period ended September 30, 2020, Eaton Vance Core Plus Bond Fund (the Fund) returned 2.21% for Class A shares at net asset value (NAV), underperforming its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the Index), which returned 6.98%.

The Fund’s underperformance versus the Index was driven largely by security selection in commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS); security selection and an overweight allocation, relative to the Index, in dollar-denominated emerging market (EM) debt; a lack of mortgage-backed securities (MBS) holdings, an Index sector that performed well; and an underweight allocation to U.S. Treasurys.

With regard to CMBS, the Fund’s holdings in retail and office building CMBS declined during the period, as many retail businesses closed or delayed mortgage and rent payments, and demand for office space fell due to employees working from home. The Fund’s overweight allocation to ABS, which are generally highly rated and backed largely by consumer debt, delivered positive performance, but underperformed the Index. The

Fund’s holdings in dollar-denominated EM debt underperformed the Index due to the Fund’s holdings in weak-performing sectors, including transportation and finance.

The Fund’s lack of exposure to MBS, which comprised about 26% of the Index during the period, detracted from performance versus the Index as well. The implicit U.S. government guarantee inherent in MBS — because most are issued by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) — made them a beneficiary of investors’ preference for higher quality assets during the period’s market turmoil. Similarly, U.S. Treasurys were one of the best-performing fixed-income asset classes in a period when investors favored assets perceived as less risky, and the Fund’s underweight allocation hurt Index-relative results.

In contrast, the Fund’s allocations to three out-of-Index asset classes that performed well — convertible bonds, collateralized mortgage obligations (CMOs), and high yield bonds — contributed to performance versus the Index. The Fund’s holdings in CMOs, which are sensitive to interest rate changes, performed well during the period. The Fund purchased CMOs when the housing market was experiencing extreme uncertainty, and those securities rose in price as interest rates declined and the housing market recovered during the period.

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Performance^2,3

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A at NAV		11/17/2009		11/17/2009		2.21	%		5.46	%		4.77	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.66			4.44			4.26
Class C at NAV		11/17/2009		11/17/2009		1.45			4.68			4.00
Class C with 1% Maximum Sales Charge		—		—		0.46			4.68			4.00
Class I at NAV		11/17/2009		11/17/2009		2.37			5.71			5.02
Bloomberg Barclays U.S. Aggregate Bond Index		—		—		6.98	%		4.17	%		3.63	%
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
Gross						0.85	%		1.60	%		0.60	%
Net						0.74			1.49			0.49

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C		$10,000		09/30/2010		$14,810		N.A.
Class I		$250,000		09/30/2010		$408,331		N.A.

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

Core Plus Bond Fund

September 30, 2020

Fund Profile

Credit Quality (% of bond holdings)⁵

Asset Allocation (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Endnotes and Additional Disclosures

¹  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

²  Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

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.

⁴  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.

⁵  Ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

⁶  Other, if any, represents any investment type less than 1% of total investments.

Fund profile subject to change due to active management.

Additional Information

Bloomberg Barclays U.S. Corporate Bond Index measures the performance of investment-grade U.S. corporate securities with a maturity of one year or more. Bloomberg Barclays U.S. Corporate High Yield Index measures USD-denominated, non-investment grade corporate securities.

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

5

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Fund Expenses

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

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

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

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

	Beginning Account Value (4/1/20)		Ending Account Value (9/30/20)		Expenses Paid During Period* (4/1/20 – 9/30/20)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,126.20	$	3.93	**		0.74	%
Class C	$	1,000.00	$	1,123.10	$	7.91	**		1.49	%
Class I	$	1,000.00	$	1,127.70	$	2.61	**		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 March 31, 2020.

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

6

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Portfolio of Investments

Corporate Bonds & Notes — 42.1%
Security	Principal Amount (000’s omitted)*		Value
Aerospace & Defense — 1.1%
Azul Investments LLP, 5.875%, 10/26/24(1)		5,665	$	4,260,137
Delta Air Lines, Inc., 7.375%, 1/15/26		3,727		3,912,271
			$	8,172,408
Agriculture — 0.5%
Camposol S.A., 6.00%, 2/3/27(1)		3,410	$	3,502,718
			$	3,502,718
Automotive — 0.3%
General Motors Co., 5.40%, 4/1/48		1,931	$	2,136,739
			$	2,136,739
Banks — 6.7%
Australia & New Zealand Banking Group, Ltd., 2.95% to 7/22/25, 7/22/30(1)(2)		3,531	$	3,661,385
Banco Mercantil del Norte S.A./Grand Cayman, 5.75% to 10/4/26, 10/4/31(1)(2)		6,225		6,308,664
Banco Mercantil del Norte S.A./Grand Cayman, 7.50% to 6/27/29 (1)(2)(3)		745		735,047
Banco Santander S.A., 3.80%, 2/23/28		3,200		3,518,867
BankUnited, Inc., 5.125%, 6/11/30		3,399		3,740,813
Barclays PLC, 6.125% to 12/15/25(2)(3)		3,000		3,048,411
BBVA Bancomer S.A., 5.125% to 1/18/28, 1/18/33(1)(2)		7,120		6,864,748
Commonwealth Bank of Australia, 3.61% to 9/12/29, 9/12/34(1)(2)		5,600		6,103,555
Deutsche Bank AG/New York NY, 2.222% to 9/18/23, 9/18/24(2)		1,845		1,858,436
Discover Bank, 4.682% to 8/9/23, 8/9/28(2)		2,040		2,140,276
HSBC Holdings PLC, 2.357% to 8/18/30, 8/18/31(2)		1,332		1,322,381
Lloyds Banking Group PLC, 2.438% to 2/5/25, 2/5/26(2)		4,204		4,363,028
Santander Holdings USA, Inc., 3.45%, 6/2/25		2,746		2,933,523
Standard Chartered PLC, 6.00% to 7/26/25(1)(2)(3)		1,869		1,906,380
			$	48,505,514
Biotechnology — 0.7%
Royalty Pharma PLC, 2.20%, 9/2/30(1)		1,885	$	1,878,138
Royalty Pharma PLC, 3.30%, 9/2/40(1)		3,068		3,016,735
			$	4,894,873
Building Materials — 1.0%
Cemex SAB de CV, 7.375%, 6/5/27(1)		1,465	$	1,584,976
Owens Corning, 3.95%, 8/15/29		4,875		5,528,198
			$	7,113,174

Security		Principal Amount (000’s omitted)*		Value
Chemicals — 1.0%
Alpek SAB de CV, 4.25%, 9/18/29(1)			2,490	$	2,462,050
Huntsman International, LLC, 4.50%, 5/1/29			4,420		4,972,528
				$	7,434,578
Commercial Services — 1.5%
Ashtead Capital, Inc., 4.125%, 8/15/25(1)			2,765	$	2,844,708
Ashtead Capital, Inc., 4.25%, 11/1/29(1)			2,785		2,939,279
Block Financial, LLC, 3.875%, 8/15/30			2,825		2,843,444
Western Union Co. (The), 6.20%, 11/17/36			2,075		2,502,409
				$	11,129,840
Computers — 1.0%
DXC Technology Co., 4.125%, 4/15/25			3,019	$	3,265,349
HP, Inc., 3.40%, 6/17/30			3,373		3,623,489
				$	6,888,838
Consumer Products — 1.3%
Grupo KUO SAB de CV, 5.75%, 7/7/27(1)			3,884	$	3,797,542
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30(1)			5,415		5,909,119
				$	9,706,661
Diversified Financial Services — 4.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.50%, 9/15/23			1,829	$	1,886,072
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25			1,096		1,184,660
Affiliated Managers Group, Inc., 3.30%, 6/15/30			3,396		3,634,822
Alpha Holding S.A. de CV, 9.00%, 2/10/25(1)			5,025		3,826,538
Banco BTG Pactual S.A./Cayman Islands, 4.50%, 1/10/25(1)			5,550		5,674,931
Brookfield Finance, Inc., 4.70%, 9/20/47			3,240		3,784,935
Neuberger Berman Group, LLC/Neuberger Berman Finance Corp., 4.875%, 4/15/45(1)			1,685		1,870,063
Stifel Financial Corp., 4.00%, 5/15/30			4,769		5,281,839
UniCredit SpA, 5.861% to 6/19/27, 6/19/32(1)(2)			6,349		6,768,602
				$	33,912,462
Diversified Manufacturing — 0.3%
Ellaktor Value PLC, 6.375%, 12/15/24(1)	EUR		1,887	$	1,922,520
				$	1,922,520
Electric Utilities — 1.2%
Edison International, 3.55%, 11/15/24			1,365	$	1,440,506

7 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)*		Value
Electric Utilities (continued)
Engie Energia Chile S.A., 3.40%, 1/28/30(1)		3,890	$	4,206,062
Pacific Gas and Electric Co., 2.50%, 2/1/31		2,955		2,822,441
			$	8,469,009
Electrical and Electronic Equipment — 1.4%
Ingram Micro, Inc., 5.45%, 12/15/24		7,537	$	8,056,884
Jabil, Inc., 3.00%, 1/15/31		1,969		2,014,062
			$	10,070,946
Energy — 0.7%
Empresa Electrica Cochrane SpA, 5.50%, 5/14/27(1)		4,741	$	4,901,122
			$	4,901,122
Financial Services — 1.1%
Alliance Data Systems Corp., 4.75%, 12/15/24(1)		4,624	$	4,342,745
Carlyle Finance Subsidiary, LLC, 3.50%, 9/19/29(1)		3,343		3,644,047
			$	7,986,792
Foods — 0.6%
Smithfield Foods, Inc., 5.20%, 4/1/29(1)		4,000	$	4,681,034
			$	4,681,034
Health Care — 0.4%
Centene Corp., 3.375%, 2/15/30		990	$	1,028,675
Centene Corp., 4.25%, 12/15/27		1,705		1,788,110
			$	2,816,785
Insurance — 1.6%
Brown & Brown, Inc., 4.50%, 3/15/29		2,137	$	2,441,062
Kemper Corp., 2.40%, 9/30/30		2,278		2,248,452
Radian Group, Inc., 4.875%, 3/15/27		6,755		6,738,112
			$	11,427,626
Machinery — 1.4%
Flowserve Corp., 3.50%, 10/1/30		1,366	$	1,355,269
nVent Finance S.a.r.l., 4.55%, 4/15/28		6,210		6,708,698
Valmont Industries, Inc., 5.25%, 10/1/54		2,184		2,376,461
			$	10,440,428
Media — 2.2%
Charter Communications Operating, LLC/Charter Communications Operating Capital, 4.80%, 3/1/50		5,215	$	5,989,976

Security	Principal Amount (000’s omitted)*		Value
Media (continued)
Comcast Corp., 2.45%, 8/15/52		2,920	$	2,744,589
Discovery Communications, LLC, 5.20%, 9/20/47		5,815		6,982,112
			$	15,716,677
Mining — 0.1%
Reliance Steel & Aluminum Co., 2.15%, 8/15/30		631	$	618,212
			$	618,212
Oil and Gas — 2.1%
Apache Corp., 4.25%, 1/15/30		2,540	$	2,293,937
Gran Tierra Energy, Inc., 7.75%, 5/23/27(1)		1,200		419,262
National Oilwell Varco, Inc., 3.60%, 12/1/29		2,654		2,578,970
Neptune Energy Bondco PLC, 6.625%, 5/15/25(1)		6,119		5,472,956
Patterson-UTI Energy, Inc., 3.95%, 2/1/28		5,555		4,297,774
			$	15,062,899
Pipelines — 0.7%
Plains All America Pipeline, L.P./PAA Finance Corp., 3.55%, 12/15/29		4,976	$	4,824,218
			$	4,824,218
Real Estate Investment Trusts (REITs) — 1.9%
Iron Mountain, Inc., 4.50%, 2/15/31(1)		3,801	$	3,829,089
Iron Mountain, Inc., 5.00%, 7/15/28(1)		503		516,199
Newmark Group, Inc., 6.125%, 11/15/23		5,219		5,440,014
Service Properties Trust, 4.75%, 10/1/26		4,820		4,307,393
			$	14,092,695
Retail-Specialty and Apparel — 2.7%
Macy’s Retail Holdings, Inc., 4.30%, 2/15/43		8,507	$	4,810,198
Macy’s Retail Holdings, Inc., 4.375%, 9/1/23		2,115		1,639,125
Nordstrom, Inc., 4.375%, 4/1/30		3,450		2,795,397
Nordstrom, Inc., 5.00%, 1/15/44		8,015		5,685,297
Tapestry, Inc., 4.125%, 7/15/27		4,436		4,370,481
			$	19,300,498
Technology — 0.8%
Seagate HDD Cayman, 5.75%, 12/1/34		2,589	$	2,945,305
Trimble, Inc., 4.90%, 6/15/28		2,145		2,533,112
			$	5,478,417
Telecommunications — 0.8%
AT&T, Inc., 3.10%, 2/1/43		4,000	$	3,924,067

8 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)*		Value
Telecommunications (continued)
AT&T, Inc., 3.30%, 2/1/52		2,188	$	2,049,524
			$	5,973,591
Thrifts & Mortgage Finance — 0.9%
Nationwide Building Society, 4.125% to 10/18/27, 10/18/32(1)(2)		6,160	$	6,563,411
			$	6,563,411
Transportation — 1.4%
A.P. Moller - Maersk A/S, 3.875%, 9/28/25(1)		1,631	$	1,781,701
A.P. Moller - Maersk A/S, 4.50%, 6/20/29(1)		4,090		4,612,577
JSL Europe S.A., 7.75%, 7/26/24(1)		3,920		4,052,300
			$	10,446,578
Total Corporate Bonds & Notes (identified cost $302,023,153)			$	304,191,263
Collateralized Mortgage Obligations — 5.0%
Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes:
Series 2018-DNA1, Class M2, 1.948%, (1 mo. USD LIBOR + 1.80%), 7/25/30(4)	$	7,341	$	7,218,266
Series 2018-DNA1, Class M2AT, 1.198%, (1 mo. USD LIBOR + 1.05%), 7/25/30(4)		1,957		1,948,431
Series 2019-DNA3, Class M2, 2.198%, (1 mo. USD LIBOR + 2.05%), 7/25/49(1)(4)		5,340		5,244,351
Series 2019-DNA4, Class M2, 2.098%, (1 mo. USD LIBOR + 1.95%), 10/25/49(1)(4)		2,242		2,224,756
Series 2019-HQA1, Class M2, 2.498%, (1 mo. USD LIBOR + 2.35%), 2/25/49(1)(4)		5,429		5,391,011
Series 2019-HQA2, Class M2, 2.198%, (1 mo. USD LIBOR + 2.05%), 4/25/49(1)(4)		1,828		1,799,799
			$	23,826,614
Federal National Mortgage Association Connecticut Avenue Securities:
Series 2014-C03, Class 1M2, 3.148%, (1 mo. USD LIBOR + 3.00%), 7/25/24(4)	$	4,232	$	3,710,005
Series 2018-C06, Class 1M2, 2.148%, (1 mo. USD LIBOR + 2.00%), 3/25/31(4)		1,303		1,283,025
Series 2018-R07, Class 1M2, 2.548%, (1 mo. USD LIBOR + 2.40%), 4/25/31(1)(4)		2,255		2,249,029
Series 2019-R02, Class 1M2, 2.448%, (1 mo. USD LIBOR + 2.30%), 8/25/31(1)(4)		1,596		1,590,441

Security	Principal Amount (000’s omitted)		Value
Federal National Mortgage Association Connecticut Avenue Securities:(continued)
Series 2019-R05, Class 1M2, 2.148%, (1 mo. USD LIBOR + 2.00%), 7/25/39(1)(4)	$	2,079	$	2,075,682
			$	10,908,182
Federal National Mortgage Association:
Series 2020-DNA4, Class M2, 3.898%, (1 mo. USD LIBOR + 3.75%), 8/25/50(1)(4)	$	1,410	$	1,428,087
			$	1,428,087
Total Collateralized Mortgage Obligations (identified cost $36,644,253)			$	36,162,883
Commercial Mortgage-Backed Securities — 12.4%
Security	Principal Amount (000’s omitted)		Value
BAMLL Commercial Mortgage Securities Trust
Series 2019-BPR, Class ENM, 3.843%, 11/5/32(1)(5)	$	7,255	$	5,273,470
Series 2019-BPR, Class FNM, 3.843%, 11/5/32(1)(5)		7,215		4,572,958
CFCRE Commercial Mortgage Trust
Series 2016-C3, Class D, 3.052%, 1/10/48(1)(5)		1,500		888,190
Series 2016-C7, Class D, 4.578%, 12/10/54(1)(5)		1,725		1,389,623
Citigroup Commercial Mortgage Trust
Series 2017-MDRB, Class C, 2.652%, (1 mo. USD LIBOR + 2.50%), 7/15/30(1)(4)		1,000		947,503
Series 2017-MDRC, Class C, 1.452%, (1 mo. USD LIBOR + 1.30%), 7/15/30(1)(4)		1,850		1,748,417
Series 2017-MDRC, Class D, 2.402%, (1 mo. USD LIBOR + 2.25%), 7/15/30(1)(4)		1,600		1,468,567
COMM Mortgage Trust
Series 2013-CR11, Class D, 5.286%, 8/10/50(1)(5)		8,603		6,974,045
Series 2015-CR22, Class D, 4.244%, 3/10/48(1)(5)		2,324		2,063,144
Credit Suisse Mortgage Trust
Series 2016-NXSR, Class D, 4.504%, 12/15/49(1)(5)		2,000		1,636,134
Federal National Mortgage Association Multifamily Connecticut Avenue Securities Trust
Series 2019-01, Class M7, 1.848%, (1 mo. USD LIBOR + 1.70%), 10/15/49(1)(4)		907		871,925
Series 2019-01, Class M10, 3.398%, (1 mo. USD LIBOR + 3.25%), 10/15/49(1)(4)		905		842,179
Series 2020-01, Class M10, 3.898%, (1 mo. USD LIBOR + 3.75%), 3/25/50(1)(4)		3,245		3,056,496
JPMBB Commercial Mortgage Securities Trust
Series 2014-C22, Class D, 4.706%, 9/15/47(1)(5)		1,980		1,287,803
Series 2014-C25, Class D, 4.094%, 11/15/47(1)(5)		3,575		2,569,054
Series 2015-C29, Class D, 3.852%, 5/15/48(5)		500		380,336

9 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2011-C5, Class D, 5.605%, 8/15/46(1)(5)	$	2,454	$	2,055,724
Series 2013-C16, Class D, 5.195%, 12/15/46(1)(5)		1,500		1,447,255
Series 2014-DSTY, Class B, 3.771%, 6/10/27(1)		1,384		415,455
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2016-C29, Class C, 4.905%, 5/15/49(5)		4,199		4,037,509
Series 2016-C29, Class D, 3.00%, 5/15/49(1)		7,048		5,415,988
Series 2016-C32, Class D, 3.396%, 12/15/49(1)(5)		5,000		3,436,400
Morgan Stanley Capital I Trust
Series 2016-UBS12, Class D, 3.312%, 12/15/49(1)		7,150		5,264,745
Series 2019-BPR, Class B, 2.252%, (1 mo. USD LIBOR + 2.10%), 5/15/36(1)(4)		5,114		4,679,863
Series 2019-BPR, Class C, 3.202%, (1 mo. USD LIBOR + 3.05%), 5/15/36(1)(4)		1,540		1,347,415
Motel 6 Trust
Series 2017-MTL6, Class C, 1.552%, (1 mo. USD LIBOR + 1.40%), 8/15/34(1)(4)		802		784,801
Series 2017-MTL6, Class E, 3.402%, (1 mo. USD LIBOR + 3.25%), 8/15/34(1)(4)		664		648,383
Natixis Commercial Mortgage Securities Trust
Series 2018-FL1, Class C, 2.362%, (1 mo. USD LIBOR + 2.20%), 6/15/35(1)(4)		3,219		2,931,196
RETL Trust
Series 2019-RVP, Class B, 1.702%, (1 mo. USD LIBOR + 1.55%), 3/15/36(1)(4)		4,425		4,217,500
Toorak Mortgage Corp., Ltd.
Series 2020-1, Class A1, 2.734% to 1/25/23, 3/25/23(1)(6)		3,160		3,206,662
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class D, 4.451%, 4/10/46(1)(5)		2,000		1,307,425
Wells Fargo Commercial Mortgage Trust
Series 2015-C31, Class D, 3.852%, 11/15/48		5,598		4,652,494
Series 2016-C35, Class D, 3.142%, 7/15/48(1)		2,150		1,598,011
Series 2016-C36, Class D, 2.942%, 11/15/59(1)		6,000		3,939,203
WF-RBS Commercial Mortgage Trust
Series 2014-C24, Class D, 3.692%, 11/15/47(1)		4,150		2,245,463
Total Commercial Mortgage-Backed Securities (identified cost $99,987,431)			$	89,601,336
Asset-Backed Securities — 20.0%
Security	Principal Amount (000’s omitted)		Value
Aaset Trust
Series 2019-2, Class B, 4.458%, 10/16/39(1)	$	3,375	$	2,566,182
ARI Fleet Lease Trust
Series 2018-B, Class A2, 3.22%, 8/16/27(1)		416		420,975

Security	Principal Amount (000’s omitted)		Value
Avant Loans Funding Trust
Series 2018-A, Class C, 4.79%, 5/15/24(1)	$	4,244	$	4,257,115
CIG Auto Receivables Trust
Series 2019-1A, Class A, 3.33%, 8/15/24(1)		668		676,188
Coinstar Funding, LLC
Series 2017-1A, Class A2, 5.216%, 4/25/47(1)		12,132		11,540,459
Conn’s Receivables Funding, LLC
Series 2018-A, Class A, 3.25%, 1/15/23(1)		8		8,016
Series 2018-A, Class B, 4.65%, 1/15/23(1)		429		428,311
Series 2019-A, Class A, 3.40%, 10/16/23(1)		136		136,569
Series 2019-A, Class B, 4.36%, 10/16/23(1)		2,004		2,004,928
Series 2019-B, Class B, 3.62%, 6/17/24(1)		4,025		3,982,246
Consumer Loan Underlying Bond Credit Trust
Series 2019-P1, Class A, 2.94%, 7/15/26(1)		2,126		2,144,415
Driven Brands Funding, LLC
Series 2019-2A, Class A2, 3.981%, 10/20/49(1)		3,662		3,799,992
Exeter Automobile Receivables Trust
Series 2019-3A, Class A, 2.59%, 9/15/22(1)		394		395,243
ExteNet LLC
Series 2019-1A, Class A2, 3.204%, 7/26/49(1)		2,475		2,527,264
Series 2019-1A, Class B, 4.14%, 7/26/49(1)		2,730		2,761,139
Series 2019-1A, Class C, 5.219%, 7/26/49(1)		2,090		2,073,901
Falcon Aerospace, Ltd.
Series 2019-1, Class B, 4.791%, 9/15/39(1)		4,952		3,061,351
Series 2019-1, Class C, 6.656%, 9/15/39(1)		2,791		1,256,610
FOCUS Brands Funding, LLC
Series 2017-1A, Class A2I, 3.857%, 4/30/47(1)		2,801		2,599,313
Foundation Finance Trust
Series 2017-1A, Class A, 3.30%, 7/15/33(1)		234		238,276
FREED ABS Trust
Series 2019-1, Class A, 3.42%, 6/18/26(1)		97		96,879
Series 2019-2, Class A, 2.62%, 11/18/26(1)		3,960		3,964,870
Series 2020-FP1, Class A, 2.52%, 3/18/27(1)		2,458		2,459,306
Helios Issuer, LLC
Series 2017-1A, Class C, 8.00%, 9/20/49(1)		5,026		4,976,555
Series 2018-1A, Class B, 7.71%, 7/20/48(1)		1,645		1,586,725
Horizon Aircraft Finance I, Ltd.
Series 2018-1, Class A, 4.458%, 12/15/38(1)		1,269		1,211,585
Horizon Aircraft Finance II, Ltd.
Series 2019-1, Class A, 3.721%, 7/15/39(1)		2,202		2,077,344
InSite Issuer, LLC
Series 2016-1A, Class A, 2.883%, 11/15/46(1)		1,605		1,649,429
Jack in the Box Funding, LLC
Series 2019-1A, Class A2I, 3.982%, 8/25/49(1)		1,226		1,263,128
LL ABS Trust
Series 2019-1A, Class A, 2.87%, 3/15/27(1)		1,715		1,722,240
Series 2020-1A, Class A, 2.33%, 7/15/22(1)		425		425,174

10 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Lunar Aircraft, Ltd.
Series 2020-1A, Class B, 4.335%, 2/15/45(1)	$	734	$	497,821
Series 2020-1A, Class C, 6.413%, 2/15/45(1)		258		118,253
Marlette Funding Trust
Series 2019-2A, Class A, 3.13%, 7/16/29(1)		400		404,741
Series 2020-2A, Class B, 1.83%, 9/16/30(1)		1,305		1,311,136
MelTel Land Funding, LLC
Series 2019-1A, Class B, 4.701%, 4/15/49(1)		515		526,925
Mosaic Solar Loan Trust
Series 2019-2A, Class B, 3.28%, 9/20/40(1)		3,455		3,546,639
Series 2020-1A, Class C, 4.47%, 4/20/46(1)		1,630		1,658,482
MVW, LLC
Series 2020-1A, Class A, 1.74%, 10/20/37(1)		603		610,756
Planet Fitness Master Issuer, LLC
Series 2018-1A, Class A2I, 4.262%, 9/5/48(1)		3,626		3,644,718
Series 2019-1A, Class A2, 3.858%, 12/5/49(1)		2,422		2,281,055
Prestige Auto Receivables Trust
Series 2019-1A, Class A2, 2.44%, 7/15/22(1)		454		455,243
Prosper Marketplace Issuance Trust
Series 2018-1A, Class C, 4.87%, 6/17/24(1)		334		334,745
Purchasing Power Funding, LLC
Series 2018-A, Class A, 3.34%, 8/15/22(1)		300		300,462
SERVPRO Master Issuer, LLC
Series 2019-1A, Class A2, 3.882%, 10/25/49(1)		8,425		8,932,497
Skopos Auto Receivables Trust
Series 2019-1A, Class A, 2.90%, 12/15/22(1)		2,766		2,784,632
Small Business Lending Trust
Series 2019-A, Class A, 2.85%, 7/15/26(1)		1,561		1,536,609
Series 2020-A, Class A, 2.62%, 12/15/26(1)		1,266		1,257,633
Sonic Capital, LLC
Series 2020-1A, Class A2I, 3.845%, 1/20/50(1)		7,190		7,644,224
SpringCastle America Funding, LLC
Series 2020-AA, Class A, 1.97%, 9/25/37(1)		2,495		2,508,520
Springleaf Funding Trust
Series 2015-BA, Class A, 3.48%, 5/15/28(1)		1,010		1,014,266
Stack Infrastructure Issuer, LLC
Series 2019-1A, Class A2, 4.54%, 2/25/44(1)		5,939		6,414,578
Series 2019-2A, Class A2, 3.08%, 10/25/44(1)		1,135		1,165,070
Tesla Auto Lease Trust
Series 2018-B, Class B, 4.12%, 10/20/21(1)		1,000		1,022,444
Series 2019-A, Class E, 5.48%, 5/22/23(1)		3,630		3,804,587
Series 2020-A, Class E, 4.64%, 8/20/24(1)		750		778,840
Theorem Funding Trust
Series 2020-1A, Class A, 2.48%, 10/15/26(1)		1,875		1,876,926
Upgrade Receivables Trust
Series 2018-1A, Class C, 5.17%, 11/15/24(1)		2,901		2,887,219
Series 2019-1A, Class B, 4.09%, 3/15/25(1)		2,906		2,913,295
Series 2019-2A, Class A, 2.77%, 10/15/25(1)		1,652		1,657,091

Security		Principal Amount (000’s omitted)		Value
Vantage Data Centers Issuer, LLC
Series 2018-1A, Class A2, 4.072%, 2/16/43(1)		$	1,218	$	1,262,653
Series 2018-2A, Class A2, 4.196%, 11/16/43(1)			982		1,019,591
Series 2019-1A, Class A2, 3.188%, 7/15/44(1)			5,435		5,563,670
Series 2020-2A, Class A2, 1.992%, 9/15/45(1)(7)			2,935		2,943,685
Willis Engine Structured Trust
Series 2020-A, Class B, 4.212%, 3/15/45(1)			1,774		1,083,551
Series 2020-A, Class C, 6.657%, 3/15/45(1)			877		383,657
Total Asset-Backed Securities (identified cost $149,524,398)				$	144,457,942
Foreign Government Bonds— 3.4%
Security		Principal Amount (000’s omitted)		Value
Australia — 0.3%
Australia Government Bond, 2.50%, 5/21/30(8)	AUD		2,462	$	2,044,242
				$	2,044,242
Brazil — 1.1%
Nota do Tesouro Nacional, 10.00%, 1/1/25	BRL		31,070	$	6,275,687
Nota do Tesouro Nacional, 10.00%, 1/1/29	BRL		6,500		1,337,316
				$	7,613,003
Mexico — 0.6%
Mexican Bonos, 7.75%, 5/29/31	MXN		89,055	$	4,544,639
				$	4,544,639
Norway — 0.6%
Norway Government Bond, 1.375%, 8/19/30(1)(8)	NOK		34,669	$	3,989,323
				$	3,989,323
Supranational — 0.8%
European Bank for Reconstruction & Development, 6.45%, 12/13/22	IDR		89,482,200	$	6,092,968
				$	6,092,968
Total Foreign Government Bonds (identified cost $26,682,033)				$	24,284,175

11 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Portfolio of Investments — continued

Senior Floating-Rate Loans — 0.2%(9)
Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Retailers (Except Food and Drug) — 0.2%
PetSmart, Inc., Term Loan, 4.50%, (3 mo. USD LIBOR + 3.50%, Floor 1.00%), 3/11/22	$	1,383	$	1,381,339
Total Senior Floating-Rate Loans (identified cost $1,353,143)			$	1,381,339
Convertible Bonds— 0.4%
Security	Principal Amount (000’s omitted)		Value
Computers — 0.0%
Western Digital Corp., 1.50%, 2/1/24	$	184	$	175,609
			$	175,609
Software — 0.4%
J2 Global, Inc., 1.75%, 11/1/26(1)	$	2,970	$	2,640,991
			$	2,640,991
Total Convertible Bonds (identified cost $2,697,981)			$	2,816,600
Preferred Stocks— 0.8%
Security	Shares		Value
Oil and Gas — 0.0%
Chesapeake Energy Corp., 5.75%, Convertible(10)(11)		400	$	0
			$	0
Real Estate Management & Development — 0.8%
Brookfield Property Partners, L.P., Series A, 5.75%		190,000	$	3,395,300
Brookfield Property Partners, L.P., Series A2, 6.375%		136,000		2,696,880
			$	6,092,180
Total Preferred Stocks (identified cost $8,468,050)			$	6,092,180

U.S. Treasury Obligations— 11.5%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Inflation-Protected Note, 0.25%, 1/15/25(12)	$	15,050	$	16,058,713
U.S. Treasury Inflation-Protected Note, 0.625%, 4/15/23(12)		13,887		14,526,185
U.S. Treasury Note, 0.25%, 9/30/25		4,070		4,064,754
U.S. Treasury Note, 0.625%, 5/15/30		10,345		10,309,439
U.S. Treasury Note, 0.625%, 8/15/30		6,222		6,186,515
U.S. Treasury Note, 1.625%, 10/15/20		15,800		15,809,273
U.S. Treasury Note, 1.75%, 10/31/20		15,800		15,821,371
Total U.S. Treasury Obligations (identified cost $80,846,350)			$	82,776,250
Short-Term Investments— 2.5%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.15%(13)		18,277,199	$	18,277,199
Total Short-Term Investments (identified cost $18,277,199)			$	18,277,199
Total Investments — 98.3% (identified cost $726,503,991)			$	710,041,167
Other Assets, Less Liabilities — 1.7%			$	12,026,707
Net Assets — 100.0%			$	722,067,874

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

* In U.S. dollars unless otherwise indicated.

⁽¹⁾ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2020, the aggregate value of these securities is $380,482,749 or 52.7% 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 September 30, 2020.

⁽⁵⁾ Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at September 30, 2020.

⁽⁶⁾ Step coupon security. Interest rate represents the rate in effect at September 30, 2020.

⁽⁷⁾ When-issued security.

12 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Portfolio of Investments — continued

⁽⁸⁾ Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At September 30, 2020, the aggregate value of these securities is $6,033,565 or 0.8% of the Fund’s net assets.

⁽⁹⁾ 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. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

⁽¹⁰⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 11).

⁽¹¹⁾  Non-income producing security.

⁽¹²⁾ 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.

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

Country Concentration of Portfolio
Country	Percentage of Total Investments			Value
United States		78.4	%	$	556,590,372
United Kingdom		4.9			35,169,252
Mexico		4.2			30,124,204
Brazil		3.0			21,600,371
Australia		1.7			11,809,182
Chile		1.3			9,107,184
Italy		0.9			6,768,602
Denmark		0.9			6,394,278
Supranational		0.9			6,092,968
Cayman Islands		0.6			4,317,961
Canada		0.6			4,204,197
Norway		0.6			3,989,323
Spain		0.5			3,518,867
Peru		0.5			3,502,718
Ireland		0.4			3,070,732
Greece		0.3			1,922,520
Germany		0.3			1,858,436
Total Investments		100.0	%	$	710,041,167

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	1,754,903	USD	2,084,164	State Street Bank and Trust Company		11/30/20	$	—	$	(24,116	)
USD	6,638,089	EUR	5,605,471	State Street Bank and Trust Company		11/30/20		57,932		—
							$	57,932	$	(24,116	)

Futures Contracts
Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
U.S. Long Treasury Bond		179			Long		12/21/20	$	31,554,344		$	(39,982	)
U.S. Ultra-Long Treasury Bond		215			Long		12/21/20		47,689,688			(14,043	)
U.S. 10-Year Ultra-Long Treasury Note		(478	)		Short		12/21/20		(76,442,656	)		(197,080	)
											$	(251,105	)

13 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Portfolio of Investments — continued

Abbreviations:

LIBOR – London Interbank Offered Rate

Currency Abbreviations:

AUD	–	Australian Dollar
BRL	–	Brazilian Real
EUR	–	Euro
IDR	–	Indonesian Rupiah
MXN	–	Mexican Peso
NOK	–	Norwegian Krone
USD	–	United States Dollar

14 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Statement of Assets and Liabilities

Assets	September 30, 2020
Unaffiliated investments, at value (identified cost, $708,226,792)	$	691,763,968
Affiliated investment, at value (identified cost, $18,277,199)		18,277,199
Cash		21,777
Deposits for derivatives collateral — financial futures contracts		2,178,700
Foreign currency, at value (identified cost, $1,644)		925
Interest receivable		5,296,199
Dividends receivable from affiliated investment		3,766
Receivable for investments sold		13,144,265
Receivable for Fund shares sold		1,253,624
Receivable for open forward foreign currency exchange contracts		57,932
Tax reclaims receivable		27,412
Receivable from affiliate		42,069
Total assets	$	732,067,836
Liabilities
Payable for investments purchased	$	2,410,499
Payable for when-issued securities		2,935,000
Payable for Fund shares redeemed		3,621,675
Payable for variation margin on open financial futures contracts		373,784
Payable for open forward foreign currency exchange contracts		24,116
Distributions payable		9,044
Payable to affiliates:
Investment adviser fee		272,469
Distribution and service fees		73,440
Accrued expenses		279,935
Total liabilities	$	9,999,962
Net Assets	$	722,067,874
Sources of Net Assets
Paid-in capital	$	741,706,563
Accumulated loss		(19,638,689	)
Net Assets	$	722,067,874
Class A Shares
Net Assets	$	136,688,175
Shares Outstanding		11,561,241
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.82
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	12.41
Class C Shares
Net Assets	$	54,188,862
Shares Outstanding		4,585,924
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	11.82
Class I Shares
Net Assets	$	531,190,837
Shares Outstanding		44,965,963
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.81

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.

15 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Statement of Operations

Investment Income	Year Ended September 30, 2020
Interest (net of foreign taxes, $2,857)	$	33,629,402
Dividends (net of foreign taxes, $1,016)		742,926
Dividends from affiliated investment		1,161,725
Total investment income	$	35,534,053
Expenses
Investment adviser fee	$	3,887,627
Distribution and service fees
Class A		384,931
Class C		586,859
Trustees’ fees and expenses		38,087
Custodian fee		254,143
Transfer and dividend disbursing agent fees		539,001
Legal and accounting services		92,712
Printing and postage		76,753
Registration fees		199,767
Miscellaneous		62,752
Total expenses	$	6,122,632
Deduct —
Allocation of expenses to affiliate	$	914,506
Total expense reductions	$	914,506
Net expenses	$	5,208,126
Net investment income	$	30,325,927
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(6,650,858	)
Investment transactions — affiliated investment		(20,243	)
Financial futures contracts		4,816,720
Foreign currency transactions		(33,465	)
Forward foreign currency exchange contracts		(365,565	)
Net realized loss	$	(2,253,411	)
Change in unrealized appreciation (depreciation) —
Investments (including net decrease of $1,951 in accrued foreign capital gains taxes)	$	(27,826,878	)
Investments — affiliated investment		(516	)
Financial futures contracts		78,683
Foreign currency		(5,598	)
Forward foreign currency exchange contracts		33,816
Net change in unrealized appreciation (depreciation)	$	(27,720,493	)
Net realized and unrealized loss	$	(29,973,904	)
Net increase in net assets from operations	$	352,023

16 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Statements of Changes in Net Assets

	Year Ended September 30,
Increase (Decrease) in Net Assets	2020			2019
From operations —
Net investment income	$	30,325,927		$	16,150,235
Net realized gain (loss)		(2,253,411	)		2,395,935
Net change in unrealized appreciation (depreciation)		(27,720,493	)		15,710,047
Net increase in net assets from operations	$	352,023		$	34,256,217
Distributions to shareholders —
Class A	$	(5,568,953	)	$	(2,807,716	)
Class C		(1,682,983	)		(955,369	)
Class I		(25,149,896	)		(13,044,946	)
Total distributions to shareholders	$	(32,401,832	)	$	(16,808,031	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	75,252,560		$	106,534,158
Class C		25,929,494			36,217,560
Class I		457,605,711			554,980,078
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		5,504,624			2,704,090
Class C		1,647,997			907,018
Class I		25,102,517			12,950,089
Cost of shares redeemed
Class A		(78,530,159	)		(18,826,622	)
Class C		(21,860,405	)		(6,212,159	)
Class I		(549,152,100	)		(110,877,083	)
Net asset value of shares converted
Class A		1,954,252			1,058,491
Class C		(1,954,252	)		(1,058,491	)
Net increase (decrease) in net assets from Fund share transactions	$	(58,499,761	)	$	578,377,129
Net increase (decrease) in net assets	$	(90,549,570	)	$	595,825,315
Net Assets
At beginning of year	$	812,617,444		$	216,792,129
At end of year	$	722,067,874		$	812,617,444

17 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Financial Highlights

	Class A
	Year Ended September 30,
	2020			2019			2018			2017			2016
Net asset value — Beginning of year	$	11.990		$	11.570		$	11.930		$	11.630		$	11.040
Income (Loss) From Operations
Net investment income(1)	$	0.395		$	0.427		$	0.402		$	0.367		$	0.415
Net realized and unrealized gain (loss)		(0.143	)		0.451			(0.344	)		0.319			0.774
Total income from operations	$	0.252		$	0.878		$	0.058		$	0.686		$	1.189
Less Distributions
From net investment income	$	(0.413	)	$	(0.458	)	$	(0.409	)	$	(0.322	)	$	(0.450	)
From net realized gain		(0.009	)		—			(0.009	)		—			(0.149	)
Tax return of capital		—			—			—			(0.064	)		—
Total distributions	$	(0.422	)	$	(0.458	)	$	(0.418	)	$	(0.386	)	$	(0.599	)
Net asset value — End of year	$	11.820		$	11.990		$	11.570		$	11.930		$	11.630
Total Return(2)(3)		2.21	%		7.76	%		0.50	%		6.01	%		11.21	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	136,688		$	137,889		$	43,503		$	33,927		$	17,977
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.74	%		0.74	%		0.74	%		0.77	%		0.80	%
Net investment income		3.38	%		3.62	%		3.43	%		3.13	%		3.74	%
Portfolio Turnover		89	%		75	%		43	%		61	%		71	%

⁽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 0.11%, 0.11%, 0.22%, 0.36% and 0.53% of average daily net assets for the years ended September 30, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

18 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Financial Highlights — continued

	Class C
	Year Ended September 30,
	2020			2019			2018			2017			2016
Net asset value — Beginning of year	$	11.990		$	11.560		$	11.920		$	11.620		$	11.040
Income (Loss) From Operations
Net investment income(1)	$	0.307		$	0.344		$	0.313		$	0.282		$	0.331
Net realized and unrealized gain (loss)		(0.142	)		0.456			(0.343	)		0.317			0.765
Total income (loss) from operations	$	0.165		$	0.800		$	(0.030	)	$	0.599		$	1.096
Less Distributions
From net investment income	$	(0.326	)	$	(0.370	)	$	(0.321	)	$	(0.249	)	$	(0.367	)
From net realized gain		(0.009	)		—			(0.009	)		—			(0.149	)
Tax return of capital		—			—			—			(0.050	)		—
Total distributions	$	(0.335	)	$	(0.370	)	$	(0.330	)	$	(0.299	)	$	(0.516	)
Net asset value — End of year	$	11.820		$	11.990		$	11.560		$	11.920		$	11.620
Total Return(2)(3)		1.45	%		7.05	%		(0.25	)%		5.23	%		10.30	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	54,189		$	52,001		$	20,926		$	19,197		$	12,574
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.49	%		1.49	%		1.49	%		1.52	%		1.55	%
Net investment income		2.63	%		2.93	%		2.67	%		2.41	%		2.98	%
Portfolio Turnover		89	%		75	%		43	%		61	%		71	%

⁽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 0.11%, 0.11%, 0.22%, 0.36% and 0.53% of average daily net assets for the years ended September 30, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

19 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Financial Highlights — continued

	Class I
	Year Ended September 30,
	2020			2019			2018			2017			2016
Net asset value — Beginning of year	$	11.990		$	11.560		$	11.920		$	11.620		$	11.040
Income (Loss) From Operations
Net investment income(1)	$	0.423		$	0.457		$	0.440		$	0.399		$	0.442
Net realized and unrealized gain (loss)		(0.152	)		0.460			(0.352	)		0.316			0.765
Total income from operations	$	0.271		$	0.917		$	0.088		$	0.715		$	1.207
Less Distributions
From net investment income	$	(0.442	)	$	(0.487	)	$	(0.439	)	$	(0.346	)	$	(0.478	)
From net realized gain		(0.009	)		—			(0.009	)		—			(0.149	)
Tax return of capital		—			—			—			(0.069	)		—
Total distributions	$	(0.451	)	$	(0.487	)	$	(0.448	)	$	(0.415	)	$	(0.627	)
Net asset value — End of year	$	11.810		$	11.990		$	11.560		$	11.920		$	11.620
Total Return(2)(3)		2.37	%		8.12	%		0.74	%		6.28	%		11.40	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	531,191		$	622,727		$	152,363		$	41,563		$	6,700
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.49	%		0.49	%		0.49	%		0.52	%		0.55	%
Net investment income		3.62	%		3.89	%		3.77	%		3.40	%		4.00	%
Portfolio Turnover		89	%		75	%		43	%		61	%		71	%

⁽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 0.11%, 0.11%, 0.22%, 0.36% and 0.53% of average daily net assets for the years ended September 30, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

20 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Notes to Financial Statements

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 and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses 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.

21

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Notes to Financial Statements — continued

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

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

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

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

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

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

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

J  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

22

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Notes to Financial Statements — continued

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.

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 tax character of distributions declared for the years ended September 30, 2020 and September 30, 2019 was as follows:

	Year Ended September 30,
	2020		2019
Ordinary income	$	32,401,832	$	16,808,031

During the year ended September 30, 2020, accumulated loss was increased by $215,887 and paid-in capital was increased by $215,887 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of September 30, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed long-term capital gains	$	1,965,763
Post October capital losses	$	(4,553,780	)
Late year ordinary losses	$	(526,113	)
Net unrealized depreciation	$	(16,515,515	)
Distributions payable	$	(9,044	)

At September 30, 2020, the Fund had a net capital loss of $4,553,780 attributable to security transactions incurred after October 31, 2019 that it has elected to defer. This net capital loss is treated as arising on the first day of the Fund’s taxable year ending September 30, 2021.

Additionally, at September 30, 2020, the Fund had a late year ordinary loss of $526,113 which it has elected to defer to the following taxable year pursuant to income tax regulations. Late year ordinary losses represent certain specified losses realized in that portion of a taxable year after October 31 that are treated as ordinary for tax purposes plus ordinary losses attributable to that portion of a taxable year after December 31.

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

Aggregate cost	$	726,543,361
Gross unrealized appreciation	$	19,924,468
Gross unrealized depreciation		(36,426,662	)
Net unrealized depreciation	$	(16,502,194	)

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 and an indirect subsidiary of Eaton Vance Corp., as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and 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

23

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Notes to Financial Statements — continued

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 year ended September 30, 2020, the Fund’s investment adviser fee amounted to $3,887,627 or 0.45% 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 $914,506 of the Fund’s operating expenses for the year ended September 30, 2020.

EVM serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended September 30, 2020, EVM earned $7,726 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 $32,007 as its portion of the sales charge on sales of Class A shares for the year ended September 30, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

During the year ended September 30, 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 year ended September 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended September 30, 2020 amounted to $384,931 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended September 30, 2020, the Fund paid or accrued to EVD $440,144 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended September 30, 2020 amounted to $146,715 for Class C shares.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended September 30, 2020, the Fund was informed that EVD received approximately $17,000 and $14,000 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 year ended September 30, 2020 were as follows:

	Purchases		Sales
Investments (non-U.S. Government)	$	613,571,086	$	607,370,173
U.S. Government and Agency Securities		91,872,578		74,142,145
	$	705,443,664	$	681,512,318

24

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Notes to Financial Statements — continued

7  Shares of Beneficial Interest

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

	Year Ended September 30,
Class A	2020			2019
Sales		6,302,006			9,020,427
Issued to shareholders electing to receive payments of distributions in Fund shares		472,350			229,199
Redemptions		(6,877,085	)		(1,607,150	)
Converted from Class C shares		168,107			92,036
Net increase		65,378			7,734,512
	Year Ended September 30,
Class C	2020			2019
Sales		2,176,977			3,073,859
Issued to shareholders electing to receive payments of distributions in Fund shares		141,502			77,163
Redemptions		(1,901,835	)		(531,535	)
Converted to Class A shares		(168,167	)		(92,028	)
Net increase		248,477			2,527,459
	Year Ended September 30,
Class I	2020			2019
Sales		38,844,043			47,131,144
Issued to shareholders electing to receive payments of distributions in Fund shares		2,151,884			1,098,871
Redemptions		(47,985,690	)		(9,455,127	)
Net increase (decrease)		(6,989,763	)		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 financial 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 September 30, 2020 is included in the Portfolio of Investments. At September 30, 2020, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objective, 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

25

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Notes to Financial Statements — continued

payment by the Fund for those derivatives in a liability position. At September 30, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $24,116. At September 30, 2020, there were no assets pledged by the Fund for such liability.

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

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

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

		Fair Value
Risk	Derivative	Asset Derivative			Liability Derivative
Interest Rate	Futures contracts	$	—		$	(251,105	)(1)
Foreign Exchange	Forward foreign currency exchange contracts		57,932	(2)		(24,116	)(3)
Total		$	57,932		$	(275,221	)
Derivatives not subject to master netting or similar agreements		$	—		$	(251,105	)
Total Derivatives subject to master netting or similar agreements		$	57,932		$	(24,116	)

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

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

⁽³⁾  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 tables present the Fund’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets and pledged by the Fund for such liabilities as of September 30, 2020.

Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset			Non-cash Collateral Received(a)		Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
State Street Bank and Trust Company	$	57,932	$	(24,116	)	$	—	$	—	$	33,816

26

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Notes to Financial Statements — continued

Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
State Street Bank and Trust Company	$	(24,116	)	$	24,116	$	—	$	—	$	—

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

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

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

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

Risk	Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income(2)
Interest Rate	Futures contracts	$	4,816,720		$	78,683
Foreign Exchange	Forward foreign currency exchange contracts		(365,565	)		33,816
Total		$	4,451,155		$	112,499

⁽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.

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

Futures Contracts — Long		Futures Contracts — Short		Forward Foreign Currency Exchange Contracts*
	$111,029,000	$	17,486,000	$	4,931,000

* The average notional amount of 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 year ended September 30, 2020. Effective October 27, 2020, the Fund renewed its line of credit agreement, which expires October 26, 2021, at substantially the same terms.

27

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Notes to Financial Statements — continued

10  Investments in Affiliated Funds

At September 30, 2020, the value of the Fund’s investment in affiliated funds was $18,277,199, which represents 2.5% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended September 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	129,677,910	$	506,207,121	$	(617,587,073	)	$	(20,243	)	$	(516	)	$	18,277,199	$	1,161,725		18,277,199

11  Fair Value Measurements

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

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

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

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

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

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

Asset Description	Level 1			Level 2			Level 3*		Total
Corporate Bonds & Notes	$	—		$	304,191,263		$	—	$	304,191,263
Collateralized Mortgage Obligations		—			36,162,883			—		36,162,883
Commercial Mortgage-Backed Securities		—			89,601,336			—		89,601,336
Asset-Backed Securities		—			144,457,942			—		144,457,942
Foreign Government Bonds		—			24,284,175			—		24,284,175
Senior Floating-Rate Loans		—			1,381,339			—		1,381,339
Convertible Bonds		—			2,816,600			—		2,816,600
Preferred Stocks		6,092,180			—			0		6,092,180
U.S. Treasury Obligations		—			82,776,250			—		82,776,250
Short-Term Investments		—			18,277,199			—		18,277,199
Total Investments	$	6,092,180		$	703,948,987		$	0	$	710,041,167
Forward Foreign Currency Exchange Contracts	$	—		$	57,932		$	—	$	57,932
Total	$	6,092,180		$	704,006,919		$	0	$	710,099,099
Liability Description
Forward Foreign Currency Exchange Contracts	$	—		$	(24,116	)	$	—	$	(24,116	)
Futures Contracts		(251,105	)		—			—		(251,105	)
Total	$	(251,105	)	$	(24,116	)	$	—	$	(275,221	)

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

28

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Notes to Financial Statements — continued

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

12  Risks and Uncertainties

Risks Associated with Foreign Investments

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

Pandemic Risk

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

13  Subsequent Event

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may result in the automatic termination of the Fund’s investment advisory agreement, and any related sub-advisory agreement(s), if applicable. Thus, the Fund’s Board will be asked to approve a new investment advisory agreement (and new sub-advisory agreement(s), if applicable). If approved by the Fund’s Board, the new investment advisory agreement (and new sub-advisory agreement(s), if applicable) is expected to be presented to Fund shareholders for approval, and, if approved, would take effect upon the closing of the transaction.

29

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Core Plus Bond Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of September 30, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 19, 2020

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

30

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Federal Tax Information (Unaudited)

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

Capital Gains Dividends.  The Fund hereby designates as a capital gain dividend with respect to the taxable year ended September 30, 2020, $2,181,650 or, if subsequently determined to be different, the net capital gain of such year.

31

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

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

Information about Fees, Performance and Expenses

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

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

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

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

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

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

Information about Portfolio Management and Trading

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

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

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

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

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

Information about each Adviser and Sub-adviser

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

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

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

32

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Board of Trustees’ Contract Approval — continued

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

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

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

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

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

Other Relevant Information

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

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

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

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

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

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

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

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Core Plus Bond Fund (the “Fund”) and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.

Nature, Extent and Quality of Services

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

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund, including recent changes to such personnel. The Board considered, where relevant, the abilities and experience of the Adviser’s investment professionals in analyzing factors such as credit risk and special considerations relevant to investing in income securities. The Board considered the Adviser’s in-house research capabilities. The Board also took into account the resources dedicated to portfolio management and other services, the

33

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Board of Trustees’ Contract Approval — continued

compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

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

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

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

Fund Performance

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

Management Fees and Expenses

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

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

Profitability and “Fall-Out” Benefits

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

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

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

Economies of Scale

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

34

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Liquidity Risk Management Program

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

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

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

35

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Management and Organization

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

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

36

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Management and Organization — continued

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

Name and Year of Birth	Trust Position(s)	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

37

Eaton Vance

Core Plus Bond Fund

September 30, 2020

Management and Organization — continued

Name and Year of Birth	Trust Position(s)	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

⁽¹⁾  Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

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

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

38

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

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

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

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

39

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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

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

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.

4595    9.30.20

Eaton Vance

Municipal Income Funds

Annual Report

September 30, 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.

Annual Report September 30, 2020

Eaton Vance

Municipal Income Funds

Table of Contents
Management’s Discussion of Fund Performance	2
Performance and Fund Profile
AMT-Free Municipal Income Fund	3
National Municipal Income Fund	5
Endnotes and Additional Disclosures	7
Fund Expenses	8
Financial Statements	10
Report of Independent Registered Public Accounting Firm	46
Federal Tax Information	48
Board of Trustees’ Contract Approval	49
Liquidity Risk Management Program	53
Management and Organization	54
Important Notices	57

Eaton Vance

Municipal Income Funds

September 30, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

As the 12-month period opened on October 1, 2019, Treasury and municipal bond rates were trending modestly upward, amid better- than-expected U.S. employment reports and cautious optimism about a détente in U.S.-China trade relations. Rates continued to move upward through the end of 2019.

In January 2020, however, news of the outbreak of a new coronavirus in China raised investor concerns and led to a “flight to quality” that sparked a brief bond market rally. As the virus turned into a global pandemic in February and March, however, it ended the longest-ever U.S. economic expansion and brought about a global economic slowdown. Economic activity decreased and credit markets, along with equities, declined in value amid significant volatility.

In response, the U.S. Federal Reserve (the Fed) announced two emergency rate cuts in March 2020 — lowering the federal funds rate to 0.00%-0.25% — along with other measures intended to shore up credit markets. At its July meeting, the Fed provided additional reassurances that it would maintain rates around zero for the foreseeable future and use all the monetary tools at its disposal to support the U.S. economy. These moves helped calm the markets and initiated a new municipal bond rally that began in April and lasted through most of the summer.

The municipal bond rally was also driven by technical market factors as demand overwhelmed supply. As municipal bonds offered attractive tax-exempt yields versus other fixed-income asset classes, municipal bond funds reported net inflows from May through September 2020 — following substantial outflows in March and April.

Midway through August, however, the municipal rally stalled. Rates hit bottom for the fiscal year on August 11, with 10-year municipal bonds at a yield of 0.58%. During the rest of the period, prices fell and yields rose, driven in part by Congress’ failure to pass another stimulus bill, $400-$500 billion of which had been projected for state and local government assistance.

As issuers rushed to take advantage of low yields in late August and September, increased supply reversed the supply-demand dynamic from earlier in the summer — putting further downward pressure on municipal bond prices and upward pressure on yields. In addition, the Fed announced at the end of August a policy shift to allow inflation to run above its 2% target until the U.S. unemployment rate is very low — raising inflation concerns among some investors.

For the period as a whole, rates declined across the municipal bond yield curve, with the greatest declines occurring at the short end of the curve. The Bloomberg Barclays Municipal Bond Index (the Index), a broad measure of the asset class, returned 4.09% during the period — despite a 3.63% decline in March 2020. Reflecting investors’ “flight to quality” in response to the pandemic, municipal bonds with higher credit ratings generally outperformed lower rated issues during the period.

Fund Performance

For the 12-month period ended September 30, 2020, Eaton Vance AMT-Free Municipal Income Fund Class A shares at net asset value (NAV) and Eaton Vance National Municipal Income Fund Class A shares at NAV both underperformed the 4.09% return of the Funds’ benchmark, the Index.

The Funds’ overall strategy is to normally invest in bonds with maturities of 10 years or more, in order to pursue their potentially higher yields and a greater income stream compared with shorter maturity issues.

The Funds may seek to enhance tax-exempt income through the use of leveraged investments by purchasing residual interest bonds. Leveraged investments have the effect of magnifying the Funds’ exposure to their underlying investments in both up and down markets. During this period, when rates fell and bond prices rose for the period as a whole, leveraged investments amplified the appreciation in the price of bonds held by the Funds and generated additional tax-exempt bond income, enhancing the total return of the Funds. By comparison, the Index does not employ leveraged investments. The Fed’s actions during the period to lower interest rates also reduced the borrowing costs associated with residual interest bonds, further contributing to the positive performance impact of the Funds’ leveraged investments.

Fund-Specific Results

Eaton Vance AMT-Free Municipal Income Fund returned 3.12% for Class A shares at NAV, underperforming the 4.09% return of the Index during the period. Detractors from results relative to the Index included security selection and an overweight position, relative to the Index, in Illinois bonds; security selection in the education sector; and overweight positions in bonds rated A and BBB. In contrast, contributors to Fund performance versus the Index included leveraged investments, security selection in the electric utilities sector, and an overweight position in zero-coupon bonds.

Eaton Vance National Municipal Income Fund returned 3.84% for Class A shares at NAV, underperforming the 4.09% return of the Index during the period. Detractors from performance versus the Index included an overweight in bonds from issuers in New York and Illinois — two of the financially hardest-hit states early in the coronavirus pandemic — as prices of those bonds declined due to uncertainty about the economic effects of the pandemic. Security selection in zero-coupon bonds also detracted from relative results, as did security selection in the transportation sector, which was hurt by plunging revenues from travel and public transit. Contributors to performance relative to the Index included leveraged investments; security selection in general obligation bonds; and the Fund’s allocation to taxable municipal bonds, which are not represented in the Index and generally outperformed tax-exempt municipal bonds during the period.

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2020

Performance^2,3

Portfolio Manager Cynthia J. Clemson

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A at NAV		01/06/1998		03/16/1978		3.12	%		3.74	%		4.15	%
Class A with 4.75% Maximum Sales Charge		—		—		–1.76			2.74			3.64
Class C at NAV		05/02/2006		03/16/1978		2.36			2.97			3.38
Class C with 1% Maximum Sales Charge		—		—		1.36			2.97			3.38
Class I at NAV		03/16/1978		03/16/1978		3.48			4.02			4.41
Bloomberg Barclays Municipal Bond Index		—		—		4.09	%		3.84	%		3.99	%
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
						1.04	%		1.79	%		0.79	%
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						3.00	%		2.27	%		3.24	%
Taxable-Equivalent Distribution Rate						5.07			3.83			5.47
SEC 30-day Yield						1.17			0.50			1.47
Taxable-Equivalent SEC 30-day Yield						1.97			0.85			2.49
% Total Leverage6
Residual Interest Bond (RIB) Financing												8.01	%

Growth of $10,000

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

Growth of Investment	Amount Invested	Period Beginning	At NAV	With Maximum Sales Charge
Class C	$10,000	09/30/2010	$13,941	N.A.
Class I	$250,000	09/30/2010	$385,100	N.A.

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

AMT-Free Municipal Income Fund

September 30, 2020

Fund Profile

Credit Quality (% of total investments)^7,8

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

National Municipal Income Fund

September 30, 2020

Performance^2,3

Portfolio Manager Craig R. Brandon, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A at NAV		04/05/1994		12/19/1985		3.84	%		4.38	%		4.43	%
Class A with 4.75% Maximum Sales Charge		—		—		–1.13			3.37			3.92
Class C at NAV		12/03/1993		12/19/1985		3.08			3.60			3.66
Class C with 1% Maximum Sales Charge		—		—		2.08			3.60			3.66
Class I at NAV		07/01/1999		12/19/1985		4.10			4.58			4.67
Bloomberg Barclays Municipal Bond Index		—		—		4.09	%		3.84	%		3.99	%
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
						0.80	%		1.55	%		0.55	%
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						2.65	%		1.93	%		2.89	%
Taxable-Equivalent Distribution Rate						4.48			3.26			4.88
SEC 30-day Yield						1.08			0.42			1.38
Taxable-Equivalent SEC 30-day Yield						1.83			0.70			2.33
% Total Leverage6
RIB Financing												2.85	%

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C		$10,000		09/30/2010		$14,325		N.A.
Class I		$250,000		09/30/2010		$394,583		N.A.

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.

5

Eaton Vance

National Municipal Income Fund

September 30, 2020

Fund Profile

Credit Quality (% of total investments)^7,8

See Endnotes and Additional Disclosures in this report.

6

Eaton Vance

Municipal Income Funds

September 30, 2020

Endnotes and Additional Disclosures

¹  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

²  Bloomberg Barclays 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.

³  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

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

⁵  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.

⁶  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.

⁷  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.

⁸  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.

Additional Information

Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall.

7

Eaton Vance

Municipal Income Funds

September 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2020 – September 30, 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 (4/1/20)		Ending Account Value (9/30/20)		Expenses Paid During Period* (4/1/20 – 9/30/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,025.10	$	4.40		0.87	%
Class C	$	1,000.00	$	1,022.50	$	8.19		1.62	%
Class I	$	1,000.00	$	1,027.60	$	3.14		0.62	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.70	$	4.40		0.87	%
Class C	$	1,000.00	$	1,016.90	$	8.17		1.62	%
Class I	$	1,000.00	$	1,021.90	$	3.13		0.62	%

* 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 March 31, 2020.

8

Eaton Vance

Municipal Income Funds

September 30, 2020

Fund Expenses — continued

Eaton Vance National Municipal Income Fund

	Beginning Account Value (4/1/20)		Ending Account Value (9/30/20)		Expenses Paid During Period* (4/1/20 – 9/30/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,041.30	$	3.42		0.67	%
Class C	$	1,000.00	$	1,037.40	$	7.18		1.41	%
Class I	$	1,000.00	$	1,042.60	$	2.14		0.42	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.70	$	3.39		0.67	%
Class C	$	1,000.00	$	1,018.00	$	7.11		1.41	%
Class I	$	1,000.00	$	1,022.90	$	2.12		0.42	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 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 March 31, 2020.

9

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2020

Portfolio of Investments

Tax-Exempt Investments — 107.4%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 4.4%
New York State Environmental Facilities Corp., 5.00%, 10/15/35(1)	$	9,900	$	9,937,224
Oklahoma Water Resources Board, 4.00%, 10/1/43		1,000		1,165,570
Texas Water Development Board, 3.00%, 10/15/38(2)		3,500		3,892,035
			$	14,994,829
Education — 5.4%
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 4.00%, 7/1/38	$	315	$	383,210
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 4.00%, 7/1/39		380		460,340
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 4.00%, 7/1/42		860		1,033,006
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 5.00%, 7/1/32		175		234,874
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/46		5,000		5,657,000
Connecticut Health and Educational Facilities Authority, (Sacred Heart University), 4.00%, 7/1/45		875		976,351
Connecticut Health and Educational Facilities Authority, (Sacred Heart University), 5.00%, 7/1/40		900		1,116,171
District of Columbia, (KIPP DC), 4.00%, 7/1/39		100		108,413
District of Columbia, (KIPP DC), 4.00%, 7/1/44		100		107,031
District of Columbia, (KIPP DC), 4.00%, 7/1/49		135		143,666
Pennsylvania Higher Educational Facilities Authority, (Drexel University), 5.00%, 5/1/37		1,750		2,094,785
Pima County Community College District, AZ, 5.00%, 7/1/35		725		912,768
University of California, 5.25%, 5/15/35		3,555		4,145,592
Waco Education Finance Corp., TX, (Baylor University), 4.00%, 3/1/37		1,000		1,176,080
			$	18,549,287
Electric Utilities — 4.4%
Chula Vista, CA, (San Diego Gas and Electric), 5.875%, 2/15/34	$	3,520	$	3,533,200
Long Island Power Authority, NY, Electric System Revenue, 5.00%, 9/1/37		2,000		2,617,520
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.00%, 5/15/40		1,000		1,251,900
New York Power Authority, 4.00%, 11/15/45		2,285		2,675,849
New York Power Authority, 4.00%, 11/15/50		715		831,981
Northern Municipal Power Agency, MN, 5.00%, 1/1/31		200		243,470
Northern Municipal Power Agency, MN, 5.00%, 1/1/35		170		203,631
Northern Municipal Power Agency, MN, 5.00%, 1/1/36		160		191,040

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
Utility Debt Securitization Authority, NY, 5.00%, 12/15/33	$	2,895	$	3,312,546
			$	14,861,137
Escrowed / Prerefunded — 7.6%
Henrico County Economic Development Authority, VA, (Bon Secours Health System, Inc.), Prerefunded to 11/1/22, 5.00%, 11/1/30	$	1,185	$	1,299,909
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		470		477,699
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		315		320,160
New Jersey Turnpike Authority, Prerefunded to 7/1/22, 5.00%, 1/1/30		3,060		3,318,295
North Carolina Capital Facilities Finance Agency, (Duke University), Prerefunded to 10/1/25, 5.00%, 10/1/41		1,480		1,823,108
Oklahoma Development Finance Authority, (St. John Health System), Prerefunded to 2/15/22, 5.00%, 2/15/34		2,035		2,168,516
Oregon Facilities Authority, (Lewis & Clark College), Prerefunded to 10/1/21, 5.625%, 10/1/36		1,050		1,106,721
Savannah Economic Development Authority, GA, Escrowed to Maturity, 0.00%, 12/1/21		6,000		5,974,920
Washington, Prerefunded to 2/1/21, 5.25%, 2/1/36(1)		6,000		6,102,300
West Virginia University, Prerefunded to 10/1/22, 5.00%, 10/1/31		3,000		3,288,780
			$	25,880,408
General Obligations — 19.1%
California, 5.00%, 4/1/35	$	2,125	$	2,439,691
California, 5.25%, 10/1/29		560		587,406
California, 5.25%, 10/1/32		3,480		3,648,884
Chicago Board of Education, IL, 5.00%, 12/1/21		230		238,108
Chicago Board of Education, IL, 5.00%, 12/1/46		10		10,199
Chicago Board of Education, IL, 5.00%, 12/1/42		260		264,085
Chicago Board of Education, IL, 5.00%, 12/1/44		1,405		1,497,589
Chicago, IL, 5.00%, 1/1/39		1,400		1,441,510
Chicago, IL, 5.00%, 1/1/44		1,490		1,514,719
Corpus Christi Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/45		2,250		2,666,857
District of Columbia, 5.00%, 6/1/37(1)		7,000		8,726,340
Fennville Public Schools, MI, 4.00%, 5/1/34		1,000		1,163,320
Foothill-De Anza Community College District, CA, 5.00%, 8/1/34		1,150		1,340,130
Foothill-De Anza Community College District, CA, 5.00%, 8/1/36		1,150		1,336,323
Gallatin County School District No. 44, MT, 4.00%, 6/1/35		520		618,363

10 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Harris County, TX, 3.00%, 10/1/38(2)	$	1,120	$	1,245,227
Illinois, 4.00%, 6/1/33		1,000		983,870
Illinois, 4.00%, 11/1/40		1,000		942,720
Illinois, 5.00%, 5/1/35		2,000		2,053,400
Illinois, 5.50%, 5/1/39		205		224,649
Illinois, 5.75%, 5/1/45		210		230,754
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/31		4,470		5,095,174
Lodi Unified School District, CA, (Election of 2016), 4.00%, 8/1/33		1,250		1,485,975
New York, NY, 4.00%, 10/1/35		2,935		3,416,810
New York, NY, 4.00%, 3/1/36		2,520		2,943,058
New York, NY, 4.00%, 8/1/42(1)		7,000		7,940,380
Renton School District No. 403, WA, 4.00%, 12/1/33		1,230		1,512,580
Renton School District No. 403, WA, 4.00%, 12/1/34		1,300		1,592,396
Salem-Keizer School District No. 24J, OR, 0.00%, 6/15/24		1,220		1,197,308
San Rafael City High School District, CA, (Election of 2015), 4.00%, 8/1/36		1,190		1,435,664
Springfield School District No. 19, OR, 5.00%, 6/15/30		1,085		1,306,807
Union R-XI School District, MO, 5.00%, 3/1/38		2,100		2,470,230
University of Connecticut, 5.00%, 2/15/32		650		725,985
Washington, 5.00%, 6/1/38(2)		710		920,274
			$	65,216,785
Hospital — 10.2%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28	$	535	$	544,865
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		1,720		1,892,379
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		2,300		2,518,477
California Health Facilities Financing Authority, (Sutter Health), 5.25%, 8/15/31		1,325		1,378,013
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.25%, 12/1/34		3,000		3,284,580
Chattanooga Health, Educational and Housing Facility Board, TN, (CommonSpirit Health), 4.00%, 8/1/37		1,250		1,418,613
Colorado Health Facilities Authority, (Vail Valley Medical Center), 5.00%, 1/15/35		2,000		2,318,460
Delaware Health Facilities Authority, (Beebe Medical Center), 5.00%, 6/1/36		3,730		4,397,782
Delaware Health Facilities Authority, (Beebe Medical Center), 5.00%, 6/1/37		1,000		1,175,050
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/50		520		566,670
Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31		2,110		2,405,400

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 11/15/47	$	3,000	$	3,529,560
New York Dormitory Authority, (Montefiore Obligated Group), 4.00%, 9/1/45		1,000		1,081,650
Ohio, (University Hospitals Health Systems, Inc.), 5.00%, 1/15/36		2,500		2,903,775
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(1)		5,000		5,521,550
			$	34,936,824
Housing — 0.6%
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/37	$	500	$	537,135
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/42		1,250		1,325,625
Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(3)		285		285,000
			$	2,147,760
Insured – Education — 1.0%
Northern Illinois University, IL, (BAM), 5.00%, 4/1/31	$	950	$	1,205,902
Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31		1,750		2,323,107
			$	3,529,009
Insured – Electric Utilities — 0.7%
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/29	$	2,865	$	2,528,649
			$	2,528,649
Insured – Escrowed / Prerefunded — 2.0%
Detroit, MI, Sewage Disposal System, (AGM), Prerefunded to 7/1/22, 5.00%, 7/1/39	$	4,825	$	5,232,278
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), Escrowed to Maturity, 0.00%, 8/15/21		1,560		1,556,755
			$	6,789,033
Insured – General Obligations — 1.2%
Atlantic City, NJ, (AGM), 4.00%, 3/1/42	$	145	$	160,035
Chicago Board of Education, IL, (AGM), 5.00%, 12/1/24		505		583,664
McCook, IL, (AGM), 4.00%, 12/1/29		240		292,152
McCook, IL, (AGM), 4.00%, 12/1/30		200		241,996
McCook, IL, (AGM), 4.00%, 12/1/33		500		594,910

11 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
McCook, IL, (AGM), 4.00%, 12/1/34	$	440	$	522,038
Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38		1,500		1,680,495
			$	4,075,290
Insured – Lease Revenue / Certificates of Participation — 2.1%
Anaheim Public Financing Authority, CA, (Anaheim Public Improvements), (AGM), 0.00%, 9/1/31	$	8,680	$	7,076,023
			$	7,076,023
Insured – Other Revenue — 2.4%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	10,600	$	6,177,256
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGM), 3.00%, 3/1/38(2)		555		576,817
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGM), 3.00%, 3/1/49(2)		1,315		1,325,468
			$	8,079,541
Insured – Special Tax Revenue — 5.1%
Alabama Public School and College Authority, (AGM), 2.50%, 12/1/27	$	5,265	$	5,272,213
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/27		6,000		7,549,980
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		2,565		3,404,755
Successor Agency to San Francisco City and County Redevelopment Agency, CA, (NPFG), 5.00%, 8/1/43		1,100		1,269,840
			$	17,496,788
Insured – Transportation — 8.6%
Chicago, IL, (O’Hare International Airport), (AGM), 5.00%, 1/1/28	$	1,000	$	1,092,460
Chicago, IL, (O’Hare International Airport), (AGM), 5.125%, 1/1/31		1,000		1,090,080
Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/32		785		856,231
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39		7,120		3,363,701
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/46		1,230		1,321,783
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 5.00%, 11/15/44		1,705		1,986,137
Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38		11,000		14,576,650
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/21		5,285		5,263,913
			$	29,550,955

Security	Principal Amount (000’s omitted)		Value
Insured – Water and Sewer — 0.7%
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/32	$	655	$	752,412
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/33		565		647,456
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/35		280		319,309
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/37		565		641,868
			$	2,361,045
Lease Revenue / Certificates of Participation — 2.5%
Hudson Yards Infrastructure Corp., NY, 4.00%, 2/15/44	$	4,830	$	5,252,963
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/37		3,000		3,412,740
			$	8,665,703
Other Revenue — 0.4%
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(3)	$	1,200	$	216,000
Mercer County Improvement Authority, NJ, 4.00%, 3/15/40		935		1,102,739
			$	1,318,739
Senior Living / Life Care — 3.5%
National Finance Authority, NH, (The Vista), 5.25%, 7/1/39(4)	$	265	$	269,362
National Finance Authority, NH, (The Vista), 5.625%, 7/1/46(4)		360		369,853
National Finance Authority, NH, (The Vista), 5.75%, 7/1/54(4)		775		798,343
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/39		570		623,090
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.50%, 6/1/49		2,690		2,945,362
Saint Louis County Industrial Development Authority, MO, (St. Andrew’s Resources for Seniors Obligated Group), 5.00%, 12/1/35		1,700		1,675,027
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.00%, 12/1/32		160		162,699
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.25%, 12/1/42		660		669,530
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/32(4)		1,575		1,734,311
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/38(4)		2,325		2,518,975
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/34(4)		245		265,695
			$	12,032,247

12 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 6.8%
Bridgeville, DE, (Heritage Shores Special Development District), 5.45%, 7/1/35	$	885	$	867,796
Connecticut, Special Tax Revenue, 4.00%, 5/1/36		3,500		4,090,520
Jurupa Public Financing Authority, CA, 5.00%, 9/1/31		1,200		1,372,296
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 11/1/38		5,240		6,010,594
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 11/1/37		1,000		1,186,270
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/31/21		600		614,448
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/34		3,065		3,677,142
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/31		1,480		1,969,318
River Hall Community Development District, FL, (Capital Improvements), 5.45%, 5/1/36		930		935,431
San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue, 4.00%, 7/1/35		2,000		2,343,080
			$	23,066,895
Transportation — 10.9%
Central Texas Regional Mobility Authority, 5.00%, 1/1/45	$	1,550	$	1,896,565
Central Texas Regional Mobility Authority, Prerefunded to 1/1/21, 5.75%, 1/1/31		415		420,752
Chicago, IL, (O’Hare International Airport), 4.00%, 1/1/35(2)		2,500		2,859,825
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30		1,100		1,240,712
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31		1,455		1,636,860
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/31		235		265,273
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43		1,100		1,142,801
Memphis-Shelby County Airport Authority, TN, 4.00%, 7/1/37		500		584,815
Memphis-Shelby County Airport Authority, TN, 4.00%, 7/1/38		375		437,768
Memphis-Shelby County Airport Authority, TN, 4.00%, 7/1/39		500		581,245
Miami-Dade County, FL, Aviation Revenue, 5.00%, 10/1/33		2,650		3,016,839
New Orleans Aviation Board, LA, 5.00%, 1/1/43		1,555		1,803,707
New York Thruway Authority, 3.00%, 1/1/49		2,950		3,062,837
New York Thruway Authority, 5.00%, 1/1/38		2,000		2,536,820
New York Thruway Authority, 5.00%, 1/1/46		4,000		4,567,800
Port Authority of New York and New Jersey, 5.00%, 7/15/31		2,500		3,274,750
San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/34		5,235		5,876,130
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/37		275		310,288

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/38	$	510	$	573,546
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/39		265		297,089
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/35		355		439,359
Texas Transportation Commission, 0.00%, 8/1/40		1,000		447,700
			$	37,273,481
Water and Sewer — 7.8%
Atlanta, GA, Water and Wastewater Revenue, 5.00%, 11/1/35(1)	$	6,990	$	8,802,787
Eastern Municipal Water District Financing Authority, CA, 5.00%, 7/1/36		1,000		1,345,200
Fulton County, GA, Water and Sewerage Revenue, 4.00%, 1/1/32		1,375		1,712,205
Houston, TX, Combined Utility System Revenue, 4.00%, 11/15/43		2,500		3,000,350
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 4.00%, 6/15/41		4,000		4,637,520
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.00%, 6/15/48		5,000		6,018,400
San Diego Public Facilities Financing Authority, CA, Water Revenue, 4.00%, 8/1/40		1,000		1,218,940
			$	26,735,402
Total Tax-Exempt Investments — 107.4% (identified cost $341,462,045)			$	367,165,830
Other Assets, Less Liabilities — (7.4)%			$	(25,230,034	)
Net Assets — 100.0%			$	341,935,796

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

At September 30, 2020, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

New York	24.2%
California	14.6%
Texas	11.8%
Others, representing less than 10% individually	56.8%

13 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2020

Portfolio of Investments — continued

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 September 30, 2020, 22.2% 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 0.3% to 14.4% of total investments.

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

⁽²⁾  When-issued/delayed delivery security.

⁽³⁾  Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy.

⁽⁴⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2020, the aggregate value of these securities is $5,956,539 or 1.7% of the Fund’s net assets.

Abbreviations:

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

14 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2020

Portfolio of Investments

Tax-Exempt Municipal Securities — 96.8%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 2.6%
Connecticut, (State Revolving Fund), Green Bonds, 5.00%, 3/1/28	$	10,000	$	12,037,300
Iowa Finance Authority, (State Revolving Fund), 5.00%, 8/1/32		12,000		13,407,000
New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds, 5.00%, 8/15/44		12,740		16,319,303
Ohio Water Development Authority, Water Pollution Control Loan Fund, 5.00%, 6/1/29		10,000		13,407,400
Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		12,110		15,906,243
Texas Water Development Board, 3.00%, 10/15/39(1)		4,000		4,436,240
Texas Water Development Board, 3.00%, 10/15/40(1)		3,500		3,868,550
Texas Water Development Board, (State Revolving Fund), 4.00%, 8/1/36		5,000		6,135,650
Wisconsin, Environmental Improvement Fund Revenue, Green Bonds, 5.00%, 6/1/36		5,000		6,532,150
			$	92,049,836
Cogeneration — 0.1%
Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 12/31/23(2)	$	14,652	$	3,663,079
			$	3,663,079
Education — 6.2%
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 5.00%, 8/1/27	$	3,335	$	4,301,150
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 4.00%, 7/1/36		480		587,419
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 4.00%, 7/1/37		150		182,835
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 5.00%, 7/1/29		220		293,502
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 5.00%, 7/1/30		185		251,755
Connecticut Health and Educational Facilities Authority, (Yale University), 5.00%, 7/1/27		5,000		6,465,050
District of Columbia, (District of Columbia International School), 5.00%, 7/1/49		2,290		2,579,135
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 4.75%, 6/1/38(3)		2,245		2,200,167
Maryland Health and Higher Educational Facilities Authority, (Loyola University Maryland), 5.00%, 10/1/22		500		537,695
Maryland Health and Higher Educational Facilities Authority, (Loyola University Maryland), 5.00%, 10/1/23		500		561,975
Maryland Health and Higher Educational Facilities Authority, (Loyola University Maryland), 5.00%, 10/1/24		500		581,060

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Massachusetts Development Finance Agency, (Harvard University), 5.00%, 7/15/34	$	18,855	$	23,106,803
Michigan State University, 5.00%, 2/15/31		1,200		1,563,288
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/33		4,370		5,538,582
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38		19,235		24,282,649
New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/35		4,250		5,577,785
New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/53		15,000		19,138,050
Oklahoma Agricultural and Mechanical Colleges, (Oklahoma State University), 5.00%, 9/1/31		1,000		1,347,430
Oklahoma Agricultural and Mechanical Colleges, (Oklahoma State University), 5.00%, 9/1/32		1,000		1,333,800
Purdue University, IN, 5.00%, 7/1/30		600		829,872
Purdue University, IN, 5.00%, 7/1/31		1,000		1,371,950
Purdue University, IN, 5.00%, 7/1/35		685		919,071
Purdue University, IN, 5.00%, 7/1/36		1,500		2,003,160
Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute), 5.00%, 9/1/39		6,000		7,192,980
University of California, 5.25%, 5/15/36		7,080		8,239,562
University of California, 5.25%, 5/15/37		13,000		15,103,790
University of California, 5.25%, 5/15/38		7,700		8,934,079
University of Missouri, 5.00%, 11/1/30		5,000		6,869,500
University of Virginia, 5.00%, 4/1/38		13,205		16,321,380
University of Virginia, 5.00%, 4/1/39		40,970		50,519,288
Waco Education Finance Corp., TX, (Baylor University), 4.00%, 3/1/36		1,000		1,180,080
			$	219,914,842
Electric Utilities — 5.3%
Colorado Springs, CO, Utilities System Revenue, 4.00%, 11/15/36	$	525	$	651,646
Colorado Springs, CO, Utilities System Revenue, 4.00%, 11/15/37		650		803,699
Los Angeles Department of Water & Power, CA, Power System Revenue, 5.00%, 7/1/38		6,130		7,950,978
Los Angeles Department of Water & Power, CA, Power System Revenue, 5.00%, 7/1/42		1,870		2,270,535
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.00%, 5/15/45		1,500		1,854,540
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/33		1,005		1,315,826
New Smyrna Beach Utilities Commission, FL, 4.00%, 10/1/31		880		1,088,331
New Smyrna Beach Utilities Commission, FL, 4.00%, 10/1/41		435		515,314

15 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
New Smyrna Beach Utilities Commission, FL, 4.00%, 10/1/42	$	300	$	354,360
New Smyrna Beach Utilities Commission, FL, 4.00%, 10/1/45		700		821,212
New York Power Authority, 4.00%, 11/15/55		22,000		25,394,820
Omaha Public Power District, NE, 5.00%, 2/1/39		10,805		12,573,887
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/28		6,025		7,080,701
Sacramento Municipal Utility District, CA, 4.00%, 8/15/40		6,200		7,542,486
Sacramento Municipal Utility District, CA, 5.00%, 8/15/35		1,000		1,353,770
Sacramento Municipal Utility District, CA, 5.00%, 8/15/37		8,800		11,792,440
Sacramento Municipal Utility District, CA, 5.00%, 8/15/38		11,000		14,664,870
San Antonio, TX, Electric and Gas Systems Revenue, 4.00%, 2/1/30		2,000		2,534,800
Utility Debt Securitization Authority, NY, 5.00%, 12/15/30(4)		22,500		25,791,750
Utility Debt Securitization Authority, NY, 5.00%, 12/15/31(4)		27,500		31,504,275
Utility Debt Securitization Authority, NY, 5.00%, 12/15/40		13,260		16,517,584
Utility Debt Securitization Authority, NY, Series 2015, 5.00%, 12/15/33		10,000		12,167,400
			$	186,545,224
Escrowed / Prerefunded — 6.6%
Bexar County Health Facilities Development Corp., TX, (St. Luke’s Lutheran Hospital), Escrowed to Maturity, 7.00%, 5/1/21	$	860	$	892,001
Detroit, MI, Sewage Disposal System, Prerefunded to 7/1/22, 5.25%, 7/1/39		22,500		24,497,325
Detroit, MI, Water Supply System, Prerefunded to 7/1/21, 5.00%, 7/1/41		2,185		2,264,621
Detroit, MI, Water Supply System, Prerefunded to 7/1/21, 5.25%, 7/1/41		56,420		58,580,886
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		4,505		4,578,792
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		3,005		3,054,222
Michigan Finance Authority, (Detroit Water and Sewerage Department), Prerefunded to 7/1/22, 5.00%, 7/1/44		8,090		8,765,434
Oregon Department of Transportation, Prerefunded to 11/15/23, 5.00%, 11/15/38		250		287,382
Oregon Facilities Authority, (Lewis & Clark College), Prerefunded to 10/1/21, 5.625%, 10/1/36		9,930		10,466,419
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		4,515		4,553,603
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		3,490		3,520,119
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.45%, 12/1/35		12,125		12,231,700

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34	$	3,585	$	3,619,344
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34		3,795		3,831,356
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34		17,620		17,790,209
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.50%, 12/1/36		10,000		10,104,700
Rutgers State University, NJ, Prerefunded to 5/1/23, 5.00%, 5/1/43(4)		37,000		41,599,470
Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33		9,170		11,091,207
Unified Government of Wyandotte County/Kansas City, KS, Utility System Revenue, Prerefunded to 9/1/22, 5.00%, 9/1/32		10,000		10,914,400
			$	232,643,190
General Obligations — 23.6%
Aiken County Consolidated School District, SC, 4.00%, 4/1/37	$	5,370	$	6,443,087
Anaheim Union High School District, CA, (Election of 2014), 4.00%, 8/1/30		2,070		2,524,013
Anaheim Union High School District, CA, (Election of 2014), 4.00%, 8/1/31		2,295		2,778,075
Antelope Valley Community College District, CA, (Election of 2016), 4.00%, 8/1/45		2,500		2,977,125
Belmont, MA, 4.00%, 3/15/32		3,030		3,690,722
Cabrillo Unified School District, CA, (Election of 2018), 5.00%, 8/1/45		1,750		2,165,065
Cabrillo Unified School District, CA, (Election of 2018), 5.00%, 8/1/50		15,580		19,131,149
California, 0.54%, (SIFMA + 0.43%), 12/1/23 (Put Date), 12/1/29(5)		15,000		15,005,400
California, 3.00%, 11/1/34		3,000		3,361,740
California, 3.00%, 11/1/35		2,125		2,368,992
California, 4.00%, 11/1/35		4,750		5,811,150
California, 4.00%, 3/1/36		15,980		19,208,439
California, 4.00%, 3/1/38		4,650		5,546,287
California, 5.00%, 3/1/34		3,145		4,154,042
California, 5.00%, 3/1/35		23,410		30,810,603
California, 5.00%, 3/1/35		5,000		6,580,650
California, 5.00%, 4/1/35		4,000		5,161,600
Centennial School District No. 28Jt, OR, 5.00%, 6/15/45		10,000		12,752,300
Chicago Board of Education, IL, 5.00%, 12/1/21		1,980		2,049,795
Chicago Board of Education, IL, 5.00%, 12/1/42		2,770		2,813,517
Chicago Board of Education, IL, 5.00%, 12/1/44		15,110		16,105,749
Chicago Board of Education, IL, 5.00%, 12/1/46		85		86,687

16 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Chicago, IL, 5.00%, 1/1/39	$	2,100	$	2,162,265
Chicago, IL, 5.00%, 1/1/40		1,500		1,540,440
Clackamas Community College District, OR, 5.00%, 6/15/38		760		923,560
Clackamas Community College District, OR, 5.00%, 6/15/39		1,000		1,212,300
Clackamas Community College District, OR, 5.00%, 6/15/40		1,250		1,511,925
Collin County Community College District, TX, 4.00%, 8/15/37		1,000		1,204,610
Collin County, TX, 4.00%, 2/15/36		5,705		6,892,952
Connecticut, 4.00%, 1/15/37		15,000		17,533,050
Dane County, WI, 2.00%, 4/1/27(1)		3,505		3,779,091
Dane County, WI, 2.00%, 4/1/28(1)		2,575		2,749,894
Dane County, WI, 2.00%, 4/1/29(1)		2,645		2,798,913
Dane County, WI, 2.00%, 4/1/30(1)		2,705		2,845,389
Darien, CT, 4.00%, 8/1/39		80		94,419
Desert Community College District, CA, 5.00%, 8/1/37		5,350		6,473,018
District of Columbia, 5.00%, 10/15/30		4,000		5,324,200
Erie County, NY, 3.00%, 6/24/21		7,500		7,642,650
Fort Bend Independent School District, TX, (PSF Guaranteed), 3.00%, 8/15/36		600		668,256
Fort Bend Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/45		1,980		2,343,271
Garden City Public Schools, MI, 4.00%, 5/1/43		1,560		1,823,375
Garden City Public Schools, MI, 5.00%, 5/1/32		430		570,008
Garden City Public Schools, MI, 5.00%, 5/1/33		1,345		1,771,540
Garden City Public Schools, MI, 5.00%, 5/1/35		1,060		1,385,176
Garden City Public Schools, MI, 5.00%, 5/1/37		815		1,055,890
Garden City Public Schools, MI, 5.00%, 5/1/39		900		1,158,165
Garden City Public Schools, MI, 5.00%, 5/1/46		3,505		4,426,500
Hall County School District, GA, 4.00%, 2/1/38		1,500		1,852,005
Harris County Flood Control District, TX, 3.00%, 10/1/38		1,875		2,075,381
Harris County, TX, 3.00%, 10/1/39(1)		1,240		1,372,048
Harris County, TX, 3.00%, 10/1/40(1)		1,000		1,101,370
Harris County, TX, 3.00%, 10/1/45(1)		5,000		5,421,400
Hartford County Metropolitan District, CT, 5.00%, 7/15/23		1,000		1,122,840
Hartford County Metropolitan District, CT, 5.00%, 7/15/24		1,000		1,161,090
Hawaii, 5.00%, 1/1/34		13,700		17,214,461
Hennepin County Regional Railroad Authority, MN, 5.00%, 12/1/30		4,040		5,336,234
Hermiston School District No. 8R, OR, 0.00%, 6/15/42		6,475		3,491,773
Hermiston School District No. 8R, OR, 0.00%, 6/15/45		4,595		2,191,953
Hillsboro School District No. 1J, OR, 4.00%, 6/15/37		4,370		5,305,879
Hillsboro School District No. 1J, OR, 4.00%, 6/15/39		8,000		9,645,760
Hillsboro School District No. 1J, OR, 4.00%, 6/15/40		5,000		6,009,250
Howard County, MD, 4.00%, 8/15/35		2,065		2,560,393
Howard County, MD, 4.00%, 8/15/36		6,610		8,156,145

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Howard County, MD, 4.00%, 8/15/37	$	5,000	$	6,145,400
Howard County, MD, 4.00%, 8/15/38		6,245		7,647,939
Hudsonville Public Schools, MI, 4.00%, 5/1/37		1,500		1,806,525
Hudsonville Public Schools, MI, 4.00%, 5/1/39		1,060		1,263,668
Hudsonville Public Schools, MI, 4.00%, 5/1/44		1,975		2,319,539
Illinois, 5.00%, 2/1/24		10,705		11,396,222
Illinois, 5.00%, 11/1/24		11,295		12,148,563
Illinois, 5.00%, 2/1/27		18,500		19,510,840
Illinois, 5.00%, 2/1/29		15,000		16,232,400
Illinois, 5.00%, 5/1/39		10,000		10,203,600
Illinois, 5.25%, 7/1/30		6,150		6,395,446
Illinois, 5.50%, 5/1/39		870		953,390
Illinois, 5.75%, 5/1/45		890		977,959
Issaquah School District No. 411, WA, 4.00%, 12/1/33		14,000		17,524,920
Johnson County, KS, 2.00%, 9/1/33		2,595		2,770,681
Johnson County, KS, 2.00%, 9/1/34		3,340		3,540,300
Johnson County, KS, 3.00%, 9/1/30		3,065		3,600,118
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29		1,920		2,190,528
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/30		4,105		4,680,521
Klein Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/36		14,180		14,392,842
La Canada Unified School District, CA, (Election of 2017), 4.00%, 8/1/49		1,970		2,268,731
Lake Washington School District No. 414, WA, 4.00%, 12/1/28		10,000		12,552,100
Lodi Unified School District, CA, (Election of 2016), 4.00%, 8/1/36		1,250		1,456,950
Lodi Unified School District, CA, (Election of 2016), 4.00%, 8/1/39		2,935		3,375,309
Massachusetts, 5.00%, 7/1/35		10,000		11,976,800
Massachusetts, 5.00%, 3/1/37		10,900		12,480,718
Minneapolis-St. Paul Metropolitan Council, MN, 4.00%, 3/1/30		1,250		1,527,362
Minnesota, 2.00%, 8/1/32		4,000		4,220,840
New York, NY, 4.00%, 10/1/35		5,875		6,839,440
New York, NY, 4.00%, 3/1/36		8,000		9,078,640
New York, NY, 4.00%, 8/1/38		8,530		9,795,767
New York, NY, 4.00%, 8/1/42(4)		28,000		31,761,520
Novi Community School District, MI, 5.00%, 5/1/41		1,100		1,412,972
Novi Community School District, MI, 5.00%, 5/1/42		1,700		2,174,963
Novi Community School District, MI, 5.00%, 5/1/43		1,150		1,470,171
Ocean County, NJ, 3.00%, 8/1/33		3,330		3,814,049
Oklahoma City, OK, 5.00%, 3/1/25		500		604,305

17 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Oxnard Union High School District, CA, (Election of 2018), 5.00%, 8/1/43	$	3,750	$	4,550,550
Oxnard Union High School District, CA, (Election of 2018), 5.00%, 8/1/45		7,500		9,303,600
Paradise Valley Unified School District No. 69, AZ, 4.00%, 7/1/35		350		426,185
Park City, UT, 4.00%, 2/1/31		3,490		4,307,428
Port of Houston Authority, TX, 3.00%, 10/1/39		4,650		5,170,335
Randolph County, NC, Limited Obligation Bonds, 5.00%, 10/1/33		350		455,728
Richmond Community Schools, MI, 4.00%, 5/1/36		2,200		2,584,890
Richmond Community Schools, MI, 4.00%, 5/1/37		2,655		3,107,890
Richmond Community Schools, MI, 4.00%, 5/1/38		2,665		3,111,814
Richmond Community Schools, MI, 4.00%, 5/1/39		2,665		3,100,008
Riverside Unified School District, CA, (Election of 2016), 4.00%, 8/1/32		2,250		2,700,022
Riverside Unified School District, CA, (Election of 2016), 4.00%, 8/1/33		1,350		1,604,853
Riverside Unified School District, CA, (Election of 2016), 4.00%, 8/1/34		1,100		1,298,803
San Antonio, TX, 3.00%, 8/1/39		5,000		5,553,850
San Bernardino Community College District, CA, (Election of 2018), 4.00%, 8/1/38		675		783,392
San Bernardino Community College District, CA, (Election of 2018), 4.00%, 8/1/39		600		694,626
San Francisco Bay Area Rapid Transit District, CA, (Election of 2016), Green Bonds, 4.00%, 8/1/45		4,970		5,834,184
San Francisco Unified School District, CA, (Election of 2016), 4.00%, 6/15/33		4,000		4,798,080
San Francisco Unified School District, CA, (Election of 2016), 4.00%, 6/15/36		3,000		3,539,220
Tennessee, 5.00%, 9/1/28		3,000		3,887,220
Texas, (Texas Transportation Commission), Prerefunded to 10/1/24, 5.00%, 10/1/44		10,000		11,905,700
Tomball Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/33		750		935,625
Virginia Beach, VA, 4.00%, 7/15/32		2,300		2,856,508
Walled Lake Consolidated School District, MI, 5.00%, 5/1/41		700		905,597
Walled Lake Consolidated School District, MI, 5.00%, 5/1/42		1,000		1,289,560
Walled Lake Consolidated School District, MI, 5.00%, 5/1/45		1,365		1,740,935
Walled Lake Consolidated School District, MI, 5.00%, 5/1/50		2,500		3,154,450
Washington County, OR, 4.00%, 3/1/30		1,000		1,156,030
Washington, 5.00%, 2/1/33		13,140		15,054,892
Washington, 5.00%, 8/1/35		14,355		17,967,005

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Washington, 5.00%, 6/1/36	$	6,280	$	8,156,527
Washington, 5.00%, 8/1/36		13,010		17,317,611
Washington, 5.00%, 8/1/38		25,430		33,574,466
Washington, 5.00%, 2/1/39		4,685		5,505,718
Washington, 5.00%, 6/1/39(1)		2,125		2,745,606
Washington, 5.00%, 2/1/40		870		1,064,019
Washington, 5.00%, 6/1/41(1)		2,000		2,567,560
West Linn-Wilsonville School District No. 3JT, OR, 0.00%, 6/15/40		1,200		732,288
West Linn-Wilsonville School District No. 3JT, OR, 0.00%, 6/15/41		1,500		882,990
West Sonoma County Union High School District, CA, (Election of 2018), 5.00%, 8/1/46		1,000		1,238,440
West Sonoma County Union High School District, CA, (Election of 2018), 5.00%, 8/1/49		3,430		4,235,021
Wisconsin, 5.00%, 5/1/31		9,365		12,192,481
Wisconsin, 5.00%, 5/1/36		6,645		8,419,215
Wisconsin, 5.00%, 5/1/38		22,500		26,733,825
			$	837,091,811
Hospital — 7.7%
Allegheny County Hospital Development Authority, PA, (UPMC Health System), 5.00%, 7/15/32	$	2,250	$	2,865,600
Arlington County Industrial Development Authority, VA, (Virginia Hospital Center), 4.00%, 7/1/38		1,000		1,171,230
Arlington County Industrial Development Authority, VA, (Virginia Hospital Center), 4.00%, 7/1/45		3,000		3,433,440
Brookhaven Development Authority, GA, (Children’s Healthcare of Atlanta), 5.00%, 7/1/31		755		986,136
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28		5,700		5,805,108
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		17,530		19,286,857
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		25,465		27,883,920
California Health Facilities Financing Authority, (Sutter Health), 5.25%, 8/15/31		13,675		14,222,137
Colorado Health Facilities Authority, (SCL Health System), 4.00%, 1/1/36		2,000		2,339,440
Connecticut Health and Educational Facilities Authority, (Nuvance Health), 4.00%, 7/1/34		2,455		2,722,325
DeKalb Private Hospital Authority, GA, (Children’s Healthcare of Atlanta), 5.00%, 7/1/31		1,000		1,306,140
Douglas County Hospital Authority No. 2, NE, (Children’s Hospital Obligated Group), 4.00%, 11/15/36		425		499,078
Douglas County Hospital Authority No. 2, NE, (Children’s Hospital Obligated Group), 4.00%, 11/15/41		590		680,441

18 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/50	$	4,340	$	4,729,515
Fulton County Development Authority, GA, (Piedmont Healthcare, Inc.), 4.00%, 7/1/37		2,000		2,300,580
Hamilton County, OH, (UC Health), 5.00%, 9/15/50		8,000		9,431,040
Illinois Finance Authority, (Edward-Elmhurst Healthcare), 0.86%, (SIFMA + 0.75%), 7/1/23 (Put Date), 1/1/46(5)		9,500		9,505,605
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/26		7,500		9,202,050
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/33		1,500		1,819,875
Kentucky Economic Development Finance Authority, (CommonSpirit Health), 5.00%, 8/1/44		6,000		7,182,060
Medford Hospital Facilities Authority, OR, (Asante Health System), 4.00%, 8/15/50		2,000		2,244,360
Medford Hospital Facilities Authority, OR, (Asante Health System), 5.00%, 8/15/45		3,000		3,712,410
Minneapolis and St. Paul Housing and Redevelopment Authority, MN, (Allina Health System), 5.00%, 11/15/23		1,700		1,932,883
Minneapolis and St. Paul Housing and Redevelopment Authority, MN, (Allina Health System), 5.00%, 11/15/27		1,150		1,463,559
Missouri Health and Educational Facilities Authority, (Mosaic Health System), 4.00%, 2/15/44		2,200		2,477,222
Missouri Health and Educational Facilities Authority, (SSM Health Care), 5.00%, 6/1/30		7,505		8,492,133
Montana Facility Finance Authority, (SCL Health System), 4.00%, 1/1/38		2,150		2,495,354
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 4.00%, 7/1/38		3,400		4,002,072
New York Dormitory Authority, (NYU Langone Hospitals Obligated Group), 4.00%, 7/1/50		5,330		5,955,262
New York Dormitory Authority, (NYU Langone Hospitals Obligated Group), 4.00%, 7/1/53		10,000		11,145,600
North Carolina Medical Care Commission, (Rex Healthcare), 4.00%, 7/1/40		1,400		1,593,130
Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/38		1,750		2,032,538
Oklahoma Development Finance Authority, (OU Medicine), 5.25%, 8/15/43		5,200		6,071,156
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/35		2,260		2,633,397
Oregon Health and Science University, 4.00%, 7/1/44		1,685		1,947,152
Pennsylvania Economic Development Financing Authority, (UPMC), 4.00%, 4/15/45		3,250		3,652,935
Public Finance Authority, WI, (Blue Ridge HealthCare), 5.00%, 1/1/36		470		584,807
Public Finance Authority, WI, (Blue Ridge HealthCare), 5.00%, 1/1/37		500		619,550
Tampa, FL, (BayCare Health System), 5.00%, 11/15/46		10,500		12,302,640

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 4.00%, 12/1/34	$	2,685	$	3,189,753
University of Kansas Hospital Authority, 5.00%, 9/1/45		25,500		29,181,435
Virginia Small Business Financing Authority, (Sentara Healthcare), 4.00%, 11/1/36		5,000		5,813,500
Virginia Small Business Financing Authority, (Sentara Healthcare), 4.00%, 11/1/38		5,000		5,774,200
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/42		2,250		2,658,892
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 5.375%, 6/1/38		21,895		23,820,665
			$	273,169,182
Housing — 0.4%
Massachusetts Housing Finance Agency, (Mill Road Apartments), 0.66%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48(5)	$	3,955	$	3,955,000
Texas Student Housing Corp., (University of Northern Texas), 6.85%, 7/1/31		10,640		10,347,506
			$	14,302,506
Industrial Development Revenue — 1.9%
Metropolitan Nashville Airport Authority, TN, (Aero Nashville), 5.20%, 7/1/26	$	265	$	265,164
Miami-Dade County Industrial Development Authority, FL, (Waste Management, Inc.), (AMT), 0.91%, (SIFMA + 0.80%), 11/1/21 (Put Date), 11/1/48(5)		5,000		5,001,900
Mission Economic Development Corp., TX, (Waste Management, Inc.), (AMT), 0.91%, (SIFMA + 0.80%), 11/1/21 (Put Date), 11/1/48(5)		10,000		10,003,900
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		14,713,845
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 10/1/35		29,085		31,453,973
Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 5.25%, 5/1/44(3)		3,685		4,072,994
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(3)		475		527,188
			$	66,038,964
Insured – General Obligations — 0.9%
Grandville Public Schools, MI, (AGM), 4.00%, 5/1/35	$	785	$	953,814
Grandville Public Schools, MI, (AGM), 4.00%, 5/1/36		1,045		1,263,729
Grandville Public Schools, MI, (AGM), 4.00%, 5/1/37		1,000		1,204,350

19 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Grandville Public Schools, MI, (AGM), 4.00%, 5/1/38	$	1,000	$	1,200,060
Grandville Public Schools, MI, (AGM), 4.00%, 5/1/39		1,000		1,196,020
Grandville Public Schools, MI, (AGM), 4.00%, 5/1/40		650		774,930
Nassau County, NY, (AGM), 5.00%, 4/1/44		10,205		12,753,188
Santa Rosa High School District, CA, (Election of 2014), (AGM), 5.00%, 8/1/43		3,930		4,764,064
Ukiah Unified School District, CA, (Election of 2020), (AGM), 5.00%, 8/1/38		1,330		1,666,424
Ukiah Unified School District, CA, (Election of 2020), (AGM), 5.00%, 8/1/45		2,000		2,464,480
Ukiah Unified School District, CA, (Election of 2020), (AGM), 5.00%, 8/1/49		2,250		2,763,315
			$	31,004,374
Insured – Hospital — 0.1%
Connecticut Health and Educational Facilities Authority, (Hartford HealthCare Obligated Group), (AGM), 4.00%, 7/1/36	$	1,700	$	1,960,763
			$	1,960,763
Insured – Other Revenue — 1.3%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	58,155	$	33,890,408
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGM), 3.00%, 3/1/39(1)		3,000		3,080,310
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGM), 3.00%, 3/1/40(1)		430		442,659
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGM), 3.00%, 3/1/49(1)		9,135		9,207,715
			$	46,621,092
Insured – Special Tax Revenue — 0.5%
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29	$	11,000	$	14,375,020
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		3,080		4,088,361
			$	18,463,381
Insured – Transportation — 2.4%
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37	$	13,335	$	6,988,607
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AGM), (AMT), 5.00%, 3/1/49		14,800		17,645,004
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/46		6,140		6,598,167

Security	Principal Amount (000’s omitted)		Value
Insured – Transportation (continued)
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/48(4)	$	8,900	$	9,618,230
North Texas Tollway Authority, (AGC), 6.20%, 1/1/42		37,070		44,426,912
			$	85,276,920
Lease Revenue / Certificates of Participation — 1.9%
Hillsborough County, FL, 4.00%, 8/1/31	$	4,840	$	5,961,138
Hillsborough County, FL, 4.00%, 8/1/34		5,445		6,600,538
Hudson Yards Infrastructure Corp., NY, 4.00%, 2/15/44		6,410		6,971,324
Los Angeles County, CA, Tax and Revenue Anticipation Notes, 4.00%, 6/30/21		20,000		20,570,200
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/34		8,460		9,764,193
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/35		13,300		15,290,478
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/39		2,165		2,454,872
			$	67,612,743
Nursing Home — 0.1%
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25	$	4,940	$	4,983,472
			$	4,983,472
Other Revenue — 3.4%
Battery Park City Authority, NY, 5.00%, 11/1/40	$	1,000	$	1,294,490
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(6)		250		45,000
DuPage County, IL, (The Morton Arboretum), Green Bonds, 3.00%, 5/15/47		5,085		5,109,510
Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38(3)		1,865		2,086,152
Kalispel Tribe of Indians, WA, Series B, 5.25%, 1/1/38(3)		1,000		1,118,580
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/33		10,000		11,643,800
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/43		24,670		29,116,027
New York City Trust for Cultural Resources, NY, (Museum of Modern Art), 4.00%, 4/1/26		3,885		4,540,011
New York City Trust for Cultural Resources, NY, (Museum of Modern Art), 4.00%, 4/1/27		1,705		1,999,675
Oregon, Lottery Revenue, 5.00%, 4/1/36		4,045		5,018,308
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 6.25%, 12/15/26		17,960		21,189,747
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/30		4,845		5,198,346
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/32		29,755		31,783,398

20 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 1.201%, (67% of 1 mo. USD LIBOR + 1.10%), 7/1/22 (Put Date), 1/1/42(5)	$	1,000	$	1,006,200
			$	121,149,244
Senior Living / Life Care — 0.4%
Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.25%, 11/15/50	$	250	$	265,050
Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.375%, 11/15/55		300		319,347
Logan County, CO, (TLC Care Choices, Inc.), 6.875%, 12/1/23(7)		409		110,475
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/47		8,000		8,563,920
Rockville, MD, (Ingleside at King Farm), 5.00%, 11/1/31		1,010		1,045,865
Rockville, MD, (Ingleside at King Farm), 5.00%, 11/1/32		525		539,784
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.75%, 11/15/51		3,250		3,412,500
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 5.00%, 9/15/37		495		506,068
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 5.00%, 9/15/40		750		772,155
			$	15,535,164
Special Tax Revenue — 8.3%
Connecticut, Special Tax Revenue, 4.00%, 5/1/39	$	2,650	$	3,063,268
District of Columbia, Income Tax Revenue, 4.00%, 5/1/45		6,500		7,671,885
Illinois Sports Facilities Authority, 5.00%, 6/15/29		2,250		2,577,488
Illinois Sports Facilities Authority, 5.00%, 6/15/30		1,200		1,358,016
New River Community Development District, FL, (Capital Improvements), 5.00%, 5/1/13(6)		230		0
New River Community Development District, FL, (Capital Improvements), 5.35%, 5/1/38(6)		80		0
New River Community Development District, FL, (Capital Improvements), 5.75%, 5/1/38		370		370,958
New York City Transitional Finance Authority, NY, Future Tax Revenue, 3.00%, 5/1/46		2,880		2,996,006
New York City Transitional Finance Authority, NY, Future Tax Revenue, 3.00%, 5/1/48		2,840		2,947,068
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 8/1/38		5,000		5,691,800
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 5/1/42		5,695		6,265,013
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/35		10,485		12,983,471

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 5/1/36	$	4,050	$	4,996,404
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 5/1/39		9,240		11,254,782
New York City Transitional Finance Authority, NY, Future Tax Revenue, 2015 Series B, 5.00%, 8/1/39		4,585		5,262,204
New York City Transitional Finance Authority, NY, Future Tax Revenue, 2018 Series A, 5.00%, 8/1/39		11,845		14,512,142
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/31/21		12,000		12,288,960
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/45		9,995		11,472,461
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/48		10,000		12,348,800
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/36		7,840		9,494,162
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/40		10,000		12,028,100
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/27		1,620		2,015,118
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/28		1,705		2,165,162
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/29		1,790		2,286,564
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/31		970		1,224,848
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/32		2,070		2,598,699
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/37		4,000		4,720,360
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/38		7,000		8,216,390
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/39		10,000		11,677,200
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/41		3,510		4,070,687
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/42		10,000		11,556,800
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/45		5,000		5,739,500
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/30		1,000		1,338,680
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/31		18,760		24,962,431
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/35		12,000		14,426,760
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/41		10,000		12,208,900

21 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Puerto Rico Sales Tax Financing Corp., 4.329%, 7/1/40	$	5,536	$	5,655,965
Puerto Rico Sales Tax Financing Corp., 4.784%, 7/1/58		2,219		2,319,632
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58		10,000		10,595,900
San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue, 4.00%, 7/1/37		3,075		3,577,424
San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue, 4.00%, 7/1/38		7,495		8,670,816
Southern Hills Plantation I Community Development District, FL, Series A1, 5.80%, 5/1/35		440		362,309
Southern Hills Plantation I Community Development District, FL, Series A2, 5.80%, 5/1/35(7)		310		236,195
Sterling Hill Community Development District, FL, 6.20%, 5/1/35		1,532		964,937
Texas Transportation Commission, Prerefunded to 4/1/24, 5.00%, 4/1/33(4)		10,000		11,675,800
			$	292,850,065
Student Loan — 0.1%
New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/28	$	4,580	$	4,865,105
			$	4,865,105
Transportation — 19.5%
Atlanta, GA, Airport Revenue, (AMT), 4.00%, 7/1/34	$	3,480	$	4,017,869
Atlanta, GA, Airport Revenue, (AMT), 4.00%, 7/1/36		5,000		5,725,000
Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/35		2,625		3,237,885
Charleston County Airport District, SC, (AMT), 5.50%, 7/1/38		10,000		11,061,000
Chicago, IL, (Midway International Airport), 5.00%, 1/1/33		3,830		4,254,402
Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/34		5,250		5,747,700
Chicago, IL, (O’Hare International Airport), 4.00%, 1/1/36(1)		7,000		7,970,970
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/32(1)		15,160		19,326,878
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/36		6,000		6,894,840
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/23		1,125		1,228,489
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/25		16,100		17,600,037
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/33		7,300		8,349,594
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/39		4,000		4,802,560
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 4.00%, 11/1/35		11,000		13,007,720
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31		10,395		11,694,271

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.25%, 11/1/30	$	11,015	$	12,338,342
Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/34		2,600		3,040,492
Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/39		3,225		3,693,721
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/31		1,845		2,082,673
Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 12/1/37		10,000		12,009,200
Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/41		2,935		3,353,326
Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/48		10,000		11,662,600
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AMT), 5.00%, 3/1/46		17,130		20,246,632
Kansas Department of Transportation, 5.00%, 9/1/30		20,000		23,287,200
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/24		1,200		1,380,708
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/26		1,335		1,625,256
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/33		5,000		6,107,900
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/40		6,000		6,896,100
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/41		9,000		10,370,430
Louisiana Offshore Terminal Authority, (LOOP LLC), 2.00% to 10/1/22 (Put Date), 10/1/40		2,000		2,022,780
Love Field Airport Modernization Corp., TX, (AMT), 5.00%, 11/1/24		1,500		1,730,130
Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/35		1,050		1,179,937
Massachusetts Port Authority, 5.00%, 7/1/32		3,800		4,966,600
Massachusetts Port Authority, (AMT), 5.00%, 7/1/26		10,105		12,466,943
Massachusetts Port Authority, (AMT), 5.00%, 7/1/30		3,000		3,901,080
Massachusetts Port Authority, (AMT), 5.00%, 7/1/31		2,965		3,816,074
Massachusetts Port Authority, (AMT), 5.00%, 7/1/32		4,200		5,349,834
Massachusetts Port Authority, (AMT), 5.00%, 7/1/33		3,855		4,882,936
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/35		3,440		4,162,641
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/36		3,200		3,857,504
Metropolitan Transportation Authority, NY, Green Bonds, 0.00%, 11/15/32		15,960		10,159,976
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/28		4,500		5,187,330
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/32		10,000		11,884,800

22 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/42	$	2,000	$	2,353,500
Miami-Dade County, FL, Aviation Revenue, (AMT), 4.00%, 10/1/44		5,000		5,480,450
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/33		23,250		26,140,672
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/36		10,000		11,189,900
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/38		1,935		2,309,481
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/40		32,530		37,965,763
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/41		2,470		2,923,097
Minneapolis-St. Paul Metropolitan Airports Commission, MN, (AMT), 5.00%, 1/1/32		3,710		4,615,425
New Jersey Economic Development Authority, (Transit Transportation Project), 4.00%, 11/1/44		8,250		8,541,390
New Jersey Transportation Trust Fund Authority, (Transportation Program), 1.31%, (SIFMA + 1.20%), 12/15/21 (Put Date), 6/15/34(5)		2,275		2,275,842
New Jersey Turnpike Authority, Series 2014A, 5.00%, 1/1/31		10,000		11,427,600
New Jersey Turnpike Authority, Series 2015E, 5.00%, 1/1/31		2,680		3,108,505
New Jersey Turnpike Authority, Series 2017B, 5.00%, 1/1/31		3,560		4,421,128
New York Thruway Authority, 3.00%, 1/1/49		6,550		6,800,537
New York Thruway Authority, 4.00%, 1/1/41		10,000		11,485,800
New York Thruway Authority, 4.00%, 1/1/42		10,000		11,446,000
New York Thruway Authority, 4.00%, 1/1/43		10,000		11,416,200
New York Thruway Authority, 5.00%, 1/1/36		12,500		15,866,375
New York Thruway Authority, 5.00%, 1/1/39		1,845		2,330,881
New York Thruway Authority, 5.00%, 1/1/40		17,155		21,606,379
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/41		1,705		1,830,727
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/46		14,325		15,275,750
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.25%, 1/1/50		1,180		1,268,512
North Texas Tollway Authority, 5.00%, 1/1/29		5,000		6,035,150
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		5,005		5,047,793
Port Authority of New York and New Jersey, 5.00%, 7/15/31		5,000		6,549,500

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Port Authority of New York and New Jersey, (AMT), 4.00%, 9/1/34	$	9,600	$	10,521,984
Port Authority of New York and New Jersey, (AMT), 5.00%, 9/15/31		15,000		18,411,000
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/1/35		5,000		5,874,650
Port Authority of New York and New Jersey, (AMT), 5.00%, 4/1/36		10,230		12,013,191
Port of Seattle, WA, (AMT), 5.00%, 4/1/23		2,000		2,212,860
Port of Seattle, WA, (AMT), 5.00%, 4/1/24		2,165		2,480,765
Port of Seattle, WA, (AMT), 5.00%, 4/1/25		1,500		1,770,375
Raleigh-Durham Airport Authority, NC, (AMT), Series 2020A, 5.00%, 5/1/36		1,000		1,261,240
Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/38		7,165		8,523,412
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/41		25,630		29,335,842
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/44		8,535		9,468,302
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/46		5,000		5,679,500
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/37		2,230		2,516,154
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/38		4,140		4,655,844
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/39		2,140		2,399,133
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/35		2,885		3,570,563
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58		12,635		14,513,066
			$	693,502,598
Water and Sewer — 3.5%
Charlotte, NC, Water and Sewer System Revenue, 4.00%, 7/1/36	$	2,000	$	2,472,060
Columbia, SC, Waterworks and Sewer System Revenue, 5.00%, 2/1/49		2,340		2,936,372
Dallas, TX, Waterworks and Sewer System Revenue, 4.00%, 10/1/49		5,000		5,962,250

23 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
East Bay Municipal Utility District, CA, Water System Revenue, 5.00%, 6/1/35	$	2,905	$	3,648,448
East Bay Municipal Utility District, CA, Water System Revenue, 5.00%, 6/1/37		7,280		8,668,369
East Bay Municipal Utility District, CA, Water System Revenue, Green Bonds, 5.00%, 6/1/35		1,000		1,327,460
East Bay Municipal Utility District, CA, Water System Revenue, Green Bonds, 5.00%, 6/1/37		4,200		5,531,610
Eastern Municipal Water District Financing Authority, CA, 4.00%, 7/1/38		1,200		1,479,336
Eastern Municipal Water District Financing Authority, CA, 5.00%, 7/1/37		1,300		1,741,935
Fulton County, GA, Water and Sewerage Revenue, 4.00%, 1/1/34		1,750		2,149,840
Grand Rapids, MI, Sanitary Sewer System Revenue, 5.00%, 1/1/45		1,245		1,583,989
Great Lakes Water Authority, MI, 5.00%, 7/1/40		350		444,241
Great Lakes Water Authority, MI, 5.00%, 7/1/45		750		939,000
Henrico County, VA, Water and Sewer System Revenue, 3.00%, 5/1/46(1)		1,150		1,245,933
Horsham Water and Sewer Authority, PA, 4.00%, 11/15/31(1)		300		369,522
Horsham Water and Sewer Authority, PA, 4.00%, 11/15/32(1)		275		336,366
Horsham Water and Sewer Authority, PA, 4.00%, 11/15/33(1)		275		333,922
Horsham Water and Sewer Authority, PA, 4.00%, 11/15/34(1)		335		405,434
Horsham Water and Sewer Authority, PA, 4.00%, 11/15/35(1)		230		277,214
Horsham Water and Sewer Authority, PA, 4.00%, 11/15/36(1)		360		431,111
Madison Water and Wastewater Board, AL, 4.00%, 12/1/32		335		409,196
Madison Water and Wastewater Board, AL, 4.00%, 12/1/33		260		315,983
Madison Water and Wastewater Board, AL, 4.00%, 12/1/34		350		424,028
Madison Water and Wastewater Board, AL, 4.00%, 12/1/36		610		732,439
Madison Water and Wastewater Board, AL, 4.00%, 12/1/38		535		635,510
Madison Water and Wastewater Board, AL, 4.00%, 12/1/39		240		284,194
Memphis, TN, Water System Revenue, 3.00%, 12/1/35		325		368,267
Memphis, TN, Water System Revenue, 3.00%, 12/1/36		565		637,071
Metropolitan Water District of Southern California, 5.00%, 7/1/35		6,955		9,118,005
Metropolitan Water District of Southern California, 5.00%, 7/1/38		4,270		5,531,657
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33		8,095		9,260,275
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/44		5		5,303

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Missoula, MT, Water System Revenue, 4.00%, 7/1/37	$	600	$	711,288
Missoula, MT, Water System Revenue, 5.00%, 7/1/33		565		720,720
Missoula, MT, Water System Revenue, 5.00%, 7/1/35		1,135		1,438,465
Missoula, MT, Water System Revenue, 5.00%, 7/1/36		800		1,010,008
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.00%, 6/15/35		4,310		5,224,496
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.00%, 6/15/48		14,730		17,730,206
Port St. Lucie, FL, Stormwater Utility Revenue, 4.00%, 5/1/37		500		595,845
Port St. Lucie, FL, Stormwater Utility Revenue, 4.00%, 5/1/38		1,000		1,188,560
Port St. Lucie, FL, Stormwater Utility Revenue, 4.00%, 5/1/39		1,075		1,273,606
Salt Lake City, UT, Public Utilities Revenue, 4.00%, 2/1/38		1,600		1,914,240
Salt Lake City, UT, Public Utilities Revenue, 4.00%, 2/1/39		1,000		1,192,770
Salt Lake City, UT, Public Utilities Revenue, 4.00%, 2/1/45		805		945,263
San Diego Public Facilities Financing Authority, CA, Water Revenue, 4.00%, 8/1/38		1,000		1,226,670
San Diego Public Facilities Financing Authority, CA, Water Revenue, 4.00%, 8/1/39		1,250		1,528,625
San Diego Public Facilities Financing Authority, CA, Water Revenue, 4.00%, 8/1/45		3,400		4,086,086
Tarrant Regional Water District, TX, 5.00%, 3/1/30		10,000		11,554,200
Trinity River Authority, TX, (Mountain Creek Regional Wastewater System), 4.00%, 8/1/36		695		850,722
Virginia Beach, VA, Storm Water Utility Revenue, 4.00%, 11/15/31		1,085		1,335,440
			$	124,533,550
Total Tax-Exempt Municipal Securities — 96.8% (identified cost $3,247,133,540)			$	3,433,777,105
Taxable Municipal Securities — 7.5%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.0%(8)
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(2)	$	4,464	$	1,116,023
			$	1,116,023
Education — 0.2%
California State University, 2.965%, 11/1/39	$	2,000	$	2,052,980
Massachusetts School Building Authority, 2.95%, 5/15/43(1)		5,000		5,036,400
			$	7,089,380

24 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Electric Utilities — 0.0%(8)
Lincoln, NE, Electric System Revenue, 1.649%, 9/1/31	$	1,000	$	1,010,610
			$	1,010,610
General Obligations — 3.8%
Amarillo Independent School District, TX, (PSF Guaranteed), 2.054%, 2/1/37(1)	$	3,100	$	3,156,389
Amarillo Independent School District, TX, (PSF Guaranteed), 2.104%, 2/1/38(1)		4,695		4,780,120
Amarillo Independent School District, TX, (PSF Guaranteed), 2.284%, 2/1/43(1)		2,900		2,945,994
Argyle Independent School District, TX, (PSF Guaranteed), 2.077%, 8/15/37(1)		1,425		1,431,783
Argyle Independent School District, TX, (PSF Guaranteed), 2.23%, 8/15/39(1)		860		864,059
Austin, TX, 2.286%, 9/1/40(1)		2,750		2,765,180
Bexar County, TX, 2.088%, 6/15/37		2,415		2,474,554
Bexar County, TX, 2.118%, 6/15/38		3,665		3,742,478
Central Unified School District, CA, 2.686%, 8/1/38(1)		2,725		2,751,187
Central Unified School District, CA, 2.886%, 8/1/42(1)		3,000		3,035,040
Chicago, IL, 7.75%, 1/1/42		4,050		4,383,963
Clint Independent School District, TX, (PSF Guaranteed), 2.225%, 2/15/39		2,000		2,052,180
Clint Independent School District, TX, (PSF Guaranteed), 2.265%, 2/15/40		1,230		1,260,676
Clint Independent School District, TX, (PSF Guaranteed), 2.335%, 2/15/45		6,665		6,747,713
Coppell Independent School District, TX, (PSF Guaranteed), 2.164%, 8/15/39		1,010		1,013,838
Crowley Independent School District, TX, (PSF Guaranteed), 2.084%, 8/1/37		13,000		13,206,440
Crowley Independent School District, TX, (PSF Guaranteed), 2.134%, 8/1/38		12,100		12,293,358
Crowley Independent School District, TX, (PSF Guaranteed), 2.184%, 8/1/39		12,425		12,584,288
Crowley Independent School District, TX, (PSF Guaranteed), 2.314%, 8/1/45		3,415		3,440,749
Dripping Springs Independent School District, TX , (PSF Guaranteed), 2.245%, 2/15/39		1,095		1,122,594
Dripping Springs Independent School District, TX , (PSF Guaranteed), 2.365%, 2/15/44		2,250		2,263,567
Encinitas Union School District, CA, 2.184%, 8/1/36(1)		3,750		3,772,987
Encinitas Union School District, CA, 2.384%, 8/1/38(1)		2,575		2,613,213
Fresno Unified School District, CA, 3.013%, 8/1/47		7,500		7,515,075
Jefferson Elementary School District, CA, 2.50%, 9/1/38(1)		3,855		3,817,375
Lockhart Independent School District, TX , (PSF Guaranteed), 2.071%, 8/1/37(1)		1,450		1,460,904
Lockhart Independent School District, TX , (PSF Guaranteed), 2.121%, 8/1/38(1)		1,225		1,234,359

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Lockhart Independent School District, TX , (PSF Guaranteed), 2.171%, 8/1/39(1)	$	1,130	$	1,138,125
Lockhart Independent School District, TX , (PSF Guaranteed), 2.211%, 8/1/40(1)		1,000		1,007,100
Lockhart Independent School District, TX , (PSF Guaranteed), 2.311%, 8/1/44(1)		2,395		2,389,372
Lower Paxton Township, PA, 2.784%, 4/1/40(1)		1,000		1,029,160
Prosper Independent School District, TX, (PSF Guaranteed), 2.059%, 2/15/37(1)		2,750		2,783,495
Prosper Independent School District, TX, (PSF Guaranteed), 2.099%, 2/15/38(1)		1,215		1,230,856
Prosper Independent School District, TX, (PSF Guaranteed), 2.161%, 2/15/39(1)		2,975		3,007,160
Redondo Beach Unified School District, CA, 2.311%, 8/1/37		665		677,635
Rockwall Independent School District, TX, (PSF Guaranteed), 2.076%, 2/15/37		645		657,881
Schertz-Cibolo-Universal City Independent School District, TX, (PSF Guaranteed), 2.054%, 2/1/39		500		503,275
Seguin Independent School District, TX, (PSF Guaranteed), 2.062%, 8/15/37(1)		2,370		2,370,806
Seguin Independent School District, TX, (PSF Guaranteed), 2.092%, 8/15/38(1)		1,165		1,165,571
Seguin Independent School District, TX, (PSF Guaranteed), 2.142%, 8/15/39(1)		1,080		1,081,037
Seguin Independent School District, TX, (PSF Guaranteed), 2.192%, 8/15/40(1)		1,235		1,236,112
Sussex County, DE, 2.181%, 3/15/40(1)		2,250		2,238,885
Sussex County, DE, 2.321%, 3/15/45(1)		3,000		2,974,980
			$	134,221,513
Hospital — 1.0%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	34,250	$	36,553,312
			$	36,553,312
Insured – General Obligations — 0.3%
Hayward Unified School District, CA, (AGM), 2.372%, 8/1/35	$	4,235	$	4,333,252
Livonia Public Schools School District, MI, (BAM), 2.816%, 5/1/39(1)		1,600		1,621,104
Livonia Public Schools School District, MI, (BAM), 2.916%, 5/1/41(1)		2,000		2,028,000
Livonia Public Schools School District, MI, (BAM), 2.966%, 5/1/42(1)		2,000		2,027,340
			$	10,009,696

25 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2020

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Lease Revenue / Certificates of Participation — 0.0%(8)
Lake Worth Beach, FL, (BAM), 2.99%, 7/1/40	$	750	$	762,105
			$	762,105
Insured – Transportation — 1.3%
Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/26	$	22,500	$	19,098,675
Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/27		34,390		28,133,083
			$	47,231,758
Insured – Water and Sewer — 0.0%(8)
Russellville, AR, Water and Sewer Revenue, (BAM), 2.816%, 7/1/40(1)	$	1,250	$	1,250,663
			$	1,250,663
Lease Revenue / Certificates of Participation — 0.2%
Michigan State Building Authority, 2.705%, 10/15/40	$	7,050	$	7,078,905
			$	7,078,905
Senior Living / Life Care — 0.1%
Montgomery County Industrial Development Authority, PA, (ACTS Retirement-Life Communities, Inc. Obligated Group), 2.45%, 11/15/23	$	1,250	$	1,249,863
Montgomery County Industrial Development Authority, PA, (ACTS Retirement-Life Communities, Inc. Obligated Group), 2.89%, 11/15/26		1,000		997,520
			$	2,247,383
Transportation — 0.1%
Ohio Turnpike and Infrastructure Commission, 3.096%, 2/15/40	$	3,000	$	3,181,470
			$	3,181,470
Water and Sewer — 0.5%
Henrico County, VA, Water and Sewer System Revenue, 2.317%, 5/1/40(1)	$	12,000	$	11,927,040
Henrico County, VA, Water and Sewer System Revenue, 2.417%, 5/1/44(1)		3,500		3,475,465
Houston, TX, Combined Utility System Revenue, 2.022%, 11/15/35		500		500,285
			$	15,902,790

	Value
Total Taxable Municipal Securities — 7.5% (identified cost $257,329,248)	$	267,655,608
Total Investments — 104.3% (identified cost $3,504,462,788)	$	3,701,432,713
Other Assets, Less Liabilities — (4.3)%	$	(152,559,517	)
Net Assets — 100.0%	$	3,548,873,196

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

At September 30, 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	16.9%
Texas	12.9%
Others, representing less than 10% individually	51.4%

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 September 30, 2020, 6.6% 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 0.2% to 3.2% of total investments.

⁽¹⁾  When-issued/delayed delivery security.

⁽²⁾  Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽³⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2020, the aggregate value of these securities is $10,005,081 or 0.3% of the Fund’s net assets.

⁽⁴⁾  Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

⁽⁵⁾  Floating rate security. The stated interest rate represents the rate in effect at September 30, 2020.

⁽⁶⁾  Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy.

⁽⁷⁾  Security is in default and making only partial interest payments.

⁽⁸⁾  Amount is less than 0.05%.

26 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2020

Portfolio of Investments — continued

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.
BAM	–	Build America Mutual Assurance Co.
LIBOR	–	London Interbank Offered Rate
NPFG	–	National Public Finance Guarantee Corp.
PSF	–	Permanent School Fund
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index

Currency Abbreviations:

USD – United States Dollar

27 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2020

Statements of Assets and Liabilities

	September 30, 2020
Assets	AMT-Free Fund			National Fund
Investments —
Identified cost	$	341,462,045		$	3,504,462,788
Unrealized appreciation		25,703,785			196,969,925
Investments, at value	$	367,165,830		$	3,701,432,713
Cash	$	11,593,968		$	118,729,853
Interest receivable		4,136,595			36,690,462
Receivable for investments sold		32,281			12,140,370
Receivable for Fund shares sold		620,714			7,540,323
Total assets	$	383,549,388		$	3,876,533,721
Liabilities
Payable for floating rate notes issued	$	29,836,363		$	104,543,843
Payable for investments purchased		—			7,590,000
Payable for when-issued/delayed delivery securities		10,733,316			205,074,108
Payable for Fund shares redeemed		543,230			6,911,610
Distributions payable		124,202			1,275,089
Payable to affiliates:
Investment adviser fee		115,035			876,387
Distribution and service fees		45,386			441,602
Interest expense and fees payable		79,324			258,932
Accrued expenses		136,736			688,954
Total liabilities	$	41,613,592		$	327,660,525
Net Assets	$	341,935,796		$	3,548,873,196
Sources of Net Assets
Paid-in capital	$	343,305,617		$	3,512,251,765
Distributable earnings (accumulated loss)		(1,369,821	)		36,621,431
Net Assets	$	341,935,796		$	3,548,873,196
Class A Shares
Net Assets	$	158,729,128		$	1,620,505,306
Shares Outstanding		17,152,284			158,275,992
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.25		$	10.24
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	9.71		$	10.75
Class C Shares
Net Assets	$	15,093,796		$	131,329,995
Shares Outstanding		1,640,369			12,826,729
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.20		$	10.24
Class I Shares
Net Assets	$	168,112,872		$	1,797,037,895
Shares Outstanding		16,633,600			175,529,926
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.11		$	10.24

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.

28 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2020

Statements of Operations

	Year Ended September 30, 2020
Investment Income	AMT-Free Fund			National Fund
Interest	$	12,807,709		$	107,620,596
Total investment income	$	12,807,709		$	107,620,596
Expenses
Investment adviser fee	$	1,359,467		$	10,209,281
Distribution and service fees
Class A		378,484			3,984,013
Class C		179,569			1,565,368
Trustees’ fees and expenses		17,178			108,500
Custodian fee		77,143			614,591
Transfer and dividend disbursing agent fees		89,228			1,181,719
Legal and accounting services		69,119			166,737
Printing and postage		26,663			192,828
Registration fees		78,545			220,696
Interest expense and fees		447,697			1,586,669
Miscellaneous		44,366			178,316
Total expenses	$	2,767,459		$	20,008,718
Net investment income	$	10,040,250		$	87,611,878
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(778,647	)	$	32,976,127
Net realized gain (loss)	$	(778,647	)	$	32,976,127
Change in unrealized appreciation (depreciation) —
Investments	$	(3,878,667	)	$	(3,801,019	)
Net change in unrealized appreciation (depreciation)	$	(3,878,667	)	$	(3,801,019	)
Net realized and unrealized gain (loss)	$	(4,657,314	)	$	29,175,108
Net increase in net assets from operations	$	5,382,936		$	116,786,986

29 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2020

Statements of Changes in Net Assets

	Year Ended September 30, 2020
Increase (Decrease) in Net Assets	AMT-Free Fund			National Fund
From operations —
Net investment income	$	10,040,250		$	87,611,878
Net realized gain (loss)		(778,647	)		32,976,127
Net change in unrealized appreciation (depreciation)		(3,878,667	)		(3,801,019	)
Net increase in net assets from operations	$	5,382,936		$	116,786,986
Distributions to shareholders —
Class A	$	(4,671,695	)	$	(44,576,688	)
Class C		(421,058	)		(3,225,704	)
Class I		(5,343,767	)		(45,916,178	)
Total distributions to shareholders	$	(10,436,520	)	$	(93,718,570	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	23,022,478		$	191,525,800
Class C		2,632,842			28,102,719
Class I		148,037,705			1,035,176,603
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		4,121,688			37,938,752
Class C		351,377			2,661,618
Class I		3,986,156			38,645,320
Cost of shares redeemed
Class A		(20,744,572	)		(255,941,582	)
Class C		(6,017,910	)		(46,493,384	)
Class I		(124,755,998	)		(632,198,120	)
Net asset value of shares converted
Class A		1,573,683			26,478,940
Class C		(1,573,683	)		(26,478,940	)
Net increase in net assets from Fund share transactions	$	30,633,766		$	399,417,726
Net increase in net assets	$	25,580,182		$	422,486,142
Net Assets
At beginning of year	$	316,355,614		$	3,126,387,054
At end of year	$	341,935,796		$	3,548,873,196

30 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 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.

31 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2020

Financial Highlights

	AMT-Free Fund — Class A
	Year Ended September 30,
	2020			2019			2018			2017			2016
Net asset value — Beginning of year	$	9.250		$	8.870		$	9.130		$	9.430		$	9.210
Income (Loss) From Operations
Net investment income(1)	$	0.274		$	0.317		$	0.336		$	0.351		$	0.358
Net realized and unrealized gain (loss)		0.011	(2)		0.381			(0.262	)		(0.298	)		0.218
Total income from operations	$	0.285		$	0.698		$	0.074		$	0.053		$	0.576
Less Distributions
From net investment income	$	(0.285	)	$	(0.318	)	$	(0.334	)	$	(0.353	)	$	(0.356	)
Total distributions	$	(0.285	)	$	(0.318	)	$	(0.334	)	$	(0.353	)	$	(0.356	)
Net asset value — End of year	$	9.250		$	9.250		$	8.870		$	9.130		$	9.430
Total Return(3)		3.12	%		8.02	%		0.83	%		0.64	%		6.33	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	158,729		$	150,853		$	139,623		$	155,589		$	198,762
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.78	%		0.81	%		0.81	%		0.82	%		0.81	%
Interest and fee expense(4)		0.14	%		0.23	%		0.24	%		0.16	%		0.10	%
Total expenses		0.92	%		1.04	%		1.05	%		0.98	%		0.91	%
Net investment income		2.97	%		3.51	%		3.74	%		3.86	%		3.81	%
Portfolio Turnover		58	%		33	%		18	%		33	%		21	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁴⁾  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

September 30, 2020

Financial Highlights — continued

	AMT-Free Fund — Class C
	Year Ended September 30,
	2020			2019			2018			2017			2016
Net asset value — Beginning of year	$	9.200		$	8.820		$	9.080		$	9.380		$	9.160
Income (Loss) From Operations
Net investment income(1)	$	0.204		$	0.249		$	0.267		$	0.281		$	0.286
Net realized and unrealized gain (loss)		0.011	(2)		0.380			(0.262	)		(0.298	)		0.218
Total income (loss) from operations	$	0.215		$	0.629		$	0.005		$	(0.017	)	$	0.504
Less Distributions
From net investment income	$	(0.215	)	$	(0.249	)	$	(0.265	)	$	(0.283	)	$	(0.284	)
Total distributions	$	(0.215	)	$	(0.249	)	$	(0.265	)	$	(0.283	)	$	(0.284	)
Net asset value — End of year	$	9.200		$	9.200		$	8.820		$	9.080		$	9.380
Total Return(3)		2.36	%		7.24	%		0.06	%		(0.12	)%		5.56	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	15,094		$	19,715		$	32,545		$	39,099		$	45,606
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.53	%		1.56	%		1.56	%		1.57	%		1.56	%
Interest and fee expense(4)		0.14	%		0.23	%		0.24	%		0.16	%		0.10	%
Total expenses		1.67	%		1.79	%		1.80	%		1.73	%		1.66	%
Net investment income		2.23	%		2.78	%		2.99	%		3.11	%		3.06	%
Portfolio Turnover		58	%		33	%		18	%		33	%		21	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁴⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

33 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2020

Financial Highlights — continued

	AMT-Free Fund — Class I
	Year Ended September 30,
	2020			2019			2018			2017			2016
Net asset value — Beginning of year	$	10.100		$	9.680		$	9.970		$	10.300		$	10.060
Income (Loss) From Operations
Net investment income(1)	$	0.323		$	0.370		$	0.391		$	0.407		$	0.415
Net realized and unrealized gain (loss)		0.023	(2)		0.422			(0.292	)		(0.327	)		0.240
Total income from operations	$	0.346		$	0.792		$	0.099		$	0.080		$	0.655
Less Distributions
From net investment income	$	(0.336	)	$	(0.372	)	$	(0.389	)	$	(0.410	)	$	(0.415	)
Total distributions	$	(0.336	)	$	(0.372	)	$	(0.389	)	$	(0.410	)	$	(0.415	)
Net asset value — End of year	$	10.110		$	10.100		$	9.680		$	9.970		$	10.300
Total Return(3)		3.48	%		8.34	%		1.02	%		0.87	%		6.60	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	168,113		$	145,788		$	132,313		$	154,177		$	154,458
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.53	%		0.56	%		0.56	%		0.57	%		0.56	%
Interest and fee expense(4)		0.14	%		0.23	%		0.24	%		0.16	%		0.10	%
Total expenses		0.67	%		0.79	%		0.80	%		0.73	%		0.66	%
Net investment income		3.21	%		3.76	%		3.98	%		4.09	%		4.04	%
Portfolio Turnover		58	%		33	%		18	%		33	%		21	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

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

⁽⁴⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

34 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2020

Financial Highlights — continued

	National Fund — Class A
	Year Ended September 30,
	2020			2019			2018			2017			2016
Net asset value — Beginning of year	$	10.140		$	9.650		$	9.930		$	10.170		$	9.810
Income (Loss) From Operations
Net investment income(1)	$	0.265		$	0.322		$	0.350		$	0.366		$	0.385
Net realized and unrealized gain (loss)		0.119			0.491			(0.277	)		(0.242	)		0.357
Total income from operations	$	0.384		$	0.813		$	0.073		$	0.124		$	0.742
Less Distributions
From net investment income	$	(0.284	)	$	(0.323	)	$	(0.353	)	$	(0.364	)	$	(0.382	)
Total distributions	$	(0.284	)	$	(0.323	)	$	(0.353	)	$	(0.364	)	$	(0.382	)
Net asset value — End of year	$	10.240		$	10.140		$	9.650		$	9.930		$	10.170
Total Return(2)		3.84	%		8.57	%		0.76	%		1.31	%		7.68	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	1,620,505		$	1,605,407		$	1,419,239		$	1,600,127		$	1,857,375
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.64	%		0.68	%		0.69	%		0.68	%		0.67	%
Interest and fee expense(3)		0.05	%		0.12	%		0.19	%		0.16	%		0.12	%
Total expenses		0.69	%		0.80	%		0.88	%		0.84	%		0.79	%
Net investment income		2.61	%		3.26	%		3.58	%		3.71	%		3.83	%
Portfolio Turnover		105	%		89	%		67	%		70	%		71	%

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

35 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2020

Financial Highlights — continued

	National Fund — Class C
	Year Ended September 30,
	2020			2019			2018			2017			2016
Net asset value — Beginning of year	$	10.140		$	9.650		$	9.930		$	10.170		$	9.810
Income (Loss) From Operations
Net investment income(1)	$	0.190		$	0.252		$	0.276		$	0.292		$	0.310
Net realized and unrealized gain (loss)		0.119			0.488			(0.276	)		(0.242	)		0.357
Total income from operations	$	0.309		$	0.740		$	—		$	0.050		$	0.667
Less Distributions
From net investment income	$	(0.209	)	$	(0.250	)	$	(0.280	)	$	(0.290	)	$	(0.307	)
Total distributions	$	(0.209	)	$	(0.250	)	$	(0.280	)	$	(0.290	)	$	(0.307	)
Net asset value — End of year	$	10.240		$	10.140		$	9.650		$	9.930		$	10.170
Total Return(2)		3.08	%		7.77	%		0.01	%		0.56	%		6.88	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	131,330		$	172,417		$	363,026		$	462,269		$	576,664
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.39	%		1.43	%		1.44	%		1.43	%		1.42	%
Interest and fee expense(3)		0.05	%		0.12	%		0.19	%		0.16	%		0.12	%
Total expenses		1.44	%		1.55	%		1.63	%		1.59	%		1.54	%
Net investment income		1.87	%		2.57	%		2.83	%		2.96	%		3.08	%
Portfolio Turnover		105	%		89	%		67	%		70	%		71	%

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

36 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2020

Financial Highlights — continued

	National Fund — Class I
	Year Ended September 30,
	2020			2019			2018			2017			2016
Net asset value — Beginning of year	$	10.140		$	9.650		$	9.930		$	10.170		$	9.810
Income (Loss) From Operations
Net investment income(1)	$	0.289		$	0.341		$	0.374		$	0.390		$	0.410
Net realized and unrealized gain (loss)		0.120			0.495			(0.277	)		(0.241	)		0.357
Total income from operations	$	0.409		$	0.836		$	0.097		$	0.149		$	0.767
Less Distributions
From net investment income	$	(0.309	)	$	(0.346	)	$	(0.377	)	$	(0.389	)	$	(0.407	)
Total distributions	$	(0.309	)	$	(0.346	)	$	(0.377	)	$	(0.389	)	$	(0.407	)
Net asset value — End of year	$	10.240		$	10.140		$	9.650		$	9.930		$	10.170
Total Return(2)		4.10	%		8.83	%		1.01	%		1.56	%		7.94	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	1,797,038		$	1,348,563		$	756,446		$	777,063		$	701,153
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.39	%		0.43	%		0.44	%		0.43	%		0.42	%
Interest and fee expense(3)		0.05	%		0.12	%		0.19	%		0.16	%		0.12	%
Total expenses		0.44	%		0.55	%		0.63	%		0.59	%		0.54	%
Net investment income		2.85	%		3.45	%		3.83	%		3.95	%		4.09	%
Portfolio Turnover		105	%		89	%		67	%		70	%		71	%

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

37 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2020

Notes to Financial Statements

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 and, effective November 5, 2020, automatically convert to Class A shares eight 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 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 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 September 30, 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.

38

Eaton Vance

Municipal Income Funds

September 30, 2020

Notes to Financial Statements — 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 September 30, 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 September 30, 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	$	29,836,363	$	104,543,843
Interest Rate or Range of Interest Rates (%)		0.15 - 0.17		0.10 - 0.22
Collateral for Floating Rate Notes Outstanding	$	47,030,581	$	151,951,045

For the year ended September 30, 2020, the Funds’ average settled Floating Rate Notes outstanding and the average interest rate including fees were as follows:

	AMT-Free Fund			National Fund
Average Floating Rate Notes Outstanding	$	29,775,000		$	108,824,959
Average Interest Rate		1.50	%		1.46	%

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 September 30, 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

39

Eaton Vance

Municipal Income Funds

September 30, 2020

Notes to Financial Statements — 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.

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.

The tax character of distributions declared for the years ended September 30, 2020 and September 30, 2019 was as follows:

	AMT-Free Fund				National Fund
	Year Ended September 30,				Year Ended September 30,
	2020		2019		2020		2019
Tax-exempt income	$	10,435,763	$	10,804,193	$	88,786,223	$	85,494,039
Ordinary income	$	757	$	76,376	$	4,932,347	$	4,944,533

As of September 30, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

	AMT-Free Fund			National Fund
Undistributed tax-exempt income	$	1,235,291		$	5,256,119
Deferred capital losses	$	(28,640,391	)	$	(166,281,868	)
Net unrealized appreciation	$	26,159,481		$	198,922,269
Distributions payable	$	(124,202	)	$	(1,275,089	)

At September 30, 2020, 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	$	15,794,902	$	111,957,326
Long-term	$	12,845,489	$	54,324,542

40

Eaton Vance

Municipal Income Funds

September 30, 2020

Notes to Financial Statements — continued

The cost and unrealized appreciation (depreciation) of investments of each Fund at September 30, 2020, as determined on a federal income tax basis, were as follows:

	AMT-Free Fund			National Fund
Aggregate cost	$	311,169,986		$	3,397,966,601
Gross unrealized appreciation	$	28,084,171		$	220,783,592
Gross unrealized depreciation		(1,924,690	)		(21,861,323	)
Net unrealized appreciation	$	26,159,481		$	198,922,269

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), a wholly-owned subsidiary of Eaton Vance Corp., for AMT-Free Fund and Boston Management and Research (BMR), a subsidiary of EVM and an indirect subsidiary of Eaton Vance Corp., for National Fund as compensation for management and investment advisory services rendered to each Fund. The fee is based upon a percentage 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 but less than $1 billion		0.275			2.75
$1 billion but less than $1.5 billion		0.250			2.50
$1.5 billion but less than $2 billion		0.225			2.25
$2 billion but less than $3 billion		0.200			2.00
$3 billion and over		0.175			1.75

For the year ended September 30, 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	$	1,359,467		$	10,209,281
Effective Annual Rate		0.41	%		0.31	%

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 year ended September 30, 2020 were as follows:

	AMT-Free Fund		National Fund
EVM’s Sub-Transfer Agent Fees	$	11,077	$	128,978
EVD’s Class A Sales Charges	$	13,353	$	139,301

41

Eaton Vance

Municipal Income Funds

September 30, 2020

Notes to Financial Statements — continued

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 year ended September 30, 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 year ended September 30, 2020 for Class A shares amounted to the following:

	AMT-Free Fund		National Fund
Class A Distribution and Service Fees	$	378,484	$	3,984,013

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 distribution services and facilities to the respective Funds. For the year ended September 30, 2020, the Funds paid or accrued to EVD the following distribution fees:

	AMT-Free Fund		National Fund
Class C Distribution Fees	$	134,677	$	1,174,026

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 year ended September 30, 2020 amounted to the following:

	AMT-Free Fund		National Fund
Class C Service Fees	$	44,892	$	391,342

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended September 30, 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	$	39,000
Class C	$	50	$	17,000

42

Eaton Vance

Municipal Income Funds

September 30, 2020

Notes to Financial Statements — continued

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended September 30, 2020 were as follows:

	AMT-Free Fund		National Fund
Purchases	$	229,929,930	$	3,953,494,024
Sales	$	200,725,498	$	3,527,497,499

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
				Year Ended September 30, 2020
				Class A			Class C			Class I
Sales					2,489,112			286,876			14,620,548
Issued to shareholders electing to receive payments of distributions in Fund shares					446,020			38,242			394,814
Redemptions					(2,260,135	)		(657,145	)		(12,811,555	)
Converted from Class C shares					169,973			—			—
Converted to Class A shares					—			(170,955	)		—
Net increase (decrease)					844,970			(502,982	)		2,203,807
				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
National Fund
	Year Ended September 30, 2020
	Class A			Class B			Class C			Class I
Sales		18,938,747			—			2,768,098			102,367,062
Issued to shareholders electing to receive payments of distributions in Fund shares		3,734,240			—			262,024			3,801,170
Redemptions		(25,343,714	)		—			(4,575,561	)		(63,630,096	)
Converted from Class C shares		2,628,910			—			—			—
Converted to Class A shares		—			—			(2,628,854	)		—
Net increase (decrease)		(41,817	)		—			(4,174,293	)		42,538,136

43

Eaton Vance

Municipal Income Funds

September 30, 2020

Notes to Financial Statements — continued

	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 year ended September 30, 2020.

Effective October 27, 2020, the Funds renewed their line of credit agreement, which expires October 26, 2021, at substantially the same terms.

9  Fair Value Measurements

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

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

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

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

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

At September 30, 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	$	—	$	367,165,830	$	—	$	367,165,830
Total Investments	$	—	$	367,165,830	$	—	$	367,165,830

44

Eaton Vance

Municipal Income Funds

September 30, 2020

Notes to Financial Statements — continued

National Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	3,433,777,105	$	—	$	3,433,777,105
Taxable Municipal Securities		—		267,655,608		—		267,655,608
Total Investments	$	—	$	3,701,432,713	$	—	$	3,701,432,713

10  Risks and Uncertainties

Pandemic Risk

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

11  Subsequent Event

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may result in the automatic termination of each Fund’s investment advisory agreement, and any related sub-advisory agreement(s), if applicable. Thus, each Fund’s Board will be asked to approve a new investment advisory agreement (and new sub-advisory agreement(s), if applicable). If approved by each Fund’s Board, the new investment advisory agreement (and new sub-advisory agreement(s), if applicable) is expected to be presented to Fund shareholders for approval, and, if approved, would take effect upon the closing of the transaction.

45

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance AMT-Free Municipal Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance AMT-Free Municipal Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of September 30, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 19, 2020

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

46

Eaton Vance

National Municipal Income Fund

September 30, 2020

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Municipals Trust and Shareholders of Eaton Vance National Municipal Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance National Municipal Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Municipals Trust), including the portfolio of investments, as of September 30, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 19, 2020

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

47

Eaton Vance

Municipal Income Funds

September 30, 2020

Federal Tax Information (Unaudited)

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

Exempt-Interest Dividends.  For the fiscal year ended September 30, 2020, the Funds designate the following percentages of distributions from net investment income as exempt-interest dividends:

AMT-Free Municipal Income Fund	99.99	%
National Municipal Income Fund	94.74	%

48

Eaton Vance

Municipal Income Funds

September 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

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

Information about Fees, Performance and Expenses

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

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

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

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

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

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

Information about Portfolio Management and Trading

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

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

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

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

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

Information about each Adviser and Sub-adviser

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

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

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

49

Eaton Vance

Municipal Income Funds

September 30, 2020

Board of Trustees’ Contract Approval — continued

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

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

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

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

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

Other Relevant Information

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

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

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

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

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

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

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

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that (i) the continuation of the investment advisory agreement between Eaton Vance AMT-Free Municipal Income Fund (the “AMT-Free Muni Income Fund”) and Eaton Vance Management (“EVM”) and (ii) the continuation of the investment advisory agreement between Eaton Vance National Municipal Income Fund (the “National Muni Income Fund”, together with the AMT-Free Muni Income Fund, the “Funds” and each, a “Fund”) and Boston Management and Research (“BMR”) (EVM, with respect to the AMT-Free Muni Income Fund, and BMR, with respect to the National Muni Income Fund, are each referred to herein as the “Adviser”), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for each Fund.

Nature, Extent and Quality of Services

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

50

Eaton Vance

Municipal Income Funds

September 30, 2020

Board of Trustees’ Contract Approval — continued

The Board considered each Adviser’s management capabilities and investment processes in light of the types of investments held by each Fund, respectively, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Funds. In particular, the Board considered, where relevant, the abilities and experience of each Adviser’s investment professionals in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal obligations. The Board considered each Adviser’s municipal bond team, which includes investment professionals and credit specialists who provide services to the applicable Fund. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including each Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Funds, including the provision of administrative services. The Board also considered the business-related and other risks to which the Advisers or its affiliates may be subject in managing the Funds.

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

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

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

Fund Performance

The Board compared each Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index, and assessed each Fund’s performance on the basis of total return and current income return. The Board’s review included comparative performance data with respect to each Fund for the one-, three-, five- and ten-year periods ended September 30, 2019.

In this regard, the Board noted each Fund’s performance relative to its peer group and benchmark index for the three-year period, as follows:

Fund	Performance Relative to:
	Median of Peer Group	Benchmark Index
Eaton Vance AMT-Free Municipal Income Fund	Consistent with	Lower
Eaton Vance National Municipal Income Fund	Higher	Higher

The Board considered, among other things, each Adviser’s efforts to generate competitive levels of tax-exempt current income over time through investments that, relative to comparable funds, focus on higher quality municipal bonds with longer maturities. The Board concluded that the performance of each Fund was satisfactory.

Management Fees and Expenses

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

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

Profitability and “Fall-Out” Benefits

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

51

Eaton Vance

Municipal Income Funds

September 30, 2020

Board of Trustees’ Contract Approval — continued

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

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

Economies of Scale

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

52

Eaton Vance

Municipal Income Funds

September 30, 2020

Liquidity Risk Management Program

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

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

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

53

Eaton Vance

Municipal Income Funds

September 30, 2020

Management and Organization

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

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

54

Eaton Vance

Municipal Income Funds

September 30, 2020

Management and Organization — continued

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

55

Eaton Vance

Municipal Income Funds

September 30, 2020

Management and Organization — continued

Name and Year of Birth	Trust Position(s)	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

⁽¹⁾  Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

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

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

56

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

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

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

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

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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

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

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.

448    9.30.20

Item 2. Code of Ethics

The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman

also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Eaton Vance AMT-Free Municipal Income Fund and Eaton Vance Core Plus Bond Fund (the “Fund(s)”) are series of Eaton Vance Mutual Funds Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 33 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds’ annual reports.

(a)-(d)

The following tables present the aggregate fees billed to each Fund for the Funds’ fiscal years ended September 30, 2019 and September 30, 2020 by the Funds’ principal accountant, Deloitte and Touche LLP (“D&T”), for professional services rendered for the audit of the Funds’ annual financial statements and fees billed for other services rendered by D&T during those periods.

Eaton Vance AMT-Free Municipal Income Fund

Fiscal Years Ended	9/30/19		9/30/20
Audit Fees	$	50,550	$	50,550
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	13,751	$	12,441
All Other Fees(3)	$	0	$	0
Total	$	64,301	$	62,991

Eaton Vance Core Plus Bond Fund

Fiscal Years Ended	9/30/19		9/30/20
Audit Fees	$	47,750	$	60,250
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	11,017	$	12,507
All Other Fees(3)	$	0	$	0
Total	$	58,767	$	72,757

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees.

⁽²⁾  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

⁽³⁾  All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

The various Series comprising the Trust have differing fiscal year ends (January 31, February 28/29, July 31, September 30, October 31 or December 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.

Fiscal Years Ended	10/31/18		12/31/18		1/31/19		2/28/19		7/31/19		9/30/19		10/31/19		12/31/19		1/31/20		2/29/20		9/30/20
Audit Fees	$	621,075	$	105,320	$	191,680	$	25,850	$	37,050	$	98,300	$	661,708	$	106,700	$	156,850	$	26,250	$	110,800
Audit-Related Fees(1)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Tax Fees(2)	$	430,938	$	65,089	$	85,957	$	11,190	$	16,000	$	24,768	$	345,480	$	63,478	$	69,073	$	11,413	$	24,948
All Other Fees(3)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Total	$	1,052,013	$	170,409	$	277,637	$	37,040	$	53,050	$	123,068	$	1,007,188	$	170,178	$	225,923	$	37,663	$	135,748

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees.

⁽²⁾  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

⁽³⁾  All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Series in the Trust by D&T for the last two fiscal years of each Series; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the last two fiscal years of each Series.

Fiscal Years Ended	10/31/18		12/31/18		1/31/19		2/28/19		7/31/19		9/30/19		10/31/19		12/31/19		1/31/20		2/29/20		9/30/20
Registrant(1)	$	430,938	$	65,089	$	85,957	$	11,190	$	16,000	$	24,768	$	430,938	$	345,480	$	63,478	$	11,413	$	24,948
Eaton Vance(2)	$	126,485	$	126,485	$	126,485	$	126,485	$	60,130	$	59,903	$	126,485	$	59,903	$	59,903	$	59,903	$	51,800

⁽¹⁾ Includes all of the Series of the Trust. During the fiscal years reported above, certain of the Funds were “feeder” funds    in a “master-feeder” fund structure or funds of funds.

⁽²⁾ Various subsidiaries of Eaton Vance Corp. act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective “master” funds (if applicable).

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.    

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

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

Signatures

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

Eaton Vance Mutual Funds Trust
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	November 23, 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:	November 23, 2020
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	November 23, 2020