Eaton Vance Floating Rate Fund (EIBLX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04015

Eaton Vance Mutual Funds Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

September 30

Date of Fiscal Year End

March 31, 2015

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Municipal Income Funds

Semiannual Report

March 31, 2015

AMT-Free    •    National

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 Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. 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 and 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 advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report March 31, 2015

Eaton Vance

Municipal Income Funds

Table of Contents

Performance and Fund Profile
AMT-Free Municipal Income Fund	2
National Municipal Income Fund	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	7
Officers and Trustees	43
Important Notices	44

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2015

Performance^1,2

Portfolio Manager Cynthia J. Clemson

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		01/06/1998		03/16/1978		2.02	%		8.34	%		5.68	%		4.20	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.86			3.17			4.66			3.69
Class B at NAV		01/14/1998		03/16/1978		1.64			7.57			4.90			3.43
Class B with 5% Maximum Sales Charge		—		—		–3.36			2.57			4.57			3.43
Class C at NAV		05/02/2006		03/16/1978		1.64			7.56			4.90			3.44
Class C with 1% Maximum Sales Charge		—		—		0.64			6.56			4.90			3.44
Class I at NAV		03/16/1978		03/16/1978		2.15			8.79			5.96			4.47
Barclays Municipal Bond Index		—		—		2.40	%		6.62	%		5.11	%		4.84	%
Barclays Long (22+) Year Municipal Bond Index		—		—		3.98			10.76			6.89			5.41
% Total Annual Operating Expense Ratios3					Class A			Class B			Class C			Class I
Gross						0.92	%		1.67	%		1.67	%		0.67	%
Net						0.83			1.58			1.58			0.58
% Distribution Rates/Yields4					Class A			Class B			Class C			Class I
Distribution Rate						4.03	%		3.26	%		3.26	%		4.28	%
Taxable-Equivalent Distribution Rate						7.12			5.76			5.76			7.56
SEC 30-day Yield						1.79			1.14			1.13			2.12
Taxable-Equivalent SEC 30-day Yield						3.15			2.01			2.00			3.75
% Total Leverage5
Residual Interest Bond (RIB) Financing															10.32	%

Fund Profile

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 less than one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

National Municipal Income Fund

March 31, 2015

Performance^1,2

Portfolio Managers Thomas M. Metzold, CFA and Craig R. Brandon, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		04/05/1994		12/19/1985		2.48	%		9.30	%		5.69	%		4.03	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.37			4.13			4.67			3.53
Class B at NAV		12/19/1985		12/19/1985		2.10			8.49			4.91			3.26
Class B with 5% Maximum Sales Charge		—		—		–2.90			3.49			4.58			3.26
Class C at NAV		12/03/1993		12/19/1985		2.10			8.49			4.91			3.26
Class C with 1% Maximum Sales Charge		—		—		1.10			7.49			4.91			3.26
Class I at NAV		07/01/1999		12/19/1985		2.50			9.58			5.96			4.30
Barclays Municipal Bond Index		—		—		2.40	%		6.62	%		5.11	%		4.84	%
Barclays Long (22+) Year Municipal Bond Index		—		—		3.98			10.76			6.89			5.41
% Total Annual Operating Expense Ratios3					Class A			Class B			Class C			Class I
Gross						0.80	%		1.55	%		1.55	%		0.55	%
Net						0.71			1.46			1.46			0.46
% Distribution Rates/Yields4					Class A			Class B			Class C			Class I
Distribution Rate						3.91	%		3.16	%		3.15	%		4.16	%
Taxable-Equivalent Distribution Rate						6.91			5.58			5.57			7.35
SEC 30-day Yield						2.45			1.84			1.83			2.82
Taxable-Equivalent SEC 30-day Yield						4.33			3.26			3.23			4.98
% Total Leverage5
RIB Financing															12.73	%

Fund Profile

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 less than one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recent month-end, please refer to eatonvance.com.

3

Eaton Vance

Municipal Income Funds

March 31, 2015

Endnotes and Additional Disclosures

¹  Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Barclays Long (22+) Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities of 22 years or more. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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

Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance presented in the financial highlights included in the financial statements is not linked. In the performance table, the performance of Class C is linked to Class B. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

³  Total annual operating expense ratios are as stated in the Fund’s most recent prospectus. Net expense ratio is not a result of a fee waiver or expense reimbursement. Net expense ratio excludes interest expense relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions and, as a result, net asset value and performance have not been affected by this expense.

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

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

⁶  Ratings are based on Moody’s, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher 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” are not rated by the national ratings agencies stated above.

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

Fund profile subject to change due to active management.

4

Eaton Vance

Municipal Income Funds

March 31, 2015

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2014 – March 31, 2015).

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

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

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

Eaton Vance AMT-Free Municipal Income Fund

	Beginning Account Value (10/1/14)		Ending Account Value (3/31/15)		Expenses Paid During Period* (10/1/14 – 3/31/15)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,020.20	$	4.53		0.90	%
Class B	$	1,000.00	$	1,016.40	$	8.29		1.65	%
Class C	$	1,000.00	$	1,016.40	$	8.29		1.65	%
Class I	$	1,000.00	$	1,021.50	$	3.28		0.65	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.40	$	4.53		0.90	%
Class B	$	1,000.00	$	1,016.70	$	8.30		1.65	%
Class C	$	1,000.00	$	1,016.70	$	8.30		1.65	%
Class I	$	1,000.00	$	1,021.70	$	3.28		0.65	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2014.

5

Eaton Vance

Municipal Income Funds

March 31, 2015

Fund Expenses — continued

Eaton Vance National Municipal Income Fund

	Beginning Account Value (10/1/14)		Ending Account Value (3/31/15)		Expenses Paid During Period* (10/1/14 – 3/31/15)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,024.80	$	3.79		0.75	%
Class B	$	1,000.00	$	1,021.00	$	7.56		1.50	%
Class C	$	1,000.00	$	1,021.00	$	7.56		1.50	%
Class I	$	1,000.00	$	1,025.00	$	2.52		0.50	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.20	$	3.78		0.75	%
Class B	$	1,000.00	$	1,017.50	$	7.54		1.50	%
Class C	$	1,000.00	$	1,017.50	$	7.54		1.50	%
Class I	$	1,000.00	$	1,022.40	$	2.52		0.50	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2014.

6

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2015

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 107.1%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 4.6%
Idaho Bond Bank Authority, 5.25%, 9/15/25	$	1,160	$	1,329,894
Idaho Bond Bank Authority, 5.375%, 9/15/27		1,555		1,780,288
New York Environmental Facilities Corp., 5.00%, 10/15/35(1)		9,900		11,329,857
Rhode Island Clean Water Finance Agency, 5.00%, 10/1/32		1,400		1,644,272
			$	16,084,311
Education — 4.4%
Missouri Health and Educational Facilities Authority, (Washington University), 5.375%, 3/15/39(1)	$	4,110	$	4,571,717
Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36		1,050		1,263,003
University of California, 5.25%, 5/15/35		3,555		4,277,163
University of Nebraska Facilities Corp., (UNMC Cancer Center), 5.00%, 2/15/23		415		512,193
University of Nebraska Facilities Corp., (UNMC Cancer Center), 5.00%, 2/15/24		1,120		1,386,370
West Virginia University, 5.00%, 10/1/31		3,000		3,472,260
			$	15,482,706
Electric Utilities — 8.9%
Apache County, AZ, Industrial Development Authority, (Tucson Electric Power Co.), 4.50%, 3/1/30	$	1,605	$	1,727,317
Beaver County, PA, Industrial Development Authority, (FirstEnergy Nuclear Generation, LLC), 3.50% to 6/1/20 (Put Date), 12/1/35		3,050		3,173,128
Chula Vista, CA, (San Diego Gas and Electric), 5.875%, 2/15/34		3,520		4,163,315
Ohio Water Development Authority, (FirstEnergy Nuclear Generation, LLC), 4.00% to 6/3/19 (Put Date), 12/1/33		3,200		3,421,344
Pima County, AZ, Industrial Development Authority, (Tucson Electric Power Co.), 5.25%, 10/1/40		1,410		1,572,629
San Antonio, TX, (Electric and Gas Systems), 5.00%, 2/1/34(1)		7,000		7,807,800
Utility Debt Securitization Authority, NY, 5.00%, 12/15/33		2,895		3,415,782
Vernon, CA, Electric System Revenue, 5.125%, 8/1/21		5,505		6,208,429
			$	31,489,744
Escrowed / Prerefunded — 5.9%
Foothill/Eastern Transportation Corridor Agency, CA, Escrowed to Maturity, 0.00%, 1/1/18	$	10,000	$	9,768,100
Idaho Health Facilities Authority, (Trinity Health Credit Group), Prerefunded to 12/1/18, 6.25%, 12/1/33		2,985		3,546,359
New York Dormitory Authority, (NYU Hospitals Center), Prerefunded to 7/1/17, 5.625%, 7/1/37		1,865		2,070,784

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Savannah, GA, Economic Development Authority, Escrowed to Maturity, 0.00%, 12/1/21	$	6,000	$	5,381,280
			$	20,766,523
General Obligations — 11.6%
Beaverton School District 48J, Washington and Multnomah Counties, OR, 5.00%, 6/15/32	$	2,465	$	2,919,866
California, 5.00%, 10/1/24		960		1,192,560
California, 5.00%, 10/1/26		1,300		1,584,063
California, 5.00%, 10/1/27		630		761,563
California, 5.00%, 2/1/31		1,405		1,627,440
California, 5.25%, 10/1/29		560		660,324
California, 5.25%, 10/1/32		3,480		4,080,474
Foothill-De Anza Community College District, CA, 5.00%, 8/1/34		1,150		1,361,680
Foothill-De Anza Community College District, CA, 5.00%, 8/1/36		1,150		1,356,494
Kane, Cook and DuPage Counties, IL, School District No. 46, 5.00%, 1/1/31		4,470		5,123,693
Salem-Keizer, OR, School District No. 24J, 0.00%, 6/15/24		1,220		971,657
Santa Clara County, CA, (Election of 2008), 5.00%, 8/1/39(1)(2)		7,700		8,777,538
Tuscaloosa, AL, 5.00%, 1/1/35		2,000		2,276,040
University of Connecticut, 5.00%, 2/15/32		1,150		1,339,646
Washington, 5.25%, 2/1/36(1)		6,000		7,051,860
			$	41,084,898
Health Care – Miscellaneous — 0.2%
Suffolk County, NY, Industrial Development Agency, (Alliance of Long Island Agencies), 7.50%, 9/1/15	$	85	$	86,115
Tax Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 6.00%, 12/1/36(3)		83		85,133
Tax Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), Series 1, 5.50%, 12/1/36(3)		294		294,164
Tax Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), Series 2, 5.50%, 12/1/36(3)		350		358,173
			$	823,585
Hospital — 14.6%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28	$	535	$	607,717
California Health Facilities Financing Authority, (Providence Health System), 5.50%, 10/1/39		5,175		6,030,790

7 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2015

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33	$	1,720	$	1,980,528
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		2,380		2,712,415
California Health Facilities Financing Authority, (Sutter Health), 5.25%, 8/15/31		1,325		1,543,466
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 7/1/29		1,330		1,496,955
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.25%, 12/1/34		3,000		3,368,370
Henrico County, VA, Economic Development Authority, (Bon Secours Health System, Inc.), 5.00%, 11/1/30		1,185		1,343,363
Illinois Finance Authority, (Provena Healthcare), 7.75%, 8/15/34		7,120		8,852,581
Kansas Development Finance Authority, (Adventist Health System), 5.75%, 11/15/38		5,230		6,101,736
Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31		2,110		2,491,003
Massachusetts Development Finance Agency, (Tufts Medical Center), 6.75%, 1/1/36		785		933,655
New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37		3,380		3,722,124
Oklahoma Development Finance Authority, (St. John Health System), 5.00%, 2/15/34		2,035		2,290,026
Oneida County, NY, Industrial Development Agency, (St. Elizabeth Medical Center), 5.75%, 12/1/19		1,060		1,062,661
Orange County, FL, Health Facilities Authority, (Orlando Health, Inc.), 5.375%, 10/1/23		1,000		1,152,350
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(1)		5,000		5,844,450
			$	51,534,190
Housing — 0.1%
Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(4)	$	285	$	208,039
			$	208,039
Industrial Development Revenue — 1.0%
Hardeman County Correctional Facilities Corp., TN, 7.75%, 8/1/17	$	345	$	345,007
Selma, AL, Industrial Development Board, (International Paper Co.), 5.80%, 5/1/34		2,670		3,085,612
			$	3,430,619

Security	Principal Amount (000’s omitted)		Value
Insured – Education — 0.6%
Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31	$	1,750	$	2,226,052
			$	2,226,052
Insured – Electric Utilities — 2.3%
Long Island Power Authority, NY, Electric System Revenue, (BHAC), 5.75%, 4/1/33	$	5,415	$	6,310,424
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/29		2,865		1,805,810
			$	8,116,234
Insured – Escrowed / Prerefunded — 0.4%
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), Escrowed to Maturity, 0.00%, 8/15/21	$	1,560	$	1,394,110
			$	1,394,110
Insured – General Obligations — 1.0%
Chicago, IL, (AGM), 5.25%, 1/1/31	$	1,900	$	2,118,310
Chicago Park District, IL, (BAM), 5.00%, 1/1/29		475		546,825
Yuma and La Paz Counties, AZ, Community College District, (Arizona Western College), (NPFG), 3.75%, 7/1/31		985		993,845
			$	3,658,980
Insured – Lease Revenue / Certificates of Participation — 1.2%
Anaheim, CA, Public Financing Authority, (Anaheim Public Improvements), (AGM), 0.00%, 9/1/31	$	8,680	$	4,397,635
			$	4,397,635
Insured – Other Revenue — 1.3%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	10,600	$	4,451,682
			$	4,451,682
Insured – Special Tax Revenue — 5.8%
Alabama Public School and College Authority, (AGM), 2.50%, 12/1/27	$	6,030	$	5,910,244
Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/27		6,000		7,653,780
Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		2,565		3,303,335
McKay Landing Metropolitan District No. 2, CO, (AMBAC), 4.25%, 12/1/36		1,300		1,251,757
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		6,245		839,828
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46		12,295		1,547,572
			$	20,506,516

8 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2015

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Transportation — 3.2%
Chicago, IL, (O’Hare International Airport), (AGM), 5.00%, 1/1/28	$	1,000	$	1,153,780
Chicago, IL, (O’Hare International Airport), (AGM), 5.125%, 1/1/31		1,000		1,146,670
Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/32		785		903,951
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39		7,120		2,237,816
New Orleans, LA, Aviation Board, (AGC), 6.00%, 1/1/23		1,040		1,206,702
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/21		5,285		4,617,663
			$	11,266,582
Insured – Water and Sewer — 3.4%
Chicago, IL, Wastewater Transmission Revenue, (BHAC), 5.50%, 1/1/38	$	4,155	$	4,574,987
Detroit, MI, Sewage Disposal System, (AGM), 5.00%, 7/1/39		4,825		5,249,214
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/32		655		734,229
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/33		565		630,975
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/35		280		311,293
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/37		565		627,201
			$	12,127,899
Other Revenue — 6.7%
Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.00%, 7/15/30	$	880	$	1,032,918
Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.25%, 7/15/40		1,320		1,560,359
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(5)		1,200		300,636
Mohegan Tribe of Indians Gaming Authority, CT, (Public Improvements), 6.25%, 1/1/21(3)		1,000		1,000,150
New York Liberty Development Corp., (3 World Trade Center), 5.00%, 11/15/44(3)		3,500		3,697,715
New York, NY, Transitional Finance Authority, (Building Aid), 6.00%, 7/15/38		7,250		8,363,817
Otero County, NM, Jail Project Revenue, 5.75%, 4/1/18		345		337,910
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37		3,485		4,081,388
Seminole Tribe, FL, 5.50%, 10/1/24(3)		1,150		1,236,296
White Earth Band of Chippewa Indians, MN, 6.375%, 12/1/26(3)		2,070		2,115,851
			$	23,727,040

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care — 3.7%
Fairfax County, VA, Economic Development Authority, (Goodwin House, Inc.), 5.125%, 10/1/37	$	1,595	$	1,655,562
Fairfax County, VA, Economic Development Authority, (Goodwin House, Inc.), 5.125%, 10/1/42		2,255		2,334,602
Kansas City, MO, Industrial Development Authority, (Kingswood United Methodist Manor), 5.875%, 11/15/29		1,480		1,480,415
Maryland Health and Higher Educational Facilities Authority, (Charlestown Community, Inc.), 6.125%, 1/1/30		1,650		1,869,582
North Miami, FL, (Imperial Club), 6.125%, 1/1/42		1,480		1,028,570
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/39		570		650,319
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.50%, 6/1/49		2,690		3,089,707
Tempe, AZ, Industrial Development Authority, (Friendship Village of Tempe), 6.00%, 12/1/32		160		174,931
Tempe, AZ, Industrial Development Authority, (Friendship Village of Tempe), 6.25%, 12/1/42		660		723,848
			$	13,007,536
Special Tax Revenue — 3.7%
Baltimore, MD, (Clipper Mill), 6.25%, 9/1/33	$	2,398	$	2,421,908
Baltimore, MD, (Strathdale Manor), 7.00%, 7/1/33		744		746,790
Bridgeville, DE, (Heritage Shores Special Development District), 5.45%, 7/1/35		1,117		1,118,955
Jurupa Public Financing Authority, CA, 5.00%, 9/1/31		1,200		1,362,888
Puerto Rico Sales Tax Financing Corp., 5.00%, 8/1/40		2,340		1,646,003
River Hall Community Development District, FL, (Capital Improvements), 5.45%, 5/1/36		1,100		1,099,934
Successor Agency to La Quinta Redevelopment Agency, CA, 5.00%, 9/1/30		4,125		4,856,568
			$	13,253,046
Transportation — 19.9%
Central Texas Regional Mobility Authority, 5.75%, 1/1/31	$	415	$	482,935
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30		1,100		1,296,977
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31		1,455		1,711,924
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/31		1,320		1,520,693
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43		1,100		1,209,219
Metropolitan Transportation Authority, NY, 6.25%, 11/15/23		2,250		2,669,152
Metropolitan Transportation Authority, NY, 6.50%, 11/15/28		5,000		5,968,050
Miami-Dade County, FL, Aviation Revenue, 5.00%, 10/1/33		6,450		7,411,695
New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38		4,820		5,528,492

9 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2015

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
New Jersey Turnpike Authority, 5.00%, 1/1/30	$	3,060	$	3,498,835
New York Liberty Development Corp., (4 World Trade Center), 5.00%, 11/15/31		1,235		1,402,948
Pennsylvania Turnpike Commission, 6.375%, (0.00% until 12/1/17), 12/1/38		11,500		12,565,360
San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/34		5,235		5,853,201
Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34		3,500		4,274,095
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39		2,980		3,566,255
Triborough Bridge and Tunnel Authority, NY, 5.25%, 11/15/34(1)		10,000		11,380,300
			$	70,340,131
Water and Sewer — 2.6%
Chicago, IL, Water Revenue, 5.00%, 11/1/33	$	1,200	$	1,348,560
New York, NY, Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40(1)(2)		6,855		7,863,439
			$	9,211,999
Total Tax-Exempt Investments — 107.1% (identified cost $336,152,367)			$	378,590,057
Other Assets, Less Liabilities — (7.1)%			$	(24,951,525	)
Net Assets — 100.0%			$	353,638,532

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

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

At March 31, 2015, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows:

California	22.6%
New York	20.3%
Texas	10.4%
Others, representing less than 10% individually	53.8%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2015, 18.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.1% to 7.3% of total investments.

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

⁽²⁾ Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $6,295,977.

⁽³⁾ Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At March 31, 2015, the aggregate value of these securities is $8,787,482 or 2.5% of the Fund’s net assets.

⁽⁴⁾ The issuer is in default on the payment of principal but continues to pay interest.

⁽⁵⁾ Security is in default and making only partial interest payments.

10 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2015

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 108.1%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.3%
Oklahoma Water Resources Board, 5.25%, 4/1/36	$	14,165	$	16,357,034
Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		27,915		28,814,979
			$	45,172,013
Cogeneration — 0.4%
Northampton County, PA, Industrial Development Authority, (Northampton Generating), 5.00%, 12/31/23(1)	$	14,652	$	13,380,787
			$	13,380,787
Education — 5.8%
Missouri Health and Educational Facilities Authority, (Washington University), 5.375%, 3/15/39(2)	$	45,615	$	50,739,389
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/25(3)		3,500		4,493,825
North Carolina State University at Raleigh, 5.00%, 10/1/37		8,620		10,024,370
Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36		9,930		11,944,400
Rutgers State University, NJ, 5.00%, 5/1/43(2)(4)		37,000		42,275,830
University of California, 5.25%, 5/15/36		7,080		8,505,558
University of California, 5.25%, 5/15/37		13,000		15,582,710
University of California, 5.25%, 5/15/38		7,700		9,216,053
University of Massachusetts Building Authority, 5.00%, 11/1/31		7,815		9,404,024
University of Missouri, 5.00%, 11/1/24		3,000		3,776,790
University of Nebraska Facilities Corp., (UNMC Cancer Center), 5.00%, 2/15/23		3,860		4,764,012
University of Nebraska Facilities Corp., (UNMC Cancer Center), 5.00%, 2/15/24		10,380		12,848,675
University of Virginia, 5.00%, 8/1/21(3)		10,650		12,923,243
			$	196,498,879
Electric Utilities — 7.6%
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 6.50%, 7/1/39	$	8,600	$	9,987,868
Ohio Water Development Authority, (FirstEnergy Nuclear Generation, LLC), (AMT), 3.95% to 5/1/20 (Put Date), 11/1/32		8,000		8,374,960
Omaha, NE, Public Power District, 5.00%, 2/1/31		15,355		18,125,963
San Antonio, TX, (Electric and Gas Systems), 5.00%, 2/1/34(2)		41,100		45,842,940
South Carolina Public Service Authority, 5.00%, 12/1/26		11,140		13,383,707
Unified Government of Wyandotte County/Kansas City, KS, Board of Public Utilities, 5.00%, 9/1/32		10,000		11,406,400

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
Utility Debt Securitization Authority, NY, 5.00%, 12/15/30(2)	$	22,500	$	26,856,000
Utility Debt Securitization Authority, NY, 5.00%, 12/15/31(2)		27,500		32,705,475
Utility Debt Securitization Authority, NY, 5.00%, 12/15/41(2)		26,600		31,092,208
Vernon, CA, Electric System Revenue, 5.125%, 8/1/21		51,375		57,939,698
			$	255,715,219
Escrowed / Prerefunded — 0.6%
Bexar County Health Facilities Development Corp., TX, (St. Luke’s Lutheran Hospital), Escrowed to Maturity, 7.00%, 5/1/21	$	2,400	$	2,976,840
New York Dormitory Authority, (NYU Hospitals Center), Prerefunded to 7/1/17, 5.625%, 7/1/37		12,795		14,206,800
Puerto Rico Electric Power Authority, Escrowed to Maturity, 0.00%, 7/1/17		2,250		2,065,545
			$	19,249,185
General Obligations — 19.3%
Alabama, 5.00%, 8/1/24(2)(4)	$	22,260	$	28,077,874
California, 5.00%, 10/1/24		9,755		12,118,149
California, 5.00%, 3/1/25		20,000		24,878,000
California, 5.00%, 3/1/26		20,000		24,621,200
California, 5.00%, 10/1/26		13,200		16,084,332
California, 5.00%, 10/1/27		6,370		7,700,247
California, 5.00%, 2/1/31		17,595		20,380,640
California, 5.00%, 2/1/38		26,790		30,605,164
Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/28		13,320		16,234,816
Henrico County, VA, 5.00%, 8/1/27		7,885		10,067,016
Honolulu City and County, HI, 5.00%, 10/1/28(3)		5,550		6,792,756
Illinois, 5.00%, 5/1/26		24,650		27,397,982
Illinois, 5.25%, 7/1/30		16,830		18,331,909
Illinois, 5.25%, 7/1/31		2,370		2,569,341
Kane, Cook and DuPage Counties, IL, School District No. 46, 5.00%, 1/1/29		2,620		3,027,069
Kane, Cook and DuPage Counties, IL, School District No. 46, 5.00%, 1/1/30		4,105		4,722,310
Klein Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/36		14,180		16,059,701
Mattawan Consolidated School, Van Buren and Kalamazoo Counties, MI, 5.00%, 5/1/39		3,385		3,865,738
Mississippi, 5.00%, 10/1/27		14,190		17,629,940
Mississippi, 5.00%, 10/1/28		10,000		12,311,800
New Hampshire, 5.00%, 3/1/26		3,000		3,762,510

11 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2015

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
New York, NY, 5.00%, 8/1/21	$	7,445	$	8,871,015
New York, NY, 5.00%, 8/1/28		5,000		5,991,950
Newton, MA, 5.00%, 4/1/39		3,430		3,920,627
North Carolina, 5.00%, 6/1/22		10,000		12,275,100
Pennsylvania, 4.00%, 3/15/34		15,000		15,845,400
Port of Houston Authority of Harris County, TX, (AMT), 5.625%, 10/1/38(2)		41,620		47,015,617
Port of Houston Authority of Harris County, TX, (AMT), 5.625%, 10/1/38		10,000		11,296,400
Santa Clara County, CA, (Election of 2008), 5.00%, 8/1/39(2)(4)		57,400		65,432,556
Seward County, KS, Unified School District No. 480, 5.00%, 9/1/33		10,000		11,299,500
Texas, (Texas Transportation Commission), 5.00%, 10/1/25(2)(4)		30,800		38,154,116
Washington, 5.00%, 7/1/31		20,000		23,749,600
Washington, Series 2011B, 5.00%, 2/1/33		20,000		23,082,600
Washington, Series 2014D, 5.00%, 2/1/33		21,325		24,882,223
West Linn-Wilsonville School District No. 3Jt, Clackamas and Washington Counties, OR, 5.00%, 6/15/27		15,245		18,918,435
Will County, IL, Community Unit School District No. 365-U, (Valley View), 5.75%, 11/1/31		12,995		15,344,756
Wisconsin, 5.00%, 5/1/35		16,500		19,083,405
			$	652,401,794
Health Care – Miscellaneous — 0.0%(5)
Tax Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 5.50%, 12/1/36(6)	$	482	$	493,562
Tax Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 5.875%, 12/1/36(6)		517		518,757
			$	1,012,319
Hospital — 7.9%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28	$	5,700	$	6,474,744
California Health Facilities Financing Authority, (Providence Health System), 5.50%, 10/1/39(2)(4)		36,700		42,769,079
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		17,530		20,185,269
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		26,385		30,070,193
California Health Facilities Financing Authority, (Sutter Health), 5.25%, 8/15/31		13,675		15,929,734
Hawaii Department of Budget and Finance, (The Queen’s Health Systems), 4.00%, 7/1/40		3,845		3,867,339

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Illinois Finance Authority, (Provena Healthcare), 7.75%, 8/15/34	$	30,000	$	37,300,200
Illinois Finance Authority, (Rush University Medical Center), 5.00%, 11/15/34		5,000		5,654,950
Kansas Development Finance Authority, (Adventist Health System/Sunbelt Obligated Group), 5.00%, 11/15/32		9,975		11,334,493
Massachusetts Development Finance Agency, (Tufts Medical Center), 6.75%, 1/1/36		7,510		8,932,169
Missouri Health and Educational Facilities Authority, (SSM Health Care), 5.00%, 6/1/30		7,505		8,709,628
Southwestern Illinois Development Authority, (Memorial Group, Inc.), 7.25%, 11/1/33		9,170		11,491,202
Tarrant County Cultural Education Facilities Finance Corp., TX, (Scott & White Healthcare), 5.25%, 8/15/40		13,500		15,369,615
Washington Township Health Care District, 6.25%, 7/1/39		16,675		19,348,669
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 5.375%, 6/1/38		25,140		28,778,764
			$	266,216,048
Housing — 0.7%
Texas Student Housing Corp., (University of North Texas), 6.85%, 7/1/31	$	10,640	$	9,771,882
Virginia Housing Development Authority, (AMT), 5.10%, 10/1/35		12,020		12,406,924
			$	22,178,806
Industrial Development Revenue — 2.4%
Amelia County, VA, Industrial Development Authority, (Waste Management, Inc.), (AMT), 2.125% to 4/1/20 (Put Date), 4/1/27(3)	$	8,155	$	8,155,000
Cleveland, OH, (Continental Airlines), (AMT), 5.70%, 12/1/19		870		872,741
Denver City and County, CO, (United Airlines), (AMT), 5.25%, 10/1/32		12,360		13,017,428
Denver City and County, CO, (United Airlines), (AMT), 5.75%, 10/1/32		19,755		21,127,973
Hardeman County Correctional Facilities Corp., TN, 7.75%, 8/1/17		2,420		2,420,048
Metropolitan Nashville Airport Authority, TN, (Aero Nashville), 5.20%, 7/1/26		440		479,820
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39		28,150		32,496,923
Wickliffe, KY, (Westvaco Corp.), (AMT), 6.375%, 4/1/26		1,070		1,070,738
			$	79,640,671

12 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2015

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Education — 0.0%(5)
Metropolitan Government of Nashville and Davidson County, TN, Health and Educational Facilities Board, (Meharry Medical College), (AMBAC), 6.00%, 12/1/19	$	1,230	$	1,330,442
			$	1,330,442
Insured – Electric Utilities — 0.3%
Puerto Rico Electric Power Authority, (BHAC), (FGIC), (NPFG), 5.25%, 7/1/24	$	400	$	474,344
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		1,315		1,334,028
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/30		8,385		8,476,564
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		830		835,445
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35		165		166,115
			$	11,286,496
Insured – General Obligations — 2.0%
Chicago, IL, (AGM), 5.25%, 1/1/31	$	7,600	$	8,473,240
Chicago Park District, IL, (BAM), 5.00%, 1/1/29		4,525		5,209,225
Los Angeles, CA, Unified School District, (Election of 2005), (AGM), 4.75%, 7/1/32(2)		32,925		35,412,484
New Haven, CT, (AGM), 5.00%, 8/1/23		7,000		8,402,170
Oyster Bay, NY, (AGM), 4.00%, 8/1/30		7,160		7,579,576
Puerto Rico Public Buildings Authority, (AMBAC), 5.50%, 7/1/21		1,605		1,647,918
			$	66,724,613
Insured – Hospital — 0.7%
Maryland Health and Higher Educational Facilities Authority, (LifeBridge Health), (AGC), 4.75%, 7/1/47(2)	$	7,800	$	7,946,328
Medford, OR, Hospital Facilities Authority, (Asante Health System), (AGM), 5.50%, 8/15/28		12,000		13,929,840
			$	21,876,168
Insured – Lease Revenue / Certificates of Participation — 0.0%(5)
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27	$	770	$	974,866
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27		330		417,800
			$	1,392,666

Security	Principal Amount (000’s omitted)		Value
Insured – Other Revenue — 1.6%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	68,155	$	28,623,055
Harris County-Houston Sports Authority, TX, (NPFG), 0.00%, 11/15/41		25,000		6,251,750
New York, NY, Industrial Development Agency, (Queens Baseball Stadium), (AGC), 6.375%, 1/1/39		11,725		13,587,399
New York, NY, Industrial Development Agency, (Queens Baseball Stadium), (AGC), 6.50%, 1/1/46		6,085		7,052,576
			$	55,514,780
Insured – Special Tax Revenue — 2.4%
Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29	$	11,000	$	14,107,940
Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		3,080		3,966,578
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/44		4,450		558,164
Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/28		1,000		985,590
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44		83,550		12,003,628
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		253,860		34,139,093
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46		128,640		16,191,917
			$	81,952,910
Insured – Student Loan — 1.6%
Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30	$	33,650	$	35,532,045
Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33		17,900		18,211,997
			$	53,744,042
Insured – Transportation — 4.7%
Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/26	$	22,500	$	11,980,575
Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/27		41,630		20,918,242
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37		13,335		4,674,851
Miami-Dade County, FL, (Miami International Airport), (AGM), (AMT), 5.25%, 10/1/41		19,180		21,135,209
North Texas Tollway Authority, (AGC), 6.20%, 1/1/42		58,690		73,523,897
Puerto Rico Highway and Transportation Authority, (AMBAC), 0.00%, 7/1/16		1,000		943,530

13 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2015

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Transportation (continued)
Puerto Rico Highway and Transportation Authority, (AMBAC), 0.00%, 7/1/18	$	1,795	$	1,511,731
Puerto Rico Highway and Transportation Authority, (NPFG), 5.25%, 7/1/32		590		609,913
San Jose, CA, Airport, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47		21,420		23,328,094
			$	158,626,042
Lease Revenue / Certificates of Participation — 2.5%
Mohave County, AZ, Industrial Development Authority, (Mohave Prison LLC), 8.00%, 5/1/25(7)	$	38,660	$	45,538,387
North Carolina, Capital Improvement Limited Obligation Bonds, 5.25%, 5/1/31		32,925		38,629,257
			$	84,167,644
Nursing Home — 0.3%
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25	$	8,835	$	8,356,231
			$	8,356,231
Other Revenue — 6.8%
Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.00%, 7/15/30	$	9,530	$	11,186,028
Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.25%, 7/15/40		14,295		16,897,977
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(8)		250		62,633
New Mexico Municipal Energy Acquisition Authority, (SPA: Royal Bank of Canada), 0.865%, 8/1/19 (Put Date), 11/1/39(9)		8,300		8,337,184
New York Liberty Development Corp., (3 World Trade Center), 5.00%, 11/15/44(6)		31,500		33,279,435
New York, NY, Industrial Development Agency, (Bronx Parking Development Co., LLC), 5.875%, 10/1/46(8)		12,330		4,407,975
New York, NY, Transitional Finance Authority, (Building Aid), 5.00%, 7/15/36		23,055		26,844,550
Non-Profit Preferred Funding Trust, Various States, 4.47%, 9/15/37(6)		12,000		11,008,440
Non-Profit Preferred Funding Trust, Various States, 4.72%, 9/15/37(6)		19,000		15,450,610
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37		12,765		14,949,474
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 6.25%, 12/15/26		26,135		32,333,961
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/29		11,190		12,466,443
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/30		4,845		5,383,716

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/32	$	34,755	$	38,321,558
			$	230,929,984
Senior Living / Life Care — 0.3%
Logan County, CO, (TLC Care Choices, Inc.), 6.875%, 12/1/23(8)	$	409	$	100,213
North Miami, FL, (Imperial Club), 6.125%, 1/1/42		16,435		11,421,996
			$	11,522,209
Special Tax Revenue — 8.3%
Connecticut, Special Tax Obligation, (Transportation Infrastructure), 5.00%, 9/1/33	$	3,000	$	3,505,050
Connecticut, Special Tax Obligation, (Transportation Infrastructure), 5.00%, 9/1/34		3,000		3,497,010
Dupree Lakes Community Development District, FL, 5.375%, 5/1/37		870		873,706
Guam, Limited Obligation Bonds, 5.625%, 12/1/29		350		388,588
Guam, Limited Obligation Bonds, 5.75%, 12/1/34		375		415,785
Heritage Harbor South Community Development District, FL, (Capital Improvements), 6.20%, 5/1/35		540		541,469
Jackson County, MO, Special Obligation, (Harry S. Truman Sports Complex), 5.00%, 12/1/26		3,500		4,206,020
Louisiana, 5.00%, 6/15/31		5,950		6,994,939
Louisiana, Gasoline and Fuels Tax Revenue, 4.50%, 5/1/39		12,000		13,237,200
New River Community Development District, FL, (Capital Improvements), 5.00%, 5/1/13(10)		230		0
New River Community Development District, FL, (Capital Improvements), 5.35%, 5/1/38(10)		80		0
New River Community Development District, FL, (Capital Improvements), Series 2010A-1, 5.75%, 5/1/38		155		155,527
New River Community Development District, FL, (Capital Improvements), Series 2010A-2, 5.75%, 5/1/38		420		411,050
New River Community Development District, FL, (Capital Improvements), Series 2010B-1, 5.00%, 5/1/15		210		209,815
New River Community Development District, FL, (Capital Improvements), Series 2010B-2, 5.00%, 5/1/18		335		325,942
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/26(2)		10,800		13,303,980
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/27(2)		9,000		11,014,380
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/28(2)		14,000		16,961,280
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/31		18,155		21,607,900

14 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2015

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/32	$	28,500	$	33,770,508
New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/28		19,805		23,711,338
New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.00%, 8/1/27		15,000		18,199,200
New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.00%, 8/1/32		14,210		16,716,786
New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.00%, 2/1/33		10,335		11,935,788
New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.00%, 8/1/33		4,680		5,480,514
Oregon Department of Transportation, Highway User Tax Revenue, 4.00%, 11/15/32		5,000		5,415,100
Oregon Department of Transportation, Highway User Tax Revenue, 5.00%, 11/15/28		17,000		20,640,720
Puerto Rico Sales Tax Financing Corp., 5.00%, 8/1/40		5,385		3,787,917
Sales Tax Asset Receivables Corp., NY, 5.00%, 10/15/26(2)		20,940		26,092,287
Southern Hills Plantation I Community Development District, FL, Series A1, 5.80%, 5/1/35		515		510,751
Southern Hills Plantation I Community Development District, FL, Series A2, 5.80%, 5/1/35		375		337,631
Sterling Hill Community Development District, FL, 6.20%, 5/1/35		1,665		1,302,962
Texas Transportation Commission, 5.00%, 4/1/33(2)(4)		10,000		11,809,300
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		1,410		1,617,594
			$	278,978,037
Student Loan — 0.6%
Iowa Student Loan Liquidity Corp., 5.25%, 12/1/22	$	14,800	$	16,560,904
Iowa Student Loan Liquidity Corp., 5.50%, 12/1/27		1,290		1,393,497
New Jersey Higher Education Student Assistance Authority, (AMT), 5.00%, 12/1/27		2,160		2,162,635
			$	20,117,036
Transportation — 23.2%
Alabama Federal Aid Highway Finance Authority, 5.00%, 9/1/28	$	11,435	$	13,809,363
Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/32		2,500		2,901,525
Charleston County, SC, Airport District, (AMT), 5.50%, 7/1/38		10,000		11,506,900
Chicago, IL, (Midway International Airport), 5.00%, 1/1/33		6,750		7,621,088
Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/34		5,250		5,809,650
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/25		16,100		18,551,547

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/26	$	13,690	$	15,682,306
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31		10,395		12,230,549
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.25%, 11/1/29		21,700		25,622,058
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.25%, 11/1/30		11,445		13,446,959
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/31		11,680		13,455,827
Houston, TX, (United Airlines, Inc.), (AMT), 5.00%, 7/1/29		7,670		8,307,070
Illinois Toll Highway Authority, 5.00%, 1/1/30		1,000		1,152,870
Illinois Toll Highway Authority, 5.00%, 1/1/31		1,000		1,146,240
Illinois Toll Highway Authority, 5.00%, 1/1/32		2,500		2,857,350
Illinois Toll Highway Authority, 5.00%, 1/1/33		4,750		5,417,233
Illinois Toll Highway Authority, 5.25%, 1/1/29		13,160		15,101,363
Illinois Toll Highway Authority, 5.25%, 1/1/30(2)(4)		18,180		20,861,914
Kansas Department of Transportation, 5.00%, 9/1/30		26,290		31,871,893
Los Angeles, CA, Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(2)(4)		7,200		8,226,000
Metropolitan Transportation Authority, NY, 5.00%, 11/15/24		8,175		10,054,514
Metropolitan Transportation Authority, NY, 5.00%, 11/15/25		7,100		8,630,760
Metropolitan Transportation Authority, NY, 5.00%, 11/15/33		10,000		11,597,100
Metropolitan Transportation Authority, NY, 5.25%, 11/15/33		12,000		14,150,880
Metropolitan Transportation Authority, NY, 6.25%, 11/15/23		19,475		23,102,998
Miami-Dade County, FL, (Miami International Airport), 5.50%, 10/1/36		3,500		4,030,775
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/33		25,000		28,332,750
New Jersey Transportation Trust Fund Authority, (Transportation Program), 1.22%, 12/15/21 (Put Date), 6/15/34(9)		35,000		35,015,050
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.00%, 6/15/32		17,475		18,911,969
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38		26,650		30,101,441
New Jersey Turnpike Authority, 5.00%, 1/1/28		20,415		23,569,730
New Jersey Turnpike Authority, 5.00%, 1/1/31		10,000		11,595,900
New York Liberty Development Corp., (4 World Trade Center), 5.00%, 11/15/31		14,845		16,863,772
Orlando-Orange County Expressway Authority, FL, 5.00%, 7/1/35		15,000		16,991,700
Pennsylvania Turnpike Commission, 5.25%, 6/1/39		9,305		10,342,787

15 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2015

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Pennsylvania Turnpike Commission, 5.35%, (0.00% until 12/1/15), 12/1/30	$	13,010	$	13,942,427
Pennsylvania Turnpike Commission, 5.45%, (0.00% until 12/1/15), 12/1/35		12,125		12,904,274
Pennsylvania Turnpike Commission, 6.00%, (0.00% until 12/1/15), 12/1/34		25,000		27,258,500
Pennsylvania Turnpike Commission, 6.50%, 12/1/36		10,000		12,135,600
Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 6/15/27		11,865		13,244,425
Port Authority of New York & New Jersey, (AMT), 5.00%, 9/1/26		12,500		14,860,875
Port Authority of New York & New Jersey, (AMT), 5.00%, 9/1/27		7,500		8,816,550
Port Authority of New York & New Jersey, (AMT), 5.00%, 10/15/36		17,725		19,473,039
Port Authority of New York & New Jersey, (AMT), 5.25%, 9/15/23(2)		28,890		32,111,524
South Jersey Transportation Authority, NJ, 5.00%, 11/1/39		4,400		4,783,768
Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34		29,200		35,658,164
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39		24,110		28,853,160
Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/37		13,790		15,278,906
Triborough Bridge and Tunnel Authority, NY, 5.25%, 11/15/34(2)		38,980		44,360,409
			$	782,553,452
Water and Sewer — 6.8%
Chicago, IL, Water Revenue, 5.00%, 11/1/30	$	1,750	$	1,989,593
Chicago, IL, Water Revenue, 5.00%, 11/1/31		1,000		1,133,400
Chicago, IL, Water Revenue, 5.00%, 11/1/39		2,000		2,238,960
Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39		22,500		24,400,800
Detroit, MI, Water Supply System, 5.00%, 7/1/41		2,185		2,315,794
Detroit, MI, Water Supply System, 5.25%, 7/1/41		56,420		60,572,512
King County, WA, Sewer Revenue, 5.00%, 7/1/38		15,000		17,519,100
Metropolitan Water District of Southern California, 5.00%, 7/1/37(2)		34,800		37,889,196
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33		8,095		8,859,411
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/44		8,095		8,625,870
New York, NY, Municipal Water Finance Authority, (Water and Sewer System), 5.00%, 6/15/36		15,000		17,364,150

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
New York, NY, Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40(2)(4)	$	42,030	$	48,213,033
			$	231,121,819
Total Tax-Exempt Municipal Securities — 108.1% (identified cost $3,384,422,445)			$	3,651,660,292
Taxable Municipal Securities — 2.4%
Security	Principal Amount (000’s omitted)		Value
General Obligations — 1.3%
Massachusetts, 4.50%, 8/1/31(11)	$	18,475	$	20,755,184
Texas, (Texas Transportation Commission), 4.631%, 4/1/33(11)		14,295		16,664,682
Utah, 3.539%, 7/1/25(11)		7,720		8,340,225
			$	45,760,091
Hospital — 1.1%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	34,250	$	36,752,305
			$	36,752,305
Total Taxable Municipal Securities — 2.4% (identified cost $78,253,107)			$	82,512,396
Corporate Bonds & Notes — 1.2%
Security	Principal Amount (000’s omitted)		Value
Education — 0.9%
Massachusetts Institute of Technology, 3.308%, 7/1/26	$	27,000	$	28,307,502
			$	28,307,502

16 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2015

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital — 0.3%
Dignity Health, 3.812%, 11/1/24	$	10,050	$	10,562,912
			$	10,562,912
Total Corporate Bonds & Notes — 1.2% (identified cost $37,050,000)			$	38,870,414
Total Investments — 111.7% (identified cost $3,499,725,552)			$	3,773,043,102
Other Assets, Less Liabilities — (11.7)%			$	(394,330,667	)
Net Assets — 100.0%			$	3,378,712,435

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

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.
BHAC	–	Berkshire Hathaway Assurance Corp.
FGIC	–	Financial Guaranty Insurance Company
NPFG	–	National Public Finance Guaranty Corp.
PSF	–	Permanent School Fund
SPA	–	Standby Bond Purchase Agreement

At March 31, 2015, 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	21.1%
California	17.6%
Texas	16.9%
Others, representing less than 10% individually	56.1%

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. In order to reduce the risk associated with such economic developments, at March 31, 2015, 12.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from less than 0.1% to 3.9% of total investments.

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

⁽²⁾  Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1I).

⁽³⁾  When-issued security.

⁽⁴⁾  Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $110,794,702.

⁽⁵⁾  Amount is less than 0.05%.

⁽⁶⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At March 31, 2015, the aggregate value of these securities is $60,750,804 or 1.8% of the Fund’s net assets.

⁽⁷⁾  Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

⁽⁸⁾  Security is in default and making only partial interest payments.

⁽⁹⁾  Variable rate security. The stated interest rate represents the rate in effect at March 31, 2015.

⁽¹⁰⁾ Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy.

⁽¹¹⁾ Build America Bond. Represents taxable municipal obligation issued pursuant to the America Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support.

17 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2015

Statements of Assets and Liabilities (Unaudited)

	March 31, 2015
Assets	AMT-Free Fund			National Fund
Investments —
Identified cost	$	336,152,367		$	3,499,725,552
Unrealized appreciation		42,437,690			273,317,550
Investments, at value	$	378,590,057		$	3,773,043,102
Cash	$	10,947,847		$	60,749,641
Restricted cash*		885,000			8,150,000
Interest receivable		4,557,814			43,089,220
Receivable for investments sold		135,000			49,541,691
Receivable for Fund shares sold		642,771			2,654,005
Total assets	$	395,758,489		$	3,937,227,659
Liabilities
Payable for floating rate notes issued	$	40,685,000		$	492,765,000
Payable for investments purchased		—			5,920,461
Payable for when-issued securities		—			43,666,659
Payable for variation margin on open financial futures contracts		125,719			812,500
Payable for Fund shares redeemed		777,402			10,274,489
Distributions payable		192,921			1,849,186
Payable to affiliates:
Investment adviser fee		131,987			981,197
Distribution and service fees		78,430			987,697
Interest expense and fees payable		68,442			815,632
Accrued expenses		60,056			442,403
Total liabilities	$	42,119,957		$	558,515,224
Net Assets	$	353,638,532		$	3,378,712,435
Sources of Net Assets
Paid-in capital	$	445,816,772		$	4,350,494,969
Accumulated net realized loss		(135,247,384	)		(1,249,735,974	)
Accumulated undistributed net investment income		1,567,001			11,203,798
Net unrealized appreciation		41,502,143			266,749,642
Net Assets	$	353,638,532		$	3,378,712,435

18 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2015

Statements of Assets and Liabilities (Unaudited) — continued

	March 31, 2015
Class A Shares	AMT-Free Fund		National Fund
Net Assets	$	201,020,701	$	2,016,418,489
Shares Outstanding		21,488,459		203,214,412
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.35	$	9.92
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	9.82	$	10.41
Class B Shares
Net Assets	$	1,089,098	$	33,583,356
Shares Outstanding		117,203		3,384,992
Net Asset Value and Offering Price Per Share**
(net assets ÷ shares of beneficial interest outstanding)	$	9.29	$	9.92
Class C Shares
Net Assets	$	42,361,384	$	626,138,615
Shares Outstanding		4,553,690		63,103,564
Net Asset Value and Offering Price Per Share**
(net assets ÷ shares of beneficial interest outstanding)	$	9.30	$	9.92
Class I Shares
Net Assets	$	109,167,349	$	702,571,975
Shares Outstanding		10,683,437		70,802,348
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.22	$	9.92

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

* Represents restricted cash on deposit at the broker for open financial futures contracts.

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

19 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2015

Statements of Operations (Unaudited)

	Six Months Ended March 31, 2015
Investment Income	AMT-Free Fund			National Fund
Interest	$	8,522,204		$	80,677,905
Total investment income	$	8,522,204		$	80,677,905
Expenses
Investment adviser fee	$	769,435		$	5,858,043
Distribution and service fees
Class A		250,426			2,579,129
Class B		6,903			192,027
Class C		196,520			3,176,131
Trustees’ fees and expenses		8,621			34,000
Custodian fee		44,480			277,275
Transfer and dividend disbursing agent fees		59,443			679,219
Legal and accounting services		39,967			69,693
Printing and postage		13,319			96,322
Registration fees		36,265			72,087
Interest expense and fees		126,429			1,495,690
Miscellaneous		18,979			56,315
Total expenses	$	1,570,787		$	14,585,931
Deduct —
Reduction of custodian fee	$	785		$	9,928
Total expense reductions	$	785		$	9,928
Net expenses	$	1,570,002		$	14,576,003
Net investment income	$	6,952,202		$	66,101,902
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	3,377,276		$	69,079,633
Financial futures contracts		(2,065,561	)		(22,628,415	)
Net realized gain	$	1,311,715		$	46,451,218
Change in unrealized appreciation (depreciation) —
Investments	$	91,087		$	(20,384,977	)
Financial futures contracts		(1,288,867	)		(9,843,668	)
Net change in unrealized appreciation (depreciation)	$	(1,197,780	)	$	(30,228,645	)
Net realized and unrealized gain	$	113,935		$	16,222,573
Net increase in net assets from operations	$	7,066,137		$	82,324,475

20 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2015

Statements of Changes in Net Assets

	Six Months Ended March 31, 2015 (Unaudited)
Increase (Decrease) in Net Assets	AMT-Free Fund			National Fund
From operations —
Net investment income	$	6,952,202		$	66,101,902
Net realized gain from investment transactions and financial futures contracts		1,311,715			46,451,218
Net change in unrealized appreciation (depreciation) from investments and financial futures contracts		(1,197,780	)		(30,228,645	)
Net increase in net assets from operations	$	7,066,137		$	82,324,475
Distributions to shareholders —
From net investment income
Class A	$	(4,024,897	)	$	(40,348,554	)
Class B		(22,508	)		(607,833	)
Class C		(642,713	)		(10,037,872	)
Class I		(2,233,718	)		(14,575,639	)
Total distributions to shareholders	$	(6,923,836	)	$	(65,569,898	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	12,119,742		$	75,794,354
Class B		44,458			203,651
Class C		7,005,126			22,797,393
Class I		12,316,751			115,851,086
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		3,612,876			33,980,569
Class B		15,209			503,305
Class C		487,884			7,726,183
Class I		1,646,092			12,086,772
Cost of shares redeemed
Class A		(15,628,919	)		(235,615,573	)
Class B		(221,079	)		(4,540,042	)
Class C		(2,324,626	)		(53,330,600	)
Class I		(7,228,725	)		(114,933,056	)
Net asset value of shares exchanged
Class A		399,107			5,461,824
Class B		(399,107	)		(5,461,824	)
Net increase (decrease) in net assets from Fund share transactions	$	11,844,789		$	(139,475,958	)
Net increase (decrease) in net assets	$	11,987,090		$	(122,721,381	)
Net Assets
At beginning of period	$	341,651,442		$	3,501,433,816
At end of period	$	353,638,532		$	3,378,712,435
Accumulated undistributed net investment income included in net assets
At end of period	$	1,567,001		$	11,203,798

21 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2015

Statements of Changes in Net Assets — continued

	Year Ended September 30, 2014
Increase (Decrease) in Net Assets	AMT-Free Fund			National Fund
From operations —
Net investment income	$	15,246,350		$	160,894,414
Net realized gain from investment transactions and financial futures contracts		1,862,620			24,029,933
Net change in unrealized appreciation (depreciation) from investments and financial futures contracts		23,912,174			221,575,247
Net increase in net assets from operations	$	41,021,144		$	406,499,594
Distributions to shareholders —
From net investment income
Class A	$	(9,371,998	)	$	(99,477,459	)
Class B		(80,021	)		(2,021,368	)
Class C		(1,386,129	)		(25,853,832	)
Class I		(4,338,298	)		(36,405,260	)
Total distributions to shareholders	$	(15,176,446	)	$	(163,757,919	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	20,110,528		$	203,628,591
Class B		92,769			444,785
Class C		4,386,915			49,933,766
Class I		17,931,150			319,714,305
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		8,242,924			82,959,583
Class B		58,072			1,667,463
Class C		1,046,468			19,675,408
Class I		3,172,269			31,125,442
Cost of shares redeemed
Class A		(69,295,933	)		(602,870,865	)
Class B		(627,087	)		(12,371,518	)
Class C		(11,898,671	)		(168,173,700	)
Class I		(25,188,187	)		(702,734,261	)
Issued in connection with tax-free reorganizations (see Note 11)
Class A		—			146,588,628
Class B		—			2,461,257
Class C		—			17,625,276
Class I		—			12,263,760
Net asset value of shares exchanged
Class A		926,940			12,268,523
Class B		(926,940	)		(12,268,523	)
Net decrease in net assets from Fund share transactions	$	(51,968,783	)	$	(598,062,080	)
Net decrease in net assets	$	(26,124,085	)	$	(355,320,405	)
Net Assets
At beginning of year	$	367,775,527		$	3,856,754,221
At end of year	$	341,651,442		$	3,501,433,816
Accumulated undistributed net investment income included in net assets
At end of year	$	1,538,635		$	10,671,794

22 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2015

Statements of Cash Flows (Unaudited)

	Six Months Ended March 31, 2015
Cash Flows From Operating Activities	AMT-Free Fund			National Fund
Net increase in net assets from operations	$	7,066,137		$	82,324,475
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Investments purchased		(42,739,469	)		(1,399,908,978	)
Investments sold		47,480,387			1,398,794,234
Net amortization/accretion of premium (discount)		(879,259	)		1,263,470
Decrease in restricted cash		90,000			850,000
Decrease in interest receivable		2,406			2,829,781
Decrease in receivable for variation margin on open financial futures contracts		104,563			1,218,750
Increase in payable for variation margin on open financial futures contracts		125,719			812,500
Increase (decrease) in payable to affiliate for investment adviser fee		5,012			(10,355	)
Increase (decrease) in payable to affiliate for distribution and service fees		5,180			(12,001	)
Decrease in interest expense and fees payable		(14,436	)		(114,574	)
Decrease in accrued expenses		(74,637	)		(176,992	)
Net change in unrealized (appreciation) depreciation from investments		(91,087	)		20,384,977
Net realized gain from investments		(3,377,276	)		(69,079,633	)
Net cash provided by operating activities	$	7,703,240		$	39,175,654
Cash Flows From Financing Activities
Proceeds from Fund shares sold	$	31,057,989		$	215,682,792
Fund shares redeemed		(26,150,344	)		(408,393,097	)
Distributions paid, net of reinvestments		(1,170,773	)		(11,459,472	)
Proceeds from secured borrowings		–			80,850,000
Repayment of secured borrowings		(6,000,000	)		(48,285,000	)
Net cash used in financing activities	$	(2,263,128	)	$	(171,604,777	)
Net increase (decrease) in cash	$	5,440,112		$	(132,429,123	)
Cash at beginning of period	$	5,507,735		$	193,178,764
Cash at end of period	$	10,947,847		$	60,749,641
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of:
Reinvestment of dividends and distributions	$	5,762,061		$	54,296,829
Cash paid for interest and fees	$	140,865		$	1,610,264

23 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2015

Financial Highlights

	AMT-Free Fund — Class A
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30,						Nine Months Ended September 30, 2012(1)			Year Ended December 31,
				2014			2013						2011			2010			2009
Net asset value — Beginning of period	$	9.350		$	8.670		$	9.600		$	8.840		$	8.320		$	8.800		$	7.030
Income (Loss) From Operations
Net investment income(2)	$	0.189		$	0.395		$	0.400		$	0.296		$	0.437		$	0.436		$	0.429
Net realized and unrealized gain (loss)		(0.001	)		0.677			(0.934	)		0.758			0.505			(0.487	)		1.763
Total income (loss) from operations	$	0.188		$	1.072		$	(0.534	)	$	1.054		$	0.942		$	(0.051	)	$	2.192
Less Distributions
From net investment income	$	(0.188	)	$	(0.392	)	$	(0.396	)	$	(0.294	)	$	(0.422	)	$	(0.429	)	$	(0.422	)
Total distributions	$	(0.188	)	$	(0.392	)	$	(0.396	)	$	(0.294	)	$	(0.422	)	$	(0.429	)	$	(0.422	)
Net asset value — End of period	$	9.350		$	9.350		$	8.670		$	9.600		$	8.840		$	8.320		$	8.800
Total Return(3)		2.02	%(4)		12.63	%		(5.75	)%		12.06	%(4)		11.68	%		(0.79	)%		31.71	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	201,021		$	200,408		$	224,506		$	293,544		$	299,566		$	345,914		$	464,221
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(6)		0.83	%(5)		0.83	%		0.83	%		0.84	%(5)		0.85	%		0.83	%		0.84	%
Interest and fee expense(7)		0.07	%(5)		0.09	%		0.11	%		0.11	%(5)		0.12	%		0.13	%		0.11	%
Total expenses(6)		0.90	%(5)		0.92	%		0.94	%		0.95	%(5)		0.97	%		0.96	%		0.95	%
Net investment income		4.03	%(5)		4.40	%		4.26	%		4.24	%(5)		5.19	%		4.90	%		5.20	%
Portfolio Turnover		9	%(4)		24	%		31	%		26	%(4)		20	%		15	%		46	%

⁽¹⁾ The Fund changed its fiscal year-end from December 31 to September 30.

⁽²⁾ Computed using average shares outstanding.

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

⁽⁴⁾ Not annualized.

⁽⁵⁾ Annualized.

⁽⁶⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁷⁾ Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

24 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2015

Financial Highlights — continued

	AMT-Free Fund — Class B
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30,						Nine Months Ended September 30, 2012(1)			Year Ended December 31,
				2014			2013						2011			2010			2009
Net asset value — Beginning of period	$	9.290		$	8.620		$	9.540		$	8.780		$	8.270		$	8.740		$	6.980
Income (Loss) From Operations
Net investment income(2)	$	0.153		$	0.326		$	0.326		$	0.242		$	0.372		$	0.368		$	0.365
Net realized and unrealized gain (loss)		(0.001	)		0.667			(0.922	)		0.758			0.495			(0.477	)		1.755
Total income (loss) from operations	$	0.152		$	0.993		$	(0.596	)	$	1.000		$	0.867		$	(0.109	)	$	2.120
Less Distributions
From net investment income	$	(0.152	)	$	(0.323	)	$	(0.324	)	$	(0.240	)	$	(0.357	)	$	(0.361	)	$	(0.360	)
Total distributions	$	(0.152	)	$	(0.323	)	$	(0.324	)	$	(0.240	)	$	(0.357	)	$	(0.361	)	$	(0.360	)
Net asset value — End of period	$	9.290		$	9.290		$	8.620		$	9.540		$	8.780		$	8.270		$	8.740
Total Return(3)		1.64	%(4)		11.73	%		(6.42	)%		11.50	%(4)		10.76	%		(1.43	)%		30.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,089		$	1,647		$	2,893		$	5,236		$	7,771		$	13,078		$	19,252
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(6)		1.58	%(5)		1.58	%		1.58	%		1.59	%(5)		1.61	%		1.58	%		1.59	%
Interest and fee expense(7)		0.07	%(5)		0.09	%		0.11	%		0.11	%(5)		0.12	%		0.13	%		0.11	%
Total expenses(6)		1.65	%(5)		1.67	%		1.69	%		1.70	%(5)		1.73	%		1.71	%		1.70	%
Net investment income		3.28	%(5)		3.67	%		3.49	%		3.50	%(5)		4.46	%		4.16	%		4.47	%
Portfolio Turnover		9	%(4)		24	%		31	%		26	%(4)		20	%		15	%		46	%

⁽¹⁾ The Fund changed its fiscal year-end from December 31 to September 30.

⁽²⁾ Computed using average shares outstanding.

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

⁽⁴⁾ Not annualized.

⁽⁵⁾ Annualized.

⁽⁶⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁷⁾ Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

25 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2015

Financial Highlights — continued

	AMT-Free Fund — Class C
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30,						Nine Months Ended September 30, 2012(1)			Year Ended December 31,
				2014			2013						2011			2010			2009
Net asset value — Beginning of period	$	9.300		$	8.620		$	9.550		$	8.790		$	8.280		$	8.750		$	6.990
Income (Loss) From Operations
Net investment income(2)	$	0.153		$	0.326		$	0.327		$	0.242		$	0.371		$	0.367		$	0.365
Net realized and unrealized gain (loss)		(0.001	)		0.677			(0.933	)		0.758			0.496			(0.475	)		1.755
Total income (loss) from operations	$	0.152		$	1.003		$	(0.606	)	$	1.000		$	0.867		$	(0.108	)	$	2.120
Less Distributions
From net investment income	$	(0.152	)	$	(0.323	)	$	(0.324	)	$	(0.240	)	$	(0.357	)	$	(0.362	)	$	(0.360	)
Total distributions	$	(0.152	)	$	(0.323	)	$	(0.324	)	$	(0.240	)	$	(0.357	)	$	(0.362	)	$	(0.360	)
Net asset value — End of period	$	9.300		$	9.300		$	8.620		$	9.550		$	8.790		$	8.280		$	8.750
Total Return(3)		1.64	%(4)		11.84	%		(6.51	)%		11.49	%(4)		10.76	%		(1.42	)%		30.76	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	42,361		$	37,193		$	40,823		$	50,099		$	43,863		$	50,369		$	56,641
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(6)		1.58	%(5)		1.58	%		1.58	%		1.59	%(5)		1.61	%		1.57	%		1.59	%
Interest and fee expense(7)		0.07	%(5)		0.09	%		0.11	%		0.11	%(5)		0.12	%		0.13	%		0.11	%
Total expenses(6)		1.65	%(5)		1.67	%		1.69	%		1.70	%(5)		1.73	%		1.70	%		1.70	%
Net investment income		3.28	%(5)		3.65	%		3.52	%		3.48	%(5)		4.42	%		4.14	%		4.44	%
Portfolio Turnover		9	%(4)		24	%		31	%		26	%(4)		20	%		15	%		46	%

⁽¹⁾ The Fund changed its fiscal year-end from December 31 to September 30.

⁽²⁾ Computed using average shares outstanding.

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

⁽⁴⁾ Not annualized.

⁽⁵⁾ Annualized.

⁽⁶⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁷⁾ Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

26 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2015

Financial Highlights — continued

	AMT-Free Fund — Class I
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30,						Nine Months Ended September 30, 2012(1)			Year Ended December 31,
				2014			2013						2011			2010			2009
Net asset value — Beginning of period	$	10.210		$	9.470		$	10.480		$	9.660		$	9.090		$	9.610		$	7.670
Income (Loss) From Operations
Net investment income(2)	$	0.219		$	0.455		$	0.463		$	0.341		$	0.500		$	0.500		$	0.491
Net realized and unrealized gain (loss)		0.009			0.737			(1.015	)		0.819			0.554			(0.528	)		1.932
Total income (loss) from operations	$	0.228		$	1.192		$	(0.552	)	$	1.160		$	1.054		$	(0.028	)	$	2.423
Less Distributions
From net investment income	$	(0.218	)	$	(0.452	)	$	(0.458	)	$	(0.340	)	$	(0.484	)	$	(0.492	)	$	(0.483	)
Total distributions	$	(0.218	)	$	(0.452	)	$	(0.458	)	$	(0.340	)	$	(0.484	)	$	(0.492	)	$	(0.483	)
Net asset value — End of period	$	10.220		$	10.210		$	9.470		$	10.480		$	9.660		$	9.090		$	9.610
Total Return(3)		2.15	%(4)		12.99	%		(5.46	)%		12.27	%(4)		11.87	%		(0.50	)%		31.98	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	109,167		$	102,404		$	99,553		$	125,642		$	101,762		$	130,202		$	196,069
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(6)		0.58	%(5)		0.58	%		0.58	%		0.59	%(5)		0.60	%		0.57	%		0.59	%
Interest and fee expense(7)		0.07	%(5)		0.09	%		0.11	%		0.11	%(5)		0.12	%		0.13	%		0.11	%
Total expenses(6)		0.65	%(5)		0.67	%		0.69	%		0.70	%(5)		0.72	%		0.70	%		0.70	%
Net investment income		4.28	%(5)		4.64	%		4.52	%		4.48	%(5)		5.42	%		5.14	%		5.43	%
Portfolio Turnover		9	%(4)		24	%		31	%		26	%(4)		20	%		15	%		46	%

⁽¹⁾ The Fund changed its fiscal year-end from December 31 to September 30.

⁽²⁾ Computed using average shares outstanding.

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

⁽⁴⁾ Not annualized.

⁽⁵⁾ Annualized.

⁽⁶⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁷⁾ Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1I).

27 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2015

Financial Highlights — continued

	National Fund — Class A
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30,
				2014			2013			2012			2011			2010
Net asset value — Beginning of period	$	9.870		$	9.170		$	10.200		$	9.360		$	10.020		$	10.040
Income (Loss) From Operations
Net investment income(1)	$	0.195		$	0.446		$	0.468		$	0.477		$	0.549		$	0.527
Net realized and unrealized gain (loss)		0.048			0.707			(1.032	)		0.842			(0.682	)		(0.022	)
Total income (loss) from operations	$	0.243		$	1.153		$	(0.564	)	$	1.319		$	(0.133	)	$	0.505
Less Distributions
From net investment income	$	(0.193	)	$	(0.453	)	$	(0.466	)	$	(0.479	)	$	(0.527	)	$	(0.525	)
Total distributions	$	(0.193	)	$	(0.453	)	$	(0.466	)	$	(0.479	)	$	(0.527	)	$	(0.525	)
Net asset value — End of period	$	9.920		$	9.870		$	9.170		$	10.200		$	9.360		$	10.020
Total Return(2)		2.48	%(3)		12.89	%		(5.77	)%		14.42	%		(1.00	)%		5.36	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,016,418		$	2,126,465		$	2,134,502		$	2,975,655		$	2,872,630		$	3,971,060
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.66	%(5)		0.71	%		0.66	%		0.67	%		0.69	%		0.67	%
Interest and fee expense(6)		0.09	%(5)		0.09	%		0.11	%		0.11	%		0.13	%		0.13	%
Total expenses(4)	��	0.75	%(5)		0.80	%		0.77	%		0.78	%		0.82	%		0.80	%
Net investment income		3.94	%(5)		4.71	%		4.67	%		4.88	%		6.04	%		5.45	%
Portfolio Turnover		34	%(3)		47	%		74	%		59	%		18	%		20	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Not annualized.

⁽⁴⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁵⁾ Annualized.

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

28 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2015

Financial Highlights — continued

	National Fund — Class B
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30,
				2014			2013			2012			2011			2010
Net asset value — Beginning of period	$	9.870		$	9.170		$	10.200		$	9.360		$	10.020		$	10.050
Income (Loss) From Operations
Net investment income(1)	$	0.158		$	0.379		$	0.392		$	0.405		$	0.480		$	0.455
Net realized and unrealized gain (loss)		0.048			0.704			(1.031	)		0.840			(0.681	)		(0.029	)
Total income (loss) from operations	$	0.206		$	1.083		$	(0.639	)	$	1.245		$	(0.201	)	$	0.426
Less Distributions
From net investment income	$	(0.156	)	$	(0.383	)	$	(0.391	)	$	(0.405	)	$	(0.459	)	$	(0.456	)
Total distributions	$	(0.156	)	$	(0.383	)	$	(0.391	)	$	(0.405	)	$	(0.459	)	$	(0.456	)
Net asset value — End of period	$	9.920		$	9.870		$	9.170		$	10.200		$	9.360		$	10.020
Total Return(2)		2.10	%(3)		12.06	%		(6.47	)%		13.57	%		(1.73	)%		4.51	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	33,583		$	42,655		$	59,244		$	103,613		$	122,288		$	160,946
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.41	%(5)		1.46	%		1.41	%		1.42	%		1.44	%		1.42	%
Interest and fee expense(6)		0.09	%(5)		0.09	%		0.11	%		0.11	%		0.13	%		0.13	%
Total expenses(4)		1.50	%(5)		1.55	%		1.52	%		1.53	%		1.57	%		1.55	%
Net investment income		3.20	%(5)		4.01	%		3.90	%		4.15	%		5.29	%		4.70	%
Portfolio Turnover		34	%(3)		47	%		74	%		59	%		18	%		20	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Not annualized.

⁽⁴⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁵⁾ Annualized.

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

29 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2015

Financial Highlights — continued

	National Fund — Class C
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30,
				2014			2013			2012			2011			2010
Net asset value — Beginning of period	$	9.870		$	9.170		$	10.200		$	9.360		$	10.020		$	10.050
Income (Loss) From Operations
Net investment income(1)	$	0.158		$	0.376		$	0.392		$	0.404		$	0.481		$	0.455
Net realized and unrealized gain (loss)		0.048			0.707			(1.031	)		0.841			(0.682	)		(0.029	)
Total income (loss) from operations	$	0.206		$	1.083		$	(0.639	)	$	1.245		$	(0.201	)	$	0.426
Less Distributions
From net investment income	$	(0.156	)	$	(0.383	)	$	(0.391	)	$	(0.405	)	$	(0.459	)	$	(0.456	)
Total distributions	$	(0.156	)	$	(0.383	)	$	(0.391	)	$	(0.405	)	$	(0.459	)	$	(0.456	)
Net asset value — End of period	$	9.920		$	9.870		$	9.170		$	10.200		$	9.360		$	10.020
Total Return(2)		2.10	%(3)		12.06	%		(6.47	)%		13.58	%		(1.74	)%		4.51	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	626,139		$	645,801		$	681,072		$	980,799		$	932,773		$	1,281,278
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.41	%(5)		1.46	%		1.41	%		1.42	%		1.44	%		1.42	%
Interest and fee expense(6)		0.09	%(5)		0.09	%		0.11	%		0.11	%		0.13	%		0.13	%
Total expenses(4)		1.50	%(5)		1.55	%		1.52	%		1.53	%		1.57	%		1.55	%
Net investment income		3.19	%(5)		3.98	%		3.92	%		4.13	%		5.29	%		4.70	%
Portfolio Turnover		34	%(3)		47	%		74	%		59	%		18	%		20	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Not annualized.

⁽⁴⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁵⁾ Annualized.

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

30 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2015

Financial Highlights — continued

	National Fund — Class I
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30,
				2014			2013			2012			2011			2010
Net asset value — Beginning of period	$	9.870		$	9.180		$	10.200		$	9.360		$	10.020		$	10.040
Income (Loss) From Operations
Net investment income(1)	$	0.208		$	0.478		$	0.492		$	0.499		$	0.565		$	0.552
Net realized and unrealized gain (loss)		0.048			0.690			(1.021	)		0.844			(0.675	)		(0.024	)
Total income (loss) from operations	$	0.256		$	1.168		$	(0.529	)	$	1.343		$	(0.110	)	$	0.528
Less Distributions
From net investment income	$	(0.206	)	$	(0.478	)	$	(0.491	)	$	(0.503	)	$	(0.550	)	$	(0.548	)
Total distributions	$	(0.206	)	$	(0.478	)	$	(0.491	)	$	(0.503	)	$	(0.550	)	$	(0.548	)
Net asset value — End of period	$	9.920		$	9.870		$	9.180		$	10.200		$	9.360		$	10.020
Total Return(2)		2.50	%(3)		13.17	%		(5.43	)%		14.71	%		(0.75	)%		5.61	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	702,572		$	686,514		$	981,936		$	1,142,323		$	796,970		$	522,370
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.41	%(5)		0.46	%		0.41	%		0.42	%		0.43	%		0.42	%
Interest and fee expense(6)		0.09	%(5)		0.09	%		0.11	%		0.11	%		0.13	%		0.13	%
Total expenses(4)		0.50	%(5)		0.55	%		0.52	%		0.53	%		0.56	%		0.55	%
Net investment income		4.19	%(5)		5.07	%		4.93	%		5.09	%		6.23	%		5.70	%
Portfolio Turnover		34	%(3)		47	%		74	%		59	%		18	%		20	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Not annualized.

⁽⁴⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁵⁾ Annualized.

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

31 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2015

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance AMT-Free Municipal Income Fund (AMT-Free Fund) and Eaton Vance National Municipal Income Fund (National Fund) (each individually referred to as the Fund, and collectively, the Funds) are a diversified series of Eaton Vance Mutual Funds Trust and Eaton Vance Municipals Trust, respectively (collectively, the Trusts). The Trusts are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. The Funds’ investment objective is to provide current income exempt from regular federal income tax. The Funds offer four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class B and Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class I shares are sold at net asset value and are not subject to a sales charge. Class B shares of each Fund automatically convert to Class A shares eight years after their purchase as described in each Fund’s prospectus. Beginning January 1, 2012, Class B shares are only available for purchase upon exchange from another Eaton Vance fund or through reinvestment of distributions. 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 (including short-term obligations with a remaining maturity of more than sixty days) 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 asked 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 obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.

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 fairly reflects the security’s value, or 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 condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C  Federal Taxes — Each Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by each Fund, as exempt-interest dividends. For National Fund, the portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

As of March 31, 2015, 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  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Funds. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance each Fund maintains with SSBT. All credit balances, if any, used to reduce each Fund’s custodian fees are reported as a reduction of expenses in the Statements of Operations.

32

Eaton Vance

Municipal Income Funds

March 31, 2015

Notes to Financial Statements (Unaudited) — continued

F  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.

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 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 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.

I  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 to a broker for cash. At the same time, the Fund buys a residual interest in the assets and cash flows of a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), set up by the broker. The broker deposits a bond into the SPV with the same CUSIP number as the bond sold to the broker 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 broker transfer the Bond held by the SPV to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the broker 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 broker 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 10) at March 31, 2015. Interest expense related to the Funds’ 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 broker upon the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At March 31, 2015, 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	$	40,685,000	$	492,765,000
Interest Rate or Range of Interest Rates (%)		0.02 - 0.03		0.02 - 0.22
Collateral for Floating Rate Notes Outstanding	$	64,626,961	$	765,163,199

For the six months ended March 31, 2015, the Funds’ average Floating Rate Notes outstanding and the average interest rate (annualized) including fees were as follows:

	AMT-Free Fund			National Fund
Average Floating Rate Notes Outstanding	$	40,948,736		$	486,182,637
Average Interest Rate		0.62	%		0.62	%

The Funds may enter into shortfall and forbearance agreements with the broker by which a Fund agrees to reimburse the broker, in certain circumstances, for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of March 31, 2015.

33

Eaton Vance

Municipal Income Funds

March 31, 2015

Notes to Financial Statements (Unaudited) — continued

The Funds may also purchase residual interest bonds from brokers 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 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.

On December 10, 2013, five U.S. federal agencies published final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”). The Volcker Rule prohibits banking entities from engaging in proprietary trading of certain instruments and limits such entities’ investments in, and relationships with, covered funds (such as SPVs), as defined in the rules. The compliance date for the Volcker Rule for certain covered funds is July 21, 2015 while for other covered funds the compliance date is July 21, 2016. The Volcker Rule precludes banking entities and their affiliates from (i) sponsoring residual interest bond programs (as such programs are presently structured) and (ii) continuing relationships with or services for existing residual interest bond programs. As a result, residual interest bond trusts will need to be restructured or unwound. There can be no assurances that residual interest bond trusts can be restructured, that new sponsors of residual interest bond programs will develop, or that alternative forms of leverage will be available to the Funds. The effects of the Volcker Rule may make it more difficult for the Funds to maintain current or desired levels of leverage and may cause the Funds to incur additional expenses to maintain their leverage.

As of March 31, 2015, the Funds’ investments in residual interest bonds that must be compliant with the Volcker Rule by July 21, 2015, if any, are anticipated to be restructured by the required compliance date.

J  Financial Futures Contracts — Upon entering into a financial futures contract, a 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.

K  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 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.

L  Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of a Fund is the amount included in the Fund’s Statement of Assets and Liabilities and represents the unrestricted cash on hand at its custodian and does not include any short-term investments.

M  Interim Financial Statements — The interim financial statements relating to March 31, 2015 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

The net investment income of each Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains (reduced by available capital loss carryforwards) 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.

34

Eaton Vance

Municipal Income Funds

March 31, 2015

Notes to Financial Statements (Unaudited) — continued

At September 30, 2014, the following Funds, for federal income tax purposes, had capital loss carryforwards and deferred capital losses which will 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 will 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. Under tax regulations, capital losses incurred in taxable years beginning after December 2010 are considered deferred capital losses and are treated as arising on the first day of a Fund’s next taxable year, retaining the same short-term or long-term character as when originally deferred. Deferred capital losses are required to be used prior to capital loss carryforwards, which carry an expiration date. As a result of this ordering rule, capital loss carryforwards may be more likely to expire unused. The amounts and expiration dates of the capital loss carryforwards, whose character is short-term, and the amounts of the deferred capital losses are as follows:

Expiration Date	AMT-Free Fund		National Fund
September 30, 2015	$	12,777,842	$	1,872,342
September 30, 2016		23,678,685		53,981,575
September 30, 2017		55,876,213		16,271,265
September 30, 2018		10,549,691		797,269,779
September 30, 2019		—		56,374,590
Total capital loss carryforwards	$	102,882,431	$	925,769,551
Deferred capital losses:
Short-term	$	13,989,515	$	178,038,326
Long-term	$	19,186,298	$	218,786,721

Included in the amounts above for National Fund is a capital loss carryforward of $12,407,106 as a result of the reorganizations on June 27, 2014 (see Note 11) and capital loss carryforwards of $18,149,382 as a result of the reorganizations which occurred in prior years. Utilization of these capital loss carryforwards may be limited in accordance with certain income tax regulations.

The cost and unrealized appreciation (depreciation) of investments of each Fund at March 31, 2015, as determined on a federal income tax basis, were as follows:

	AMT-Free Fund			National Fund
Aggregate cost	$	295,585,903		$	2,975,505,623
Gross unrealized appreciation	$	44,670,905		$	336,913,377
Gross unrealized depreciation		(2,351,751	)		(32,140,898	)
Net unrealized appreciation	$	42,319,154		$	304,772,479

3  Investment Adviser Fee and Other Transactions with Affiliates

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

35

Eaton Vance

Municipal Income Funds

March 31, 2015

Notes to Financial Statements (Unaudited) — continued

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

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

For the six months ended March 31, 2015, 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	$	769,435		$	5,858,043
Effective Annual Rate		0.45	%		0.34	%

EVM serves as 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, Class B and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD for the six months ended March 31, 2015 were as follows:

	AMT-Free Fund		National Fund
EVM’s Sub-Transfer Agent Fees	$	3,715	$	38,974
EVD’s Class A Sales Charges	$	8,508	$	102,699

Trustees and officers of the Funds who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment advisers may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended March 31, 2015, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of the above organizations.

4  Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2015 for Class A shares amounted to the following:

	AMT-Free Fund		National Fund
Class A Distribution and Service Fees	$	250,426	$	2,579,129

36

Eaton Vance

Municipal Income Funds

March 31, 2015

Notes to Financial Statements (Unaudited) — continued

Each Fund also has in effect distribution plans for Class B shares (Class B Plan) and Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class B and Class C Plans, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class B and Class C shares for providing ongoing distribution services and facilities to the respective Funds. For the six months ended March 31, 2015, the Funds paid or accrued to EVD the following distribution fees:

	AMT-Free Fund		National Fund
Class B Distribution Fees	$	5,177	$	144,020
Class C Distribution Fees	$	147,390	$	2,382,098

Pursuant to the Class B and Class C Plans, each Fund also makes 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 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 Class B and Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended March 31, 2015 amounted to the following:

	AMT-Free Fund		National Fund
Class B Service Fees	$	1,726	$	48,007
Class C Service Fees	$	49,130	$	794,033

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) generally is imposed on redemptions of Class B shares made within six years of purchase and on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within eighteen 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. The CDSC for Class B shares is imposed at declining rates that begin at 5% in the case of redemptions in the first and second year after purchase, declining one percentage point each subsequent year. Class C shares are subject to a 1% CDSC if redeemed within one year of purchase. For the six months ended March 31, 2015, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A, Class B and Class C shareholders:

	AMT-Free Fund		National Fund
Class A	$	—	$	289,000
Class B	$	400	$	13,000
Class C	$	100	$	8,000

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended March 31, 2015 were as follows:

	AMT-Free Fund		National Fund
Purchases	$	33,843,618	$	1,287,645,951
Sales	$	33,910,936	$	1,363,695,677

37

Eaton Vance

Municipal Income Funds

March 31, 2015

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

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

AMT-Free Fund
	Six Months Ended March 31, 2015 (Unaudited)
	Class A			Class B			Class C			Class I
Sales		1,292,277			4,746			750,497			1,203,004
Issued to shareholders electing to receive payments of distributions in Fund shares		385,357			1,634			52,323			160,693
Redemptions		(1,665,228	)		(23,714	)		(249,228	)		(706,754	)
Exchange from Class B shares		42,512			—			—			—
Exchange to Class A shares		—			(42,786	)		—			—
Net increase (decrease)		54,918			(60,120	)		553,592			656,943
	Year Ended September 30, 2014
	Class A			Class B			Class C			Class I
Sales		2,260,589			10,716			493,488			1,798,394
Issued to shareholders electing to receive payments of distributions in Fund shares		915,589			6,516			116,929			322,370
Redemptions		(7,734,138	)		(71,258	)		(1,343,949	)		(2,603,722	)
Exchange from Class B shares		103,807			—			—			—
Exchange to Class A shares		—			(104,467	)		—			—
Net decrease		(4,454,153	)		(158,493	)		(733,532	)		(482,958	)
National Fund
	Six Months Ended March 31, 2015 (Unaudited)
	Class A			Class B			Class C			Class I
Sales		7,636,324			20,476			2,294,346			11,641,084
Issued to shareholders electing to receive payments of distributions in Fund shares		3,420,255			50,666			777,668			1,216,499
Redemptions		(23,743,027	)		(457,208	)		(5,371,022	)		(11,577,088	)
Exchange from Class B shares		549,225			—			—			—
Exchange to Class A shares		—			(549,167	)		—			—
Net increase (decrease)		(12,137,223	)		(935,233	)		(2,299,008	)		1,280,495
	Year Ended September 30, 2014
	Class A			Class B			Class C			Class I
Sales		21,532,161			47,124			5,295,179			33,677,725
Issued to shareholders electing to receive payments of distributions in Fund shares		8,748,161			176,379			2,076,451			3,302,382
Redemptions		(63,950,083	)		(1,321,416	)		(18,016,785	)		(75,723,092	)
Issued in connection with tax-free reorganizations (see Note 11)		15,076,171			253,158			1,812,740			1,261,236
Exchange from Class B shares		1,293,154			—			—			—
Exchange to Class A shares		—			(1,293,046	)		—			—
Net decrease		(17,300,436	)		(2,137,801	)		(8,832,415	)		(37,481,749	)

38

Eaton Vance

Municipal Income Funds

March 31, 2015

Notes to Financial Statements (Unaudited) — continued

8  Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $750 million unsecured line of credit agreement with a group of banks, which is in effect through September 7, 2015. Borrowings are made by the Funds solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. 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 0.08% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the six months ended March 31, 2015.

9  Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.

A summary of obligations under these financial instruments at March 31, 2015 is as follows:

Futures Contracts
Fund	Expiration Month/Year		Contracts	Position	Aggregate Cost			Value			Net Unrealized Depreciation
AMT-Free		6/15	245 U.S. 10-Year Treasury Note	Short	$	(31,043,843	)	$	(31,582,031	)	$	(538,188	)
		6/15	121 U.S. Long Treasury Bond	Short		(19,431,516	)		(19,828,875	)		(397,359	)
National		6/15	2,000 U.S. Long Treasury Bond	Short	$	(321,182,092	)	$	(327,750,000	)	$	(6,567,908	)

At March 31, 2015, the Funds had sufficient cash and/or securities to cover commitments under these contracts.

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Funds hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Funds enter into U.S. Treasury futures contracts to hedge against changes in interest rates.

The fair values of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at March 31, 2015 were as follows:

	AMT-Free Fund			National Fund
Liability Derivative:
Futures Contracts	$	(935,547	)(1)	$	(6,567,908	)(1)
Total	$	(935,547	)	$	(6,567,908	)

⁽¹⁾  Amount represents cumulative unrealized depreciation on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.

39

Eaton Vance

Municipal Income Funds

March 31, 2015

Notes to Financial Statements (Unaudited) — continued

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended March 31, 2015 was as follows:

	AMT-Free Fund			National Fund
Realized Gain (Loss) on Derivatives Recognized in Income	$	(2,065,561	)(1)	$	(22,628,415	)(1)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	$	(1,288,867	)(2)	$	(9,843,668	)(2)

⁽¹⁾  Statement of Operations location: Net realized gain (loss) – Financial futures contracts.

⁽²⁾  Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts.

The average notional amounts of futures contracts outstanding during the six months ended March 31, 2015, which are indicative of the volume of this derivative type, were approximately as follows:

	AMT-Free Fund		National Fund
Average Notional Amount:
Futures Contracts — Short	$	54,627,000	$	391,710,000

10  Fair Value Measurements

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

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

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

Ÿ 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 March 31, 2015, the hierarchy of inputs used in valuing the Funds’ investments and open derivative instruments, which are carried at value, were as follows:

AMT-Free Fund
Asset Description	Level 1			Level 2		Level 3		Total
Tax-Exempt Investments	$	—		$	378,590,057	$	—	$	378,590,057
Total Investments	$	—		$	378,590,057	$	—	$	378,590,057
Liability Description
Futures Contracts	$	(935,547	)	$	—	$	—	$	(935,547	)
Total	$	(935,547	)	$	—	$	—	$	(935,547	)

40

Eaton Vance

Municipal Income Funds

March 31, 2015

Notes to Financial Statements (Unaudited) — continued

National Fund
Asset Description	Level 1			Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—		$	3,651,660,292	$	—	$	3,651,660,292
Taxable Municipal Securities		—			82,512,396		—		82,512,396
Corporate Bonds & Notes		—			38,870,414		—		38,870,414
Total Investments	$	—		$	3,773,043,102	$	—	$	3,773,043,102
Liability Description
Futures Contracts	$	(6,567,908	)	$	—	$	—	$	(6,567,908	)
Total	$	(6,567,908	)	$	—	$	—	$	(6,567,908	)

The Funds held no investments or other financial instruments as of September 30, 2014 whose fair value was determined using Level 3 inputs. At March 31, 2015, there were no investments transferred between Level 1 and Level 2 during the six months then ended.

11  Reorganizations

As of the close of business on June 27, 2014, National Fund acquired the net assets of Eaton Vance Alabama Municipal Income Fund (Alabama Fund), Eaton Vance Arkansas Municipal Income Fund (Arkansas Fund), Eaton Vance Kentucky Municipal Income Fund (Kentucky Fund) and Eaton Vance Tennessee Municipal Income Fund (Tennessee Fund) pursuant to a plan of reorganization approved by the shareholders of Alabama Fund, Arkansas Fund, Kentucky Fund and Tennessee Fund, respectively. The purpose of the transaction was to combine five funds managed by BMR with substantially similar investment objectives and policies. The acquisitions were accomplished by a tax-free exchange of shares of Class A, Class B, Class C and Class I of National Fund for shares of Class A, Class B, Class C and Class I of Alabama Fund, Arkansas Fund, Kentucky Fund and Tennessee Fund, respectively, each outstanding on June 27, 2014 as follows:

			Alabama Fund
	Shares of National Fund Issued		Shares Exchanged		Net Assets
Class A		3,691,256		3,716,509	$	35,890,818
Class B		36,727		33,617		357,069
Class C		225,460		206,216		2,192,152
Class I		420,267		423,107		4,086,506
Total					$	42,526,545
			Arkansas Fund
	Shares of National Fund Issued		Shares Exchanged		Net Assets
Class A		4,659,303		5,049,539	$	45,303,340
Class B		114,585		115,588		1,114,022
Class C		510,064		514,666		4,959,348
Class I		207,464		225,005		2,017,301
Total					$	53,394,011

41

Eaton Vance

Municipal Income Funds

March 31, 2015

Notes to Financial Statements (Unaudited) — continued

			Kentucky Fund
	Shares of National Fund Issued		Shares Exchanged		Net Assets
Class A		3,797,691		4,154,124	$	36,925,713
Class B		31,661		32,076		307,814
Class C		362,200		366,730		3,521,673
Class I		580,066		634,619		5,640,334
Total					$	46,395,534
			Tennessee Fund
	Shares of National Fund Issued		Shares Exchanged		Net Assets
Class A		2,927,921		3,293,416	$	28,468,757
Class B		70,185		72,464		682,352
Class C		715,016		738,735		6,952,103
Class I		53,439		60,153		519,619
Total					$	36,622,831

The investment portfolios of Alabama Fund, Arkansas Fund, Kentucky Fund and Tennessee Fund, with a fair value of $38,863,121, $50,565,357, $45,250,238 and $34,791,586, respectively, and identified cost of $36,052,796, $48,439,943, $42,026,544 and $33,403,232, respectively, were the principal assets acquired by National Fund. For financial reporting purposes, assets received and shares issued by National Fund were recorded at fair value; however, the identified cost of the investments received from Alabama Fund, Arkansas Fund, Kentucky Fund and Tennessee Fund were carried forward to align ongoing reporting of National Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The aggregate net assets of National Fund immediately before the acquisition were $3,326,647,761. The net assets of Alabama Fund, Arkansas Fund, Kentucky Fund and Tennessee Fund at that date of $42,526,545, $53,394,011, $46,395,534 and $36,622,831, respectively, including $2,989,917, $7,112,190, $2,273,833 and $6,719,288 of accumulated net realized losses, respectively, and $2,810,325, $2,125,414, $3,223,694 and $1,388,354 of unrealized appreciation, respectively, were combined with those of National Fund, resulting in combined net assets of $3,505,586,682.

Assuming the acquisitions had been completed on October 1, 2013, the beginning of National Fund’s annual reporting period, National Fund’s pro forma results of operations for the year ended September 30, 2014 were as follows:

Net investment income	$	166,228,357
Net realized gain	$	23,408,511
Net increase in net assets from operations	$	418,670,891

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisitions were completed, it was not practicable to separate the amounts of revenue and earnings of Alabama Fund, Arkansas Fund, Kentucky Fund and Tennessee Fund since June 27, 2014 through September 30, 2014.

42

Eaton Vance

Municipal Income Funds

March 31, 2015

Officers and Trustees

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

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

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

Ralph F. Verni

Chairman

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

* Interested Trustee

43

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

Ÿ Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

Ÿ None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

Ÿ Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

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

Our pledge of privacy 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’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, 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 advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, 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 advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

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

44

Investment Advisers

AMT-Free Municipal Income Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

National Municipal Income Fund

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7714    3.31.15

Eaton Vance

Atlanta Capital Horizon

Growth Fund

Semiannual Report

March 31, 2015

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 Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. 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 and 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 advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report March 31, 2015

Eaton Vance

Atlanta Capital Horizon Growth Fund

Table of Contents

Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Officers and Trustees	19
Important Notices	20

Eaton Vance

Atlanta Capital Horizon Growth Fund

March 31, 2015

Performance^1,2

Portfolio Manager Richard B. England, CFA, of Atlanta Capital Management Company, LLC.

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		03/04/2002		03/04/2002		6.60	%		5.57	%		11.00	%		7.96	%
Class A with 5.75% Maximum Sales Charge		—		—		0.50			–0.48			9.68			7.32
Class B at NAV		03/04/2002		03/04/2002		6.16			4.76			10.17			7.15
Class B with 5% Maximum Sales Charge		—		—		1.33			–0.01			9.90			7.15
Class C at NAV		03/04/2002		03/04/2002		6.17			4.76			10.18			7.14
Class C with 1% Maximum Sales Charge		—		—		5.20			3.81			10.18			7.14
Class I at NAV		05/02/2011		03/04/2002		6.74			5.85			11.21			8.06
Russell Midcap Growth Index		—		—		11.53	%		15.56	%		16.42	%		10.18	%
% Total Annual Operating Expense Ratios3					Class A			Class B			Class C			Class I
Gross						1.73	%		2.48	%		2.48	%		1.48	%
Net						1.40			2.15			2.15			1.15

Fund Profile

Sector Allocation (% of net assets)⁴

Top 10 Holdings (% of net assets)⁴

Catamaran Corp.	4.6	%
Affiliated Managers Group, Inc.	4.1
Perrigo Co. PLC	4.0
Waste Connections, Inc.	3.8
Amphenol Corp., Class A	3.7
Markel Corp.	3.5
Nordstrom, Inc.	3.1
Airgas, Inc.	3.1
AMC Networks, Inc., Class A	2.8
Ecolab, Inc.	2.8
Total	35.5	%

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

Atlanta Capital Horizon Growth Fund

March 31, 2015

Endnotes and Additional Disclosures

¹  Russell Midcap Growth Index is an unmanaged index of U.S. midcap growth stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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

Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance presented in the financial highlights included in the financial statements is not linked. In the performance table, the performance of Class I is linked to Class A. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

³ Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 1/31/16. Without the reimbursement, if applicable, performance would have been lower.

⁴  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

3

Eaton Vance

Atlanta Capital Horizon Growth Fund

March 31, 2015

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2014 – March 31, 2015).

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

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

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

	Beginning Account Value (10/1/14)		Ending Account Value (3/31/15)		Expenses Paid During Period* (10/1/14 – 3/31/15)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,066.00	$	7.21	**		1.40	%
Class B	$	1,000.00	$	1,061.60	$	11.05	**		2.15	%
Class C	$	1,000.00	$	1,061.70	$	11.05	**		2.15	%
Class I	$	1,000.00	$	1,067.40	$	5.93	**		1.15	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.00	$	7.04	**		1.40	%
Class B	$	1,000.00	$	1,014.20	$	10.80	**		2.15	%
Class C	$	1,000.00	$	1,014.20	$	10.80	**		2.15	%
Class I	$	1,000.00	$	1,019.20	$	5.79	**		1.15	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2014.

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

4

Eaton Vance

Atlanta Capital Horizon Growth Fund

March 31, 2015

Portfolio of Investments (Unaudited)

Common Stocks — 99.7%
Security	Shares		Value
Aerospace & Defense — 2.6%
B/E Aerospace, Inc.		10,791	$	686,524
KLX, Inc.(1)		5,395		207,923
			$	894,447
Banks — 2.0%
First Republic Bank		11,977	$	683,767
			$	683,767
Beverages — 2.6%
Brown-Forman Corp., Class B		6,184	$	558,724
Dr Pepper Snapple Group, Inc.		3,937		308,976
			$	867,700
Capital Markets — 5.8%
Affiliated Managers Group, Inc.(1)		6,398	$	1,374,162
Raymond James Financial, Inc.		10,656		605,048
			$	1,979,210
Chemicals — 5.9%
Airgas, Inc.		9,749	$	1,034,466
Ecolab, Inc.		8,426		963,766
			$	1,998,232
Commercial Services & Supplies — 4.3%
Stericycle, Inc.(1)		1,301	$	182,699
Waste Connections, Inc.		26,772		1,288,804
			$	1,471,503
Communications Equipment — 3.4%
F5 Networks, Inc.(1)		5,336	$	613,320
Juniper Networks, Inc.		23,334		526,882
			$	1,140,202
Diversified Financial Services — 2.5%
Intercontinental Exchange, Inc.		3,702	$	863,566
			$	863,566
Electrical Equipment — 3.0%
AMETEK, Inc.		11,101	$	583,247
Rockwell Automation, Inc.		3,683		427,191
			$	1,010,438

Security	Shares		Value
Electronic Equipment, Instruments & Components — 3.7%
Amphenol Corp., Class A		21,556	$	1,270,295
			$	1,270,295
Energy Equipment & Services — 3.7%
Cameron International Corp.(1)		7,728	$	348,687
Core Laboratories NV		4,601		480,758
Weatherford International PLC(1)		33,122		407,401
			$	1,236,846
Food & Staples Retailing — 2.0%
Whole Foods Market, Inc.		12,955	$	674,696
			$	674,696
Food Products — 4.4%
Hershey Co. (The)		5,383	$	543,199
TreeHouse Foods, Inc.(1)		11,020		936,920
			$	1,480,119
Health Care Providers & Services — 6.1%
Catamaran Corp.(1)		26,202	$	1,560,067
Cigna Corp.		3,878		501,968
			$	2,062,035
Health Care Technology — 2.1%
Cerner Corp.(1)		9,637	$	706,007
			$	706,007
Hotels, Restaurants & Leisure — 3.6%
Dunkin’ Brands Group, Inc.		7,061	$	335,821
Panera Bread Co., Class A(1)		2,201		352,149
Starwood Hotels & Resorts Worldwide, Inc.		6,356		530,726
			$	1,218,696
Insurance — 5.2%
Aon PLC		6,127	$	588,927
Markel Corp.(1)		1,533		1,178,816
			$	1,767,743
Life Sciences Tools & Services — 2.2%
Mettler-Toledo International, Inc.(1)		2,282	$	749,979
			$	749,979

5 See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Horizon Growth Fund

March 31, 2015

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Machinery — 1.4%
IDEX Corp.		6,304	$	478,032
			$	478,032
Media — 2.8%
AMC Networks, Inc., Class A(1)		12,578	$	963,978
			$	963,978
Multiline Retail — 5.1%
Dollar Tree, Inc.(1)		8,181	$	663,847
Nordstrom, Inc.		13,054		1,048,498
			$	1,712,345
Personal Products — 1.4%
Estee Lauder Cos., Inc. (The), Class A		5,601	$	465,779
			$	465,779
Pharmaceuticals — 4.0%
Perrigo Co. PLC		8,114	$	1,343,273
			$	1,343,273
Professional Services — 1.6%
IHS, Inc.(1)		4,756	$	541,043
			$	541,043
Road & Rail — 4.2%
Genesee & Wyoming, Inc., Class A(1)		5,240	$	505,346
J.B. Hunt Transport Services, Inc.		4,985		425,694
Kansas City Southern		4,944		504,683
			$	1,435,723
Semiconductors & Semiconductor Equipment — 2.0%
Linear Technology Corp.		14,319	$	670,129
			$	670,129
Software — 3.7%
Check Point Software Technologies, Ltd.(1)		5,834	$	478,213
Red Hat, Inc.(1)		10,145		768,484
			$	1,246,697
Specialty Retail — 4.4%
Ross Stores, Inc.		8,077	$	850,993

Security	Shares		Value
Specialty Retail (continued)
Tiffany & Co.		7,318	$	644,057
			$	1,495,050
Textiles, Apparel & Luxury Goods — 1.4%
Michael Kors Holdings, Ltd.(1)		7,466	$	490,889
			$	490,889
Trading Companies & Distributors — 2.6%
Fastenal Co.		20,915	$	866,613
			$	866,613
Total Common Stocks (identified cost $24,820,062)			$	33,785,032
Short-Term Investments — 0.7%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.18%(2)	$	246	$	245,553
Total Short-Term Investments (identified cost $245,553)			$	245,553
Total Investments — 100.4% (identified cost $25,065,615)			$	34,030,585
Other Assets, Less Liabilities — (0.4)%			$	(138,385	)
Net Assets — 100.0%			$	33,892,200

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

⁽¹⁾  Non-income producing security.

⁽²⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of March 31, 2015.

6 See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Horizon Growth Fund

March 31, 2015

Statement of Assets and Liabilities (Unaudited)

Assets	March 31, 2015
Unaffiliated investments, at value (identified cost, $24,820,062)	$	33,785,032
Affiliated investment, at value (identified cost, $245,553)		245,553
Dividends receivable		17,849
Interest receivable from affiliated investment		40
Receivable for Fund shares sold		606
Receivable from affiliates		17,006
Total assets	$	34,066,086
Liabilities
Payable for Fund shares redeemed	$	118,915
Payable to affiliates:
Investment adviser fee		23,083
Administration fee		4,328
Distribution and service fees		12,917
Accrued expenses		14,643
Total liabilities	$	173,886
Net Assets	$	33,892,200
Sources of Net Assets
Paid-in capital	$	24,655,711
Accumulated net realized gain		640,054
Accumulated net investment loss		(368,535	)
Net unrealized appreciation		8,964,970
Total	$	33,892,200
Class A Shares
Net Assets	$	22,539,351
Shares Outstanding		1,497,386
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	15.05
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	15.97
Class B Shares
Net Assets	$	1,555,389
Shares Outstanding		119,702
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	12.99
Class C Shares
Net Assets	$	7,930,173
Shares Outstanding		610,876
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	12.98
Class I Shares
Net Assets	$	1,867,287
Shares Outstanding		122,693
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	15.22

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

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

7 See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Horizon Growth Fund

March 31, 2015

Statement of Operations (Unaudited)

Investment Income	Six Months Ended March 31, 2015
Dividends (net of foreign taxes, $725)	$	135,413
Interest allocated from affiliated investment		285
Expenses allocated from affiliated investment		(34	)
Total investment income	$	135,664
Expenses
Investment adviser fee	$	137,097
Administration fee		25,706
Distribution and service fees
Class A		28,084
Class B		8,714
Class C		40,356
Trustees’ fees and expenses		1,098
Custodian fee		14,786
Transfer and dividend disbursing agent fees		19,081
Legal and accounting services		19,442
Printing and postage		9,546
Registration fees		31,712
Miscellaneous		7,008
Total expenses	$	342,630
Deduct —
Allocation of expenses to affiliates	$	68,485
Total expense reductions	$	68,485
Net expenses	$	274,145
Net investment loss	$	(138,481	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	1,111,988
Investment transactions allocated from affiliated investment		2
Net realized gain	$	1,111,990
Change in unrealized appreciation (depreciation) —
Investments	$	1,174,435
Net change in unrealized appreciation (depreciation)	$	1,174,435
Net realized and unrealized gain	$	2,286,425
Net increase in net assets from operations	$	2,147,944

8 See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Horizon Growth Fund

March 31, 2015

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
From operations —
Net investment loss	$	(138,481	)	$	(348,034	)
Net realized gain from investment transactions		1,111,990			3,898,485
Net change in unrealized appreciation (depreciation) from investments		1,174,435			(791,307	)
Net increase in net assets from operations	$	2,147,944		$	2,759,144
Distributions to shareholders —
From net realized gain
Class A	$	(1,775,783	)	$	(580,186	)
Class B		(159,551	)		(62,391	)
Class C		(734,188	)		(244,452	)
Class I		(159,511	)		(35,222	)
Total distributions to shareholders	$	(2,829,033	)	$	(922,251	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	389,879		$	1,477,603
Class B		13,623			204,259
Class C		346,611			877,373
Class I		267,509			1,155,272
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,661,744			551,652
Class B		145,145			55,654
Class C		608,748			199,711
Class I		145,881			30,355
Cost of shares redeemed
Class A		(2,268,183	)		(5,389,852	)
Class B		(272,110	)		(484,996	)
Class C		(1,042,009	)		(1,932,229	)
Class I		(514,855	)		(814,257	)
Net asset value of shares exchanged
Class A		182,522			324,839
Class B		(182,522	)		(324,839	)
Net decrease in net assets from Fund share transactions	$	(518,017	)	$	(4,069,455	)
Net decrease in net assets	$	(1,199,106	)	$	(2,232,562	)
Net Assets
At beginning of period	$	35,091,306		$	37,323,868
At end of period	$	33,892,200		$	35,091,306
Accumulated net investment loss included in net assets
At end of period	$	(368,535	)	$	(230,054	)

9 See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Horizon Growth Fund

March 31, 2015

Financial Highlights

	Class A
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2011(1)			Year Ended October 31,
				2014			2013			2012						2010			2009
Net asset value — Beginning of period	$	15.320		$	14.570		$	12.420		$	14.100		$	14.410		$	11.610		$	9.910
Income (Loss) From Operations
Net investment loss(2)	$	(0.045	)	$	(0.108	)	$	(0.091	)	$	(0.105	)	$	(0.088	)(3)	$	(0.060	)	$	(0.012	)
Net realized and unrealized gain (loss)		1.000			1.215			2.545			1.904			(0.166	)		2.860			1.712
Total income (loss) from operations	$	0.955		$	1.107		$	2.454		$	1.799		$	(0.254	)	$	2.800		$	1.700
Less Distributions
From net realized gain	$	(1.225	)	$	(0.357	)	$	(0.304	)	$	(3.479	)	$	(0.056	)	$	—		$	—
Total distributions	$	(1.225	)	$	(0.357	)	$	(0.304	)	$	(3.479	)	$	(0.056	)	$	—		$	—
Net asset value — End of period	$	15.050		$	15.320		$	14.570		$	12.420		$	14.100		$	14.410		$	11.610
Total Return(4)		6.60	%(5)		7.69	%		20.25	%		15.35	%		(1.81	)%(5)		24.12	%		17.15	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	22,539		$	22,918		$	24,658		$	26,305		$	29,725		$	35,125		$	24,813
Ratios (as a percentage of average daily net assets):
Expenses(6)(7)		1.40	%(8)		1.40	%		1.40	%		1.40	%		1.52	%(8)(9)		1.60	%(9)		1.60	%(9)
Net investment loss		(0.61	)%(8)		(0.71	)%		(0.69	)%		(0.81	)%		(0.59	)%(3)(8)(9)		(0.46	)%(9)		(0.11	)%(9)
Portfolio Turnover of the Portfolio(10)		—			—			—			—			16	%(5)		33	%		42	%
Portfolio Turnover of the Fund		11	%(5)		26	%		23	%		50	%		52	%(5)(11)		—			—

  ⁽¹⁾ For the eleven months ended September 30, 2011. The Fund changed its fiscal year-end from October 31 to September 30.

  ⁽²⁾ Computed using average shares outstanding.

  ⁽³⁾ Net investment loss per share reflects special dividends allocated from the Portfolio, which amounted to $0.015 per share, for the period while the Fund was making investments directly in the Portfolio. Excluding special dividends, the ratio of net investment loss to average daily net assets would have been (0.69)%.

  ⁽⁴⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

  ⁽⁵⁾ Not annualized.

  ⁽⁶⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

  ⁽⁷⁾ The investment adviser of the Portfolio waived a portion of its investment adviser fee and/or the administrator of the Fund subsidized certain operating expenses (equal to 0.40%, 0.33%, 0.42%, 0.32%, 0.21%, 0.09% and 0.31% of average daily net assets for the six months ended March 31, 2015, the years ended September 30, 2014, 2013 and 2012, the period ended September 30, 2011 and the years ended October 31, 2010 and 2009, respectively). A portion of the waiver and subsidy was borne by the sub-adviser. Absent this waiver and/or subsidy, total return would be lower.

  ⁽⁸⁾ Annualized.

  ⁽⁹⁾ Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽¹⁰⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽¹¹⁾  For the period from April 22, 2011 through September 30, 2011 when the Fund was making investments directly in securities.

References to Portfolio herein are to Tax-Managed Mid-Cap Core Portfolio, a Massachusetts business trust having the same investment objective and policies as the Fund, in which the Fund invested all of its investable assets prior to April 22, 2011.

10 See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Horizon Growth Fund

March 31, 2015

Financial Highlights — continued

	Class B
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2011(1)			Year Ended October 31,
				2014			2013			2012						2010			2009
Net asset value — Beginning of period	$	13.440		$	12.920		$	11.130		$	13.060		$	13.450		$	10.920		$	9.380
Income (Loss) From Operations
Net investment loss(2)	$	(0.089	)	$	(0.197	)	$	(0.169	)	$	(0.183	)	$	(0.195	)(3)	$	(0.146	)	$	(0.075	)
Net realized and unrealized gain (loss)		0.864			1.074			2.263			1.732			(0.139	)		2.676			1.615
Total income (loss) from operations	$	0.775		$	0.877		$	2.094		$	1.549		$	(0.334	)	$	2.530		$	1.540
Less Distributions
From net realized gain	$	(1.225	)	$	(0.357	)	$	(0.304	)	$	(3.479	)	$	(0.056	)	$	—		$	—
Total distributions	$	(1.225	)	$	(0.357	)	$	(0.304	)	$	(3.479	)	$	(0.056	)	$	—		$	—
Net asset value — End of period	$	12.990		$	13.440		$	12.920		$	11.130		$	13.060		$	13.450		$	10.920
Total Return(4)		6.16	%(5)		6.88	%		19.35	%		14.49	%		(2.53	)%(5)		23.17	%		16.42	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,555		$	1,907		$	2,354		$	2,655		$	3,790		$	3,327		$	3,102
Ratios (as a percentage of average daily net assets):
Expenses(6)(7)		2.15	%(8)		2.15	%		2.15	%		2.15	%		2.25	%(8)(9)		2.35	%(9)		2.35	%(9)
Net investment loss		(1.37	)%(8)		(1.46	)%		(1.44	)%		(1.56	)%		(1.39	)%(3)(8)(9)		(1.21	)%(9)		(0.80	)%(9)
Portfolio Turnover of the Portfolio(10)		—			—			—			—			16	%(5)		33	%		42	%
Portfolio Turnover of the Fund		11	%(5)		26	%		23	%		50	%		52	%(5)(11)		—			—

  ⁽¹⁾ For the eleven months ended September 30, 2011. The Fund changed its fiscal year-end from October 31 to September 30.

  ⁽²⁾ Computed using average shares outstanding.

  ⁽³⁾ Net investment loss per share reflects special dividends allocated from the Portfolio, which amounted to $0.014 per share, for the period while the Fund was making investments directly in the Portfolio. Excluding special dividends, the ratio of net investment loss to average daily net assets would have been (1.49)%.

  ⁽⁴⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

  ⁽⁵⁾ Not annualized.

  ⁽⁶⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

  ⁽⁷⁾ The investment adviser of the Portfolio waived a portion of its investment adviser fee and/or the administrator of the Fund subsidized certain operating expenses (equal to 0.40%, 0.33%, 0.42%, 0.32%, 0.21%, 0.09% and 0.31% of average daily net assets for the six months ended March 31, 2015, the years ended September 30, 2014, 2013 and 2012, the period ended September 30, 2011 and the years ended October 31, 2010 and 2009, respectively). A portion of the waiver and subsidy was borne by the sub-adviser. Absent this waiver and/or subsidy, total return would be lower.

  ⁽⁸⁾ Annualized.

  ⁽⁹⁾ Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽¹⁰⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽¹¹⁾  For the period from April 22, 2011 through September 30, 2011 when the Fund was making investments directly in securities.

References to Portfolio herein are to Tax-Managed Mid-Cap Core Portfolio, a Massachusetts business trust having the same investment objective and policies as the Fund, in which the Fund invested all of its investable assets prior to April 22, 2011.

11 See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Horizon Growth Fund

March 31, 2015

Financial Highlights — continued

	Class C
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2011(1)			Year Ended October 31,
				2014			2013			2012						2010			2009
Net asset value — Beginning of period	$	13.430		$	12.910		$	11.120		$	13.050		$	13.430		$	10.910		$	9.370
Income (Loss) From Operations
Net investment loss(2)	$	(0.088	)	$	(0.196	)	$	(0.169	)	$	(0.182	)	$	(0.198	)(3)	$	(0.145	)	$	(0.080	)
Net realized and unrealized gain (loss)		0.863			1.073			2.263			1.731			(0.126	)		2.665			1.620
Total income (loss) from operations	$	0.775		$	0.877		$	2.094		$	1.549		$	(0.324	)	$	2.520		$	1.540
Less Distributions
From net realized gain	$	(1.225	)	$	(0.357	)	$	(0.304	)	$	(3.479	)	$	(0.056	)	$	—		$	—
Total distributions	$	(1.225	)	$	(0.357	)	$	(0.304	)	$	(3.479	)	$	(0.056	)	$	—		$	—
Net asset value — End of period	$	12.980		$	13.430		$	12.910		$	11.120		$	13.050		$	13.430		$	10.910
Total Return(4)		6.17	%(5)		6.88	%		19.36	%		14.51	%		(2.46	)%(5)		23.10	%		16.44	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	7,930		$	8,270		$	8,759		$	9,796		$	10,456		$	7,195		$	6,528
Ratios (as a percentage of average daily net assets):
Expenses(6)(7)		2.15	%(8)		2.15	%		2.15	%		2.15	%		2.25	%(8)(9)		2.35	%(9)		2.35	%(9)
Net investment loss		(1.36	)%(8)		(1.46	)%		(1.44	)%		(1.55	)%		(1.42	)%(3)(8)(9)		(1.20	)%(9)		(0.84	)%(9)
Portfolio Turnover of the Portfolio(10)		—			—			—			—			16	%(5)		33	%		42	%
Portfolio Turnover of the Fund		11	%(5)		26	%		23	%		50	%		52	%(5)(11)		—			—

  ⁽¹⁾ For the eleven months ended September 30, 2011. The Fund changed its fiscal year-end from October 31 to September 30.

  ⁽²⁾ Computed using average shares outstanding.

  ⁽³⁾ Net investment loss per share reflects special dividends allocated from the Portfolio, which amounted to $0.013 per share, for the period while the Fund was making investments directly in the Portfolio. Excluding special dividends, the ratio of net investment loss to average daily net assets would have been (1.51)%.

  ⁽⁴⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

  ⁽⁵⁾ Not annualized.

  ⁽⁶⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

  ⁽⁷⁾ The investment adviser of the Portfolio waived a portion of its investment adviser fee and/or the administrator of the Fund subsidized certain operating expenses (equal to 0.40%, 0.33%, 0.42%, 0.32%, 0.21%, 0.09% and 0.31% of average daily net assets for the six months ended March 31, 2015, the years ended September 30, 2014, 2013 and 2012, the period ended September 30, 2011 and the years ended October 31, 2010 and 2009, respectively). A portion of the waiver and subsidy was borne by the sub-adviser. Absent this waiver and/or subsidy, total return would be lower.

  ⁽⁸⁾ Annualized.

  ⁽⁹⁾ Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽¹⁰⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽¹¹⁾  For the period from April 22, 2011 through September 30, 2011 when the Fund was making investments directly in securities.

References to Portfolio herein are to Tax-Managed Mid-Cap Core Portfolio, a Massachusetts business trust having the same investment objective and policies as the Fund, in which the Fund invested all of its investable assets prior to April 22, 2011.

12 See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Horizon Growth Fund

March 31, 2015

Financial Highlights — continued

	Class I
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2011(1)
				2014			2013			2012
Net asset value — Beginning of period	$	15.460		$	14.660		$	12.470		$	14.110		$	17.730
Income (Loss) From Operations
Net investment loss(2)	$	(0.027	)	$	(0.069	)	$	(0.063	)	$	(0.072	)	$	(0.058	)
Net realized and unrealized gain (loss)		1.012			1.226			2.557			1.911			(3.562	)
Total income (loss) from operations	$	0.985		$	1.157		$	2.494		$	1.839		$	(3.620	)
Less Distributions
From net realized gain	$	(1.225	)	$	(0.357	)	$	(0.304	)	$	(3.479	)	$	—
Total distributions	$	(1.225	)	$	(0.357	)	$	(0.304	)	$	(3.479	)	$	—
Net asset value — End of period	$	15.220		$	15.460		$	14.660		$	12.470		$	14.110
Total Return(3)		6.74	%(4)		7.99	%		20.50	%		15.69	%		(20.42	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,867		$	1,996		$	1,553		$	872		$	1
Ratios (as a percentage of average daily net assets):
Expenses(5)(6)		1.15	%(7)		1.15	%		1.15	%		1.15	%		1.15	%(7)
Net investment loss		(0.36	)%(7)		(0.45	)%		(0.47	)%		(0.58	)%		(0.86	)%(7)
Portfolio Turnover		11	%(4)		26	%		23	%		50	%		52	%(4)(8)

⁽¹⁾  For the period from the commencement of operations, May 2, 2011, to September 30, 2011.

⁽²⁾  Computed using average shares outstanding.

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

⁽⁴⁾  Not annualized.

⁽⁵⁾  The administrator of the Fund subsidized certain operating expenses (equal to 0.40%, 0.33%, 0.42%, 0.32% and 0.38% of average daily net assets for the six months ended March 31, 2015, the years ended September 30, 2014, 2013 and 2012 and the period ended September 30, 2011, respectively). A portion of the subsidy was borne by the sub-adviser. Absent this subsidy, total return would be lower.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁷⁾  Annualized.

⁽⁸⁾  For the period from April 22, 2011 through September 30, 2011 when the Fund was making investments directly in securities.

13 See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Horizon Growth Fund

March 31, 2015

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Atlanta Capital Horizon Growth Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek total return. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class B and Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class I shares are sold at net asset value and are not subject to a sales charge. Class B shares automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Beginning January 1, 2012, Class B shares are only available for purchase upon exchange from another Eaton Vance fund or through reinvestment of distributions. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore 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 asked prices.

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). The value of the Fund’s investment in Cash Reserves Fund reflects the Fund’s proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value 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 fairly reflects the security’s value, or 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 condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

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

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

As of March 31, 2015, 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  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

14

Eaton Vance

Atlanta Capital Horizon Growth Fund

March 31, 2015

Notes to Financial Statements (Unaudited) — continued

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 the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

I  Interim Financial Statements — The interim financial statements relating to March 31, 2015 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

At September 30, 2014, the Fund had a late year ordinary loss of $230,054 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 of the Fund at March 31, 2015, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	25,257,623
Gross unrealized appreciation	$	9,272,510
Gross unrealized depreciation		(499,548	)
Net unrealized appreciation	$	8,772,962

3  Investment Adviser and Administration Fees and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.80% of the Fund’s average daily net assets up to $500 million and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. For the six months ended March 31, 2015, the investment adviser fee amounted to $137,097 or 0.80% (annualized) of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, BMR pays Atlanta Capital Management Company, LLC (Atlanta Capital), an affiliate of EVM, a portion of its adviser fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the six months ended March 31, 2015, the administration fee amounted to $25,706.

EVM and Atlanta Capital have agreed to reimburse the Fund’s operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 1.40%, 2.15%, 2.15% and 1.15% of the Fund’s average daily net assets for Class A, Class B, Class C and Class I, respectively. This agreement may be changed or terminated after January 31, 2016. Pursuant to this agreement, EVM and Atlanta Capital were allocated $68,485 in total of the Fund’s operating expenses for the six months ended March 31, 2015.

15

Eaton Vance

Atlanta Capital Horizon Growth Fund

March 31, 2015

Notes to Financial Statements (Unaudited) — continued

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended March 31, 2015, EVM earned $2,153 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 $852 as its portion of the sales charge on sales of Class A shares for the six months ended March 31, 2015. EVD also received distribution and service fees from Class A, Class B and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser and administrator may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended March 31, 2015, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2015 amounted to $28,084 for Class A shares.

The Fund also has in effect distribution plans for Class B shares (Class B Plan) and Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class B and Class C Plans, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class B and Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended March 31, 2015, the Fund paid or accrued to EVD $6,536 and $30,267 for Class B and Class C shares, respectively.

Pursuant to the Class B and Class C Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended March 31, 2015 amounted to $2,178 and $10,089 for Class B and Class C shares, respectively.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority’s NASD Conduct Rule 2830(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) generally is imposed on redemptions of Class B shares made within six years of purchase and on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. The CDSC for Class B shares is imposed at declining rates that begin at 5% in the case of redemptions in the first and second year after purchase, declining one percentage point each subsequent year. Class C shares are subject to a 1% CDSC if redeemed within one year of purchase. For the six months ended March 31, 2015, the Fund was informed that EVD received approximately $2,000 of CDSCs paid by Class B shareholders and no CDSCs paid by Class A and Class C shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $3,903,942 and $7,118,837, respectively, for the six months ended March 31, 2015.

16

Eaton Vance

Atlanta Capital Horizon Growth Fund

March 31, 2015

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

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

Class A	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Sales		26,261			96,921
Issued to shareholders electing to receive payments of distributions in Fund shares		115,479			37,400
Redemptions		(152,279	)		(351,708	)
Exchange from Class B shares		12,082			21,238
Net increase (decrease)		1,543			(196,149	)
Class B	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Sales		1,085			15,347
Issued to shareholders electing to receive payments of distributions in Fund shares		11,658			4,277
Redemptions		(21,028	)		(35,785	)
Exchange to Class A shares		(13,904	)		(24,132	)
Net decrease		(22,189	)		(40,293	)
Class C	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Sales		27,298			65,560
Issued to shareholders electing to receive payments of distributions in Fund shares		48,935			15,363
Redemptions		(81,380	)		(143,487	)
Net decrease		(5,147	)		(62,564	)
Class I	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Sales		17,752			73,999
Issued to shareholders electing to receive payments of distributions in Fund shares		10,033			2,044
Redemptions		(34,244	)		(52,779	)
Net increase (decrease)		(6,459	)		23,264

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $750 million unsecured line of credit agreement with a group of banks, which is in effect through September 7, 2015. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.08% on the daily unused portion of the line of credit is allocated among the participating portfolios and

17

Eaton Vance

Atlanta Capital Horizon Growth Fund

March 31, 2015

Notes to Financial Statements (Unaudited) — continued

funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended March 31, 2015.

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.

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

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

Ÿ 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 March 31, 2015, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2		Level 3		Total
Common Stocks	$	33,785,032	*	$	—	$	—	$	33,785,032
Short-Term Investments		—			245,553		—		245,553
Total Investments	$	33,785,032		$	245,553	$	—	$	34,030,585

* The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The Fund held no investments or other financial instruments as of September 30, 2014 whose fair value was determined using Level 3 inputs. At March 31, 2015, there were no investments transferred between Level 1 and Level 2 during the six months then ended.

18

Eaton Vance

Atlanta Capital Horizon Growth Fund

March 31, 2015

Officers and Trustees

Officers of Eaton Vance Atlanta Capital Horizon Growth Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Trustees of Eaton Vance Atlanta Capital Horizon Growth Fund

Ralph F. Verni

Chairman

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

* Interested Trustee

19

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

Ÿ Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

Ÿ None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

Ÿ Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

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

Our pledge of privacy 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’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, 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 advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, 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 advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

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.

20

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Sub-Adviser

Atlanta Capital Management Company, LLC

1075 Peachtree Street NE

Suite 2100

Atlanta, GA 30309

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7722    3.31.15

Eaton Vance

Core Plus Bond Fund

Semiannual Report

March 31, 2015

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 Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. 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 and 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 advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report March 31, 2015

Eaton Vance

Core Plus Bond Fund

Table of Contents

Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Officers and Trustees	18
Important Notices	19

Eaton Vance

Core Plus Bond Fund

March 31, 2015

Performance^1,2

Portfolio Managers Kathleen C. Gaffney, CFA, Thomas H. Luster, CFA, Bernard Scozzafava, CFA and Matthew T. Buckley, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		11/17/2009		11/17/2009		4.02	%		8.50	%		8.23	%		8.18	%
Class A with 4.75% Maximum Sales Charge		—		—		–0.94			3.31			7.17			7.20
Class C at NAV		11/17/2009		11/17/2009		3.72			7.69			7.45			7.41
Class C with 1% Maximum Sales Charge		—		—		2.72			6.69			7.45			7.41
Class I at NAV		11/17/2009		11/17/2009		4.23			8.76			8.50			8.43
Barclays Taxable Municipal - Build America Bonds Index		—		—		6.83	%		13.83	%		10.49	%		9.72	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									1.03	%		1.78	%		0.78	%
Net									0.80			1.55			0.55
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									3.53	%		2.76	%		3.73	%
SEC 30-day Yield									1.73			1.05			2.01

Fund Profile

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 less than one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Core Plus Bond Fund

March 31, 2015

Endnotes and Additional Disclosures

¹  Barclays Taxable Municipal - Build America Bonds Index is an unmanaged index that measures the Build America Bond component of the Taxable Municipal Index. The Barclays Taxable Municipal - Build America Bonds Index commenced on May 29, 2009. The Since Inception return for the index is calculated from November 30, 2009 as the index only priced monthly at such time. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

³  Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 1/31/16. Without the reimbursement, if applicable, performance would have been lower.

⁴  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. 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. Yield reflects the effect of fee waivers and expense reimbursements.

⁵  Ratings are based on Moody’s, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher 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” are not rated by the national ratings agencies stated above.

Fund profile subject to change due to active management.

   Important Notice to Shareholders

Effective May 1, 2015, the Fund changed its name, objective and principal investment strategies and adopted a policy of investing at least 80% of net assets in bonds and other fixed and floating-rate income instruments, including preferred stocks, floating-rate loans and convertible securities. Prior to May 1, 2015, the Fund’s investment team invested at least 80% of the Fund’s net assets in taxable municipal obligations issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support (any bonds so issued considered “Build America Bonds”). The Fund expects that the changes described above will be fully implemented by June 30, 2015.

In connection with the foregoing, effective May 1, 2015, (i) the Fund is managed by a team of portfolio managers comprised of Kathleen C. Gaffney, CFA, Thomas H. Luster, CFA, Bernard Scozzafava, CFA, and Matthew T. Buckley, CFA and (ii) the Fund’s primary benchmark is the Barclays U.S. Aggregate Bond Index.

3

Eaton Vance

Core Plus Bond Fund

March 31, 2015

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2014 – March 31, 2015).

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

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

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

	Beginning Account Value (10/1/14)		Ending Account Value (3/31/15)		Expenses Paid During Period* (10/1/14 – 3/31/15)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,040.20	$	4.58	**		0.90	%
Class C	$	1,000.00	$	1,037.20	$	8.38	**		1.65	%
Class I	$	1,000.00	$	1,042.30	$	3.26	**		0.64	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.40	$	4.53	**		0.90	%
Class C	$	1,000.00	$	1,016.70	$	8.30	**		1.65	%
Class I	$	1,000.00	$	1,021.70	$	3.23	**		0.64	%

Effective February 1, 2015, the contractual expense caps of the Fund changed. If these changes had been in place during the entire reporting period, the actual and hypothetical ending account values, expenses paid and annualized expense ratios would have been as follows:

	Beginning Account Value (10/1/14)		Ending Account Value (3/31/15)		Expenses Paid During Period* (10/1/14 – 3/31/15)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,040.20	$	4.07	**		0.80	%
Class C	$	1,000.00	$	1,037.20	$	7.87	**		1.55	%
Class I	$	1,000.00	$	1,042.30	$	2.80	**		0.55	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.90	$	4.03	**		0.80	%
Class C	$	1,000.00	$	1,017.20	$	7.80	**		1.55	%
Class I	$	1,000.00	$	1,022.20	$	2.77	**		0.55	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2014.

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

4

Eaton Vance

Core Plus Bond Fund

March 31, 2015

Portfolio of Investments (Unaudited)

Taxable Municipal Securities — 81.8%(1)
Security	Principal Amount (000’s omitted)		Value
Education — 6.3%
University of Michigan, 6.172%, 4/1/30	$	530	$	599,759
University of North Carolina at Chapel Hill, 3.847%, 12/1/34(2)		1,500		1,606,725
University of Texas, 6.276%, 8/15/41		1,775		2,034,647
			$	4,241,131
Electric Utilities — 5.5%
Los Angeles, CA, Department of Water and Power, 6.166%, 7/1/40	$	740	$	853,753
Northern Illinois Municipal Power Agency, 7.62%, 1/1/30		1,000		1,224,270
San Antonio, TX, Electric & Gas Revenue, 6.168%, 2/1/41		1,440		1,645,157
			$	3,723,180
General Obligations — 31.5%
Ann Arbor, MI, 5.40%, 5/1/23	$	1,000	$	1,123,610
California, 7.70%, 11/1/30		1,000		1,258,090
Commonwealth of Pennsylvania, 5.85%, 7/15/30		1,705		1,957,101
Dallas, TX, Independent School District, (PSF Guaranteed), 6.45%, 2/15/35		2,040		2,450,326
Denton County, TX, 5.968%, 7/15/35		1,020		1,157,465
Denver, CO, 5.65%, 8/1/30		1,250		1,458,113
Florida, State Board of Education, 5.50%, 6/1/27		1,000		1,116,710
Massachusetts, 4.50%, 8/1/31		1,305		1,466,063
New York, NY, 6.646%, 12/1/31		1,270		1,522,095
San Mateo Union High School District, CA, 6.733%, 9/1/34		1,400		1,674,918
Santa Monica, CA, Community College District, 6.763%, 8/1/34		1,250		1,493,738
Shelby County, TN, 5.75%, 4/1/34		385		429,240
Southwest Regional Sanitary Sewer & Water Authority, MI, 6.50%, 4/1/40		805		932,890
Texas, (Texas Transportation Commission), 4.631%, 4/1/33		1,645		1,917,692
Utah, 3.539%, 7/1/25		1,200		1,296,408
			$	21,254,459
Hospital — 1.2%
King County, WA, Public Hospital District No. 1, 7.90%, 6/15/30	$	250	$	282,877
King County, WA, Public Hospital District No. 1, 8.00%, 6/15/40		500		558,370
			$	841,247
Lease Revenue / Certificates of Participation — 3.6%
North Carolina Turnpike Authority, (Triangle Expressway System), 6.70%, 1/1/39	$	1,615	$	1,845,073
Oregon Department of Administrative Services, 6.18%, 5/1/35		500		571,505
			$	2,416,578

Security	Principal Amount (000’s omitted)		Value
Other Revenue — 5.8%
Battery Park City Authority, NY, 6.375%, 11/1/39	$	1,335	$	1,535,811
Florida State Board of Education, Lottery Revenue, 6.584%, 7/1/29		440		506,761
New York, NY, Transitional Finance Authority, (Building Aid), 7.128%, 7/15/30		1,500		1,863,975
			$	3,906,547
Special Tax Revenue — 12.2%
Dallas, TX, Area Rapid Transit, 6.249%, 12/1/34	$	1,265	$	1,448,261
Iowa, Special Obligation, 6.75%, 6/1/34		1,250		1,458,925
Kansas Department of Transportation, 4.596%, 9/1/35		1,500		1,705,590
Miami-Dade County, FL, Transit Sales Surtax Revenue, 6.71%, 7/1/29		1,105		1,262,009
New York Dormitory Authority, Personal Income Tax Revenue, 5.50%, 3/15/30		1,000		1,205,160
New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.882%, 11/1/31		1,035		1,180,407
			$	8,260,352
Transportation — 5.3%
New Jersey Transportation Trust Fund Authority, 6.104%, 12/15/28	$	1,775	$	1,976,143
Port of Seattle, WA, 7.00%, 5/1/36(2)		1,395		1,628,941
			$	3,605,084
Water and Sewer — 10.4%
Chesapeake, VA, Water and Sewer Revenue, 6.283%, 7/1/40	$	775	$	889,987
Hamilton County, OH, Sewer System Revenue, 6.50%, 12/1/34		1,020		1,185,434
Jea, FL, Water and Sewer Revenue, 6.21%, 10/1/33		100		123,516
Knoxville, TN, Wastewater System Revenue, 6.50%, 4/1/43		570		665,446
Metropolitan Water District of Southern California, 6.538%, 7/1/39		1,540		1,780,425
New York, NY, Municipal Water Finance Authority, 6.452%, 6/15/41		1,025		1,199,680
Northeast Ohio Regional Sewer District, 6.038%, 11/15/40		1,000		1,159,430
			$	7,003,918
Total Taxable Municipal Securities — 81.8% (identified cost $51,102,498)			$	55,252,496

5 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2015

Portfolio of Investments (Unaudited) — continued

Short-Term Investments — 17.1%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.18%(3)	$	11,590	$	11,589,920
Total Short-Term Investments (identified cost $11,589,920)			$	11,589,920
Total Investments — 98.9% (identified cost $62,692,418)			$	66,842,416
Other Assets, Less Liabilities — 1.1%			$	715,241
Net Assets — 100.0%			$	67,557,657

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

PSF – Permanent School Fund

At March 31, 2015, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

Texas	15.8%
New York	12.6%
California	10.4%
Others, representing less than 10% individually	43.0%

⁽¹⁾  Build America Bonds (unless otherwise noted). Represent taxable municipal obligations issued pursuant to the America Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support.

⁽²⁾  Non-Build America Bond.

⁽³⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of March 31, 2015.

6 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2015

Statement of Assets and Liabilities (Unaudited)

Assets	March 31, 2015
Unaffiliated investments, at value (identified cost, $51,102,498)	$	55,252,496
Affiliated investment, at value (identified cost, $11,589,920)		11,589,920
Interest receivable		801,607
Interest receivable from affiliated investment		1,454
Receivable for Fund shares sold		164,744
Receivable from affiliate		18,380
Total assets	$	67,828,601
Liabilities
Payable for Fund shares redeemed	$	206,667
Distributions payable		13,007
Payable to affiliates:
Investment adviser fee		25,172
Distribution and service fees		15,191
Accrued expenses		10,907
Total liabilities	$	270,944
Net Assets	$	67,557,657
Sources of Net Assets
Paid-in capital	$	66,282,264
Accumulated net realized loss		(2,626,830	)
Accumulated distributions in excess of net investment income		(247,775	)
Net unrealized appreciation		4,149,998
Net Assets	$	67,557,657
Class A Shares
Net Assets	$	20,883,237
Shares Outstanding		1,737,281
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.02
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	12.62
Class C Shares
Net Assets	$	12,686,787
Shares Outstanding		1,055,822
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	12.02
Class I Shares
Net Assets	$	33,987,633
Shares Outstanding		2,828,455
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.02

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

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

7 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2015

Statement of Operations (Unaudited)

Investment Income	Six Months Ended March 31, 2015
Interest	$	1,141,291
Interest allocated from affiliated investment		5,710
Expenses allocated from affiliated investment		(633	)
Total investment income	$	1,146,368
Expenses
Investment adviser fee	$	159,018
Distribution and service fees
Class A		25,669
Class C		57,943
Trustees’ fees and expenses		1,723
Custodian fee		14,331
Transfer and dividend disbursing agent fees		18,122
Legal and accounting services		18,927
Printing and postage		13,077
Registration fees		25,101
Miscellaneous		8,296
Total expenses	$	342,207
Deduct —
Allocation of expenses to affiliate	$	71,109
Total expense reductions	$	71,109
Net expenses	$	271,098
Net investment income	$	875,270
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions allocated from affiliated investment	$	19
Net realized gain	$	19
Change in unrealized appreciation (depreciation) —
Investments	$	1,281,732
Net change in unrealized appreciation (depreciation)	$	1,281,732
Net realized and unrealized gain	$	1,281,751
Net increase in net assets from operations	$	2,157,021

8 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2015

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
From operations —
Net investment income	$	875,270		$	1,683,162
Net realized gain (loss) from investment transactions		19			(640,790	)
Net change in unrealized appreciation (depreciation) from investments		1,281,732			1,888,618
Net increase in net assets from operations	$	2,157,021		$	2,930,990
Distributions to shareholders —
From net investment income
Class A	$	(395,617	)	$	(970,028	)
Class C		(179,322	)		(468,894	)
Class I		(532,236	)		(715,538	)
Total distributions to shareholders	$	(1,107,175	)	$	(2,154,460	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	6,043,833		$	3,520,032
Class C		2,645,869			1,448,305
Class I		17,044,035			15,090,587
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		374,422			908,109
Class C		141,932			344,823
Class I		507,313			653,096
Cost of shares redeemed
Class A		(4,105,916	)		(13,663,756	)
Class C		(915,536	)		(10,298,260	)
Class I		(2,646,636	)		(16,072,342	)
Net increase (decrease) in net assets from Fund share transactions	$	19,089,316		$	(18,069,406	)
Net increase (decrease) in net assets	$	20,139,162		$	(17,292,876	)
Net Assets
At beginning of period	$	47,418,495		$	64,711,371
At end of period	$	67,557,657		$	47,418,495
Accumulated distributions in excess of net investment income included in net assets
At end of period	$	(247,775	)	$	(15,870	)

9 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2015

Financial Highlights

	Class A
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2011(1)			Period Ended October 31, 2010(2)
				2014			2013			2012
Net asset value — Beginning of period	$	11.780		$	11.520		$	12.600		$	12.040		$	10.840		$	10.000
Income (Loss) From Operations
Net investment income(3)	$	0.182		$	0.420		$	0.415		$	0.430		$	0.469		$	0.455
Net realized and unrealized gain (loss)		0.289			0.372			(0.888	)		0.627			1.216			0.796
Total income (loss) from operations	$	0.471		$	0.792		$	(0.473	)	$	1.057		$	1.685		$	1.251
Less Distributions
From net investment income	$	(0.231	)	$	(0.532	)	$	(0.530	)	$	(0.497	)	$	(0.481	)	$	(0.411	)
From net realized gain		—			—			(0.077	)		—			(0.004	)		—
Total distributions	$	(0.231	)	$	(0.532	)	$	(0.607	)	$	(0.497	)	$	(0.485	)	$	(0.411	)
Net asset value — End of period	$	12.020		$	11.780		$	11.520		$	12.600		$	12.040		$	10.840
Total Return(4)		4.02	%(5)		7.06	%		(3.94	)%		8.96	%		16.18	%(5)		12.64	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	20,883		$	18,176		$	27,061		$	44,175		$	23,327		$	26,862
Ratios (as a percentage of average daily net assets):
Expenses(6)		0.90	%(7)		0.95	%		0.95	%		0.95	%		0.95	%(7)(8)		0.95	%(7)(8)
Net investment income		3.05	%(7)		3.64	%		3.37	%		3.50	%		4.79	%(7)(8)		4.38	%(7)(8)
Portfolio Turnover of the Portfolio(9)		—			—			—			—			22	%(5)		1	%(5)
Portfolio Turnover of the Fund		0	%		0	%(10)		19	%		24	%		10	%(5)(11)		—

  ⁽¹⁾ For the eleven months ended September 30, 2011. The Fund changed its fiscal year end from October 31 to September 30.

  ⁽²⁾ For the period from the start of business, November 17, 2009, to October 31, 2010.

  ⁽³⁾ Computed using average shares outstanding.

  ⁽⁴⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

  ⁽⁵⁾ Not annualized.

  ⁽⁶⁾ The investment adviser of the Portfolio or Fund and administrator subsidized certain operating expenses (equal to 0.24%, 0.23%, 0.22%, 0.19%, 0.41% and 1.16% of average daily net assets for the six months ended March 31, 2015, the years ended September 30, 2014, 2013 and 2012, the period ended September 30, 2011 and the period from the start of business, November 17, 2009, to October 31, 2010, respectively). Absent this subsidy, total return would be lower.

  ⁽⁷⁾ Annualized.

  ⁽⁸⁾ Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

  ⁽⁹⁾ Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽¹⁰⁾  Amount is less than 1%.

⁽¹¹⁾  For the period from March 1, 2011 through September 30, 2011 when the Fund was making investments directly in securities.

References to Portfolio herein are to Build America Bond Portfolio, a Massachusetts business trust having the same investment objective and policies as the Fund, in which the Fund invested all of its investable assets prior to March 1, 2011.

10 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2015

Financial Highlights — continued

	Class C
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2011(1)			Period Ended October 31, 2010(2)
				2014			2013			2012
Net asset value — Beginning of period	$	11.770		$	11.520		$	12.600		$	12.040		$	10.840		$	10.000
Income (Loss) From Operations
Net investment income(3)	$	0.137		$	0.334		$	0.323		$	0.337		$	0.396		$	0.371
Net realized and unrealized gain (loss)		0.298			0.362			(0.888	)		0.627			1.215			0.819
Total income (loss) from operations	$	0.435		$	0.696		$	(0.565	)	$	0.964		$	1.611		$	1.190
Less Distributions
From net investment income	$	(0.185	)	$	(0.446	)	$	(0.438	)	$	(0.404	)	$	(0.407	)	$	(0.350	)
From net realized gain		—			—			(0.077	)		—			(0.004	)		—
Total distributions	$	(0.185	)	$	(0.446	)	$	(0.515	)	$	(0.404	)	$	(0.411	)	$	(0.350	)
Net asset value — End of period	$	12.020		$	11.770		$	11.520		$	12.600		$	12.040		$	10.840
Total Return(4)		3.72	%(5)		6.17	%		(4.65	)%		8.14	%		15.50	%(5)		11.91	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	12,687		$	10,594		$	18,946		$	35,407		$	13,684		$	13,003
Ratios (as a percentage of average daily net assets):
Expenses(6)		1.65	%(7)		1.70	%		1.70	%		1.70	%		1.70	%(7)(8)		1.70	%(7)(8)
Net investment income		2.30	%(7)		2.90	%		2.62	%		2.74	%		4.05	%(7)(8)		3.56	%(7)(8)
Portfolio Turnover of the Portfolio(9)		—			—			—			—			22	%(5)		1	%(5)
Portfolio Turnover of the Fund		0	%		0	%(10)		19	%		24	%		10	%(5)(11)		—

  ⁽¹⁾ For the eleven months ended September 30, 2011. The Fund changed its fiscal year end from October 31 to September 30.

  ⁽²⁾ For the period from the start of business, November 17, 2009, to October 31, 2010.

  ⁽³⁾ Computed using average shares outstanding.

  ⁽⁴⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

  ⁽⁵⁾ Not annualized.

  ⁽⁶⁾ The investment adviser of the Portfolio or Fund and administrator subsidized certain operating expenses (equal to 0.24%, 0.23%, 0.22%, 0.19%, 0.41% and 1.16% of average daily net assets for the six months ended March 31, 2015, the years ended September 30, 2014, 2013 and 2012, the period ended September 30, 2011 and the period from the start of business, November 17, 2009, to October 31, 2010, respectively). Absent this subsidy, total return would be lower.

  ⁽⁷⁾ Annualized.

  ⁽⁸⁾ Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

  ⁽⁹⁾ Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽¹⁰⁾  Amount is less than 1%.

⁽¹¹⁾  For the period from March 1, 2011 through September 30, 2011 when the Fund was making investments directly in securities.

References to Portfolio herein are to Build America Bond Portfolio, a Massachusetts business trust having the same investment objective and policies as the Fund, in which the Fund invested all of its investable assets prior to March 1, 2011.

11 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2015

Financial Highlights — continued

	Class I
	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2011(1)			Period Ended October 31, 2010(2)
				2014			2013			2012
Net asset value — Beginning of period	$	11.770		$	11.520		$	12.600		$	12.050		$	10.840		$	10.000
Income (Loss) From Operations
Net investment income(3)	$	0.194		$	0.447		$	0.447		$	0.458		$	0.495		$	0.460
Net realized and unrealized gain (loss)		0.301			0.364			(0.889	)		0.620			1.225			0.808
Total income (loss) from operations	$	0.495		$	0.811		$	(0.442	)	$	1.078		$	1.720		$	1.268
Less Distributions
From net investment income	$	(0.245	)	$	(0.561	)	$	(0.561	)	$	(0.528	)	$	(0.506	)	$	(0.428	)
From net realized gain		—			—			(0.077	)		—			(0.004	)		—
Total distributions	$	(0.245	)	$	(0.561	)	$	(0.638	)	$	(0.528	)	$	(0.510	)	$	(0.428	)
Net asset value — End of period	$	12.020		$	11.770		$	11.520		$	12.600		$	12.050		$	10.840
Total Return(4)		4.23	%(5)		7.23	%		(3.70	)%		9.14	%		16.55	%(5)		12.81	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	33,988		$	18,648		$	18,704		$	40,486		$	12,939		$	14,001
Ratios (as a percentage of average daily net assets):
Expenses(6)		0.64	%(7)		0.70	%		0.70	%		0.70	%		0.70	%(7)(8)		0.70	%(7)(8)
Net investment income		3.26	%(7)		3.87	%		3.62	%		3.70	%		5.07	%(7)(8)		4.45	%(7)(8)
Portfolio Turnover of the Portfolio(9)		—			—			—			—			22	%(5)		1	%(5)
Portfolio Turnover of the Fund		0	%		0	%(10)		19	%		24	%		10	%(5)(11)		—

  ⁽¹⁾ For the eleven months ended September 30, 2011. The Fund changed its fiscal year end from October 31 to September 30.

  ⁽²⁾ For the period from the start of business, November 17, 2009, to October 31, 2010.

  ⁽³⁾ Computed using average shares outstanding.

  ⁽⁴⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

  ⁽⁵⁾ Not annualized.

  ⁽⁶⁾ The investment adviser of the Portfolio or Fund and administrator subsidized certain operating expenses (equal to 0.24%, 0.23%, 0.22%, 0.19%, 0.41% and 1.16% of average daily net assets for the six months ended March 31, 2015, the years ended September 30, 2014, 2013 and 2012, the period ended September 30, 2011 and the period from the start of business, November 17, 2009, to October 31, 2010, respectively). Absent this subsidy, total return would be lower.

  ⁽⁷⁾ Annualized.

  ⁽⁸⁾ Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

  ⁽⁹⁾ Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽¹⁰⁾  Amount is less than 1%.

⁽¹¹⁾  For the period from March 1, 2011 through September 30, 2011 when the Fund was making investments directly in securities.

References to Portfolio herein are to Build America Bond Portfolio, a Massachusetts business trust having the same investment objective and policies as the Fund, in which the Fund invested all of its investable assets prior to March 1, 2011.

12 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2015

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Core Plus Bond Fund (formerly, Eaton Vance Build America 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 primary investment objective is current income and its secondary objective is capital appreciation. Effective May 1, 2015, the Fund’s investment objective changed (see Note 11). 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). 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 (including short-term obligations with a remaining maturity of more than sixty days) 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 asked 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 obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

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). The value of the Fund’s investment in Cash Reserves Fund reflects the Fund’s proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities in the same manner as debt obligations described above.

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 fairly reflects the security’s value, or 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 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 condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

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

As of March 31, 2015, 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  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

13

Eaton Vance

Core Plus Bond Fund

March 31, 2015

Notes to Financial Statements (Unaudited) — continued

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 the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

I  Interim Financial Statements — The interim financial statements relating to March 31, 2015 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

At September 30, 2014, the Fund, for federal income tax purposes, had deferred capital losses of $1,540,109 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at September 30, 2014, $993,174 are short-term and $546,935 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2015, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	64,015,579
Gross unrealized appreciation	$	2,935,646
Gross unrealized depreciation		(108,809	)
Net unrealized appreciation	$	2,826,837

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and BMR effective February 1, 2015, the fee is computed at an annual rate of 0.45% of the Fund’s average daily net assets up to $1 billion and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. The fee reduction cannot be terminated without the consent of the Trustees and shareholders. Prior to February 1, 2015, the fee was computed an at annual rate of 0.60% of the Fund’s average daily net assets up to $1 billion and at reduced rates on net assets of $1 billion and over. For the six months ended March 31, 2015, the investment adviser fee amounted to $159,018 or 0.54% (annualized) of the Fund’s average daily net assets. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM serves as the administrator of the Fund but receives no compensation. BMR has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.80%, 1.55% and 0.55% (0.95%, 1.70% and 0.70% prior to February 1, 2015) 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, 2016. Pursuant to this agreement, BMR was allocated $71,109 of the Fund’s operating expenses for the six months ended March 31, 2015.

14

Eaton Vance

Core Plus Bond Fund

March 31, 2015

Notes to Financial Statements (Unaudited) — continued

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended March 31, 2015, EVM earned $760 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $4,198 as its portion of the sales charge on sales of Class A shares for the six months ended March 31, 2015. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended March 31, 2015, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2015 amounted to $25,669 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended March 31, 2015, the Fund paid or accrued to EVD $43,457 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended March 31, 2015 amounted to $14,486 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority’s NASD Conduct Rule 2830(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended March 31, 2015, the Fund was informed that EVD received approximately $40 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $9,663,598 and none, respectively, for the six months ended March 31, 2015.

7  Shares of Beneficial Interest

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

Class A	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Sales		505,165			303,737
Issued to shareholders electing to receive payments of distributions in Fund shares		31,244			78,568
Redemptions		(342,562	)		(1,187,148	)
Net increase (decrease)		193,847			(804,843	)

15

Eaton Vance

Core Plus Bond Fund

March 31, 2015

Notes to Financial Statements (Unaudited) — continued

Class C	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Sales		220,453			125,003
Issued to shareholders electing to receive payments of distributions in Fund shares		11,851			29,829
Redemptions		(76,420	)		(899,679	)
Net increase (decrease)		155,884			(744,847	)
Class I	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Sales		1,423,087			1,305,836
Issued to shareholders electing to receive payments of distributions in Fund shares		42,310			56,361
Redemptions		(220,949	)		(1,401,526	)
Net increase (decrease)		1,244,448			(39,329	)

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $750 million unsecured line of credit agreement with a group of banks, which is in effect through September 7, 2015. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.08% 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, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended March 31, 2015.

9  Liquidity Risk

The ability of municipalities to issue Build America Bonds expired on December 31, 2010. As a result, the number of Build America Bonds available in the market is limited and there can be no assurance that Build America Bonds will be actively traded. In addition, illiquidity may negatively affect the value of such bonds.

10  Fair Value Measurements

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

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

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

Ÿ 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.

16

Eaton Vance

Core Plus Bond Fund

March 31, 2015

Notes to Financial Statements (Unaudited) — continued

At March 31, 2015, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Taxable Municipal Securities	$	—	$	55,252,496	$	—	$	55,252,496
Short-Term Investments		—		11,589,920		—		11,589,920
Total Investments	$	—	$	66,842,416	$	—	$	66,842,416

The Fund held no investments or other financial instruments as of September 30, 2014 whose fair value was determined using Level 3 inputs. At March 31, 2015, there were no investments transferred between Level 1 and Level 2 during the six months then ended.

11  Name Change

Effective May 1, 2015, the name of Eaton Vance Core Plus Bond Fund was changed from Eaton Vance Build America Bond Fund and the Fund’s investment objective was changed to total return. In connection with these changes, the Fund is no longer required, under normal market circumstances, to investment at least 80% of its net assets in Build America Bonds.

17

Eaton Vance

Core Plus Bond Fund

March 31, 2015

Officers and Trustees

Officers of Eaton Vance Core Plus Bond Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Trustees of Eaton Vance Core Plus Bond Fund

Ralph F. Verni

Chairman

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

* Interested Trustee

18

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

Ÿ Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

Ÿ None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

Ÿ Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

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

Our pledge of privacy 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’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, 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 advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, 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 advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

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.

19

This Page Intentionally Left Blank

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7768    3.31.15

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

Item 12. Exhibits

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

Signatures

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

Eaton Vance Mutual Funds Trust

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President

Date: May 18, 2015

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer

Date: May 18, 2015

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President

Date: May 18, 2015