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, 2016

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Municipal Income Funds

Semiannual Report

March 31, 2016

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, 2016

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	42
Important Notices	43

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2016

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		3.74	%		4.25	%		7.41	%		4.04	%
Class A with 4.75% Maximum Sales Charge		—		—		–1.19			–0.74			6.39			3.54
Class B at NAV		01/14/1998		03/16/1978		3.37			3.47			6.61			3.27
Class B with 5% Maximum Sales Charge		—		—		–1.63			–1.53			6.30			3.27
Class C at NAV		05/02/2006		03/16/1978		3.37			3.47			6.63			3.28
Class C with 1% Maximum Sales Charge		—		—		2.37			2.47			6.63			3.28
Class I at NAV		03/16/1978		03/16/1978		3.92			4.49			7.69			4.31
Barclays Municipal Bond Index		—		—		3.20	%		3.98	%		5.59	%		4.86	%
Barclays Long (22+) Year Municipal Bond Index		—		—		4.73			5.19			8.30			5.32
% Total Annual Operating Expense Ratios3					Class A			Class B			Class C			Class I
Gross						0.90	%		1.65	%		1.65	%		0.65	%
Net						0.82			1.57			1.57			0.57
% Distribution Rates/Yields4					Class A			Class B			Class C			Class I
Distribution Rate						3.82	%		3.08	%		3.06	%		4.07	%
Taxable-Equivalent Distribution Rate						6.75			5.44			5.41			7.19
SEC 30-day Yield						1.46			0.82			0.80			1.78
Taxable-Equivalent SEC 30-day Yield						2.59			1.45			1.41			3.15
% Total Leverage5
Residual Interest Bond (RIB) Financing															10.01	%

Fund Profile

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

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than or equal to 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, 2016

Performance^1,2

Portfolio Manager Craig R. Brandon, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		04/05/1994		12/19/1985		3.94	%		4.82	%		7.79	%		3.62	%
Class A with 4.75% Maximum Sales Charge		—		—		–1.00			–0.11			6.75			3.12
Class B at NAV		12/19/1985		12/19/1985		3.56			4.04			6.99			2.85
Class B with 5% Maximum Sales Charge		—		—		–1.45			–0.96			6.69			2.85
Class C at NAV		12/03/1993		12/19/1985		3.56			4.04			6.99			2.85
Class C with 1% Maximum Sales Charge		—		—		2.55			3.04			6.99			2.85
Class I at NAV		07/01/1999		12/19/1985		4.07			5.08			8.06			3.88
Barclays Municipal Bond Index		—		—		3.20	%		3.98	%		5.59	%		4.86	%
Barclays Long (22+) Year Municipal Bond Index		—		—		4.73			5.19			8.30			5.32
% Total Annual Operating Expense Ratios3					Class A			Class B			Class C			Class I
Gross						0.76	%		1.51	%		1.51	%		0.51	%
Net						0.67			1.42			1.42			0.42
% Distribution Rates/Yields4					Class A			Class B			Class C			Class I
Distribution Rate						3.90	%		3.14	%		3.15	%		4.16	%
Taxable-Equivalent Distribution Rate						6.89			5.55			5.57			7.35
SEC 30-day Yield						2.16			1.53			1.53			2.52
Taxable-Equivalent SEC 30-day Yield						3.82			2.71			2.71			4.45
% Total Leverage5
RIB Financing															12.03	%

Fund Profile

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

* Amount is less than 0.05%.

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 or equal to 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, 2016

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, 2016

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, 2015 – March 31, 2016).

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 (10/1/15)		Ending Account Value (3/31/16)		Expenses Paid During Period* (10/1/15 – 3/31/16)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,037.40	$	4.53		0.89	%
Class B	$	1,000.00	$	1,033.70	$	8.39		1.65	%
Class C	$	1,000.00	$	1,033.70	$	8.34		1.64	%
Class I	$	1,000.00	$	1,039.20	$	3.26		0.64	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.60	$	4.50		0.89	%
Class B	$	1,000.00	$	1,016.80	$	8.32		1.65	%
Class C	$	1,000.00	$	1,016.80	$	8.27		1.64	%
Class I	$	1,000.00	$	1,021.80	$	3.23		0.64	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2015.

5

Eaton Vance

Municipal Income Funds

March 31, 2016

Fund Expenses — continued

Eaton Vance National Municipal Income Fund

	Beginning Account Value (10/1/15)		Ending Account Value (3/31/16)		Expenses Paid During Period* (10/1/15 – 3/31/16)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,039.40	$	3.87		0.76	%
Class B	$	1,000.00	$	1,035.60	$	7.68		1.51	%
Class C	$	1,000.00	$	1,035.60	$	7.68		1.51	%
Class I	$	1,000.00	$	1,040.70	$	2.60		0.51	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.20	$	3.84		0.76	%
Class B	$	1,000.00	$	1,017.50	$	7.62		1.51	%
Class C	$	1,000.00	$	1,017.50	$	7.62		1.51	%
Class I	$	1,000.00	$	1,022.50	$	2.58		0.51	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2015.

6

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2016

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 109.9%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 3.0%
New York Environmental Facilities Corp., 5.00%, 10/15/35(1)	$	9,900	$	11,176,902
			$	11,176,902
Education — 7.2%
Clemson University, SC, 4.00%, 5/1/39	$	2,000	$	2,163,820
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/46		5,000		5,780,950
Missouri Health and Educational Facilities Authority, (Washington University), 5.375%, 3/15/39(1)		4,110		4,436,334
Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36		1,050		1,250,025
University of California, 5.25%, 5/15/35		3,555		4,307,309
University of Nebraska, 5.00%, 5/15/35		1,000		1,192,870
University of Nebraska, 5.00%, 7/1/35		3,000		3,585,750
West Virginia University, 5.00%, 10/1/31		3,000		3,561,600
			$	26,278,658
Electric Utilities — 8.0%
Apache County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 4.50%, 3/1/30	$	1,605	$	1,761,231
Beaver County Industrial Development Authority, PA, (FirstEnergy Nuclear Generation, LLC), 3.50% to 6/1/20 (Put Date), 12/1/35		3,050		3,146,075
Chula Vista, CA, (San Diego Gas and Electric), 5.875%, 2/15/34		3,520		4,045,818
Ohio Water Development Authority, (FirstEnergy Nuclear Generation, LLC), 4.00% to 6/3/19 (Put Date), 12/1/33		3,200		3,348,416
Pima County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 5.25%, 10/1/40		1,410		1,582,485
San Antonio, TX, (Electric and Gas Systems), 5.00%, 2/1/34(1)		7,000		7,679,980
Utility Debt Securitization Authority, NY, 5.00%, 12/15/33		2,895		3,489,343
Vernon, CA, Electric System Revenue, 5.125%, 8/1/21		3,820		4,257,925
			$	29,311,273
Escrowed / Prerefunded — 8.2%
Foothill/Eastern Transportation Corridor Agency, CA, Escrowed to Maturity, 0.00%, 1/1/18	$	10,000	$	9,839,800
Idaho Bond Bank Authority, Prerefunded to 3/15/19, 5.25%, 9/15/25		830		935,767
Idaho Bond Bank Authority, Prerefunded to 3/15/19, 5.25%, 9/15/25		330		372,052
Idaho Bond Bank Authority, Prerefunded to 3/15/19, 5.375%, 9/15/27		1,110		1,255,488

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Idaho Bond Bank Authority, Prerefunded to 3/15/19, 5.375%, 9/15/27	$	445	$	503,326
Idaho Health Facilities Authority, (Trinity Health Credit Group), Prerefunded to 12/1/18, 6.25%, 12/1/33		2,985		3,411,049
Metropolitan Transportation Authority, NY, Prerefunded to 11/15/18, 6.25%, 11/15/23		1,800		2,053,404
Metropolitan Transportation Authority, NY, Prerefunded to 11/15/18, 6.50%, 11/15/28		3,730		4,279,280
Savannah Economic Development Authority, GA, Escrowed to Maturity, 0.00%, 12/1/21		6,000		5,520,000
Vernon, CA, Electric System Revenue, Prerefunded to 8/1/19, 5.125%, 8/1/21		1,685		1,841,587
			$	30,011,753
General Obligations — 13.2%
Anne Arundel County, MD, 5.00%, 10/1/37(2)	$	1,450	$	1,748,453
Beaverton School District 48J, Washington and Multnomah Counties, OR, 5.00%, 6/15/32		2,465		2,970,251
California, 5.00%, 10/1/24		960		1,212,557
California, 5.00%, 10/1/26		1,300		1,617,824
California, 5.00%, 10/1/27		630		780,532
California, 5.25%, 10/1/29		560		673,092
California, 5.25%, 10/1/32		3,480		4,164,446
Foothill-De Anza Community College District, CA, 5.00%, 8/1/34		1,150		1,380,345
Foothill-De Anza Community College District, CA, 5.00%, 8/1/36		1,150		1,367,879
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/31		4,470		5,154,044
Maryland, 5.00%, 8/1/23		1,790		2,244,696
Massachusetts, 5.00%, 3/1/35		5,000		5,940,050
Salem-Keizer School District No. 24J, OR, 0.00%, 6/15/24		1,220		1,037,232
Santa Clara County, CA, (Election of 2008), 5.00%, 8/1/39(1)(3)		7,700		8,638,399
University of Connecticut, 5.00%, 2/15/32		650		764,946
Washington, 5.25%, 2/1/36(1)		6,000		7,013,040
Wentzville R-IV School District, MO, 0.00%, 3/1/28(2)		1,410		1,000,339
Wentzville R-IV School District, MO, 0.00%, 3/1/29(2)		1,000		677,780
			$	48,385,905
Health Care – Miscellaneous — 0.0%(4)
Tax Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 6.00%, 12/1/36(5)	$	15	$	15,801
Tax Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), Series 1, 5.50%, 12/1/36(5)		53		53,543

7 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Health Care – Miscellaneous (continued)
Tax Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), Series 2, 5.50%, 12/1/36(5)	$	64	$	66,533
			$	135,877
Hospital — 15.3%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28	$	535	$	624,356
California Health Facilities Financing Authority, (Providence Health System), 5.50%, 10/1/39		5,175		5,893,445
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		1,720		2,023,408
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		2,300		2,672,416
California Health Facilities Financing Authority, (Sutter Health), 5.25%, 8/15/31		1,325		1,582,779
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 7/1/29		1,330		1,483,602
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.25%, 12/1/34		3,000		3,359,640
Colorado Health Facilities Authority, (Vail Valley Medical Center), 4.00%, 1/15/45		2,000		2,077,980
Henrico County Economic Development Authority, VA, (Bon Secours Health System, Inc.), 5.00%, 11/1/30		1,185		1,373,521
Illinois Finance Authority, (Provena Healthcare), 7.75%, 8/15/34		7,120		8,503,772
Kansas Development Finance Authority, (Adventist Health System), 5.75%, 11/15/38		5,230		6,010,682
Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31		2,110		2,554,830
Massachusetts Development Finance Agency, (Tufts Medical Center), 6.75%, 1/1/36		785		924,840
New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37		3,380		3,706,711
Ohio, (University Hospitals Health Systems, Inc.), 5.00%, 1/15/36		2,500		2,874,375
Oklahoma Development Finance Authority, (St. John Health System), 5.00%, 2/15/34		2,035		2,294,605
Oneida County Industrial Development Agency, NY, (St. Elizabeth Medical Center), 5.75%, 12/1/19		895		897,363
Orange County Health Facilities Authority, FL, (Orlando Health, Inc.), 5.375%, 10/1/23		1,000		1,135,680
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(1)		5,000		5,858,550
			$	55,852,555

Security	Principal Amount (000’s omitted)		Value
Housing — 0.1%
Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(6)	$	285	$	228,000
			$	228,000
Industrial Development Revenue — 0.9%
Hardeman County Correctional Facilities Corp., TN, 7.75%, 8/1/17	$	240	$	240,010
Selma Industrial Development Board, AL, (International Paper Co.), 5.80%, 5/1/34		2,670		3,037,205
			$	3,277,215
Insured – Education — 0.6%
Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31	$	1,750	$	2,246,772
			$	2,246,772
Insured – Electric Utilities — 2.2%
Long Island Power Authority, NY, Electric System Revenue, (BHAC), Prerefunded to 4/1/19, 5.75%, 4/1/33	$	5,415	$	6,186,313
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/29		2,865		1,973,985
			$	8,160,298
Insured – Escrowed / Prerefunded — 0.4%
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), Escrowed to Maturity, 0.00%, 8/15/21	$	1,560	$	1,447,555
			$	1,447,555
Insured – General Obligations — 1.0%
Chicago, IL, (AGM), 5.25%, 1/1/31	$	1,900	$	2,090,019
Chicago Park District, IL, (BAM), 5.00%, 1/1/29		475		538,479
Yuma and La Paz Counties Community College District, AZ, (Arizona Western College), (NPFG), 3.75%, 7/1/31		985		987,827
			$	3,616,325
Insured – Lease Revenue / Certificates of Participation — 1.4%
Anaheim Public Financing Authority, CA, (Anaheim Public Improvements), (AGM), 0.00%, 9/1/31	$	8,680	$	5,087,869
			$	5,087,869

8 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Other Revenue — 1.4%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	10,600	$	5,027,686
			$	5,027,686
Insured – Special Tax Revenue — 5.4%
Alabama Public School and College Authority, (AGM), 2.50%, 12/1/27(7)	$	5,765	$	5,786,791
Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/27		6,000		7,839,180
Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		2,565		3,430,790
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		6,245		964,603
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46		12,295		1,824,824
			$	19,846,188
Insured – Transportation — 3.2%
Chicago, IL, (O’Hare International Airport), (AGM), 5.00%, 1/1/28	$	1,000	$	1,181,590
Chicago, IL, (O’Hare International Airport), (AGM), 5.125%, 1/1/31		1,000		1,170,200
Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/32		785		924,157
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39		7,120		2,471,494
New Orleans Aviation Board, LA, (AGC), 6.00%, 1/1/23		1,040		1,173,110
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/21		5,285		4,809,191
			$	11,729,742
Insured – Water and Sewer — 3.3%
Chicago, IL, Wastewater Transmission Revenue, (BHAC), 5.50%, 1/1/38(7)	$	4,155	$	4,412,610
Detroit, MI, Sewage Disposal System, (AGM), 5.00%, 7/1/39		4,825		5,327,620
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/32		655		755,255
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/33		565		648,795
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/35		280		318,889
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/37		565		639,077
			$	12,102,246
Other Revenue — 5.9%
Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.00%, 7/15/30	$	880	$	1,007,970

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.25%, 7/15/40	$	1,320	$	1,520,904
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(8)		1,200		298,080
New York City Transitional Finance Authority, NY, (Building Aid), 6.00%, 7/15/38		7,250		8,067,800
Otero County, NM, Jail Project Revenue, 5.75%, 4/1/18		235		239,298
Palm Beach County, FL, 5.00%, 5/1/37(2)		2,500		3,011,175
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37		3,485		4,274,143
Seminole Tribe, FL, 5.50%, 10/1/24(5)		1,150		1,204,648
White Earth Band of Chippewa Indians, MN, 6.375%, 12/1/26(5)		1,950		2,001,695
			$	21,625,713
Senior Living / Life Care — 3.7%
Fairfax County Economic Development Authority, VA, (Goodwin House, Inc.), 5.125%, 10/1/37	$	1,595	$	1,653,999
Fairfax County Economic Development Authority, VA, (Goodwin House, Inc.), 5.125%, 10/1/42		2,255		2,335,030
Maryland Health and Higher Educational Facilities Authority, (Charlestown Community, Inc.), 6.125%, 1/1/30		1,650		1,881,693
North Miami, FL, (Imperial Club), 6.125%, 1/1/42(8)		1,480		1,058,156
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/39		570		685,989
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.50%, 6/1/49		2,690		3,300,119
Saint Louis County Industrial Development Authority, MO, (St. Andrew’s Resources for Seniors Obligated Group ), 5.00%, 12/1/35		1,700		1,789,097
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.00%, 12/1/32		160		174,462
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.25%, 12/1/42		660		720,951
			$	13,599,496
Special Tax Revenue — 3.4%
Bridgeville, DE, (Heritage Shores Special Development District), 5.45%, 7/1/35	$	1,084	$	1,084,715
Dallas Area Rapid Transit, TX, Sales Tax Revenue, 5.00%, 12/1/35		2,000		2,413,580
Jurupa Public Financing Authority, CA, 5.00%, 9/1/31		1,200		1,419,408
Puerto Rico Sales Tax Financing Corp., 5.00%, 8/1/40		2,340		1,448,554
River Hall Community Development District, FL, (Capital Improvements), 5.45%, 5/1/36		1,065		1,064,904
Successor Agency to La Quinta Redevelopment Agency, CA, 5.00%, 9/1/30		4,125		4,922,858
			$	12,354,019

9 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation — 20.0%
Central Texas Regional Mobility Authority, 5.75%, 1/1/31	$	415	$	487,023
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/33		5,250		6,167,333
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30		1,100		1,317,140
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31		1,455		1,735,349
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/31		1,105		1,300,198
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43		1,100		1,219,086
Metropolitan Transportation Authority, NY, 6.25%, 11/15/23		450		513,968
Metropolitan Transportation Authority, NY, 6.50%, 11/15/28		1,270		1,458,392
Miami-Dade County, FL, Aviation Revenue, 5.00%, 10/1/33		6,450		7,602,228
New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38		4,075		4,504,342
New Jersey Turnpike Authority, 5.00%, 1/1/30		3,060		3,573,223
New York Liberty Development Corp., (4 World Trade Center), 5.00%, 11/15/31		745		875,405
Pennsylvania Turnpike Commission, 6.375%, (0.00% until 12/1/17), 12/1/38		11,500		13,726,285
Port Authority of New York and New Jersey, 5.00%, 10/15/41		3,200		3,788,672
San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/34		5,235		5,870,267
Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34		3,500		4,263,770
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39		2,980		3,517,026
Triborough Bridge and Tunnel Authority, NY, 5.25%, 11/15/34(1)		10,000		11,077,200
			$	72,996,907
Water and Sewer — 2.1%
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.75%, 6/15/40(1)(3)	$	6,855	$	7,576,557
			$	7,576,557
Total Tax-Exempt Investments — 109.9% (identified cost $358,875,371)			$	402,075,511
Other Assets, Less Liabilities — (9.9)%			$	(36,327,634	)
Net Assets — 100.0%			$	365,747,877

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

At March 31, 2016, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows:

California	21.6%
New York	18.5%
Texas	10.9%
Others, representing less than 10% individually	58.9%

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, 2016, 17.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.1% to 7.2% of total investments.

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

⁽²⁾  When-issued security.

⁽³⁾  Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $5,869,956.

⁽⁴⁾  Amount is less than 0.05%.

⁽⁵⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2016, the aggregate value of these securities is $3,342,220 or 0.9% of the Fund’s net assets.

⁽⁶⁾  The issuer is in default on the payment of principal but continues to pay interest.

⁽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.

10 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2016

Portfolio of Investments (Unaudited) — continued

Futures Contracts
Description	Contracts		Position	Expiration Month/Year		Aggregate Cost			Value			Net Unrealized Appreciation
Interest Rate Futures
U.S. 10-Year Treasury Note		245	Short		Jun-16	$	(32,150,047	)	$	(31,945,703	)	$	204,344
U.S. Long Treasury Bond		121	Short		Jun-16		(20,005,422	)		(19,896,938	)		108,484
												$	312,828

Abbreviations:

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.

11 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2016

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 109.7%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.8%
Connecticut, (State Revolving Fund), 5.00%, 3/1/28	$	10,000	$	12,454,200
Oklahoma Water Resources Board, 5.25%, 4/1/36		14,165		16,473,470
Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		25,870		28,900,153
			$	57,827,823
Cogeneration — 0.2%
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(1)	$	14,652	$	6,376,248
			$	6,376,248
Education — 4.8%
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/46	$	7,395	$	8,550,025
Missouri Health and Educational Facilities Authority, (Washington University), 5.375%, 3/15/39(2)		45,615		49,236,831
North Carolina State University at Raleigh, 5.00%, 10/1/37		6,620		7,839,867
Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36		9,930		11,821,665
Rutgers State University, NJ, 5.00%, 5/1/43(2)(3)		37,000		42,684,310
University of California, 5.25%, 5/15/36		7,080		8,560,853
University of California, 5.25%, 5/15/37		13,000		15,665,780
University of California, 5.25%, 5/15/38		7,700		9,216,284
			$	153,575,615
Electric Utilities — 8.4%
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 6.50%, 7/1/39	$	8,600	$	9,760,656
Missouri Joint Municipal Electric Utility Commission, (Prairie State Energy Campus), 4.00%, 12/1/41		21,735		22,962,158
Ohio Water Development Authority, (FirstEnergy Nuclear Generation, LLC), (AMT), 3.95% to 5/1/20 (Put Date), 11/1/32		8,000		8,304,880
Omaha Public Power District, NE, 5.00%, 2/1/39		11,805		13,824,481
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/28		6,625		7,896,205
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/31		7,040		8,246,234
San Antonio, TX, (Electric and Gas Systems), 5.00%, 2/1/34(2)		41,100		45,092,454
Unified Government of Wyandotte County/Kansas City, KS, Utility System Revenue, 5.00%, 9/1/32		10,000		11,492,600
Utility Debt Securitization Authority, NY, 5.00%, 12/15/30(2)		22,500		27,459,900

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
Utility Debt Securitization Authority, NY, 5.00%, 12/15/31(2)	$	27,500	$	33,429,275
Utility Debt Securitization Authority, NY, 5.00%, 12/15/41		9,900		11,662,497
Utility Debt Securitization Authority, NY, 5.00%, 12/15/41(2)		26,600		31,335,598
Vernon, CA, Electric System Revenue, 5.125%, 8/1/21		35,640		39,725,770
			$	271,192,708
Escrowed / Prerefunded — 1.3%
Bexar County Health Facilities Development Corp., TX, (St. Luke’s Lutheran Hospital), Escrowed to Maturity, 7.00%, 5/1/21	$	2,400	$	2,912,856
Metropolitan Transportation Authority, NY, Prerefunded to 11/15/18, 6.25%, 11/15/23		15,540		17,727,721
Puerto Rico Electric Power Authority, Series O, Escrowed to Maturity, 0.00%, 7/1/17		1,450		1,385,649
Tarrant County Cultural Education Facilities Finance Corp., TX, (Scott & White Healthcare), Prerefunded to 8/15/20, 5.25%, 8/15/40		1,000		1,177,970
Vernon, CA, Electric System Revenue, Prerefunded to 8/1/19, 5.125%, 8/1/21		15,735		17,197,254
			$	40,401,450
General Obligations — 18.4%
Aldine Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/39	$	11,295	$	13,293,086
Bonneville and Bingham Counties Joint School District No. 93, ID, 5.00%, 9/15/31		2,875		3,556,404
Bonneville and Bingham Counties Joint School District No. 93, ID, 5.00%, 9/15/32		2,735		3,361,370
Bonneville and Bingham Counties Joint School District No. 93, ID, 5.00%, 9/15/33		2,135		2,611,254
California, 4.00%, 9/1/36		5,000		5,477,200
California, 5.00%, 10/1/24		9,755		12,321,345
California, 5.00%, 3/1/26		20,000		25,147,800
California, 5.00%, 9/1/30		5,000		5,898,550
Denton County, TX, 4.00%, 7/15/32(4)		3,000		3,312,060
Denton County, TX, 4.00%, 7/15/33(4)		2,000		2,196,040
Hastings Area School System, MI, 5.00%, 5/1/38		2,325		2,698,418
Hastings Area School System, MI, 5.00%, 5/1/39		1,210		1,398,675
Hawaii, 4.00%, 4/1/28(4)		17,635		20,538,426
Hawaii, 4.00%, 4/1/29(4)		10,000		11,377,200
Illinois, 5.00%, 5/1/26		24,650		27,343,505
Jackson County Reorganized School District No. 7, MO, (Lee’s Summit R-7), 5.00%, 3/1/36(4)		1,350		1,580,445

12 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29	$	1,920	$	2,245,882
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/30		4,105		4,770,421
Klein Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/36		14,180		16,274,528
Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/16/27		13,000		9,748,050
Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/16/29		14,000		9,711,100
Maryland, 5.00%, 8/1/23		17,150		21,506,443
Marysville Public Schools District, MI, 5.00%, 5/1/35(4)		3,735		4,363,638
Marysville Public Schools District, MI, 5.00%, 5/1/36(4)		2,900		3,374,469
Marysville Public Schools District, MI, 5.00%, 5/1/37(4)		1,065		1,236,252
Massachusetts, 5.00%, 7/1/35		10,000		12,062,000
Massachusetts, 5.00%, 3/1/36		8,500		10,044,280
Massachusetts, 5.00%, 7/1/36		21,160		25,387,768
Massachusetts, 5.00%, 3/1/37		11,500		13,544,125
Missoula County School District No. 1, MT, 4.00%, 7/1/30		1,155		1,328,804
Missoula County School District No. 1, MT, 4.00%, 7/1/31		1,440		1,638,389
Missoula County School District No. 1, MT, 4.00%, 7/1/32		850		958,078
Missoula County School District No. 1, MT, 4.00%, 7/1/34		2,190		2,443,361
New York, NY, 5.00%, 8/1/28		15,000		18,687,600
Newton, MA, 5.00%, 4/1/39		2,810		3,133,010
North Carolina, 5.00%, 6/1/22		10,000		12,252,200
Port of Houston Authority of Harris County, TX, (AMT), 5.625%, 10/1/38		10,000		11,002,000
Port of Houston Authority of Harris County, TX, (AMT), 5.625%, 10/1/38(2)		41,620		45,790,324
Santa Clara County, CA, (Election of 2008), 5.00%, 8/1/39(2)(3)		57,400		64,395,338
Seward County Unified School District No. 480, KS, 5.00%, 9/1/33		10,000		11,543,900
Texas, (Texas Transportation Commission), 5.00%, 10/1/25(2)(3)		30,800		38,437,784
Texas, (Texas Transportation Commission), 5.00%, 10/1/44		30,000		35,359,200
Washington, Series 2011B, 5.00%, 2/1/33		20,000		23,014,400
Washington, Series 2014D, 5.00%, 2/1/33		21,325		25,379,522
Will County Community Unit School District No. 365-U, IL, (Valley View), 5.75%, 11/1/31		12,995		15,556,964
Woodhaven-Brownstown School District, MI, 5.00%, 5/1/40		5,370		6,197,302
			$	593,498,910

Security	Principal Amount (000’s omitted)		Value
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)	$	88	$	91,683
Tax Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 5.875%, 12/1/36(6)		94		94,467
			$	186,150
Hospital — 10.2%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28	$	5,700	$	6,652,014
California Health Facilities Financing Authority, (Providence Health System), 5.50%, 10/1/39(2)(3)		36,700		41,795,061
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		17,530		20,622,292
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		25,465		29,588,293
California Health Facilities Financing Authority, (Sutter Health), 5.25%, 8/15/31		13,675		16,335,471
Connecticut Health and Educational Facilities Authority, (Trinity Health Credit Group), 5.00%, 12/1/45		22,500		26,202,600
Idaho Health Facilities Authority, (Trinity Health Credit Group), 5.00%, 12/1/45		3,000		3,536,700
Illinois Finance Authority, (Provena Healthcare), 7.75%, 8/15/34		30,000		35,830,500
Kansas Development Finance Authority, (Adventist Health System/Sunbelt Obligated Group), 5.00%, 11/15/32		9,975		11,603,618
Massachusetts Development Finance Agency, (Lahey Health System Obligated Group), 5.00%, 8/15/45		7,000		8,019,900
Massachusetts Development Finance Agency, (Tufts Medical Center), 6.75%, 1/1/36		7,510		8,847,831
Missouri Health and Educational Facilities Authority, (SSM Health Care), 5.00%, 6/1/30		7,505		8,843,517
Southwestern Illinois Development Authority, (Memorial Group, Inc.), 7.25%, 11/1/33		9,170		12,687,154
Tarrant County Cultural Education Facilities Finance Corp., TX, (Scott & White Healthcare), 5.25%, 8/15/40		12,500		14,047,375
University of Kansas Hospital Authority, 5.00%, 9/1/45		25,500		29,194,695
Washington Township Health Care District, 6.25%, 7/1/39		16,675		18,873,932
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 5.375%, 6/1/38		21,895		25,355,067
Westchester County Local Development Corp., NY, (Westchester Medical Center Obligated Group), 3.75%, 11/1/37		12,025		11,998,184
			$	330,034,204

13 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Housing — 0.5%
Texas Student Housing Corp., (University of Northern Texas), 6.85%, 7/1/31	$	10,640	$	10,504,978
Virginia Housing Development Authority, (AMT), 5.10%, 10/1/35		7,120		7,274,860
			$	17,779,838
Industrial Development Revenue — 3.0%
Amelia County Industrial Development Authority, VA, (Waste Management, Inc.), (AMT), 2.125% to 4/1/20 (Put Date), 4/1/27	$	8,155	$	8,226,927
Denver City and County, CO, (United Airlines), (AMT), 5.25%, 10/1/32		12,360		12,911,998
Denver City and County, CO, (United Airlines), (AMT), 5.75%, 10/1/32		19,755		20,786,014
Hardeman County Correctional Facilities Corp., TN, 7.75%, 8/1/17		1,670		1,670,067
Metropolitan Nashville Airport Authority, TN, (Aero Nashville), 5.20%, 7/1/26		420		453,335
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39		28,150		31,827,516
Pennsylvania Economic Development Financing Authority, (PPL Energy Supply, LLC), 5.00% to 9/1/20 (Put Date), 12/1/37		20,620		20,400,603
			$	96,276,460
Insured – Education — 0.0%(5)
Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board, TN, (Meharry Medical College), (AMBAC), 6.00%, 12/1/19	$	1,230	$	1,316,949
			$	1,316,949
Insured – Electric Utilities — 0.6%
Kentucky Municipal Power Agency, (Prairie State Energy Campus), (NPFG), 5.00%, 9/1/34	$	6,785	$	7,865,986
Puerto Rico Electric Power Authority, (BHAC), (FGIC), (NPFG), 5.25%, 7/1/24		400		487,868
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		1,315		1,347,757
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/30		8,385		8,557,479
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		830		840,757
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35		165		166,162
			$	19,266,009

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations — 0.7%
Chicago, IL, (AGM), 5.25%, 1/1/31	$	7,600	$	8,360,076
Chicago Park District, IL, (BAM), 5.00%, 1/1/29		4,525		5,129,721
Puerto Rico Public Buildings Authority, (AMBAC), 5.50%, 7/1/21		1,605		1,646,955
Grand Rapids Public Schools, MI, (AGM), 5.00%, 5/1/38		7,575		8,863,053
			$	23,999,805
Insured – Hospital — 0.7%
Maryland Health and Higher Educational Facilities Authority, (LifeBridge Health), (AGC), 4.75%, 7/1/47(2)	$	7,800	$	7,987,356
Medford Hospital Facilities Authority, OR, (Asante Health System), (AGM), 5.50%, 8/15/28		12,000		13,821,720
			$	21,809,076
Insured – Lease Revenue / Certificates of Participation — 0.0%(5)
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27	$	770	$	1,010,602
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27		330		433,115
			$	1,443,717
Insured – Other Revenue — 1.8%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	68,155	$	32,326,598
Harris County-Houston Sports Authority, TX, (NPFG), 0.00%, 11/15/41		25,000		7,110,000
New York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGC), 6.375%, 1/1/39		11,625		13,179,611
New York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGC), 6.50%, 1/1/46		6,085		6,920,958
			$	59,537,167
Insured – Special Tax Revenue — 2.9%
Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29	$	11,000	$	14,654,530
Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		3,080		4,119,623
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/44		4,450		630,209
Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/28		1,000		1,018,130
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44		83,550		13,677,970
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		253,860		39,211,216

14 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Special Tax Revenue (continued)
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46	$	128,640	$	19,092,749
			$	92,404,427
Insured – Student Loan — 1.4%
Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30	$	27,025	$	28,378,952
Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33		15,975		16,046,888
			$	44,425,840
Insured – Transportation — 5.1%
Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/26	$	22,500	$	12,689,100
Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/27		41,630		21,739,602
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37		13,335		5,133,308
Miami-Dade County, FL, (Miami International Airport), (AGM), (AMT), 5.25%, 10/1/41		19,180		20,778,270
North Texas Tollway Authority, (AGC), 6.20%, 1/1/42		58,145		74,345,941
Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/39		3,410		3,842,627
Puerto Rico Highway and Transportation Authority, (AMBAC), 0.00%, 7/1/16		1,000		994,090
Puerto Rico Highway and Transportation Authority, (AMBAC), 0.00%, 7/1/18		1,795		1,607,117
Puerto Rico Highway and Transportation Authority, (NPFG), 5.25%, 7/1/32		590		599,647
San Jose, CA, Airport Revenue, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47		21,420		22,381,544
			$	164,111,246
Lease Revenue / Certificates of Participation — 2.5%
Mohave County Industrial Development Authority, AZ, (Mohave Prison LLC), 8.00%, 5/1/25(7)	$	38,660	$	43,468,917
North Carolina, Capital Improvement Limited Obligation Bonds, 5.25%, 5/1/31		32,925		38,185,098
			$	81,654,015
Nursing Home — 0.3%
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25	$	8,305	$	8,116,393
			$	8,116,393

Security	Principal Amount (000’s omitted)		Value
Other Revenue — 6.6%
Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.00%, 7/15/30	$	9,530	$	10,915,853
Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.25%, 7/15/40		14,295		16,470,699
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(8)		250		62,100
New Mexico Municipal Energy Acquisition Authority, (SPA: Royal Bank of Canada), 1.044%, 8/1/19 (Put Date), 11/1/39(9)		8,300		8,209,447
New York City Industrial Development Agency, NY, (Bronx Parking Development Co., LLC), 5.875%, 10/1/46(8)		12,330		4,369,259
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/33		10,000		11,926,500
Non-Profit Preferred Funding Trust, Various States, 4.47%, 9/15/37(6)		12,000		11,325,720
Non-Profit Preferred Funding Trust, Various States, 4.72%, 9/15/37(6)		19,000		17,435,540
Palm Beach County, FL, 5.00%, 5/1/35(4)		7,790		9,459,241
Palm Beach County, FL, 5.00%, 5/1/36(4)		8,190		9,904,658
Palm Beach County, FL, 5.00%, 5/1/37(4)		5,310		6,395,736
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37		12,765		15,655,506
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 6.25%, 12/15/26		26,135		32,425,172
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/29		11,190		12,707,028
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/30		4,845		5,470,199
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/32		34,755		38,812,994
			$	211,545,652
Senior Living / Life Care — 0.4%
Logan County, CO, (TLC Care Choices, Inc.), 6.875%, 12/1/23(8)	$	409	$	100,020
North Miami, FL, (Imperial Club), 6.125%, 1/1/42(8)		16,435		11,750,532
			$	11,850,552
Special Tax Revenue — 8.4%
Dallas Area Rapid Transit, TX, Sales Tax Revenue, 5.00%, 12/1/36	$	4,000	$	4,800,640
Guam, Limited Obligation Bonds, 5.625%, 12/1/29		350		389,291
Guam, Limited Obligation Bonds, 5.75%, 12/1/34		375		417,574
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 5.00%, 7/1/40		10,000		11,826,200
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 5.00%, 7/1/45		10,000		11,772,600

15 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Metropolitan Pier and Exposition Authority, IL, (Liq: Morgan Stanley Bank), 0.88%, 6/15/50(6)(10)	$	30,000	$	30,000,000
New River Community Development District, FL, (Capital Improvements), 5.00%, 5/1/13(11)		230		0
New River Community Development District, FL, (Capital Improvements), 5.35%, 5/1/38(11)		80		0
New River Community Development District, FL, (Capital Improvements), Series 2010A-2, 5.75%, 5/1/38		410		409,958
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/38		10,000		11,836,800
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 11/1/38		10,000		11,830,700
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 2/1/40		25,000		29,627,250
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/34(2)		21,835		26,019,871
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/35(2)		12,895		15,298,883
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/36		10,000		11,803,500
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/44		10,000		11,559,100
New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/26		10,365		13,247,403
New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/27		17,910		22,587,017
New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/35		10,000		11,972,500
Puerto Rico Sales Tax Financing Corp., 5.00%, 8/1/40		5,385		3,333,530
Sales Tax Asset Receivables Corp., NY, 5.00%, 10/15/26(2)		20,940		26,427,746
Southern Hills Plantation I Community Development District, FL, Series A1, 5.80%, 5/1/35		500		499,960
Southern Hills Plantation I Community Development District, FL, Series A2, 5.80%, 5/1/35		365		333,179
Sterling Hill Community Development District, FL, 6.20%, 5/1/35		1,610		1,126,775
Texas Transportation Commission, 5.00%, 4/1/33(2)(3)		10,000		11,922,400
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		1,410		1,585,489
			$	270,628,366
Student Loan — 0.6%
Iowa Student Loan Liquidity Corp., 5.25%, 12/1/22	$	12,725	$	14,180,485
New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/28		5,340		5,610,738
			$	19,791,223

Security	Principal Amount (000’s omitted)		Value
Transportation — 22.9%
Central Florida Expressway Authority, 4.00%, 7/1/37(4)	$	16,000	$	17,118,400
Central Texas Regional Mobility Authority, 5.00%, 1/1/40		2,105		2,400,774
Central Texas Regional Mobility Authority, 5.00%, 1/1/45		3,250		3,695,510
Charleston County Airport District, SC, (AMT), 5.50%, 7/1/38		10,000		11,484,200
Chicago, IL, (Midway International Airport), 5.00%, 1/1/33		6,750		7,702,087
Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/34		5,250		5,870,918
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/25		16,100		18,780,972
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/33		8,500		9,610,695
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31		10,395		12,397,909
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.25%, 11/1/30		11,445		13,461,151
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/31		8,915		10,489,835
Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/41		2,935		3,314,818
Houston, TX, (United Airlines, Inc.), (AMT), 5.00%, 7/1/29		7,670		8,417,518
Illinois Toll Highway Authority, 5.00%, 1/1/32		2,500		2,933,925
Illinois Toll Highway Authority, 5.00%, 1/1/33		4,750		5,552,608
Illinois Toll Highway Authority, 5.00%, 1/1/40(2)		22,040		25,559,568
Illinois Toll Highway Authority, 5.25%, 1/1/29		12,000		13,606,440
Illinois Toll Highway Authority, 5.25%, 1/1/30(2)(3)		18,180		20,528,674
Kansas Department of Transportation, 5.00%, 9/1/30		26,290		32,371,140
Kansas Department of Transportation, 5.00%, 9/1/33		27,130		33,351,180
Los Angeles Department of Airports, CA, (Los Angeles International Airport), 5.00%, 5/15/35(2)(3)		7,200		8,164,800
Metropolitan Transportation Authority, NY, 5.00%, 11/15/33		5,000		5,912,950
Metropolitan Transportation Authority, NY, 5.25%, 11/15/33		10,550		12,765,289
Metropolitan Transportation Authority, NY, 6.25%, 11/15/23		3,885		4,437,253
Miami-Dade County, FL, (Miami International Airport), 5.50%, 10/1/36		3,500		3,985,275
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/33		25,000		28,545,500
New Jersey Transportation Trust Fund Authority, (Transportation Program), 1.49%, 12/15/21 (Put Date), 6/15/34(9)		35,000		33,314,750
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38(7)		22,070		24,322,906
New Jersey Turnpike Authority, Series 2014A, 5.00%, 1/1/31		10,000		11,893,900

16 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
New Jersey Turnpike Authority, Series 2015E, 5.00%, 1/1/31	$	8,000	$	9,521,200
New Jersey Turnpike Authority, 5.00%, 1/1/45		33,220		38,160,478
New York Liberty Development Corp., (4 World Trade Center), 5.00%, 11/15/31		6,835		8,031,398
Orlando-Orange County Expressway Authority, FL, 5.00%, 7/1/35		15,000		16,814,700
Pennsylvania Turnpike Commission, 5.25%, 6/1/39		9,305		10,220,798
Pennsylvania Turnpike Commission, 5.35%, 12/1/30		13,010		14,891,766
Pennsylvania Turnpike Commission, 5.45%, 12/1/35		12,125		13,951,752
Pennsylvania Turnpike Commission, 6.00%, 12/1/34		25,000		29,473,000
Pennsylvania Turnpike Commission, 6.50%, 12/1/36		10,000		11,922,000
Port Authority of New York and New Jersey, 5.00%, 10/15/41		15,180		17,972,513
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/33		10,535		12,415,076
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/36		17,325		19,428,428
Port Authority of New York and New Jersey, (AMT), 5.25%, 9/15/23(2)		28,890		31,181,844
Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34		29,200		35,572,024
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39		24,110		28,454,863
Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/37		6,075		6,872,344
Triborough Bridge and Tunnel Authority, NY, 5.25%, 11/15/34(2)		38,980		43,178,926
			$	740,054,055
Water and Sewer — 6.2%
Atlanta, GA, Water and Wastewater Revenue, 5.00%, 11/1/35	$	15,000	$	17,802,150
Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39		22,500		24,945,075
Detroit, MI, Water Supply System, 5.00%, 7/1/41		2,185		2,373,587
Detroit, MI, Water Supply System, 5.25%, 7/1/41(7)		56,420		61,966,086
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33		8,095		9,251,047
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/44		8,095		8,808,817
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.75%, 6/15/40(2)(3)		42,030		46,454,078
Texas Water Development Board, 5.00%, 10/15/40		22,495		26,861,955
			$	198,462,795
Total Tax-Exempt Municipal Securities — 109.7% (identified cost $3,275,020,379)			$	3,537,566,693

Taxable Municipal Securities — 2.8%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.0%(5)
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(1)	$	655	$	284,035
			$	284,035
General Obligations — 1.7%
Chicago, IL, 7.517%, 1/1/40(12)	$	25,000	$	24,864,250
Chicago, IL, 7.75%, 1/1/42		7,900		7,914,299
Massachusetts, 4.50%, 8/1/31(12)		18,725		21,121,800
			$	53,900,349
Hospital — 1.1%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	34,250	$	37,502,037
			$	37,502,037
Total Taxable Municipal Securities — 2.8% (identified cost $87,919,526)			$	91,686,421
Corporate Bonds & Notes — 0.7%
Security	Principal Amount (000’s omitted)		Value
Education — 0.7%
Massachusetts Institute of Technology, 3.308%, 7/1/26	$	20,000	$	21,407,460
Total Corporate Bonds & Notes — 0.7% (identified cost $20,000,000)			$	21,407,460
Total Investments — 113.2% (identified cost $3,382,939,905)			$	3,650,660,574
Other Assets, Less Liabilities — (13.2)%			$	(425,854,151	)
Net Assets — 100.0%			$	3,224,806,423

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

At March 31, 2016, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows:

Texas	19.1%
New York	18.9%
California	13.1%
Others, representing less than 10% individually	62.1%

17 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2016

Portfolio of Investments (Unaudited) — continued

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2016, 11.7% 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 0.05% to 4.3% 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⁾  Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $96,052,445.

⁽⁴⁾  When-issued security.

⁽⁵⁾  Amount is less than 0.05%.

⁽⁶⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in

certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2016, the aggregate value of these securities is $58,947,410 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⁾  Floating-rate security. The stated interest rate represents the rate in effect at March 31, 2016.

⁽¹⁰⁾  Floating-rate certificate issued by a tender option bond trust that owns the underlying municipal bond. The floating-rate certificate may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, represents the rate in effect at March 31, 2016.

⁽¹¹⁾  Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy.

⁽¹²⁾  Build America Bond. Represents taxable municipal obligation 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.

Futures Contracts
Description	Contracts		Position	Expiration Month/Year		Aggregate Cost			Value			Net Unrealized Appreciation
Interest Rate Futures
U.S. Long Treasury Bond		2,000	Short		Jun-16	$	(330,668,114	)	$	(328,875,000	)	$	1,793,114
												$	1,793,114

Abbreviations:

AGC	–	Assured Guaranty Corp.
AGM	–	Assured Guaranty Municipal Corp.
AMBAC	–	AMBAC Financial Group, Inc.
AMT	–	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BAM	–	Build America Mutual Assurance Co.

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

18 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2016

Statements of Assets and Liabilities (Unaudited)

	March 31, 2016
Assets	AMT-Free Fund			National Fund
Investments —
Identified cost	$	358,875,371		$	3,382,939,905
Unrealized appreciation		43,200,140			267,720,669
Investments, at value	$	402,075,511		$	3,650,660,574
Cash	$	7,316,125		$	44,347,414
Restricted cash*		825,000			8,150,000
Interest receivable		4,664,493			41,457,210
Receivable for investments sold		902,556			125,775,861
Receivable for Fund shares sold		603,748			27,904,218
Total assets	$	416,387,433		$	3,898,295,277
Liabilities
Payable for floating rate notes issued	$	40,685,000		$	440,855,000
Payable for investments purchased		—			92,563,565
Payable for when-issued securities		7,115,156			124,836,906
Payable for variation margin on open financial futures contracts		209,094			1,937,500
Payable for Fund shares redeemed		2,073,149			8,368,688
Distributions payable		189,539			1,746,009
Payable to affiliates:
Investment adviser fee		134,904			933,926
Distribution and service fees		78,996			906,388
Interest expense and fees payable		69,827			807,011
Accrued expenses		83,891			533,861
Total liabilities	$	50,639,556		$	673,488,854
Net Assets	$	365,747,877		$	3,224,806,423
Sources of Net Assets
Paid-in capital	$	444,584,917		$	4,174,032,223
Accumulated net realized loss		(123,901,754	)		(1,229,807,672	)
Accumulated undistributed net investment income		1,551,746			11,068,089
Net unrealized appreciation		43,512,968			269,513,783
Net Assets	$	365,747,877		$	3,224,806,423

19 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2016

Statements of Assets and Liabilities (Unaudited) — continued

	March 31, 2016
Class A Shares	AMT-Free Fund		National Fund
Net Assets	$	196,464,532	$	1,881,504,353
Shares Outstanding		20,964,020		188,215,329
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.37	$	10.00
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	9.84	$	10.50
Class B Shares
Net Assets	$	534,176	$	21,164,427
Shares Outstanding		57,382		2,117,452
Net Asset Value and Offering Price Per Share**
(net assets ÷ shares of beneficial interest outstanding)	$	9.31	$	10.00
Class C Shares
Net Assets	$	43,392,703	$	580,910,968
Shares Outstanding		4,656,188		58,112,444
Net Asset Value and Offering Price Per Share**
(net assets ÷ shares of beneficial interest outstanding)	$	9.32	$	10.00
Class I Shares
Net Assets	$	125,356,466	$	741,226,675
Shares Outstanding		12,245,666		74,145,403
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.24	$	10.00

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.

20 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2016

Statements of Operations (Unaudited)

	Six Months Ended March 31, 2016
Investment Income	AMT-Free Fund			National Fund
Interest	$	8,577,828		$	74,793,053
Total investment income	$	8,577,828		$	74,793,053
Expenses
Investment adviser fee	$	786,310		$	5,519,670
Distribution and service fees
Class A		245,027			2,365,584
Class B		3,300			118,149
Class C		215,933			2,911,702
Trustees’ fees and expenses		9,756			34,000
Custodian fee		44,334			270,271
Transfer and dividend disbursing agent fees		57,769			654,791
Legal and accounting services		37,073			68,105
Printing and postage		11,912			89,621
Registration fees		40,788			69,585
Interest expense and fees		136,295			1,379,103
Miscellaneous		20,870			82,581
Total expenses	$	1,609,367		$	13,563,162
Net investment income	$	6,968,461		$	61,229,891
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	900,387		$	30,597,359
Financial futures contracts		(2,806,690	)		(27,030,969	)
Net realized gain (loss)	$	(1,906,303	)	$	3,566,390
Change in unrealized appreciation (depreciation) —
Investments	$	6,824,451		$	47,286,079
Financial futures contracts		989,759			7,406,248
Net change in unrealized appreciation (depreciation)	$	7,814,210		$	54,692,327
Net realized and unrealized gain	$	5,907,907		$	58,258,717
Net increase in net assets from operations	$	12,876,368		$	119,488,608

21 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2016

Statements of Changes in Net Assets

	Six Months Ended March 31, 2016  (Unaudited)
Increase (Decrease) in Net Assets	AMT-Free Fund			National Fund
From operations —
Net investment income	$	6,968,461		$	61,229,891
Net realized gain (loss) from investment transactions and financial futures contracts		(1,906,303	)		3,566,390
Net change in unrealized appreciation (depreciation) from investments and financial futures contracts		7,814,210			54,692,327
Net increase in net assets from operations	$	12,876,368		$	119,488,608
Distributions to shareholders —
From net investment income
Class A	$	(3,838,268	)	$	(36,990,835	)
Class B		(10,522	)		(373,212	)
Class C		(684,034	)		(9,199,311	)
Class I		(2,411,877	)		(14,270,235	)
Total distributions to shareholders	$	(6,944,701	)	$	(60,833,593	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	11,072,200		$	73,463,475
Class B		28,255			107,131
Class C		4,210,477			25,509,398
Class I		19,822,102			143,027,067
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		3,491,349			31,304,717
Class B		6,346			308,443
Class C		508,115			7,147,875
Class I		1,813,552			11,500,991
Cost of shares redeemed
Class A		(15,752,524	)		(160,632,868	)
Class B		(168,283	)		(2,306,378	)
Class C		(3,955,289	)		(47,797,618	)
Class I		(8,109,156	)		(100,578,735	)
Net asset value of shares exchanged
Class A		127,121			3,119,760
Class B		(127,121	)		(3,119,760	)
Net increase (decrease) in net assets from Fund share transactions	$	12,967,144		$	(18,946,502	)
Net increase in net assets	$	18,898,811		$	39,708,513
Net Assets
At beginning of period	$	346,849,066		$	3,185,097,910
At end of period	$	365,747,877		$	3,224,806,423
Accumulated undistributed net investment income included in net assets
At end of period	$	1,551,746		$	11,068,089

22 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2016

Statements of Changes in Net Assets — continued

	Year Ended September 30, 2015
Increase (Decrease) in Net Assets	AMT-Free Fund			National Fund
From operations —
Net investment income	$	13,949,736		$	128,664,364
Net realized gain from investment transactions and financial futures contracts		1,697,645			59,873,899
Net change in unrealized appreciation (depreciation) from investments and financial futures contracts		(7,001,165	)		(82,156,831	)
Net increase in net assets from operations	$	8,646,216		$	106,381,432
Distributions to shareholders —
From net investment income
Class A	$	(7,936,334	)	$	(78,357,303	)
Class B		(36,880	)		(1,072,302	)
Class C		(1,325,188	)		(19,544,324	)
Class I		(4,573,822	)		(28,623,549	)
Total distributions to shareholders	$	(13,872,224	)	$	(127,597,478	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	21,442,536		$	107,301,453
Class B		46,128			271,900
Class C		9,845,957			37,754,925
Class I		24,348,878			193,831,273
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		7,174,572			66,116,345
Class B		24,886			888,634
Class C		995,092			15,085,541
Class I		3,375,303			23,524,642
Cost of shares redeemed
Class A		(32,594,061	)		(398,588,759	)
Class B		(227,228	)		(7,541,798	)
Class C		(5,487,085	)		(109,373,397	)
Class I		(18,521,346	)		(224,390,619	)
Net asset value of shares exchanged
Class A		694,287			10,369,631
Class B		(694,287	)		(10,369,631	)
Net increase (decrease) in net assets from Fund share transactions	$	10,423,632		$	(295,119,860	)
Net increase (decrease) in net assets	$	5,197,624		$	(316,335,906	)
Net Assets
At beginning of year	$	341,651,442		$	3,501,433,816
At end of year	$	346,849,066		$	3,185,097,910
Accumulated undistributed net investment income included in net assets
At end of year	$	1,527,986		$	10,671,791

23 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2016

Statements of Cash Flows (Unaudited)

	Six Months Ended March 31, 2016
Cash Flows From Operating Activities	AMT-Free Fund			National Fund
Net increase in net assets from operations	$	12,876,368		$	119,488,608
Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities:
Investments purchased		(33,485,479	)		(1,004,516,070	)
Investments sold		24,936,255			1,081,584,474
Net amortization/accretion of premium (discount)		(742,818	)		2,903,226
Decrease in restricted cash		60,000			—
Decrease in interest receivable		70,315			1,667,536
Decrease in receivable for variation margin on open financial futures contracts		87,203			1,125,000
Increase in payable for variation margin on open financial futures contracts		209,094			1,937,500
Increase in payable to affiliate for investment adviser fee		8,675			24,032
Increase in payable to affiliate for distribution and service fees		4,444			15,092
Decrease in interest expense and fees payable		(4,108	)		(23,181	)
Decrease in accrued expenses		(30,644	)		(13,394	)
Net change in unrealized (appreciation) depreciation from investments		(6,824,451	)		(47,286,079	)
Net realized gain from investments		(900,387	)		(30,597,359	)
Net cash provided by (used in) operating activities	$	(3,735,533	)	$	126,309,385
Cash Flows From Financing Activities
Proceeds from Fund shares sold	$	35,075,723		$	217,129,786
Fund shares redeemed		(27,105,227	)		(310,710,995	)
Distributions paid, net of reinvestments		(1,123,180	)		(10,598,075	)
Proceeds from secured borrowings		—			42,575,000
Repayment of secured borrowings		—			(42,045,000	)
Net cash provided by (used in) financing activities	$	6,847,316		$	(103,649,284	)
Net increase in cash	$	3,111,783		$	22,660,101
Cash at beginning of period	$	4,204,342		$	21,687,313
Cash at end of period	$	7,316,125		$	44,347,414
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of:
Reinvestment of dividends and distributions	$	5,819,362		$	50,262,026
Cash paid for interest and fees	$	140,403		$	1,402,284

24 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2016

Financial Highlights

	AMT-Free Fund — Class A
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30,									Nine Months Ended September 30, 2012(1)			Year Ended December 31,
				2015			2014			2013						2011			2010
Net asset value — Beginning of period	$	9.210		$	9.350		$	8.670		$	9.600		$	8.840		$	8.320		$	8.800
Income (Loss) From Operations
Net investment income(2)	$	0.183		$	0.374		$	0.395		$	0.400		$	0.296		$	0.437		$	0.436
Net realized and unrealized gain (loss)		0.159			(0.142	)		0.677			(0.934	)		0.758			0.505			(0.487	)
Total income (loss) from operations	$	0.342		$	0.232		$	1.072		$	(0.534	)	$	1.054		$	0.942		$	(0.051	)
Less Distributions
From net investment income	$	(0.182	)	$	(0.372	)	$	(0.392	)	$	(0.396	)	$	(0.294	)	$	(0.422	)	$	(0.429	)
Total distributions	$	(0.182	)	$	(0.372	)	$	(0.392	)	$	(0.396	)	$	(0.294	)	$	(0.422	)	$	(0.429	)
Net asset value — End of period	$	9.370		$	9.210		$	9.350		$	8.670		$	9.600		$	8.840		$	8.320
Total Return(3)		3.74	%(4)		2.52	%		12.63	%		(5.75	)%		12.06	%(4)		11.68	%		(0.79	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	196,465		$	194,227		$	200,408		$	224,506		$	293,544		$	299,566		$	345,914
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(5)		0.81	%(6)		0.82	%		0.83	%		0.83	%		0.84	%(6)		0.85	%		0.83	%
Interest and fee expense(7)		0.08	%(6)		0.08	%		0.09	%		0.11	%		0.11	%(6)		0.12	%		0.13	%
Total expenses(5)		0.89	%(6)		0.90	%		0.92	%		0.94	%		0.95	%(6)		0.97	%		0.96	%
Net investment income		3.93	%(6)		4.02	%		4.40	%		4.26	%		4.24	%(6)		5.19	%		4.90	%
Portfolio Turnover		7	%(4)		17	%		24	%		31	%		26	%(4)		20	%		15	%

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

⁽⁶⁾  Annualized.

⁽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, 2016

Financial Highlights — continued

	AMT-Free Fund — Class B
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30,									Nine Months Ended September 30, 2012(1)			Year Ended December 31,
				2015			2014			2013						2011			2010
Net asset value — Beginning of period	$	9.150		$	9.290		$	8.620		$	9.540		$	8.780		$	8.270		$	8.740
Income (Loss) From Operations
Net investment income(2)	$	0.148		$	0.303		$	0.326		$	0.326		$	0.242		$	0.372		$	0.368
Net realized and unrealized gain (loss)		0.159			(0.143	)		0.667			(0.922	)		0.758			0.495			(0.477	)
Total income (loss) from operations	$	0.307		$	0.160		$	0.993		$	(0.596	)	$	1.000		$	0.867		$	(0.109	)
Less Distributions
From net investment income	$	(0.147	)	$	(0.300	)	$	(0.323	)	$	(0.324	)	$	(0.240	)	$	(0.357	)	$	(0.361	)
Total distributions	$	(0.147	)	$	(0.300	)	$	(0.323	)	$	(0.324	)	$	(0.240	)	$	(0.357	)	$	(0.361	)
Net asset value — End of period	$	9.310		$	9.150		$	9.290		$	8.620		$	9.540		$	8.780		$	8.270
Total Return(3)		3.37	%(4)		1.74	%		11.73	%		(6.42	)%		11.50	%(4)		10.76	%		(1.43	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	534		$	783		$	1,647		$	2,893		$	5,236		$	7,771		$	13,078
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(5)		1.57	%(6)		1.57	%		1.58	%		1.58	%		1.59	%(6)		1.61	%		1.58	%
Interest and fee expense(7)		0.08	%(6)		0.08	%		0.09	%		0.11	%		0.11	%(6)		0.12	%		0.13	%
Total expenses(5)		1.65	%(6)		1.65	%		1.67	%		1.69	%		1.70	%(6)		1.73	%		1.71	%
Net investment income		3.21	%(6)		3.27	%		3.67	%		3.49	%		3.50	%(6)		4.46	%		4.16	%
Portfolio Turnover		7	%(4)		17	%		24	%		31	%		26	%(4)		20	%		15	%

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

⁽⁶⁾  Annualized.

⁽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, 2016

Financial Highlights — continued

	AMT-Free Fund — Class C
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30,									Nine Months Ended September 30, 2012(1)			Year Ended December 31,
				2015			2014			2013						2011			2010
Net asset value — Beginning of period	$	9.160		$	9.300		$	8.620		$	9.550		$	8.790		$	8.280		$	8.750
Income (Loss) From Operations
Net investment income(2)	$	0.147		$	0.302		$	0.326		$	0.327		$	0.242		$	0.371		$	0.367
Net realized and unrealized gain (loss)		0.160			(0.142	)		0.677			(0.933	)		0.758			0.496			(0.475	)
Total income (loss) from operations	$	0.307		$	0.160		$	1.003		$	(0.606	)	$	1.000		$	0.867		$	(0.108	)
Less Distributions
From net investment income	$	(0.147	)	$	(0.300	)	$	(0.323	)	$	(0.324	)	$	(0.240	)	$	(0.357	)	$	(0.362	)
Total distributions	$	(0.147	)	$	(0.300	)	$	(0.323	)	$	(0.324	)	$	(0.240	)	$	(0.357	)	$	(0.362	)
Net asset value — End of period	$	9.320		$	9.160		$	9.300		$	8.620		$	9.550		$	8.790		$	8.280
Total Return(3)		3.37	%(4)		1.75	%		11.84	%		(6.51	)%		11.49	%(4)		10.76	%		(1.42	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	43,393		$	41,903		$	37,193		$	40,823		$	50,099		$	43,863		$	50,369
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(5)		1.56	%(6)		1.57	%		1.58	%		1.58	%		1.59	%(6)		1.61	%		1.57	%
Interest and fee expense(7)		0.08	%(6)		0.08	%		0.09	%		0.11	%		0.11	%(6)		0.12	%		0.13	%
Total expenses(5)		1.64	%(6)		1.65	%		1.67	%		1.69	%		1.70	%(6)		1.73	%		1.70	%
Net investment income		3.18	%(6)		3.27	%		3.65	%		3.52	%		3.48	%(6)		4.42	%		4.14	%
Portfolio Turnover		7	%(4)		17	%		24	%		31	%		26	%(4)		20	%		15	%

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

⁽⁶⁾  Annualized.

⁽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, 2016

Financial Highlights — continued

	AMT-Free Fund — Class I
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30,									Nine Months Ended September 30, 2012(1)			Year Ended December 31,
				2015			2014			2013						2011			2010
Net asset value — Beginning of period	$	10.060		$	10.210		$	9.470		$	10.480		$	9.660		$	9.090		$	9.610
Income (Loss) From Operations
Net investment income(2)	$	0.212		$	0.434		$	0.455		$	0.463		$	0.341		$	0.500		$	0.500
Net realized and unrealized gain (loss)		0.180			(0.152	)		0.737			(1.015	)		0.819			0.554			(0.528	)
Total income (loss) from operations	$	0.392		$	0.282		$	1.192		$	(0.552	)	$	1.160		$	1.054		$	(0.028	)
Less Distributions
From net investment income	$	(0.212	)	$	(0.432	)	$	(0.452	)	$	(0.458	)	$	(0.340	)	$	(0.484	)	$	(0.492	)
Total distributions	$	(0.212	)	$	(0.432	)	$	(0.452	)	$	(0.458	)	$	(0.340	)	$	(0.484	)	$	(0.492	)
Net asset value — End of period	$	10.240		$	10.060		$	10.210		$	9.470		$	10.480		$	9.660		$	9.090
Total Return(3)		3.92	%(4)		2.70	%		12.99	%		(5.46	)%		12.27	%(4)		11.87	%		(0.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	125,356		$	109,937		$	102,404		$	99,553		$	125,642		$	101,762		$	130,202
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(5)		0.56	%(6)		0.57	%		0.58	%		0.58	%		0.59	%(6)		0.60	%		0.57	%
Interest and fee expense(7)		0.08	%(6)		0.08	%		0.09	%		0.11	%		0.11	%(6)		0.12	%		0.13	%
Total expenses(5)		0.64	%(6)		0.65	%		0.67	%		0.69	%		0.70	%(6)		0.72	%		0.70	%
Net investment income		4.17	%(6)		4.27	%		4.64	%		4.52	%		4.48	%(6)		5.42	%		5.14	%
Portfolio Turnover		7	%(4)		17	%		24	%		31	%		26	%(4)		20	%		15	%

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

⁽⁶⁾  Annualized.

⁽⁷⁾  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, 2016

Financial Highlights — continued

	National Fund — Class A
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30,
				2015			2014			2013			2012			2011
Net asset value — Beginning of period	$	9.810		$	9.870		$	9.170		$	10.200		$	9.360		$	10.020
Income (Loss) From Operations
Net investment income(1)	$	0.195		$	0.389		$	0.446		$	0.468		$	0.477		$	0.549
Net realized and unrealized gain (loss)		0.189			(0.064	)		0.707			(1.032	)		0.842			(0.682	)
Total income (loss) from operations	$	0.384		$	0.325		$	1.153		$	(0.564	)	$	1.319		$	(0.133	)
Less Distributions
From net investment income	$	(0.194	)	$	(0.385	)	$	(0.453	)	$	(0.466	)	$	(0.479	)	$	(0.527	)
Total distributions	$	(0.194	)	$	(0.385	)	$	(0.453	)	$	(0.466	)	$	(0.479	)	$	(0.527	)
Net asset value — End of period	$	10.000		$	9.810		$	9.870		$	9.170		$	10.200		$	9.360
Total Return(2)		3.94	%(3)		3.35	%		12.89	%		(5.77	)%		14.42	%		(1.00	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,881,504		$	1,899,324		$	2,126,465		$	2,134,502		$	2,975,655		$	2,872,630
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.67	%(5)		0.67	%		0.71	%		0.66	%		0.67	%		0.69	%
Interest and fee expense(6)		0.09	%(5)		0.09	%		0.09	%		0.11	%		0.11	%		0.13	%
Total expenses(4)		0.76	%(5)		0.76	%		0.80	%		0.77	%		0.78	%		0.82	%
Net investment income		3.93	%(5)		3.94	%		4.71	%		4.67	%		4.88	%		6.04	%
Portfolio Turnover		33	%(3)		57	%		47	%		74	%		59	%		18	%

⁽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, 2016

Financial Highlights — continued

	National Fund — Class B
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30,
				2015			2014			2013			2012			2011
Net asset value — Beginning of period	$	9.810		$	9.870		$	9.170		$	10.200		$	9.360		$	10.020
Income (Loss) From Operations
Net investment income(1)	$	0.158		$	0.315		$	0.379		$	0.392		$	0.405		$	0.480
Net realized and unrealized gain (loss)		0.189			(0.064	)		0.704			(1.031	)		0.840			(0.681	)
Total income (loss) from operations	$	0.347		$	0.251		$	1.083		$	(0.639	)	$	1.245		$	(0.201	)
Less Distributions
From net investment income	$	(0.157	)	$	(0.311	)	$	(0.383	)	$	(0.391	)	$	(0.405	)	$	(0.459	)
Total distributions	$	(0.157	)	$	(0.311	)	$	(0.383	)	$	(0.391	)	$	(0.405	)	$	(0.459	)
Net asset value — End of period	$	10.000		$	9.810		$	9.870		$	9.170		$	10.200		$	9.360
Total Return(2)		3.56	%(3)		2.58	%		12.06	%		(6.47	)%		13.57	%		(1.73	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	21,164		$	25,732		$	42,655		$	59,244		$	103,613		$	122,288
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.42	%(5)		1.42	%		1.46	%		1.41	%		1.42	%		1.44	%
Interest and fee expense(6)		0.09	%(5)		0.09	%		0.09	%		0.11	%		0.11	%		0.13	%
Total expenses(4)		1.51	%(5)		1.51	%		1.55	%		1.52	%		1.53	%		1.57	%
Net investment income		3.19	%(5)		3.20	%		4.01	%		3.90	%		4.15	%		5.29	%
Portfolio Turnover		33	%(3)		57	%		47	%		74	%		59	%		18	%

⁽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, 2016

Financial Highlights — continued

	National Fund — Class C
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30,
				2015			2014			2013			2012			2011
Net asset value — Beginning of period	$	9.810		$	9.870		$	9.170		$	10.200		$	9.360		$	10.020
Income (Loss) From Operations
Net investment income(1)	$	0.158		$	0.315		$	0.376		$	0.392		$	0.404		$	0.481
Net realized and unrealized gain (loss)		0.189			(0.064	)		0.707			(1.031	)		0.841			(0.682	)
Total income (loss) from operations	$	0.347		$	0.251		$	1.083		$	(0.639	)	$	1.245		$	(0.201	)
Less Distributions
From net investment income	$	(0.157	)	$	(0.311	)	$	(0.383	)	$	(0.391	)	$	(0.405	)	$	(0.459	)
Total distributions	$	(0.157	)	$	(0.311	)	$	(0.383	)	$	(0.391	)	$	(0.405	)	$	(0.459	)
Net asset value — End of period	$	10.000		$	9.810		$	9.870		$	9.170		$	10.200		$	9.360
Total Return(2)		3.56	%(3)		2.58	%		12.06	%		(6.47	)%		13.58	%		(1.74	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	580,911		$	585,346		$	645,801		$	681,072		$	980,799		$	932,773
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.42	%(5)		1.42	%		1.46	%		1.41	%		1.42	%		1.44	%
Interest and fee expense(6)		0.09	%(5)		0.09	%		0.09	%		0.11	%		0.11	%		0.13	%
Total expenses(4)		1.51	%(5)		1.51	%		1.55	%		1.52	%		1.53	%		1.57	%
Net investment income		3.18	%(5)		3.19	%		3.98	%		3.92	%		4.13	%		5.29	%
Portfolio Turnover		33	%(3)		57	%		47	%		74	%		59	%		18	%

⁽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).

31 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2016

Financial Highlights — continued

	National Fund — Class I
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30,
				2015			2014			2013			2012			2011
Net asset value — Beginning of period	$	9.810		$	9.870		$	9.180		$	10.200		$	9.360		$	10.020
Income (Loss) From Operations
Net investment income(1)	$	0.208		$	0.413		$	0.478		$	0.492		$	0.499		$	0.565
Net realized and unrealized gain (loss)		0.188			(0.063	)		0.690			(1.021	)		0.844			(0.675	)
Total income (loss) from operations	$	0.396		$	0.350		$	1.168		$	(0.529	)	$	1.343		$	(0.110	)
Less Distributions
From net investment income	$	(0.206	)	$	(0.410	)	$	(0.478	)	$	(0.491	)	$	(0.503	)	$	(0.550	)
Total distributions	$	(0.206	)	$	(0.410	)	$	(0.478	)	$	(0.491	)	$	(0.503	)	$	(0.550	)
Net asset value — End of period	$	10.000		$	9.810		$	9.870		$	9.180		$	10.200		$	9.360
Total Return(2)		4.07	%(3)		3.50	%		13.17	%		(5.43	)%		14.71	%		(0.75	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	741,227		$	674,696		$	686,514		$	981,936		$	1,142,323		$	796,970
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.42	%(5)		0.42	%		0.46	%		0.41	%		0.42	%		0.43	%
Interest and fee expense(6)		0.09	%(5)		0.09	%		0.09	%		0.11	%		0.11	%		0.13	%
Total expenses(4)		0.51	%(5)		0.51	%		0.55	%		0.52	%		0.53	%		0.56	%
Net investment income		4.18	%(5)		4.19	%		5.07	%		4.93	%		5.09	%		6.23	%
Portfolio Turnover		33	%(3)		57	%		47	%		74	%		59	%		18	%

⁽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).

32 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2016

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 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 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, 2016, 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.

33

Eaton Vance

Municipal Income Funds

March 31, 2016

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 for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 10) at March 31, 2016. 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 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, 2016, 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	$	440,855,000
Interest Rate or Range of Interest Rates (%)		0.40 - 0.45		0.40 - 0.60
Collateral for Floating Rate Notes Outstanding	$	63,456,962	$	682,381,021

For the six months ended March 31, 2016, 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	$	40,685,000		$	437,689,754
Average Interest Rate		0.67	%		0.63	%

In certain circumstances, the Funds may enter into shortfall and forbearance agreements with brokers by which a Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of March 31, 2016.

34

Eaton Vance

Municipal Income Funds

March 31, 2016

Notes to Financial Statements (Unaudited) — continued

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

The Funds’ investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Funds’ investment policies do not allow the 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 was 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 and (ii) continuing relationships with or services for existing residual interest bond programs. As a result, residual interest bond trusts were or will be restructured to comply with the Volcker Rule as of the applicable compliance dates. The effects of the Volcker Rule may make it more difficult for the Funds to maintain current or desired levels of income.

Legal and restructuring fees incurred in connection with the restructuring of residual interest bond trusts have been recorded as interest expense.

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, 2016 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.

At September 30, 2015, the following Funds, for federal income tax purposes, had capital loss carryforwards and deferred capital losses which would reduce the respective Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. 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

35

Eaton Vance

Municipal Income Funds

March 31, 2016

Notes to Financial Statements (Unaudited) — continued

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, 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	$	90,104,589	$	923,897,209
Deferred capital losses:
Short-term	$	14,689,583	$	171,873,699
Long-term	$	18,210,692	$	174,822,143

Included in the amounts above for National Fund are capital loss carryforwards of $28,998,737 as a result of 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, 2016, as determined on a federal income tax basis, were as follows:

	AMT-Free Fund			National Fund
Aggregate cost	$	317,829,914		$	2,910,747,311
Gross unrealized appreciation	$	45,903,346		$	332,964,090
Gross unrealized depreciation		(2,342,749	)		(33,905,827	)
Net unrealized appreciation	$	43,560,597		$	299,058,263

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 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 $1billion		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

36

Eaton Vance

Municipal Income Funds

March 31, 2016

Notes to Financial Statements (Unaudited) — continued

For the six months ended March 31, 2016, 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	$	786,310		$	5,519,670
Effective Annual Rate		0.44	%		0.35	%

EVM serves as the administrator of each Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also received distribution and service fees from Class A, 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, 2016 were as follows:

	AMT-Free Fund		National Fund
EVM’s Sub-Transfer Agent Fees	$	3,531	$	37,437
EVD’s Class A Sales Charges	$	13,200	$	83,310

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, 2016, 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, 2016 for Class A shares amounted to the following:

	AMT-Free Fund		National Fund
Class A Distribution and Service Fees	$	245,027	$	2,365,584

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, 2016, the Funds paid or accrued to EVD the following distribution fees:

	AMT-Free Fund		National Fund
Class B Distribution Fees	$	2,475	$	88,612
Class C Distribution Fees	$	161,950	$	2,183,776

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

37

Eaton Vance

Municipal Income Funds

March 31, 2016

Notes to Financial Statements (Unaudited) — continued

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, 2016 amounted to the following:

	AMT-Free Fund		National Fund
Class B Service Fees	$	825	$	29,537
Class C Service Fees	$	53,983	$	727,926

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, 2016, 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	$	—	$	10,000
Class B	$	—	$	8,000
Class C	$	1,000	$	7,000

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended March 31, 2016 were as follows:

	AMT-Free Fund		National Fund
Purchases	$	40,600,635	$	1,221,916,541
Sales	$	25,249,455	$	1,190,214,204

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, 2016 (Unaudited)
	Class A			Class B			Class C			Class I
Sales		1,187,768			3,048			454,582			1,941,913
Issued to shareholders electing to receive payments of distributions in Fund shares		374,451			686			54,789			177,987
Redemptions		(1,690,626	)		(18,150	)		(426,217	)		(796,980	)
Exchange from Class B shares		13,650			—			—			—
Exchange to Class A shares		—			(13,743	)		—			—
Net increase (decrease)		(114,757	)		(28,159	)		83,154			1,322,920

38

Eaton Vance

Municipal Income Funds

March 31, 2016

Notes to Financial Statements (Unaudited) — continued

	Year Ended September 30, 2015
	Class A			Class B			Class C			Class I
Sales		2,305,225			4,929			1,059,132			2,394,293
Issued to shareholders electing to receive payments of distributions in Fund shares		772,082			2,691			107,698			332,557
Redemptions		(3,506,604	)		(24,386	)		(593,894	)		(1,830,598	)
Exchange from Class B shares		74,533			—			—			—
Exchange to Class A shares		—			(75,016	)		—			—
Net increase (decrease)		(354,764	)		(91,782	)		572,936			896,252
National Fund
	Six Months Ended March 31, 2016 (Unaudited)
	Class A			Class B			Class C			Class I
Sales		7,391,340			10,739			2,564,673			14,371,239
Issued to shareholders electing to receive payments of distributions in Fund shares		3,150,172			31,053			719,295			1,157,252
Redemptions		(16,186,398	)		(232,595	)		(4,821,102	)		(10,134,121	)
Exchange from Class B shares		314,255			—			—			—
Exchange to Class A shares		—			(314,203	)		—			—
Net increase (decrease)		(5,330,631	)		(505,006	)		(1,537,134	)		5,394,370
	Year Ended September 30, 2015
	Class A			Class B			Class C			Class I
Sales		10,853,213			27,436			3,822,137			19,618,605
Issued to shareholders electing to receive payments of distributions in Fund shares		6,706,680			90,077			1,530,419			2,386,179
Redemptions		(40,416,710	)		(764,180	)		(11,105,550	)		(22,775,604	)
Exchange from Class B shares		1,051,142			—			—			—
Exchange to Class A shares		—			(1,051,100	)		—			—
Net decrease		(21,805,675	)		(1,697,767	)		(5,752,994	)		(770,820	)

8  Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through September 2, 2016. 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 0.10% 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, 2016.

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, 2016 is included in the Portfolio of Investments. At March 31, 2016, the Funds had sufficient cash and/or securities to cover commitments under these contracts.

39

Eaton Vance

Municipal Income Funds

March 31, 2016

Notes to Financial Statements (Unaudited) — continued

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, 2016 were as follows:

	AMT-Free Fund			National Fund
Asset Derivative:
Futures Contracts	$	312,828	(1)	$	1,793,114	(1)
Total	$	312,828		$	1,793,114

⁽¹⁾  Amount represents cumulative unrealized appreciation on futures contracts. 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.

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, 2016 was as follows:

	AMT-Free Fund			National Fund
Realized Gain (Loss) on Derivatives Recognized in Income	$	(2,806,690	)(1)	$	(27,030,969	)(1)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	$	989,759	(2)	$	7,406,248	(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 amount of futures contracts outstanding during the six months ended March 31, 2016, which is indicative of the volume of this derivative type, was approximately as follows:

	AMT-Free Fund		National Fund
Average Notional Amount:
Futures Contracts – Short	$	50,382,000	$	314,420,000

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.

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

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

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

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

40

Eaton Vance

Municipal Income Funds

March 31, 2016

Notes to Financial Statements (Unaudited) — continued

At March 31, 2016, 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	$	—	$	402,075,511	$	—	$	402,075,511
Total Investments	$	—	$	402,075,511	$	—	$	402,075,511
Futures Contracts	$	312,828	$	—	$	—	$	312,828
Total	$	312,828	$	402,075,511	$	—	$	402,388,339
National Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	3,537,566,693	$	—	$	3,537,566,693
Taxable Municipal Securities		—		91,686,421		—		91,686,421
Corporate Bonds & Notes		—		21,407,460		—		21,407,460
Total Investments	$	—	$	3,650,660,574	$	—	$	3,650,660,574
Futures Contracts	$	1,793,114	$	—	$	—	$	1,793,114
Total	$	1,793,114	$	3,650,660,574	$	—	$	3,652,453,688

The Funds held no investments or other financial instruments as of September 30, 2015 whose fair value was determined using Level 3 inputs. At March 31, 2016, there were no investments transferred between Level 1 and Level 2 during the six months then ended.

41

Eaton Vance

Municipal Income Funds

March 31, 2016

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

Chairperson

William H. Park

Vice-Chairperson

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland**

Harriett Tee Taggart

* Interested Trustee

** Ms. Sutherland began serving as a Trustee effective May 1, 2015.

42

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:

• 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.

• 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.

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

• 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 (International) Limited, 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.

43

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Investment Advisers

AMT-Free Municipal Income Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

National Municipal Income Fund

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7714    3.31.16

Eaton Vance

Core Plus Bond Fund

Semiannual Report

March 31, 2016

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, 2016

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	20
Important Notices	21

Eaton Vance

Core Plus Bond Fund

March 31, 2016

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		2.76	%		–3.98	%		5.87	%		6.17	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.12			–8.54			4.84			5.36
Class C at NAV		11/17/2009		11/17/2009		2.28			–4.78			5.08			5.39
Class C with 1% Maximum Sales Charge		—		—		1.29			–5.69			5.08			5.39
Class I at NAV		11/17/2009		11/17/2009		2.79			–3.82			6.11			6.41
Barclays U.S. Aggregate Bond Index		—		—		2.44	%		1.96	%		3.77	%		3.89	%
Barclays Taxable Municipal - Build America Bonds Index		—		—		5.95			3.40			9.77			8.70
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									1.14	%		1.89	%		0.89	%
Net									0.80			1.55			0.55

Fund Profile

Credit Quality (% of bond holdings)⁴

Asset Allocation (% of total investments)

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than or equal to 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, 2016

Endnotes and Additional Disclosures

¹  Barclays U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. 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.

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

³  Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 1/31/17. Without the reimbursement, if applicable, performance would have been lower.

⁴  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.

3

Eaton Vance

Core Plus Bond Fund

March 31, 2016

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, 2015 – March 31, 2016).

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 (10/1/15)		Ending Account Value (3/31/16)		Expenses Paid During Period* (10/1/15 – 3/31/16)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,027.60	$	4.06	**		0.80	%
Class C	$	1,000.00	$	1,022.80	$	7.84	**		1.55	%
Class I	$	1,000.00	$	1,027.90	$	2.79	**		0.55	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.00	$	4.04	**		0.80	%
Class C	$	1,000.00	$	1,017.30	$	7.82	**		1.55	%
Class I	$	1,000.00	$	1,022.30	$	2.78	**		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 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2015.

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

4

Eaton Vance

Core Plus Bond Fund

March 31, 2016

Portfolio of Investments (Unaudited)

Corporate Bonds & Notes — 34.5%
Security		Principal Amount* (000’s omitted)		Value
Automotive — 1.8%
Ford Motor Credit Co., LLC, 4.05%, 12/10/18	AUD		440	$	339,430
General Motors Co., 6.60%, 4/1/36			145		160,042
				$	499,472
Banks — 2.5%
Australia and New Zealand Banking Group, Ltd., 3.75%, 7/25/19(1)	AUD		440	$	344,749
Citigroup, Inc., 4.30%, 11/20/26			155		154,653
Santander Issuances SAU, 5.179%, 11/19/25			200		194,234
				$	693,636
Commercial Services — 0.3%
Western Union Co. (The), 6.20%, 11/17/36			80	$	82,552
				$	82,552
Diversified Financial Services — 2.9%
Jefferies Group, LLC, 6.50%, 1/20/43			485	$	433,458
JPMorgan Chase & Co., 4.25%, 11/2/18	NZD		215		151,775
Navient Corp., 5.625%, 8/1/33			300		213,000
				$	798,233
Electrical and Electronic Equipment — 0.5%
Avnet, Inc., 4.625%, 4/15/26			140	$	141,857
				$	141,857
Home Construction — 1.0%
MDC Holdings, Inc., 6.00%, 1/15/43			385	$	296,450
				$	296,450
Machinery — 1.6%
Valmont Industries, Inc., 5.00%, 10/1/44			505	$	453,039
				$	453,039
Media — 1.9%
Viacom, Inc., Class B, 3.875%, 4/1/24			535	$	533,977
				$	533,977
Mining — 5.6%
Barrick Gold Corp., 5.25%, 4/1/42			745	$	643,386
Newcrest Finance Pty. Ltd., 4.20%, 10/1/22(2)			365		346,565

Security	Principal Amount* (000’s omitted)		Value
Mining (continued)
Southern Copper Corp., 5.25%, 11/8/42		260	$	214,496
Teck Resources, Ltd., 5.20%, 3/1/42		615		341,325
Teck Resources, Ltd., 5.40%, 2/1/43		35		19,425
			$	1,565,197
Miscellaneous Manufacturing — 2.2%
Bombardier, Inc., 7.50%, 3/15/25(2)		325	$	248,625
Trinity Industries, Inc., 4.55%, 10/1/24		430		359,530
			$	608,155
Oil and Gas — 9.3%
Continental Resources, Inc., 3.80%, 6/1/24		445	$	359,062
Devon Energy Corp., 5.85%, 12/15/25		315		304,728
Ecopetrol SA, 5.875%, 5/28/45		425		336,685
Encana Corp., 3.90%, 11/15/21		185		162,305
Ensco PLC, 5.75%, 10/1/44		382		189,567
Kinder Morgan, Inc., 4.30%, 6/1/25		175		166,838
Noble Energy, Inc., 5.05%, 11/15/44		390		333,407
Pacific Drilling SA, 5.375%, 6/1/20(2)		450		144,000
Pacific Exploration and Production Corp., 5.625%, 1/19/25(2)		520		91,000
Petrobras Global Finance BV, 5.625%, 5/20/43		430		282,381
Rowan Cos., Inc., 5.40%, 12/1/42		415		237,508
			$	2,607,481
Pipelines — 0.6%
Plains All America Pipeline L.P./PAA Finance Corp., 4.65%, 10/15/25		175	$	162,212
			$	162,212
Retail – Drug Stores — 0.6%
Walgreens Boots Alliance, Inc., 4.80%, 11/18/44		170	$	169,650
			$	169,650
Retail – Specialty and Apparel — 0.5%
Yum! Brands, Inc., 5.35%, 11/1/43		175	$	134,969
			$	134,969
Semiconductors — 0.6%
QUALCOMM, Inc., 4.80%, 5/20/45		165	$	163,875
			$	163,875

5 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Technology — 2.3%
Seagate HDD Cayman, 4.875%, 6/1/27(2)		741	$	559,225
Western Digital Corp., 10.50%, 4/1/24(2)(3)		75		75,235
			$	634,460
Telecommunications — 0.3%
Colombia Telecomunicaciones SA ESP, 8.50% to 3/30/20, 12/29/49(2)(4)		90	$	76,950
			$	76,950
Total Corporate Bonds & Notes (identified cost $11,026,819)			$	9,622,165
Commercial Mortgage-Backed Securities — 16.8%
Security	Principal Amount (000’s omitted)		Value
Banc of America Commercial Mortgage Trust
Series 2006-5, Class AM, 5.448%, 9/10/47	$	165	$	166,883
COMM Mortgage Trust
Series 2014-CR17, Class D, 4.799%, 5/10/47(2)(5)		460		377,654
Series 2014-LC17, Class D, 3.687%, 10/10/47(2)		200		150,159
Series 2015-CR22, Class D, 4.127%, 3/10/48(2)(5)		500		374,154
Extended Stay America Trust
Series 2013-ESH7, Class C7, 3.902%, 12/5/31(2)		740		742,391
Hilton USA Trust
Series 2013-HLT, Class DFX, 4.407%, 11/5/30(2)		500		501,552
JPMBB Commercial Mortgage Securities Trust
Series 2014-C19, Class D, 4.675%, 4/15/47(2)(5)		615		494,337
Series 2014-C23, Class D, 3.96%, 9/15/47(2)(5)		140		107,849
UBS Commercial Mortgage Trust
Series 2012-C1, Class D, 5.535%, 5/10/45(2)(5)		500		503,540
Wells Fargo Commercial Mortgage Trust
Series 2015-C26, Class D, 3.586%, 2/15/48(2)		500		357,440
Series 2015-C29, Class D, 4.225%, 6/15/48(5)		500		370,228
Series 2015-NXS1, Class D, 4.105%, 5/15/48(5)		90		68,055
Series 2015-SG1, Class C, 4.471%, 12/15/47(5)		350		342,173
WF-RBS Commercial Mortgage Trust
Series 2014-LC14, Class D, 4.586%, 3/15/47(2)(5)		165		133,835
Total Commercial Mortgage-Backed Securities (identified cost $5,150,124)			$	4,690,250

Asset-Backed Securities — 16.2%
Security	Principal Amount (000’s omitted)		Value
Automotive — 3.1%
Avis Budget Rental Car Funding LLC
Series 2013-1A, Class B, 2.62%, 9/20/19(2)	$	705	$	698,105
Santander Drive Auto Receivables Trust
Series 2014-3, Class D, 2.65%, 8/17/20		170		169,564
			$	867,669
Computers — 0.5%
Dell Equipment Finance Trust
Series 2014-1, Class C, 1.80%, 6/22/20(2)	$	130	$	130,035
			$	130,035
Other — 5.5%
DB Master Finance LLC
Series 2015-1A, Class A2I, 3.262%, 2/20/45(2)	$	858	$	847,382
SpringCastle Funding Trust
Series 2014-AA, Class B, 4.61%, 10/25/27(2)		100		100,172
Wendys Funding LLC
Series 2015-1A, Class A2I, 3.371%, 6/15/45(2)		597		587,872
			$	1,535,426
Single Family Home Rental — 7.1%
American Homes 4 Rent
Series 2014-SFR1, Class D, 2.541%, 6/17/31(2)(6)	$	270	$	256,386
American Residential Properties Trust
Series 2014-SFR1, Class D, 3.441%, 9/17/31(2)(6)		750		718,068
FirstKey Lending Trust
Series 2015-SFR1, Class A, 2.553%, 3/9/47(2)		113		111,587
Invitation Homes Trust
Series 2015-SFR3, Class D, 3.191%, 8/17/32(2)(6)		450		429,105
Tricon American Homes
Series 2015-SFR1, Class D, 2.641%, 5/17/32(2)(6)		500		465,161
			$	1,980,307
Total Asset-Backed Securities (identified cost $4,634,301)			$	4,513,437

6 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2016

Portfolio of Investments (Unaudited) — continued

Foreign Government Bonds — 17.8%
Security		Principal Amount (000’s omitted)		Value
Brazil — 1.5%
Nota do Tesouro Nacional, 10.00%, 1/1/21	BRL		1,705	$	418,714
				$	418,714
Canada — 8.0%
Canada Housing Trust, 3.80%, 6/15/21(2)	CAD		590	$	513,349
Canadian Government Bond, 0.75%, 3/1/21	CAD		2,210		1,707,285
				$	2,220,634
Malaysia — 1.3%
Malaysia Government Bond, 3.795%, 9/30/22	MYR		1,420	$	365,964
				$	365,964
Mexico — 2.4%
Mexican Bonos, 7.75%, 5/29/31	MXN		10,170	$	664,935
				$	664,935
New Zealand — 0.6%
New Zealand Government Bond, 6.00%, 12/15/17(1)	NZD		210	$	154,912
				$	154,912
Supranational — 4.0%
European Investment Bank, 7.20%, 7/9/19(2)	IDR		6,590,000	$	485,921
International Finance Corp., 7.80%, 6/3/19	INR		40,700		633,746
				$	1,119,667
Total Foreign Government Bonds (identified cost $4,965,871)				$	4,944,826
Senior Floating-Rate Loans — 0.9%(7)
Borrower/ Tranche Description		Principal Amount (000’s omitted)		Value
Food Service — 0.9%
Weight Watchers International, Inc., Term Loan, 4.00%, 4/2/20		$	325	$	241,504
Total Senior Floating-Rate Loans (identified cost $190,571)				$	241,504

Convertible Bonds — 5.0%
Security	Principal Amount (000’s omitted)		Value
Health Care — 1.1%
Hologic, Inc., 0.00%, 12/15/43	$	250	$	311,250
			$	311,250
Home Construction — 2.0%
CalAtlantic Group, Inc., 1.25%, 8/1/32	$	105	$	111,103
KB Home, 1.375%, 2/1/19		240		222,600
Lennar Corp., 3.25%, 11/15/21		105		216,825
			$	550,528
Semiconductors — 1.7%
Intel Corp., 2.95%, 12/15/35	$	375	$	477,422
			$	477,422
Telecommunications — 0.2%
Ciena Corp., 3.75%, 10/15/18(2)	$	55	$	65,312
			$	65,312
Total Convertible Bonds (identified cost $1,391,523)			$	1,404,512
Convertible Preferred Stocks — 0.6%
Security	Shares		Value
Oil and Gas — 0.3%
Chesapeake Energy Corp., 5.75%		400	$	72,250
			$	72,250
Real Estate Investment Trusts (REITs) — 0.3%
iStar, Inc., Series J, 4.50%		2,100	$	88,641
			$	88,641
Total Convertible Preferred Stocks (identified cost $442,475)			$	160,891

7 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2016

Portfolio of Investments (Unaudited) — continued

U.S. Treasury Obligations — 6.1%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Inflation-Protected Note, 0.25%, 1/15/25(8)	$	1,685	$	1,701,526
Total U.S. Treasury Obligations (identified cost $1,667,090)			$	1,701,526
Short-Term Investments — 2.3%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.52%(9)	$	647	$	646,567
Total Short-Term Investments (identified cost $646,567)			$	646,567
Total Investments — 100.2% (identified cost $30,115,341)			$	27,925,678
Other Assets, Less Liabilities — (0.2)%			$	(61,585	)
Net Assets — 100.0%			$	27,864,093

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

* In U.S. dollars unless otherwise indicated.

⁽¹⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At March 31, 2016, the aggregate value of these securities is $499,661 or 1.8% of the Fund’s net assets.

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2016, the aggregate value of these securities is $10,692,966 or 38.4% of the Fund’s net assets.

⁽³⁾  When-issued security.

⁽⁴⁾  Security converts to floating rate after the indicated fixed-rate coupon period.

⁽⁵⁾  Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at March 31, 2016.

⁽⁶⁾  Variable rate security. The stated interest rate represents the rate in effect at March 31, 2016.

⁽⁷⁾  Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life

of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

⁽⁸⁾  Inflation-linked security whose principal is adjusted for inflation based on changes in the U.S. Consumer Price Index. Interest is calculated based on the inflation-adjusted principal.

⁽⁹⁾  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, 2016.

Country Concentration of Portfolio
Country	Percentage of Total Investments			Value
United States		70.5	%	$	19,678,726
Canada		13.0			3,635,700
Supranational		4.0			1,119,667
Brazil		2.5			701,095
Australia		2.5			691,314
Mexico		2.4			664,935
Colombia		1.8			504,635
Malaysia		1.3			365,964
Peru		0.8			214,496
Spain		0.7			194,234
New Zealand		0.5			154,912
Total Investments		100.0	%	$	27,925,678

Currency Abbreviations:

AUD	–	Australian Dollar
BRL	–	Brazilian Real
CAD	–	Canadian Dollar
IDR	–	Indonesian Rupiah
INR	–	Indian Rupee
MXN	–	Mexican Peso
MYR	–	Malaysian Ringgit
NZD	–	New Zealand Dollar

8 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2016

Statement of Assets and Liabilities (Unaudited)

Assets	March 31, 2016
Unaffiliated investments, at value (identified cost, $29,468,774)	$	27,279,111
Affiliated investment, at value (identified cost, $646,567)		646,567
Cash		575
Foreign currency, at value (identified cost, $6,835)		6,906
Interest receivable		324,374
Interest receivable from affiliated investment		303
Receivable for Fund shares sold		36,594
Receivable from affiliate		22,008
Total assets	$	28,316,438
Liabilities
Payable for when-issued securities	$	75,000
Payable for Fund shares redeemed		286,612
Distributions payable		12,792
Payable to affiliates:
Investment adviser fee		10,733
Distribution and service fees		11,112
Accrued expenses		56,096
Total liabilities	$	452,345
Net Assets	$	27,864,093
Sources of Net Assets
Paid-in capital	$	31,296,791
Accumulated net realized loss		(1,188,558	)
Accumulated distributions in excess of net investment income		(58,721	)
Net unrealized depreciation		(2,185,419	)
Net Assets	$	27,864,093
Class A Shares
Net Assets	$	14,812,490
Shares Outstanding		1,353,365
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.94
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	11.49
Class C Shares
Net Assets	$	9,211,468
Shares Outstanding		841,955
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	10.94
Class I Shares
Net Assets	$	3,840,135
Shares Outstanding		351,046
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.94

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.

9 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2016

Statement of Operations (Unaudited)

Investment Income	Six Months Ended March 31, 2016
Interest	$	733,649
Dividends		8,113
Interest allocated from affiliated investment		2,620
Expenses allocated from affiliated investment		(118	)
Total investment income	$	744,264
Expenses
Investment adviser fee	$	69,498
Distribution and service fees
Class A		18,680
Class C		49,124
Trustees’ fees and expenses		1,091
Custodian fee		13,060
Transfer and dividend disbursing agent fees		14,459
Legal and accounting services		29,642
Printing and postage		9,948
Registration fees		26,914
Miscellaneous		6,395
Total expenses	$	238,811
Deduct —
Allocation of expenses to affiliate	$	86,113
Total expense reductions	$	86,113
Net expenses	$	152,698
Net investment income	$	591,566
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(787,268	)
Investment transactions allocated from affiliated investment		2
Foreign currency transactions		(10,003	)
Net realized loss	$	(797,269	)
Change in unrealized appreciation (depreciation) —
Investments	$	864,871
Foreign currency		9,289
Net change in unrealized appreciation (depreciation)	$	874,160
Net realized and unrealized gain	$	76,891
Net increase in net assets from operations	$	668,457

10 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2016

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
From operations —
Net investment income	$	591,566		$	1,619,866
Net realized gain (loss) from investment and foreign currency transactions		(797,269	)		3,327,287
Net change in unrealized appreciation (depreciation) from investments and foreign currency		874,160			(5,927,845	)
Net increase (decrease) in net assets from operations	$	668,457		$	(980,692	)
Distributions to shareholders —
From net investment income
Class A	$	(325,045	)	$	(701,685	)
Class C		(176,758	)		(334,888	)
Class I		(139,912	)		(916,619	)
From net realized gain
Class A		(202,433	)		—
Class C		(138,867	)		—
Class I		(88,966	)		—
Total distributions to shareholders	$	(1,071,981	)	$	(1,953,192	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	2,511,534		$	8,617,825
Class C		998,301			4,174,061
Class I		804,270			22,902,381
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		481,374			662,306
Class C		262,515			267,958
Class I		200,746			872,012
Cost of shares redeemed
Class A		(3,634,241	)		(10,790,858	)
Class C		(2,402,588	)		(3,834,693	)
Class I		(3,968,287	)		(34,341,610	)
Net decrease in net assets from Fund share transactions	$	(4,746,376	)	$	(11,470,618	)
Net decrease in net assets	$	(5,149,900	)	$	(14,404,502	)
Net Assets
At beginning of period	$	33,013,993		$	47,418,495
At end of period	$	27,864,093		$	33,013,993
Accumulated distributions in excess of net investment income included in net assets
At end of period	$	(58,721	)	$	(8,572	)

11 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2016

Financial Highlights

	Class A
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30,												Period Ended September 30,  2011(1)			Period Ended October 31, 2010(2)
				2015			2014			2013			2012
Net asset value — Beginning of period	$	11.040		$	11.780		$	11.520		$	12.600		$	12.040		$	10.840		$	10.000
Income (Loss) From Operations
Net investment income(3)	$	0.218		$	0.358		$	0.420		$	0.415		$	0.430		$	0.469		$	0.455
Net realized and unrealized gain (loss)		0.066			(0.668	)		0.372			(0.888	)		0.627			1.216			0.796
Total income (loss) from operations	$	0.284		$	(0.310	)	$	0.792		$	(0.473	)	$	1.057		$	1.685		$	1.251
Less Distributions
From net investment income	$	(0.235	)	$	(0.430	)	$	(0.532	)	$	(0.530	)	$	(0.497	)	$	(0.481	)	$	(0.411	)
From net realized gain		(0.149	)		—			—			(0.077	)		—			(0.004	)		—
Total distributions	$	(0.384	)	$	(0.430	)	$	(0.532	)	$	(0.607	)	$	(0.497	)	$	(0.485	)	$	(0.411	)
Net asset value — End of period	$	10.940		$	11.040		$	11.780		$	11.520		$	12.600		$	12.040		$	10.840
Total Return(4)		2.76	%(5)		(2.80	)%		7.06	%		(3.94	)%		8.96	%		16.18	%(5)		12.64	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	14,812		$	15,588		$	18,176		$	27,061		$	44,175		$	23,327		$	26,862
Ratios (as a percentage of average daily net assets):
Expenses(6)(7)		0.80	%(8)		0.85	%		0.95	%		0.95	%		0.95	%		0.95	%(8)(9)		0.95	%(8)(9)
Net investment income		4.02	%(8)		3.03	%		3.64	%		3.37	%		3.50	%		4.79	%(8)(9)		4.38	%(8)(9)
Portfolio Turnover of the Portfolio(10)		—			—			—			—			—			22	%(5)		1	%(5)
Portfolio Turnover of the Fund		28	%(5)		119	%		0	%(11)		19	%		24	%		10	%(5)(12)		—

  ⁽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 reimbursed certain operating expenses (equal to 0.56%, 0.34%, 0.23%, 0.22%, 0.19%, 0.41% and 1.16% of average daily net assets for the six months ended March 31, 2016, the years ended September 30, 2015, 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 these reimbursements, total return would be lower.

  ⁽⁷⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

  ⁽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⁾  Amount is less than 1%.

⁽¹²⁾  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 in which the Fund invested all of its investable assets prior to March 1, 2011 and which had the same investment objective and policies as the Fund during such period.

12 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2016

Financial Highlights — continued

	Class C
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30,												Period Ended September 30,  2011(1)			Period Ended October 31, 2010(2)
				2015			2014			2013			2012
Net asset value — Beginning of period	$	11.040		$	11.770		$	11.520		$	12.600		$	12.040		$	10.840		$	10.000
Income (Loss) From Operations
Net investment income(3)	$	0.177		$	0.266		$	0.334		$	0.323		$	0.337		$	0.396		$	0.371
Net realized and unrealized gain (loss)		0.066			(0.655	)		0.362			(0.888	)		0.627			1.215			0.819
Total income (loss) from operations	$	0.243		$	(0.389	)	$	0.696		$	(0.565	)	$	0.964		$	1.611		$	1.190
Less Distributions
From net investment income	$	(0.194	)	$	(0.341	)	$	(0.446	)	$	(0.438	)	$	(0.404	)	$	(0.407	)	$	(0.350	)
From net realized gain		(0.149	)		—			—			(0.077	)		—			(0.004	)		—
Total distributions	$	(0.343	)	$	(0.341	)	$	(0.446	)	$	(0.515	)	$	(0.404	)	$	(0.411	)	$	(0.350	)
Net asset value — End of period	$	10.940		$	11.040		$	11.770		$	11.520		$	12.600		$	12.040		$	10.840
Total Return(4)		2.28	%(5)		(3.44	)%		6.17	%		(4.65	)%		8.14	%		15.50	%(5)		11.91	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	9,211		$	10,457		$	10,594		$	18,946		$	35,407		$	13,684		$	13,003
Ratios (as a percentage of average daily net assets):
Expenses(6)(7)		1.55	%(8)		1.60	%		1.70	%		1.70	%		1.70	%		1.70	%(8)(9)		1.70	%(8)(9)
Net investment income		3.27	%(8)		2.25	%		2.90	%		2.62	%		2.74	%		4.05	%(8)(9)		3.56	%(8)(9)
Portfolio Turnover of the Portfolio(10)		—			—			—			—			—			22	%(5)		1	%(5)
Portfolio Turnover of the Fund		28	%(5)		119	%		0	%(11)		19	%		24	%		10	%(5)(12)		—

  ⁽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 reimbursed certain operating expenses (equal to 0.56%, 0.34%, 0.23%, 0.22%, 0.19%, 0.41% and 1.16% of average daily net assets for the six months ended March 31, 2016, the years ended September 30, 2015, 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 these reimbursements, total return would be lower.

  ⁽⁷⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

  ⁽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⁾  Amount is less than 1%.

⁽¹²⁾  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 in which the Fund invested all of its investable assets prior to March 1, 2011 and which had the same investment objective and policies as the Fund during such period.

13 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2016

Financial Highlights — continued

	Class I
	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30,												Period Ended September 30,  2011(1)			Period Ended October 31, 2010(2)
				2015			2014			2013			2012
Net asset value — Beginning of period	$	11.040		$	11.770		$	11.520		$	12.600		$	12.050		$	10.840		$	10.000
Income (Loss) From Operations
Net investment income(3)	$	0.231		$	0.380		$	0.447		$	0.447		$	0.458		$	0.495		$	0.460
Net realized and unrealized gain (loss)		0.066			(0.651	)		0.364			(0.889	)		0.620			1.225			0.808
Total income (loss) from operations	$	0.297		$	(0.271	)	$	0.811		$	(0.442	)	$	1.078		$	1.720		$	1.268
Less Distributions
From net investment income	$	(0.248	)	$	(0.459	)	$	(0.561	)	$	(0.561	)	$	(0.528	)	$	(0.506	)	$	(0.428	)
From net realized gain		(0.149	)		—			—			(0.077	)		—			(0.004	)		—
Total distributions	$	(0.397	)	$	(0.459	)	$	(0.561	)	$	(0.638	)	$	(0.528	)	$	(0.510	)	$	(0.428	)
Net asset value — End of period	$	10.940		$	11.040		$	11.770		$	11.520		$	12.600		$	12.050		$	10.840
Total Return(4)		2.79	%(5)		(2.47	)%		7.23	%		(3.70	)%		9.14	%		16.55	%(5)		12.81	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,840		$	6,969		$	18,648		$	18,704		$	40,486		$	12,939		$	14,001
Ratios (as a percentage of average daily net assets):
Expenses(6)(7)		0.55	%(8)		0.60	%		0.70	%		0.70	%		0.70	%		0.70	%(8)(9)		0.70	%(8)(9)
Net investment income		4.27	%(8)		3.21	%		3.87	%		3.62	%		3.70	%		5.07	%(8)(9)		4.45	%(8)(9)
Portfolio Turnover of the Portfolio(10)		—			—			—			—			—			22	%(5)		1	%(5)
Portfolio Turnover of the Fund		28	%(5)		119	%		0	%(11)		19	%		24	%		10	%(5)(12)		—

  ⁽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 reimbursed certain operating expenses (equal to 0.56%, 0.34%, 0.23%, 0.22%, 0.19%, 0.41% and 1.16% of average daily net assets for the six months ended March 31, 2016, the years ended September 30, 2015, 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 these reimbursements, total return would be lower.

  ⁽⁷⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

  ⁽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⁾  Amount is less than 1%.

⁽¹²⁾  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 in which the Fund invested all of its investable assets prior to March 1, 2011 and which had the same investment objective and policies as the Fund during such period.

14 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2016

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Core Plus Bond Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). 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.

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 or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

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

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

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). 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 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 — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note.

15

Eaton Vance

Core Plus Bond Fund

March 31, 2016

Notes to Financial Statements (Unaudited) — continued

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, 2016, 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.

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

H  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.

I  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.

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

K  Interim Financial Statements — The interim financial statements relating to March 31, 2016 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, 2015, the Fund had a net capital loss of $364,488 attributable to security transactions incurred after October 31, 2014 that it has elected to defer. This net capital loss is treated as arising on the first day of the Fund’s taxable year ending September 30, 2016.

16

Eaton Vance

Core Plus Bond Fund

March 31, 2016

Notes to Financial Statements (Unaudited) — continued

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2016, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	30,155,638
Gross unrealized appreciation	$	390,221
Gross unrealized depreciation		(2,620,181	)
Net unrealized depreciation	$	(2,229,960	)

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and BMR, the fee is computed at an annual rate of 0.45% of the Fund’s average daily net assets up to $1 billion and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. The fee reduction cannot be terminated without the consent of the Trustees and shareholders. For the six months ended March 31, 2016, the Fund’s investment adviser fee amounted to $69,498 or 0.45% (annualized) of the Fund’s average daily net assets. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

BMR has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.80%, 1.55% and 0.55% 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, 2017. Pursuant to this agreement, BMR was allocated $86,113 of the Fund’s operating expenses for the six months ended March 31, 2016.

EVM serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended March 31, 2016, EVM earned $775 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 $3,279 as its portion of the sales charge on sales of Class A shares for the six months ended March 31, 2016. 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, 2016, 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, 2016 amounted to $18,680 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, 2016, the Fund paid or accrued to EVD $36,843 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, 2016 amounted to $12,281 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

17

Eaton Vance

Core Plus Bond Fund

March 31, 2016

Notes to Financial Statements (Unaudited) — continued

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, 2016, the Fund was informed that EVD received approximately $1,000 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 and including maturities, paydowns and principal repayments on Senior Loans, for the six months ended March 31, 2016 were as follows:

	Purchases		Sales
Investments (non-U.S. Government)	$	8,121,601	$	11,713,057
U.S. Government and Agency Securities		—		804,431
	$	8,121,601	$	12,517,488

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, 2016 (Unaudited)			Year Ended September 30, 2015
Sales		230,802			724,868
Issued to shareholders electing to receive payments of distributions in Fund shares		44,485			56,204
Redemptions		(333,485	)		(912,943	)
Net decrease		(58,198	)		(131,871	)
Class C	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
Sales		91,544			351,961
Issued to shareholders electing to receive payments of distributions in Fund shares		24,277			22,807
Redemptions		(221,195	)		(327,377	)
Net increase (decrease)		(105,374	)		47,391
Class I	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
Sales		75,147			1,920,947
Issued to shareholders electing to receive payments of distributions in Fund shares		18,585			73,662
Redemptions		(374,141	)		(2,947,161	)
Net decrease		(280,409	)		(952,552	)

18

Eaton Vance

Core Plus Bond Fund

March 31, 2016

Notes to Financial Statements (Unaudited) — continued

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through September 2, 2016. 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 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended March 31, 2016.

9  Risks Associated with Foreign Investments

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

10  Fair Value Measurements

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

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

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

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

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, 2016, 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
Corporate Bonds & Notes	$	—	$	9,622,165	$	—	$	9,622,165
Commercial Mortgage-Backed Securities		—		4,690,250		—		4,690,250
Asset-Backed Securities		—		4,513,437		—		4,513,437
Foreign Government Bonds		—		4,944,826		—		4,944,826
Senior Floating-Rate Loans		—		241,504		—		241,504
Convertible Bonds		—		1,404,512		—		1,404,512
Convertible Preferred Stocks		—		160,891		—		160,891
U.S. Treasury Obligations		—		1,701,526		—		1,701,526
Short-Term Investments		—		646,567		—		646,567
Total Investments	$	—	$	27,925,678	$	—	$	27,925,678

The Fund held no investments or other financial instruments as of September 30, 2015 whose fair value was determined using Level 3 inputs. At March 31, 2016, there were no investments transferred between Level 1 and Level 2 during the six months then ended.

19

Eaton Vance

Core Plus Bond Fund

March 31, 2016

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

Chairperson

William H. Park

Vice-Chairperson

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland**

Harriett Tee Taggart

* Interested Trustee

** Ms. Sutherland began serving as a Trustee effective May 1, 2015.

20

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:

• 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.

• 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.

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

• 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 (International) Limited, 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.

21

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Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

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    3.31.16

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 16, 2016

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 16, 2016
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	May 16, 2016