Eaton Vance Floating-Rate & High Income Fund (EIFHX) N-CSR Certified 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

September 30, 2017

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Core Plus Bond Fund

Annual Report

September 30, 2017

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.

Annual Report September 30, 2017

Eaton Vance

Core Plus Bond Fund

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	24
Federal Tax Information	25
Board of Trustees’ Contract Approval	26
Management and Organization	29
Important Notices	32

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

For the one year period ended September 30, 2017, U.S. investment grade fixed income securities advanced slightly overall, with the Bloomberg Barclays U.S. Aggregate Bond Index (the Index)² inching up 0.07%. U.S. investment grade fixed income securities managed to generate a modest positive return, as coupon income more than offset the negative price effects of rising interest rates. However, this relatively temperate return belied the market’s underlying volatility for bond investors.

Leading into the period, remarks by the Federal Reserve Board (the Fed), the European Central Bank and the Bank of Japan seemed to indicate that interest rates might begin to rise sooner than markets had anticipated. As a result, U.S. Treasury and corporate rates crept upward in the final months of 2016.

In November 2016, the orderly rise in U.S. Treasury yields turned more volatile after Donald Trump’s upset win in the U.S. presidential election. Many believed his plans to lower taxes, increase infrastructure spending and roll back regulations could lead to higher economic growth and inflation expectations, which in turn drove the 10-year U.S. Treasury yield 85 basis points higher during the fourth quarter of 2016. This move was the largest quarterly percentage change in the 10-year U.S. Treasury yield in more than five decades. As a result, bond prices tumbled, and the yield curve steepened.

Over the next several months, longer-term interest rates started to reverse course, despite a December 2016 Fed rate hike and two subsequent hikes in 2017. Mixed U.S. economic data, along with worries that President Trump’s pro-business agenda would be delayed and possibly derailed, put downward pressure on long-term rates. As a result, during the first half of 2017, U.S. Treasury and corporate bond prices recovered some of their previous losses. Toward the end of the period, increasing geopolitical tension between the U.S. and North Korea and devastating hurricanes in the U.S. drove investors toward the perceived safety of U.S. Treasurys, putting further downward pressure on interest rates. However, market reaction to these events was modest and fleeting.

Late in the period, the Fed appeared poised to continue to gradually raise rates, with one more hike anticipated in 2017 and three in 2018, despite inflation remaining below the central bank’s 2% target level. In addition, in September 2017, the Fed disclosed details of its plan to begin paring back its balance sheet, starting in October 2017 at the modest pace of $10 billion per month.

Despite the sharp rise in U.S. Treasury yields in the fourth quarter of 2016, the 10-year Treasury ended the 1-year period at 2.33%, modestly up from 1.60% at the beginning. Corporate bonds during the period benefited from tighter credit spreads — the yield difference between corporate bonds and U.S. Treasurys of similar maturities. Spread tightening helped corporate bonds outperform U.S. Treasurys over the period, with longer maturity bonds producing the most excess returns. On average, lower quality BBB-rated⁵ issues notably outperformed higher quality A- and AA-rated bonds during the period. Investment grade corporate spreads also tightened during the period as their yields declined from 1.43% to 1.07%

during the 12-month period. Spreads of high-yield issues also tightened as their yields fell from 6.24% at the beginning of the period to 5.53% at the end.

Fund Performance

Eaton Vance Core Plus Bond Fund (the Fund) Class A shares at net asset value (NAV) had a total return of 6.01% for the fiscal year ending September 30, 2017. By comparison, the Fund’s Index, returned 0.07%.

The Fund outperformed the Index due to security selection and sector allocation. During the 12-month period ended September 30, 2017, Fund management took advantage of the Fund’s flexibility to pursue more promising investment opportunities beyond the Index, including high yield bonds and emerging market securities. At the same time, the Fund benefited from reduced exposure to traditional Index sectors such as U.S. Treasurys. In addition, sector allocation reflected Fund management’s efforts to reduce the Fund’s overall sensitivity to interest rates.

The Fund’s position in investment-grade corporate bonds made the largest contribution to Fund performance versus the Index as a result of favorable security selection. Fund management sought to invest in corporate bonds where the market had short-term concerns about the fundamental direction of the issuer or industry. As a result, the Fund achieved strong returns in a broad range of industries including energy, metals & mining, information technology and retail. In most cases, credit concerns diminished during the period, which led to renewed investor demand and higher prices.

Likewise, the Fund’s position in high-yield bonds boosted Fund returns relative to the Index in the 12-month period. Within the sector, the Fund’s holdings in emerging market high-yield securities added to relative Fund performance versus the Index. Emerging market economic fundamentals became more favorable during the period amid strengthening global growth. In particular, Fund management found value in securities issued by industrial-sector companies that benefited from the stronger economic growth.

The Fund’s holdings in commercial mortgage-backed securities (CMBS) also boosted Fund returns versus the Index. In its approach to CMBS, Fund management selected securities from issuers where underlying properties provided strong collateral support.

Conversely, the Fund’s position in Treasury inflation-protected securities (TIPS), an out-of-Index holding, detracted from Fund performance relative to the Index. Fund management maintained the holding in expectation of rising inflation expectations. However, rates remained relatively flat in the 12-month period. At period-end, the Fund continued to hold its TIPS position in expectation of better relative performance versus traditional Treasury securities.

The Fund’s lack of holdings in mortgage-backed securities also constrained Fund performance versus the Index, as did the lack of exposure to U.S. Government-related securities. In both cases, the Fund found better opportunities in other sectors such as CMBS.

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

September 30, 2017

Performance^2,3

Portfolio Managers Kathleen C. Gaffney, CFA, Matthew T. Buckley, CFA, and Henry L. Peabody, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Class A at NAV		11/17/2009		11/17/2009		6.01	%		3.34	%		6.81	%
Class A with 4.75% Maximum Sales Charge		—		—		0.98			2.34			6.15
Class C at NAV		11/17/2009		11/17/2009		5.23			2.56			6.03
Class C with 1% Maximum Sales Charge		—		—		4.23			2.56			6.03
Class I at NAV		11/17/2009		11/17/2009		6.28			3.58			7.06
Bloomberg Barclays U.S. Aggregate Bond Index		—		—		0.07	%		2.06	%		3.49	%
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
Gross						1.33	%		2.08	%		1.08	%
Net						0.74			1.49			0.49

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C	$	10,000		11/17/2009	$	15,858		N.A.
Class I	$	250,000		11/17/2009	$	427,722		N.A.

See Endnotes and Additional Disclosures in this report.

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

Core Plus Bond Fund

September 30, 2017

Fund Profile

Credit Quality (% of bond holdings)⁵

Asset Allocation (% of total investments)

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Endnotes and Additional Disclosures

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

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

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

⁴  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/19. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵  Ratings are based on Moody’s, 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.

5

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2017 – September 30, 2017).

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

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

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

	Beginning Account Value (4/1/17)		Ending Account Value (9/30/17)		Expenses Paid During Period* (4/1/17 – 9/30/17)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,036.60	$	3.83	**		0.75	%
Class C	$	1,000.00	$	1,031.90	$	7.69	**		1.51	%
Class I	$	1,000.00	$	1,037.00	$	2.55	**		0.50	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.30	$	3.80	**		0.75	%
Class C	$	1,000.00	$	1,017.50	$	7.64	**		1.51	%
Class I	$	1,000.00	$	1,022.60	$	2.54	**		0.50	%

Effective June 1, 2017, the contractual expense caps of the Fund changed. If these changes had been in place during the entire reporting period, the actual and hypothetical ending account values, expenses paid and annualized expense ratios would have been as follows:

	Beginning Account Value (4/1/17)		Ending Account Value (9/30/17)		Expenses Paid During Period* (4/1/17 – 9/30/17)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,036.60	$	3.78	**		0.74	%
Class C	$	1,000.00	$	1,031.90	$	7.59	**		1.49	%
Class I	$	1,000.00	$	1,037.00	$	2.50	**		0.49	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.40	$	3.75	**		0.74	%
Class C	$	1,000.00	$	1,017.60	$	7.54	**		1.49	%
Class I	$	1,000.00	$	1,022.60	$	2.48	**		0.49	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2017.

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

6

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Portfolio of Investments

Corporate Bonds & Notes — 27.2%
Security	Principal Amount* (000’s omitted)		Value
Banks — 0.7%
Santander Issuances SAU, 5.179%, 11/19/25		600	$	646,699
			$	646,699
Chemicals — 0.2%
RPM International, Inc., 3.75%, 3/15/27		234	$	237,539
			$	237,539
Diversified Financial Services — 2.3%
Banco BTG Pactual SA, 5.75%, 9/28/22(1)		200	$	193,992
Grupo KUO SAB de CV, 5.75%, 7/7/27(1)		390		411,450
Och-Ziff Finance Co., LLC, 4.50%, 11/20/19(1)		1,185		1,155,375
UBS Group Funding Switzerland AG, 4.253%, 3/23/28(1)		425		446,511
			$	2,207,328
Electric Utilities — 1.7%
Enel Finance International NV, 3.625%, 5/25/27(1)		800	$	802,899
Trinidad Generation Unlimited, 5.25%, 11/4/27(1)		753		768,068
			$	1,570,967
Electrical and Electronic Equipment — 0.2%
Avnet, Inc., 4.625%, 4/15/26		210	$	218,448
			$	218,448
Foods — 1.8%
BRF GmbH, 4.35%, 9/29/26(1)		640	$	632,000
ESAL GmbH, 6.25%, 2/5/23(1)		1,095		1,066,804
			$	1,698,804
Home Construction — 2.0%
CalAtlantic Group, Inc., 5.00%, 6/15/27		550	$	557,219
MDC Holdings, Inc., 6.00%, 1/15/43		1,420		1,370,598
			$	1,927,817
Mining — 0.5%
Teck Resources, Ltd., 5.20%, 3/1/42		470	$	470,000
			$	470,000
Miscellaneous Manufacturing — 1.0%
Bombardier, Inc., 6.00%, 10/15/22(1)		710	$	693,138
Suzano Austria GmbH, 7.00%, 3/16/47(1)		227		248,542
			$	941,680

Security		Principal Amount* (000’s omitted)		Value
Oil and Gas — 5.8%
Ecopetrol SA, 5.875%, 5/28/45			1,020	$	1,000,875
Ensco PLC, 5.20%, 3/15/25			863		729,235
Hess Corp., 4.30%, 4/1/27			915		912,156
Nabors Industries, Inc., 5.10%, 9/15/23			120		115,980
Nabors Industries, Inc., 5.50%, 1/15/23			80		78,800
National Oilwell Varco, Inc., 3.95%, 12/1/42			1,075		913,268
Petrobras Global Finance BV, 5.625%, 5/20/43			1,125		1,006,875
Rowan Cos., Inc., 4.75%, 1/15/24			490		431,200
Rowan Cos., Inc., 5.40%, 12/1/42			348		266,220
				$	5,454,609
Pipelines — 1.0%
Kinder Morgan Energy Partners, L.P., 4.70%, 11/1/42			950	$	915,674
				$	915,674
Real Estate Investment Trusts (REITs) — 2.0%
CBL & Associates, L.P., 4.60%, 10/15/24			1,190	$	1,135,697
VEREIT Operating Partnership, L.P., 4.875%, 6/1/26			680		729,040
				$	1,864,737
Retail – Specialty and Apparel — 5.1%
Coach, Inc., 4.125%, 7/15/27			461	$	464,148
L Brands, Inc., 6.75%, 7/1/36			235		228,490
Macy’s Retail Holdings, Inc., 4.30%, 2/15/43			1,707		1,380,770
Nordstrom, Inc., 5.00%, 1/15/44			935		921,598
Signet UK Finance PLC, 4.70%, 6/15/24			1,852		1,835,796
				$	4,830,802
Technology — 1.9%
Seagate HDD Cayman, 4.875%, 6/1/27			1,495	$	1,411,752
Seagate HDD Cayman, 5.75%, 12/1/34			440		413,337
				$	1,825,089
Telecommunications — 0.3%
America Movil SAB de CV, 6.45%, 12/5/22	MXN		5,500	$	290,310
				$	290,310
Transportation — 0.7%
A.P. Moller - Maersk A/S, 3.875%, 9/28/25(1)			705	$	708,668
				$	708,668
Total Corporate Bonds & Notes (identified cost $24,952,897)				$	25,809,171

7 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Portfolio of Investments — continued

Commercial Mortgage-Backed Securities — 11.1%
Security	Principal Amount (000’s omitted)		Value
A10 Securitization, LLC
Series 2015-1, Class B, 4.12%, 4/15/34(1)	$	750	$	750,400
CFCRE Commercial Mortgage Trust
Series 2016-C7, Class D, 4.443%, 12/10/54(1)		400		327,791
Citigroup Commercial Mortgage Trust
Series 2014-GC23, Class D, 4.666%, 7/10/47(1)(2)		800		704,171
COMM Mortgage Trust
Series 2015-CR22, Class D, 4.261%, 3/10/48(1)(2)		600		505,558
JPMBB Commercial Mortgage Securities Trust
Series 2014-C19, Class D, 4.82%, 4/15/47(1)(2)		615		551,992
Series 2014-C21, Class D, 4.815%, 8/15/47(1)(2)		500		429,508
Series 2014-C22, Class D, 4.711%, 9/15/47(1)(2)		486		417,165
Series 2014-C25, Class D, 4.095%, 11/15/47(1)(2)		200		159,396
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2006-LDP9, Class AM, 5.372%, 5/15/47		297		296,528
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2016-C32, Class D, 3.396%, 12/15/49(1)(2)		500		377,130
Motel 6 Trust
Series 2017-MTL6, Class C, 2.634%, (1 mo. USD LIBOR + 1.40%), 8/15/34(1)(3)		1,000		1,001,875
Series 2017-MTL6, Class E, 4.484%, (1 mo. USD LIBOR + 3.25%), 8/15/34(1)(3)		1,000		999,525
UBS Commercial Mortgage Trust
Series 2012-C1, Class D, 5.73%, 5/10/45(1)(2)		850		859,267
Wells Fargo Commercial Mortgage Trust
Series 2015-C26, Class D, 3.586%, 2/15/48(1)		1,000		766,536
Series 2015-C29, Class D, 4.366%, 6/15/48(2)		1,000		873,101
Series 2015-NXS1, Class D, 4.239%, 5/15/48(2)		150		132,162
Series 2015-SG1, Class C, 4.619%, 9/15/48(2)		548		538,182
WF-RBS Commercial Mortgage Trust
Series 2014-C24, Class D, 3.692%, 11/15/47(1)		940		646,103
Series 2014-LC14, Class D, 4.586%, 3/15/47(1)(2)		165		139,946
Total Commercial Mortgage-Backed Securities (identified cost $10,489,760)			$	10,476,336
Asset-Backed Securities — 13.9%
Security	Principal Amount (000’s omitted)		Value
Automotive — 3.4%
Avis Budget Rental Car Funding, LLC
Series 2012-3A, Class A, 2.10%, 3/20/19(1)	$	750	$	750,789
Series 2012-3A, Class B, 3.04%, 3/20/19(1)		340		340,950
Series 2013-1A, Class B, 2.62%, 9/20/19(1)		1,205		1,208,135
Series 2013-2A, Class A, 2.97%, 2/20/20(1)		700		706,684

Security	Principal Amount (000’s omitted)		Value
Automotive (continued)
First Investors Auto Owner Trust
Series 2017-1A, Class A1, 1.69%, 4/15/21(1)	$	171	$	170,590
			$	3,177,148
Other — 5.6%
Coinstar Funding, LLC
Series 2017-1A, Class A2, 5.216%, 4/25/47(1)	$	319	$	332,187
Conn Funding II L.P.
Series 2017-A, Class A, 2.73%, 7/15/19(1)		666		666,178
Consumer Loan Underlying Bond Credit Trust
Series 2017-NP1, Class A, 2.39%, 4/17/23(1)		396		396,669
OneMain Financial Issuance Trust
Series 2014-1A, Class A, 2.43%, 6/18/24(1)		1		1,103
Series 2014-2A, Class B, 3.02%, 9/18/24(1)		500		501,850
Prosper Marketplace Issuance Trust
Series 2017-1A, Class A, 2.56%, 6/15/23(1)		371		371,563
Series 2017-1A, Class B, 3.65%, 6/15/23(1)		450		454,570
Series 2017-2A, Class A, 2.41%, 9/15/23(1)		465		465,795
Sierra Receivables Funding Co., LLC
Series 2014-1A, Class B, 2.42%, 3/20/30(1)		49		48,924
Series 2015-1A, Class B, 3.05%, 3/22/32(1)		76		76,091
SpringCastle Funding Trust
Series 2016-AA, Class A, 3.05%, 4/25/29(1)		587		591,291
Thunderbolt Aircraft Lease, Ltd.
Series 2017-A, Class B, 5.75%, 5/17/32(1)(4)		892		904,919
Trafigura Securitisation Finance PLC
Series 2017-1A, Class B, 2.934%, (1 mo. USD LIBOR + 1.70%), 12/15/20(1)(3)		500		503,319
			$	5,314,459
Single Family Home Rental — 1.0%
FirstKey Lending Trust
Series 2015-SFR1, Class A, 2.553%, 3/9/47(1)	$	289	$	289,071
Tricon American Homes
Series 2015-SFR1, Class D, 3.434%, (1 mo. USD LIBOR + 2.20%), 5/17/32(1)(3)		500		503,140
Series 2016-SFR1, Class D, 3.886%, 11/17/33(1)		200		203,043
			$	995,254
Whole Business — 3.9%
DB Master Finance, LLC
Series 2015-1A, Class A2II, 3.98%, 2/20/45(1)	$	1,219	$	1,248,713
Series 2017-1A, Class A2I, 3.629%, 11/20/47(1)(5)		470		472,654

8 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Portfolio of Investments — continued

Security		Principal Amount (000’s omitted)		Value
Whole Business (continued)
FOCUS Brands Funding, LLC
Series 2017-1A, Class A2I, 3.857%, 4/30/47(1)		$	180	$	181,998
Taco Bell Funding, LLC
Series 2016-1A, Class A2I, 3.832%, 5/25/46(1)			743		758,572
Wendys Funding, LLC
Series 2015-1A, Class A2I, 3.371%, 6/15/45(1)			980		991,485
				$	3,653,422
Total Asset-Backed Securities (identified cost $13,069,297)				$	13,140,283
Foreign Government Bonds — 10.6%
Security		Principal Amount (000’s omitted)		Value
Argentina — 0.2%
Republic of Argentina, 7.82%, 12/31/33	EUR		158	$	209,090
				$	209,090
Australia — 1.4%
Queensland Treasury Corp., 5.50%, 6/21/21(6)	AUD		1,560	$	1,357,962
				$	1,357,962
Brazil — 0.9%
Nota do Tesouro Nacional, 10.00%, 1/1/25	BRL		2,550	$	828,602
				$	828,602
Canada — 2.9%
Canada Housing Trust, 1.25%, 6/15/21(1)	CAD		1,345	$	1,051,089
Canada Housing Trust, 1.50%, 12/15/21(1)	CAD		680		533,373
Canada Housing Trust, 3.80%, 6/15/21(1)	CAD		290		247,800
Canadian Government Bond, 0.75%, 3/1/21	CAD		1,200		933,812
				$	2,766,074
Mexico — 2.1%
Mexican Bonos, 7.75%, 5/29/31	MXN		33,510	$	1,952,155
				$	1,952,155
New Zealand — 0.2%
New Zealand Government Bond, 6.00%, 12/15/17(6)	NZD		210	$	153,021
				$	153,021

Security		Principal Amount (000’s omitted)		Value
Supranational — 2.5%
European Bank for Reconstruction & Development, 9.25%, 12/2/20	IDR		2,000,000	$	164,046
European Investment Bank, 7.20%, 7/9/19(1)	IDR		6,590,000		502,854
International Bank for Reconstruction & Development, 3.50%, 1/22/21	NZD		400		295,826
International Finance Corp., 7.80%, 6/3/19	INR		40,700		646,084
International Finance Corp., 8.25%, 6/10/21	INR		46,500		769,101
				$	2,377,911
Uruguay — 0.4%
Republic of Uruguay, 8.50%, 3/15/28(1)	UYU		11,725	$	418,829
				$	418,829
Total Foreign Government Bonds (identified cost $9,691,585)				$	10,063,644
Senior Floating-Rate Loans — 1.0%(7)
Borrower/Tranche Description		Principal Amount (000’s omitted)		Value
Food Service — 0.4%
Weight Watchers International, Inc., Term Loan, 4.53%, (USD LIBOR + 3.25%), 4/2/20(8)		$	415	$	410,400
				$	410,400
Health Care — 0.4%
BioClinica, Inc., Term Loan, 5.56%, (3 mo. USD LIBOR + 4.25%), 10/20/23		$	383	$	377,005
				$	377,005
Retailers (Except Food and Drug) — 0.2%
Neiman Marcus Group Ltd., LLC, Term Loan, 4.48%, (1 mo. USD LIBOR + 3.25%), 10/25/20		$	230	$	172,266
				$	172,266
Total Senior Floating-Rate Loans (identified cost $929,267)				$	959,671

9 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Portfolio of Investments — continued

Convertible Bonds — 2.4%
Security	Principal Amount (000’s omitted)		Value
Home Construction — 0.2%
CalAtlantic Group, Inc., 1.625%, 5/15/18	$	175	$	211,531
			$	211,531
Oil and Gas — 1.4%
Ensco Jersey Finance, Ltd., 3.00%, 1/31/24(1)	$	535	$	456,088
Nabors Industries, Inc., 0.75%, 1/15/24(1)		1,080		880,875
			$	1,336,963
Semiconductors — 0.8%
Intel Corp., 3.493%, 12/15/35(4)	$	525	$	748,125
			$	748,125
Total Convertible Bonds (identified cost $2,211,904)			$	2,296,619
Convertible Preferred Stocks — 0.5%
Security	Shares		Value
Diversified Financial Services — 0.2%
AMG Capital Trust II, 5.15%		3,250	$	201,175
			$	201,175
Oil and Gas — 0.3%
Chesapeake Energy Corp., 5.75%		400	$	245,000
			$	245,000
Total Convertible Preferred Stocks (identified cost $509,378)			$	446,175
Common Stocks — 0.1%
Security	Shares		Value
Oil and Gas — 0.1%
Frontera Energy Corp.(9)		2,730	$	95,550
Total Common Stocks (identified cost $394,575)			$	95,550

U.S. Treasury Obligations — 7.3%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Inflation-Protected Note, 0.25%, 1/15/25(10)	$	4,082	$	4,041,690
U.S. Treasury Inflation-Protected Note, 0.375%, 1/15/27(10)		2,908		2,873,451
Total U.S. Treasury Obligations (identified cost $6,975,582)			$	6,915,141
Short-Term Investments — 25.7%
U.S. Treasury Obligations — 5.1%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 12/28/17	$	4,830	$	4,817,919
Total U.S. Treasury Obligations (identified cost $4,817,502)			$	4,817,919
Other — 20.6%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 1.31%(11)		19,511,100	$	19,513,051
Total Other (identified cost $19,514,142)			$	19,513,051
Total Short-Term Investments (identified cost $24,331,644)			$	24,330,970
Total Investments — 99.8% (identified cost $93,555,889)			$	94,533,560
Other Assets, Less Liabilities — 0.2%			$	153,049
Net Assets — 100.0%			$	94,686,609

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

* In U.S. dollars unless otherwise indicated.

⁽¹⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2017, the aggregate value of these securities is $32,995,001 or 34.8% of the Fund’s net assets.

⁽²⁾  Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at September 30, 2017.

10 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Portfolio of Investments — continued

⁽³⁾  Variable rate security. The stated interest rate represents the rate in effect at September 30, 2017.

⁽⁴⁾  Multi-step coupon bond. Interest rate represents the rate in effect at September 30, 2017.

⁽⁵⁾  When-issued security.

⁽⁶⁾  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 September 30, 2017, the aggregate value of these securities is $1,510,983 or 1.6% of the Fund’s net assets.

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

⁽⁸⁾  The stated interest rate represents the weighted average interest rate at September 30, 2017 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

⁽⁹⁾  Non-income producing security.

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

⁽¹¹⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of September 30, 2017.

Country Concentration of Portfolio
Country	Percentage of Total Investments			Value
United States		78.8	%	$	74,484,216
Brazil		4.2			3,976,815
Canada		4.2			3,929,212
Mexico		2.8			2,653,915
Supranational		2.5			2,377,911
Australia		1.4			1,357,962
Colombia		1.2			1,096,425
Italy		0.8			802,899
Trinidad and Tobago		0.8			768,068
Denmark		0.8			708,668
Spain		0.7			646,699
Ireland		0.5			503,319
Switzerland		0.5			446,511
Uruguay		0.4			418,829
Argentina		0.2			209,090
New Zealand		0.2			153,021
Total Investments		100.0	%	$	94,533,560

Abbreviations:

LIBOR – London Interbank Offered Rate

Currency Abbreviations:

AUD	–	Australian Dollar
BRL	–	Brazilian Real
CAD	–	Canadian Dollar
EUR	–	Euro
IDR	–	Indonesian Rupiah

INR	–	Indian Rupee
MXN	–	Mexican Peso
NZD	–	New Zealand Dollar
USD	–	United States Dollar
UYU	–	Uruguayan Peso

11 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Statement of Assets and Liabilities

Assets	September 30, 2017
Unaffiliated investments, at value (identified cost, $74,041,747)	$	75,020,509
Affiliated investment, at value (identified cost, $19,514,142)		19,513,051
Cash		2,065
Interest and dividends receivable		612,358
Dividends receivable from affiliated investment		18,335
Receivable for Fund shares sold		612,813
Receivable from affiliate		49,718
Total assets	$	95,828,849
Liabilities
Payable for investments purchased	$	353,904
Payable for when-issued securities		470,000
Payable for Fund shares redeemed		158,870
Distributions payable		10,396
Payable to affiliates:
Investment adviser fee		31,949
Distribution and service fees		22,418
Accrued foreign capital gains taxes		3,816
Accrued expenses		90,887
Total liabilities	$	1,142,240
Net Assets	$	94,686,609
Sources of Net Assets
Paid-in capital	$	94,012,150
Accumulated net realized loss		(133,870	)
Accumulated distributions in excess of net investment income		(163,898	)
Net unrealized appreciation		972,227
Net Assets	$	94,686,609
Class A Shares
Net Assets	$	33,926,862
Shares Outstanding		2,844,301
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.93
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	12.52
Class C Shares
Net Assets	$	19,197,131
Shares Outstanding		1,610,017
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	11.92
Class I Shares
Net Assets	$	41,562,616
Shares Outstanding		3,486,507
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.92

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.

12 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Statement of Operations

Investment Income	Year Ended September 30, 2017
Interest	$	2,265,466
Dividends		49,160
Interest allocated from/dividends from affiliated investment		145,907
Expenses allocated from affiliated investment		(22	)
Total investment income	$	2,460,511
Expenses
Investment adviser fee	$	281,602
Distribution and service fees
Class A		63,946
Class C		152,864
Trustees’ fees and expenses		4,070
Custodian fee		30,819
Transfer and dividend disbursing agent fees		49,861
Legal and accounting services		64,953
Printing and postage		17,677
Registration fees		92,455
Miscellaneous		14,383
Total expenses	$	772,630
Deduct —
Allocation of expenses to affiliate	$	227,978
Total expense reductions	$	227,978
Net expenses	$	544,652
Net investment income	$	1,915,859
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	324,345
Investment transactions in/allocated from affiliated investment		2,761
Foreign currency transactions		4,097
Net realized gain	$	331,203
Change in unrealized appreciation (depreciation) —
Investments (including net increase of $1,941 in accrued foreign capital gains taxes)	$	1,623,062
Investments — affiliated investment		(1,091	)
Foreign currency		(1,367	)
Net change in unrealized appreciation (depreciation)	$	1,620,604
Net realized and unrealized gain	$	1,951,807
Net increase in net assets from operations	$	3,867,666

13 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Statements of Changes in Net Assets

	Year Ended September 30,
Increase (Decrease) in Net Assets	2017			2016
From operations —
Net investment income	$	1,915,859		$	1,108,868
Net realized gain (loss)		331,203			(407,889	)
Net change in unrealized appreciation (depreciation)		1,620,604			2,411,202
Net increase in net assets from operations	$	3,867,666		$	3,112,181
Distributions to shareholders —
From net investment income
Class A	$	(688,696	)	$	(627,814	)
Class C		(322,257	)		(335,697	)
Class I		(628,545	)		(242,939	)
From net realized gain
Class A		—			(202,433	)
Class C		—			(138,867	)
Class I		—			(88,966	)
Tax return of capital
Class A		(148,577	)		—
Class C		(67,897	)		—
Class I		(145,791	)		—
Total distributions to shareholders	$	(2,001,763	)	$	(1,636,716	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	26,396,444		$	6,377,010
Class C		10,316,709			4,725,190
Class I		47,977,391			4,724,768
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		767,404			753,110
Class C		347,314			394,939
Class I		759,296			293,125
Cost of shares redeemed
Class A		(11,898,568	)		(5,563,927	)
Class C		(4,466,938	)		(3,519,987	)
Class I		(14,629,163	)		(5,422,869	)
Net increase in net assets from Fund share transactions	$	55,569,889		$	2,761,359
Net increase in net assets	$	57,435,792		$	4,236,824
Net Assets
At beginning of year	$	37,250,817		$	33,013,993
At end of year	$	94,686,609		$	37,250,817
Accumulated distributions in excess of net investment income included in net assets
At end of year	$	(163,898	)	$	(404,948	)

14 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Financial Highlights

	Class A
	Year Ended September 30,
	2017			2016			2015			2014			2013
Net asset value — Beginning of year	$	11.630		$	11.040		$	11.780		$	11.520		$	12.600
Income (Loss) From Operations
Net investment income(1)	$	0.367		$	0.415		$	0.358		$	0.420		$	0.415
Net realized and unrealized gain (loss)		0.319			0.774			(0.668	)		0.372			(0.888	)
Total income (loss) from operations	$	0.686		$	1.189		$	(0.310	)	$	0.792		$	(0.473	)
Less Distributions
From net investment income	$	(0.322	)	$	(0.450	)	$	(0.430	)	$	(0.532	)	$	(0.530	)
From net realized gain		—			(0.149	)		—			—			(0.077	)
Tax return of capital		(0.064	)		—			—			—			—
Total distributions	$	(0.386	)	$	(0.599	)	$	(0.430	)	$	(0.532	)	$	(0.607	)
Net asset value — End of year	$	11.930		$	11.630		$	11.040		$	11.780		$	11.520
Total Return(2)(3)		6.01	%		11.21	%		(2.80	)%		7.06	%		(3.94	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	33,927		$	17,977		$	15,588		$	18,176		$	27,061
Ratios (as a percentage of average daily net assets):
Expenses(3)(4)		0.77	%		0.80	%		0.85	%		0.95	%		0.95	%
Net investment income		3.13	%		3.74	%		3.03	%		3.64	%		3.37	%
Portfolio Turnover		61	%		71	%		119	%		0	%(5)		19	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.36%, 0.53%, 0.34%, 0.23% and 0.22% of average daily net assets for the years ended September 30, 2017, 2016, 2015, 2014 and 2013, respectively). Absent this reimbursement, total return would be lower.

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

⁽⁵⁾  Amount is less than 1%.

15 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Financial Highlights — continued

	Class C
	Year Ended September 30,
	2017			2016			2015			2014			2013
Net asset value — Beginning of year	$	11.620		$	11.040		$	11.770		$	11.520		$	12.600
Income (Loss) From Operations
Net investment income(1)	$	0.282		$	0.331		$	0.266		$	0.334		$	0.323
Net realized and unrealized gain (loss)		0.317			0.765			(0.655	)		0.362			(0.888	)
Total income (loss) from operations	$	0.599		$	1.096		$	(0.389	)	$	0.696		$	(0.565	)
Less Distributions
From net investment income	$	(0.249	)	$	(0.367	)	$	(0.341	)	$	(0.446	)	$	(0.438	)
From net realized gain		—			(0.149	)		—			—			(0.077	)
Tax return of capital		(0.050	)		—			—			—			—
Total distributions	$	(0.299	)	$	(0.516	)	$	(0.341	)	$	(0.446	)	$	(0.515	)
Net asset value — End of year	$	11.920		$	11.620		$	11.040		$	11.770		$	11.520
Total Return(2)(3)		5.23	%		10.30	%		(3.44	)%		6.17	%		(4.65	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	19,197		$	12,574		$	10,457		$	10,594		$	18,946
Ratios (as a percentage of average daily net assets):
Expenses(3)(4)		1.52	%		1.55	%		1.60	%		1.70	%		1.70	%
Net investment income		2.41	%		2.98	%		2.25	%		2.90	%		2.62	%
Portfolio Turnover		61	%		71	%		119	%		0	%(5)		19	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.36%, 0.53%, 0.34%, 0.23% and 0.22% of average daily net assets for the years ended September 30, 2017, 2016, 2015, 2014 and 2013, respectively). Absent this reimbursement, total return would be lower.

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

⁽⁵⁾  Amount is less than 1%.

16 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Financial Highlights — continued

	Class I
	Year Ended September 30,
	2017			2016			2015			2014			2013
Net asset value — Beginning of year	$	11.620		$	11.040		$	11.770		$	11.520		$	12.600
Income (Loss) From Operations
Net investment income(1)	$	0.399		$	0.442		$	0.380		$	0.447		$	0.447
Net realized and unrealized gain (loss)		0.316			0.765			(0.651	)		0.364			(0.889	)
Total income (loss) from operations	$	0.715		$	1.207		$	(0.271	)	$	0.811		$	(0.442	)
Less Distributions
From net investment income	$	(0.346	)	$	(0.478	)	$	(0.459	)	$	(0.561	)	$	(0.561	)
From net realized gain		—			(0.149	)		—			—			(0.077	)
Tax return of capital		(0.069	)		—			—			—			—
Total distributions	$	(0.415	)	$	(0.627	)	$	(0.459	)	$	(0.561	)	$	(0.638	)
Net asset value — End of year	$	11.920		$	11.620		$	11.040		$	11.770		$	11.520
Total Return(2)(3)		6.28	%		11.40	%		(2.47	)%		7.23	%		(3.70	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	41,563		$	6,700		$	6,969		$	18,648		$	18,704
Ratios (as a percentage of average daily net assets):
Expenses(3)(4)		0.52	%		0.55	%		0.60	%		0.70	%		0.70	%
Net investment income		3.40	%		4.00	%		3.21	%		3.87	%		3.62	%
Portfolio Turnover		61	%		71	%		119	%		0	%(5)		19	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.36%, 0.53%, 0.34%, 0.23% and 0.22% of average daily net assets for the years ended September 30, 2017, 2016, 2015, 2014 and 2013, respectively). Absent this reimbursement, total return would be lower.

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

⁽⁵⁾  Amount is less than 1%.

17 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance Core Plus Bond Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and 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 for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and 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). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service. Prior to Cash Reserves Fund’s issuance of units in October 2016, the value of the Fund’s investment in Cash Reserves Fund reflected the Fund’s proportionate interest in its net assets and the Fund recorded its pro-rata share of Cash Reserves Fund’s income, expenses and realized gain or loss.

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.

18

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Notes to Financial Statements — 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.

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

As of September 30, 2017, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

I  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.

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.

19

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended September 30, 2017 and September 30, 2016 was as follows:

	Year Ended September 30,
	2017		2016
Distributions declared from:
Ordinary income	$	1,639,498	$	1,206,456
Long-term capital gains	$	—	$	430,260
Tax return of capital	$	362,265	$	—

During the year ended September 30, 2017, accumulated net realized loss was decreased by $33,042, accumulated distributions in excess of net investment income was increased by $35,311 and paid-in capital was increased by $2,269 due to differences between book and tax accounting, primarily for foreign currency gain (loss), paydown gain (loss), premium amortization, accretion of market discount, distributions from real estate investment trusts, return of capital distributions from securities, investments in partnerships, dividend redesignations and convertible debt securities. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of September 30, 2017, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Post October capital losses	$	(158,339	)
Late year ordinary losses	$	(133,525	)
Net unrealized appreciation	$	976,719
Other temporary differences	$	(10,396	)

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales, investments in partnerships, the timing of recognizing distributions to shareholders, premium amortization, accretion of market discount and convertible debt securities.

At September 30, 2017, the Fund had a net capital loss of $158,339 attributable to security transactions incurred after October 31, 2016 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, 2018.

Additionally, at September 30, 2017, the Fund had a late year ordinary loss of $133,525 which it has elected to defer to the following taxable year pursuant to income tax regulations. Late year ordinary losses represent certain specified losses realized in that portion of a taxable year after October 31 that are treated as ordinary for tax purposes plus ordinary losses attributable to that portion of a taxable year after December 31.

The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2017, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	93,551,397
Gross unrealized appreciation	$	1,692,723
Gross unrealized depreciation		(710,560	)
Net unrealized appreciation	$	982,163

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 year ended September 30, 2017, the Fund’s investment adviser fee amounted to $281,602 or 0.45% of the Fund’s average daily net assets. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

20

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Notes to Financial Statements — continued

BMR has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.74%, 1.49% and 0.49% (0.80%, 1.55% and 0.55% prior to June 1, 2017) 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, 2019. Pursuant to this agreement, BMR was allocated $227,978 of the Fund’s operating expenses for the year ended September 30, 2017.

EVM serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended September 30, 2017, EVM earned $1,955 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 $15,484 as its portion of the sales charge on sales of Class A shares for the year ended September 30, 2017. 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 year ended September 30, 2017, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended September 30, 2017 amounted to $63,946 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended September 30, 2017, the Fund paid or accrued to EVD $114,648 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended September 30, 2017 amounted to $38,216 for Class C shares.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended September 30, 2017, the Fund was informed that EVD received approximately $400 of CDSCs paid by Class A shareholders and no CDSCs paid by Class C 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 year ended September 30, 2017 were as follows:

	Purchases		Sales
Investments (non-U.S. Government)	$	62,745,943	$	25,931,905
U.S. Government and Agency Securities		8,491,033		3,410,592
	$	71,236,976	$	29,342,497

21

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Notes to Financial Statements — continued

7  Shares of Beneficial Interest

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

	Year Ended September 30,
Class A	2017			2016
Sales		2,252,362			568,950
Issued to shareholders electing to receive payments of distributions in Fund shares		65,358			68,332
Redemptions		(1,019,337	)		(502,927	)
Net increase		1,298,383			134,355
	Year Ended September 30,
Class C	2017			2016
Sales		881,665			418,449
Issued to shareholders electing to receive payments of distributions in Fund shares		29,618			35,904
Redemptions		(382,975	)		(319,973	)
Net increase		528,308			134,380
	Year Ended September 30,
Class I	2017			2016
Sales		4,092,041			422,067
Issued to shareholders electing to receive payments of distributions in Fund shares		64,630			26,678
Redemptions		(1,246,732	)		(503,632	)
Net increase (decrease)		2,909,939			(54,887	)

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 October 31, 2017. 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 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended September 30, 2017.

Effective November 1, 2017, the Fund renewed its line of credit agreement, which expires October 30, 2018, at substantially the same terms.

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.

22

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Notes to Financial Statements — continued

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 September 30, 2017, 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	$	—	$	25,809,171	$	—	$	25,809,171
Commercial Mortgage-Backed Securities		—		10,476,336		—		10,476,336
Asset-Backed Securities		—		13,140,283		—		13,140,283
Foreign Government Bonds		—		10,063,644		—		10,063,644
Senior Floating-Rate Loans		—		959,671		—		959,671
Convertible Bonds		—		2,296,619		—		2,296,619
Convertible Preferred Stocks		201,175		245,000		—		446,175
Common Stocks		95,550		—		—		95,550
U.S. Treasury Obligations		—		6,915,141		—		6,915,141
Short-Term Investments —
U.S. Treasury Obligations		—		4,817,919		—		4,817,919
Other		—		19,513,051		—		19,513,051
Total Investments	$	296,725	$	94,236,835	$	—	$	94,533,560

The Fund held no investments or other financial instruments as of September 30, 2016 whose fair value was determined using Level 3 inputs. At September 30, 2017, there were no investments transferred between Level 1 and Level 2 during the year then ended.

23

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities of Eaton Vance Core Plus Bond Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of September 30, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2017, by correspondence with the custodian, brokers and selling or agent banks; where replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Eaton Vance Core Plus Bond Fund as of September 30, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

November 21, 2017

24

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2018 will show the tax status of all distributions paid to your account in calendar year 2017. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

Qualified Dividend Income.  For the fiscal year ended September 30, 2017, the Fund designates approximately $49,160, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction.  Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2017 ordinary income dividends, 3.01% qualifies for the corporate dividends received deduction.

25

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

At a meeting of the Boards of Trustees (each a “Board”) of the registered investment companies advised by either Eaton Vance Management or its affiliate, Boston Management and Research, (the “Eaton Vance Funds”) held on April 25, 2017, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2017. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following (for funds that invest through one or more underlying portfolio(s), references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

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

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

• A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

• Data regarding investment performance in comparison to benchmark indices, as well as customized groups of peer funds and blended indices identified by the adviser in consultation with the Board;

• For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

• Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, including the investment strategies and processes it employs;

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

• Information about each adviser’s policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to portfolio turnover rates of each fund;

Information about each Adviser

• Reports detailing the financial results and condition of each adviser;

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

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

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

• Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;

• A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

26

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Board of Trustees’ Contract Approval — continued

Other Relevant Information

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

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

• The terms of each investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2017, with respect to one or more funds, the Board met ten times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, thirteen, six, eight and ten times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each investment adviser relating to each fund, and considered various investment and trading strategies used in pursuing each fund’s investment objective, such as the use of derivative instruments, as well as risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of investment advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

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

Results of the Process

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

Nature, Extent and Quality of Services

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

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

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

27

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Board of Trustees’ Contract Approval — continued

The Board was aware that on April 24, 2017 a former employee of the Adviser agreed to plead guilty to fraud charges arising from the individual’s prior activities as an equity options trader for certain Eaton Vance Funds. The Board was informed that the Adviser became aware of the matter on April 18, 2017, at which time management contacted federal authorities, alerted the Board and began an internal investigation. The Adviser represented to the Board that, based on information available as of April 25, 2017, management had no reason to believe that any other employee of the Adviser or its affiliates was involved in any wrongful activities or that any fund had been materially harmed. The Adviser agreed to keep the Board fully apprised as additional information is learned, and assured the Board that any fund harmed by the former employee’s wrongful activities will be made whole, as determined in consultation with the Board. The Board concluded that the Adviser’s actions in response to these events are appropriate and consistent with the Adviser’s commitment to protect and provide quality services to the Eaton Vance Funds.

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

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

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices. The Board noted that, effective May 1, 2015, the Fund changed its name, investment objective and investment strategies to allow the Fund to invest in a broader range of income producing investments and that the Fund had only been operating with its new investment objective and investment strategies for a limited period of time. The Board’s review included comparative performance data for the one-, three- and five-year periods ended September 30, 2016 for the Fund. However, the Board focused primarily on comparative performance data since May 1, 2015. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one year period ended September 30, 2016, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on Fund expense ratios relative to comparable funds.

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

Profitability and Other “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

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

Economies of Scale

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

28

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Management and Organization

Fund Management.  The Trustees of Eaton Vance Mutual Funds Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research, and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 176 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 176 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Directorships in the Last Five Years. Formerly, Director and Chairman of Legg Mason, Inc. (2008-2012); Director/Trustee and Chairman of Legg Mason family of funds (14 funds) (2008-2012); and Director/Trustee of the Royce family of funds (35 funds) (2001-2012).
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995); Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989); Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2) Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

29

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson); 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(2) None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Directorships in the Last Five Years.(2) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Harriett Tee Taggart 1948	Trustee	2011	Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006). Directorships in the Last Five Years.(2) Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).
Scott E. Wennerholm 1959	Trustee	2016	Trustee at Wheelock College (postsecondary institution) (since 2012). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Directorships in the Last Five Years. None.
Principal Officers who are not Trustees
Name and Year of Birth	Position(s) with the Trust	Officer Since(3)	Principal Occupation(s) During Past Five Years
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

30

Eaton Vance

Core Plus Bond Fund

September 30, 2017

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(3)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

⁽²⁾ During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); eUnits^TM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). However, Ms. Mosley did not serve as a Board member of eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾ Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

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

31

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 typically be effective within 30 days of receipt by Eaton Vance or your financial advisor. Separate statements will be generated for each separate account and will be householded as described above.

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.

32

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

4595    9.30.17

Eaton Vance

Municipal Income Funds

Annual Report

September 30, 2017

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.

Annual Report September 30, 2017

Eaton Vance

Municipal Income Funds

Table of Contents

Management’s Discussion of Fund Performance	2
Performance and Fund Profile
AMT-Free Municipal Income Fund	3
National Municipal Income Fund	5
Endnotes and Additional Disclosures	7
Fund Expenses	8
Financial Statements	10
Report of Independent Registered Public Accounting Firm	46
Federal Tax Information	48
Board of Trustees’ Contract Approval	49
Management and Organization	53
Important Notices	56

Eaton Vance

Municipal Income Funds

September 30, 2017

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The fiscal year that began on October 1, 2016 played out as a tale of two markets. For the first two months of the period, interest rates rose and municipal bond prices declined. But from December 2016 until nearly the end of the period on September 30, 2017, longer-term rates generally fell and municipals gained back some, but not all, of their previous losses.

As the period opened, municipal bonds had just come off of a rally fueled by mixed U.S. economic reports, ongoing Federal Reserve Board (the Fed) caution, and the United Kingdom’s June 2016 vote to leave the European Union. In early fall 2016, the rally had ended when remarks by the European Central Bank, the Bank of Japan and the Fed seemed to indicate that rates might begin to rise sooner than markets had anticipated. As a result, municipal rates crept upward in October of 2016.

In November 2016, Donald Trump’s surprise win in the U.S. presidential election precipitated one of the largest municipal market declines in at least two decades. Rates rose, the yield curve steepened and bond prices fell as markets anticipated that decreasing regulation and lower tax rates under a Trump administration could lead to higher economic growth and inflation.

In December 2016, however, interest rates began to reverse direction, despite a Fed rate hike that month and two subsequent hikes in 2017 that put upward pressure on short-term rates. Mixed U.S. economic data, along with loss of confidence that the Trump administration could accomplish health care or tax reform, put downward pressure on long-term rates that would increase as the period wore on. As a result, municipal bonds rallied modestly in December 2016 and continued to stabilize during January and February 2017. From March through July, long-term rates drifted downward and the yield curve flattened. In August and early September, increasing geopolitical tension between the U.S. and North Korea led to a “flight to quality” that drove investors toward the perceived safety of U.S. Treasurys. As a result, rates declined further as Treasury prices rallied, and the municipal market rallied along with Treasurys. But in the final weeks of the period, the rally ended as rates rose in response to Republican legislators’ release of their outline for tax reform, which was viewed as a potential driver of higher U.S. economic growth and inflation.

For the 12-month period, municipal market returns were relatively flat. The Bloomberg Barclays Municipal Bond Index (the Index),² a broad measure of the asset class, returned 0.87%, as total return generated from coupon payments was largely canceled out by price declines early in the fiscal year.

For the one-year period as a whole, rates rose throughout the yield curve for municipal AAA-rated⁷ issues. The greatest increases occurred at the long end of the curve, causing the curve to steepen for the one-year period and longer-term bonds to underperform shorter-term issues. Across the curve, municipal bonds with maturities of 10 years and less outperformed comparable U.S. Treasurys, while 30-year municipals performed in line with 30-year Treasurys.

Fund Performance

For the fiscal year ended September 30, 2017, AMT-Free Municipal Income Fund Class A shares at net asset value (NAV) underperformed the 0.87% return of the Funds’ primary

benchmark, the Index, while National Municipal Income Fund Class A shares at NAV outperformed the Index.

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

The Funds seek to enhance tax-exempt income by entering into residual interest bond transactions (RIB transactions)6 and investing the proceeds of such transactions in additional municipal securities, which creates leverage in the Funds. Leverage has the effect of magnifying the Funds’ exposure to their underlying investments in both up and down markets. During this period of relatively flat performance by municipal bonds, the additional income generated by the use of leverage was a modest contributor to performance versus the Index — which does not employ leverage — for both Funds.

By using Treasury futures and/or interest-rate swaps, management hedges to various degrees against the greater potential risk of volatility caused by the use of leverage and investing in bonds at the long end of the yield curve. As a risk management tactic within the Funds’ overall strategies, interest rate hedging is intended to moderate performance on both the upside and the downside of the market. So, in a period when municipal and Treasury bonds generally declined in price, the Funds’ Treasury futures hedge mitigated a portion of that decline — and was thus a contributor to relative performance versus the unhedged Index — for both Funds.

Fund-Specific Results

Eaton Vance AMT-Free Municipal Income Fund Class A shares at NAV returned 0.64% underperforming the 0.87% return of the Index. Detractors from Fund performance versus the Index included security selection in zero-coupon bonds, which were the worst-performing coupon structure in the Index during the period; security selection in BBB-rated bonds, which were the best-performing ratings category in the Index during the period; and one uninsured Puerto Rico bond holding. It should be noted that most uninsured bonds issued by the Commonwealth of Puerto Rico and its various conduit issuers — in contrast with insured Puerto Rico bonds — were no longer included in the Index. As Puerto Rico continued to deal with an ongoing fiscal crisis, bonds issued by its various legal entities were impacted by a number of factors throughout the period, including monetary default. As the period ended, Puerto Rico continued to negotiate with creditors and address its current debt structure under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) passed by the U.S. Congress. Contributors to results relative to the Index included the Fund’s hedging strategy; an overweight, relative to the Index, in Illinois bonds; and security selection and an overweight in the health care sector.

Eaton Vance National Municipal Income Fund Class A shares at NAV returned 1.31% outperforming the 0.87% return of the Index. Contributors to performance relative to the Index included the Fund’s hedging strategy, an overweight and security selection in Illinois bonds, and an overweight and security selection in insured Puerto Rico bonds. All of the Fund’s Puerto Rico holdings were insured by various municipal bond insurers. In contrast, detractors from performance versus the Index included security selection in the resource recovery sector, security selection in state general obligation bonds, and security selection in BBB-rated bonds.

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

AMT-Free Municipal Income Fund

September 30, 2017

Performance^2,3

Portfolio Manager Cynthia J. Clemson

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A at NAV		01/06/1998		03/16/1978		0.64	%		3.09	%		3.78	%
Class A with 4.75% Maximum Sales Charge		—		—		–4.13			2.09			3.28
Class C at NAV		05/02/2006		03/16/1978		–0.12			2.32			3.02
Class C with 1% Maximum Sales Charge		—		—		–1.09			2.32			3.02
Class I at NAV		03/16/1978		03/16/1978		0.87			3.36			4.04
Bloomberg Barclays Municipal Bond Index		—		—		0.87	%		3.00	%		4.52	%
Bloomberg Barclays Long (22+) Year Municipal Bond Index		—		—		0.59			4.12			5.16
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
Gross						0.91	%		1.66	%		0.66	%
Net						0.81			1.56			0.56
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						3.66	%		2.92	%		3.91	%
Taxable-Equivalent Distribution Rate						6.47			5.16			6.91
SEC 30-day Yield						1.47			0.80			1.80
Taxable-Equivalent SEC 30-day Yield						2.60			1.42			3.18
% Total Leverage6
Residual Interest Bond (RIB) Financing												10.51	%

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C	$	10,000		09/30/2007	$	13,464		N.A.
Class I	$	250,000		09/30/2007	$	371,457		N.A.

See Endnotes and Additional Disclosures in this report.

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

AMT-Free Municipal Income Fund

September 30, 2017

Fund Profile

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

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

National Municipal Income Fund

September 30, 2017

Performance^2,3

Portfolio Manager Craig R. Brandon, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date			One Year			Five Years			Ten Years
Class A at NAV		04/05/1994		12/19/1985			1.31	%		3.70	%		3.43	%
Class A with 4.75% Maximum Sales Charge		—		—			–3.53			2.69			2.93
Class B at NAV		12/19/1985		12/19/1985			0.55			2.93			2.66
Class B with 5% Maximum Sales Charge		—		—			–4.33			2.58			2.66
Class C at NAV		12/03/1993		12/19/1985			0.56			2.93			2.66
Class C with 1% Maximum Sales Charge		—		—			–0.42			2.93			2.66
Class I at NAV		07/01/1999		12/19/1985			1.56			3.96			3.69
Bloomberg Barclays Municipal Bond Index	��	—		—			0.87	%		3.00	%		4.52	%
Bloomberg Barclays Long (22+) Year Municipal Bond Index		—		—			0.59			4.12			5.16
% Total Annual Operating Expense Ratios4			Class A			Class B			Class C			Class I
Gross				0.79	%		1.54	%		1.54	%		0.54	%
Net				0.67			1.42			1.42			0.42
% Distribution Rates/Yields5			Class A			Class B			Class C			Class I
Distribution Rate				3.64	%		2.90	%		2.90	%		3.89	%
Taxable-Equivalent Distribution Rate				6.43			5.12			5.12			6.87
SEC 30-day Yield				1.97			1.32			1.32			2.32
Taxable-Equivalent SEC 30-day Yield				3.48			2.33			2.34			4.10
% Total Leverage6
RIB Financing													9.44	%

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class B	$	10,000		09/30/2007	$	13,000		N.A.
Class C	$	10,000		09/30/2007	$	13,000		N.A.
Class I	$	250,000		09/30/2007	$	359,183		N.A.

See Endnotes and Additional Disclosures in this report.

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

5

Eaton Vance

National Municipal Income Fund

September 30, 2017

Fund Profile

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

See Endnotes and Additional Disclosures in this report.

6

Eaton Vance

Municipal Income Funds

September 30, 2017

Endnotes and Additional Disclosures

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

²  Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg 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.

³  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

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

⁵  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099- DIV and provided to the shareholder shortly after each year-end.

The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ.

⁶  Fund employs RIB financing. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of NAV). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets plus Floating Rate Notes.

⁷  Ratings are based on Moody’s, 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.

⁸  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.

   Important Notice to Shareholders

At the close of business on September 20, 2017, the AMT-Free Municipal Income Fund’s Class B shares were merged into Class A shares of AMT-Free Municipal Income Fund.

7

Eaton Vance

Municipal Income Funds

September 30, 2017

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2017 – September 30, 2017).

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

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

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

Eaton Vance AMT-Free Municipal Income Fund

	Beginning Account Value (4/1/17)		Ending Account Value (9/30/17)		Expenses Paid During Period* (4/1/17 – 9/30/17)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,032.70	$	5.10		1.00	%
Class C	$	1,000.00	$	1,028.90	$	8.90		1.75	%
Class I	$	1,000.00	$	1,033.90	$	3.82		0.75	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.10	$	5.06		1.00	%
Class C	$	1,000.00	$	1,016.30	$	8.85		1.75	%
Class I	$	1,000.00	$	1,021.30	$	3.80		0.75	%

* 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 183/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2017.

8

Eaton Vance

Municipal Income Funds

September 30, 2017

Fund Expenses — continued

Eaton Vance National Municipal Income Fund

	Beginning Account Value (4/1/17)		Ending Account Value (9/30/17)		Expenses Paid During Period* (4/1/17 – 9/30/17)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,035.10	$	4.34		0.85	%
Class B	$	1,000.00	$	1,031.20	$	8.20		1.61	%
Class C	$	1,000.00	$	1,031.20	$	8.20		1.61	%
Class I	$	1,000.00	$	1,036.40	$	3.06		0.60	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.80	$	4.31		0.85	%
Class B	$	1,000.00	$	1,017.00	$	8.14		1.61	%
Class C	$	1,000.00	$	1,017.00	$	8.14		1.61	%
Class I	$	1,000.00	$	1,022.10	$	3.04		0.60	%

* 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 183/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2017.

9

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2017

Portfolio of Investments

Tax-Exempt Municipal Securities — 109.6%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 3.1%
New York Environmental Facilities Corp., 5.00%, 10/15/35(1)	$	9,900	$	10,780,308
			$	10,780,308
Education — 7.6%
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/46	$	5,000	$	5,609,200
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/38		1,930		2,317,563
Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36		1,050		1,204,319
Tennessee School Bond Authority, 5.00%, 11/1/34		4,250		5,133,192
University of California, 5.25%, 5/15/35		3,555		4,249,256
University of Nebraska, 5.00%, 5/15/35		1,000		1,162,050
University of Nebraska, 5.00%, 7/1/35		3,000		3,493,470
West Virginia University, 5.00%, 10/1/31		3,000		3,410,550
			$	26,579,600
Electric Utilities — 4.2%
Apache County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 4.50%, 3/1/30	$	1,605	$	1,746,015
Chula Vista, CA, (San Diego Gas and Electric), 5.875%, 2/15/34		3,520		3,781,571
Northern Municipal Power Agency, MN, 5.00%, 1/1/31(2)		200		235,790
Northern Municipal Power Agency, MN, 5.00%, 1/1/32(2)		210		246,271
Northern Municipal Power Agency, MN, 5.00%, 1/1/33(2)		235		273,928
Northern Municipal Power Agency, MN, 5.00%, 1/1/34(2)		210		243,680
Northern Municipal Power Agency, MN, 5.00%, 1/1/35(2)		170		196,967
Northern Municipal Power Agency, MN, 5.00%, 1/1/36(2)		160		184,683
Pima County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 5.25%, 10/1/40		1,410		1,512,408
Utility Debt Securitization Authority, NY, 5.00%, 12/15/33		2,895		3,414,653
Vernon, CA, Electric System Revenue, 5.125%, 8/1/21		2,700		2,886,840
			$	14,722,806
Escrowed / Prerefunded — 9.2%
Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.00%, 7/15/30	$	880	$	980,364
Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.25%, 7/15/40		1,320		1,478,017
Foothill/Eastern Transportation Corridor Agency, CA, Escrowed to Maturity, 0.00%, 1/1/18		10,000		9,976,800
Idaho Health Facilities Authority, (Trinity Health Credit Group), Prerefunded to 12/1/18, 6.25%, 12/1/33		2,985		3,163,384

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Metropolitan Transportation Authority, NY, Prerefunded to 11/15/18, 6.50%, 11/15/28	$	310	$	329,632
Metropolitan Transportation Authority, NY, Prerefunded to 11/15/18, 6.50%, 11/15/28		2,730		2,902,891
Oklahoma Development Finance Authority, (St. John Health System), Prerefunded to 2/15/22, 5.00%, 2/15/34		2,035		2,359,684
Savannah Economic Development Authority, GA, Escrowed to Maturity, 0.00%, 12/1/21		6,000		5,605,080
Triborough Bridge and Tunnel Authority, NY, Prerefunded to 11/15/18, 5.25%, 11/15/34(1)		3,745		3,929,721
Vernon, CA, Electric System Revenue, Prerefunded to 8/1/19, 5.125%, 8/1/21		1,155		1,223,538
			$	31,949,111
General Obligations — 17.7%
Beaverton School District No. 48J, Washington and Multnomah Counties, OR, 5.00%, (0.00% until 6/15/18), 6/15/36	$	1,000	$	1,135,420
California, 5.00%, 10/1/26		1,300		1,574,560
California, 5.00%, 10/1/27		630		761,210
California, 5.25%, 10/1/29		560		649,628
California, 5.25%, 10/1/32		3,480		4,019,226
Chicago, IL, 6.00%, 1/1/38		2,500		2,896,000
District of Columbia, 5.00%, 6/1/37(1)		7,000		8,283,643
Erie County, PA, 5.00%, 9/1/25		500		607,475
Fennville Public Schools, MI, 4.00%, 5/1/34		1,000		1,116,330
Foothill-De Anza Community College District, CA, 5.00%, 8/1/34		1,150		1,365,418
Foothill-De Anza Community College District, CA, 5.00%, 8/1/36		1,150		1,358,184
Hays Consolidated Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/29		2,000		2,449,600
Hurst-Euless-Bedford Independent School District, TX, 2.00%, 8/15/22(2)		550		563,194
Illinois, 5.00%, 11/1/28		3,600		3,932,604
Illinois, 5.00%, 11/1/29		1,400		1,525,790
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/31		4,470		5,110,462
Minnesota, 5.00%, 10/1/33(2)		3,390		4,143,970
Salem-Keizer School District No. 24J, OR, 0.00%, 6/15/24		1,220		1,062,266
Santa Clara County, CA, (Election of 2008), 5.00%, 8/1/39(1)		7,700		8,238,384
Springfield School District No. 19, OR, 5.00%, 6/15/30		1,135		1,353,590
University of Connecticut, 5.00%, 2/15/32		650		752,284
Washington, 5.25%, 2/1/36(1)		6,000		6,744,900
Wentzville R-IV School District, MO, 0.00%, 3/1/29		500		361,565
Wentzville R-IV School District, MO, 4.00%, 3/1/29(2)		1,600		1,788,448
			$	61,794,151

10 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2017

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital — 15.7%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28	$	535	$	595,610
California Health Facilities Financing Authority, (Kaiser Permanente), Green Bonds, 5.00%, 11/1/27		1,090		1,372,048
California Health Facilities Financing Authority, (Providence Health System), 5.50%, 10/1/39		5,175		5,570,732
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		1,720		1,959,992
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		2,300		2,597,160
California Health Facilities Financing Authority, (Sutter Health), 5.25%, 8/15/31		1,325		1,516,330
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 7/1/29		1,330		1,416,796
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.25%, 12/1/34		3,000		3,346,410
Colorado Health Facilities Authority, (Vail Valley Medical Center), 4.00%, 1/15/45		2,155		2,219,370
Colorado Health Facilities Authority, (Vail Valley Medical Center), 5.00%, 1/15/35		2,000		2,279,100
Henrico County Economic Development Authority, VA, (Bon Secours Health System, Inc.), 5.00%, 11/1/30		1,185		1,325,612
Illinois Finance Authority, (Presence Health Network), 4.00%, 2/15/36		5,345		5,496,531
Kansas Development Finance Authority, (Adventist Health System), 5.75%, 11/15/38		5,230		5,700,596
Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31		2,110		2,466,252
Massachusetts Development Finance Agency, (Tufts Medical Center), 6.75%, 1/1/36		785		895,520
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/29		1,450		1,698,603
New York Dormitory Authority, (Orange Regional Medical Center), Prerefunded to 12/1/18, 6.25%, 12/1/37		3,380		3,591,689
Ohio, (Cleveland Clinic Health System), 5.00%, 1/1/32		1,000		1,210,780
Ohio, (University Hospitals Health Systems, Inc.), 5.00%, 1/15/36		2,500		2,798,375
Orange County Health Facilities Authority, FL, (Orlando Health, Inc.), 5.375%, 10/1/23		1,000		1,081,030
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(1)		5,000		5,650,400
			$	54,788,936
Housing — 0.1%
Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(3)	$	285	$	239,397
			$	239,397

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue — 0.8%
Selma Industrial Development Board, AL, (International Paper Co.), 5.80%, 5/1/34	$	2,670	$	2,937,134
			$	2,937,134
Insured – Education — 0.6%
Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31	$	1,750	$	2,220,505
			$	2,220,505
Insured – Electric Utilities — 2.3%
Long Island Power Authority, NY, Electric System Revenue, (BHAC), Prerefunded to 4/1/19, 5.75%, 4/1/33	$	5,415	$	5,802,606
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/29		2,865		2,063,258
			$	7,865,864
Insured – Escrowed / Prerefunded — 1.9%
Chicago, IL, Wastewater Transmission Revenue, (BHAC), Prerefunded to 1/1/18, 5.50%, 1/1/38	$	4,155	$	4,203,697
New Orleans Aviation Board, LA, (AGC), Prerefunded to 1/1/19, 6.00%, 1/1/23		1,040		1,104,969
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), Escrowed to Maturity, 0.00%, 8/15/21		1,560		1,466,665
			$	6,775,331
Insured – General Obligations — 0.7%
Atlantic City, NJ, (AGM), 4.00%, 3/1/42(2)	$	145	$	148,194
Chicago, IL, (AGM), 5.25%, 1/1/31		1,900		2,099,861
			$	2,248,055
Insured – Lease Revenue / Certificates of Participation — 1.5%
Anaheim Public Financing Authority, CA, (Anaheim Public Improvements), (AGM), 0.00%, 9/1/31	$	8,680	$	5,340,023
			$	5,340,023
Insured – Other Revenue — 1.5%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	10,600	$	5,213,822
			$	5,213,822
Insured – Special Tax Revenue — 6.1%
Alabama Public School and College Authority, (AGM), 2.50%, 12/1/27	$	5,265	$	5,266,527

11 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2017

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Special Tax Revenue (continued)
Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/27	$	6,000	$	7,603,680
Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		2,565		3,322,496
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		6,245		1,313,698
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46		12,295		2,451,008
Successor Agency to San Francisco City and County Redevelopment Agency, CA, (NPFG), 5.00%, 8/1/43		1,100		1,254,979
			$	21,212,388
Insured – Transportation — 3.1%
Chicago, IL, (O’Hare International Airport), (AGM), 5.00%, 1/1/28	$	1,000	$	1,147,310
Chicago, IL, (O’Hare International Airport), (AGM), 5.125%, 1/1/31		1,000		1,131,120
Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/32		785		891,085
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39		7,120		2,627,778
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/21		5,285		4,953,578
			$	10,750,871
Insured – Water and Sewer — 2.2%
Detroit, MI, Sewage Disposal System, (AGM), 5.00%, 7/1/39	$	4,825	$	5,269,624
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/32		655		743,969
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/33		565		638,772
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/35		280		314,913
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/37		565		632,144
			$	7,599,422
Other Revenue — 2.9%
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/22	$	400	$	452,200
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(4)		1,200		295,260
New York City Transitional Finance Authority, NY, (Building Aid), 6.00%, 7/15/38		7,250		7,541,450
White Earth Band of Chippewa Indians, MN, 6.375%, 12/1/26(5)		1,820		1,830,501
			$	10,119,411

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care — 2.2%
North Miami, FL, (Imperial Club), 6.125%, 1/1/42	$	1,480	$	1,184,000
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/39		570		687,825
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.50%, 6/1/49		2,690		3,275,236
Saint Louis County Industrial Development Authority, MO, (St. Andrew’s Resources for Seniors Obligated Group), 5.00%, 12/1/35		1,700		1,793,160
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.00%, 12/1/32		160		171,475
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.25%, 12/1/42		660		706,807
			$	7,818,503
Special Tax Revenue — 2.8%
Bridgeville, DE, (Heritage Shores Special Development District), 5.45%, 7/1/35	$	1,002	$	1,002,351
Jurupa Public Financing Authority, CA, 5.00%, 9/1/31		1,200		1,379,712
New York Convention Center Development Corp., Hotel Unit Fee, 0.00%, 11/15/27		1,375		1,023,688
Puerto Rico Sales Tax Financing Corp., 5.00%, 8/1/40		2,340		1,246,050
River Hall Community Development District, FL, (Capital Improvements), 5.45%, 5/1/36		1,030		1,029,938
VIA Metropolitan Transit Authority, TX, Sales Tax Revenue, 5.00%, 7/15/29		3,250		3,962,952
			$	9,644,691
Transportation — 18.6%
Central Texas Regional Mobility Authority, Prerefunded to 1/1/21, 5.75%, 1/1/31	$	415	$	474,673
Chicago, IL, (Midway International Airport), 5.00%, 1/1/41		5,000		5,667,600
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30		1,100		1,305,227
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31		1,455		1,724,786
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/31		740		860,450
Denver City and County, CO, Airport System Revenue, 1.726%, (70% of 1 mo. USD LIBOR + 0.86%), 11/15/19 (Put Date), 11/15/31(6)		1,600		1,604,576
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43		1,100		1,226,951
Metropolitan Transportation Authority, NY, 5.00%, 11/15/35		2,495		2,923,392
Metropolitan Transportation Authority, NY, 6.25%, 11/15/23		430		455,632
Metropolitan Transportation Authority, NY, 6.50%, 11/15/28		960		1,019,798
Miami-Dade County, FL, Aviation Revenue, 5.00%, 10/1/33		6,450		7,489,353
New Jersey Turnpike Authority, 4.00%, 1/1/35		1,000		1,073,050

12 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2017

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
New Jersey Turnpike Authority, 5.00%, 1/1/30	$	3,060	$	3,501,313
New Orleans Aviation Board, LA, 5.00%, 1/1/43		1,555		1,778,951
Pennsylvania Turnpike Commission, 6.375%, (0.00% until 12/1/17), 12/1/38		11,500		14,238,495
San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/34		5,235		5,807,500
Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34		3,500		3,941,700
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39		2,980		3,313,790
Triborough Bridge and Tunnel Authority, NY, 5.25%, 11/15/34(1)		6,255		6,557,304
			$	64,964,541
Water and Sewer — 4.8%
Atlanta, GA, Water and Wastewater Revenue, 5.00%, 11/1/35(1)	$	6,990	$	8,367,240
Colorado Springs, CO, Utilities System Revenue, 5.00%, 11/15/31		1,125		1,374,109
El Paso, TX, Water and Sewer Revenue, 5.00%, 3/1/31(2)		1,080		1,305,202
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.75%, 6/15/40(1)		5,280		5,467,123
Springfield, OR, Sewer System Revenue, 4.00%, 4/1/21		295		322,529
			$	16,836,203
Total Tax-Exempt Municipal Securities — 109.6% (identified cost $354,700,438)			$	382,401,073
Taxable Municipal Securities — 0.0%(7)
Security	Principal Amount (000’s omitted)		Value
Other Revenue — 0.0%(7)
Otero County, NM, Jail Project Revenue, 8.75%, 4/1/18	$	120	$	119,795
Total Taxable Municipal Securities — 0.0% (identified cost $120,000)			$	119,795
Total Investments — 109.6% (identified cost $354,820,438)			$	382,520,868
Other Assets, Less Liabilities — (9.6)%			$	(33,655,923	)
Net Assets — 100.0%			$	348,864,945

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

At September 30, 2017, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows:

California	20.7%
New York	16.7%
Texas	11.0%
Others, representing less than 10% individually	61.2%

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 September 30, 2017, 18.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.3% to 7.5% of total investments.

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

⁽²⁾  When-issued/delayed delivery security.

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

⁽⁴⁾  Security is in default and making only partial interest payments.

⁽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 September 30, 2017, the aggregate value of these securities is $1,830,501 or 0.5% of the Fund’s net assets.

⁽⁶⁾  Floating rate security. The stated interest rate represents the rate in effect at September 30, 2017.

⁽⁷⁾  Amount is less than 0.05%.

13 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2017

Portfolio of Investments — continued

Futures Contracts
Description	Number of Contracts		Position		Expiration Month/Year		Notional Amount			Value/Net Unrealized Appreciation
Interest Rate Futures
U.S. 10-Year Treasury Note		145		Short		Dec-17	$	(18,170,313	)	$	194,571
U.S. Long Treasury Bond		121		Short		Dec-17		(18,490,313	)		303,218
										$	497,789

Abbreviations:

AGC	–	Assured Guaranty Corp.
AGM	–	Assured Guaranty Municipal Corp.
AMBAC	–	AMBAC Financial Group, Inc.
BHAC	–	Berkshire Hathaway Assurance Corp.

LIBOR	–	London Interbank Offered Rate
NPFG	–	National Public Finance Guaranty Corp.
PSF	–	Permanent School Fund
USD	–	United States Dollar

14 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2017

Portfolio of Investments

Tax-Exempt Municipal Securities — 104.1%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.4%
Connecticut, (State Revolving Fund), Green Bonds, 5.00%, 3/1/28	$	10,000	$	12,020,200
Ohio Water Development Authority, Water Pollution Control Loan Fund, 1.16%, (SIFMA + 0.22%), 12/1/20(1)		4,800		4,801,536
Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		20,905		23,979,289
			$	40,801,025
Cogeneration — 0.2%
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(2)	$	14,652	$	4,389,248
			$	4,389,248
Education — 8.1%
Massachusetts Development Finance Agency, (Berklee College of Music), 5.00%, 10/1/21	$	325	$	369,535
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/22		1,000		1,169,590
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/33		6,620		8,083,086
New York Dormitory Authority, (State University), 5.00%, 7/1/21		1,250		1,422,413
Ohio State University, 5.00%, 12/1/39		10,000		11,660,400
Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36		9,930		11,389,412
Rutgers State University, NJ, 5.00%, 5/1/43(3)		37,000		41,754,870
Tennessee School Bond Authority, 5.00%, 11/1/35		8,085		9,741,293
University of California, 5.00%, 5/15/42		17,500		20,567,400
University of California, 5.25%, 5/15/36		7,080		8,438,510
University of California, 5.25%, 5/15/37		13,000		15,459,080
University of California, 5.25%, 5/15/38		7,700		9,146,060
University of California, 5.25%, 5/15/42		10,000		12,120,600
University of Minnesota, 5.00%, 8/1/21		1,075		1,226,048
University of Minnesota, 5.00%, 9/1/35		4,605		5,548,150
University of Virginia, 5.00%, 4/1/38		27,060		32,372,419
University of Virginia, 5.00%, 4/1/39		32,640		38,927,117
			$	229,395,983
Electric Utilities — 7.9%
Eugene, OR, Electric Utility System Revenue, 5.00%, 8/1/47	$	3,000	$	3,505,020
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 6.50%, 7/1/39		8,600		9,269,166
Nebraska Public Power District, 5.00%, 1/1/21		1,150		1,288,311

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
Omaha Public Power District, NE, 5.00%, 2/1/39	$	14,190	$	16,328,717
Owensboro, KY, Electric Light and Power System Revenue, 4.00%, 1/1/26		1,750		1,964,095
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/28		6,025		7,053,467
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/31		5,625		6,488,100
San Antonio, TX, (Electric and Gas Systems), Prerefunded to 2/1/19, 5.00%, 2/1/34(3)		41,100		43,310,769
Unified Government of Wyandotte County/Kansas City, KS, Utility System Revenue, 5.00%, 9/1/32		10,000		11,384,400
Utility Debt Securitization Authority, NY, 5.00%, 12/15/30(3)		22,500		26,847,000
Utility Debt Securitization Authority, NY, 5.00%, 12/15/31(3)		27,500		32,702,175
Utility Debt Securitization Authority, NY, 5.00%, 12/15/41		32,100		37,270,026
Vernon, CA, Electric System Revenue, 5.125%, 8/1/21		25,180		26,922,456
			$	224,333,702
Escrowed / Prerefunded — 5.8%
Bexar County Health Facilities Development Corp., TX, (St. Luke’s Lutheran Hospital), Escrowed to Maturity, 7.00%, 5/1/21	$	2,400	$	2,731,896
Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.00%, 7/15/30		9,530		10,616,896
Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.25%, 7/15/40		14,295		16,006,254
Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.625%, 12/1/29		350		384,202
Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.75%, 12/1/34		375		412,646
North Carolina, Capital Improvement Limited Obligation Bonds, Prerefunded to 5/1/20, 5.25%, 5/1/31		22,875		25,295,404
Pennsylvania Turnpike Commission, Prerefunded to 6/1/19, 5.25%, 6/1/39		605		648,209
Pennsylvania Turnpike Commission, Prerefunded to 6/1/19, 5.25%, 6/1/39		3,900		4,178,538
Pennsylvania Turnpike Commission, Prerefunded to 6/1/19, 5.25%, 6/1/39		4,800		5,136,288
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		4,515		5,114,818
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34		3,585		4,133,720
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34		3,795		4,375,863
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34		17,620		20,299,121

15 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2017

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.50%, 12/1/36	$	10,000	$	11,686,100
Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33		9,170		12,180,878
Tarrant County Cultural Education Facilities Finance Corp., TX, (Scott & White Healthcare), Prerefunded to 8/15/20, 5.25%, 8/15/40		1,000		1,117,450
Tarrant County Cultural Education Facilities Finance Corp., TX, (Scott & White Healthcare), Prerefunded to 8/15/20, 5.25%, 8/15/40		12,500		13,968,125
Triborough Bridge and Tunnel Authority, NY, Prerefunded to 11/15/18, 5.25%, 11/15/34(3)		14,590		15,309,655
Vernon, CA, Electric System Revenue, Prerefunded to 8/1/19, 5.125%, 8/1/21		10,795		11,435,575
			$	165,031,638
General Obligations — 20.7%
Arlington County, VA, 5.00%, 8/15/27	$	9,255	$	11,745,706
Arlington County, VA, 5.00%, 8/15/29		9,455		11,834,445
Beaverton School District No. 48J, Washington and Multnomah Counties, OR, 5.00%, (0.00% until 6/15/18), 6/15/35		5,000		5,688,250
California, 5.00%, 8/1/26		8,440		10,478,682
California, 5.00%, 11/1/30		20,000		24,530,400
California, 5.00%, 8/1/46		10,000		11,584,400
Chicago, IL, 6.00%, 1/1/38		7,500		8,688,000
Clackamas Community College District, OR, 5.00%, (0.00% until 6/15/20), 6/15/38		760		785,247
Clackamas Community College District, OR, 5.00%, (0.00% until 6/15/20), 6/15/39		1,000		1,031,360
Clackamas Community College District, OR, 5.00%, (0.00% until 6/15/20), 6/15/40		1,250		1,288,513
Dallas, TX, 5.00%, 2/15/24		10,530		12,358,429
Erie County, PA, 5.00%, 9/1/21		200		227,134
Erie County, PA, 5.00%, 9/1/22		250		289,563
Fremont Union High School District, CA, 5.00%, 8/1/44		17,820		21,238,054
Gallatin County High School District No. 7, (Bozeman), MT, 4.00%, 6/1/34		1,750		1,926,803
Gallatin County High School District No. 7, (Bozeman), MT, 4.00%, 6/1/36		1,230		1,344,452
Georgia, 4.00%, 1/1/25		10,000		11,548,700
Glendale Community College District, CA, (Election of 2016), 5.25%, 8/1/41		10,000		12,151,500
Illinois, 5.00%, 2/1/24		10,705		11,754,197
Illinois, 5.00%, 11/1/24		11,295		12,423,032
Illinois, 5.00%, 2/1/27		18,500		20,153,345
Illinois, 5.25%, 7/1/30		6,150		6,672,934

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	$	2,210,707
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/30		4,105		4,716,234
Klein Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/36		14,180		15,785,885
Maryland, 4.00%, 6/1/27		10,075		11,410,038
Maryland, 4.00%, 6/1/28		5,080		5,722,010
Maryland, 5.00%, 8/1/23		17,150		20,493,564
Massachusetts, 1.41%, (SIFMA + 0.47%), 2/1/19(1)		5,000		5,014,250
Massachusetts, 5.00%, 7/1/35		10,000		11,644,900
Massachusetts, 5.00%, 7/1/36		21,160		24,560,200
Massachusetts, 5.00%, 3/1/37		11,000		12,770,780
Massachusetts, 5.00%, 4/1/47		16,295		18,972,920
Menomonee Falls, WI, 3.00%, 6/1/20		225		234,738
Minnesota, 5.00%, 10/1/33(4)		12,000		14,668,920
New York, NY, 4.00%, 10/1/41(4)		5,000		5,335,450
New York, NY, 5.00%, 8/1/33		10,000		11,866,600
Port of Houston Authority of Harris County, TX, (AMT), 5.625%, 10/1/38		10,000		10,415,000
Port of Houston Authority of Harris County, TX, (AMT), 5.625%, 10/1/38(3)		41,620		43,347,230
Santa Clara County, CA, (Election of 2008), 5.00%, 8/1/39(3)		57,400		61,413,408
Santa Monica Community College District, CA, (Election of 2008), 5.00%, 8/1/35		7,000		8,409,520
South Portland, ME, 2.50%, 7/15/22		250		263,243
South Portland, ME, 3.00%, 7/15/20		400		421,272
South Portland, ME, 3.00%, 7/15/21		650		694,148
Suffolk County, NY, 5.00%, 5/1/22		5,000		5,745,350
Washington, 5.00%, 8/1/33(4)		16,140		19,426,588
Washington, 5.00%, 8/1/40		20,035		23,270,252
Washington, Series 2011B, 5.00%, 2/1/33		14,150		15,786,872
Washington, Series 2014D, 5.00%, 2/1/33		17,800		20,882,782
Will County Community Unit School District No. 365-U, IL, (Valley View), 5.75%, 11/1/31		12,995		14,968,681
			$	590,194,688
Hospital — 8.7%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28	$	5,700	$	6,345,753
California Health Facilities Financing Authority, (Providence Health System), 5.50%, 10/1/39(3)		36,700		39,506,449
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		17,530		19,975,961
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		25,465		28,755,078

16 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2017

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
California Health Facilities Financing Authority, (Sutter Health), 5.25%, 8/15/31	$	13,675	$	15,649,670
Idaho Health Facilities Authority, (Trinity Health Credit Group), 5.00%, 12/1/45		2,200		2,494,162
Illinois Finance Authority, (Presence Health Network), 4.00%, 2/15/33		10,000		10,404,600
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/26		7,500		8,772,450
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/33		2,500		2,823,075
Maple Grove, MN, (Maple Grove Hospital Corp.), 4.00%, 5/1/20		780		827,830
Maple Grove, MN, (Maple Grove Hospital Corp.), 4.00%, 5/1/21		500		539,990
Maple Grove, MN, (Maple Grove Hospital Corp.), 4.00%, 5/1/22		500		546,015
Massachusetts Development Finance Agency, (Tufts Medical Center), 6.75%, 1/1/36		7,510		8,567,333
Minneapolis and St. Paul Housing Redevelopment Authority, MN, (Allina Health System), 5.00%, 11/15/21		200		229,622
Minneapolis and St. Paul Housing Redevelopment Authority, MN, (Allina Health System), 5.00%, 11/15/22		545		638,140
Missouri Health and Educational Facilities Authority, (SSM Health Care), 5.00%, 6/1/30		7,505		8,611,087
New Hanover County, NC, (New Hanover Regional Medical Center), 5.00%, 10/1/35		1,500		1,744,965
New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 5.00%, 7/1/23		220		257,407
New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 5.00%, 7/1/24		250		297,167
New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 5.00%, 7/1/25		220		263,008
New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 5.00%, 7/1/37		1,600		1,833,840
New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 5.00%, 7/1/42		2,000		2,272,580
Ohio, (Cleveland Clinic Health System), 5.00%, 1/1/27		4,250		5,237,445
Ohio, (Cleveland Clinic Health System), 5.00%, 1/1/28		1,855		2,310,180
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/35		2,260		2,529,188
Shelby County Health, Educational and Housing Facility Board, TN, (Methodist Le Bonheur Healthcare), 5.00%, 5/1/35		3,235		3,758,876
University of Kansas Hospital Authority, 5.00%, 9/1/45		25,500		28,575,300
Washington Township Health Care District, CA, 6.25%, 7/1/39		16,675		17,798,228
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 5.375%, 6/1/38		21,895		24,624,212
			$	246,189,611

Security	Principal Amount (000’s omitted)		Value
Housing — 0.4%
Nebraska Investment Finance Authority, Single Family Housing Revenue, (AMT), (FHLMC), (FNMA), (GNMA), 1.60%, 3/1/21	$	1,145	$	1,140,970
Nebraska Investment Finance Authority, Single Family Housing Revenue, (AMT), (FHLMC), (FNMA), (GNMA), 1.70%, 9/1/21		315		313,649
Texas Student Housing Corp., (University of Northern Texas), 6.85%, 7/1/31		10,640		10,576,798
			$	12,031,417
Industrial Development Revenue — 1.8%
Amelia County Industrial Development Authority, VA, (Waste Management, Inc.), (AMT), 2.125% to 4/1/20 (Put Date), 4/1/27	$	8,155	$	8,256,693
Denver City and County, CO, (United Airlines), (AMT), 5.00%, 10/1/32		6,610		7,206,750
Metropolitan Nashville Airport Authority, TN, (Aero Nashville), 5.20%, 7/1/26		365		382,053
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39		28,150		30,242,108
Public Finance Authority, WI, (Waste Management, Inc.), (AMT), 2.00% to 6/1/21 (Put Date), 7/1/29		5,000		5,038,600
Washington Economic Development Finance Authority, (Columbia Pulp I, LLC), (AMT), 7.50%, 1/1/32(5)		1,000		1,111,090
			$	52,237,294
Insured – Education — 0.0%(6)
Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board, TN, (Meharry Medical College), (AMBAC), 6.00%, 12/1/19	$	1,230	$	1,284,809
			$	1,284,809
Insured – Escrowed / Prerefunded — 0.7%
Miami-Dade County, FL, (Miami International Airport), (AGM), (AMT), Prerefunded to 10/1/18, 5.25%, 10/1/41	$	18,775	$	19,570,309
			$	19,570,309
Insured – General Obligations — 0.2%
Atlantic City, NJ, (AGM), 4.00%, 3/1/42(4)	$	480	$	490,574
Atlantic City, NJ, (AGM), 5.00%, 3/1/25(4)		750		878,325
Atlantic City, NJ, (AGM), 5.00%, 3/1/26(4)		500		588,470
Atlantic City, NJ, (AGM), 5.00%, 3/1/27(4)		650		773,786
Atlantic City, NJ, (AGM), 5.00%, 3/1/32(4)		1,750		2,022,580
West Bloomfield School District, MI, (AGM), 4.00%, 5/1/21		540		588,908
West Bloomfield School District, MI, (AGM), 5.00%, 5/1/22		550		631,637
			$	5,974,280

17 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2017

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Hospital — 0.5%
Medford Hospital Facilities Authority, OR, (Asante Health System), (AGM), 5.50%, 8/15/28	$	12,000	$	13,138,560
			$	13,138,560
Insured – Other Revenue — 1.2%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	58,155	$	28,604,700
New York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGC), 6.50%, 1/1/46		6,085		6,493,486
			$	35,098,186
Insured – Special Tax Revenue — 4.1%
Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29	$	11,000	$	14,082,750
Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		3,080		3,989,586
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44		83,550		18,543,922
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		253,860		53,401,990
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46		128,640		25,644,384
			$	115,662,632
Insured – Student Loan — 0.7%
Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30	$	18,665	$	19,520,977
			$	19,520,977
Insured – Transportation — 2.0%
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37	$	13,335	$	5,470,550
Miami-Dade County, FL, (Miami International Airport), (AGM), (AMT), 5.25%, 10/1/41		405		418,811
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/41		3,055		3,146,070
North Texas Tollway Authority, (AGC), 6.20%, 1/1/42		37,070		47,002,165
			$	56,037,596
Lease Revenue / Certificates of Participation — 0.4%
Wake County, NC, Limited Obligation Bonds, 5.00%, 12/1/34	$	9,500	$	11,264,435
			$	11,264,435

Security	Principal Amount (000’s omitted)		Value
Nursing Home — 0.3%
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25	$	7,110	$	7,144,057
			$	7,144,057
Other Revenue — 2.9%
Burke County, NC, Limited Obligation Bonds, 4.00%, 4/1/20	$	250	$	267,772
Burke County, NC, Limited Obligation Bonds, 4.00%, 4/1/21		75		82,012
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(7)		250		61,513
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/33		10,000		11,628,200
Non-Profit Preferred Funding Trust, Various States, 4.72%, 9/15/37(5)		4,586		4,585,729
Oregon, Lottery Revenue, 5.00%, 4/1/35		1,500		1,795,875
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 6.25%, 12/15/26		21,135		25,825,491
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/30		4,845		5,408,086
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/32		29,755		33,059,888
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 1.927%, (67% of 1 mo. USD LIBOR + 1.10%), 7/1/22 (Put Date), 1/1/42(1)		1,000		999,430
			$	83,713,996
Senior Living / Life Care — 0.5%
Logan County, CO, (TLC Care Choices, Inc.), 6.875%, 12/1/23(7)	$	409	$	99,976
North Miami, FL, (Imperial Club), 6.125%, 1/1/42		16,435		13,148,000
Rockville, MD, (Ingleside at King Farm), 5.00%, 11/1/31(4)		1,010		1,119,080
Rockville, MD, (Ingleside at King Farm), 5.00%, 11/1/32(4)		525		579,626
			$	14,946,682
Special Tax Revenue — 9.0%
Maryland Department of Transportation, 4.00%, 9/1/27	$	6,995	$	8,248,224
Metropolitan Transportation Authority, NY, Dedicated Tax Revenue, Green Bonds, 5.25%, 11/15/33		10,000		12,386,200
New River Community Development District, FL, (Capital Improvements), 5.00%, 5/1/13(8)		230		0
New River Community Development District, FL, (Capital Improvements), 5.35%, 5/1/38(8)		80		0
New River Community Development District, FL, (Capital Improvements), Series 2010A-2, 5.75%, 5/1/38		400		398,499

18 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2017

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 2/1/34	$	7,555	$	8,966,878
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 2/1/36		5,000		5,889,250
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/38		8,550		10,008,801
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 11/1/38		11,625		13,455,821
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 5/1/39		5,155		6,045,990
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/39		15,000		17,650,800
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 5/1/42		24,110		28,123,592
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/36		10,000		11,696,600
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/38		6,000		7,022,520
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/39		3,000		3,505,890
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/35		19,075		22,857,191
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/36		8,000		9,483,760
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/40		15,000		17,617,050
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/43		10,000		11,690,500
New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/34		2,305		2,745,002
New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/35		10,000		11,865,900
Oregon Department of Transportation, Highway User Tax Revenue, 5.00%, 11/15/30		4,120		4,942,146
Regional Transportation District, CO, Sales Tax Revenue, 5.00%, 11/1/34		14,200		17,067,264
Sales Tax Asset Receivables Corp., NY, 5.00%, 10/15/31		10,000		11,998,300
Southern Hills Plantation I Community Development District, FL, Series A1, 5.80%, 5/1/35		485		485,718
Southern Hills Plantation I Community Development District, FL, Series A2, 5.80%, 5/1/35		355		332,720
Sterling Hill Community Development District, FL, 6.20%, 5/1/35		1,532		1,070,667
Texas Transportation Commission, 5.00%, 4/1/33(3)		10,000		11,761,500
			$	257,316,783

Security	Principal Amount (000’s omitted)		Value
Student Loan — 0.4%
Iowa Student Loan Liquidity Corp., 5.25%, 12/1/22	$	5,980	$	6,315,956
Massachusetts Educational Financing Authority, (AMT), 4.00%, 7/1/20		375		398,636
New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/28		5,340		5,585,747
			$	12,300,339
Transportation — 16.0%
Central Texas Regional Mobility Authority, 5.00%, 1/1/40	$	2,105	$	2,364,841
Charleston County Airport District, SC, (AMT), 5.50%, 7/1/38		10,000		11,357,300
Chicago, IL, (Midway International Airport), 5.00%, 1/1/33		6,025		6,839,701
Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/34		5,250		5,882,730
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/36		6,000		6,890,400
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/36		8,000		9,270,320
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/37		13,000		14,996,150
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/22		1,000		1,134,010
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/23		1,125		1,296,180
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/25		16,100		18,394,089
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/33		7,300		8,230,093
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31		10,395		12,322,441
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.25%, 11/1/30		11,445		13,205,127
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/31		5,965		6,935,923
Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/41		2,935		3,316,667
Houston, TX, (United Airlines, Inc.), (AMT), 5.00%, 7/1/29		7,670		8,438,764
Illinois Toll Highway Authority, 5.00%, 1/1/33		3,365		3,851,343
Illinois Toll Highway Authority, 5.25%, 1/1/30(3)		18,180		19,694,394
Kansas Department of Transportation, 5.00%, 9/1/30		20,000		23,898,400
Los Angeles Department of Airports, CA, (Los Angeles International Airport), 5.00%, 5/15/35(3)		7,200		7,888,464
Louisiana Offshore Terminal Authority, (LOOP LLC), 2.00% to 10/1/22 (Put Date), 10/1/40(4)		2,000		2,000,000
Metropolitan Transportation Authority, NY, 5.25%, 11/15/33		10,050		11,882,919
Metropolitan Transportation Authority, NY, 6.25%, 11/15/23		3,735		3,957,643
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/42		2,000		2,304,300

19 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2017

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/33	$	23,900	$	27,223,773
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/36		10,000		11,268,700
New Jersey Turnpike Authority, Series 2014A, 5.00%, 1/1/31		10,000		11,727,900
New Jersey Turnpike Authority, Series 2015E, 5.00%, 1/1/31		7,425		8,697,868
New Jersey Turnpike Authority, Series 2017B, 5.00%, 1/1/31		5,800		7,010,924
New Jersey Turnpike Authority, 5.00%, 1/1/40		9,265		10,827,542
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/41		7,465		8,246,511
Orlando-Orange County Expressway Authority, FL, 5.00%, 7/1/35		3,145		3,435,629
Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/35		11,855		13,099,538
Pennsylvania Turnpike Commission, 5.00%, 12/1/28(4)		1,500		1,827,330
Pennsylvania Turnpike Commission, 5.00%, 12/1/35(4)		1,250		1,463,538
Pennsylvania Turnpike Commission, 5.35%, 12/1/30		3,490		3,834,707
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		5,005		5,664,859
Pennsylvania Turnpike Commission, 5.45%, 12/1/35		12,125		13,463,600
Port Authority of New York and New Jersey, (AMT), 5.00%, 11/15/30		250		300,770
Port Authority of New York and New Jersey, (AMT), 5.00%, 11/15/32		675		803,831
Port Authority of New York and New Jersey, (AMT), 5.25%, 9/15/23(3)		28,890		29,449,599
Port of Portland, OR, (Portland International Airport), (AMT), 5.00%, 7/1/36		4,000		4,624,680
Port of Portland, OR, (Portland International Airport), (AMT), 5.00%, 7/1/37		1,000		1,152,680
Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34		29,200		32,885,040
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39		24,110		26,810,561
Triborough Bridge and Tunnel Authority, NY, 5.25%, 11/15/34(3)		24,390		25,568,769
			$	455,740,548
Water and Sewer — 10.2%
Colorado Springs, CO, Utilities System Revenue, 5.00%, 11/15/22	$	4,250	$	4,989,500
Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39		22,500		24,853,050
Detroit, MI, Water Supply System, 5.00%, 7/1/41		2,185		2,324,622

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Detroit, MI, Water Supply System, 5.25%, 7/1/41	$	56,420	$	61,145,175
East Bay Municipal Utility District, CA, 5.00%, 6/1/30		5,000		6,287,650
East Bay Municipal Utility District, CA, 5.00%, 6/1/34		5,355		6,321,042
East Bay Municipal Utility District, CA, 5.00%, 6/1/36		10,000		11,773,300
East Bay Municipal Utility District, CA, 5.00%, 6/1/37		13,465		15,811,680
East Bay Municipal Utility District, CA, Green Bonds, 5.00%, 6/1/33		4,180		5,096,841
East Bay Municipal Utility District, CA, Green Bonds, 5.00%, 6/1/34		4,665		5,661,351
East Bay Municipal Utility District, CA, Green Bonds, 5.00%, 6/1/42		20,000		23,798,200
Los Angeles, CA, Wastewater System Revenue, Green Bonds, 5.25%, 6/1/47		10,000		12,119,600
Macomb Interceptor Drain Drainage District, MI, 5.00%, 5/1/21		730		826,418
Macomb Interceptor Drain Drainage District, MI, 5.00%, 5/1/22		500		579,735
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33		8,095		9,046,486
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/44		8,095		8,747,538
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.00%, 6/15/35		3,250		3,805,945
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.00%, 6/15/37		14,100		16,439,472
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.75%, 6/15/40(3)		32,355		33,501,661
Northeast Ohio Regional Sewer District, 5.00%, 11/15/44		10,000		11,594,400
Pearland, TX, Water and Sewer System Revenue, 5.00%, 9/1/22		480		559,421
Santa Clara Valley Water District, CA, 5.00%, 6/1/41		10,000		11,740,300
Texas Water Development Board, 5.00%, 10/15/42(4)		10,000		11,774,900
Tucson, AZ, Water System Revenue, 5.00%, 7/1/24		1,000		1,212,960
Tucson, AZ, Water System Revenue, 5.00%, 7/1/25		1,100		1,350,613
			$	291,361,860
Total Tax-Exempt Municipal Securities — 104.1% (identified cost $2,791,325,449)			$	2,964,680,655

20 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2017

Portfolio of Investments — continued

Taxable Municipal Securities — 5.5%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.0%(6)
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(2)	$	1,832	$	548,707
			$	548,707
Education — 0.6%
University of California, 3.063%, 7/1/25	$	16,270	$	16,708,151
			$	16,708,151
General Obligations — 1.7%
Chicago, IL, 7.517%, 1/1/40(9)	$	25,000	$	29,157,250
Chicago, IL, 7.75%, 1/1/42		7,900		8,667,722
Georgia, 2.62%, 2/1/26		11,035		10,957,755
			$	48,782,727
Hospital — 1.3%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	34,250	$	36,290,272
			$	36,290,272
Insured – Transportation — 1.3%
Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/26	$	22,500	$	14,938,650
Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/27		34,390		21,594,857
			$	36,533,507
Special Tax Revenue — 0.6%
New York City Transitional Finance Authority, NY, Future Tax Revenue, 2.86%, 2/1/27	$	3,000	$	2,941,920
New York Urban Development Corp., Personal Income Tax Revenue, 3.12%, 3/15/25		13,500		13,838,310
			$	16,780,230
Total Taxable Municipal Securities — 5.5% (identified cost $144,309,568)			$	155,643,594

Corporate Bonds & Notes — 0.4%
Security	Principal Amount (000’s omitted)		Value
Hospital — 0.4%
AHS Hospital Corp., 5.024%, 7/1/45	$	5,000	$	5,942,055
Kaiser Foundation Hospitals, 3.15%, 5/1/27		4,960		4,996,358
Total Corporate Bonds & Notes — 0.4% (identified cost $11,033,366)			$	10,938,413
Total Investments — 110.0% (identified cost $2,946,668,383)			$	3,131,262,662
Other Assets, Less Liabilities — (10.0)%			$	(285,086,663	)
Net Assets — 100.0%			$	2,846,175,999

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

At September 30, 2017, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows:

California	20.5%
New York	19.3%
Texas	14.5%
Others, representing less than 10% individually	55.7%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at September 30, 2017, 9.7% 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 1.2% to 4.8% of total investments.

⁽¹⁾  Floating rate security. The stated interest rate represents the rate in effect at September 30, 2017.

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

⁽³⁾  Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

⁽⁴⁾  When-issued/delayed delivery security.

⁽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 September 30, 2017, the aggregate value of these securities is $5,696,819 or 0.2% of the Fund’s net assets.

⁽⁶⁾  Amount is less than 0.05%.

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

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

21 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2017

Portfolio of Investments — continued

⁽⁹⁾  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	Number of Contracts		Position		Expiration Month/Year		Notional Amount			Value/Net Unrealized Appreciation
Interest Rate Futures
U.S. Long Treasury Bond		1,500		Short		Dec-17	$	(229,218,750	)	$	3,758,898
										$	3,758,898

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.
FHLMC	–	Federal Home Loan Mortgage Corp.
FNMA	–	Federal National Mortgage Association

GNMA	–	Government National Mortgage Association
LIBOR	–	London Interbank Offered Rate
NPFG	–	National Public Finance Guaranty Corp.
PSF	–	Permanent School Fund
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
USD	–	United States Dollar

22 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2017

Statements of Assets and Liabilities

	September 30, 2017
Assets	AMT-Free Fund			National Fund
Investments —
Identified cost	$	354,820,438		$	2,946,668,383
Unrealized appreciation		27,700,430			184,594,279
Investments, at value	$	382,520,868		$	3,131,262,662
Cash	$	11,322,012		$	9,682,385
Deposits for financial futures contracts		529,770			4,500,000
Interest receivable		4,659,301			37,078,805
Receivable for investments sold		2,263,795			32,578,510
Receivable for Fund shares sold		138,032			1,939,606
Receivable for variation margin on open financial futures contracts		30,204			—
Total assets	$	401,463,982		$	3,217,041,968
Liabilities
Payable for floating rate notes issued	$	40,970,000		$	296,815,000
Payable for when-issued/delayed delivery securities		10,435,221			63,055,679
Payable for variation margin on open financial futures contracts		—			46,875
Payable for Fund shares redeemed		502,142			5,893,744
Distributions payable		156,701			1,430,377
Payable to affiliates:
Investment adviser fee		124,533			820,342
Distribution and service fees		64,560			719,427
Interest expense and fees payable		200,295			1,387,432
Accrued expenses		145,585			697,093
Total liabilities	$	52,599,037		$	370,865,969
Net Assets	$	348,864,945		$	2,846,175,999
Sources of Net Assets
Paid-in capital	$	359,393,649		$	3,747,898,218
Accumulated net realized loss		(40,254,646	)		(1,100,294,871	)
Accumulated undistributed net investment income		1,527,723			10,219,475
Net unrealized appreciation		28,198,219			188,353,177
Net Assets	$	348,864,945		$	2,846,175,999
Class A Shares
Net Assets	$	155,588,717		$	1,600,126,742
Shares Outstanding		17,046,538			161,199,113
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.13		$	9.93
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	9.59		$	10.43
Class B Shares
Net Assets	$	—		$	6,717,881
Shares Outstanding		—			676,810
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	—		$	9.93
Class C Shares
Net Assets	$	39,098,844		$	462,268,824
Shares Outstanding		4,307,662			46,572,039
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.08		$	9.93
Class I Shares
Net Assets	$	154,177,384		$	777,062,552
Shares Outstanding		15,464,240			78,284,715
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.97		$	9.93

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

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

23 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2017

Statements of Operations

	Year Ended September 30, 2017
Investment Income	AMT-Free Fund			National Fund
Interest	$	17,133,353		$	132,473,814
Total investment income	$	17,133,353		$	132,473,814
Expenses
Investment adviser fee	$	1,562,892		$	10,172,230
Distribution and service fees
Class A		439,872			4,163,957
Class B		3,051			115,848
Class C		412,284			5,099,807
Trustees’ fees and expenses		20,299			101,500
Custodian fee		89,315			510,444
Transfer and dividend disbursing agent fees		111,155			1,058,134
Legal and accounting services		71,131			185,223
Printing and postage		21,668			116,166
Registration fees		89,976			149,761
Interest expense and fees		574,644			4,613,009
Miscellaneous		54,791			211,995
Total expenses	$	3,451,078		$	26,498,074
Net investment income	$	13,682,275		$	105,975,740
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	2,534,375		$	9,329,088
Financial futures contracts		2,025,456			21,695,951
Net realized gain	$	4,559,831		$	31,025,039
Change in unrealized appreciation (depreciation) —
Investments	$	(17,904,409	)	$	(107,883,495	)
Financial futures contracts		125,087			(1,902,882	)
Net change in unrealized appreciation (depreciation)	$	(17,779,322	)	$	(109,786,377	)
Net realized and unrealized loss	$	(13,219,491	)	$	(78,761,338	)
Net increase in net assets from operations	$	462,784		$	27,214,402

24 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2017

Statements of Changes in Net Assets

	Year Ended September 30, 2017
Increase (Decrease) in Net Assets	AMT-Free Fund			National Fund
From operations —
Net investment income	$	13,682,275		$	105,975,740
Net realized gain		4,559,831			31,025,039
Net change in unrealized appreciation (depreciation)		(17,779,322	)		(109,786,377	)
Net increase in net assets from operations	$	462,784		$	27,214,402
Distributions to shareholders —
From net investment income
Class A	$	(6,820,357	)	$	(61,522,253	)
Class B		(9,554	)		(340,756	)
Class C		(1,288,630	)		(15,020,929	)
Class I		(5,640,830	)		(28,735,950	)
Total distributions to shareholders	$	(13,759,371	)	$	(105,619,888	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	19,621,044		$	126,339,026
Class B		2,952			97,636
Class C		2,335,395			23,900,574
Class I		65,424,212			374,243,229
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		6,287,424			52,070,599
Class B		5,012			289,706
Class C		1,036,787			11,985,618
Class I		4,250,282			23,093,780
Cost of shares redeemed
Class A		(62,858,604	)		(395,385,791	)
Class B		(76,797	)		(2,352,032	)
Class C		(8,361,832	)		(135,670,059	)
Class I		(64,803,824	)		(305,867,231	)
Net asset value of shares exchanged
Class A		181,803			7,478,483
Class B		(181,803	)		(7,478,483	)
Net asset value of shares merged*
Class A		205,964			—
Class B		(205,964	)		—
Net decrease in net assets from Fund share transactions	$	(37,137,949	)	$	(227,254,945	)
Net decrease in net assets	$	(50,434,536	)	$	(305,660,431	)
Net Assets
At beginning of year	$	399,299,481		$	3,151,836,430
At end of year	$	348,864,945		$	2,846,175,999
Accumulated undistributed net investment income included in net assets
At end of year	$	1,527,723		$	10,219,475

* At the close of business on September 20, 2017, Class B shares of AMT-Free Fund were merged into Class A shares.

25 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2017

Statements of Changes in Net Assets — continued

	Year Ended September 30, 2016
Increase (Decrease) in Net Assets	AMT-Free Fund			National Fund
From operations —
Net investment income	$	14,111,221		$	119,398,540
Net realized gain (loss)		(2,376,433	)		30,130,459
Net change in unrealized appreciation (depreciation)		10,278,783			83,318,098
Net increase in net assets from operations	$	22,013,571		$	232,847,097
Distributions to shareholders —
From net investment income
Class A	$	(7,463,799	)	$	(71,932,836	)
Class B		(17,721	)		(653,378	)
Class C		(1,335,701	)		(17,833,506	)
Class I		(5,214,655	)		(28,116,135	)
Total distributions to shareholders	$	(14,031,876	)	$	(118,535,855	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	23,717,733		$	121,279,280
Class B		67,776			180,949
Class C		8,306,486			45,860,167
Class I		52,505,238			270,386,041
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		6,780,436			61,027,754
Class B		10,960			540,641
Class C		1,019,775			13,895,605
Class I		3,812,028			22,525,860
Cost of shares redeemed
Class A		(30,665,637	)		(298,162,237	)
Class B		(170,468	)		(4,435,673	)
Class C		(6,597,363	)		(89,291,751	)
Class I		(14,318,244	)		(291,379,358	)
Net asset value of shares exchanged
Class A		233,183			6,186,649
Class B		(233,183	)		(6,186,649	)
Net increase (decrease) in net assets from Fund share transactions	$	44,468,720		$	(147,572,722	)
Net increase (decrease) in net assets	$	52,450,415		$	(33,261,480	)
Net Assets
At beginning of year	$	346,849,066		$	3,185,097,910
At end of year	$	399,299,481		$	3,151,836,430
Accumulated undistributed net investment income included in net assets
At end of year	$	1,527,986		$	10,671,792

26 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2017

Statements of Cash Flows

	Year Ended September 30, 2017
Cash Flows From Operating Activities	AMT-Free Fund			National Fund
Net increase in net assets from operations	$	462,784		$	27,214,402
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Investments purchased		(127,438,680	)		(2,268,175,207	)
Investments sold		163,578,550			2,499,870,603
Net amortization/accretion of premium (discount)		(1,440,795	)		8,682,427
Decrease in deposits for financial futures contracts		295,230			3,650,000
Decrease in interest receivable		155,182			3,018,435
Decrease in receivable for variation margin on open financial futures contracts		250,874			2,937,500
Increase in payable for variation margin on open financial futures contracts		—			46,875
Decrease in payable to affiliate for investment adviser fee		(16,788	)		(62,398	)
Decrease in payable to affiliate for distribution and service fees		(14,140	)		(153,537	)
Increase in interest expense and fees payable		67,463			242,105
Decrease in accrued expenses		(15,680	)		(55,738	)
Net change in unrealized (appreciation) depreciation from investments		17,904,409			107,883,495
Net realized gain from investments		(2,534,375	)		(9,329,088	)
Net cash provided by operating activities	$	51,254,034		$	375,769,874
Cash Flows From Financing Activities
Proceeds from Fund shares sold	$	88,358,386		$	526,653,631
Fund shares redeemed		(136,305,679	)		(842,523,610	)
Distributions paid, net of reinvestments		(2,242,539	)		(18,330,674	)
Proceeds from secured borrowings		9,325,000			—
Repayment of secured borrowings		(7,990,000	)		(30,410,000	)
Decrease in demand note payable		—			(1,500,000	)
Net cash used in financing activities	$	(48,854,832	)	$	(366,110,653	)
Net increase in cash	$	2,399,202		$	9,659,221
Cash at beginning of year	$	8,922,810		$	23,164
Cash at end of year	$	11,322,012		$	9,682,385
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of:
Reinvestment of dividends and distributions	$	11,579,505		$	87,439,703
Cash paid for interest and fees	$	507,181		$	4,370,904

27 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2017

Financial Highlights

	AMT-Free Fund — Class A
	Year Ended September 30,
	2017			2016			2015			2014			2013
Net asset value — Beginning of year	$	9.430		$	9.210		$	9.350		$	8.670		$	9.600
Income (Loss) From Operations
Net investment income(1)	$	0.351		$	0.358		$	0.374		$	0.395		$	0.400
Net realized and unrealized gain (loss)		(0.298	)		0.218			(0.142	)		0.677			(0.934	)
Total income (loss) from operations	$	0.053		$	0.576		$	0.232		$	1.072		$	(0.534	)
Less Distributions
From net investment income	$	(0.353	)	$	(0.356	)	$	(0.372	)	$	(0.392	)	$	(0.396	)
Total distributions	$	(0.353	)	$	(0.356	)	$	(0.372	)	$	(0.392	)	$	(0.396	)
Net asset value — End of year	$	9.130		$	9.430		$	9.210		$	9.350		$	8.670
Total Return(2)		0.64	%		6.33	%		2.52	%		12.63	%		(5.75	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	155,589		$	198,762		$	194,227		$	200,408		$	224,506
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(3)		0.82	%		0.81	%		0.82	%		0.83	%		0.83	%
Interest and fee expense(4)		0.16	%		0.10	%		0.08	%		0.09	%		0.11	%
Total expenses(3)		0.98	%		0.91	%		0.90	%		0.92	%		0.94	%
Net investment income		3.86	%		3.81	%		4.02	%		4.40	%		4.26	%
Portfolio Turnover		33	%		21	%		17	%		24	%		31	%

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

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

28 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2017

Financial Highlights — continued

	AMT-Free Fund — Class C
	Year Ended September 30,
	2017			2016			2015			2014			2013
Net asset value — Beginning of year	$	9.380		$	9.160		$	9.300		$	8.620		$	9.550
Income (Loss) From Operations
Net investment income(1)	$	0.281		$	0.286		$	0.302		$	0.326		$	0.327
Net realized and unrealized gain (loss)		(0.298	)		0.218			(0.142	)		0.677			(0.933	)
Total income (loss) from operations	$	(0.017	)	$	0.504		$	0.160		$	1.003		$	(0.606	)
Less Distributions
From net investment income	$	(0.283	)	$	(0.284	)	$	(0.300	)	$	(0.323	)	$	(0.324	)
Total distributions	$	(0.283	)	$	(0.284	)	$	(0.300	)	$	(0.323	)	$	(0.324	)
Net asset value — End of year	$	9.080		$	9.380		$	9.160		$	9.300		$	8.620
Total Return(2)		(0.12	)%		5.56	%		1.75	%		11.84	%		(6.51	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	39,099		$	45,606		$	41,903		$	37,193		$	40,823
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(3)		1.57	%		1.56	%		1.57	%		1.58	%		1.58	%
Interest and fee expense(4)		0.16	%		0.10	%		0.08	%		0.09	%		0.11	%
Total expenses(3)		1.73	%		1.66	%		1.65	%		1.67	%		1.69	%
Net investment income		3.11	%		3.06	%		3.27	%		3.65	%		3.52	%
Portfolio Turnover		33	%		21	%		17	%		24	%		31	%

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

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

29 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2017

Financial Highlights — continued

	AMT-Free Fund — Class I
	Year Ended September 30,
	2017			2016			2015			2014			2013
Net asset value — Beginning of year	$	10.300		$	10.060		$	10.210		$	9.470		$	10.480
Income (Loss) From Operations
Net investment income(1)	$	0.407		$	0.415		$	0.434		$	0.455		$	0.463
Net realized and unrealized gain (loss)		(0.327	)		0.240			(0.152	)		0.737			(1.015	)
Total income (loss) from operations	$	0.080		$	0.655		$	0.282		$	1.192		$	(0.552	)
Less Distributions
From net investment income	$	(0.410	)	$	(0.415	)	$	(0.432	)	$	(0.452	)	$	(0.458	)
Total distributions	$	(0.410	)	$	(0.415	)	$	(0.432	)	$	(0.452	)	$	(0.458	)
Net asset value — End of year	$	9.970		$	10.300		$	10.060		$	10.210		$	9.470
Total Return(2)		0.87	%		6.60	%		2.70	%		12.99	%		(5.46	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	154,177		$	154,458		$	109,937		$	102,404		$	99,553
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(3)		0.57	%		0.56	%		0.57	%		0.58	%		0.58	%
Interest and fee expense(4)		0.16	%		0.10	%		0.08	%		0.09	%		0.11	%
Total expenses(3)		0.73	%		0.66	%		0.65	%		0.67	%		0.69	%
Net investment income		4.09	%		4.04	%		4.27	%		4.64	%		4.52	%
Portfolio Turnover		33	%		21	%		17	%		24	%		31	%

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

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

30 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2017

Financial Highlights — continued

	National Fund — Class A
	Year Ended September 30,
	2017			2016			2015			2014			2013
Net asset value — Beginning of year	$	10.170		$	9.810		$	9.870		$	9.170		$	10.200
Income (Loss) From Operations
Net investment income(1)	$	0.366		$	0.385		$	0.389		$	0.446		$	0.468
Net realized and unrealized gain (loss)		(0.242	)		0.357			(0.064	)		0.707			(1.032	)
Total income (loss) from operations	$	0.124		$	0.742		$	0.325		$	1.153		$	(0.564	)
Less Distributions
From net investment income	$	(0.364	)	$	(0.382	)	$	(0.385	)	$	(0.453	)	$	(0.466	)
Total distributions	$	(0.364	)	$	(0.382	)	$	(0.385	)	$	(0.453	)	$	(0.466	)
Net asset value — End of year	$	9.930		$	10.170		$	9.810		$	9.870		$	9.170
Total Return(2)		1.31	%		7.68	%		3.35	%		12.89	%		(5.77	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	1,600,127		$	1,857,375		$	1,899,324		$	2,126,465		$	2,134,502
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(3)		0.68	%		0.67	%		0.67	%		0.71	%		0.66	%
Interest and fee expense(4)		0.16	%		0.12	%		0.09	%		0.09	%		0.11	%
Total expenses(3)		0.84	%		0.79	%		0.76	%		0.80	%		0.77	%
Net investment income		3.71	%		3.83	%		3.94	%		4.71	%		4.67	%
Portfolio Turnover		70	%		71	%		57	%		47	%		74	%

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

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

31 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2017

Financial Highlights — continued

	National Fund — Class B
	Year Ended September 30,
	2017			2016			2015			2014			2013
Net asset value — Beginning of year	$	10.170		$	9.810		$	9.870		$	9.170		$	10.200
Income (Loss) From Operations
Net investment income(1)	$	0.292		$	0.311		$	0.315		$	0.379		$	0.392
Net realized and unrealized gain (loss)		(0.242	)		0.356			(0.064	)		0.704			(1.031	)
Total income (loss) from operations	$	0.050		$	0.667		$	0.251		$	1.083		$	(0.639	)
Less Distributions
From net investment income	$	(0.290	)	$	(0.307	)	$	(0.311	)	$	(0.383	)	$	(0.391	)
Total distributions	$	(0.290	)	$	(0.307	)	$	(0.311	)	$	(0.383	)	$	(0.391	)
Net asset value — End of year	$	9.930		$	10.170		$	9.810		$	9.870		$	9.170
Total Return(2)		0.55	%		6.88	%		2.58	%		12.06	%		(6.47	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	6,718		$	16,644		$	25,732		$	42,655		$	59,244
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(3)		1.43	%		1.42	%		1.42	%		1.46	%		1.41	%
Interest and fee expense(4)		0.16	%		0.12	%		0.09	%		0.09	%		0.11	%
Total expenses(3)		1.59	%		1.54	%		1.51	%		1.55	%		1.52	%
Net investment income		2.96	%		3.10	%		3.20	%		4.01	%		3.90	%
Portfolio Turnover		70	%		71	%		57	%		47	%		74	%

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

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

32 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2017

Financial Highlights — continued

	National Fund — Class C
	Year Ended September 30,
	2017			2016			2015			2014			2013
Net asset value — Beginning of year	$	10.170		$	9.810		$	9.870		$	9.170		$	10.200
Income (Loss) From Operations
Net investment income(1)	$	0.292		$	0.310		$	0.315		$	0.376		$	0.392
Net realized and unrealized gain (loss)		(0.242	)		0.357			(0.064	)		0.707			(1.031	)
Total income (loss) from operations	$	0.050		$	0.667		$	0.251		$	1.083		$	(0.639	)
Less Distributions
From net investment income	$	(0.290	)	$	(0.307	)	$	(0.311	)	$	(0.383	)	$	(0.391	)
Total distributions	$	(0.290	)	$	(0.307	)	$	(0.311	)	$	(0.383	)	$	(0.391	)
Net asset value — End of year	$	9.930		$	10.170		$	9.810		$	9.870		$	9.170
Total Return(2)		0.56	%		6.88	%		2.58	%		12.06	%		(6.47	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	462,269		$	576,664		$	585,346		$	645,801		$	681,072
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(3)		1.43	%		1.42	%		1.42	%		1.46	%		1.41	%
Interest and fee expense(4)		0.16	%		0.12	%		0.09	%		0.09	%		0.11	%
Total expenses(3)		1.59	%		1.54	%		1.51	%		1.55	%		1.52	%
Net investment income		2.96	%		3.08	%		3.19	%		3.98	%		3.92	%
Portfolio Turnover		70	%		71	%		57	%		47	%		74	%

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

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

33 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2017

Financial Highlights — continued

	National Fund — Class I
	Year Ended September 30,
	2017			2016			2015			2014			2013
Net asset value — Beginning of year	$	10.170		$	9.810		$	9.870		$	9.180		$	10.200
Income (Loss) From Operations
Net investment income(1)	$	0.390		$	0.410		$	0.413		$	0.478		$	0.492
Net realized and unrealized gain (loss)		(0.241	)		0.357			(0.063	)		0.690			(1.021	)
Total income (loss) from operations	$	0.149		$	0.767		$	0.350		$	1.168		$	(0.529	)
Less Distributions
From net investment income	$	(0.389	)	$	(0.407	)	$	(0.410	)	$	(0.478	)	$	(0.491	)
Total distributions	$	(0.389	)	$	(0.407	)	$	(0.410	)	$	(0.478	)	$	(0.491	)
Net asset value — End of year	$	9.930		$	10.170		$	9.810		$	9.870		$	9.180
Total Return(2)		1.56	%		7.94	%		3.50	%		13.17	%		(5.43	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	777,063		$	701,153		$	674,696		$	686,514		$	981,936
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(3)		0.43	%		0.42	%		0.42	%		0.46	%		0.41	%
Interest and fee expense(4)		0.16	%		0.12	%		0.09	%		0.09	%		0.11	%
Total expenses(3)		0.59	%		0.54	%		0.51	%		0.55	%		0.52	%
Net investment income		3.95	%		4.09	%		4.19	%		5.07	%		4.93	%
Portfolio Turnover		70	%		71	%		57	%		47	%		74	%

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

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

34 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2017

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance AMT-Free Municipal Income Fund (AMT-Free Fund) and Eaton Vance National Municipal Income Fund (National Fund) (each individually referred to as the Fund, and collectively, the Funds) are a diversified series of Eaton Vance Mutual Funds Trust and Eaton Vance Municipals Trust, respectively (collectively, the Trusts). The Trusts are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. The Funds’ investment objective is to provide current income exempt from regular federal income tax. The AMT-Free Fund offers three classes of shares. The National Fund offers four classes of shares. The AMT-Free Fund previously offered Class B shares. At the close of business on September 20, 2017, the Class B shares of AMT-Free Fund were merged into Class A shares of AMT-Free Fund. 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 converted/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 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 for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair 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 September 30, 2017, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

E  Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.

35

Eaton Vance

Municipal Income Funds

September 30, 2017

Notes to Financial Statements — continued

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

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

H  Floating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 10) at September 30, 2017. Interest expense related to a Fund’s liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At September 30, 2017, 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	$	40,970,000	$	296,815,000
Interest Rate or Range of Interest Rates (%)		0.96 - 0.97		0.96 - 1.02
Collateral for Floating Rate Notes Outstanding	$	64,019,023	$	432,055,943

For the year ended September 30, 2017, the Funds’ average Floating Rate Notes outstanding and the average interest rate including fees were as follows:

	AMT-Free Fund			National Fund
Average Floating Rate Notes Outstanding	$	40,330,795		$	325,225,438
Average Interest Rate		1.42	%		1.42	%

In certain circumstances, the Funds may enter into shortfall and forbearance agreements with brokers by which a Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of September 30, 2017.

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.

36

Eaton Vance

Municipal Income Funds

September 30, 2017

Notes to Financial Statements — continued

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.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit 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 was July 21, 2017, as announced on July 7, 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. All residual interest bonds held by the Funds during the year ended September 30, 2017 were Volcker Rule compliant. The effects of the Volcker Rule may make it more difficult for the Funds to maintain current or desired levels of income.

I  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.

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

K  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.

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 from prior years) are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of a Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended September 30, 2017 and September 30, 2016 was as follows:

	Year Ended September 30, 2017
	AMT-Free Fund		National Fund
Distributions declared from:
Tax-exempt income	$	13,629,608	$	99,639,707
Ordinary income	$	129,763	$	5,980,181

37

Eaton Vance

Municipal Income Funds

September 30, 2017

Notes to Financial Statements — continued

	Year Ended September 30, 2016
	AMT-Free Fund		National Fund
Distributions declared from:
Tax-exempt income	$	14,019,517	$	111,588,564
Ordinary income	$	12,359	$	6,947,291

During the year ended September 30, 2017, the following amounts were reclassified due to expired capital loss carryforwards and differences between book and tax accounting, primarily for premium amortization and accretion of market discount.

	AMT-Free Fund			National Fund
Change in:
Paid-in capital	$	(55,876,213	)	$	(16,271,265	)
Accumulated net realized loss	$	55,799,380		$	17,079,434
Accumulated undistributed net investment income	$	76,833		$	(808,169	)

These reclassifications had no effect on the net assets or net asset value per share of the Funds.

As of September 30, 2017, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

	AMT-Free Fund			National Fund
Undistributed tax-exempt income	$	1,684,424		$	11,712,845
Capital loss carryforwards and deferred capital losses	$	(40,298,829	)	$	(1,130,774,057	)
Net unrealized appreciation	$	28,242,402		$	218,769,370
Other temporary differences	$	(156,701	)	$	(1,430,377	)

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statements of Assets and Liabilities are primarily due to wash sales, futures contracts, the timing of recognizing distributions to shareholders, premium amortization, accretion of market discount, defaulted bond interest, expenditures on defaulted bonds and residual interest bonds.

38

Eaton Vance

Municipal Income Funds

September 30, 2017

Notes to Financial Statements — continued

At September 30, 2017, 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 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, 2018	$	10,549,691	$	797,269,779
September 30, 2019		—		56,374,590
Total capital loss carryforwards	$	10,549,691	$	853,644,369
Deferred capital losses:
Short-term	$	15,098,515	$	152,211,165
Long-term	$	14,650,623	$	124,918,523

Included in the amounts above for National Fund are capital loss carryforwards of $7,766,545 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, including open derivative contracts, of each Fund at September 30, 2017, as determined on a federal income tax basis, were as follows:

	AMT-Free Fund			National Fund
Aggregate cost	$	313,308,466		$	2,615,678,292
Gross unrealized appreciation	$	30,779,301		$	238,968,769
Gross unrealized depreciation		(2,536,899	)		(20,199,399	)
Net unrealized appreciation	$	28,242,402		$	218,769,370

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 $1 billion		0.275			2.75
$1 billion up to $1.5 billion		0.250			2.50
$1.5 billion up to $2 billion		0.225			2.25
$2 billion up to $3 billion		0.200			2.00
$3 billion and over		0.175			1.75

39

Eaton Vance

Municipal Income Funds

September 30, 2017

Notes to Financial Statements — continued

For the year ended September 30, 2017, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

	AMT-Free Fund			National Fund
Investment Adviser Fee	$	1,562,892		$	10,172,230
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 year ended September 30, 2017 were as follows:

	AMT-Free Fund		National Fund
EVM’s Sub-Transfer Agent Fees	$	7,650	$	78,018
EVD’s Class A Sales Charges	$	18,741	$	120,951

Trustees and officers of the Funds who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment advisers may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended September 30, 2017, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of the above organizations.

4  Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended September 30, 2017 for Class A shares amounted to the following:

	AMT-Free Fund		National Fund
Class A Distribution and Service Fees	$	439,872	$	4,163,957

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 paid/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 year ended September 30, 2017, the Funds paid or accrued to EVD the following distribution fees:

	AMT-Free Fund		National Fund
Class B Distribution Fees	$	2,288	$	86,886
Class C Distribution Fees	$	309,213	$	3,824,855

40

Eaton Vance

Municipal Income Funds

September 30, 2017

Notes to Financial Statements — continued

Pursuant to the Class B and Class C Plans, each Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of the average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class B and Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended September 30, 2017 amounted to the following:

	AMT-Free Fund		National Fund
Class B Service Fees	$	763	$	28,962
Class C Service Fees	$	103,071	$	1,274,952

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d) and for Class B, are further limited to a 5% maximum sales charge as determined in accordance with such rule.

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 year ended September 30, 2017, 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	$	1,000	$	15,000
Class B	$	—	$	1,000
Class C	$	1,000	$	29,000

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended September 30, 2017 were as follows:

	AMT-Free Fund		National Fund
Purchases	$	128,906,235	$	2,270,753,958
Sales	$	161,156,208	$	2,511,189,529

41

Eaton Vance

Municipal Income Funds

September 30, 2017

Notes to Financial Statements — continued

7  Shares of Beneficial Interest

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

AMT-Free Fund
	Year Ended September 30, 2017
	Class A			Class B(1)			Class C			Class I
Sales		2,163,432			327			257,467			6,592,820
Issued to shareholders electing to receive payments of distributions in Fund shares		692,435			556			114,812			428,335
Redemptions		(6,933,019	)		(8,583	)		(928,788	)		(6,554,849	)
Exchange from Class B shares		20,078			—			—			—
Exchange to Class A shares		—			(20,212	)		—			—
Merger from Class B shares		22,496			—			—			—
Merger to Class A shares		—			(22,636	)		—			—
Net increase (decrease)		(4,034,578	)		(50,548	)		(556,509	)		466,306
	Year Ended September 30, 2016
	Class A			Class B			Class C			Class I
Sales		2,520,340			7,235			888,506			5,100,881
Issued to shareholders electing to receive payments of distributions in Fund shares		721,346			1,176			109,068			371,008
Redemptions		(3,264,204	)		(18,382	)		(706,437	)		(1,396,701	)
Exchange from Class B shares		24,857			—			—			—
Exchange to Class A shares		—			(25,022	)		—			—
Net increase (decrease)		2,339			(34,993	)		291,137			4,075,188

⁽¹⁾  At the close of business on September 20, 2017, Class B shares of AMT-Free Fund were merged into Class A shares.

National Fund
	Year Ended September 30, 2017
	Class A			Class B			Class C			Class I
Sales		12,835,603			10,004			2,428,369			38,187,835
Issued to shareholders electing to receive payments of distributions in Fund shares		5,288,742			29,457			1,217,398			2,344,480
Redemptions		(40,305,026	)		(238,801	)		(13,773,358	)		(31,184,190	)
Exchange from Class B shares		760,362			—			—			—
Exchange to Class A shares		—			(760,484	)		—			—
Net increase (decrease)		(21,420,319	)		(959,824	)		(10,127,591	)		9,348,125

42

Eaton Vance

Municipal Income Funds

September 30, 2017

Notes to Financial Statements — continued

National Fund (continued)
	Year Ended September 30, 2016
	Class A			Class B			Class C			Class I
Sales		12,090,458			17,973			4,565,856			26,891,785
Issued to shareholders electing to receive payments of distributions in Fund shares		6,070,050			53,873			1,382,163			2,240,594
Redemptions		(29,702,744	)		(441,937	)		(8,897,967	)		(28,946,822	)
Exchange from Class B shares		615,708			—			—			—
Exchange to Class A shares		—			(615,733	)		—			—
Net increase (decrease)		(10,926,528	)		(985,824	)		(2,949,948	)		185,557

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 October 31, 2017. 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 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the year ended September 30, 2017.

Effective November 1, 2017, the Funds renewed their line of credit agreement, which expires October 30, 2018, at substantially the same terms.

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 September 30, 2017 is included in the Portfolio of Investments. At September 30, 2017, the Funds had sufficient cash and/or securities to cover commitments under these contracts.

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

The fair values of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at September 30, 2017 were as follows:

	AMT-Free Fund			National Fund
Asset Derivative:
Futures Contracts	$	497,789	(1)	$	3,758,898	(1)
Total	$	497,789		$	3,758,898

⁽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 on open financial futures contracts, as applicable.

43

Eaton Vance

Municipal Income Funds

September 30, 2017

Notes to Financial Statements — continued

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the year ended September 30, 2017 was as follows:

	AMT-Free Fund			National Fund
Realized Gain (Loss) on Derivatives Recognized in Income	$	2,025,456	(1)	$	21,695,951	(1)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	$	125,087	(2)	$	(1,902,882	)(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 cost of futures contracts outstanding during the year ended September 30, 2017, which is indicative of the volume of this derivative type, was approximately as follows:

	AMT-Free Fund		National Fund
Average Notional Cost:
Futures Contracts — Short	$	48,741,000	$	298,967,000

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.

At September 30, 2017, 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 Municipal Securities	$	—	$	382,401,073	$	—	$	382,401,073
Taxable Municipal Securities		—		119,795		—		119,795
Total Investments	$	—	$	382,520,868	$	—	$	382,520,868
Futures Contracts	$	497,789	$	—	$	—	$	497,789
Total	$	497,789	$	382,520,868	$	—	$	383,018,657

44

Eaton Vance

Municipal Income Funds

September 30, 2017

Notes to Financial Statements — continued

National Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	2,964,680,655	$	—	$	2,964,680,655
Taxable Municipal Securities		—		155,643,594		—		155,643,594
Corporate Bonds & Notes		—		10,938,413		—		10,938,413
Total Investments	$	—	$	3,131,262,662	$	—	$	3,131,262,662
Futures Contracts	$	3,758,898	$	—	$	—	$	3,758,898
Total	$	3,758,898	$	3,131,262,662	$	—	$	3,135,021,560

The Funds held no investments or other financial instruments as of September 30, 2016 whose fair value was determined using Level 3 inputs. At September 30, 2017, there were no investments transferred between Level 1 and Level 2 during the year then ended.

45

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2017

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities of Eaton Vance AMT-Free Municipal Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of September 30, 2017, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2017, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Eaton Vance AMT-Free Municipal Income Fund as of September 30, 2017, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

November 21, 2017

46

Eaton Vance

National Municipal Income Fund

September 30, 2017

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities of Eaton Vance National Municipal Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Municipals Trust), including the portfolio of investments, as of September 30, 2017, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2017, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Eaton Vance National Municipal Income Fund as of September 30, 2017, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

November 21, 2017

47

Eaton Vance

Municipal Income Funds

September 30, 2017

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2018 will show the tax status of all distributions paid to your account in calendar year 2017. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.

Exempt-Interest Dividends.  For the fiscal year ended September 30, 2017, the Funds designate the following percentages of distributions from net investment income as exempt-interest dividends:

AMT-Free Municipal Income Fund	99.06	%
National Municipal Income Fund	94.34	%

48

Eaton Vance

Municipal Income Funds

September 30, 2017

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

At a meeting of the Boards of Trustees (each a “Board”) of the registered investment companies advised by either Eaton Vance Management or its affiliate, Boston Management and Research, (the “Eaton Vance Funds”) held on April 25, 2017, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2017. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following (for funds that invest through one or more underlying portfolio(s), references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

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

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

• A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

• Data regarding investment performance in comparison to benchmark indices, as well as customized groups of peer funds and blended indices identified by the adviser in consultation with the Board;

• For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

• Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, including the investment strategies and processes it employs;

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

• Information about each adviser’s policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to portfolio turnover rates of each fund;

Information about each Adviser

• Reports detailing the financial results and condition of each adviser;

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

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

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

• Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;

• A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

49

Eaton Vance

Municipal Income Funds

September 30, 2017

Board of Trustees’ Contract Approval — continued

Other Relevant Information

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

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

• The terms of each investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2017, with respect to one or more funds, the Board met ten times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, thirteen, six, eight and ten times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each investment adviser relating to each fund, and considered various investment and trading strategies used in pursuing each fund’s investment objective, such as the use of derivative instruments, as well as risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of investment advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

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

Results of the Process

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

Nature, Extent and Quality of Services

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

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

50

Eaton Vance

Municipal Income Funds

September 30, 2017

Board of Trustees’ Contract Approval — continued

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

The Board was aware that on April 24, 2017 a former employee of the Adviser agreed to plead guilty to fraud charges arising from the individual’s prior activities as an equity options trader for certain Eaton Vance Funds. The Board was informed that the Adviser became aware of the matter on April 18, 2017, at which time management contacted federal authorities, alerted the Board and began an internal investigation. The Adviser represented to the Board that, based on information available as of April 25, 2017, management had no reason to believe that any other employee of the Adviser or its affiliates was involved in any wrongful activities or that any fund had been materially harmed. The Adviser agreed to keep the Board fully apprised as additional information is learned, and assured the Board that any fund harmed by the former employee’s wrongful activities will be made whole, as determined in consultation with the Board. The Board concluded that the Adviser’s actions in response to these events are appropriate and consistent with the Adviser’s commitment to protect and provide quality services to the Eaton Vance Funds.

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

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

Fund Performance

The Board compared each Fund’s investment performance to that of comparable funds and appropriate benchmark indices and assessed each Fund’s performance on the basis of total return and current income return. The Board’s review included comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2016 for each Fund. The Board considered, among other things, each Adviser’s efforts to generate competitive levels of tax-exempt current income over time through investments that, relative to comparable funds, focus on higher quality municipal bonds with longer maturities. The Board concluded that the performance of each Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered each Fund’s management fees and total expense ratio for the one year period ended September 30, 2016, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on Fund expense ratios relative to comparable funds.

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

Profitability and Other “Fall-Out” Benefits

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to each Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their relationships with the Funds, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Funds and other investment advisory clients.

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

51

Eaton Vance

Municipal Income Funds

September 30, 2017

Board of Trustees’ Contract Approval — continued

Economies of Scale

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

52

Eaton Vance

Municipal Income Funds

September 30, 2017

Management and Organization

Fund Management.  The Trustees of Eaton Vance Municipals Trust and Eaton Vance Mutual Funds Trust (collectively, the Trusts) are responsible for the overall management and supervision of the Trusts’ affairs. The Trustees and officers of the Trusts are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trusts hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trusts, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Funds’ principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 176 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trusts	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 176 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trusts. Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Directorships in the Last Five Years. Formerly, Director and Chairman of Legg Mason, Inc. (2008-2012); Director/Trustee and Chairman of Legg Mason family of funds (14 funds) (2008-2012); and Director/Trustee of the Royce family of funds (35 funds) (2001-2012).
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995); Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989); Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2) Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

53

Eaton Vance

Municipal Income Funds

September 30, 2017

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trusts	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson); 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(2) None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Directorships in the Last Five Years.(2) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Harriett Tee Taggart 1948	Trustee	2011	Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006). Directorships in the Last Five Years.(2) Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).
Scott E. Wennerholm 1959	Trustee	2016	Trustee at Wheelock College (postsecondary institution) (since 2012). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Directorships in the Last Five Years. None.
Principal Officers who are not Trustees
Name and Year of Birth	Position(s) with the Trusts	Officer Since(3)	Principal Occupation(s) During Past Five Years
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

54

Eaton Vance

Municipal Income Funds

September 30, 2017

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trusts	Officer Since(3)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

⁽²⁾  During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); eUnits^TM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). However, Ms. Mosley did not serve as a Board member of eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

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

55

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 typically be effective within 30 days of receipt by Eaton Vance or your financial advisor. Separate statements will be generated for each separate account and will be householded as described above.

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.

56

Investment Advisers

AMT-Free Municipal Income Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

National Municipal Income Fund

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

448     9.30.17

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has amended the code of ethics as described in Form N-CSR during the period covered by this report to make clarifying changes consistent with Rule 21F-17 of the Securities Exchange Act of 1934, as amended. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

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

Item 4. Principal Accountant Fees and Services

Eaton Vance AMT-Free Municipal Income Fund and Eaton Vance Core Plus Bond Fund (the “Fund(s)”) are series of Eaton Vance Mutual Funds Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 34 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds’ annual reports.

Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”) prohibits an accounting firm, such as the Trust’s principal accountant, Deloitte & Touche LLP (“D&T”), from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it or a “covered person” of the accounting firm (within the meaning of applicable SEC rules relating to auditor independence) receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Based on information provided to the Audit Committee of the Board of Trustees (the “Audit Committee”) of the Eaton Vance family of funds by D&T, certain relationships between D&T and its affiliates (“Deloitte Entities”) and one or more lenders who are record owners of shares of one or more funds within the Eaton Vance family of funds (the “Funds”) implicate the Loan Rule, calling into question D&T’s independence with respect to the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as D&T’s conclusions concerning D&T’s objectivity and impartiality with respect to the audits of the Funds notwithstanding the existence of one or more breaches of the Loan Rule.

On June 20, 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued no-action relief to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016) (the “No-Action Letter”)) related to an auditor independence issue arising under the Loan Rule. In the No-Action Letter, the SEC indicated that it would not recommend enforcement action against the fund group if the auditor is not in compliance with the Loan Rule provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the auditor’s non-compliance under the Loan Rule is with respect to certain lending relationships; and (3) notwithstanding such non-compliance, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. The SEC has indicated that the no-action relief will expire 18 months from its issuance.

Based on information provided by D&T to the Audit Committee, the requirements of the No-Action Letter appear to be met with respect to D&T’s lending relationships described above. Among other things, D&T has advised the Audit Committee of its conclusion that the consequences of the breach of the Loan Rule have been satisfactorily addressed, that D&T’s objectivity and impartiality in the planning and conduct of the audits of the Fund’s financial statements has not been compromised and that, notwithstanding the breach, D&T is in a position to continue as the auditor for the Funds and D&T does not believe any actions need to be taken with respect to previously issued reports by D&T. D&T has advised the Audit Committee that these conclusions were based in part on its consideration of the No-Action Letter and other relevant information communicated to the Audit Committee.

(a)-(d)

The following tables present the aggregate fees billed to each Fund for the Fund’s fiscal years ended September 30, 2016 and September 30, 2017 by D&T for professional services rendered for the audit of the Funds’ annual financial statements and fees billed for other services rendered by D&T during those periods.

Eaton Vance AMT-Free Municipal Income Fund

Fiscal Years Ended	9/30/16		9/30/17
Audit Fees	$	55,010	$	50,480
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	13,930	$	14,139
All Other Fees(3)	$	0	$	0
Total	$	68,940	$	64,619

Eaton Vance Core Plus Bond Fund

Fiscal Years Ended	9/30/16		9/30/17
Audit Fees	$	42,720	$	49,195
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	11,070	$	11,467
All Other Fees(3)	$	0	$	0
Total	$	53,790	$	60,662

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

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

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

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

Fiscal Years Ended*	10/31/15		12/31/15		1/31/16		2/29/16		8/31/16		9/30/16		10/31/16		12/31/16		1/31/17		2/28/17		8/31/17		9/30/17
Audit Fees	$	581,560	$	105,020	$	136,480	$	22,650	$	48,950	$	97,730	$	570,575	$	105,320	$	114,580	$	25,850	$	48,950	$	99,675
Audit-Related Fees(1)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Tax Fees(2)	$	338,673	$	51,252	$	49,348	$	9,648	$	12,259	$	25,000	$	360,983	$	61,414	$	36,811	$	9,744	$	12,420	$	25,606
All Other Fees(3)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Total	$	920,233	$	156,272	$	185,828	$	32,298	$	61,209	$	122,730	$	931,558	$	166,734	$	151,391	$	35,594	$	61,370	$	125,281

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

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

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

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

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

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

(f) Not applicable.

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

Fiscal Years Ended*	10/31/15		12/31/15		1/31/16		2/29/16		8/31/16		9/30/16		10/31/16		12/31/16		1/31/17		2/28/17		8/31/17		9/30/17
Registrant(1)	$	338,673	$	51,252	$	49,348	$	9,648	$	12,259	$	25,000	$	360,983	$	61,414	$	36,811	$	9,744	$	12,420	$	25,606
Eaton Vance(2)	$	46,000	$	56,434	$	56,434	$	56,434	$	56,434	$	56,434	$	56,434	$	46,000	$	46,000	$	46,000	$	148,018	$	148,018

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

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

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

Item 5. Audit Committee of Listed Registrants

Not applicable.    

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

(b) There have been no changes in the registrant’s internal controls over financial reporting during the 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:	November 27, 2017

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	November 27, 2017
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	November 27, 2017