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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FormN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number:811-04015

Eaton Vance Mutual Funds Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617)482-8260

(Registrant’s Telephone Number)

September 30

Date of Fiscal Year End

March 31, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Municipal Income Funds

Semiannual Report

March 31, 2019

AMT-Free    •    National

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

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

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

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

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

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

Semiannual ReportMarch 31, 2019

Eaton Vance

Municipal Income Funds

Table of Contents

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

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2019

Performance^1,2

Portfolio ManagerCynthia J. Clemson    

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		01/06/1998		03/16/1978		3.78	%		4.89	%		4.04	%		6.09	%
Class A with 4.75% Maximum Sales Charge		—		—		–1.12			–0.13			3.03			5.58
Class C at NAV		05/02/2006		03/16/1978		3.41			4.12			3.27			5.30
Class C with 1% Maximum Sales Charge		—		—		2.41			3.12			3.27			5.30
Class I at NAV		03/16/1978		03/16/1978		3.96			5.17			4.31			6.34
Bloomberg Barclays Municipal Bond Index		—		—		4.63	%		5.38	%		3.73	%		4.71	%
Bloomberg Barclays Long (22+) Year Municipal Bond Index		—		—		5.40			5.86			5.32			6.72
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									1.05	%		1.80	%		0.80	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									3.58	%		2.83	%		3.84	%
Taxable-Equivalent Distribution Rate									6.05			4.78			6.49
SEC30-day Yield									1.98			1.34			2.32
Taxable-Equivalent SEC30-day Yield									3.34			2.26			3.92
% Total Leverage5
Residual Interest Bond (RIB) Financing															9.02	%

Fund Profile

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

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

National Municipal Income Fund

March 31, 2019

Performance^1,2

Portfolio Manager Craig R. Brandon, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		04/05/1994		12/19/1985		4.06	%		5.45	%		4.74	%		6.64	%
Class A with 4.75% Maximum Sales Charge		—		—		–0.87			0.47			3.73			6.12
Class B at NAV		12/19/1985		12/19/1985		3.67			4.66			3.96			5.86
Class B with 5% Maximum Sales Charge		—		—		–1.33			–0.34			3.62			5.86
Class C at NAV		12/03/1993		12/19/1985		3.67			4.66			3.96			5.86
Class C with 1% Maximum Sales Charge		—		—		2.67			3.66			3.96			5.86
Class I at NAV		07/01/1999		12/19/1985		4.18			5.71			5.00			6.91
Bloomberg Barclays Municipal Bond Index		—		—		4.63	%		5.38	%		3.73	%		4.71	%
Bloomberg Barclays Long (22+) Year Municipal Bond Index		—		—		5.40			5.86			5.32			6.72
% Total Annual Operating Expense Ratios3					Class A			Class B			Class C			Class I
						0.88	%		1.63	%		1.63	%		0.63	%
% Distribution Rates/Yields4					Class A			Class B			Class C			Class I
Distribution Rate						3.40	%		2.65	%		2.65	%		3.65	%
Taxable-Equivalent Distribution Rate						5.74			4.48			4.48			6.17
SEC30-day Yield						2.07			1.43			1.43			2.42
Taxable-Equivalent SEC30-day Yield						3.50			2.42			2.42			4.09
% Total Leverage5
RIB Financing															5.34	%

Fund Profile

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

See Endnotes and Additional Disclosures in this report.

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

3

Eaton Vance

Municipal Income Funds

March 31, 2019

Endnotes and Additional Disclosures

¹  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.

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

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

⁴  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes astax-exempt income, qualified andnon-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 form1099-DIV and provided to the shareholder shortly after eachyear-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 lowertax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ.

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

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

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

Fund profiles subject to change due to active management.

4

Eaton Vance

Municipal Income Funds

March 31, 2019

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2018 – March 31, 2019).

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

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

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

Eaton Vance AMT-Free Municipal Income Fund

	Beginning Account Value (10/1/18)		Ending Account Value (3/31/19)		Expenses Paid During Period* (10/1/18 – 3/31/19)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,037.80	$	5.44		1.07	%
Class C	$	1,000.00	$	1,034.10	$	9.23		1.82	%
Class I	$	1,000.00	$	1,039.60	$	4.17		0.82	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.60	$	5.39		1.07	%
Class C	$	1,000.00	$	1,015.90	$	9.15		1.82	%
Class I	$	1,000.00	$	1,020.80	$	4.13		0.82	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2018.

5

Eaton Vance

Municipal Income Funds

March 31, 2019

Fund Expenses — continued

Eaton Vance National Municipal Income Fund

	Beginning Account Value (10/1/18)		Ending Account Value (3/31/19)		Expenses Paid During Period* (10/1/18 – 3/31/19)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,040.60	$	4.22		0.83	%
Class B	$	1,000.00	$	1,036.70	$	8.07		1.59	%
Class C	$	1,000.00	$	1,036.70	$	8.07		1.59	%
Class I	$	1,000.00	$	1,041.80	$	2.95		0.58	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.80	$	4.18		0.83	%
Class B	$	1,000.00	$	1,017.00	$	8.00		1.59	%
Class C	$	1,000.00	$	1,017.00	$	8.00		1.59	%
Class I	$	1,000.00	$	1,022.00	$	2.92		0.58	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2018.

6

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2019

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 106.8%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 3.4%
New York State Environmental Facilities Corp., 5.00%, 10/15/35(1)	$	9,900	$	10,236,105
			$	10,236,105
Education — 7.2%
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/46	$	5,000	$	5,596,050
Connecticut Health and Educational Facilities Authority, (Sacred Heart University), 5.00%, 7/1/42		2,125		2,407,922
North Carolina Capital Facilities Finance Agency, (Duke University), 5.00%, 10/1/41		1,050		1,197,515
Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36		1,050		1,143,545
Pennsylvania Higher Educational Facilities Authority, (Drexel University), 5.00%, 5/1/37		1,750		2,015,247
Pima County Community College District, AZ, 5.00%, 7/1/35		725		867,731
University of California, 5.25%, 5/15/35		3,555		4,098,453
University of Nebraska, 5.00%, 5/15/35		1,000		1,151,060
West Virginia University, 5.00%, 10/1/31		3,000		3,286,170
			$	21,763,693
Electric Utilities — 4.5%
Apache County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 4.50%, 3/1/30	$	1,605	$	1,688,620
Chula Vista, CA, (San Diego Gas and Electric), 5.875%, 2/15/34		3,520		3,546,365
Northern Municipal Power Agency, MN, 5.00%, 1/1/31		200		235,366
Northern Municipal Power Agency, MN, 5.00%, 1/1/32		210		245,484
Northern Municipal Power Agency, MN, 5.00%, 1/1/33		235		272,955
Northern Municipal Power Agency, MN, 5.00%, 1/1/34		210		243,155
Northern Municipal Power Agency, MN, 5.00%, 1/1/35		170		196,403
Northern Municipal Power Agency, MN, 5.00%, 1/1/36		160		184,291
Pima County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 5.25%, 10/1/40		1,410		1,471,504
Utility Debt Securitization Authority, NY, 5.00%, 12/15/33		2,895		3,290,833
Vernon, CA, Electric System Revenue, 5.125%, 8/1/21		2,035		2,056,693
			$	13,431,669
Escrowed / Prerefunded — 9.4%
Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.00%, 7/15/30	$	880	$	911,583
Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.25%, 7/15/40		1,320		1,369,949

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Henrico County Economic Development Authority, VA, (Bon Secours Health System, Inc.), Prerefunded to 11/1/22, 5.00%, 11/1/30	$	1,185	$	1,319,391
Kansas Development Finance Authority, (Adventist Health System), Prerefunded to 11/15/19, 5.75%, 11/15/38		5,115		5,248,450
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		470		511,355
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		315		342,717
New Jersey Turnpike Authority, Prerefunded to 7/1/22, 5.00%, 1/1/30		3,060		3,396,080
Oklahoma Development Finance Authority, (St. John Health System), Prerefunded to 2/15/22, 5.00%, 2/15/34		2,035		2,229,465
Savannah Economic Development Authority, GA, Escrowed to Maturity, 0.00%, 12/1/21		6,000		5,723,340
Vernon, CA, Electric System Revenue, Prerefunded to 8/1/19, 5.125%, 8/1/21		930		941,299
Washington, Prerefunded to 2/1/21, 5.25%, 2/1/36(1)		6,000		6,409,140
			$	28,402,769
General Obligations — 17.1%
Beaverton School District No. 48J, Washington and Multnomah Counties, OR, 5.00%, 6/15/36	$	1,000	$	1,186,090
California, 5.00%, 4/1/35		2,125		2,407,306
California, 5.25%, 10/1/29		560		611,106
California, 5.25%, 10/1/32		3,480		3,778,793
Chicago, IL, 5.00%, 1/1/39(2)		1,400		1,501,234
Chicago Board of Education, IL, 5.00%, 12/1/21		230		241,445
Chicago Board of Education, IL, 5.00%, 12/1/46		1,405		1,474,828
Chicago Board of Education, IL, 5.00%, 12/1/46		270		278,087
Corvallis School District No. 509J, OR, 5.00%, (0.00% until 6/15/20), 6/15/38		1,680		1,879,382
District of Columbia, 5.00%, 6/1/37(1)		7,000		8,286,110
Fennville Public Schools, MI, 4.00%, 5/1/34		1,000		1,121,500
Foothill-De Anza Community College District, CA, 5.00%, 8/1/34		1,150		1,331,585
Foothill-De Anza Community College District, CA, 5.00%, 8/1/36		1,150		1,329,687
Illinois, 5.00%, 11/1/21		2,000		2,123,420
Illinois, 5.00%, 1/1/26		5,000		5,486,450
Illinois, 5.00%, 5/1/35		2,000		2,088,860
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/31		4,470		4,972,026
Rockville Centre, NY, 4.00%, 11/15/41		435		474,076
Salem-Keizer School District No. 24J, OR, 0.00%, 6/15/24		1,220		1,101,355
Santa Clara County, CA, (Election of 2008), Prerefunded to 8/1/19, 5.00%, 8/1/39(1)		7,700		7,792,939

7 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Springfield School District No. 19, OR, 5.00%, 6/15/30	$	1,085	$	1,265,772
University of Connecticut, 5.00%, 2/15/32		650		718,413
Wentzville R-IV School District, MO, 0.00%, 3/1/29		60		44,979
			$	51,495,443
Hospital — 15.7%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28	$	535	$	570,503
California Health Facilities Financing Authority, (Providence Health System), 5.50%, 10/1/39		5,175		5,274,567
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		1,720		1,933,968
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		2,300		2,562,246
California Health Facilities Financing Authority, (Sutter Health), 5.25%, 8/15/31		1,325		1,435,386
California Statewide Communities Development Authority, (John Muir Health), Prerefunded to 7/1/19, 5.00%, 7/1/29		1,330		1,341,677
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.25%, 12/1/34		3,000		3,323,430
Colorado Health Facilities Authority, (Vail Valley Medical Center), 4.00%, 1/15/45		2,155		2,223,938
Colorado Health Facilities Authority, (Vail Valley Medical Center), 5.00%, 1/15/35		2,000		2,285,980
Delaware Health Facilities Authority, (Beebe Medical Center), 5.00%, 6/1/36		3,730		4,262,084
Delaware Health Facilities Authority, (Beebe Medical Center), 5.00%, 6/1/37		1,000		1,138,070
Illinois Finance Authority, (Presence Health Network), 4.00%, 2/15/36		5,345		5,728,130
Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31		2,110		2,441,270
Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 11/15/47		3,000		3,443,550
Ohio, (University Hospitals Health Systems, Inc.), 5.00%, 1/15/36		2,500		2,815,075
Orange County Health Facilities Authority, FL, (Orlando Health, Inc.), 5.375%, 10/1/23		1,000		1,019,120
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(1)		5,000		5,617,800
			$	47,416,794
Housing — 0.7%
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/37	$	500	$	563,795
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/42		1,250		1,393,488

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(3)	$	285	$	252,225
			$	2,209,508
Industrial Development Revenue — 0.9%
Selma Industrial Development Board, AL, (International Paper Co.), 5.80%, 5/1/34	$	2,670	$	2,774,931
			$	2,774,931
Insured – Education — 0.7%
Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31	$	1,750	$	2,166,623
			$	2,166,623
Insured – Electric Utilities — 0.7%
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/29	$	2,865	$	2,189,376
			$	2,189,376
Insured – Escrowed / Prerefunded — 0.5%
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), Escrowed to Maturity, 0.00%, 8/15/21	$	1,560	$	1,499,378
			$	1,499,378
Insured – General Obligations — 0.8%
Atlantic City, NJ, (AGM), 4.00%, 3/1/42	$	145	$	152,169
Chicago Board of Education, IL, (AGM), 5.00%, 12/1/24		505		569,801
Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38		1,500		1,561,320
			$	2,283,290
Insured – Lease Revenue / Certificates of Participation — 1.9%
Anaheim Public Financing Authority, CA, (Anaheim Public Improvements), (AGM), 0.00%, 9/1/31	$	8,680	$	5,851,883
			$	5,851,883
Insured – Other Revenue — 1.9%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	10,600	$	5,702,058
			$	5,702,058
Insured – Special Tax Revenue — 5.8%
Alabama Public School and College Authority, (AGM), 2.50%, 12/1/27	$	5,265	$	5,266,158

8 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Special Tax Revenue (continued)
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/27	$	6,000	$	7,561,020
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		2,565		3,369,307
Successor Agency to San Francisco City and County Redevelopment Agency, CA, (NPFG), 5.00%, 8/1/43		1,100		1,250,535
			$	17,447,020
Insured – Transportation — 9.1%
Chicago, IL, (O’Hare International Airport), (AGM), 5.00%, 1/1/28	$	1,000	$	1,112,780
Chicago, IL, (O’Hare International Airport), (AGM), 5.125%, 1/1/31		1,000		1,111,530
Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/32		785		873,367
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39		7,120		2,834,472
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/46		1,635		1,743,597
Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38		11,500		14,706,660
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/21		5,285		5,057,005
			$	27,439,411
Insured – Water and Sewer — 2.5%
Detroit, MI, Sewage Disposal System, (AGM), 5.00%, 7/1/39	$	4,825	$	5,173,896
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/32		655		735,578
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/33		565		632,241
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/35		280		312,292
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/37		565		627,246
			$	7,481,253
Lease Revenue / Certificates of Participation — 1.7%
Hudson Yards Infrastructure Corp., NY, 4.00%, 2/15/44	$	1,830	$	1,948,822
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/37		3,000		3,305,220
			$	5,254,042
Other Revenue — 1.7%
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/22	$	400	$	434,036
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(4)		1,200		216,000
Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.25%, 12/1/38		970		1,086,991

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.50%, 12/1/43	$	355	$	400,653
Mercer County Improvement Authority, NJ, 4.00%, 3/15/40		1,375		1,500,524
White Earth Band of Chippewa Indians, MN, 6.375%, 12/1/26(5)		1,540		1,540,493
			$	5,178,697
Senior Living / Life Care — 3.5%
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/39	$	570	$	640,190
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.50%, 6/1/49		2,690		3,037,682
Saint Louis County Industrial Development Authority, MO, (St. Andrew’s Resources for Seniors Obligated Group), 5.00%, 12/1/35		1,700		1,785,306
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.00%, 12/1/32		160		169,078
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.25%, 12/1/42		660		698,498
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/32(5)		1,575		1,767,150
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/38(5)		2,325		2,564,987
			$	10,662,891
Special Tax Revenue — 2.8%
Bridgeville, DE, (Heritage Shores Special Development District), 5.45%, 7/1/35	$	968	$	967,990
Jurupa Public Financing Authority, CA, 5.00%, 9/1/31		1,200		1,367,208
New York Convention Center Development Corp., Hotel Unit Fee, 0.00%, 11/15/27		585		467,146
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/43		4,345		4,790,667
River Hall Community Development District, FL, (Capital Improvements), 5.45%, 5/1/36		965		969,815
			$	8,562,826
Transportation — 11.5%
Central Texas Regional Mobility Authority, Prerefunded to 1/1/21, 5.75%, 1/1/31	$	415	$	444,100
Chicago, IL, (Midway International Airport), 5.00%, 1/1/41		4,225		4,749,534
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30		1,100		1,259,478
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31		1,455		1,662,512
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/31		675		756,918

9 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Denver City and County, CO, Airport System Revenue, 2.602%, (70% of 1 mo. USD LIBOR + 0.86%), 11/15/19 (Put Date), 11/15/31(6)	$	880	$	880,713
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43		1,100		1,202,014
Metropolitan Transportation Authority, NY, 5.00%, 11/15/35		490		564,240
Miami-Dade County, FL, Aviation Revenue, 5.00%, 10/1/33		6,350		7,208,710
New Jersey Turnpike Authority, 4.00%, 1/1/48		1,055		1,120,716
New Orleans Aviation Board, LA, 5.00%, 1/1/43		1,555		1,770,181
San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/34		5,235		5,846,919
Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34		3,500		3,715,215
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39		2,980		3,086,863
Texas Transportation Commission, 0.00%, 8/1/40		1,000		390,650
			$	34,658,763
Water and Sewer — 2.8%
Atlanta, GA, Water and Wastewater Revenue, 5.00%, 11/1/35(1)	$	6,990	$	8,387,161
			$	8,387,161
Total Tax-Exempt Municipal Securities — 106.8% (identified cost $300,018,044)			$	322,495,584
Trust Units — 0.9%
Security	Notional Amount (000’s omitted)		Value
Insured – Special Tax Revenue — 0.9%
COFINA Series 2007A Senior Bonds Due 2046 National Custodial Trust (taxable), 8/1/46(7)	$	774	$	637,550
COFINA Series 2007A Senior Bonds Due 2046 National Custodial Trust (non-taxable), 8/1/46(7)		2,350		2,062,426
Total Trust Units — 0.9% (identified cost $2,571,488)			$	2,699,976
Total Investments — 107.7% (identified cost $302,589,532)			$	325,195,560
Other Assets, Less Liabilities — (7.7)%			$	(23,216,201	)
Net Assets — 100.0%			$	301,979,359

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

At March 31, 2019, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows:

California	19.4%
Illinois	11.2%
Texas	10.0%
Others, representing less than 10% individually	67.1%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2019, 23.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.0% to 14.2% of total investments.

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

⁽²⁾  When-issued security.

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

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

⁽⁵⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2019, the aggregate value of these securities is $5,872,630 or 1.9% of the Fund’s net assets.

⁽⁶⁾  Floating rate security. The stated interest rate represents the rate in effect at March 31, 2019.

⁽⁷⁾  Security was received in connection with the restructuring of an insured zero-coupon bond issued by the Puerto Rico Sales Tax Financing Corporation (“COFINA”) (the “Original Bond”). The notional amount of the combined taxable and tax-exempt trust units reflects the accreted amount of the Original Bond from original issuance through the restructuring date. Each trust certificate represents an ownership interest in various coupon paying and zero-coupon COFINA bonds and potential insurance payments pursuant to an insurance policy with National Public Finance Guarantee Corporation. The trust units have no stated coupon interest rate but accrete income to maturity at the annual rate of approximately 5.04%, the same rate as the Original Bond.

10 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount			Value/ Unrealized Depreciation
Interest Rate Futures
U.S. 10-Year Treasury Note		145		Short		6/19/19	$	(18,011,719	)	$	(250,998	)
										$	(250,998	)

Abbreviations:

AGM	–	Assured Guaranty Municipal Corp.
AMBAC	–	AMBAC Financial Group, Inc.
LIBOR	–	London Interbank Offered Rate
NPFG	–	National Public Finance Guarantee Corp.

Currency Abbreviations:

USD – United States Dollar

11 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2019

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 102.8%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 2.0%
Connecticut, (State Revolving Fund), Green Bonds, 5.00%, 3/1/28	$	10,000	$	11,790,100
Michigan Finance Authority, (Clean Water Revolving Fund), 4.00%, 10/1/32		5,000		5,547,500
Ohio Water Development Authority, Water Pollution Control Loan Fund, 5.00%, 6/1/29		13,500		17,208,720
Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		16,675		20,040,182
			$	54,586,502
Cogeneration — 0.2%
Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 12/31/23(1)	$	14,652	$	4,395,695
			$	4,395,695
Education — 9.1%
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 5.00%, 8/1/27	$	3,335	$	4,162,680
California Educational Facilities Authority, (Stanford University), 5.00%, 5/1/29(2)		2,750		3,604,150
Connecticut Health and Educational Facilities Authority, (Yale University), 5.00%, 7/1/27		5,000		6,240,100
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 4.75%, 6/1/38(3)		2,245		2,365,961
Georgia Private Colleges and Universities Authority, (Emory University), 5.00%, 10/1/38		1,625		1,905,897
Massachusetts Development Finance Agency, (Harvard University), 5.00%, 7/15/34		18,920		22,609,022
Michigan State University, 5.00%, 2/15/30		600		742,974
Michigan State University, 5.00%, 2/15/31		1,200		1,472,892
New Jersey Educational Facilities Authority, (Princeton University), 4.00%, 7/1/38		6,925		7,688,412
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/30		550		682,770
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/33		4,820		5,913,899
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38		25,335		30,657,377
New York Dormitory Authority, (New York University), 5.00%, 7/1/30		4,000		5,084,440
Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36		9,930		10,814,664
Rutgers State University, NJ, 5.00%, 5/1/43(4)		37,000		41,086,650
University of California, 5.25%, 5/15/36		7,080		8,151,841
University of California, 5.25%, 5/15/37		13,000		14,959,750

Security		Principal Amount (000’s omitted)		Value
Education (continued)
University of California, 5.25%, 5/15/38	��	$	7,700	$	8,852,536
University of Michigan, 5.00%, 4/1/30			2,250		2,849,490
University of Virginia, 5.00%, 4/1/38			13,205		15,709,064
University of Virginia, 5.00%, 4/1/39			40,970		48,612,953
				$	244,167,522
Electric Utilities — 4.9%
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 6.50%, 7/1/39		$	8,600	$	8,713,004
Omaha Public Power District, NE, 5.00%, 2/1/39			11,245		12,830,658
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/28			6,025		6,922,424
Unified Government of Wyandotte County/Kansas City, KS, Utility System Revenue, 5.00%, 9/1/32			10,000		10,949,800
Utility Debt Securitization Authority, NY, 5.00%, 12/15/30(4)			22,500		25,751,250
Utility Debt Securitization Authority, NY, 5.00%, 12/15/31(4)			27,500		31,367,050
Utility Debt Securitization Authority, NY, 5.00%, 12/15/40			13,260		15,809,102
Vernon, CA, Electric System Revenue, 5.125%, 8/1/21			18,955		19,157,060
				$	131,500,348
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	$	2,532,840
Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.00%, 7/15/30			9,530		9,872,032
Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.25%, 7/15/40			14,295		14,835,923
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36			3,005		3,269,410
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36			4,505		4,901,395
North Carolina, Capital Improvement Limited Obligation Bonds, Prerefunded to 5/1/20, 5.25%, 5/1/31			16,475		17,141,743
Pennsylvania Turnpike Commission, Prerefunded to 6/1/19, 5.25%, 6/1/39			4,800		4,829,280
Pennsylvania Turnpike Commission, Prerefunded to 6/1/19, 5.25%, 6/1/39			3,900		3,923,790
Pennsylvania Turnpike Commission, Prerefunded to 6/1/19, 5.25%, 6/1/39			605		608,690
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30			4,515		4,798,722
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30			3,490		3,709,312
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.45%, 12/1/35			12,125		12,906,820

12 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34	$	3,585	$	3,848,426
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34		17,620		18,914,717
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34		3,795		4,073,857
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.50%, 12/1/36		10,000		10,814,900
Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33		9,170		11,394,275
Tarrant County Cultural Education Facilities Finance Corp., TX, (Scott & White Healthcare), Prerefunded to 8/15/20, 5.25%, 8/15/40		1,000		1,049,790
Tarrant County Cultural Education Facilities Finance Corp., TX, (Scott & White Healthcare), Prerefunded to 8/15/20, 5.25%, 8/15/40		12,500		13,122,375
Vernon, CA, Electric System Revenue, Prerefunded to 8/1/19, 5.125%, 8/1/21		8,705		8,810,766
			$	155,359,063
General Obligations — 23.6%
Alabama, 5.00%, 11/1/30	$	6,400	$	7,989,056
Albany County, NY, 4.00%, 4/1/29		3,715		4,241,081
Austin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/1/33(2)		3,400		3,807,660
Belmont, MA, 4.00%, 3/15/29		2,750		3,220,745
Belmont, MA, 4.00%, 3/15/30		2,800		3,247,916
Belmont, MA, 4.00%, 3/15/32		3,030		3,447,140
Boston, MA, 5.00%, 3/1/29		6,390		8,214,089
Boston, MA, 5.00%, 3/1/30		4,820		6,138,174
Boston, MA, 5.00%, 3/1/31		3,740		4,720,703
Brookhaven, NY, 4.00%, 9/15/30		3,395		3,843,446
California, 1.93%, (SIFMA + 0.43%), 12/1/23 (Put Date), 12/1/29(5)		15,000		15,049,950
California, 5.00%, 4/1/32		20,000		25,899,600
California, 5.00%, 4/1/35		15,035		17,032,400
Chicago, IL, 5.00%, 1/1/39(2)		2,100		2,251,851
Chicago, IL, 5.00%, 1/1/40(2)		1,500		1,603,815
Chicago Board of Education, IL, 5.00%, 12/1/21		1,980		2,078,525
Chicago Board of Education, IL, 5.00%, 12/1/46		2,855		2,940,507
Chicago Board of Education, IL, 5.00%, 12/1/46		15,110		15,860,967
Clackamas Community College District, OR, 5.00%, (0.00% until 6/15/20), 6/15/38		760		832,375
Clackamas Community College District, OR, 5.00%, (0.00% until 6/15/20), 6/15/39		1,000		1,093,810
Clackamas Community College District, OR, 5.00%, (0.00% until 6/15/20), 6/15/40		1,250		1,362,913

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Delaware, 4.00%, 2/1/31	$	10,000	$	11,550,400
Desert Community College District, CA, 5.00%, 8/1/37		5,350		6,238,047
Desert Sands Unified School District, CA, (Election of 2014), 5.00%, 8/1/40		7,680		9,011,174
District of Columbia, 5.00%, 10/15/30		4,000		5,024,840
Fairfax County, VA, 5.00%, 10/1/30		5,685		7,220,689
Franklin Special School District, TN, Limited Tax School Improvement Bonds, 5.00%, 6/1/30		250		315,905
Franklin Special School District, TN, Limited Tax School Improvement Bonds, 5.00%, 6/1/31		250		312,458
Georgetown Independent School District, TX, 2.50% to 8/1/19 (Put Date), 8/1/34		750		752,250
Hawaii, 5.00%, 1/1/34		14,200		17,165,244
Hennepin County Regional Railroad Authority, MN, 5.00%, 12/1/30		4,040		5,072,058
Illinois, 5.00%, 2/1/24		10,705		11,606,682
Illinois, 5.00%, 11/1/24		11,295		12,358,198
Illinois, 5.00%, 2/1/27		18,500		19,704,535
Illinois, 5.00%, 2/1/29		15,000		16,421,250
Illinois, 5.00%, 5/1/39		10,000		10,365,400
Illinois, 5.25%, 7/1/30		6,150		6,505,654
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29		1,920		2,146,963
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/30		4,105		4,583,684
Klein Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/36		14,180		14,969,684
Louisiana, 5.00%, 3/1/24		6,525		7,525,543
Louisiana, 5.00%, 3/1/28		8,590		10,641,979
Massachusetts, 5.00%, 7/1/35		10,000		11,542,600
Massachusetts, 5.00%, 3/1/37		10,900		12,305,010
Mt. San Antonio Community College District, CA, (Election of 2018), 5.00%, 8/1/41(2)		5,000		6,085,000
New York, 5.00%, 3/1/28		4,000		5,120,440
New York, NY, 4.00%, 3/1/36		8,000		8,776,800
New York, NY, 4.00%, 10/1/41		2,500		2,685,350
New York, NY, 4.00%, 12/1/41		5,970		6,462,704
New York, NY, 5.00%, 8/1/33		10,000		11,771,000
Oklahoma City, OK, 4.00%, 3/1/33(2)		3,985		4,383,221
Oklahoma City, OK, 4.00%, 3/1/34(2)		3,810		4,171,188
Oregon, 5.00%, 5/1/30		3,880		4,898,345
Oxnard Union High School District, CA, (Election of 2018), 5.00%, 8/1/43		3,750		4,354,463
Park City, UT, 4.00%, 2/1/31		3,490		4,037,756
Pflugerville Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/33(2)		5,000		6,053,750
Portland Community College District, OR, 5.00%, 6/15/32		2,700		3,202,497

13 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Portland Community College District, OR, 5.00%, 6/15/33	$	1,875	$	2,216,194
Richardson Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/42		5,000		5,715,050
San Diego Unified School District, CA, (Election of 2012), Green Bonds, 5.00%, 7/1/30		3,530		4,360,821
Santa Clara County, CA, (Election of 2008), Prerefunded to 8/1/19, 5.00%, 8/1/39(4)		57,400		58,092,818
Santa Clara Unified School District, CA, (Election of 2018), 4.00%, 7/1/29(2)		7,745		8,872,285
Texas, (Texas Transportation Commission), 5.00%, 10/1/44		10,000		11,237,200
Warrenton-Hammond School District No. 30, OR, 5.00%, 6/15/33		1,180		1,457,489
Washington, 5.00%, 2/1/33		14,350		16,215,787
Washington, 5.00%, 8/1/35		15,055		17,987,262
Washington, 5.00%, 2/1/40		25,915		30,293,080
Washington, 5.00%, 2/1/41		10,000		11,956,400
Washington County, OR, 4.00%, 3/1/30		1,000		1,116,050
Wauwatosa School District, WI, 4.00%, 3/1/31		6,815		7,569,693
Will County Community Unit School District No. 365-U, IL, (Valley View), 5.75%, 11/1/31		12,995		14,186,901
Wisconsin, 5.00%, 5/1/38		25,000		28,618,750
			$	630,115,264
Hospital — 8.7%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28	$	5,700	$	6,078,252
California Health Facilities Financing Authority, (Providence Health System), 5.50%, 10/1/39(4)		36,700		37,406,108
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		17,530		19,710,732
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		25,465		28,368,519
California Health Facilities Financing Authority, (Sutter Health), 5.25%, 8/15/31		13,675		14,814,264
Illinois Finance Authority, (Edward-Elmhurst Healthcare), 2.25%, (SIFMA + 0.75%), 7/1/23 (Put Date), 1/1/46(5)		9,500		9,500,000
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/26		7,500		8,968,875
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/33		2,500		2,927,725
Massachusetts Development Finance Agency, (Partners HealthCare System), 5.00%, 7/1/44		8,570		9,462,823
Michigan Finance Authority, (Henry Ford Health System), 5.00%, 11/15/41		2,445		2,740,772
Missouri Health and Educational Facilities Authority, (SSM Health Care), 5.00%, 6/1/30		7,505		8,484,628
New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 5.00%, 7/1/37		1,000		1,148,970

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/38	$	1,750	$	1,967,595
Oklahoma Development Finance Authority, (OU Medicine), 5.25%, 8/15/43		5,200		5,942,456
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/35		2,260		2,515,968
University of Kansas Hospital Authority, 5.00%, 9/1/45		25,500		28,629,870
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/42		2,250		2,543,333
Washington Township Health Care District, CA, 6.25%, 7/1/39		16,675		16,827,409
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 5.375%, 6/1/38		21,895		24,340,671
			$	232,378,970
Housing — 0.9%
Massachusetts Housing Finance Agency, (Mill Road Apartments), 2.05%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48(5)	$	4,000	$	4,000,000
Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.05%, (SIFMA + 0.55%), 12/12/23 (Put Date), 7/1/41(5)		10,000		10,001,700
Texas Student Housing Corp., (University of Northern Texas), 6.85%, 7/1/31		10,640		10,367,935
			$	24,369,635
Industrial Development Revenue — 1.7%
Metropolitan Nashville Airport Authority, TN, (Aero Nashville), 5.20%, 7/1/26	$	335	$	345,764
Miami-Dade County Industrial Development Authority, FL, (Waste Management, Inc.), (AMT), 2.30%, (SIFMA + 0.80%), 11/1/21 (Put Date), 11/1/48(5)		5,000		4,999,950
Mission Economic Development Corp., TX, (Waste Management, Inc.), (AMT), 2.30%, (SIFMA + 0.80%), 11/1/21 (Put Date), 11/1/48(5)		10,000		9,999,900
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39		28,150		28,655,855
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(3)		475		485,711
			$	44,487,180
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	$	435	$	443,004
			$	443,004

14 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations — 0.4%
Santa Rosa High School District, CA, (Election of 2014), (AGM), 5.00%, 8/1/43	$	9,155	$	10,677,293
			$	10,677,293
Insured – Hospital — 0.5%
Medford Hospital Facilities Authority, OR, (Asante Health System), (AGM), 5.50%, 8/15/28	$	12,000	$	12,586,920
			$	12,586,920
Insured – Other Revenue — 1.2%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	58,155	$	31,283,319
			$	31,283,319
Insured – Special Tax Revenue — 0.7%
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29	$	11,000	$	14,322,660
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		3,080		4,045,796
			$	18,368,456
Insured – Transportation — 2.2%
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37	$	13,335	$	5,913,939
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/46		8,180		8,723,316
North Texas Tollway Authority, (AGC), 6.20%, 1/1/42		37,070		44,896,589
			$	59,533,844
Lease Revenue / Certificates of Participation — 1.3%
Hudson Yards Infrastructure Corp., NY, 4.00%, 2/15/44	$	9,645	$	10,271,250
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/34		8,960		9,966,745
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/35		13,300		14,744,247
			$	34,982,242
Nursing Home — 0.2%
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25	$	6,440	$	6,497,574
			$	6,497,574
Other Revenue — 3.3%
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(7)	$	250	$	45,000
Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38(3)		1,865		2,026,919

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Kalispel Tribe of Indians, WA, Series B, 5.25%, 1/1/38(3)	$	1,000	$	1,086,820
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/33		10,000		11,529,100
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/43		11,830		13,551,857
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 6.25%, 12/15/26		19,645		22,825,133
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/30		4,845		5,259,344
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/32		29,755		32,144,326
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 2.772%, (67% of 1 mo. USD LIBOR + 1.10%), 7/1/22 (Put Date), 1/1/42(5)		1,000		1,011,350
			$	89,479,849
Senior Living / Life Care — 0.5%
Delaware Economic Development Authority, (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/48	$	2,500	$	2,779,175
Logan County, CO, (TLC Care Choices, Inc.), 6.875%, 12/1/23(8)		409		110,475
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/47		7,500		7,663,725
Rockville, MD, (Ingleside at King Farm), 5.00%, 11/1/31		1,010		1,104,627
Rockville, MD, (Ingleside at King Farm), 5.00%, 11/1/32		525		571,951
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 5.00%, 9/15/40		750		780,607
			$	13,010,560
Special Tax Revenue — 9.4%
Lafayette Parish School Board, LA, Sales Tax Revenue, 4.00%, 4/1/35	$	500	$	544,980
New River Community Development District, FL, (Capital Improvements), 5.00%, 5/1/13(7)		230		0
New River Community Development District, FL, (Capital Improvements), 5.35%, 5/1/38(7)		80		0
New River Community Development District, FL, (Capital Improvements), Series 2010A-2, 5.75%, 5/1/38		380		372,651
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 5/1/37		7,500		8,110,425
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 8/1/37		3,435		3,695,854
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 11/1/37(2)		10,000		10,967,100
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 11/1/38(2)		8,500		9,306,905

15 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 8/1/39	$	7,500	$	8,136,450
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 5/1/42		5,695		6,052,304
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 2/1/35		11,000		12,655,280
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/35		10,485		12,483,546
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 5/1/36		4,200		5,043,738
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/36		10,000		11,572,200
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 5/1/39		9,240		10,829,557
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 5/1/40		5,970		6,878,873
New York City Transitional Finance Authority, NY, Future Tax Revenue, 2015 Series B, 5.00%, 8/1/39		7,495		8,447,390
New York City Transitional Finance Authority, NY, Future Tax Revenue, 2018 Series A, 5.00%, 8/1/39		11,845		13,930,075
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/43		21,440		23,639,104
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/45		10,000		11,282,400
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/36		8,000		9,384,720
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/40		10,000		11,670,800
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/43		5,915		6,536,193
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/27		1,620		1,967,798
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/28		1,705		2,097,900
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/29		1,790		2,203,508
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/31		970		1,175,281
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/32		2,070		2,495,447
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/47		7,445		8,011,043
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/35		10,000		11,572,900
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/41		10,000		11,887,700
Sales Tax Asset Receivable Corp., NY, 4.00%, 10/15/32		5,265		5,814,929
Southern Hills Plantation I Community Development District, FL, Series A1, 5.80%, 5/1/35		455		445,209

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Southern Hills Plantation I Community Development District, FL, Series A2, 5.80%, 5/1/35	$	330	$	295,043
Sterling Hill Community Development District, FL, 6.20%, 5/1/35		1,532		980,254
Texas Transportation Commission, 5.00%, 4/1/33(4)		10,000		11,443,300
			$	251,930,857
Student Loan — 0.2%
Iowa Student Loan Liquidity Corp., 5.25%, 12/1/22	$	760	$	773,763
New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/28		5,340		5,723,786
			$	6,497,549
Transportation — 20.3%
Charleston County Airport District, SC, (AMT), 5.50%, 7/1/38	$	10,000	$	11,203,800
Chicago, IL, (Midway International Airport), 5.00%, 1/1/33		6,025		6,688,172
Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/34		5,250		5,753,948
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/36		6,000		6,831,780
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/23		1,125		1,248,851
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/25		16,100		17,854,095
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/33		7,300		8,177,095
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/39		4,000		4,645,680
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31		10,395		11,877,535
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.25%, 11/1/30		11,015		12,482,639
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/31		5,405		6,060,951
Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 12/1/37		10,000		11,778,600
Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/41		2,935		3,279,099
Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/43		10,000		11,549,800
Houston, TX, (United Airlines, Inc.), (AMT), 5.00%, 7/1/29		7,670		8,476,654
Illinois Toll Highway Authority, 5.00%, 1/1/33		1,595		1,789,319
Illinois Toll Highway Authority, 5.00%, 1/1/40		1,000		1,131,880
Kansas Department of Transportation, 5.00%, 9/1/30		20,000		23,011,000
Kansas Turnpike Authority, 5.00%, 9/1/31(2)		1,500		1,882,155
Los Angeles Department of Airports, CA, (Los Angeles International Airport), 5.00%, 5/15/35(4)		7,200		7,484,184

16 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/24	$	1,200	$	1,388,160
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/26		1,335		1,606,926
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/40		6,000		6,760,440
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/41		9,000		10,241,370
Louisiana Offshore Terminal Authority, (LOOP LLC), 2.00% to 10/1/22 (Put Date), 10/1/40		2,000		1,998,000
Louisville Regional Airport Authority, KY, (AMT), 5.00%, 7/1/23		2,250		2,508,480
Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/35		1,050		1,210,073
Massachusetts Port Authority, (AMT), 5.00%, 7/1/26		10,205		12,243,245
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/35		3,440		4,039,936
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/36		3,615		4,229,695
Metropolitan Transportation Authority, NY, 2.318%, (67% of 1 mo. USD LIBOR + 0.65%), 7/1/21 (Put Date), 11/1/26(5)		10,000		10,013,400
Metropolitan Transportation Authority, NY, 5.25%, 11/15/33		4,250		4,808,450
Metropolitan Transportation Authority, NY, Green Bonds, 0.00%, 11/15/32		16,710		10,798,670
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/28		4,500		5,140,935
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/42		2,000		2,299,780
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/33		23,250		26,075,572
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/36		10,000		11,128,600
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/38		2,560		2,994,022
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/40		10,000		11,482,400
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/41		2,470		2,867,892
New Jersey Transportation Trust Fund Authority, (Transportation Program), 2.70%, (SIFMA + 1.20%), 12/15/21 (Put Date), 6/15/34(5)		2,275		2,293,200
New Jersey Turnpike Authority, 4.00%, 1/1/43		3,795		4,029,265
New Jersey Turnpike Authority, 4.00%, 1/1/48		6,930		7,361,670
New Jersey Turnpike Authority, 5.00%, 1/1/32		4,725		5,693,389
New Jersey Turnpike Authority, Series 2014A, 5.00%, 1/1/31		10,000		11,371,100
New Jersey Turnpike Authority, Series 2015E, 5.00%, 1/1/31		2,980		3,425,123

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
New Jersey Turnpike Authority, Series 2017B, 5.00%, 1/1/31	$	5,760	$	6,977,088
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/41		14,090		15,313,435
North Texas Tollway Authority, 5.00%, 1/1/29		5,000		5,896,300
Oregon Department of Transportation, 5.00%, 11/15/38		5,345		6,016,546
Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/35		3,145		3,280,046
Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/35		11,855		12,356,467
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		5,005		5,306,751
Port Authority of New York and New Jersey, 5.00%, 5/1/40		8,500		9,738,535
Port Authority of New York and New Jersey, (AMT), 4.00%, 9/1/34		10,800		11,366,244
Port Authority of New York and New Jersey, (AMT), 5.00%, 9/15/31		15,000		18,066,600
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/1/35		5,000		5,800,300
Public Finance Authority, WI, (Denver International Airport Great Hall), (AMT), 5.00%, 9/30/37		3,605		4,066,764
Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/38		7,165		8,357,614
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/41		25,630		29,114,398
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/44		8,535		9,474,191
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/46		5,000		5,649,050
Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34		29,200		30,995,508
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39		24,110		24,974,585
			$	543,967,452
Water and Sewer — 5.7%
Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39	$	22,500	$	24,300,900
Detroit, MI, Water Supply System, 5.00%, 7/1/41		2,185		2,288,482
Detroit, MI, Water Supply System, 5.25%, 7/1/41		56,420		60,057,397
East Bay Municipal Utility District, CA, Water System Revenue, 5.00%, 6/1/35		6,335		7,639,186
East Bay Municipal Utility District, CA, Water System Revenue, 5.00%, 6/1/37		7,280		8,395,369

17 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33	$	8,095	$	9,041,548
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/44		8,095		8,657,117
Missoula, MT, Water System Revenue, 4.00%, 7/1/37(2)		600		651,594
Missoula, MT, Water System Revenue, 5.00%, 7/1/33(2)		565		682,989
Missoula, MT, Water System Revenue, 5.00%, 7/1/35(2)		1,135		1,363,623
Missoula, MT, Water System Revenue, 5.00%, 7/1/36(2)		800		956,832
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 4.00%, 6/15/40		10,000		10,898,400
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.00%, 6/15/35		8,680		10,133,900
Portland, OR, Water System Revenue, 4.00%, 4/1/32		2,255		2,481,154
Virginia Beach, VA, Storm Water Utility Revenue, 4.00%, 11/15/29		1,095		1,291,596
Virginia Beach, VA, Storm Water Utility Revenue, 4.00%, 11/15/30		1,140		1,327,120
Virginia Beach, VA, Storm Water Utility Revenue, 4.00%, 11/15/31		1,085		1,246,112
			$	151,413,319
Total Tax-Exempt Municipal Securities — 102.8% (identified cost $2,611,961,935)			$	2,752,032,417
Taxable Municipal Securities — 3.1%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.0%(6)
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(1)	$	3,099	$	929,752
			$	929,752
General Obligations — 0.1%
Chicago, IL, 7.75%, 1/1/42	$	2,113	$	2,285,886
			$	2,285,886
Hospital — 1.4%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	34,250	$	36,334,112
			$	36,334,112

Security	Principal Amount (000’s omitted)		Value
Insured – Transportation — 1.6%
Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/26	$	22,500	$	16,959,600
Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/27		34,390		24,710,591
			$	41,670,191
Total Taxable Municipal Securities — 3.1% (identified cost $73,845,909)			$	81,219,941
Trust Units — 1.3%
Security	Notional Amount (000’s omitted)		Value
Insured – Special Tax Revenue — 1.3%
COFINA Series 2007A Senior Bonds Due 2045 National Custodial Trust (taxable), 8/1/45(9)	$	10,207	$	8,407,711
COFINA Series 2007A Senior Bonds Due 2045 National Custodial Trust (non-taxable), 8/1/45(9)		30,996		27,198,841
Total Trust Units — 1.3% (identified cost $33,307,501)			$	35,606,552
Total Investments — 107.2% (identified cost $2,719,115,345)			$	2,868,858,910
Other Assets, Less Liabilities — (7.2)%			$	(192,447,232	)
Net Assets — 100.0%			$	2,676,411,678

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

At March 31, 2019, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows:

New York	21.1%
California	19.4%
Texas	12.3%
Others, representing less than 10% individually	54.4%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2019, 7.3% 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 1.5% to 3.2% of total investments.

18 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2019

Portfolio of Investments (Unaudited) — continued

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

⁽²⁾  When-issued/delayed delivery security.

⁽³⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2019, the aggregate value of these securities is $5,965,411 or 0.2% of the Fund’s net assets.

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

⁽⁵⁾  Floating rate security. The stated interest rate represents the rate in effect at March 31, 2019.

⁽⁶⁾  Amount is less than 0.05%.

⁽⁷⁾  Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy.

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

⁽⁹⁾  Security was received in connection with the restructuring of an insured zero-coupon bond issued by the Puerto Rico Sales Tax Financing Corporation (“COFINA”) (the “Original Bond”). The notional amount of the combined taxable and tax-exempt trust units reflects the accreted amount of the Original Bond from original issuance through the restructuring date. Each trust certificate represents an ownership interest in various coupon paying and zero-coupon COFINA bonds and potential insurance payments pursuant to an insurance policy with National Public Finance Guarantee Corporation. The trust units have no stated coupon interest rate but accrete income to maturity at the annual rate of approximately 5.04%, the same rate as the Original Bond.

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 Guarantee Corp.
PSF	–	Permanent School Fund
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index

Currency Abbreviations:

USD – United States Dollar

19 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2019

Statements of Assets and Liabilities (Unaudited)

	March 31, 2019
Assets	AMT-Free Fund			National Fund
Investments —
Identified cost	$	302,589,532		$	2,719,115,345
Unrealized appreciation		22,606,028			149,743,565
Investments, at value	$	325,195,560		$	2,868,858,910
Cash	$	18,230		$	14,634,039
Deposits for derivatives collateral — financial futures contracts		157,478			—
Interest receivable		4,266,926			32,361,850
Receivable for investments sold		5,450,000			6,696,261
Receivable for Fund shares sold		117,407			5,165,684
Receivable for variation margin on open financial futures contracts		40,775			—
Total assets	$	335,246,376		$	2,927,716,744
Liabilities
Payable for floating rate notes issued	$	29,981,339		$	151,366,716
Demand note payable		700,000			—
Payable for investments purchased		—			16,228,730
Payable for when-issued/delayed delivery securities		1,485,142			72,568,918
Payable for Fund shares redeemed		481,581			7,068,637
Distributions payable		167,267			1,233,900
Payable to affiliates:
Investment adviser fee		111,312			794,526
Distribution and service fees		49,507			493,475
Interest expense and fees payable		213,233			1,091,271
Accrued expenses		77,636			458,893
Total liabilities	$	33,267,017		$	251,305,066
Net Assets	$	301,979,359		$	2,676,411,678
Sources of Net Assets
Paid-in capital	$	305,537,622		$	2,797,956,449
Accumulated loss		(3,558,263	)		(121,544,771	)
Net Assets	$	301,979,359		$	2,676,411,678

20 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2019

Statements of Assets and Liabilities (Unaudited) — continued

	March 31, 2019
Class A Shares	AMT-Free Fund		National Fund
Net Assets	$	148,468,770	$	1,544,376,531
Shares Outstanding		16,427,564		156,408,382
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.04	$	9.87
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	9.49	$	10.36
Class B Shares
Net Assets	$	—	$	877,200
Shares Outstanding		—		88,832
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	—	$	9.87
Class C Shares
Net Assets	$	21,567,307	$	195,376,220
Shares Outstanding		2,399,984		19,785,967
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	8.99	$	9.87
Class I Shares
Net Assets	$	131,943,282	$	935,781,727
Shares Outstanding		13,365,421		94,775,557
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.87	$	9.87

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.

21 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2019

Statements of Operations (Unaudited)

	Six Months Ended March 31, 2019
Investment Income	AMT-Free Fund			National Fund
Interest	$	7,051,858		$	55,391,506
Total investment income	$	7,051,858		$	55,391,506
Expenses
Investment adviser fee	$	645,082		$	4,511,789
Distribution and service fees
Class A		175,957			1,787,957
Class B		—			6,373
Class C		138,032			1,483,467
Trustees’ fees and expenses		8,488			54,250
Custodian fee		46,222			232,796
Transfer and dividend disbursing agent fees		43,970			499,214
Legal and accounting services		33,589			74,315
Printing and postage		8,688			80,235
Registration fees		38,657			72,060
Interest expense and fees		357,479			1,761,173
Miscellaneous		31,616			98,530
Total expenses	$	1,527,780		$	10,662,159
Net investment income	$	5,524,078		$	44,729,347
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	1,043,730		$	1,042,955
Financial futures contracts		(674,829	)		(7,481,052	)
Net realized gain (loss)	$	368,901		$	(6,438,097	)
Change in unrealized appreciation (depreciation) —
Investments	$	6,113,896		$	69,160,885
Financial futures contracts		(855,957	)		(5,031,282	)
Net change in unrealized appreciation (depreciation)	$	5,257,939		$	64,129,603
Net realized and unrealized gain	$	5,626,840		$	57,691,506
Net increase in net assets from operations	$	11,150,918		$	102,420,853

22 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2019

Statements of Changes in Net Assets

	Six Months Ended March 31, 2019 (Unaudited)
Increase (Decrease) in Net Assets	AMT-Free Fund			National Fund
From operations —
Net investment income	$	5,524,078		$	44,729,347
Net realized gain (loss)		368,901			(6,438,097	)
Net change in unrealized appreciation (depreciation)		5,257,939			64,129,603
Net increase in net assets from operations	$	11,150,918		$	102,420,853
Distributions to shareholders —
Class A	$	(2,575,341	)	$	(24,869,130	)
Class B		—			(17,152	)
Class C		(398,928	)		(4,000,164	)
Class I		(2,479,895	)		(14,992,260	)
Total distributions to shareholders	$	(5,454,164	)	$	(43,878,706	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	8,782,679		$	47,774,706
Class B		—			15,480
Class C		2,395,999			11,765,162
Class I		17,923,073			311,278,682
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,312,917			20,886,686
Class B		—			14,968
Class C		336,763			3,381,075
Class I		1,794,553			12,433,070
Cost of shares redeemed
Class A		(14,430,177	)		(128,153,069	)
Class B		—			(146,426	)
Class C		(4,746,247	)		(37,708,553	)
Class I		(22,567,615	)		(164,347,554	)
Net asset value of shares converted
Class A		9,371,934			150,609,521
Class B		—			(986,997	)
Class C		(9,371,934	)		(149,622,524	)
Net increase (decrease) in net assets from Fund share transactions	$	(8,198,055	)	$	77,194,227
Net increase (decrease) in net assets	$	(2,501,301	)	$	135,736,374
Net Assets
At beginning of period	$	304,480,660		$	2,540,675,304
At end of period	$	301,979,359		$	2,676,411,678

23 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2019

Statements of Changes in Net Assets — continued

	Year Ended September 30, 2018
Increase (Decrease) in Net Assets	AMT-Free Fund			National Fund
From operations —
Net investment income	$	11,986,740		$	94,324,596
Net realized gain		1,771,405			28,043,084
Net change in unrealized appreciation (depreciation)		(11,101,128	)		(102,739,215	)
Net increase in net assets from operations	$	2,657,017		$	19,628,465
Distributions to shareholders —
Class A	$	(5,434,533	)	$	(54,168,530	)
Class B		—			(114,881	)
Class C		(1,052,649	)		(11,822,767	)
Class I		(5,445,839	)		(29,156,764	)
Total distributions to shareholders	$	(11,933,021	)	$	(95,262,942	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	12,660,956		$	82,515,984
Class B		—			9,791
Class C		1,973,015			15,416,908
Class I		24,004,715			222,154,004
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		4,918,893			45,334,073
Class B		—			100,314
Class C		896,217			10,049,803
Class I		4,020,654			24,393,212
Cost of shares redeemed
Class A		(29,294,897	)		(270,017,892	)
Class B		—			(1,148,393	)
Class C		(8,383,713	)		(112,912,789	)
Class I		(45,904,121	)		(245,761,233	)
Net asset value of shares converted
Class A		—			3,587,952
Class B		—			(3,587,952	)
Net decrease in net assets from Fund share transactions	$	(35,108,281	)	$	(229,866,218	)
Net decrease in net assets	$	(44,384,285	)	$	(305,500,695	)
Net Assets
At beginning of year	$	348,864,945		$	2,846,175,999
At end of year	$	304,480,660		$	2,540,675,304

24 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2019

Financial Highlights

	AMT-Free Fund — Class A
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	8.870		$	9.130		$	9.430		$	9.210		$	9.350		$	8.670
Income (Loss) From Operations
Net investment income(1)	$	0.164		$	0.336		$	0.351		$	0.358		$	0.374		$	0.395
Net realized and unrealized gain (loss)		0.168			(0.262	)		(0.298	)		0.218			(0.142	)		0.677
Total income from operations	$	0.332		$	0.074		$	0.053		$	0.576		$	0.232		$	1.072
Less Distributions
From net investment income	$	(0.162	)	$	(0.334	)	$	(0.353	)	$	(0.356	)	$	(0.372	)	$	(0.392	)
Total distributions	$	(0.162	)	$	(0.334	)	$	(0.353	)	$	(0.356	)	$	(0.372	)	$	(0.392	)
Net asset value — End of period	$	9.040		$	8.870		$	9.130		$	9.430		$	9.210		$	9.350
Total Return(2)		3.78	%(3)		0.83	%		0.64	%		6.33	%		2.52	%		12.63	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	148,469		$	139,623		$	155,589		$	198,762		$	194,227		$	200,408
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.83	%(5)		0.81	%		0.82	%		0.81	%		0.82	%		0.83	%
Interest and fee expense(6)		0.24	%(5)		0.24	%		0.16	%		0.10	%		0.08	%		0.09	%
Total expenses(4)		1.07	%(5)		1.05	%		0.98	%		0.91	%		0.90	%		0.92	%
Net investment income		3.71	%(5)		3.74	%		3.86	%		3.81	%		4.02	%		4.40	%
Portfolio Turnover		11	%(3)		18	%		33	%		21	%		17	%		24	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Annualized.

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

25 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2019

Financial Highlights — continued

	AMT-Free Fund — Class C
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	8.820		$	9.080		$	9.380		$	9.160		$	9.300		$	8.620
Income (Loss) From Operations
Net investment income(1)	$	0.129		$	0.267		$	0.281		$	0.286		$	0.302		$	0.326
Net realized and unrealized gain (loss)		0.169			(0.262	)		(0.298	)		0.218			(0.142	)		0.677
Total income (loss) from operations	$	0.298		$	0.005		$	(0.017	)	$	0.504		$	0.160		$	1.003
Less Distributions
From net investment income	$	(0.128	)	$	(0.265	)	$	(0.283	)	$	(0.284	)	$	(0.300	)	$	(0.323	)
Total distributions	$	(0.128	)	$	(0.265	)	$	(0.283	)	$	(0.284	)	$	(0.300	)	$	(0.323	)
Net asset value — End of period	$	8.990		$	8.820		$	9.080		$	9.380		$	9.160		$	9.300
Total Return(2)		3.41	%(3)		0.06	%		(0.12	)%		5.56	%		1.75	%		11.84	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	21,567		$	32,545		$	39,099		$	45,606		$	41,903		$	37,193
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.58	%(5)		1.56	%		1.57	%		1.56	%		1.57	%		1.58	%
Interest and fee expense(6)		0.24	%(5)		0.24	%		0.16	%		0.10	%		0.08	%		0.09	%
Total expenses(4)		1.82	%(5)		1.80	%		1.73	%		1.66	%		1.65	%		1.67	%
Net investment income		2.93	%(5)		2.99	%		3.11	%		3.06	%		3.27	%		3.65	%
Portfolio Turnover		11	%(3)		18	%		33	%		21	%		17	%		24	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Annualized.

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

26 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2019

Financial Highlights — continued

	AMT-Free Fund — Class I
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	9.680		$	9.970		$	10.300		$	10.060		$	10.210		$	9.470
Income (Loss) From Operations
Net investment income(1)	$	0.191		$	0.391		$	0.407		$	0.415		$	0.434		$	0.455
Net realized and unrealized gain (loss)		0.188			(0.292	)		(0.327	)		0.240			(0.152	)		0.737
Total income from operations	$	0.379		$	0.099		$	0.080		$	0.655		$	0.282		$	1.192
Less Distributions
From net investment income	$	(0.189	)	$	(0.389	)	$	(0.410	)	$	(0.415	)	$	(0.432	)	$	(0.452	)
Total distributions	$	(0.189	)	$	(0.389	)	$	(0.410	)	$	(0.415	)	$	(0.432	)	$	(0.452	)
Net asset value — End of period	$	9.870		$	9.680		$	9.970		$	10.300		$	10.060		$	10.210
Total Return(2)		3.96	%(3)		1.02	%		0.87	%		6.60	%		2.70	%		12.99	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	131,943		$	132,313		$	154,177		$	154,458		$	109,937		$	102,404
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.58	%(5)		0.56	%		0.57	%		0.56	%		0.57	%		0.58	%
Interest and fee expense(6)		0.24	%(5)		0.24	%		0.16	%		0.10	%		0.08	%		0.09	%
Total expenses(4)		0.82	%(5)		0.80	%		0.73	%		0.66	%		0.65	%		0.67	%
Net investment income		3.95	%(5)		3.98	%		4.09	%		4.04	%		4.27	%		4.64	%
Portfolio Turnover		11	%(3)		18	%		33	%		21	%		17	%		24	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Annualized.

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

27 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2019

Financial Highlights — continued

	National Fund — Class A
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	9.650		$	9.930		$	10.170		$	9.810		$	9.870		$	9.170
Income (Loss) From Operations
Net investment income(1)	$	0.171		$	0.350		$	0.366		$	0.385		$	0.389		$	0.446
Net realized and unrealized gain (loss)		0.216			(0.277	)		(0.242	)		0.357			(0.064	)		0.707
Total income from operations	$	0.387		$	0.073		$	0.124		$	0.742		$	0.325		$	1.153
Less Distributions
From net investment income	$	(0.167	)	$	(0.353	)	$	(0.364	)	$	(0.382	)	$	(0.385	)	$	(0.453	)
Total distributions	$	(0.167	)	$	(0.353	)	$	(0.364	)	$	(0.382	)	$	(0.385	)	$	(0.453	)
Net asset value — End of period	$	9.870		$	9.650		$	9.930		$	10.170		$	9.810		$	9.870
Total Return(2)		4.06	%(3)		0.76	%		1.31	%		7.68	%		3.35	%		12.89	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,544,377		$	1,419,239		$	1,600,127		$	1,857,375		$	1,899,324		$	2,126,465
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.69	%(5)		0.69	%		0.68	%		0.67	%		0.67	%		0.71	%
Interest and fee expense(6)		0.14	%(5)		0.19	%		0.16	%		0.12	%		0.09	%		0.09	%
Total expenses(4)		0.83	%(5)		0.88	%		0.84	%		0.79	%		0.76	%		0.80	%
Net investment income		3.55	%(5)		3.58	%		3.71	%		3.83	%		3.94	%		4.71	%
Portfolio Turnover		38	%(3)		67	%		70	%		71	%		57	%		47	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Annualized.

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

28 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2019

Financial Highlights — continued

	National Fund — Class B
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	9.650		$	9.930		$	10.170		$	9.810		$	9.870		$	9.170
Income (Loss) From Operations
Net investment income(1)	$	0.133		$	0.275		$	0.292		$	0.311		$	0.315		$	0.379
Net realized and unrealized gain (loss)		0.218			(0.275	)		(0.242	)		0.356			(0.064	)		0.704
Total income from operations	$	0.351		$	—		$	0.050		$	0.667		$	0.251		$	1.083
Less Distributions
From net investment income	$	(0.131	)	$	(0.280	)	$	(0.290	)	$	(0.307	)	$	(0.311	)	$	(0.383	)
Total distributions	$	(0.131	)	$	(0.280	)	$	(0.290	)	$	(0.307	)	$	(0.311	)	$	(0.383	)
Net asset value — End of period	$	9.870		$	9.650		$	9.930		$	10.170		$	9.810		$	9.870
Total Return(2)		3.67	%(3)		0.01	%		0.55	%		6.88	%		2.58	%		12.06	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	877		$	1,964		$	6,718		$	16,644		$	25,732		$	42,655
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.45	%(5)		1.44	%		1.43	%		1.42	%		1.42	%		1.46	%
Interest and fee expense(6)		0.14	%(5)		0.19	%		0.16	%		0.12	%		0.09	%		0.09	%
Total expenses(4)		1.59	%(5)		1.63	%		1.59	%		1.54	%		1.51	%		1.55	%
Net investment income		2.76	%(5)		2.81	%		2.96	%		3.10	%		3.20	%		4.01	%
Portfolio Turnover		38	%(3)		67	%		70	%		71	%		57	%		47	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Annualized.

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

29 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2019

Financial Highlights — continued

	National Fund — Class C
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	9.650		$	9.930		$	10.170		$	9.810		$	9.870		$	9.170
Income (Loss) From Operations
Net investment income(1)	$	0.132		$	0.276		$	0.292		$	0.310		$	0.315		$	0.376
Net realized and unrealized gain (loss)		0.219			(0.276	)		(0.242	)		0.357			(0.064	)		0.707
Total income from operations	$	0.351		$	—		$	0.050		$	0.667		$	0.251		$	1.083
Less Distributions
From net investment income	$	(0.131	)	$	(0.280	)	$	(0.290	)	$	(0.307	)	$	(0.311	)	$	(0.383	)
Total distributions	$	(0.131	)	$	(0.280	)	$	(0.290	)	$	(0.307	)	$	(0.311	)	$	(0.383	)
Net asset value — End of period	$	9.870		$	9.650		$	9.930		$	10.170		$	9.810		$	9.870
Total Return(2)		3.67	%(3)		0.01	%		0.56	%		6.88	%		2.58	%		12.06	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	195,376		$	363,026		$	462,269		$	576,664		$	585,346		$	645,801
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.45	%(5)		1.44	%		1.43	%		1.42	%		1.42	%		1.46	%
Interest and fee expense(6)		0.14	%(5)		0.19	%		0.16	%		0.12	%		0.09	%		0.09	%
Total expenses(4)		1.59	%(5)		1.63	%		1.59	%		1.54	%		1.51	%		1.55	%
Net investment income		2.75	%(5)		2.83	%		2.96	%		3.08	%		3.19	%		3.98	%
Portfolio Turnover		38	%(3)		67	%		70	%		71	%		57	%		47	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Annualized.

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

30 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2019

Financial Highlights — continued

	National Fund — Class I
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	9.650		$	9.930		$	10.170		$	9.810		$	9.870		$	9.180
Income (Loss) From Operations
Net investment income(1)	$	0.182		$	0.374		$	0.390		$	0.410		$	0.413		$	0.478
Net realized and unrealized gain (loss)		0.217			(0.277	)		(0.241	)		0.357			(0.063	)		0.690
Total income from operations	$	0.399		$	0.097		$	0.149		$	0.767		$	0.350		$	1.168
Less Distributions
From net investment income	$	(0.179	)	$	(0.377	)	$	(0.389	)	$	(0.407	)	$	(0.410	)	$	(0.478	)
Total distributions	$	(0.179	)	$	(0.377	)	$	(0.389	)	$	(0.407	)	$	(0.410	)	$	(0.478	)
Net asset value — End of period	$	9.870		$	9.650		$	9.930		$	10.170		$	9.810		$	9.870
Total Return(2)		4.18	%(3)		1.01	%		1.56	%		7.94	%		3.50	%		13.17	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	935,782		$	756,446		$	777,063		$	701,153		$	674,696		$	686,514
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.44	%(5)		0.44	%		0.43	%		0.42	%		0.42	%		0.46	%
Interest and fee expense(6)		0.14	%(5)		0.19	%		0.16	%		0.12	%		0.09	%		0.09	%
Total expenses(4)		0.58	%(5)		0.63	%		0.59	%		0.54	%		0.51	%		0.55	%
Net investment income		3.78	%(5)		3.83	%		3.95	%		4.09	%		4.19	%		5.07	%
Portfolio Turnover		38	%(3)		67	%		70	%		71	%		57	%		47	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Annualized.

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

31 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2019

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance AMT-Free Municipal Income Fund (AMT-Free Fund) and Eaton Vance National Municipal Income Fund (National Fund) (each individually referred to as the Fund, and collectively, the Funds) are a diversified series of Eaton Vance Mutual Funds Trust and Eaton Vance Municipals Trust, respectively (collectively, the Trusts). The Trusts are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. The Funds’ investment objective is to provide current income exempt from regular federal income tax. The AMT-Free Fund offers three classes of shares. The National Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class B and Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Funds’ prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Class B shares of National Fund automatically convert to Class A shares eight years after their purchase as described in National 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 ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

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

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

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

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

As of March 31, 2019, 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.

32

Eaton Vance

Municipal Income Funds

March 31, 2019

Notes to Financial Statements (Unaudited) — 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 March 31, 2019. Interest expense related to a Fund’s liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At March 31, 2019, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:

	AMT-Free Fund		National Fund
Floating Rate Notes Outstanding	$	29,981,339	$	151,366,716
Interest Rate or Range of Interest Rates (%)		1.50 - 1.55		1.48 - 1.53
Collateral for Floating Rate Notes Outstanding	$	46,729,255	$	212,631,360

For the six months ended March 31, 2019, the Funds’ average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were as follows:

	AMT-Free Fund			National Fund
Average Floating Rate Notes Outstanding	$	31,804,396		$	158,303,434
Average Interest Rate		2.25	%		2.23	%

In certain circumstances, the Funds may enter into shortfall and forbearance agreements with brokers by which a Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of March 31, 2019.

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.

33

Eaton Vance

Municipal Income Funds

March 31, 2019

Notes to Financial Statements (Unaudited) — 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.

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  Interim Financial Statements — The interim financial statements relating to March 31, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

At September 30, 2018, 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, 2019	$	—	$	56,374,590
Total capital loss carryforwards	$	—	$	56,374,590
Deferred capital losses:
Short-term	$	13,995,870	$	150,318,092
Long-term	$	13,569,189	$	96,621,809

34

Eaton Vance

Municipal Income Funds

March 31, 2019

Notes to Financial Statements (Unaudited) — continued

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of each Fund at March 31, 2019, as determined on a federal income tax basis, were as follows:

	AMT-Free Fund			National Fund
Aggregate cost	$	272,067,061		$	2,536,049,244
Gross unrealized appreciation	$	24,182,451		$	193,939,935
Gross unrealized depreciation		(1,286,289	)		(12,496,985	)
Net unrealized appreciation	$	22,896,162		$	181,442,950

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

For the six months ended March 31, 2019, 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	$	645,082		$	4,511,789
Effective Annual Rate		0.44	%		0.36	%

EVM serves as the administrator of each Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also received distribution and service fees from Class A, Class B and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD for the six months ended March 31, 2019 were as follows:

	AMT-Free Fund		National Fund
EVM’s Sub-Transfer Agent Fees	$	6,033	$	64,902
EVD’s Class A Sales Charges	$	5,828	$	54,209

35

Eaton Vance

Municipal Income Funds

March 31, 2019

Notes to Financial Statements (Unaudited) — continued

Trustees and officers of the Funds who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment advisers may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended March 31, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of the above organizations.

4  Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2019 for Class A shares amounted to the following:

	AMT-Free Fund		National Fund
Class A Distribution and Service Fees	$	175,957	$	1,787,957

Each Fund also has in effect distribution plans for Class B shares (Class B Plan) and/or Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class B and Class C Plans, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class B and Class C shares for providing ongoing distribution services and facilities to the respective Funds. For the six months ended March 31, 2019, the Funds paid or accrued to EVD the following distribution fees:

	AMT-Free Fund		National Fund
Class B Distribution Fees	$	—	$	4,780
Class C Distribution Fees	$	103,524	$	1,112,600

Pursuant to the Class B and Class C Plans, each Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of the average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class B and Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended March 31, 2019 amounted to the following:

	AMT-Free Fund		National Fund
Class B Service Fees	$	—	$	1,593
Class C Service Fees	$	34,508	$	370,867

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

36

Eaton Vance

Municipal Income Funds

March 31, 2019

Notes to Financial Statements (Unaudited) — continued

declining rates that begin at 5% in the case of redemptions in the first and second year after purchase, declining one percentage point each subsequent year. Class C shares are subject to a 1% CDSC if redeemed within one year of purchase. For the six months ended March 31, 2019, 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	$	2,000	$	15,000
Class B	$	—	$	—
Class C	$	—	$	400

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended March 31, 2019 were as follows:

	AMT-Free Fund		National Fund
Purchases	$	35,256,824	$	1,139,693,147
Sales	$	49,947,429	$	1,036,286,722

7  Shares of Beneficial Interest

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

AMT-Free Fund
	Six Months Ended March 31, 2019 (Unaudited)
	Class A			Class C			Class I
Sales		991,818			272,281			1,853,659
Issued to shareholders electing to receive payments of distributions in Fund shares		260,240			38,168			184,904
Redemptions		(1,629,613	)		(540,160	)		(2,335,790	)
Converted from Class C shares		1,056,540			—			—
Converted to Class A shares		—			(1,061,646	)		—
Net increase (decrease)		678,985			(1,291,357	)		(297,227	)
	Year Ended September 30, 2018
	Class A			Class C			Class I
Sales		1,410,160			219,922			2,442,370
Issued to shareholders electing to receive payments of distributions in Fund shares		548,382			100,461			410,172
Redemptions		(3,256,501	)		(936,704	)		(4,654,134	)
Net decrease		(1,297,959	)		(616,321	)		(1,801,592	)

37

Eaton Vance

Municipal Income Funds

March 31, 2019

Notes to Financial Statements (Unaudited) — continued

National Fund
	Six Months Ended March 31, 2019 (Unaudited)
	Class A			Class B			Class C			Class I
Sales		4,935,926			1,604			1,217,010			32,160,811
Issued to shareholders electing to receive payments of distributions in Fund shares		2,154,064			1,548			349,596			1,282,041
Redemptions		(13,269,830	)		(15,244	)		(3,911,698	)		(17,022,946	)
Converted from Class B shares		102,496			—			—			—
Converted from Class C shares		15,476,059			—			—			—
Converted to Class A shares		—			(102,486	)		(15,474,583	)		—
Net increase (decrease)		9,398,715			(114,578	)		(17,819,675	)		16,419,906
	Year Ended September 30, 2018
	Class A			Class B			Class C			Class I
Sales		8,446,990			998			1,578,271			22,766,344
Issued to shareholders electing to receive payments of distributions in Fund shares		4,651,612			10,278			1,031,149			2,503,247
Redemptions		(27,655,284	)		(117,456	)		(11,575,817	)		(25,198,655	)
Converted from Class B shares		367,236			—			—			—
Converted to Class A shares		—			(367,220	)		—			—
Net increase (decrease)		(14,189,446	)		(473,400	)		(8,966,397	)		70,936

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 29, 2019. 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. At March 31, 2019, the AMT-Free Fund had a balance outstanding pursuant to this line of credit of $700,000 at an interest rate of 3.41%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at March 31, 2019. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 10) at March 31, 2019. The Funds’ average borrowings or allocated fees during the six months ended March 31, 2019 were not significant.

9  Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at March 31, 2019 is included in the Portfolio of Investments. At March 31, 2019, 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.

38

Eaton Vance

Municipal Income Funds

March 31, 2019

Notes to Financial Statements (Unaudited) — continued

The fair values of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at March 31, 2019 were as follows:

	AMT-Free Fund
Liability Derivative:
Futures Contracts	$	(250,998	)(1)
Total	$	(250,998	)

⁽¹⁾  Amount represents cumulative unrealized depreciation 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.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended March 31, 2019 was as follows:

	AMT-Free Fund			National Fund
Realized Gain (Loss) on Derivatives Recognized in Income	$	(674,829	)(1)	$	(7,481,052	)(1)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	$	(855,957	)(2)	$	(5,031,282	)(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 six months ended March 31, 2019, 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	$	27,232,000	$	121,285,000

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.

39

Eaton Vance

Municipal Income Funds

March 31, 2019

Notes to Financial Statements (Unaudited) — continued

At March 31, 2019, 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	$	—		$	322,495,584	$	—	$	322,495,584
Trust Units		—			2,699,976		—		2,699,976
Total Investments	$	—		$	325,195,560	$	—	$	325,195,560
Liability Description
Futures Contracts	$	(250,998	)	$	—	$	—	$	(250,998	)
Total	$	(250,998	)	$	—	$	—	$	(250,998	)
National Fund
Asset Description	Level 1			Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—		$	2,752,032,417	$	—	$	2,752,032,417
Taxable Municipal Securities		—			81,219,941		—		81,219,941
Trust Units		—			35,606,552		—		35,606,552
Total Investments	$	—		$	2,868,858,910	$	—	$	2,868,858,910

40

Eaton Vance

Municipal Income Funds

March 31, 2019

Officers and Trustees

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

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

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

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

⁽¹⁾  Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

41

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 Advisers International Ltd., 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.

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

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

42

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This Page Intentionally Left Blank

Investment Advisers

AMT-Free Municipal Income Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

National Municipal Income Fund

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7714    3.31.19

Eaton Vance

Core Plus Bond Fund

Semiannual Report

March 31, 2019

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

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

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The 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 call1-800-262-1122.

Semiannual ReportMarch 31, 2019

Eaton Vance

Core Plus Bond Fund

Table of Contents

Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Officers and Trustees	22
Important Notices	23

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Performance^1,2

Portfolio ManagersKathleen C. Gaffney, CFA, Henry Peabody, CFA and Matthew T. Buckley, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		11/17/2009		11/17/2009		3.45	%		3.52	%		4.44	%		6.13	%
Class A with 4.75% Maximum Sales Charge		—		—		–1.49			–1.42			3.42			5.58
Class C at NAV		11/17/2009		11/17/2009		3.07			2.66			3.65			5.35
Class C with 1% Maximum Sales Charge		—		—		2.07			1.67			3.65			5.35
Class I at NAV		11/17/2009		11/17/2009		3.58			3.77			4.68			6.38
Bloomberg Barclays U.S. Aggregate Bond Index		—		—		4.63	%		4.48	%		2.74	%		3.29	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									0.96	%		1.71	%		0.71	%
Net									0.74			1.49			0.49

Fund Profile

Credit Quality (% of bond holdings)⁴

Asset Allocation (% of total investments)

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Endnotes and Additional Disclosures

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

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

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/20. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

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

Fund profile subject to change due to active management.

3

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2018 – March 31, 2019).

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

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

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

	Beginning Account Value (10/1/18)		Ending Account Value (3/31/19)		Expenses Paid During Period* (10/1/18 – 3/31/19)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,034.50	$	3.75	**		0.74	%
Class C	$	1,000.00	$	1,030.70	$	7.54	**		1.49	%
Class I	$	1,000.00	$	1,035.80	$	2.49	**		0.49	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.20	$	3.73	**		0.74	%
Class C	$	1,000.00	$	1,017.50	$	7.49	**		1.49	%
Class I	$	1,000.00	$	1,022.50	$	2.47	**		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 182/365 (to reflect theone-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2018.

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

4

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Portfolio of Investments (Unaudited)

Corporate Bonds & Notes — 36.9%
Security	Principal Amount* (000’s omitted)			Value
Aerospace & Defense — 1.1%
Azul Investments LLP, 5.875%, 10/26/24(1)			4,165	$	3,946,379
				$	3,946,379
Automotive — 0.1%
Ford Motor Credit Co., LLC, 3.588%, 6/2/20		AUD	490	$	349,475
				$	349,475
Banks — 3.3%
Banco Mercantil del Norte SA/Grand Cayman, 5.75% to 10/4/26, 10/4/31(1)(2)			2,500	$	2,384,375
Banco Santander SA, 3.80%, 2/23/28			2,400		2,331,451
BBVA Bancomer SA, 5.125% to 1/18/28, 1/18/33(1)(2)			2,555		2,358,904
Royal Bank of Scotland Group PLC, 4.269% to 3/22/24, 3/22/25(2)			3,400		3,437,409
UniCredit SpA, 5.861% to 6/19/27, 6/19/32(1)(2)			1,685		1,554,950
				$	12,067,089
Building Materials — 0.5%
Owens Corning, 3.40%, 8/15/26			1,750	$	1,652,330
				$	1,652,330
Chemicals — 1.0%
Cydsa SAB de CV, 6.25%, 10/4/27(1)			500	$	480,630
Yara International ASA, 4.75%, 6/1/28(1)			3,000		3,135,870
				$	3,616,500
Commercial Services — 0.4%
Ashtead Capital, Inc., 4.125%, 8/15/25(1)			1,300	$	1,283,750
				$	1,283,750
Communications Services — 0.9%
CommScope Technologies, LLC, 5.00%, 3/15/27(1)			850	$	755,803
WPP Finance 2010, 3.75%, 9/19/24			2,580		2,547,396
				$	3,303,199
Diversified Financial Services — 5.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.65%, 7/21/27			2,700	$	2,526,898
Banco BTG Pactual SA/Cayman Islands, 5.75%, 9/28/22(1)			630		635,985
Brookfield Finance, Inc., 3.90%, 1/25/28			2,565		2,485,279

Security	Principal Amount* (000’s omitted)		Value
Diversified Financial Services (continued)
Credito Real SAB de CV SOFOM ER, 9.50%, 2/7/26(1)		2,875	$	3,037,581
E*TRADE Financial Corp., 3.80%, 8/24/27		2,325		2,261,566
Grupo KUO SAB de CV, 5.75%, 7/7/27(1)		1,640		1,586,700
Jefferies Group, LLC/Jefferies Group Capital Finance, Inc., 4.15%, 1/23/30		1,445		1,325,740
Neuberger Berman Group, LLC/Neuberger Berman Finance Corp., 4.875%, 4/15/45(1)		1,685		1,532,282
Synchrony Financial, 3.95%, 12/1/27		3,495		3,307,908
Synchrony Financial, 5.15%, 3/19/29		730		742,402
Unifin Financiera SAB de CV SOFOM ENR, 7.375%, 2/12/26(1)		1,770		1,670,437
			$	21,112,778
Electric Utilities — 1.6%
Edison International, 2.40%, 9/15/22		2,525	$	2,340,934
Pacific Gas & Electric Co., 4.00%, 12/1/46(3)		2,088		1,680,435
Trinidad Generation Unlimited, 5.25%, 11/4/27(1)		1,713		1,717,283
			$	5,738,652
Electrical and Electronic Equipment — 0.7%
Avnet, Inc., 4.625%, 4/15/26		445	$	455,533
Ingram Micro, Inc., 5.45%, 12/15/24		1,995		1,980,255
			$	2,435,788
Home Construction — 1.8%
MDC Holdings, Inc., 6.00%, 1/15/43		4,000	$	3,440,000
PulteGroup, Inc., 5.00%, 1/15/27		3,020		3,023,775
			$	6,463,775
Industrial Conglomerates — 0.6%
Fluor Corp., 4.25%, 9/15/28		2,040	$	2,043,920
			$	2,043,920
Insurance — 0.9%
Brown & Brown, Inc., 4.50%, 3/15/29		3,180	$	3,223,365
			$	3,223,365
Internet Software & Services — 0.2%
Symantec Corp., 5.00%, 4/15/25(1)		865	$	867,394
			$	867,394

5 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Machinery — 0.7%
Wabtec Corp., 4.95%, 9/15/28		2,515	$	2,553,801
			$	2,553,801
Media — 0.5%
Charter Communications Operating, LLC/Charter Communications Operating Capital, 3.75%, 2/15/28		1,915	$	1,852,279
			$	1,852,279
Mining — 1.2%
Freeport-McMoRan, Inc., 5.40%, 11/14/34		1,915	$	1,752,225
Yamana Gold, Inc., 4.625%, 12/15/27		2,830		2,773,811
			$	4,526,036
Oil and Gas — 4.3%
Eni SpA, 4.75%, 9/12/28(1)		1,000	$	1,039,789
Gran Tierra Energy International Holdings, Ltd., 6.25%, 2/15/25(1)		1,130		1,083,387
Oceaneering International, Inc., 4.65%, 11/15/24		1,700		1,576,750
Oceaneering International, Inc., 6.00%, 2/1/28		2,375		2,268,125
Patterson-UTI Energy, Inc., 3.95%, 2/1/28		3,005		2,842,630
Petrobras Global Finance BV, 5.625%, 5/20/43		660		592,350
Petrobras Global Finance BV, 5.75%, 2/1/29		1,150		1,141,950
Petroleos Mexicanos, 6.75%, 9/21/47		1,870		1,725,150
Rowan Cos., Inc., 4.75%, 1/15/24		490		399,963
Rowan Cos., Inc., 5.40%, 12/1/42		1,338		829,560
YPF S.A., 7.00%, 12/15/47(1)		2,875		2,294,250
			$	15,793,904
Pharmaceuticals — 0.3%
Teva Pharmaceutical Finance Netherlands III B.V., 3.15%, 10/1/26		1,165	$	953,623
			$	953,623
Pipelines — 0.5%
Kinder Morgan Energy Partners, L.P., 4.70%, 11/1/42		1,945	$	1,900,642
			$	1,900,642
Real Estate Investment Trusts (REITs) — 1.8%
CBL & Associates, L.P., 4.60%, 10/15/24		950	$	691,125
CBL & Associates, L.P., 5.95%, 12/15/26		2,200		1,617,000
DDR Corp., 3.625%, 2/1/25		1,580		1,553,137
EPR Properties, 4.50%, 6/1/27		1,355		1,367,720

Security	Principal Amount* (000’s omitted)		Value
Real Estate Investment Trusts (REITs) (continued)
VEREIT Operating Partnership, L.P., 3.95%, 8/15/27		1,410	$	1,391,586
			$	6,620,568
Retail – Specialty and Apparel — 4.2%
Best Buy Co., Inc., 4.45%, 10/1/28		2,550	$	2,587,446
Macy’s Retail Holdings, Inc., 4.30%, 2/15/43		6,237		4,737,099
Nordstrom, Inc., 5.00%, 1/15/44		3,685		3,342,469
Signet UK Finance PLC, 4.70%, 6/15/24		2,323		1,986,165
Tapestry, Inc., 4.125%, 7/15/27		2,596		2,484,646
			$	15,137,825
Semiconductors — 0.4%
Marvell Technology Group, Ltd., 4.875%, 6/22/28		1,355	$	1,403,267
			$	1,403,267
Technology — 1.5%
Seagate HDD Cayman, 4.875%, 6/1/27		938	$	895,802
Seagate HDD Cayman, 5.75%, 12/1/34		4,305		3,954,213
Western Digital Corp., 4.75%, 2/15/26		593		567,056
			$	5,417,071
Telecommunications — 0.7%
Nokia Oyj, 4.375%, 6/12/27		2,520	$	2,501,100
			$	2,501,100
Toys, Games & Hobbies — 0.8%
Mattel, Inc., 3.15%, 3/15/23		3,040	$	2,736,000
Mattel, Inc., 5.45%, 11/1/41		230		171,350
Mattel, Inc., 6.20%, 10/1/40		185		148,925
			$	3,056,275
Transportation — 1.1%
A.P. Moller - Maersk A/S, 3.875%, 9/28/25(1)		1,631	$	1,596,502
JSL Europe S.A., 7.75%, 7/26/24(1)		2,405		2,381,431
			$	3,977,933
Total Corporate Bonds & Notes (identified cost $132,621,654)			$	133,798,718

6 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Commercial Mortgage-Backed Securities — 8.3%
Security	Principal Amount (000’s omitted)		Value
CFCRE Commercial Mortgage Trust
Series2016-C3, Class D, 3.052%, 1/10/48(1)(4)	$	1,500	$	1,231,843
Series2016-C7, Class D, 4.434%, 12/10/54(1)(4)		1,725		1,578,234
CGMS Commercial Mortgage Trust
Series 2017-MDRB, Class C, 4.984%, (1 mo. USD LIBOR + 2.50%), 7/15/30(1)(5)		1,000		1,001,682
Series 2017-MDRC, Class D, 4.734%, (1 mo. USD LIBOR + 2.25%), 7/15/30(1)(5)		1,600		1,600,398
COMM Mortgage Trust
Series 2015-CR22, Class D, 4.118%, 3/10/48(1)(4)		2,100		1,994,339
CSMC Trust
Series 2016-NXSR, Class D, 4.362%, 12/15/49(1)(4)		2,000		1,799,316
GS Mortgage Securities Trust
Series 2018-FBLU, Class A, 3.432%, (1 mo. USD LIBOR + 0.95%), 11/15/35(1)(5)		1,900		1,898,682
JPMBB Commercial Mortgage Securities Trust
Series2014-C22, Class C, 4.561%, 9/15/47(4)		700		699,289
Series2014-C22, Class D, 4.561%, 9/15/47(1)(4)		1,220		1,074,521
Series2014-C25, Class D, 3.945%, 11/15/47(1)(4)		1,075		937,842
Series2015-C29, Class D, 3.672%, 5/15/48(4)		500		415,167
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2006-LDP9, Class AM, 5.372%, 5/15/47		47		47,234
Series2011-C5, Class D, 5.383%, 8/15/46(1)(4)		1,925		1,926,800
Series2013-C16, Class D, 5.028%, 12/15/46(1)(4)		1,500		1,501,560
Series 2014-DSTY, Class B, 3.771%, 6/10/27(1)		859		858,257
Morgan Stanley Bank of America Merrill Lynch Trust
Series2016-C32, Class D, 3.396%, 12/15/49(1)(4)		2,750		2,345,678
Morgan Stanley Capital I Trust
Series 2016-UB12, Class D, 3.312%, 12/15/49(1)		1,000		820,700
Motel 6 Trust
Series 2017-MTL6, Class C, 3.884%, (1 mo. USD LIBOR + 1.40%), 8/15/34(1)(5)		902		902,808
Series 2017-MTL6, Class E, 5.734%, (1 mo. USD LIBOR + 3.25%), 8/15/34(1)(5)		746		750,853
Natixis Commercial Mortgage Securities Trust
Series2018-FL1, Class C, 4.689%, (1 mo. USD LIBOR + 2.20%), 6/15/35(1)(5)		1,500		1,477,315
RETL Trust
Series2019-RVP, Class B, 4.034%, (1 mo. USD LIBOR + 1.55%), 3/15/36(1)(5)		2,180		2,180,000
UBS-Barclays Commercial Mortgage Trust
Series2013-C6, Class D, 4.313%, 4/10/46(1)(4)		1,500		1,411,581
Wells Fargo Commercial Mortgage Trust
Series2015-C26, Class D, 3.586%, 2/15/48(1)		1,000		899,179
Series2015-SG1, Class C, 4.469%, 9/15/48(4)		23		22,606

Security		Principal Amount (000’s omitted)		Value
WF-RBS Commercial Mortgage Trust
Series 2014-C24, Class D, 3.692%, 11/15/47(1)		$	940	$	731,336
Total Commercial Mortgage-Backed Securities (identified cost $29,038,963)				$	30,107,220
Asset-Backed Securities — 14.8%
Security	Principal Amount (000’s omitted)			Value
ARI Fleet Lease Trust	��
Series2018-B, Class A2, 3.22%, 8/16/27(1)		$	900	$	904,308
Avant Loans Funding Trust
Series2019-A, Class A, 3.48%, 7/15/22(1)			1,440		1,444,542
Avis Budget Rental Car Funding, LLC
Series2014-2A, Class A, 2.50%, 2/20/21(1)			1,600		1,595,617
CIG Auto Receivables Trust
Series2019-1A, Class A, 3.30%, 8/15/24(1)			2,167		2,170,129
Coinstar Funding, LLC
Series2017-1A, Class A2, 5.216%, 4/25/47(1)			2,122		2,165,054
Conn’s Receivables Funding LLC
Series2017-B, Class B, 4.52%, 4/15/21(1)			1,782		1,788,317
Series2018-A, Class A, 3.25%, 1/15/23(1)			201		201,506
Series2018-A, Class B, 4.65%, 1/15/23(1)			386		388,336
Consumer Loan Underlying Bond
Series2017-P2, Class A, 2.61%, 1/15/24(1)			1,370		1,364,464
DB Master Finance, LLC
Series2015-1A, Class A2II, 3.98%, 2/20/45(1)			2,400		2,402,699
First Investors Auto Owner Trust
Series2017-1A, Class A1, 1.69%, 4/15/21(1)			1		982
FOCUS Brands Funding, LLC
Series2017-1A, Class A2I, 3.857%, 4/30/47(1)			2,417		2,461,451
Foundation Finance Trust
Series2017-1A, Class A, 3.30%, 7/15/33(1)			474		474,129
Horizon Aircraft Finance I, Ltd.
Series2018-1, Class A, 4.458%, 12/15/38(1)			1,402		1,431,256
Marlette Funding Trust
Series2018-1A, Class A, 2.61%, 3/15/28(1)			221		220,273
OneMain Financial Issuance Trust
Series2015-1A, Class A, 3.19%, 3/18/26(1)			126		126,296
OSCAR US Funding X, LLC
Series2019-1A, Class A2, 3.10%, 4/11/22(1)			1,150		1,158,262
Planet Fitness Master Issuer, LLC
Series2018-1A, Class A2I, 4.262%, 9/5/48(1)			1,114		1,135,009
Progress Residential Trust
Series 2015-SFR3, Class E, 5.66%, 11/12/32(1)			2,360		2,383,729
Series 2016-SFR2, Class E, 6.032%, (1 mo. USD LIBOR + 3.55%), 1/17/34(1)(5)			2,235		2,244,698

7 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)				Value
Prosper Marketplace Issuance Trust
Series2017-1A, Class B, 3.65%, 6/15/23(1)			$	128	$	128,381
Series2017-2A, Class B, 3.48%, 9/15/23(1)				801		802,099
Series2017-3A, Class A, 2.36%, 11/15/23(1)				91		90,653
Series2017-3A, Class B, 3.36%, 11/15/23(1)				2,125		2,123,950
Series2018-2A, Class A, 3.35%, 10/15/24(1)				1,576		1,578,430
Purchasing Power Funding, LLC
Series2018-A, Class A, 3.34%, 8/15/22(1)				1,100		1,099,573
Sierra Timeshare Receivables Funding, LLC
Series2015-1A, Class B, 3.05%, 3/22/32(1)				39		38,504
SpringCastle America Funding LLC
Series2016-AA, Class A, 3.05%, 4/25/29(1)				2,973		2,973,110
Springleaf Funding Trust
Series2015-BA, Class A, 3.48%, 5/15/28(1)				1,700		1,711,739
Stack Infrastructure Issuer, LLC
Series2019-1A, Class A2, 4.54%, 2/25/44(1)				3,412		3,495,728
Tesla Auto Lease Trust
Series2018-B, Class A, 3.71%, 8/20/21(1)				1,222		1,235,991
Thunderbolt Aircraft Lease, Ltd.
Series2017-A, Class B, 5.75% to 4/15/24, 5/17/32(1)(6)				746		774,149
Trafigura Securitisation Finance PLC
Series2017-1A, Class A2, 2.47%, 12/15/20(1)				1,950		1,931,239
Series2017-1A, Class B, 4.184%, (1 mo. USD LIBOR + 1.70%), 12/15/20(1)(5)				500		500,421
Tricon American Homes Trust
Series 2016-SFR1, Class D, 3.886%, 11/17/33(1)				200		199,730
Upgrade Receivables Trust
Series2019-1A, Class A, 3.48%, 3/15/25(1)				2,500		2,506,719
Veros Automobile Receivables Trust
Series2018-1, Class A, 3.63%, 5/15/23(1)				2,051		2,054,773
Wendy’s Funding, LLC
Series2015-1A, Class A2II, 4.08%, 6/15/45(1)				4,415		4,470,802
Total Asset-Backed Securities (identified cost $53,514,518)					$	53,777,048
Foreign Government Bonds — 11.9%
Security	Principal Amount (000’s omitted)				Value
Argentina — 0.3%
Republic of Argentina, 6.875%, 1/11/48		USD		1,600	$	1,182,000
					$	1,182,000

Security	Principal Amount (000’s omitted)			Value
Australia — 1.0%
Queensland Treasury Corp., 5.50%, 6/21/21(7)		AUD	4,890	$	3,761,470
				$	3,761,470
Brazil — 1.0%
Nota do Tesouro Nacional, 10.00%, 1/1/25		BRL	13,070	$	3,546,444
				$	3,546,444
Canada — 1.7%
Canada Housing Trust, 1.25%, 6/15/21(1)		CAD	2,865	$	2,121,646
Canada Housing Trust, 1.50%, 12/15/21(1)		CAD	4,280		3,184,114
Canada Housing Trust, 3.80%, 6/15/21(1)		CAD	55		42,998
Canadian Government Bond, 0.75%, 3/1/21		CAD	1,200		884,840
				$	6,233,598
Malaysia — 0.6%
Malaysia Government Bond, 3.441%, 2/15/21		MYR	8,515	$	2,087,559
				$	2,087,559
Mexico — 1.9%
Mexican Bonos, 7.75%, 5/29/31		MXN	137,055	$	6,829,925
				$	6,829,925
Supranational — 5.2%
European Bank for Reconstruction & Development, 9.25%, 12/2/20		IDR	71,420,000	$	5,136,573
European Investment Bank, 7.20%, 7/9/19(1)		IDR	43,300,000		3,035,561
International Bank for Reconstruction & Development, 3.50%, 1/22/21		NZD	2,480		1,739,080
International Finance Corp., 6.30%, 11/25/24		INR	315,460		4,440,233
International Finance Corp., 7.45%, 11/8/21		INR	200,500		2,953,027
International Finance Corp., 7.80%, 6/3/19		INR	40,700		589,100
International Finance Corp., 8.25%, 6/10/21		INR	74,390		1,108,757
				$	19,002,331
Uruguay — 0.2%
Republic of Uruguay, 8.50%, 3/15/28(1)		UYU	20,780	$	543,028
				$	543,028
Total Foreign Government Bonds (identified cost $43,912,450)				$	43,186,355

8 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Senior Floating-Rate Loans — 0.2%(8)
Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Health Care — 0.2%
BioClinica, Inc., Term Loan, 7.00%, (3 mo. USD LIBOR + 4.25%), 10/20/23	$	742	$	671,735
Total Senior Floating-Rate Loans (identified cost $732,049)			$	671,735
Convertible Bonds — 1.0%
Security	Principal Amount (000’s omitted)		Value
Oil and Gas — 1.0%
Nabors Industries, Inc., 0.75%, 1/15/24	$	4,925	$	3,524,930
Total Convertible Bonds (identified cost $3,752,883)			$	3,524,930
Convertible Preferred Stocks — 0.3%
Security	Shares		Value
Diversified Financial Services — 0.0%(9)
AMG Capital Trust II, 5.15%		3,250	$	165,749
			$	165,749
Oil and Gas — 0.1%
Chesapeake Energy Corp., 5.75%		400	$	228,818
			$	228,818
Real Estate Investment Trusts (REITs) — 0.2%
CBL & Associates Properties, Inc., Series E, 6.625%		79,393	$	718,507
			$	718,507
Total Convertible Preferred Stocks (identified cost $1,466,080)			$	1,113,074

Common Stocks — 0.0%(9)
Security		Shares		Value
Oil and Gas — 0.0%(9)
Frontera Energy Corp.			5,460	$	46,741
Total Common Stocks (identified cost $394,575)				$	46,741
U.S. Treasury Obligations — 5.8%
Security	Principal Amount (000’s omitted)			Value
U.S. Treasury Inflation-Protected Note, 0.25%, 1/15/25(10)		$	10,159	$	10,058,329
U.S. Treasury Inflation-Protected Note, 0.625%, 4/15/23(10)			10,893		10,974,651
Total U.S. Treasury Obligations (identified cost $20,657,481)				$	21,032,980
Short-Term Investments— 18.9%
Description		Units		Value
Eaton Vance Cash Reserves Fund, LLC, 2.59%(11)			68,774,584	$	68,774,584
Total Short-Term Investments (identified cost $68,774,170)				$	68,774,584
Total Investments — 98.1% (identified cost $354,864,823)				$	356,033,385
Other Assets, Less Liabilities — 1.9%				$	7,009,007
Net Assets — 100.0%				$	363,042,392

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

* In U.S. dollars unless otherwise indicated.

⁽¹⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2019, the aggregate value of these securities is $126,971,001 or 35.0% of the Fund’s net assets.

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

⁽³⁾  Issuer is in default with respect to interest and/or principal payments. For a variable rate security, interest rate has been adjusted to reflectnon-accrual status.

⁽⁴⁾  Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at March 31, 2019.

9 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Portfolio of Investments (Unaudited) — continued

⁽⁵⁾  Variable rate security. The stated interest rate represents the rate in effect at March 31, 2019.

⁽⁶⁾  Step coupon bond. Interest rate represents the rate in effect at March 31, 2019.

⁽⁷⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At March 31, 2019, the aggregate value of these securities is $3,761,470 or 1.0% of the Fund’s net assets.

⁽⁸⁾  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.

⁽⁹⁾  Amount is less than 0.05%.

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

⁽¹¹⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualizedseven-day yield as of March 31, 2019.

Country Concentration of Portfolio
Country	Percentage of Total Investments			Value
United States		71.3	%	$	254,005,747
Mexico		5.6			20,073,702
Supranational		5.3			19,002,331
Brazil		4.2			15,018,350
Canada		2.8			9,802,264
United Kingdom		2.0			7,268,555
Ireland		1.4			4,958,558
Australia		1.1			3,761,470
Argentina		1.0			3,476,250
Norway		0.9			3,135,870
Italy		0.7			2,594,739
Finland		0.7			2,501,100
Spain		0.7			2,331,451
Malaysia		0.6			2,087,559
Trinidad and Tobago		0.5			1,717,283
Denmark		0.4			1,596,502
Japan		0.3			1,158,262
Israel		0.3			953,623
Uruguay		0.2			543,028
Colombia		0.0	(1)		46,741
Total Investments		100.0	%	$	356,033,385

⁽¹⁾   Amount is less than 0.05%.

Abbreviations:

LIBOR – London Interbank Offered Rate

Currency Abbreviations:

AUD	–	Australian Dollar
BRL	–	Brazilian Real
CAD	–	Canadian Dollar
IDR	–	Indonesian Rupiah
INR	–	Indian Rupee

MXN	–	Mexican Peso
MYR	–	Malaysian Ringgit
NZD	–	New Zealand Dollar
USD	–	United States Dollar
UYU	–	Uruguayan Peso

10 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Statement of Assets and Liabilities (Unaudited)

Assets	March 31, 2019
Unaffiliated investments, at value (identified cost, $286,090,653)	$	287,258,801
Affiliated investment, at value (identified cost, $68,774,170)		68,774,584
Cash		1,922
Interest and dividends receivable		2,812,345
Dividends receivable from affiliated investment		110,473
Receivable for Fund shares sold		5,170,226
Tax reclaims receivable		7,927
Receivable from affiliate		52,121
Total assets	$	364,188,399
Liabilities
Payable for Fund shares redeemed	$	847,909
Distributions payable		21,631
Payable to affiliates:
Investment adviser fee		128,729
Distribution and service fees		32,831
Accrued foreign capital gains taxes		1,801
Accrued expenses		113,106
Total liabilities	$	1,146,007
Net Assets	$	363,042,392
Sources of Net Assets
Paid-in capital	$	361,956,501
Distributable earnings		1,085,891
Net Assets	$	363,042,392
Class A Shares
Net Assets	$	53,113,334
Shares Outstanding		4,528,548
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.73
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	12.31
Class C Shares
Net Assets	$	28,047,684
Shares Outstanding		2,392,375
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	11.72
Class I Shares
Net Assets	$	281,881,374
Shares Outstanding		24,047,561
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.72

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.

11 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Statement of Operations (Unaudited)

Investment Income	Six Months Ended March 31, 2019
Interest (net of foreign taxes, $1,415)	$	5,501,654
Dividends (net of foreign taxes, $199)		64,176
Dividends from affiliated investment		604,198
Total investment income	$	6,170,028
Expenses
Investment adviser fee	$	598,076
Distribution and service fees
Class A		55,705
Class C		113,199
Trustees’ fees and expenses		7,319
Custodian fee		44,170
Transfer and dividend disbursing agent fees		76,389
Legal and accounting services		35,015
Printing and postage		18,950
Registration fees		65,852
Miscellaneous		10,163
Total expenses	$	1,024,838
Deduct —
Allocation of expenses to affiliate	$	204,697
Total expense reductions	$	204,697
Net expenses	$	820,141
Net investment income	$	5,349,887
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(147,601	)
Investment transactions — affiliated investment		287
Foreign currency transactions		(12,423	)
Net realized loss	$	(159,737	)
Change in unrealized appreciation (depreciation) —
Investments (including net decrease of $315 in accrued foreign capital gains taxes)	$	5,839,419
Investments — affiliated investment		1,209
Foreign currency		12,792
Net change in unrealized appreciation (depreciation)	$	5,853,420
Net realized and unrealized gain	$	5,693,683
Net increase in net assets from operations	$	11,043,570

12 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
From operations —
Net investment income	$	5,349,887		$	5,501,270
Net realized gain (loss)		(159,737	)		813,844
Net change in unrealized appreciation (depreciation)		5,853,420			(5,655,214	)
Net increase in net assets from operations	$	11,043,570		$	659,900
Distributions to shareholders —
Class A	$	(904,058	)	$	(1,477,677	)
Class C		(374,849	)		(583,378	)
Class I		(4,280,328	)		(3,671,748	)
Total distributions to shareholders	$	(5,559,235	)	$	(5,732,803	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	15,873,888		$	27,400,537
Class C		10,496,077			6,825,122
Class I		158,985,989			142,333,086
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		843,948			1,362,034
Class C		349,396			539,859
Class I		4,214,529			3,643,148
Cost of shares redeemed
Class A		(8,846,051	)		(17,879,234	)
Class C		(3,128,343	)		(4,992,017	)
Class I		(38,023,505	)		(32,054,112	)
Net asset value of shares converted
Class A		1,000,735			—
Class C		(1,000,735	)		—
Net increase in net assets from Fund share transactions	$	140,765,928		$	127,178,423
Net increase in net assets	$	146,250,263		$	122,105,520
Net Assets
At beginning of period	$	216,792,129		$	94,686,609
At end of period	$	363,042,392		$	216,792,129

13 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Financial Highlights

	Class A
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	11.570		$	11.930		$	11.630		$	11.040		$	11.780		$	11.520
Income (Loss) From Operations
Net investment income(1)	$	0.223		$	0.402		$	0.367		$	0.415		$	0.358		$	0.420
Net realized and unrealized gain (loss)		0.170			(0.344	)		0.319			0.774			(0.668	)		0.372
Total income (loss) from operations	$	0.393		$	0.058		$	0.686		$	1.189		$	(0.310	)	$	0.792
Less Distributions
From net investment income	$	(0.233	)	$	(0.409	)	$	(0.322	)	$	(0.450	)	$	(0.430	)	$	(0.532	)
From net realized gain		—			(0.009	)		—			(0.149	)		—			—
Tax return of capital		—			—			(0.064	)		—			—			—
Total distributions	$	(0.233	)	$	(0.418	)	$	(0.386	)	$	(0.599	)	$	(0.430	)	$	(0.532	)
Net asset value — End of period	$	11.730		$	11.570		$	11.930		$	11.630		$	11.040		$	11.780
Total Return(2)(3)		3.45	%(4)		0.50	%		6.01	%		11.21	%		(2.80	)%		7.06	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	53,113		$	43,503		$	33,927		$	17,977		$	15,588		$	18,176
Ratios (as a percentage of average daily net assets):
Expenses(3)(5)		0.74	%(6)		0.74	%		0.77	%		0.80	%		0.85	%		0.95	%
Net investment income		3.89	%(6)		3.43	%		3.13	%		3.74	%		3.03	%		3.64	%
Portfolio Turnover		27	%(4)		43	%		61	%		71	%		119	%		0	%(7)

⁽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 0.15%, 0.22%, 0.36%, 0.53%, 0.34% and 0.23% of average daily net assets for the six months ended March 31, 2019 and the years ended September 30, 2018, 2017, 2016, 2015 and 2014, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

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

⁽⁶⁾  Annualized.

⁽⁷⁾  Amount is less than 1%.

14 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Financial Highlights — continued

	Class C
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	11.560		$	11.920		$	11.620		$	11.040		$	11.770		$	11.520
Income (Loss) From Operations
Net investment income(1)	$	0.180		$	0.313		$	0.282		$	0.331		$	0.266		$	0.334
Net realized and unrealized gain (loss)		0.170			(0.343	)		0.317			0.765			(0.655	)		0.362
Total income (loss) from operations	$	0.350		$	(0.030	)	$	0.599		$	1.096		$	(0.389	)	$	0.696
Less Distributions
From net investment income	$	(0.190	)	$	(0.321	)	$	(0.249	)	$	(0.367	)	$	(0.341	)	$	(0.446	)
From net realized gain		—			(0.009	)		—			(0.149	)		—			—
Tax return of capital		—			—			(0.050	)		—			—			—
Total distributions	$	(0.190	)	$	(0.330	)	$	(0.299	)	$	(0.516	)	$	(0.341	)	$	(0.446	)
Net asset value — End of period	$	11.720		$	11.560		$	11.920		$	11.620		$	11.040		$	11.770
Total Return(2)(3)		3.07	%(4)		(0.25	)%		5.23	%		10.30	%		(3.44	)%		6.17	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	28,048		$	20,926		$	19,197		$	12,574		$	10,457		$	10,594
Ratios (as a percentage of average daily net assets):
Expenses(3)(5)		1.49	%(6)		1.49	%		1.52	%		1.55	%		1.60	%		1.70	%
Net investment income		3.15	%(6)		2.67	%		2.41	%		2.98	%		2.25	%		2.90	%
Portfolio Turnover		27	%(4)		43	%		61	%		71	%		119	%		0	%(7)

⁽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 0.15%, 0.22%, 0.36%, 0.53%, 0.34% and 0.23% of average daily net assets for the six months ended March 31, 2019 and the years ended September 30, 2018, 2017, 2016, 2015 and 2014, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

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

⁽⁶⁾  Annualized.

⁽⁷⁾  Amount is less than 1%.

15 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Financial Highlights — continued

	Class I
	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	11.560		$	11.920		$	11.620		$	11.040		$	11.770		$	11.520
Income (Loss) From Operations
Net investment income(1)	$	0.237		$	0.440		$	0.399		$	0.442		$	0.380		$	0.447
Net realized and unrealized gain (loss)		0.170			(0.352	)		0.316			0.765			(0.651	)		0.364
Total income (loss) from operations	$	0.407		$	0.088		$	0.715		$	1.207		$	(0.271	)	$	0.811
Less Distributions
From net investment income	$	(0.247	)	$	(0.439	)	$	(0.346	)	$	(0.478	)	$	(0.459	)	$	(0.561	)
From net realized gain		—			(0.009	)		—			(0.149	)		—			—
Tax return of capital		—			—			(0.069	)		—			—			—
Total distributions	$	(0.247	)	$	(0.448	)	$	(0.415	)	$	(0.627	)	$	(0.459	)	$	(0.561	)
Net asset value — End of period	$	11.720		$	11.560		$	11.920		$	11.620		$	11.040		$	11.770
Total Return(2)(3)		3.58	%(4)		0.74	%		6.28	%		11.40	%		(2.47	)%		7.23	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	281,881		$	152,363		$	41,563		$	6,700		$	6,969		$	18,648
Ratios (as a percentage of average daily net assets):
Expenses(3)(5)		0.49	%(6)		0.49	%		0.52	%		0.55	%		0.60	%		0.70	%
Net investment income		4.13	%(6)		3.77	%		3.40	%		4.00	%		3.21	%		3.87	%
Portfolio Turnover		27	%(4)		43	%		61	%		71	%		119	%		0	%(7)

⁽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 0.15%, 0.22%, 0.36%, 0.53%, 0.34% and 0.23% of average daily net assets for the six months ended March 31, 2019 and the years ended September 30, 2018, 2017, 2016, 2015 and 2014, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

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

⁽⁶⁾  Annualized.

⁽⁷⁾  Amount is less than 1%.

16 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Core Plus Bond Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as anopen-end management investment company. The Fund’s investment objective is total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents apro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

Equity Securities.Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in theover-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 Rule2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation.Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that 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 theex-dividend date for dividends received in cash and/or securities. Withholding taxes on foreign interest and dividends have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments

17

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Notes to Financial Statements (Unaudited) — continued

to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note.

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

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

As of March 31, 2019, 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 fiscalyear-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 theBy-laws provide that the Trust shall assume the defense on behalf of any Fund shareholders. Moreover, theBy-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

I  Interim Financial Statements — The interim financial statements relating to March 31, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions to shareholders are recorded on theex-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 theex-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 topaid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At September 30, 2018, the Fund had a late year ordinary loss of $1,591 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.

18

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Notes to Financial Statements (Unaudited) — continued

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	354,711,209
Gross unrealized appreciation	$	5,699,676
Gross unrealized depreciation		(4,377,500	)
Net unrealized appreciation	$	1,322,176

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and BMR, the fee is computed at an annual rate of 0.45% of the Fund’s average daily net assets up to $1 billion and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. The fee reduction cannot be terminated without the consent of the Trustees and shareholders. For the six months ended March 31, 2019, the Fund’s investment adviser fee amounted to $598,076 or 0.45% (annualized) of the Fund’s average daily net assets. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

BMR has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.74%, 1.49% and 0.49% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after January 31, 2020. Pursuant to this agreement, BMR was allocated $204,697 of the Fund’s operating expenses for the six months ended March 31, 2019.

EVM serves as the administrator of the Fund, but receives no compensation. EVM providessub-transfer agency and related services to the Fund pursuant to aSub-Transfer Agency Support Services Agreement. For the six months ended March 31, 2019, EVM earned $2,352 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 $20,388 as its portion of the sales charge on sales of Class A shares for the six months ended March 31, 2019. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended March 31, 2019, 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 Rule12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2019 amounted to $55,705 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended March 31, 2019, the Fund paid or accrued to EVD $84,899 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended March 31, 2019 amounted to $28,300 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

19

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Notes to Financial Statements (Unaudited) — continued

upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended March 31, 2019, the Fund was informed that EVD received less than $100 of CDSCs paid by Class A shareholders and approximately $1,000 of 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 six months ended March 31, 2019 were as follows:

	Purchases		Sales
Investments(non-U.S. Government)	$	149,074,547	$	48,520,952
U.S. Government and Agency Securities		16,505,598		10,739,940
	$	165,580,145	$	59,260,892

7  Shares of Beneficial Interest

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

Class A	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Sales		1,375,639			2,323,804
Issued to shareholders electing to receive payments of distributions in Fund shares		73,327			116,194
Redemptions		(768,909	)		(1,522,948	)
Converted from Class C shares		87,140			—
Net increase		767,197			917,050
Class C	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Sales		911,906			579,842
Issued to shareholders electing to receive payments of distributions in Fund shares		30,369			46,064
Redemptions		(272,758	)		(425,935	)
Converted to Class A shares		(87,130	)		—
Net increase		582,387			199,971
Class I	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
Sales		13,811,713			12,128,224
Issued to shareholders electing to receive payments of distributions in Fund shares		365,989			311,985
Redemptions		(3,310,979	)		(2,745,878	)
Net increase		10,866,723			9,694,331

20

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Notes to Financial Statements (Unaudited) — continued

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through October 29, 2019. 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 six months ended March 31, 2019.

9  Risks Associated with Foreign Investments

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

10  Fair Value Measurements

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

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

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

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

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

At March 31, 2019, 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	$	—	$	133,798,718	$	—	$	133,798,718
Commercial Mortgage-Backed Securities		—		30,107,220		—		30,107,220
Asset-Backed Securities		—		53,777,048		—		53,777,048
Foreign Government Bonds		—		43,186,355		—		43,186,355
Senior Floating-Rate Loans		—		671,735		—		671,735
Convertible Bonds		—		3,524,930		—		3,524,930
Convertible Preferred Stocks		718,507		394,567		—		1,113,074
Common Stocks		46,741		—		—		46,741
U.S. Treasury Obligations		—		21,032,980		—		21,032,980
Short-Term Investments		—		68,774,584		—		68,774,584
Total Investments	$	765,248	$	355,268,137	$	—	$	356,033,385

21

Eaton Vance

Core Plus Bond Fund

March 31, 2019

Officers and Trustees

Officers of Eaton Vance Core Plus Bond Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Core Plus Bond Fund

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

⁽¹⁾  Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

22

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 Advisers International Ltd., 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 call1-800-262-1122.

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 at1-800-262-1122, 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.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The FormN-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent12-month period ended June 30, without charge, upon request, by calling1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

23

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Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617)482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800)262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7768    3.31.19

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.    

Item 6. Schedule of Investments

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

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

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

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

Signatures

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

Eaton Vance Mutual Funds Trust

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	May 24, 2019

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	May 24, 2019

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	May 24, 2019