Eaton Vance Floating Rate Fund (EIBLX) N-CSR Certified 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

September 30, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Core Plus Bond Fund

Annual Report

September 30, 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 for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

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

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The 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 intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Annual ReportSeptember 30, 2019

Eaton Vance

Core Plus Bond Fund

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	27
Federal Tax Information	28
Board of Trustees’ Contract Approval	29
Management and Organization	32
Important Notices	34

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

During the12-month period ended September 30, 2019, investors witnessed a dramatic turnaround in U.S. fixed-income markets. The rising interest-rate environment at the beginning of the period gave way to a falling interest-rate climate against the backdrop of multiple domestic and international uncertainties.

With U.S. economic data largely positive in calendar year 2018, the U.S. Federal Reserve Board (the Fed) raised its benchmark federal funds rate four times — from a low range of1.50%-1.75% to2.25%-2.50% — with the last quarter-point increase on December 19, 2018.

As 2018 came to a close, investors became increasingly concerned about a growing U.S.-China trade war and looming U.S. government shutdown. In connection with its December 2018 rate hike, the Fed lowered its number of projected interest-rate increases in 2019 from three to two, which some investors viewed as indicating weakness in the U.S. economy. The result was a “flight to quality” by investors seeking the relative safety of fixed-income investments over stocks. This bond rally pushed longer-term bond prices up and yields down in the final month of 2018.

The first two months of 2019 were relatively quiet for bonds. Downward pressure on interest rates and upward pressure on prices resumed in March 2019 and continued through the end of the period propelled by lower-than-desired inflation, Brexit concerns, low European interest rates, andon-again/off-again trade-conflict rhetoric. This combination of factors fueled investor concerns about both U.S. and global growth potential during the period.

After holding interest rates steady through the first half of 2019, the Fed cut its benchmark interest rate to2.00%-2.25% on July 31 — its first reduction in over a decade — followed by a second interest-rate drop to1.75%-2.00% on September 18. Lower rates are intended to help stimulate economic activity by making borrowing costs relatively more affordable.

As a whole, the12-month period ended September 30, 2019, was marked by strong performance across U.S. bond markets. As investors searched for yield in an ongoing low interest-rate environment, lower-rated⁵ investment-grade bonds generally outperformed higher-rated investment-grade bonds, while longer-duration⁶ issues outperformed shorter-duration issues during the period. In addition, the Bloomberg Barclays U.S. Aggregate Bond Index (the Index),² a broad measure of the U.S. bond market, returned 10.30%, outperforming the 4.25% return of the S&P 500^® Index, a broad measure of the U.S. stock market.

U.S. investment-grade corporate bonds, driven by continued strength in the U.S. economy, were among the best-performing bond asset classes during the period, with the Bloomberg Barclays U.S. Corporate Bond Index returning 13.00%. Worries about slowing global growth, however, weighed on the high yield sector, one of the weaker fixed-income areas, with the ICE BofAML

U.S. High Yield Index returning 6.30% during the period.

Fund Performance

For the12-month period ended September 30, 2019, Eaton Vance Core Plus Bond Fund (the Fund) returned 7.76% for Class A shares at net asset value (NAV), underperforming its benchmark, the Index which returned 10.30%.

The Fund trailed the Index due to its underweight allocation to U.S. Treasury bonds, which outperformed during the period. Fund management took a cautious stance toward U.S. Treasurys due to concern about high valuations. However, amid the U.S. trade war with China and other economic uncertainties, investors sought safe havens, driving U.S. Treasury prices higher.

During the period, the Fund increased its allocation to investment-grade corporate bonds, dollar-denominated bonds issued outside the U.S. and high yield securities. Fund management maintained an inflation-defensive investment approach during most of the period given their expectation of rising inflation. Late in the period, Fund management changed to a more benign view of inflation and adjusted the Fund portfolio accordingly.

In addition to the Fund’s underweight in U.S. Treasurys, an overweight allocation to U.S. Treasury Inflation Protected Securities (TIPS), anout-of-Index segment, also detracted from relative performance versus the Index. TIPS underperformed during the period, as inflation was dormant.

In the convertible bond segment, also out of Index, the Fund’s overweight position as well as security selection detracted from Fund returns relative to the Index. In particular, the Fund’s holdings of debt issuances by oil and gas driller Chesapeake Energy Corp. constrained Fund performance during a period of low energy prices. The Fund’s allocation to high yield bonds, anotherout-of-Index segment, also hampered Fund performance relative to the Index.

On the positive side, the Fund’s overweight allocation to U.S. dollar-denominated emerging market corporate bonds contributed to Fund returns relative to the Index during the period. The Fund’s holdings were concentrated in Brazil and Mexico, which benefited from economic reforms instituted by new governments in both countries.

The Fund’s overweight position in commercial mortgage-backed securities (CMBS) boosted Fund returns relative to the Index. Investor worries about one particular CMBS sector — retail loans — drove broad negative investor sentiment across the entire CMBS market. However, with commercial real estate extending its strong financial performance, the CMBS segment, including retail, delivered solid returns during a period of relative U.S. economic strength.

The Fund’s overweight position in asset-backed securities (ABS) also contributed to Fund performance relative to the Index during the period. The ABS segment, which includes securities backed by automobiles and other consumer assets, outperformed as consumer balance sheets were generally healthy during the period. In addition, the uncertain economic outlook along with concerns about security valuations led Fund management to maintain an above-average cash position, which aided relative Fund performance versus the Index during the period.

See Endnotes and Additional Disclosures in this report.

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

September 30, 2019

Performance^2,3

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Class A at NAV		11/17/2009		11/17/2009		7.76	%		4.41	%		6.25	%
Class A with 4.75% Maximum Sales Charge		—		—		2.62			3.40			5.73
Class C at NAV		11/17/2009		11/17/2009		7.05			3.65			5.48
Class C with 1% Maximum Sales Charge		—		—		6.05			3.65			5.48
Class I at NAV		11/17/2009		11/17/2009		8.12			4.69			6.51
Bloomberg Barclays U.S. Aggregate Bond Index		—		—		10.30	%		3.38	%		3.67	%
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
Gross						0.96	%		1.71	%		0.71	%
Net						0.74			1.49			0.49

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C	$	10,000		11/17/2009	$	16,933		N.A.
Class I	$	250,000		11/17/2009	$	465,907		N.A.

See Endnotes and Additional Disclosures in this report.

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

3

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Fund Profile

Credit Quality (% of bond holdings)⁵

Asset Allocation (% of total investments)

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Endnotes and Additional Disclosures

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

²  Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. Bloomberg Barclays U.S. Corporate Bond Index measures the performance of investment-grade U.S. corporate securities with a maturity of one year or more. S&P 500^® Index is an unmanaged index oflarge-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. ICE BofAML U.S. High Yield Index is an unmanaged index of below-investment grade U.S. corporate bonds. ICE^® BofAML^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofAML^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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

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

⁴ Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/20. 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.

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

⁶  Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes.

   Fund profile subject to change due to active management.

   Important Notice to Shareholders

Effective June 24, 2019 the portfolio managers of the Fund are Matthew T. Buckley, John H. Croft and Vishal Khanduja.

5

Eaton Vance

Core Plus Bond Fund

September 30, 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 (April 1, 2019 – September 30, 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 (4/1/19)		Ending Account Value (9/30/19)		Expenses Paid During Period* (4/1/19 – 9/30/19)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,041.60	$	3.79	**		0.74	%
Class C	$	1,000.00	$	1,038.60	$	7.61	**		1.49	%
Class I	$	1,000.00	$	1,043.80	$	2.51	**		0.49	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.40	$	3.75	**		0.74	%
Class C	$	1,000.00	$	1,017.60	$	7.54	**		1.49	%
Class I	$	1,000.00	$	1,022.60	$	2.48	**		0.49	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2019.

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

6

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Portfolio of Investments

Corporate Bonds & Notes — 38.5%
Security	Principal Amount (000’s omitted)		Value
Aerospace & Defense — 0.7%
Azul Investments LLP, 5.875%, 10/26/24(1)	$	5,665	$	5,672,081
			$	5,672,081
Automotive — 0.1%
Ford Motor Credit Co., LLC, 4.542%, 8/1/26	$	733	$	733,711
			$	733,711
Banks — 4.1%
Banco Mercantil del Norte SA/Grand Cayman, 5.75% to 10/4/26, 10/4/31(1)(2)	$	6,225	$	6,248,406
Banco Mercantil del Norte SA/Grand Cayman, 7.50% to 6/27/29(1)(2)(3)		745		757,106
Banco Santander SA, 3.80%, 2/23/28		6,400		6,711,577
Barclays PLC, 5.088% to 6/20/29, 6/20/30(2)		3,340		3,488,363
BBVA Bancomer SA, 5.125% to 1/17/28, 1/18/33(1)(2)		5,320		5,087,250
Commonwealth Bank of Australia, 3.61% to 9/12/29, 9/12/34(1)(2)		7,600		7,620,893
Westpac Banking Corp., 4.11% to 7/24/29, 7/24/34(2)		3,134		3,271,523
			$	33,185,118
Building Materials — 1.1%
Owens Corning, 3.95%, 8/15/29	$	8,564	$	8,727,080
			$	8,727,080
Chemicals — 1.1%
Alpek SAB de CV, 4.25%, 9/18/29(1)	$	2,490	$	2,513,033
Huntsman International, LLC, 4.50%, 5/1/29		6,420		6,774,953
			$	9,287,986
Commercial Services — 0.5%
Ashtead Capital, Inc., 4.125%, 8/15/25(1)	$	4,070	$	4,161,575
			$	4,161,575
Communications Services — 0.3%
CommScope Technologies, LLC, 5.00%, 3/15/27(1)	$	2,720	$	2,257,600
			$	2,257,600
Computers — 0.2%
Hewlett Packard Enterprise Co., 2.807%, (3 mo. USD LIBOR + 0.68%), 3/12/21(4)	$	2,013	$	2,017,609
			$	2,017,609

Security	Principal Amount (000’s omitted)		Value
Consumer Products — 1.0%
Grupo KUO SAB de CV, 5.75%, 7/7/27(1)	$	4,155	$	4,196,591
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30(1)		3,610		3,835,553
			$	8,032,144
Diversified Financial Services — 4.9%
Banco BTG Pactual SA/Cayman Islands, 5.75%, 9/28/22(1)	$	3,130	$	3,255,231
Brookfield Finance, Inc., 4.70%, 9/20/47		3,240		3,559,046
Credito Real SAB de CV SOFOM ER, 9.50%, 2/7/26(1)		2,875		3,320,625
Jefferies Group, LLC/Jefferies Group Capital Finance, Inc., 4.15%, 1/23/30		5,604		5,604,410
Neuberger Berman Group, LLC/Neuberger Berman Finance Corp., 4.875%, 4/15/45(1)		1,685		1,766,068
Springleaf Finance Corp., 6.625%, 1/15/28		210		226,338
Springleaf Finance Corp., 7.125%, 3/15/26		5,390		5,989,368
Synchrony Financial, 3.95%, 12/1/27		6,175		6,336,909
UniCredit SpA, 5.861% to 6/19/27, 6/19/32(1)(2)		6,349		6,551,124
Unifin Financiera SAB de CV SOFOM ER, 7.375%, 2/12/26(1)		3,155		3,099,819
			$	39,708,938
Electric Utilities — 0.8%
Enel Finance International NV, 3.625%, 5/25/27(1)	$	3,358	$	3,488,378
Trinidad Generation Unlimited, 5.25%, 11/4/27(1)		2,963		3,037,105
			$	6,525,483
Electrical and Electronic Equipment — 1.2%
Avnet, Inc., 4.625%, 4/15/26	$	1,536	$	1,654,455
Ingram Micro, Inc., 5.45%, 12/15/24		7,537		7,813,891
			$	9,468,346
Financial Services — 1.6%
Carlyle Finance Subsidiary, LLC, 3.50%, 9/19/29(1)	$	7,675	$	7,592,482
KKR Group Finance Co. VI, LLC, 3.75%, 7/1/29(1)		2,690		2,839,003
WP Carey, Inc., 3.85%, 7/15/29		2,416		2,559,244
			$	12,990,729
Home Construction — 0.6%
MDC Holdings, Inc., 6.00%, 1/15/43	$	4,500	$	4,668,750
			$	4,668,750

7 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insurance — 1.5%
Brown & Brown, Inc., 4.50%, 3/15/29	$	3,180	$	3,467,367
Radian Group, Inc., 4.875%, 3/15/27		8,554		8,682,310
			$	12,149,677
Internet Software & Services — 1.1%
Symantec Corp., 5.00%, 4/15/25(1)	$	8,565	$	8,665,991
			$	8,665,991
Machinery — 1.3%
nVent Finance S.a.r.l., 4.55%, 4/15/28	$	4,610	$	4,819,694
Wabtec Corp., 4.95%, 9/15/28		4,990		5,511,355
			$	10,331,049
Media — 0.7%
Charter Communications Operating, LLC/Charter Communications Operating Capital, 3.75%, 2/15/28	$	5,225	$	5,366,679
			$	5,366,679
Mining — 0.6%
Freeport-McMoRan, Inc., 5.40%, 11/14/34	$	5,215	$	4,980,325
			$	4,980,325
Oil and Gas — 2.7%
Apache Corp., 4.25%, 1/15/30	$	2,540	$	2,582,337
Gran Tierra Energy, Inc., 7.75%, 5/23/27(1)		1,200		1,131,000
Gran Tierra Energy International Holdings, Ltd., 6.25%, 2/15/25(1)		3,125		2,812,500
Occidental Petroleum Corp., 3.637%, (3 mo. USD LIBOR + 1.45%), 8/15/22(4)		7,674		7,725,642
Oceaneering International, Inc., 4.65%, 11/15/24		525		496,125
Oceaneering International, Inc., 6.00%, 2/1/28		1,198		1,153,075
Patterson-UTI Energy, Inc., 3.95%, 2/1/28		5,555		5,584,358
Petrobras Global Finance BV, 5.093%, 1/15/30(1)		869		907,584
			$	22,392,621
Pharmaceuticals — 1.2%
CVS Health Corp., 3.25%, 8/15/29	$	6,875	$	6,926,844
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/26		3,635		2,553,587
			$	9,480,431

Security	Principal Amount (000’s omitted)		Value
Pipelines — 0.6%
Plains All America Pipeline, L.P./PAA Finance Corp., 3.55%, 12/15/29	$	4,976	$	4,902,226
			$	4,902,226
Real Estate Investment Trusts (REITs) — 4.2%
CBL & Associates, L.P., 4.60%, 10/15/24	$	950	$	631,750
CBL & Associates, L.P., 5.95%, 12/15/26		2,200		1,556,500
EPR Properties, 3.75%, 8/15/29		9,364		9,377,356
Iron Mountain, Inc., 4.875%, 9/15/29(1)		1,647		1,676,317
Iron Mountain, Inc., 5.25%, 3/15/28(1)		679		705,291
Newmark Group, Inc., 6.125%, 11/15/23		4,792		5,202,330
SBA Tower Trust, 2.836%, 1/15/25(1)		5,370		5,384,833
Service Properties Trust, 4.35%, 10/1/24		3,138		3,179,218
Service Properties Trust, 4.75%, 10/1/26		6,580		6,619,599
			$	34,333,194
Retail – Specialty and Apparel — 3.4%
Best Buy Co., Inc., 4.45%, 10/1/28	$	6,135	$	6,670,694
Macy’s Retail Holdings, Inc., 4.30%, 2/15/43		8,507		6,883,192
Nordstrom, Inc., 5.00%, 1/15/44		8,015		7,478,580
Tapestry, Inc., 4.125%, 7/15/27		6,291		6,421,532
			$	27,453,998
Technology — 0.4%
Trimble, Inc., 4.90%, 6/15/28	$	2,965	$	3,220,343
			$	3,220,343
Telecommunications — 0.2%
CommScope Technologies, LLC, 6.00%, 6/15/25(1)	$	1,515	$	1,374,863
			$	1,374,863
Thrifts & Mortgage Finance — 0.7%
Nationwide Building Society, 4.125% to 10/18/27, 10/18/32(1)(2)	$	6,160	$	6,144,042
			$	6,144,042
Toys, Games & Hobbies — 0.5%
Mattel, Inc., 3.15%, 3/15/23	$	3,040	$	2,888,000
Mattel, Inc., 5.45%, 11/1/41		1,830		1,436,550
Mattel, Inc., 6.20%, 10/1/40		185		155,400
			$	4,479,950

8 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation — 1.2%
A.P. Moller - Maersk A/S, 3.875%, 9/28/25(1)	$	1,631	$	1,672,038
A.P. Moller - Maersk A/S, 4.50%, 6/20/29(1)		4,090		4,327,948
JSL Europe S.A., 7.75%, 7/26/24(1)		3,920		4,223,918
			$	10,223,904
Total Corporate Bonds & Notes (identified cost $303,842,926)			$	312,936,443
Collateralized Mortgage Obligations — 3.7%
Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes:
Series 2017-DNA3, Class M1, 2.768%, (1 mo. USD LIBOR + 0.75%), 3/25/30(4)	$	2,920	$	2,925,080
Series 2017-HQA1, Class M1, 3.218%, (1 mo. USD LIBOR + 1.20%), 8/25/29(4)		2,615		2,622,557
Series 2019-DNA3, Class M2, 4.195%, (1 mo. USD LIBOR + 2.05%), 7/25/49(1)(4)		2,143		2,145,674
Series 2019-HQA3, Class B1, 5.057%, (1 mo. USD LIBOR + 3.00%), 9/25/49(1)(4)		492		492,613
Series 2019-HQA3, Class M2, 3.907%, (1 mo. USD LIBOR + 1.85%), 9/25/49(1)(4)		1,220		1,221,522
			$	9,407,446
Federal National Mortgage Association Connecticut Avenue Securities:
Series 2014-C03, Class 1M2, 5.018%, (1 mo. USD LIBOR + 3.00%), 7/25/24(4)	$	2,720	$	2,872,151
Series 2017-C03, Class 1M1, 2.968%, (1 mo. USD LIBOR + 0.95%), 10/25/29(4)		648		649,722
Series 2017-C04, Class 2M1, 2.868%, (1 mo. USD LIBOR + 0.85%), 11/25/29(4)		760		761,314
Series 2017-C07, Class 1M1, 2.668%, (1 mo. USD LIBOR + 0.65%), 5/25/30(4)		5,172		5,178,359
Series 2018-C03, Class 1M1, 2.698%, (1 mo. USD LIBOR + 0.68%), 10/25/30(4)		3,009		3,011,389
Series 2018-C05, Class 1M1, 2.738%, (1 mo. USD LIBOR + 0.72%), 1/25/31(4)		1,811		1,813,142
Series 2018-C06, Class 1M1, 2.568%, (1 mo. USD LIBOR + 0.55%), 3/25/31(4)		786		786,182
Series 2019-R05, Class 1B1, 6.118%, (1 mo. USD LIBOR + 4.10%), 7/25/39(1)(4)		808		828,324
Series 2019-R05, Class 1M1, 2.768%, (1 mo. USD LIBOR + 0.75%), 7/25/39(1)(4)		1,720		1,723,649

Security	Principal Amount (000’s omitted)		Value
Federal National Mortgage Association Connecticut Avenue Securities: (continued)
Series 2019-R05, Class 1M2, 4.018%, (1 mo. USD LIBOR + 2.00%), 7/25/39(1)(4)	$	2,594	$	2,603,520
			$	20,227,752
Total Collateralized Mortgage Obligations (identified cost $29,574,196)			$	29,635,198
Commercial Mortgage-Backed Securities — 9.5%
Security	Principal Amount (000’s omitted)		Value
CFCRE Commercial Mortgage Trust
Series 2016-C3, Class D, 3.052%, 1/10/48(1)(5)	$	1,500	$	1,374,341
Series 2016-C7, Class D, 4.581%, 12/10/54(1)(5)		1,725		1,714,803
Citigroup Commercial Mortgage Trust
Series 2017-MDRB, Class C, 4.528%, (1 mo. USD LIBOR + 2.50%), 7/15/30(1)(4)		1,000		1,000,909
Series 2017-MDRC, Class C, 3.328%, (1 mo. USD LIBOR + 1.30%), 7/15/30(1)(4)		1,500		1,493,857
Series 2017-MDRC, Class D, 4.278%, (1 mo. USD LIBOR + 2.25%), 7/15/30(1)(4)		1,600		1,598,810
COMM Mortgage Trust
Series 2014-CR19, Class A3, 3.53%, 8/10/47		3,677		3,674,817
Series 2015-CR22, Class D, 4.254%, 3/10/48(1)(5)		2,324		2,320,629
Credit Suisse Mortgage Trust
Series 2016-NXSR, Class D, 4.506%, 12/15/49(1)(5)		2,000		1,813,241
GS Mortgage Securities Trust
Series 2018-FBLU, Class A, 2.978%, (1 mo. USD LIBOR + 0.95%), 11/15/35(1)(4)		1,900		1,901,867
JPMBB Commercial Mortgage Securities Trust
Series 2014-C22, Class C, 4.709%, 9/15/47(5)		700		723,841
Series 2014-C22, Class D, 4.709%, 9/15/47(1)(5)		1,220		1,132,196
Series 2014-C25, Class D, 4.104%, 11/15/47(1)(5)		3,575		3,227,706
Series 2015-C29, Class D, 3.795%, 5/15/48(5)		500		434,680
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2011-C5, Class D, 5.554%, 8/15/46(1)(5)		2,454		2,504,122
Series 2013-C16, Class D, 5.195%, 12/15/46(1)(5)		1,500		1,585,178
Series 2014-DSTY, Class B, 3.771%, 6/10/27(1)		859		855,250
MelTel Land Funding, LLC
Series 2019-1A, Class B, 4.701%, 4/15/49(1)		515		532,474
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2016-C29, Class D, 3.00%, 5/15/49(1)		7,048		5,934,092
Series 2016-C32, Class D, 3.396%, 12/15/49(1)(5)		2,815		2,349,596

9 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Morgan Stanley Capital I Trust
Series 2016-UB12, Class D, 3.312%, 12/15/49(1)	$	5,995	$	4,706,020
Series 2019-BPR, Class B, 4.128%, (1 mo. USD LIBOR + 2.10%), 5/15/36(1)(4)		4,000		4,006,510
Series 2019-BPR, Class C, 5.078%, (1 mo. USD LIBOR + 3.05%), 5/15/36(1)(4)		1,540		1,546,227
Motel 6 Trust
Series 2017-MTL6, Class C, 3.428%, (1 mo. USD LIBOR + 1.40%), 8/15/34(1)(4)		840		841,893
Series 2017-MTL6, Class E, 5.278%, (1 mo. USD LIBOR + 3.25%), 8/15/34(1)(4)		695		701,222
Natixis Commercial Mortgage Securities Trust
Series 2018-FL1, Class C, 4.395%, (1 mo. USD LIBOR + 2.20%), 6/15/35(1)(4)		1,500		1,488,096
Progress Residential Trust
Series 2015-SFR3, Class E, 5.66%, 11/12/32(1)		2,360		2,365,956
Series 2019-SFR3, Class A, 2.271%, 9/17/36(1)		3,440		3,405,259
RETL Trust
Series 2019-RVP, Class B, 3.578%, (1 mo. USD LIBOR + 1.55%), 3/15/36(1)(4)		3,625		3,636,035
Stack Infrastructure Issuer, LLC
Series 2019-1A, Class A2, 4.54%, 2/25/44(1)		4,141		4,344,917
Toorak Mortgage Corp.
Series 2019-2, Class A1, 3.721%, 9/25/22		2,400		2,407,249
Tricon American Homes Trust
Series 2016-SFR1, Class D, 3.886%, 11/17/33(1)		200		202,590
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class D, 4.454%, 4/10/46(1)(5)		2,000		1,950,387
Wells Fargo Commercial Mortgage Trust
Series 2015-C31, Class D, 3.852%, 11/15/48		5,065		4,712,054
Series 2015-SG1, Class C, 4.616%, 9/15/48(5)		23		23,558
Series 2016-C35, Class D, 3.142%, 7/15/48(1)		2,150		1,894,715
Series 2016-C36, Class D, 2.942%, 11/15/59(1)		3,000		2,380,647
WF-RBS Commercial Mortgage Trust
Series 2014-C24, Class D, 3.692%, 11/15/47(1)		940		780,061
Total Commercial Mortgage-Backed Securities (identified cost $75,118,274)			$	77,565,805
Asset-Backed Securities — 21.6%
Security	Principal Amount (000’s omitted)		Value
ARI Fleet Lease Trust
Series 2018-B, Class A2, 3.22%, 8/16/27(1)	$	854	$	862,054
Avant Loans Funding Trust
Series 2018-A, Class C, 4.79%, 5/15/24(1)		7,560		7,659,497
Series 2018-B, Class A, 3.42%, 1/18/22(1)		1,602		1,607,098

Security	Principal Amount (000’s omitted)		Value
Avant Loans Funding Trust (continued)
Series 2019-A, Class A, 3.48%, 7/15/22(1)	$	1,091	$	1,095,227
Series 2019-B, Class A, 2.72%, 10/15/26(1)		11,425		11,437,283
Avis Budget Rental Car Funding, LLC
Series 2014-2A, Class A, 2.50%, 2/20/21(1)		8,083		8,086,694
Series 2015-1A, Class B, 3.22%, 7/20/21(1)		3,650		3,665,321
CIG Auto Receivables Trust
Series 2019-1A, Class A, 3.33%, 8/15/24(1)		1,618		1,628,956
Coinstar Funding, LLC
Series 2017-1A, Class A2, 5.216%, 4/25/47(1)		2,458		2,534,583
Conn’s Receivables Funding, LLC
Series 2017-B, Class B, 4.52%, 4/15/21(1)		278		278,085
Series 2018-A, Class A, 3.25%, 1/15/23(1)		116		115,958
Series 2018-A, Class B, 4.65%, 1/15/23(1)		222		223,260
Series 2019-A, Class A, 3.40%, 10/16/23(1)		662		666,655
Series 2019-A, Class B, 4.36%, 10/16/23(1)		3,350		3,387,607
Consumer Loan Underlying Bond Credit Trust
Series 2017-P2, Class A, 2.61%, 1/15/24(1)		2,982		2,983,282
Series 2019-P1, Class A, 2.94%, 7/15/26(1)		5,541		5,565,545
Series 2019-P2, Class A, 2.47%, 10/15/26(1)		1,645		1,643,488
Driven Brands Funding, LLC
Series 2019-2A, Class A2, 3.981%, 10/20/49(1)		3,690		3,730,221
Enterprise Fleet Financing, LLC
Series 2017-1, Class A2, 2.13%, 7/20/22(1)		900		899,848
Exeter Automobile Receivables Trust
Series 2017-1A, Class B, 3.00%, 12/15/21(1)		3,228		3,236,335
Series 2019-3A, Class A, 2.59%, 9/15/22(1)		2,786		2,791,191
ExteNet LLC
Series 2019-1A, Class A2, 3.204%, 7/26/49(1)		1,895		1,920,761
Series 2019-1A, Class B, 4.14%, 7/26/49(1)		2,450		2,474,811
Series 2019-1A, Class C, 5.219%, 7/26/49(1)		2,090		2,107,680
FOCUS Brands Funding, LLC
Series 2017-1A, Class A2I, 3.857%, 4/30/47(1)		2,830		2,850,434
Foundation Finance Trust
Series 2017-1A, Class A, 3.30%, 7/15/33(1)		381		382,883
FREED ABS Trust
Series 2019-1, Class A, 3.42%, 6/18/26(1)		3,888		3,913,682
Horizon Aircraft Finance I, Ltd.
Series 2018-1, Class A, 4.458%, 12/15/38(1)		1,333		1,385,579
Horizon Aircraft Finance II, Ltd.
Series 2019-1, Class A, 3.721%, 7/15/39(1)		2,305		2,316,747
Series 2019-1, Class B, 4.703%, 7/15/39(1)		2,544		2,551,840
Series 2019-1, Class C, 6.90%, 7/15/39(1)		805		822,543
HPEFS Equipment Trust
Series 2019-1A, Class A1, 2.15%, 10/20/20(1)		4,425		4,430,528
Jack in the Box Funding, LLC
Series 2019-1A, Class A2I, 3.982%, 8/25/49(1)		1,235		1,257,415

10 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Marlette Funding Trust
Series 2018-1A, Class A, 2.61%, 3/15/28(1)	$	614	$	614,018
Series 2018-3A, Class C, 4.63%, 9/15/28(1)		3,435		3,534,760
Series 2019-2A, Class A, 3.13%, 7/16/29(1)		924		931,488
OneMain Financial Issuance Trust
Series 2017-1A, Class A1, 2.37%, 9/14/32(1)		6,000		5,996,476
OSCAR US Funding X, LLC
Series 2019-1A, Class A2, 3.10%, 4/11/22(1)		1,091		1,096,078
Planet Fitness Master Issuer, LLC
Series 2018-1A, Class A2I, 4.262%, 9/5/48(1)		4,079		4,180,595
Prestige Auto Receivables Trust
Series 2019-1A, Class A2, 2.44%, 7/15/22(1)		1,865		1,867,545
Prosper Marketplace Issuance Trust
Series 2017-2A, Class C, 5.37%, 9/15/23(1)		890		898,650
Series 2017-3A, Class B, 3.36%, 11/15/23(1)		725		725,134
Series 2018-1A, Class C, 4.87%, 6/17/24(1)		1,250		1,266,920
Series 2018-2A, Class A, 3.35%, 10/15/24(1)		782		784,418
Purchasing Power Funding, LLC
Series 2018-A, Class A, 3.34%, 8/15/22(1)		1,100		1,101,924
SERVPRO Master Issuer, LLC
Series 2019-1A, Class A2, 3.882%, 10/25/49(1)(6)		6,856		6,936,551
Sierra Timeshare Receivables Funding, LLC
Series 2015-1A, Class B, 3.05%, 3/22/32(1)		31		31,161
Skopos Auto Receivables Trust
Series 2019-1A, Class A, 2.90%, 12/15/22(1)		6,255		6,256,075
Small Business Lending Trust
Series 2019-A, Class A, 2.85%, 7/15/26(1)		3,960		3,955,875
SpringCastle Funding Asset-Backed Notes
Series 2019-AA, Class A, 3.20%, 5/27/36(1)		4,438		4,488,644
Springleaf Funding Trust
Series 2015-BA, Class A, 3.48%, 5/15/28(1)		1,700		1,719,368
Series 2016-AA, Class A, 2.90%, 11/15/29(1)		648		647,924
Start, Ltd.
Series 2019-1, Class B, 5.095%, 3/15/44(1)		2,203		2,247,850
Tesla Auto Lease Trust
Series 2018-A, Class B, 2.75%, 2/20/20(1)		3,430		3,431,554
Series 2018-B, Class A, 3.71%, 8/20/21(1)		5,396		5,484,266
Series 2018-B, Class B, 4.12%, 10/20/21(1)		1,000		1,026,395
Thunderbolt Aircraft Lease, Ltd.
Series 2017-A, Class B, 5.75% to 4/15/24, 5/17/32(1)(7)		2,945		3,067,016
Trafigura Securitisation Finance PLC
Series 2017-1A, Class A2, 2.47%, 12/15/20(1)		1,950		1,945,874
Series 2017-1A, Class B, 3.727%, (1 mo. USD LIBOR + 1.70%), 12/15/20(1)(4)		500		501,317
Upgrade Receivables Trust
Series 2019-1A, Class A, 3.48%, 3/15/25(1)		2,861		2,875,347

Security		Principal Amount (000’s omitted)		Value
Upgrade Receivables Trust (continued)
Series 2019-1A, Class B, 4.09%, 3/15/25(1)		$	4,000	$	4,051,859
Series 2019-2A, Class A, 2.77%, 10/15/25(1)			2,760		2,763,019
Vantage Data Centers Issuer, LLC
Series 2018-1A, Class A2, 4.072%, 2/16/43(1)			1,230		1,279,755
Series 2018-2A, Class A2, 4.196%, 11/16/43(1)			992		1,025,433
Series 2019-1A, Class A2, 3.188%, 7/15/44(1)			2,708		2,740,190
VB-S1 Issuer, LLC
Series 2016-1A, Class C, 3.065%, 6/15/46(1)			4,000		4,003,918
Veros Automobile Receivables Trust
Series 2018-1, Class A, 3.63%, 5/15/23(1)			1,100		1,103,180
Total Asset-Backed Securities (identified cost $174,256,708)				$	175,093,668
Foreign Government Bonds — 3.9%
Security		Principal Amount (000’s omitted)		Value
Argentina — 0.4%
Republic of Argentina, 7.50%, 4/22/26	USD		7,325	$	3,268,855
				$	3,268,855
Brazil — 0.5%
Nota do Tesouro Nacional, 10.00%, 1/1/25	BRL		15,970	$	4,415,883
				$	4,415,883
Malaysia — 0.3%
Malaysia Government Bond, 3.441%, 2/15/21	MYR		8,515	$	2,042,396
				$	2,042,396
Mexico — 0.6%
Mexican Bonos, 7.75%, 5/29/31	MXN		89,055	$	4,785,883
				$	4,785,883
Supranational — 2.1%
European Bank for Reconstruction & Development, 9.25%, 12/2/20	IDR		140,260,000	$	10,132,216
International Finance Corp., 6.30%, 11/25/24	INR		315,460		4,421,278
International Finance Corp., 7.45%, 11/8/21	INR		200,500		2,886,130
				$	17,439,624
Total Foreign Government Bonds (identified cost $33,715,290)				$	31,952,641

11 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Portfolio of Investments — continued

Preferred Stocks — 0.9%
Security	Shares		Value
Oil and Gas — 0.0%(8)
Chesapeake Energy Corp., 5.75%, Convertible		400	$	158,334
			$	158,334
Real Estate Investment Trusts (REITs) — 0.9%
Brookfield Property Partners, L.P., Series A2, 6.375%		275,000	$	7,139,000
			$	7,139,000
Total Preferred Stocks (identified cost $7,193,050)			$	7,297,334
U.S. Treasury Obligations — 4.8%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Inflation-Protected Note, 0.25%, 1/15/25(9)	$	18,154	$	18,220,546
U.S. Treasury Inflation-Protected Note, 0.50%, 1/15/28(9)		4,576		4,690,360
U.S. Treasury Inflation-Protected Note, 0.625%, 4/15/23(9)		15,663		15,802,993
Total U.S. Treasury Obligations (identified cost $38,128,539)			$	38,713,899
Short-Term Investments — 16.9%
Commercial Paper — 1.0%
Security	Principal Amount (000’s omitted)		Value
Jabil, Inc., 2.64%, 11/21/19 (1)(10)	$	7,875	$	7,846,105
Total Commercial Paper (identified cost $7,846,105)			$	7,846,105

Other — 15.9%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 2.09%(11)		129,690,879	$	129,677,910
Total Other (identified cost $129,677,394)			$	129,677,910
Total Short-Term Investments (identified cost $137,523,499)			$	137,524,015
Total Investments — 99.8% (identified cost $799,352,482)			$	810,719,003
Other Assets, Less Liabilities — 0.2%			$	1,898,441
Net Assets — 100.0%			$	812,617,444

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

⁽¹⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2019, the aggregate value of these securities is $373,870,929 or 46.0% of the Fund’s net assets.

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

⁽³⁾  Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁴⁾  Variable rate security. The stated interest rate represents the rate in effect at September 30, 2019.

⁽⁵⁾  Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at September 30, 2019.

⁽⁶⁾  When-issued security.

⁽⁷⁾  Step coupon bond. Interest rate represents the rate in effect at September 30, 2019.

⁽⁸⁾  Amount is less than 0.05%.

⁽⁹⁾  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.

⁽¹⁰⁾  Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At September 30, 2019, the aggregate value of these securities is $7,846,105, representing 1.0% of the Fund’s net assets.

⁽¹¹⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of September 30, 2019.

12 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Portfolio of Investments — continued

Country Concentration of Portfolio
Country	Percentage of Total Investments			Value
United States		82.4	%	$	668,343,206
Mexico		3.7			30,008,713
United Kingdom		2.3			18,613,674
Brazil		2.3			18,474,697
Supranational		2.2			17,439,624
Australia		1.4			10,892,416
Italy		1.2			10,039,502
Canada		0.9			7,502,546
Spain		0.8			6,711,577
Denmark		0.7			5,999,986
Argentina		0.4			3,268,855
Trinidad and Tobago		0.4			3,037,105
Israel		0.3			2,553,587
Ireland		0.3			2,447,191
Bermuda		0.3			2,247,850
Malaysia		0.3			2,042,396
Japan		0.1			1,096,078
Total Investments		100.0	%	$	810,719,003

Futures Contracts
Description	Number of Contracts		Position	Expiration Date	Notional Amount		Value/Unrealized Depreciation
Interest Rate Futures
U.S. 2-Year Treasury Note		399	Long	12/31/19	$	85,984,500	$	(208,851	)
U.S. Ultra-Long Treasury Bond		72	Long	12/19/19		13,817,250		(120,937	)
							$	(329,788	)

Abbreviations:

LIBOR – London Interbank Offered Rate

Currency Abbreviations:

BRL	–	Brazilian Real
IDR	–	Indonesian Rupiah
INR	–	Indian Rupee
MXN	–	Mexican Peso
MYR	–	Malaysian Ringgit
USD	–	United States Dollar

13 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Statement of Assets and Liabilities

Assets	September 30, 2019
Unaffiliated investments, at value (identified cost, $669,675,088)	$	681,041,093
Affiliated investment, at value (identified cost, $129,677,394)		129,677,910
Cash		2,776,893
Deposits for derivatives collateral — financial futures contracts		617,000
Interest receivable		5,270,048
Dividends receivable from affiliated investment		202,710
Receivable for investments sold		128,403
Receivable for Fund shares sold		6,385,804
Tax reclaims receivable		27,412
Receivable from affiliate		70,111
Total assets	$	826,197,384
Liabilities
Payable for investments purchased	$	3,732,683
Payable for when-issued securities		6,883,384
Payable for Fund shares redeemed		2,375,398
Distributions payable		12,789
Payable for variation margin on open financial futures contracts		7,964
Payable to affiliates:
Investment adviser fee		288,406
Distribution and service fees		68,376
Trustees’ fees		7,208
Accrued foreign capital gains taxes		1,951
Accrued expenses		201,781
Total liabilities	$	13,579,940
Net Assets	$	812,617,444
Sources of Net Assets
Paid-in capital	$	799,990,437
Distributable earnings		12,627,007
Net Assets	$	812,617,444
Class A Shares
Net Assets	$	137,889,159
Shares Outstanding		11,495,863
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.99
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	12.59
Class C Shares
Net Assets	$	52,001,318
Shares Outstanding		4,337,447
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	11.99
Class I Shares
Net Assets	$	622,726,967
Shares Outstanding		51,955,726
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.99

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.

14 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Statement of Operations

Investment Income	Year Ended September 30, 2019
Interest (net of foreign taxes, $1,446)	$	16,689,072
Dividends (net of foreign taxes, $758)		78,846
Dividends from affiliated investment		1,962,568
Total investment income	$	18,730,486
Expenses
Investment adviser fee	$	1,915,983
Distribution and service fees
Class A		184,962
Class C		308,623
Trustees’ fees and expenses		28,940
Custodian fee		90,613
Transfer and dividend disbursing agent fees		223,943
Legal and accounting services		67,584
Printing and postage		45,880
Registration fees		168,760
Miscellaneous		27,481
Total expenses	$	3,062,769
Deduct —
Allocation of expenses to affiliate	$	482,518
Total expense reductions	$	482,518
Net expenses	$	2,580,251
Net investment income	$	16,150,235
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	2,527,112
Investment transactions — affiliated investment		(9,539	)
Financial futures contracts		(118,909	)
Foreign currency transactions		(2,729	)
Net realized gain	$	2,395,935
Change in unrealized appreciation (depreciation) —
Investments (including net decrease of $165 in accrued foreign capital gains taxes)	$	16,037,126
Investments — affiliated investment		1,311
Financial futures contracts		(329,788	)
Foreign currency		1,398
Net change in unrealized appreciation (depreciation)	$	15,710,047
Net realized and unrealized gain	$	18,105,982
Net increase in net assets from operations	$	34,256,217

15 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Statements of Changes in Net Assets

	Year Ended September 30,
Increase (Decrease) in Net Assets	2019			2018
From operations —
Net investment income	$	16,150,235		$	5,501,270
Net realized gain		2,395,935			813,844
Net change in unrealized appreciation (depreciation)		15,710,047			(5,655,214	)
Net increase in net assets from operations	$	34,256,217		$	659,900
Distributions to shareholders —
Class A	$	(2,807,716	)	$	(1,477,677	)
Class C		(955,369	)		(583,378	)
Class I		(13,044,946	)		(3,671,748	)
Total distributions to shareholders	$	(16,808,031	)	$	(5,732,803	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	106,534,158		$	27,400,537
Class C		36,217,560			6,825,122
Class I		554,980,078			142,333,086
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,704,090			1,362,034
Class C		907,018			539,859
Class I		12,950,089			3,643,148
Cost of shares redeemed
Class A		(18,826,622	)		(17,879,234	)
Class C		(6,212,159	)		(4,992,017	)
Class I		(110,877,083	)		(32,054,112	)
Net asset value of shares converted
Class A		1,058,491			—
Class C		(1,058,491	)		—
Net increase in net assets from Fund share transactions	$	578,377,129		$	127,178,423
Net increase in net assets	$	595,825,315		$	122,105,520
Net Assets
At beginning of year	$	216,792,129		$	94,686,609
At end of year	$	812,617,444		$	216,792,129

16 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Financial Highlights

	Class A
	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	11.570		$	11.930		$	11.630		$	11.040		$	11.780
Income (Loss) From Operations
Net investment income(1)	$	0.427		$	0.402		$	0.367		$	0.415		$	0.358
Net realized and unrealized gain (loss)		0.451			(0.344	)		0.319			0.774			(0.668	)
Total income (loss) from operations	$	0.878		$	0.058		$	0.686		$	1.189		$	(0.310	)
Less Distributions
From net investment income	$	(0.458	)	$	(0.409	)	$	(0.322	)	$	(0.450	)	$	(0.430	)
From net realized gain		—			(0.009	)		—			(0.149	)		—
Tax return of capital		—			—			(0.064	)		—			—
Total distributions	$	(0.458	)	$	(0.418	)	$	(0.386	)	$	(0.599	)	$	(0.430	)
Net asset value — End of year	$	11.990		$	11.570		$	11.930		$	11.630		$	11.040
Total Return(2)(3)		7.76	%		0.50	%		6.01	%		11.21	%		(2.80	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	137,889		$	43,503		$	33,927		$	17,977		$	15,588
Ratios (as a percentage of average daily net assets):
Expenses(3)(4)		0.74	%		0.74	%		0.77	%		0.80	%		0.85	%
Net investment income		3.62	%		3.43	%		3.13	%		3.74	%		3.03	%
Portfolio Turnover		75	%		43	%		61	%		71	%		119	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.11%, 0.22%, 0.36%, 0.53% and 0.34% of average daily net assets for the years ended September 30, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

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

17 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Financial Highlights — continued

	Class C
	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	11.560		$	11.920		$	11.620		$	11.040		$	11.770
Income (Loss) From Operations
Net investment income(1)	$	0.344		$	0.313		$	0.282		$	0.331		$	0.266
Net realized and unrealized gain (loss)		0.456			(0.343	)		0.317			0.765			(0.655	)
Total income (loss) from operations	$	0.800		$	(0.030	)	$	0.599		$	1.096		$	(0.389	)
Less Distributions
From net investment income	$	(0.370	)	$	(0.321	)	$	(0.249	)	$	(0.367	)	$	(0.341	)
From net realized gain		—			(0.009	)		—			(0.149	)		—
Tax return of capital		—			—			(0.050	)		—			—
Total distributions	$	(0.370	)	$	(0.330	)	$	(0.299	)	$	(0.516	)	$	(0.341	)
Net asset value — End of year	$	11.990		$	11.560		$	11.920		$	11.620		$	11.040
Total Return(2)(3)		7.05	%		(0.25	)%		5.23	%		10.30	%		(3.44	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	52,001		$	20,926		$	19,197		$	12,574		$	10,457
Ratios (as a percentage of average daily net assets):
Expenses(3)(4)		1.49	%		1.49	%		1.52	%		1.55	%		1.60	%
Net investment income		2.93	%		2.67	%		2.41	%		2.98	%		2.25	%
Portfolio Turnover		75	%		43	%		61	%		71	%		119	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.11%, 0.22%, 0.36%, 0.53% and 0.34% of average daily net assets for the years ended September 30, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

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

18 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Financial Highlights — continued

	Class I
	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	11.560		$	11.920		$	11.620		$	11.040		$	11.770
Income (Loss) From Operations
Net investment income(1)	$	0.457		$	0.440		$	0.399		$	0.442		$	0.380
Net realized and unrealized gain (loss)		0.460			(0.352	)		0.316			0.765			(0.651	)
Total income (loss) from operations	$	0.917		$	0.088		$	0.715		$	1.207		$	(0.271	)
Less Distributions
From net investment income	$	(0.487	)	$	(0.439	)	$	(0.346	)	$	(0.478	)	$	(0.459	)
From net realized gain		—			(0.009	)		—			(0.149	)		—
Tax return of capital		—			—			(0.069	)		—			—
Total distributions	$	(0.487	)	$	(0.448	)	$	(0.415	)	$	(0.627	)	$	(0.459	)
Net asset value — End of year	$	11.990		$	11.560		$	11.920		$	11.620		$	11.040
Total Return(2)(3)		8.12	%		0.74	%		6.28	%		11.40	%		(2.47	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	622,727		$	152,363		$	41,563		$	6,700		$	6,969
Ratios (as a percentage of average daily net assets):
Expenses(3)(4)		0.49	%		0.49	%		0.52	%		0.55	%		0.60	%
Net investment income		3.89	%		3.77	%		3.40	%		4.00	%		3.21	%
Portfolio Turnover		75	%		43	%		61	%		71	%		119	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.11%, 0.22%, 0.36%, 0.53% and 0.34% of average daily net assets for the years ended September 30, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

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

19 See Notes to Financial Statements.

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Notes to Financial Statements

1  Significant Accounting Policies

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

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

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

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

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

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

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

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

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

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

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Withholding taxes on foreign interest have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note.

20

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Notes to Financial Statements — continued

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

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

As of September 30, 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 fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

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

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

2  Distributions to Shareholders and Income Tax Information

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

21

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended September 30, 2019 and September 30, 2018 was as follows:

	Year Ended September 30,
	2019		2018
Ordinary income	$	16,808,031	$	5,570,305
Long-term capital gains	$	—	$	162,498

During the year ended September 30, 2019, distributable earnings was decreased by $422,735 and paid-in capital was increased by $422,735 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of September 30, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	9,092
Net unrealized appreciation	$	12,630,704
Distributions payable	$	(12,789	)

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at September 30, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	798,078,626
Gross unrealized appreciation	$	17,500,083
Gross unrealized depreciation		(4,859,706	)
Net unrealized appreciation	$	12,640,377

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and BMR, the fee is computed at an annual rate of 0.45% of the Fund’s average daily net assets up to $1 billion and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. The fee reduction cannot be terminated without the consent of the Trustees and shareholders. For the year ended September 30, 2019, the Fund’s investment adviser fee amounted to $1,915,983 or 0.45% of the Fund’s average daily net assets. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

BMR has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.74%, 1.49% and 0.49% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after January 31, 2020. Pursuant to this agreement, BMR was allocated $482,518 of the Fund’s operating expenses for the year ended September 30, 2019.

EVM serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended September 30, 2019, EVM earned $5,364 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 $52,170 as its portion of the sales charge on sales of Class A shares for the year ended September 30, 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 year ended September 30, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

22

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Notes to Financial Statements — continued

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended September 30, 2019 amounted to $184,962 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended September 30, 2019, the Fund paid or accrued to EVD $231,467 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended September 30, 2019 amounted to $77,156 for Class C shares.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended September 30, 2019, the Fund was informed that EVD received approximately $100 and $3,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, for the year ended September 30, 2019 were as follows:

	Purchases		Sales
Investments (non-U.S. Government)	$	669,039,913	$	243,776,715
U.S. Government and Agency Securities		67,779,960		15,594,596
	$	736,819,873	$	259,371,311

7  Shares of Beneficial Interest

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

	Year Ended September 30,
Class A	2019			2018
Sales		9,020,427			2,323,804
Issued to shareholders electing to receive payments of distributions in Fund shares		229,199			116,194
Redemptions		(1,607,150	)		(1,522,948	)
Converted from Class C shares		92,036			—
Net increase		7,734,512			917,050

23

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Notes to Financial Statements — continued

	Year Ended September 30,
Class C	2019			2018
Sales		3,073,859			579,842
Issued to shareholders electing to receive payments of distributions in Fund shares		77,163			46,064
Redemptions		(531,535	)		(425,935	)
Converted to Class A shares		(92,028	)		—
Net increase		2,527,459			199,971
	Year Ended September 30,
Class I	2019			2018
Sales		47,131,144			12,128,224
Issued to shareholders electing to receive payments of distributions in Fund shares		1,098,871			311,985
Redemptions		(9,455,127	)		(2,745,878	)
Net increase		38,774,888			9,694,331

8  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include 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 the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at September 30, 2019 is included in the Portfolio of Investments. At September 30, 2019, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

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

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at September 30, 2019 was as follows:

	Fair Value
Derivative	Asset Derivative(1)		Liability Derivative(1)
Financial futures contracts	$	—	$	(329,788	)

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the year ended September 30, 2019 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2)
Financial futures contracts	$	(118,909	)	$	(329,788	)

⁽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.

24

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Notes to Financial Statements — continued

The average notional cost of futures contracts (long) outstanding during the year ended September 30, 2019, which is indicative of the volume of this derivative type, was approximately $14,454,000.

9  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 year ended September 30, 2019.

Effective October 29, 2019, the Fund renewed its line of credit agreement, which expires October 27, 2020. In connection with the renewal, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million to $800 million.

10  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.

11  Investments in Affiliated Funds

At September 30, 2019, the value of the Fund’s investment in affiliated funds was $129,677,910, which represents 15.9% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended September 30, 2019 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC, 2.09%	$	40,656,217	$	480,078,939	$	(391,049,018	)	$	(9,539	)	$	1,311	$	129,677,910	$	1,962,568		129,690,879

12  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)

25

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Notes to Financial Statements — continued

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

At September 30, 2019, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2		Level 3		Total
Corporate Bonds & Notes	$	—		$	312,936,443	$	—	$	312,936,443
Collateralized Mortgage Obligations		—			29,635,198		—		29,635,198
Commercial Mortgage-Backed Securities		—			77,565,805		—		77,565,805
Asset-Backed Securities		—			175,093,668		—		175,093,668
Foreign Government Bonds		—			31,952,641		—		31,952,641
Preferred Stocks		7,139,000			158,334		—		7,297,334
U.S. Treasury Obligations		—			38,713,899		—		38,713,899
Short-Term Investments —
Commercial Paper		—			7,846,105		—		7,846,105
Other		—			129,677,910		—		129,677,910
Total Investments	$	7,139,000		$	803,580,003	$	—	$	810,719,003
Liability Description
Futures Contracts	$	(329,788	)	$	—	$	—	$	(329,788	)
Total	$	(329,788	)	$	—	$	—	$	(329,788	)

26

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Core Plus Bond Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of September 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 19, 2019

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

27

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2020 will show the tax status of all distributions paid to your account in calendar year 2019. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund.

28

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

At a meeting held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory and sub-advisory agreements for each of the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory and sub-advisory agreements.

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

Information about Fees, Performance and Expenses

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

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

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

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

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

• Profitability analyses with respect to the adviser and sub-adviser (where applicable) to each of the funds;

Information about Portfolio Management and Trading

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

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

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

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

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

Information about each Adviser and Sub-adviser

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

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

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

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

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

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

29

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Board of Trustees’ Contract Approval — continued

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

Other Relevant Information

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

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

• The terms of each investment advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fundsub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

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

Results of the Process

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

Nature, Extent and Quality of Services

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

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

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

30

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Board of Trustees’ Contract Approval — continued

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

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

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Fund for the one-, three- and five-year periods ended September 30, 2018. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2018, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

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

Profitability and “Fall-Out” Benefits

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

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

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

Economies of Scale

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

31

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Management and Organization

Fund Management.  The Trustees of Eaton Vance Mutual Funds Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 162 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serve until his or her successor is elected.

Name and Year of Birth	Trust Position(s)	Trustee Since(1)	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 162 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm)(1991-2000). Other Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

32

Eaton Vance

Core Plus Bond Fund

September 30, 2019

Management and Organization — continued

Name and Year of Birth	Trust Position(s)	Trustee Since(1)	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)(2001-2014). Other Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).
Marcus L. Smith 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015). Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

Name and Year of Birth	Trust Position(s)	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”) since 2016.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM since 2016.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM since 2016.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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

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

33

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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise.If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F 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.

34

This Page Intentionally Left Blank

This Page Intentionally Left Blank

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

4595    9.30.19

Eaton Vance

Municipal Income Funds

Annual Report

September 30, 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 intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Annual ReportSeptember 30, 2019

Eaton Vance

Municipal Income Funds

Table of Contents

Management’s Discussion of Fund Performance	2
Performance and Fund Profile
AMT-Free Municipal Income Fund	3
National Municipal Income Fund	5
Endnotes and Additional Disclosures	7
Fund Expenses	8
Financial Statements	10
Report of Independent Registered Public Accounting Firm	43
Federal Tax Information	45
Board of Trustees’ Contract Approval	46
Management and Organization	50
Important Notices	52

Eaton Vance

Municipal Income Funds

September 30, 2019

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

For the 12-month period ended September 30, 2019, investors witnessed a dramatic turnaround in fixed-income markets. The rising interest-rate environment at the beginning of the period gave way to a falling interest-rate climate against the backdrop of multiple domestic and international uncertainties.

As a whole, the period was marked by strong performance across the municipal bond market with the Bloomberg Barclays Municipal Bond Index (the Index),² a broad measure of the asset class, returning 8.55%. The municipal bond yield curve⁹ experienced a so-called “bull market flattening,” where rates declined across the curve but more so toward the long end of the curve. With investors searching for yield in a low-rate environment, lower-rated⁷ bonds generally outperformed higher-rated bonds, while longer-duration¹⁰ issues outperformed shorter-duration issues.

With U.S. economic data largely positive in calendar year 2018, the U.S. Federal Reserve Board (the Fed) raised its benchmark federal funds rate four times — from a low range of 1.50%-1.75% to 2.25%-2.50% — with the last quarter-point increase on December 19, 2018.

As 2018 came to a close, investors became increasingly concerned about a growing U.S.-China trade war and looming U.S. government shutdown. In connection with its December 2018 rate hike, the Fed lowered its number of projected interest-rate increases in 2019 from three to two, which some investors viewed as indicating weakness in the U.S. economy. The result was a “flight to quality” by investors seeking the relative safety of fixed-income investments over stocks. This bond rally pushed longer-term bond prices up and yields down in the final month of 2018.

The first two months of 2019 were relatively quiet for bonds. Downward pressure on interest rates and upward pressure on prices resumed in March 2019 and continued through the end of the period propelled by lower-than-desired inflation, Brexit concerns, low European interest rates, and on-again/off-again trade-conflict rhetoric. This combination of factors fueled investor concerns about both U.S. and global growth potential during the period.

After holding interest rates steady through the first half of 2019, the Fed cut its benchmark interest rate to 2.00%-2.25% on July 31 — its first reduction in over a decade — followed by a second interest-rate drop to 1.75%-2.00% on September 18. Lower rates are intended to help stimulate economic activity by making borrowing costs relatively more affordable.

Within the municipal bond market, technical factors amplified the price rally during the period. The 2017 tax law changes resulted in a combination of lower supply of new municipals and increased demand from high-income investors in high-tax states who had seen their tax bills rise under the new code. For the period as a whole, high-quality municipals generally underperformed Treasurys in the two-six-year area of the yield curve; performed in line with Treasurys in the middle of the

curve; and outperformed Treasurys in the 16-30-year area of the curve.

Fund Performance

For the 12-month period ended September 30, 2019, Eaton Vance AMT-Free Municipal Income Fund Class A shares at net asset value (NAV) underperformed the 8.55% return of its primary benchmark, the Index; while Eaton Vance National Municipal Income Fund Class A shares at NAV performed approximately in line with the Index.

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

The Funds may seek to enhance tax-exempt income through the use of leveraged investments by purchasing residual interest bonds.⁶ Leverage has the effect of magnifying the Funds’ exposure to their underlying investments in both up and down markets. During this period of falling rates and rising bond prices, residual interest bonds were a contributor to performance versus the Index — which does not employ leverage — for both Funds.

Management attempts to hedge the portfolios to various degrees against the potential risk of interest-rate volatility at the long end of the yield curve by using Treasury futures, interest-rate swaps, or both. As a risk management strategy, the hedge is intended to moderate performance in both up and down markets. So in a period when municipal and Treasury bonds generally rose in price, the Funds’ Treasury futures hedge mitigated a portion of that appreciation, and was a detractor from relative results versus the unhedged Index for both Funds. However, by period-end, the Treasury futures hedge was no longer present in either Fund.

Fund-Specific Results

Eaton Vance AMT-Free Municipal Income Fund returned 8.02% for Class A shares at NAV, underperforming the 8.55% return of the Index during the period. Detractors from results relative to the Index included the Fund’s hedging strategy; an overweight in prerefunded or escrowed bonds, relative to the Index; and security selection in AAA-rated bonds. In contrast, contributors to Fund performance versus the Index included leveraged investments, an overweight in Illinois bonds, and an overweight in zero-coupon bonds, which were the best-performing coupon structure in the Index during the period.

Eaton Vance National Municipal Income Fund returned 8.57% for Class A shares at NAV, performing approximately in line with the 8.55% return of the Index during the period. Contributors to performance relative to the Index included an overweight in alternative minimum tax bonds, security selection in New York bonds, and security selection in the transportation sector. Detractors from performance versus the Index included an overweight in prerefunded bonds, the Fund’s hedging strategy, and security selection in the health care sector, which was the best-performing sector in the Index during the period.

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2019

Performance^2,3

Portfolio Manager Cynthia J. Clemson

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A at NAV		01/06/1998		03/16/1978		8.02	%		3.62	%		4.35	%
Class A with 4.75% Maximum Sales Charge		—		—		2.91			2.61			3.84
Class C at NAV		05/02/2006		03/16/1978		7.24			2.85			3.58
Class C with 1% Maximum Sales Charge		—		—		6.24			2.85			3.58
Class I at NAV		03/16/1978		03/16/1978		8.34			3.86			4.61
Bloomberg Barclays Municipal Bond Index		—		—		8.55	%		3.66	%		4.16	%
Bloomberg Barclays Long (22+) Year Municipal Bond Index		—		—		11.30			5.14			5.55
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
						1.05	%		1.80	%		0.80	%
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						3.30	%		2.56	%		3.55	%
Taxable-Equivalent Distribution Rate						5.57			4.32			6.00
SEC 30-day Yield						1.36			0.69			1.68
Taxable-Equivalent SEC 30-day Yield						2.31			1.16			2.84
% Total Leverage6
Residual Interest Bond (RIB) Financing												8.60	%

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C	$	10,000		09/30/2009	$	14,217		N.A.
Class I	$	250,000		09/30/2009	$	392,564		N.A.

See Endnotes and Additional Disclosures in this report.

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

3

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2019

Fund Profile

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

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

National Municipal Income Fund

September 30, 2019

Performance^2,3

Portfolio Manager Craig R. Brandon, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A at NAV		04/05/1994		12/19/1985		8.57	%		4.28	%		4.58	%
Class A with 4.75% Maximum Sales Charge		—		—		3.42			3.28			4.08
Class C at NAV		12/03/1993		12/19/1985		7.77			3.51			3.80
Class C with 1% Maximum Sales Charge		—		—		6.77			3.51			3.80
Class I at NAV		07/01/1999		12/19/1985		8.83			4.52			4.84
Bloomberg Barclays Municipal Bond Index		—		—		8.55	%		3.66	%		4.16	%
Bloomberg Barclays Long (22+) Year Municipal Bond Index		—		—		11.30			5.14			5.55
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
						0.88	%		1.63	%		0.63	%
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						3.05	%		2.33	%		3.27	%
Taxable-Equivalent Distribution Rate						5.15			3.94			5.52
SEC 30-day Yield						1.38			0.71			1.70
Taxable-Equivalent SEC 30-day Yield						2.33			1.19			2.87
% Total Leverage6
RIB Financing												4.24	%

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C	$	10,000		09/30/2009	$	14,524		N.A.
Class I	$	250,000		09/30/2009	$	401,291		N.A.

See Endnotes and Additional Disclosures in this report.

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

5

Eaton Vance

National Municipal Income Fund

September 30, 2019

Fund Profile

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

See Endnotes and Additional Disclosures in this report.

6

Eaton Vance

Municipal Income Funds

September 30, 2019

Endnotes and Additional Disclosures

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

²  Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg Barclays Long (22+) Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities of 22 years or more. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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

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

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

Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ.

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

⁷  Ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

⁸  The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments.

⁹  Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall.

¹⁰  Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes.

Fund profiles subject to change due to active management.

7

Eaton Vance

Municipal Income Funds

September 30, 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 (April 1, 2019 – September 30, 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 (4/1/19)		Ending Account Value (9/30/19)		Expenses Paid During Period* (4/1/19 – 9/30/19)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,040.80	$	5.17		1.01	%
Class C	$	1,000.00	$	1,037.00	$	8.99		1.76	%
Class I	$	1,000.00	$	1,042.10	$	3.89		0.76	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.00	$	5.11		1.01	%
Class C	$	1,000.00	$	1,016.20	$	8.90		1.76	%
Class I	$	1,000.00	$	1,021.30	$	3.85		0.76	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2019.

8

Eaton Vance

Municipal Income Funds

September 30, 2019

Fund Expenses — continued

Eaton Vance National Municipal Income Fund

	Beginning Account Value (4/1/19)		Ending Account Value (9/30/19)		Expenses Paid During Period* (4/1/19 – 9/30/19)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,043.30	$	3.94		0.77	%
Class C	$	1,000.00	$	1,039.50	$	7.72		1.51	%
Class I	$	1,000.00	$	1,044.50	$	2.67		0.52	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.20	$	3.90		0.77	%
Class C	$	1,000.00	$	1,017.50	$	7.64		1.51	%
Class I	$	1,000.00	$	1,022.50	$	2.64		0.52	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2019.

9

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2019

Portfolio of Investments

Tax-Exempt Municipal Securities — 108.2%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 3.2%
New York State Environmental Facilities Corp., 5.00%, 10/15/35(1)	$	9,900	$	10,088,595
			$	10,088,595
Education — 6.8%
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/46	$	5,000	$	5,823,450
Connecticut Health and Educational Facilities Authority, (Sacred Heart University), 5.00%, 7/1/42		2,125		2,522,524
North Carolina Capital Facilities Finance Agency, (Duke University), 5.00%, 10/1/41		1,480		1,751,003
Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36		1,050		1,131,501
Pennsylvania Higher Educational Facilities Authority, (Drexel University), 5.00%, 5/1/37		1,750		2,091,757
Pima County Community College District, AZ, 5.00%, 7/1/35		725		900,762
University of California, 5.25%, 5/15/35		3,555		4,144,454
West Virginia University, 5.00%, 10/1/31		3,000		3,275,160
			$	21,640,611
Electric Utilities — 3.8%
Apache County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 4.50%, 3/1/30	$	1,605	$	1,693,211
Chula Vista, CA, (San Diego Gas and Electric), 5.875%, 2/15/34		3,520		3,533,693
Northern Municipal Power Agency, MN, 5.00%, 1/1/31		200		241,754
Northern Municipal Power Agency, MN, 5.00%, 1/1/35		170		202,347
Northern Municipal Power Agency, MN, 5.00%, 1/1/36		160		190,006
Pima County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 5.25%, 10/1/40		1,410		1,457,616
Utility Debt Securitization Authority, NY, 5.00%, 12/15/33		2,895		3,315,441
Vernon, CA, Electric System Revenue, 5.125%, 8/1/21		1,345		1,349,936
			$	11,984,004
Escrowed / Prerefunded — 6.7%
Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.25%, 7/15/40	$	1,320	$	1,338,757
Henrico County Economic Development Authority, VA, (Bon Secours Health System, Inc.), Prerefunded to 11/1/22, 5.00%, 11/1/30		1,185		1,315,824
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		315		335,998
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		470		501,636

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
New Jersey Turnpike Authority, Prerefunded to 7/1/22, 5.00%, 1/1/30	$	3,060	$	3,371,508
Oklahoma Development Finance Authority, (St. John Health System), Prerefunded to 2/15/22, 5.00%, 2/15/34		2,035		2,209,094
Savannah Economic Development Authority, GA, Escrowed to Maturity, 0.00%, 12/1/21		6,000		5,812,800
Washington, Prerefunded to 2/1/21, 5.25%, 2/1/36(1)		6,000		6,313,980
			$	21,199,597
General Obligations — 18.5%
California, 5.00%, 4/1/35	$	2,125	$	2,448,489
California, 5.25%, 10/1/29		560		603,960
California, 5.25%, 10/1/32		3,480		3,748,169
Chicago, IL, 5.00%, 1/1/39		1,400		1,598,366
Chicago, IL, 5.00%, 1/1/44		1,490		1,684,400
Chicago Board of Education, IL, 5.00%, 12/1/21		230		243,899
Chicago Board of Education, IL, 5.00%, 12/1/46		270		288,914
Chicago Board of Education, IL, 5.00%, 12/1/46		1,405		1,590,952
District of Columbia, 5.00%, 6/1/37(1)		7,000		8,552,880
Fennville Public Schools, MI, 4.00%, 5/1/34		1,000		1,160,390
Foothill-De Anza Community College District, CA, 5.00%, 8/1/34		1,150		1,343,671
Foothill-De Anza Community College District, CA, 5.00%, 8/1/36		1,150		1,339,347
Gallatin County School District No. 44, MT, 4.00%, 6/1/35		520		602,753
Illinois, 4.00%, 6/1/33		2,000		2,075,940
Illinois, 5.00%, 1/1/26		5,000		5,669,200
Illinois, 5.00%, 5/1/35		2,000		2,170,600
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/31		4,470		5,032,281
New York, NY, 4.00%, 8/1/42(1)		7,000		7,984,270
New York, NY, 5.00%, 4/1/30		2,500		3,244,625
Salem-Keizer School District No. 24J, OR, 0.00%, 6/15/24		1,220		1,135,613
San Francisco Bay Area Rapid Transit District, CA, (Election of 2016), Green Bonds, 5.00%, 8/1/31		1,230		1,639,861
Springfield School District No. 19, OR, 5.00%, 6/15/30		1,085		1,291,193
Stamford, CT, 4.00%, 6/1/33		2,025		2,356,938
University of Connecticut, 5.00%, 2/15/32		650		734,025
			$	58,540,736
Hospital — 15.0%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28	$	535	$	563,494
California Health Facilities Financing Authority, (Providence Health System), 5.50%, 10/1/39		5,175		5,175,000

10 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33	$	1,720	$	1,937,872
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		2,300		2,580,600
California Health Facilities Financing Authority, (Sutter Health), 5.25%, 8/15/31		1,325		1,420,559
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.25%, 12/1/34		3,000		3,391,530
Colorado Health Facilities Authority, (CommonSpirit Health), 4.00%, 8/1/39		1,250		1,367,713
Colorado Health Facilities Authority, (Vail Valley Medical Center), 4.00%, 1/15/45		2,155		2,297,747
Colorado Health Facilities Authority, (Vail Valley Medical Center), 5.00%, 1/15/35		2,000		2,343,480
Delaware Health Facilities Authority, (Beebe Medical Center), 5.00%, 6/1/36		3,730		4,458,469
Delaware Health Facilities Authority, (Beebe Medical Center), 5.00%, 6/1/37		1,000		1,191,110
Illinois Finance Authority, (Presence Health Network), 4.00%, 2/15/36		5,345		5,957,003
Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31		2,110		2,464,775
Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 11/15/47		3,000		3,558,300
Ohio, (University Hospitals Health Systems, Inc.), 5.00%, 1/15/36		2,500		2,918,600
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(1)		5,000		5,666,400
			$	47,292,652
Housing — 0.7%
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/37	$	500	$	591,930
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/42		1,250		1,461,500
Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(2)		285		285,000
			$	2,338,430
Industrial Development Revenue — 1.5%
New York Liberty Development Corp., (Bank of America Tower at One Bryant Park), 2.45%, 9/15/69(3)	$	1,960	$	2,000,435
Selma Industrial Development Board, AL, (International Paper Co.), 5.80%, 5/1/34		2,670		2,735,415
			$	4,735,850

Security	Principal Amount (000’s omitted)		Value
Insured – Education — 0.7%
Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31	$	1,750	$	2,289,823
			$	2,289,823
Insured – Electric Utilities — 0.7%
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/29	$	2,865	$	2,327,039
			$	2,327,039
Insured – Escrowed / Prerefunded — 0.5%
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), Escrowed to Maturity, 0.00%, 8/15/21	$	1,560	$	1,517,303
			$	1,517,303
Insured – General Obligations — 1.2%
Atlantic City, NJ, (AGM), 4.00%, 3/1/42	$	145	$	159,248
Chicago Board of Education, IL, (AGM), 5.00%, 12/1/24		505		574,316
McCook, IL, (AGM), 4.00%, 12/1/29		240		275,352
McCook, IL, (AGM), 4.00%, 12/1/30		200		228,168
McCook, IL, (AGM), 4.00%, 12/1/33		500		555,650
McCook, IL, (AGM), 4.00%, 12/1/34		440		483,639
Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38		1,500		1,637,985
			$	3,914,358
Insured – Lease Revenue / Certificates of Participation — 2.1%
Anaheim Public Financing Authority, CA, (Anaheim Public Improvements), (AGM), 0.00%, 9/1/31	$	8,680	$	6,547,324
			$	6,547,324
Insured – Other Revenue — 2.1%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	10,600	$	6,508,294
			$	6,508,294
Insured – Special Tax Revenue — 5.6%
Alabama Public School and College Authority, (AGM), 2.50%, 12/1/27	$	5,265	$	5,268,264
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/27		6,000		7,629,240
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		2,565		3,460,775

11 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Special Tax Revenue (continued)
Successor Agency to San Francisco City and County Redevelopment Agency, CA, (NPFG), 5.00%, 8/1/43	$	1,100	$	1,288,298
			$	17,646,577
Insured – Transportation — 9.6%
Chicago, IL, (O’Hare International Airport), (AGM), 5.00%, 1/1/28	$	1,000	$	1,112,060
Chicago, IL, (O’Hare International Airport), (AGM), 5.125%, 1/1/31		1,000		1,110,960
Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/32		785		873,611
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39		7,120		3,133,227
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/46		1,275		1,420,987
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 5.00%, 11/15/44		2,470		3,009,226
Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38		11,000		14,470,280
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/21		5,285		5,131,735
			$	30,262,086
Insured – Water and Sewer — 2.4%
Detroit, MI, Sewage Disposal System, (AGM), 5.00%, 7/1/39	$	4,825	$	5,235,607
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/32		655		753,525
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/33		565		647,699
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/35		280		319,231
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/37		565		641,315
			$	7,597,377
Lease Revenue / Certificates of Participation — 3.2%
Hudson Yards Infrastructure Corp., NY, 4.00%, 2/15/44	$	6,020	$	6,706,521
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/37		3,000		3,494,910
			$	10,201,431
Other Revenue — 1.5%
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/22	$	400	$	430,000
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		1,127,654

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	$	415,393
Mercer County Improvement Authority, NJ, 4.00%, 3/15/40		935		1,081,271
White Earth Band of Chippewa Indians, MN, 6.375%, 12/1/26(5)		1,540		1,541,047
			$	4,811,365
Senior Living / Life Care — 3.9%
National Finance Authority, NH, (The Vista), 5.25%, 7/1/39(5)	$	265	$	288,172
National Finance Authority, NH, (The Vista), 5.625%, 7/1/46(5)		360		395,212
National Finance Authority, NH, (The Vista), 5.75%, 7/1/54(5)		595		652,774
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/39		570		639,255
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.50%, 6/1/49		2,690		3,030,904
Saint Louis County Industrial Development Authority, MO, (St. Andrew’s Resources for Seniors Obligated Group), 5.00%, 12/1/35		1,700		1,875,882
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.00%, 12/1/32		160		169,182
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.25%, 12/1/42		660		698,742
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/32(5)		1,575		1,813,801
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/38(5)		2,325		2,641,851
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/34(3)(5)		245		274,300
			$	12,480,075
Special Tax Revenue — 4.2%
Bridgeville, DE, (Heritage Shores Special Development District), 5.45%, 7/1/35	$	914	$	914,366
Jurupa Public Financing Authority, CA, 5.00%, 9/1/31		1,200		1,393,152
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 11/1/38		5,820		6,704,523
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 11/1/37		1,000		1,184,260
New York City Transitional Finance Authority, NY, Future Tax Revenue, (SPA: JPMorgan Chase Bank, N.A.), 1.75%, 2/1/45(6)		2,000		2,000,000
New York Convention Center Development Corp., Hotel Unit Fee, 0.00%, 11/15/27		135		114,615
River Hall Community Development District, FL, (Capital Improvements), 5.45%, 5/1/36		965		970,578
			$	13,281,494

12 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation — 10.1%
Central Texas Regional Mobility Authority, Prerefunded to 1/1/21, 5.75%, 1/1/31	$	415	$	437,393
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30		1,100		1,261,557
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31		1,455		1,664,971
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/31		480		550,954
Denver City and County, CO, Airport System Revenue, 2.322%, (70% of 1 mo. USD LIBOR + 0.86%), 11/15/19 (Put Date), 11/15/31(7)		880		880,431
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43		1,100		1,219,240
Metropolitan Transportation Authority, NY, 5.00%, 11/15/35		325		390,280
Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/39		1,970		2,451,527
Miami-Dade County, FL, Aviation Revenue, 5.00%, 10/1/33		6,150		7,091,934
New Jersey Turnpike Authority, 4.00%, 1/1/48		1,045		1,169,157
New Orleans Aviation Board, LA, 5.00%, 1/1/43		1,555		1,828,540
San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/34		5,235		6,024,490
Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34		3,500		3,656,380
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39		2,980		3,022,286
Texas Transportation Commission, 0.00%, 8/1/40		1,000		429,000
			$	32,078,140
Water and Sewer — 4.2%
Atlanta, GA, Water and Wastewater Revenue, 5.00%, 11/1/35(1)	$	6,990	$	8,652,432
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 4.00%, 6/15/41		4,000		4,565,960
			$	13,218,392
Total Tax-Exempt Municipal Securities — 108.2% (identified cost $312,945,992)			$	342,501,553
Trust Units — 0.1%
Security	Notional Amount (000’s omitted)		Value
Insured – Special Tax Revenue — 0.1%
COFINA Series 2007A Senior Bonds Due 2046 National Custodial Trust (taxable), 8/1/46(8)	$	774	$	106,420

Security	Notional Amount (000’s omitted)		Value
Insured – Special Tax Revenue (continued)
COFINA Series 2007A Senior Bonds Due 2046 National Custodial Trust (non-taxable), 8/1/46(8)	$	2,350	$	117,517
Total Trust Units — 0.1% (identified cost $197,046)			$	223,937
Total Investments — 108.3% (identified cost $313,143,038)			$	342,725,490
Other Assets, Less Liabilities — (8.3)%			$	(26,369,876	)
Net Assets — 100.0%			$	316,355,614

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

At September 30, 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	17.9%
California	16.0%
Illinois	10.5%
Others, representing less than 10% individually	63.9%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At September 30, 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 1.9% to 15.1% of total investments.

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

⁽²⁾  The issuer is in default on the payment of principal but continues to pay interest.

⁽³⁾  When-issued security.

⁽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 September 30, 2019, the aggregate value of these securities is $7,607,157 or 2.4% of the Fund’s net assets.

⁽⁶⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at September 30, 2019.

⁽⁷⁾  Floating rate security. The stated interest rate represents the rate in effect at September 30, 2019.

13 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2019

Portfolio of Investments — continued

⁽⁸⁾  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:

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

Currency Abbreviations:

USD – United States Dollar

14 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2019

Portfolio of Investments

Tax-Exempt Municipal Securities — 100.7%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.5%
Connecticut, (State Revolving Fund), Green Bonds, 5.00%, 3/1/28	$	10,000	$	11,860,300
Ohio Water Development Authority, Water Pollution Control Loan Fund, 5.00%, 6/1/29		10,000		13,065,000
Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		16,255		20,536,730
			$	45,462,030
Cogeneration — 0.1%
Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 12/31/23(1)	$	14,652	$	3,663,079
			$	3,663,079
Education — 7.8%
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 5.00%, 8/1/27	$	3,335	$	4,243,787
Connecticut Health and Educational Facilities Authority, (Yale University), 5.00%, 7/1/27		5,000		6,358,800
District of Columbia, (District of Columbia International School), 5.00%, 7/1/54		2,290		2,703,368
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 4.75%, 6/1/38(2)		2,245		2,458,342
Massachusetts Development Finance Agency, (Harvard University), 5.00%, 7/15/34		18,855		23,122,452
Michigan State University, 5.00%, 2/15/31		1,200		1,536,888
Missouri Health and Educational Facilities Authority, (Washington University), (SPA: JPMorgan Chase Bank, N.A.), 1.75%, 9/1/30(3)		9,000		9,000,000
New Hampshire Health and Education Facilities Authority, (University System of New Hampshire), (SPA: State Street Bank and Trust Company), 1.77%, 7/1/33(3)		1,000		1,000,000
New Jersey Educational Facilities Authority, (Princeton University), 4.00%, 7/1/38		1,475		1,718,036
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/33		4,370		5,495,188
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38		19,340		24,445,180
New York Dormitory Authority, (Cornell University), Green Bonds, 5.00%, 7/1/22		1,305		1,443,461
New York Dormitory Authority, (Cornell University), Green Bonds, 5.00%, 7/1/23		2,955		3,379,249
New York Dormitory Authority, (Cornell University), Green Bonds, 5.00%, 7/1/24		2,350		2,775,091
Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36		9,930		10,700,767

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Rutgers State University, NJ, 5.00%, 5/1/43(4)	$	37,000	$	41,035,960
University of California, 5.25%, 5/15/36		7,080		8,247,067
University of California, 5.25%, 5/15/37		13,000		15,130,310
University of California, 5.25%, 5/15/38		7,700		8,946,861
University of Minnesota, 4.00%, 1/1/30		3,000		3,303,510
University of Minnesota, 4.00%, 2/1/30		1,815		1,960,273
University of Virginia, 5.00%, 4/1/38		13,205		16,206,893
University of Virginia, 5.00%, 4/1/39		40,970		50,184,153
			$	245,395,636
Electric Utilities — 3.9%
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/33	$	1,180	$	1,525,811
Omaha Public Power District, NE, 5.00%, 2/1/39		10,805		12,562,433
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/28		6,025		7,018,884
San Antonio, TX, Electric and Gas Systems Revenue, 4.00%, 2/1/30		2,000		2,439,300
Unified Government of Wyandotte County/Kansas City, KS, Utility System Revenue, 5.00%, 9/1/32		10,000		10,950,200
Utility Debt Securitization Authority, NY, 5.00%, 12/15/30(4)		22,500		25,839,000
Utility Debt Securitization Authority, NY, 5.00%, 12/15/31(4)		27,500		31,556,800
Utility Debt Securitization Authority, NY, 5.00%, 12/15/40		13,260		16,397,581
Vernon, CA, Electric System Revenue, 5.125%, 8/1/21		12,530		12,575,985
			$	120,865,994
Escrowed / Prerefunded — 4.3%
Bexar County Health Facilities Development Corp., TX, (St. Luke’s Lutheran Hospital), Escrowed to Maturity, 7.00%, 5/1/21	$	1,655	$	1,756,352
Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.00%, 7/15/30		9,530		9,658,655
Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.25%, 7/15/40		14,295		14,498,132
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		4,505		4,808,232
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		3,005		3,205,313
North Carolina, Capital Improvement Limited Obligation Bonds, Prerefunded to 5/1/20, 5.25%, 5/1/31		16,475		16,857,714
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		4,515		4,727,070
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		3,490		3,653,925
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.45%, 12/1/35		12,125		12,708,455
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34		3,585		3,779,773

15 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34	$	3,795	$	4,001,182
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34		17,620		18,577,295
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.50%, 12/1/36		10,000		10,599,700
Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33		9,170		11,290,288
Tarrant County Cultural Education Facilities Finance Corp., TX, (Scott & White Healthcare), Prerefunded to 8/15/20, 5.25%, 8/15/40		1,000		1,033,850
Tarrant County Cultural Education Facilities Finance Corp., TX, (Scott & White Healthcare), Prerefunded to 8/15/20, 5.25%, 8/15/40		12,500		12,923,125
			$	134,079,061
General Obligations — 21.2%
Aiken County Consolidated School District, SC, 4.00%, 4/1/37	$	7,870	$	9,129,751
Belmont, MA, 4.00%, 3/15/30		2,800		3,372,656
Belmont, MA, 4.00%, 3/15/32		3,030		3,596,004
Boston, MA, 5.00%, 3/1/30		2,970		3,906,619
Boston, MA, 5.00%, 3/1/31		3,740		4,895,997
California, 2.01%, (SIFMA + 0.43%), 12/1/23 (Put Date), 12/1/29(5)		15,000		15,041,850
California, 3.00%, 10/1/33		4,320		4,621,363
California, 3.00%, 10/1/37		3,970		4,164,133
California, 5.00%, 10/1/33		15,000		17,290,500
California Education Notes Program, Fiscal Year 2019-20 Note Participations, 5.00%, 6/30/20		5,245		5,389,919
Chicago, IL, 5.00%, 1/1/39		2,100		2,397,549
Chicago, IL, 5.00%, 1/1/40		1,500		1,708,620
Chicago Board of Education, IL, 5.00%, 12/1/21		1,980		2,099,651
Chicago Board of Education, IL, 5.00%, 12/1/46		15,110		17,109,808
Chicago Board of Education, IL, 5.00%, 12/1/46		2,855		3,054,993
Clackamas Community College District, OR, 5.00%, (0.00% until 6/15/20), 6/15/38		760		890,363
Clackamas Community College District, OR, 5.00%, (0.00% until 6/15/20), 6/15/39		1,000		1,169,110
Clackamas Community College District, OR, 5.00%, (0.00% until 6/15/20), 6/15/40		1,250		1,458,400
Delaware, 4.00%, 2/1/31		10,000		12,036,800
Desert Community College District, CA, 5.00%, 8/1/37		5,350		6,409,889
District of Columbia, 5.00%, 10/15/30		4,000		5,198,360
Florida Board of Education, 4.00%, 6/1/33		7,770		9,227,885
Hartford County Metropolitan District, CT, 5.00%, 7/15/23		1,000		1,135,040

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Hartford County Metropolitan District, CT, Series A, 5.00%, 7/15/24	$	500	$	584,025
Hartford County Metropolitan District, CT, Series B, 5.00%, 7/15/24		1,000		1,168,050
Hawaii, 5.00%, 1/1/34		13,700		17,106,779
Hennepin County Regional Railroad Authority, MN, 5.00%, 12/1/30		4,040		5,235,396
Illinois, 5.00%, 2/1/24		10,705		11,742,957
Illinois, 5.00%, 11/1/24		11,295		12,563,541
Illinois, 5.00%, 2/1/27		18,500		20,258,055
Illinois, 5.00%, 2/1/29		15,000		17,119,500
Illinois, 5.00%, 5/1/39		10,000		10,785,500
Illinois, 5.25%, 7/1/30		6,150		6,686,342
Johnson City, TN, 5.00%, 6/1/22		440		482,975
Johnson City, TN, 5.00%, 6/1/24		505		588,795
Judson Independent School District, TX, (PSF Guaranteed), 4.00%, 2/1/34		4,000		4,480,400
Judson Independent School District, TX, (PSF Guaranteed), 4.00%, 2/1/35		4,000		4,470,080
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29		1,920		2,166,278
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/30		4,105		4,632,493
Klein Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/36		14,180		14,824,906
Los Altos School District, CA, (Election of 2014), 3.00%, 8/1/34(6)		1,180		1,250,387
Los Altos School District, CA, (Election of 2014), 3.00%, 8/1/37(6)		1,470		1,531,549
Louisiana, 5.00%, 3/1/28		6,590		8,356,054
Massachusetts, 5.00%, 7/1/35		10,000		11,818,000
Massachusetts, 5.00%, 3/1/37		10,900		12,410,740
Minneapolis-St. Paul Metropolitan Council, MN, 4.00%, 3/1/30		1,250		1,490,613
New York, NY, 4.00%, 3/1/36		8,000		9,164,640
New York, NY, 4.00%, 12/1/41		4,070		4,616,316
New York, NY, 4.00%, 8/1/42(4)		28,000		31,937,080
New York, NY, 5.00%, 4/1/30		11,735		15,230,270
New York, NY, 5.00%, 8/1/33		10,000		12,066,900
Nixa Public Schools, MO, 4.00%, 3/1/35		750		848,655
Nixa Public Schools, MO, 4.00%, 3/1/36		1,000		1,128,120
Nixa Public Schools, MO, 4.00%, 3/1/37		1,000		1,124,320
Nixa Public Schools, MO, 4.00%, 3/1/38		1,125		1,260,473
Northside Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/33		2,540		2,965,653
Onondaga County, NY, 4.00%, 6/1/28		2,275		2,678,176

16 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Onondaga County, NY, 4.00%, 6/1/30	$	2,495	$	2,919,025
Oxnard Union High School District, CA, (Election of 2018), 5.00%, 8/1/43		3,750		4,473,000
Park City, UT, 4.00%, 2/1/31		3,490		4,200,843
Randolph County, NC, Limited Obligation Bonds, 4.00%, 10/1/35		1,310		1,529,739
Randolph County, NC, Limited Obligation Bonds, 4.00%, 10/1/36		1,595		1,857,122
Randolph County, NC, Limited Obligation Bonds, 4.00%, 10/1/37		545		632,309
Randolph County, NC, Limited Obligation Bonds, 5.00%, 10/1/33		500		643,780
San Francisco Bay Area Rapid Transit District, CA, (Election of 2004), Green Bonds, 5.00%, 8/1/31		9,170		12,225,627
San Francisco Bay Area Rapid Transit District, CA, (Election of 2004), Green Bonds, 5.00%, 8/1/32		9,175		12,186,143
San Francisco Bay Area Rapid Transit District, CA, (Election of 2004), Green Bonds, 5.00%, 8/1/33		8,390		11,115,575
San Francisco Bay Area Rapid Transit District, CA, (Election of 2004), Green Bonds, 5.00%, 8/1/34		5,560		7,342,258
San Francisco Bay Area Rapid Transit District, CA, (Election of 2004), Green Bonds, 5.00%, 8/1/35		2,200		2,896,102
San Jose, CA, 5.00%, 9/1/32		10,015		13,106,030
San Jose, CA, 5.00%, 9/1/34		9,610		12,467,437
San Jose, CA, 5.00%, 9/1/38		6,300		8,017,128
San Jose, CA, 5.00%, 9/1/39		4,590		5,822,599
Santa Monica-Malibu Unified School District, CA, (School Facilities Improvement District No. 1), (Election of 2018), 3.00%, 8/1/32(6)		1,560		1,685,174
Santa Monica-Malibu Unified School District, CA, (School Facilities Improvement District No. 1), (Election of 2018), 3.00%, 8/1/37(6)		2,725		2,875,556
Santiam Canyon School District No. 129J, OR, 5.00%, 6/15/39		1,000		1,260,510
Santiam Canyon School District No. 129J, OR, 5.00%, 6/15/44		2,000		2,488,260
Stamford, CT, 4.00%, 12/1/30		1,210		1,486,824
Tempe, AZ, 4.00%, 7/1/36		3,400		3,988,098
Tennessee, 5.00%, 9/1/28(6)		4,785		6,087,142
Texas, (Texas Transportation Commission), 5.00%, 10/1/44		10,000		11,560,700
Texas City Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/33		1,000		1,164,040
Virginia Beach, VA, 4.00%, 7/15/32		2,300		2,779,504
Washington, 5.00%, 2/1/33		13,140		15,073,420
Washington, 5.00%, 8/1/35		14,555		17,951,700
Washington, 5.00%, 2/1/36		8,600		9,822,318
Washington, 5.00%, 2/1/40		24,865		30,007,331

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Washington, 5.00%, 2/1/41	$	10,000	$	12,476,100
Washington County, OR, 4.00%, 3/1/30		1,000		1,143,720
Wauwatosa School District, WI, 4.00%, 3/1/31		6,765		7,762,296
Will County Community Unit School District No. 365-U, IL, (Valley View), 5.75%, 11/1/31		12,995		14,136,221
Wisconsin, 5.00%, 5/1/38		22,500		26,615,925
			$	661,878,834
Hospital — 7.6%
Allegheny County Hospital Development Authority, PA, (UPMC Health System), 5.00%, 7/15/32	$	2,250	$	2,844,765
Brookhaven Development Authority, GA, (Children’s Healthcare of Atlanta), 5.00%, 7/1/31		755		973,905
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28		5,700		6,003,582
California Health Facilities Financing Authority, (Kaiser Permanente), 4.00%, 11/1/38		7,820		8,838,633
California Health Facilities Financing Authority, (Providence Health System), 5.50%, 10/1/39(4)		36,700		36,704,037
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		17,530		19,750,525
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		25,465		28,571,730
California Health Facilities Financing Authority, (Sutter Health), 5.25%, 8/15/31		13,675		14,661,241
Colorado Health Facilities Authority, (CommonSpirit Health), 5.00%, 8/1/44		6,000		7,164,600
Colorado Health Facilities Authority, (SCL Health System), 4.00%, 1/1/36(6)		2,000		2,291,560
Connecticut Health and Educational Facilities Authority, (Nuvance Health), 4.00%, 7/1/34		2,455		2,778,569
DeKalb Private Hospital Authority, GA, (Children’s Healthcare of Atlanta), 5.00%, 7/1/31		1,000		1,289,940
Illinois Finance Authority, (Edward-Elmhurst Healthcare), 2.33%, (SIFMA + 0.75%), 7/1/23 (Put Date), 1/1/46(5)		9,500		9,498,670
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/26		7,500		9,143,550
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/33		1,500		1,819,425
Missouri Health and Educational Facilities Authority, (Mosaic Health System), 4.00%, 2/15/44		2,200		2,445,322
Missouri Health and Educational Facilities Authority, (SSM Health Care), 5.00%, 6/1/30		7,505		8,604,783
Montana Facility Finance Authority, (SCL Health System), 4.00%, 1/1/38(6)		2,150		2,447,452
Ohio, (Cleveland Clinic Health System), (SPA: PNC Bank, N.A.), 1.72%, 1/1/52(3)		3,050		3,050,000

17 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/38	$	1,750	$	2,075,728
Oklahoma Development Finance Authority, (OU Medicine), 5.25%, 8/15/43		5,200		6,225,908
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/35		2,260		2,630,324
University of Kansas Hospital Authority, 5.00%, 9/1/45		25,500		29,391,045
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/42		2,250		2,665,912
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 5.375%, 6/1/38		21,895		24,321,404
			$	236,192,610
Housing — 0.5%
Massachusetts Housing Finance Agency, (Mill Road Apartments), 2.13%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48(5)	$	3,965	$	3,965,000
Texas Student Housing Corp., (University of Northern Texas), 6.85%, 7/1/31		10,640		10,641,170
			$	14,606,170
Industrial Development Revenue — 2.0%
Metropolitan Nashville Airport Authority, TN, (Aero Nashville), 5.20%, 7/1/26	$	300	$	306,894
Miami-Dade County Industrial Development Authority, FL, (Waste Management, Inc.), (AMT), 2.38%, (SIFMA + 0.80%), 11/1/21 (Put Date), 11/1/48(5)		5,000		5,000,150
Mission Economic Development Corp., TX, (Waste Management, Inc.), (AMT), 2.38%, (SIFMA + 0.80%), 11/1/21 (Put Date), 11/1/48(5)		10,000		10,000,300
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39		28,150		28,246,554
New York Liberty Development Corp., (Bank of America Tower at One Bryant Park), 2.45%, 9/15/69(6)		10,360		10,573,727
New York Liberty Development Corp., (Bank of America Tower at One Bryant Park), 2.625%, 9/15/69(6)		3,325		3,380,361
Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 5.25%, 5/1/44(2)		3,685		4,251,385
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(2)		475		541,343
			$	62,300,714
Insured – Education — 0.0%(7)
Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board, TN, (Meharry Medical College), (AMBAC), 6.00%, 12/1/19	$	435	$	437,223
			$	437,223

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations — 0.1%
Santa Rosa High School District, CA, (Election of 2014), (AGM), 5.00%, 8/1/43	$	3,930	$	4,715,528
			$	4,715,528
Insured – Hospital — 0.4%
Medford Hospital Facilities Authority, OR, (Asante Health System), (AGM), 5.50%, 8/15/28	$	12,000	$	12,401,160
			$	12,401,160
Insured – Other Revenue — 1.1%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	58,155	$	35,706,588
			$	35,706,588
Insured – Special Tax Revenue — 0.6%
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29	$	11,000	$	14,600,740
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		3,080		4,155,628
			$	18,756,368
Insured – Transportation — 2.2%
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37	$	13,335	$	6,527,216
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/46(4)		10,000		11,255,100
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/46		6,380		7,110,510
North Texas Tollway Authority, (AGC), 6.20%, 1/1/42		37,070		45,463,389
			$	70,356,215
Lease Revenue / Certificates of Participation — 3.1%
Hillsborough County, FL, 4.00%, 8/1/31	$	4,840	$	5,792,512
Hillsborough County, FL, 4.00%, 8/1/34		5,445		6,384,045
Hudson Yards Infrastructure Corp., NY, 4.00%, 2/15/44		6,660		7,419,506
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/34		8,460		9,969,264
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/35		13,300		15,614,732
Texas, Tax and Revenue Anticipation Notes, 4.00%, 8/27/20		50,000		51,202,000
			$	96,382,059
Nursing Home — 0.2%
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25	$	5,715	$	5,769,121
			$	5,769,121

18 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Other Revenue — 3.0%
Battery Park City Authority, NY, 5.00%, 11/1/40	$	2,955	$	3,801,046
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(8)		250		45,000
Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38(2)		1,865		2,074,346
Kalispel Tribe of Indians, WA, Series B, 5.25%, 1/1/38(2)		1,000		1,112,250
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/33		10,000		11,698,800
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/43		11,575		13,602,824
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 6.25%, 12/15/26		19,645		22,926,894
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/30		4,845		5,290,498
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/32		29,755		32,388,615
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 2.471%, (67% of 1 mo. USD LIBOR + 1.10%), 7/1/22 (Put Date), 1/1/42(5)		1,000		1,006,910
			$	93,947,183
Senior Living / Life Care — 0.4%
Delaware Economic Development Authority, (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/48	$	2,500	$	2,886,950
Logan County, CO, (TLC Care Choices, Inc.), 6.875%, 12/1/23(9)		409		110,475
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/47		7,500		8,174,850
Rockville, MD, (Ingleside at King Farm), 5.00%, 11/1/31		1,010		1,151,743
Rockville, MD, (Ingleside at King Farm), 5.00%, 11/1/32		525		596,243
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 5.00%, 9/15/40		750		791,745
			$	13,712,006
Special Tax Revenue — 9.7%
Illinois Sports Facilities Authority, 5.00%, 6/15/29	$	2,000	$	2,413,180
Illinois Sports Facilities Authority, 5.00%, 6/15/30		1,200		1,436,520
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 7/1/42		5,550		6,795,198
New River Community Development District, FL, (Capital Improvements), 5.00%, 5/1/13(8)		230		0
New River Community Development District, FL, (Capital Improvements), 5.35%, 5/1/38(8)		80		0
New River Community Development District, FL, (Capital Improvements), Series 2010A-2, 5.75%, 5/1/38		380		379,973
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 5/1/37		7,500		8,474,775

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 8/1/37	$	1,480	$	1,666,362
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 11/1/37		10,000		11,567,500
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 8/1/38		5,000		5,713,650
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 11/1/38		8,500		9,791,830
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 8/1/39		7,500		8,537,775
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 5/1/42		5,695		6,304,593
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 2/1/35		10,375		12,116,444
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 5/1/35		24,725		31,402,728
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/35		10,485		12,854,505
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 5/1/36		4,050		5,022,041
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/36		10,000		11,801,500
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 5/1/39		9,240		11,155,729
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 5/1/40		5,970		7,091,345
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/40		5,000		5,969,800
New York City Transitional Finance Authority, NY, Future Tax Revenue, 2015 Series B, 5.00%, 8/1/39		4,585		5,294,758
New York City Transitional Finance Authority, NY, Future Tax Revenue, 2018 Series A, 5.00%, 8/1/39		11,845		14,368,103
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/45		10,000		11,491,000
New York Dormitory Authority, Personal Income Tax Revenue, Series 2013A, 5.00%, 2/15/43		12,755		14,243,636
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/29		9,670		12,306,816
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/36		7,840		9,441,790
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/40		10,000		12,043,600
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/27		1,620		2,018,763
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/28		1,705		2,166,816
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/29		1,790		2,292,972

19 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/31	$	970	$	1,227,962
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/32		2,070		2,606,523
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/47		6,515		7,374,198
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/35		10,000		11,855,800
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/41		10,000		12,344,700
Puerto Rico Sales Tax Financing Corp., 4.329%, 7/1/40		5,536		5,632,769
Puerto Rico Sales Tax Financing Corp., 4.784%, 7/1/58		2,219		2,307,960
Southern Hills Plantation I Community Development District, FL, Series A1, 5.80%, 5/1/35		455		454,950
Southern Hills Plantation I Community Development District, FL, Series A2, 5.80%, 5/1/35		330		301,825
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		11,519,500
			$	302,770,143
Student Loan — 0.2%
New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/28	$	5,340	$	5,847,353
			$	5,847,353
Transportation — 23.8%
Atlanta, GA, Airport Revenue, (AMT), 4.00%, 7/1/33	$	3,575	$	4,112,644
Atlanta, GA, Airport Revenue, (AMT), 4.00%, 7/1/34		3,480		3,984,043
Atlanta, GA, Airport Revenue, (AMT), 4.00%, 7/1/36		5,000		5,684,700
Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/35		2,625		3,282,326
Charleston County Airport District, SC, (AMT), 5.50%, 7/1/38		10,000		11,203,400
Chicago, IL, (Midway International Airport), 5.00%, 1/1/33		4,735		5,338,239
Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/34		5,250		5,855,115
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/36		6,000		7,060,800
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/23		1,125		1,245,398
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/25		16,100		17,806,922
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/33		7,300		8,359,303
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/39		4,000		4,845,040

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31	$	10,395	$	11,895,102
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.25%, 11/1/30		11,015		12,515,684
Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/34		3,100		3,595,814
Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/39		3,225		3,677,984
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/31		3,850		4,419,107
Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 12/1/37		10,000		12,172,300
Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/41		2,935		3,357,405
Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/43		10,000		12,016,400
Houston, TX, (United Airlines, Inc.), (AMT), 5.00%, 7/1/29		7,670		8,599,221
Illinois Toll Highway Authority, 5.00%, 1/1/40		1,000		1,159,090
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AMT), 5.00%, 3/1/46		31,930		38,203,606
Kansas Department of Transportation, 5.00%, 9/1/30		20,000		23,446,200
Los Angeles Department of Airports, CA, (Los Angeles International Airport), 5.00%, 5/15/35(4)		7,200		7,363,296
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/24		1,200		1,387,380
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/26		1,335		1,619,208
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/30		5,325		6,778,565
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/31		2,250		2,850,615
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/32		6,100		7,698,200
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/33		10,000		12,366,500
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/40		6,000		6,881,220
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/41		9,000		10,497,780
Louisiana Offshore Terminal Authority, (LOOP LLC), 2.00% to 10/1/22 (Put Date), 10/1/40		2,000		2,019,340
Love Field Airport Modernization Corp., TX, (AMT), 5.00%, 11/1/24		1,500		1,749,960
Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/35		1,050		1,271,897
Massachusetts Port Authority, 5.00%, 7/1/32		3,800		4,918,454
Massachusetts Port Authority, (AMT), 5.00%, 7/1/26		10,105		12,279,293
Massachusetts Port Authority, (AMT), 5.00%, 7/1/30		3,000		3,835,560
Massachusetts Port Authority, (AMT), 5.00%, 7/1/31		2,965		3,769,849

20 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Massachusetts Port Authority, (AMT), 5.00%, 7/1/32	$	4,200	$	5,315,478
Massachusetts Port Authority, (AMT), 5.00%, 7/1/33		4,410		5,566,875
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/35		3,440		4,184,485
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/36		3,200		3,882,496
Metropolitan Transportation Authority, NY, 5.25%, 11/15/33		4,250		4,910,663
Metropolitan Transportation Authority, NY, Green Bonds, 0.00%, 11/15/32		16,050		11,580,556
Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/39		18,240		22,698,403
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/28		4,500		5,217,210
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/30		5,840		7,458,264
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/31		6,130		7,785,345
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/42		2,000		2,381,120
Miami-Dade County, FL, Aviation Revenue, (AMT), 4.00%, 10/1/44		5,000		5,530,700
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/33		23,250		26,512,207
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/36		10,000		11,347,100
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/38		2,560		3,087,283
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/40		32,530		38,501,207
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/41		2,470		2,958,492
Minneapolis-St. Paul Metropolitan Airports Commission, MN, (AMT), 5.00%, 1/1/32(6)		3,710		4,654,789
New Jersey Transportation Trust Fund Authority, (Transportation Program), 2.78%, (SIFMA + 1.20%), 12/15/21 (Put Date), 6/15/34(5)		2,275		2,289,242
New Jersey Turnpike Authority, 4.00%, 1/1/48		5,985		6,696,078
New Jersey Turnpike Authority, 5.00%, 1/1/37		10,000		12,213,800
New Jersey Turnpike Authority, Series 2014A, 5.00%, 1/1/31		10,000		11,586,700
New Jersey Turnpike Authority, Series 2015E, 5.00%, 1/1/31		2,680		3,146,802
New Jersey Turnpike Authority, Series 2017B, 5.00%, 1/1/31		3,560		4,456,586
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/41		14,090		15,669,771
North Texas Tollway Authority, 5.00%, 1/1/29		5,000		6,011,500

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Oregon Department of Transportation, 5.00%, 11/15/38	$	250	$	281,790
Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/35		11,855		12,182,554
Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/35		3,145		3,231,896
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		5,005		5,240,085
Port Authority of New York and New Jersey, 5.00%, 5/1/40		3,585		4,192,478
Port Authority of New York and New Jersey, (AMT), 4.00%, 9/1/34		10,800		11,903,328
Port Authority of New York and New Jersey, (AMT), 5.00%, 9/15/31		15,000		18,677,400
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/1/35		5,000		5,968,250
Port Authority of New York and New Jersey, (AMT), 5.00%, 4/1/36		11,555		13,778,298
Port of Seattle, WA, (AMT), 5.00%, 4/1/23		2,000		2,239,320
Port of Seattle, WA, (AMT), 5.00%, 4/1/24		1,750		2,012,290
Port of Seattle, WA, (AMT), 5.00%, 4/1/25		1,500		1,763,145
Public Finance Authority, WI, (Denver International Airport Great Hall), (AMT), 5.00%, 9/30/26		490		505,969
Public Finance Authority, WI, (Denver International Airport Great Hall), (AMT), 5.00%, 9/30/27		710		733,331
Public Finance Authority, WI, (Denver International Airport Great Hall), (AMT), 5.00%, 9/30/37		2,405		2,479,194
Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/38		7,165		8,683,980
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/35		4,060		5,055,877
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/41		25,630		29,840,496
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/44		8,535		9,618,860
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/46		5,000		5,789,200
Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34		29,200		30,504,656
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39		24,110		24,452,121
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58		5,820		6,802,300
			$	742,702,930

21 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer — 7.0%
California Department of Water Resources, (Central Valley Project), 5.00%, 12/1/32	$	7,750	$	10,243,330
California Department of Water Resources, (Central Valley Project), 5.00%, 12/1/34		3,290		4,312,960
Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39		22,500		24,501,600
Detroit, MI, Water Supply System, 5.00%, 7/1/41		2,185		2,295,736
Detroit, MI, Water Supply System, 5.25%, 7/1/41		56,420		59,820,998
East Bay Municipal Utility District, CA, Water System Revenue, 5.00%, 6/1/35		2,905		3,622,767
East Bay Municipal Utility District, CA, Water System Revenue, 5.00%, 6/1/37		7,280		8,640,778
East Bay Municipal Utility District, CA, Water System Revenue, Green Bonds, 5.00%, 6/1/35		1,000		1,301,640
East Bay Municipal Utility District, CA, Water System Revenue, Green Bonds, 5.00%, 6/1/37		4,200		5,422,410
Metropolitan Water District of Southern California, 5.00%, 7/1/32		1,615		2,127,649
Metropolitan Water District of Southern California, 5.00%, 7/1/34		5,000		6,545,950
Metropolitan Water District of Southern California, 5.00%, 7/1/35		12,500		16,315,750
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33		8,095		9,232,348
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/44		8,095		8,719,772
Missoula, MT, Water System Revenue, 4.00%, 7/1/37		600		681,786
Missoula, MT, Water System Revenue, 5.00%, 7/1/33		565		709,617
Missoula, MT, Water System Revenue, 5.00%, 7/1/35		1,135		1,417,399
Missoula, MT, Water System Revenue, 5.00%, 7/1/36		800		996,456
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.00%, 6/15/35		6,680		8,017,002
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: Bank of Montreal), 1.75%, 6/15/49(3)		9,365		9,365,000
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: PNC Bank, N.A.), 1.75%, 6/15/46(3)		21,600		21,600,000
Tarrant Regional Water District, TX, 5.00%, 3/1/30		10,000		11,544,500
Virginia Beach, VA, Storm Water Utility Revenue, 4.00%, 11/15/30		1,140		1,379,354
Virginia Beach, VA, Storm Water Utility Revenue, 4.00%, 11/15/31		1,085		1,296,890
			$	220,111,692
Total Tax-Exempt Municipal Securities — 100.7% (identified cost $2,958,206,181)			$	3,148,059,697

Taxable Municipal Securities — 2.8%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.0%(7)
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(1)	$	3,543	$	885,740
			$	885,740
General Obligations — 0.1%
Chicago, IL, 7.75%, 1/1/42	$	4,050	$	4,666,167
			$	4,666,167
Hospital — 1.2%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	34,250	$	37,361,612
			$	37,361,612
Insured – Transportation — 1.5%
Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/26	$	22,500	$	18,366,525
Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/27		34,390		27,000,277
			$	45,366,802
Total Taxable Municipal Securities — 2.8% (identified cost $77,532,052)			$	88,280,321
Trust Units — 0.1%
Security	Notional Amount (000’s omitted)		Value
Insured – Special Tax Revenue — 0.1%
COFINA Series 2007A Senior Bonds Due 2045 National Custodial Trust (taxable), 8/1/45(10)	$	10,207	$	1,403,412
COFINA Series 2007A Senior Bonds Due 2045 National Custodial Trust (non-taxable), 8/1/45(10)		30,996		1,549,791
Total Trust Units — 0.1% (identified cost $2,778,783)			$	2,953,203

22 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2019

Portfolio of Investments — continued

Corporate Bonds & Notes — 0.2%
Security	Principal Amount (000’s omitted)		Value
Health Care — 0.2%
Providence St. Joseph Health Obligated Group, 2.532%, 10/1/29(6)	$	5,000	$	4,994,739
Total Corporate Bonds & Notes — 0.2% (identified cost $5,000,000)			$	4,994,739
Total Investments — 103.8% (identified cost $3,043,517,016)			$	3,244,287,960
Other Assets, Less Liabilities — (3.8)%			$	(117,900,906	)
Net Assets — 100.0%			$	3,126,387,054

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

At September 30, 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	22.3%
California	18.2%
Texas	13.1%
Others, representing less than 10% individually	50.2%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At September 30, 2019, 5.9% 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 1.4% to 2.2% of total investments.

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

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2019, the aggregate value of these securities is $10,437,666 or 0.3% of the Fund’s net assets.

⁽³⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at September 30, 2019.

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

⁽⁵⁾  Floating rate security. The stated interest rate represents the rate in effect at September 30, 2019.

⁽⁶⁾  When-issued security.

⁽⁷⁾  Amount is less than 0.05%.

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

⁽⁹⁾  Security is in default and making only partial interest payments.

⁽¹⁰⁾  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.
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
SPA	–	Standby Bond Purchase Agreement

Currency Abbreviations:

USD – United States Dollar

23 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2019

Statements of Assets and Liabilities

	September 30, 2019
Assets	AMT-Free Fund		National Fund
Investments —
Identified cost	$	313,143,038	$	3,043,517,016
Unrealized appreciation		29,582,452		200,770,944
Investments, at value	$	342,725,490	$	3,244,287,960
Cash	$	1,422,772	$	9,148,467
Interest receivable		4,268,551		35,278,243
Receivable for investments sold		1,018,245		22,502,805
Receivable for Fund shares sold		644,381		5,733,125
Total assets	$	350,079,439	$	3,316,950,600
Liabilities
Payable for floating rate notes issued	$	29,827,964	$	138,724,161
Payable for when-issued securities		2,233,356		41,574,545
Payable for Fund shares redeemed		987,786		6,030,757
Distributions payable		170,796		1,220,216
Payable to affiliates:
Investment adviser fee		109,912		826,123
Distribution and service fees		47,361		474,546
Interest expense and fees payable		204,185		1,011,880
Accrued expenses		142,465		701,318
Total liabilities	$	33,723,825	$	190,563,546
Net Assets	$	316,355,614	$	3,126,387,054
Sources of Net Assets
Paid-in capital	$	312,671,851	$	3,112,834,039
Distributable earnings		3,683,763		13,553,015
Net Assets	$	316,355,614	$	3,126,387,054
Class A Shares
Net Assets	$	150,852,531	$	1,605,406,754
Shares Outstanding		16,307,314		158,317,809
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.25	$	10.14
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	9.71	$	10.65
Class C Shares
Net Assets	$	19,714,632	$	172,416,834
Shares Outstanding		2,143,351		17,001,022
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.20	$	10.14
Class I Shares
Net Assets	$	145,788,451	$	1,348,563,466
Shares Outstanding		14,429,793		132,991,790
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.10	$	10.14

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.

24 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2019

Statements of Operations

	Year Ended September 30, 2019
Investment Income	AMT-Free Fund			National Fund
Interest	$	13,845,302		$	111,382,897
Total investment income	$	13,845,302		$	111,382,897
Expenses
Investment adviser fee	$	1,309,576		$	9,416,330
Distribution and service fees
Class A		363,149			3,762,482
Class B		—			9,072
Class C		242,121			2,411,371
Trustees’ fees and expenses		16,396			108,500
Custodian fee		83,970			481,628
Transfer and dividend disbursing agent fees		85,825			1,034,395
Legal and accounting services		67,239			160,317
Printing and postage		18,114			158,600
Registration fees		77,399			166,264
Interest expense and fees		690,868			3,377,821
Miscellaneous		53,103			217,159
Total expenses	$	3,007,760		$	21,303,939
Net investment income	$	10,837,542		$	90,078,958
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	2,352,744		$	29,949,034
Financial futures contracts		(1,856,298	)		(7,481,052	)
Net realized gain	$	496,446		$	22,467,982
Change in unrealized appreciation (depreciation) —
Investments	$	13,090,320		$	120,188,264
Financial futures contracts		(604,959	)		(5,031,282	)
Net change in unrealized appreciation (depreciation)	$	12,485,361		$	115,156,982
Net realized and unrealized gain	$	12,981,807		$	137,624,964
Net increase in net assets from operations	$	23,819,349		$	227,703,922

25 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2019

Statements of Changes in Net Assets

	Year Ended September 30, 2019
Increase (Decrease) in Net Assets	AMT-Free Fund			National Fund
From operations —
Net investment income	$	10,837,542		$	90,078,958
Net realized gain		496,446			22,467,982
Net change in unrealized appreciation (depreciation)		12,485,361			115,156,982
Net increase in net assets from operations	$	23,819,349		$	227,703,922
Distributions to shareholders —
Class A	$	(5,125,467	)	$	(49,279,956	)
Class B		—			(23,586	)
Class C		(675,044	)		(6,179,246	)
Class I		(5,080,058	)		(34,955,784	)
Total distributions to shareholders	$	(10,880,569	)	$	(90,438,572	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	17,120,080		$	132,818,482
Class B		—			15,727
Class C		3,443,300			28,224,568
Class I		37,835,385			787,247,276
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		4,583,249			41,711,115
Class B		—			20,042
Class C		558,182			5,138,875
Class I		3,665,870			29,299,489
Cost of shares redeemed
Class A		(27,446,522	)		(234,832,240	)
Class B		—			(416,016	)
Class C		(7,032,598	)		(64,286,308	)
Class I		(33,790,772	)		(276,494,610	)
Net asset value of shares converted(1)
Class A		10,699,119			170,804,852
Class B		—			(1,625,188	)
Class C		(10,699,119	)		(169,179,664	)
Net increase (decrease) in net assets from Fund share transactions	$	(1,063,826	)	$	448,446,400
Net increase in net assets	$	11,874,954		$	585,711,750
Net Assets
At beginning of year	$	304,480,660		$	2,540,675,304
At end of year	$	316,355,614		$	3,126,387,054

⁽¹⁾  Includes the conversion of Class B to Class A shares at the close of business on August 15, 2019 upon the termination of Class B.

26 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 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

27 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2019

Financial Highlights

	AMT-Free Fund — Class A
	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	8.870		$	9.130		$	9.430		$	9.210		$	9.350
Income (Loss) From Operations
Net investment income(1)	$	0.317		$	0.336		$	0.351		$	0.358		$	0.374
Net realized and unrealized gain (loss)		0.381			(0.262	)		(0.298	)		0.218			(0.142	)
Total income from operations	$	0.698		$	0.074		$	0.053		$	0.576		$	0.232
Less Distributions
From net investment income	$	(0.318	)	$	(0.334	)	$	(0.353	)	$	(0.356	)	$	(0.372	)
Total distributions	$	(0.318	)	$	(0.334	)	$	(0.353	)	$	(0.356	)	$	(0.372	)
Net asset value — End of year	$	9.250		$	8.870		$	9.130		$	9.430		$	9.210
Total Return(2)		8.02	%		0.83	%		0.64	%		6.33	%		2.52	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	150,853		$	139,623		$	155,589		$	198,762		$	194,227
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(3)		0.81	%		0.81	%		0.82	%		0.81	%		0.82	%
Interest and fee expense(4)		0.23	%		0.24	%		0.16	%		0.10	%		0.08	%
Total expenses(3)		1.04	%		1.05	%		0.98	%		0.91	%		0.90	%
Net investment income		3.51	%		3.74	%		3.86	%		3.81	%		4.02	%
Portfolio Turnover		33	%		18	%		33	%		21	%		17	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

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

28 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2019

Financial Highlights — continued

	AMT-Free Fund — Class C
	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	8.820		$	9.080		$	9.380		$	9.160		$	9.300
Income (Loss) From Operations
Net investment income(1)	$	0.249		$	0.267		$	0.281		$	0.286		$	0.302
Net realized and unrealized gain (loss)		0.380			(0.262	)		(0.298	)		0.218			(0.142	)
Total income (loss) from operations	$	0.629		$	0.005		$	(0.017	)	$	0.504		$	0.160
Less Distributions
From net investment income	$	(0.249	)	$	(0.265	)	$	(0.283	)	$	(0.284	)	$	(0.300	)
Total distributions	$	(0.249	)	$	(0.265	)	$	(0.283	)	$	(0.284	)	$	(0.300	)
Net asset value — End of year	$	9.200		$	8.820		$	9.080		$	9.380		$	9.160
Total Return(2)		7.24	%		0.06	%		(0.12	)%		5.56	%		1.75	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	19,715		$	32,545		$	39,099		$	45,606		$	41,903
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(3)		1.56	%		1.56	%		1.57	%		1.56	%		1.57	%
Interest and fee expense(4)		0.23	%		0.24	%		0.16	%		0.10	%		0.08	%
Total expenses(3)		1.79	%		1.80	%		1.73	%		1.66	%		1.65	%
Net investment income		2.78	%		2.99	%		3.11	%		3.06	%		3.27	%
Portfolio Turnover		33	%		18	%		33	%		21	%		17	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

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

29 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2019

Financial Highlights — continued

	AMT-Free Fund — Class I
	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	9.680		$	9.970		$	10.300		$	10.060		$	10.210
Income (Loss) From Operations
Net investment income(1)	$	0.370		$	0.391		$	0.407		$	0.415		$	0.434
Net realized and unrealized gain (loss)		0.422			(0.292	)		(0.327	)		0.240			(0.152	)
Total income from operations	$	0.792		$	0.099		$	0.080		$	0.655		$	0.282
Less Distributions
From net investment income	$	(0.372	)	$	(0.389	)	$	(0.410	)	$	(0.415	)	$	(0.432	)
Total distributions	$	(0.372	)	$	(0.389	)	$	(0.410	)	$	(0.415	)	$	(0.432	)
Net asset value — End of year	$	10.100		$	9.680		$	9.970		$	10.300		$	10.060
Total Return(2)		8.34	%		1.02	%		0.87	%		6.60	%		2.70	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	145,788		$	132,313		$	154,177		$	154,458		$	109,937
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(3)		0.56	%		0.56	%		0.57	%		0.56	%		0.57	%
Interest and fee expense(4)		0.23	%		0.24	%		0.16	%		0.10	%		0.08	%
Total expenses(3)		0.79	%		0.80	%		0.73	%		0.66	%		0.65	%
Net investment income		3.76	%		3.98	%		4.09	%		4.04	%		4.27	%
Portfolio Turnover		33	%		18	%		33	%		21	%		17	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

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

30 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2019

Financial Highlights — continued

	National Fund — Class A
	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	9.650		$	9.930		$	10.170		$	9.810		$	9.870
Income (Loss) From Operations
Net investment income(1)	$	0.322		$	0.350		$	0.366		$	0.385		$	0.389
Net realized and unrealized gain (loss)		0.491			(0.277	)		(0.242	)		0.357			(0.064	)
Total income from operations	$	0.813		$	0.073		$	0.124		$	0.742		$	0.325
Less Distributions
From net investment income	$	(0.323	)	$	(0.353	)	$	(0.364	)	$	(0.382	)	$	(0.385	)
Total distributions	$	(0.323	)	$	(0.353	)	$	(0.364	)	$	(0.382	)	$	(0.385	)
Net asset value — End of year	$	10.140		$	9.650		$	9.930		$	10.170		$	9.810
Total Return(2)		8.57	%		0.76	%		1.31	%		7.68	%		3.35	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	1,605,407		$	1,419,239		$	1,600,127		$	1,857,375		$	1,899,324
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(3)		0.68	%		0.69	%		0.68	%		0.67	%		0.67	%
Interest and fee expense(4)		0.12	%		0.19	%		0.16	%		0.12	%		0.09	%
Total expenses(3)		0.80	%		0.88	%		0.84	%		0.79	%		0.76	%
Net investment income		3.26	%		3.58	%		3.71	%		3.83	%		3.94	%
Portfolio Turnover		89	%		67	%		70	%		71	%		57	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

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

31 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2019

Financial Highlights — continued

	National Fund — Class C
	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	9.650		$	9.930		$	10.170		$	9.810		$	9.870
Income (Loss) From Operations
Net investment income(1)	$	0.252		$	0.276		$	0.292		$	0.310		$	0.315
Net realized and unrealized gain (loss)		0.488			(0.276	)		(0.242	)		0.357			(0.064	)
Total income from operations	$	0.740		$	—		$	0.050		$	0.667		$	0.251
Less Distributions
From net investment income	$	(0.250	)	$	(0.280	)	$	(0.290	)	$	(0.307	)	$	(0.311	)
Total distributions	$	(0.250	)	$	(0.280	)	$	(0.290	)	$	(0.307	)	$	(0.311	)
Net asset value — End of year	$	10.140		$	9.650		$	9.930		$	10.170		$	9.810
Total Return(2)		7.77	%		0.01	%		0.56	%		6.88	%		2.58	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	172,417		$	363,026		$	462,269		$	576,664		$	585,346
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(3)		1.43	%		1.44	%		1.43	%		1.42	%		1.42	%
Interest and fee expense(4)		0.12	%		0.19	%		0.16	%		0.12	%		0.09	%
Total expenses(3)		1.55	%		1.63	%		1.59	%		1.54	%		1.51	%
Net investment income		2.57	%		2.83	%		2.96	%		3.08	%		3.19	%
Portfolio Turnover		89	%		67	%		70	%		71	%		57	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

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

32 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2019

Financial Highlights — continued

	National Fund — Class I
	Year Ended September 30,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	9.650		$	9.930		$	10.170		$	9.810		$	9.870
Income (Loss) From Operations
Net investment income(1)	$	0.341		$	0.374		$	0.390		$	0.410		$	0.413
Net realized and unrealized gain (loss)		0.495			(0.277	)		(0.241	)		0.357			(0.063	)
Total income from operations	$	0.836		$	0.097		$	0.149		$	0.767		$	0.350
Less Distributions
From net investment income	$	(0.346	)	$	(0.377	)	$	(0.389	)	$	(0.407	)	$	(0.410	)
Total distributions	$	(0.346	)	$	(0.377	)	$	(0.389	)	$	(0.407	)	$	(0.410	)
Net asset value — End of year	$	10.140		$	9.650		$	9.930		$	10.170		$	9.810
Total Return(2)		8.83	%		1.01	%		1.56	%		7.94	%		3.50	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	1,348,563		$	756,446		$	777,063		$	701,153		$	674,696
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(3)		0.43	%		0.44	%		0.43	%		0.42	%		0.42	%
Interest and fee expense(4)		0.12	%		0.19	%		0.16	%		0.12	%		0.09	%
Total expenses(3)		0.55	%		0.63	%		0.59	%		0.54	%		0.51	%
Net investment income		3.45	%		3.83	%		3.95	%		4.09	%		4.19	%
Portfolio Turnover		89	%		67	%		70	%		71	%		57	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

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

33 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance AMT-Free Municipal Income Fund (AMT-Free Fund) and Eaton Vance National Municipal Income Fund (National Fund) (each individually referred to as the Fund, and collectively, the Funds) are a diversified series of Eaton Vance Mutual Funds Trust and Eaton Vance Municipals Trust, respectively (collectively, the Trusts). The Trusts are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. The Funds’ investment objective is to provide current income exempt from regular federal income tax. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Funds’ prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. The National Fund previously offered Class B shares, which beginning January 1, 2012, were only available for purchase upon exchange from another Eaton Vance fund or through reinvestment of distributions. Class B shares of National Fund automatically converted to Class A shares eight years after their purchase as described in National Fund’s prospectus. At the close of business on August 15, 2019, Class B shares of National Fund were converted into Class A shares and Class B was terminated. 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 most fairly reflects the security’s “fair value”, which is the amount that a Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

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

As of September 30, 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.

34

Eaton Vance

Municipal Income Funds

September 30, 2019

Notes to Financial Statements — continued

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

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

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

H  Floating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 10) at September 30, 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 September 30, 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	$	29,827,964	$	138,724,161
Interest Rate or Range of Interest Rates (%)		1.61 - 1.63		1.56 - 1.66
Collateral for Floating Rate Notes Outstanding	$	47,258,557	$	197,210,773

For the year ended September 30, 2019, the Funds’ average settled Floating Rate Notes outstanding and the average interest rate including fees were as follows:

	AMT-Free Fund			National Fund
Average Floating Rate Notes Outstanding	$	30,661,301		$	151,521,918
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 September 30, 2019.

35

Eaton Vance

Municipal Income Funds

September 30, 2019

Notes to Financial Statements — continued

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

The Funds’ investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Funds’ investment policies do not allow the Funds to borrow money except as permitted by the 1940 Act. Management believes that the Funds’ restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Funds’ Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Funds’ restrictions apply. Residual interest bonds held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

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.

2  Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended September 30, 2019 and September 30, 2018 was as follows:

	AMT-Free Fund				National Fund
	Year Ended September 30,				Year Ended September 30,
	2019		2018		2019		2018
Tax-exempt income	$	10,804,193	$	11,929,426	$	85,494,039	$	88,289,992
Ordinary income	$	76,376	$	3,595	$	4,944,533	$	6,972,950

During the year ended September 30, 2019, the following amounts were reclassified due to expired capital loss carryforwards:

	AMT-Free Fund		National Fund
Change in:
Paid-in capital	$	—	$	(56,374,583	)
Distributable earnings	$	—	$	56,374,583

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

36

Eaton Vance

Municipal Income Funds

September 30, 2019

Notes to Financial Statements — continued

As of September 30, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

	AMT-Free Fund			National Fund
Undistributed tax-exempt income	$	1,697,354		$	11,531,246
Deferred capital losses	$	(27,887,563	)	$	(229,730,887	)
Net unrealized appreciation	$	30,044,768		$	232,972,872
Distributions payable	$	(170,796	)	$	(1,220,216	)

At September 30, 2019, the following Funds, for federal income tax purposes, had deferred capital losses which would reduce the respective Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of a Fund’s next taxable year, retaining the same short-term or long-term character as when originally deferred. The amounts of the deferred capital losses are as follows:

	AMT-Free Fund		National Fund
Deferred capital losses:
Short-term	$	14,481,444	$	135,794,015
Long-term	$	13,406,119	$	93,936,872

The cost and unrealized appreciation (depreciation) of investments of each Fund at September 30, 2019, as determined on a federal income tax basis, were as follows:

	AMT-Free Fund			National Fund
Aggregate cost	$	282,852,758		$	2,872,590,927
Gross unrealized appreciation	$	31,061,569		$	247,892,356
Gross unrealized depreciation		(1,016,801	)		(14,919,484	)
Net unrealized appreciation	$	30,044,768		$	232,972,872

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

37

Eaton Vance

Municipal Income Funds

September 30, 2019

Notes to Financial Statements — continued

For the year ended September 30, 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	$	1,309,576		$	9,416,330
Effective Annual Rate		0.43	%		0.34	%

EVM serves as the administrator of each Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also received distribution and service fees from Class A, Class B and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD for the year ended September 30, 2019 were as follows:

	AMT-Free Fund		National Fund
EVM’s Sub-Transfer Agent Fees	$	12,148	$	136,199
EVD’s Class A Sales Charges	$	12,729	$	165,827

Trustees and officers of the Funds who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment advisers may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended September 30, 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 year ended September 30, 2019 for Class A shares amounted to the following:

	AMT-Free Fund		National Fund
Class A Distribution and Service Fees	$	363,149	$	3,762,482

Each Fund also has in effect distribution plans for Class C shares (Class C Plan) and/or prior to August 16, 2019, Class B shares (Class B Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class B and Class C Plans, each Fund paid/pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class B and Class C shares for providing ongoing distribution services and facilities to the respective Funds. For the year ended September 30, 2019, the Funds paid or accrued to EVD the following distribution fees:

	AMT-Free Fund		National Fund
Class B Distribution Fees	$	—	$	6,804
Class C Distribution Fees	$	181,591	$	1,808,528

38

Eaton Vance

Municipal Income Funds

September 30, 2019

Notes to Financial Statements — continued

Pursuant to the Class B and Class C Plans, each Fund also made/makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of the average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class B and Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended September 30, 2019 amounted to the following:

	AMT-Free Fund		National Fund
Class B Service Fees	$	—	$	2,268
Class C Service Fees	$	60,530	$	602,843

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d) and for Class B, were 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 C shares made within one year of purchase and prior to August 16, 2019, on redemptions of Class B shares made within six years of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. The CDSC for Class B shares was imposed at declining rates that began at 5% in the case of redemptions in the first and second year after purchase, declining one percentage point each subsequent year. Class C shares are subject to a 1% CDSC if redeemed within one year of purchase. For the year ended September 30, 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	$	7,000	$	26,000
Class B	$	—	$	—
Class C	$	400	$	1,000

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended September 30, 2019 were as follows:

	AMT-Free Fund		National Fund
Purchases	$	109,697,869	$	3,004,203,631
Sales	$	115,120,883	$	2,600,901,685

39

Eaton Vance

Municipal Income Funds

September 30, 2019

Notes to Financial Statements — continued

7  Shares of Beneficial Interest

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

AMT-Free Fund
	Year Ended September 30, 2019
	Class A			Class C			Class I
Sales		1,899,582			386,747			3,849,738
Issued to shareholders electing to receive payments of distributions in Fund shares		507,029			62,385			371,109
Redemptions		(3,048,646	)		(790,414	)		(3,453,702	)
Converted from Class C shares		1,200,770			—			—
Converted to Class A shares		—			(1,206,708	)		—
Net increase (decrease)		558,735			(1,547,990	)		767,145
	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	)

National Fund
	Year Ended September 30, 2019
	Class A			Class B(1)			Class C			Class I
Sales		13,405,753			1,628			2,854,164			79,852,684
Issued to shareholders electing to receive payments of distributions in Fund shares		4,222,148			2,056			524,297			2,955,582
Redemptions		(23,904,165	)		(42,058	)		(6,560,819	)		(28,172,127	)
Converted from Class B shares		165,069			—			—			—
Converted from Class C shares		17,419,337			—			—			—
Converted to Class A shares		—			(165,036	)		(17,422,262	)		—
Net increase (decrease)		11,308,142			(203,410	)		(20,604,620	)		54,636,139
	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

⁽¹⁾   At the close of business on August 15, 2019, Class B shares of National Fund were converted into Class A and Class B was terminated.

40

Eaton Vance

Municipal Income Funds

September 30, 2019

Notes to Financial Statements — continued

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. The Funds did not have any significant borrowings or allocated fees during the year ended September 30, 2019.

Effective October 29, 2019, the Funds renewed their line of credit agreement, which expires October 27, 2020. In connection with the renewal, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million to $800 million.

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. At September 30, 2019, there were no obligations outstanding under these financial instruments.

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. During the year ended September 30, 2019, the Funds entered into U.S. Treasury futures contracts to hedge against changes in interest rates.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the year ended September 30, 2019 was as follows:

	AMT-Free Fund			National Fund
Realized Gain (Loss) on Derivatives Recognized in Income	$	(1,856,298	)(1)	$	(7,481,052	)(1)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	$	(604,959	)(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 year ended September 30, 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	$	20,231,000	$	65,307,000

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)

41

Eaton Vance

Municipal Income Funds

September 30, 2019

Notes to Financial Statements — continued

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

At September 30, 2019, the hierarchy of inputs used in valuing the Funds’ investments, which are carried at value, were as follows:

AMT-Free Fund
Asset Description		Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities		$	—	$	342,501,553	$	—	$	342,501,553
Trust Units			—		223,937		—		223,937
Total Investments		$	—	$	342,725,490	$	—	$	342,725,490
National Fund
Asset Description		Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities		$	—	$	3,148,059,697	$	—	$	3,148,059,697
Taxable Municipal Securities			—		88,280,321		—		88,280,321
Trust Units	��		—		2,953,203		—		2,953,203
Corporate Bonds & Notes			—		4,994,739		—		4,994,739
Total Investments		$	—	$	3,244,287,960	$	—	$	3,244,287,960

42

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2019

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance AMT-Free Municipal Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of September 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 18, 2019

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

43

Eaton Vance

National Municipal Income Fund

September 30, 2019

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance National Municipal Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Municipals Trust), including the portfolio of investments, as of September 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 18, 2019

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

44

Eaton Vance

Municipal Income Funds

September 30, 2019

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2020 will show the tax status of all distributions paid to your account in calendar year 2019. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.

Exempt-Interest Dividends.  For the fiscal year ended September 30, 2019, the Funds designate the following percentages of distributions from net investment income as exempt-interest dividends:

AMT-Free Municipal Income Fund	99.30	%
National Municipal Income Fund	94.53	%

45

Eaton Vance

Municipal Income Funds

September 30, 2019

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

At a meeting held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory and sub-advisory agreements for each of the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser andsub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory and sub-advisory agreements.

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

Information about Fees, Performance and Expenses

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

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

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

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

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

• Profitability analyses with respect to the adviser and sub-adviser (where applicable) to each of the funds;

Information about Portfolio Management and Trading

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

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

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

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

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

Information about each Adviser and Sub-adviser

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

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

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

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

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

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

46

Eaton Vance

Municipal Income Funds

September 30, 2019

Board of Trustees’ Contract Approval — continued

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

Other Relevant Information

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

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

• The terms of each investment advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fundsub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

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

Results of the Process

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

Nature, Extent and Quality of Services

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

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

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio

47

Eaton Vance

Municipal Income Funds

September 30, 2019

Board of Trustees’ Contract Approval��— continued

valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of each Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

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

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

Fund Performance

The Board compared each Fund’s investment performance to that of comparable funds and appropriate benchmark indices and assessed each Fund’s performance on the basis of total return and current income return. The Board’s review included comparative performance data with respect to each Fund for the one-, three-, five- and ten-year periods ended September 30, 2018.

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

	Performance Relative to:
Fund	Median of Peers	Primary Index	Secondary Index
Eaton Vance AMT-Free Municipal Income Fund	Consistent with	Higher	Lower
Eaton Vance National Municipal Income Fund	Higher	Higher	Lower

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

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered each Fund’s management fees and total expense ratio for the one-year period ended September 30, 2018, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on each Fund’s total expense ratio relative to comparable funds.

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

Profitability and “Fall-Out” Benefits

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

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

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

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and each Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of each Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group

48

Eaton Vance

Municipal Income Funds

September 30, 2019

Board of Trustees’ Contract Approval — continued

of funds. The Board reviewed data summarizing the increases and decreases in the assets of each Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that each Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of each advisory fee, which includes breakpoints at several asset levels, will allow each Fund to continue to benefit from any economies of scale in the future.

49

Eaton Vance

Municipal Income Funds

September 30, 2019

Management and Organization

Fund Management.  The Trustees of Eaton Vance Municipals Trust and Eaton Vance Mutual Funds Trust (collectively, the Trusts) are responsible for the overall management and supervision of the Trusts’ affairs. The Trustees and officers of the Trusts are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trusts hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trusts, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Funds’ principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 162 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serve until his or her successor is elected.

Name and Year of Birth	Trust Position(s)	Trustee Since(1)	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 162 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trusts. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm)(1991-2000). Other Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm)(1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm)(2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

50

Eaton Vance

Municipal Income Funds

September 30, 2019

Management and Organization — continued

Name and Year of Birth	Trust Position(s)	Trustee Since(1)	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm)(1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)(2001-2014). Other Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).
Marcus L. Smith 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015). Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.
Name and Year of Birth	Trust Position(s)	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”) since 2016.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM since 2016.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM since 2016.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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

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

51

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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise.If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vanceat 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F 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.

52

Investment Advisers

AMT-Free Municipal Income Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

National Municipal Income Fund

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

448    9.30.19

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling1-800-262-1122. The registrant has not amended the code of ethics as described in FormN-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in FormN-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

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

(a)-(d)

The following tables present the aggregate fees billed to each Fund for the Funds’ fiscal years ended September 30, 2018 and September 30, 2019 by the Funds’ principal accountant, Deloitte and Touche LLP (“D&T”), for professional services rendered for the audit of the Funds’ annual financial statements and fees billed for other services rendered by D&T during those periods.

Eaton VanceAMT-Free Municipal Income Fund

Fiscal Years Ended	9/30/18		9/30/19
Audit Fees	$	49,880	$	50,550
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	14,139	$	13,751
All Other Fees(3)	$	0	$	0
Total	$	64,019	$	64,301

Eaton Vance Core Plus Bond Fund

Fiscal Years Ended	9/30/18		9/30/19
Audit Fees	$	49,745	$	47,750
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	14,467	$	11,017
All Other Fees(3)	$	0	$	0
Total	$	64,212	$	58,767

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

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

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

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

Fiscal Years Ended*	10/31/17		12/31/17		1/31/18		2/28/18		9/30/18		10/31/18		12/31/18		1/31/19		2/28/19		7/31/19		9/30/19
Audit Fees	$	571,663	$	105,320	$	154,630	$	25,850	$	99,625	$	621,075	$	105,320	$	191,680	$	25,850	$	37,050	$	98,300
Audit-Related Fees(1)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Tax Fees(2)	$	351,829	$	63,439	$	52,884	$	9,890	$	28,606	$	430,938	$	65,089	$	85,957	$	11,190	$	16,000	$	24,768
All Other Fees(3)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Total	$	923,492	$	168,759	$	207,514	$	35,740	$	128,231	$	1,052,013	$	170,409	$	277,637	$	37,040	$	53,050	$	123,068

* Information is not presented for fiscal years ended 7/31/18 and 8/31/18, as no Series in the Trust with such fiscal years end were in operation during such period.

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

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

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

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

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

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule2-01(c)(7)(i)(C) of RegulationS-X.

(f) Not applicable.

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

Fiscal Years Ended*	10/31/17		12/31/17		1/31/18		2/28/18		9/30/18		10/31/18		12/31/18		1/31/19		2/28/19		7/31/19		9/30/19
Registrant(1)	$	351,829	$	63,439	$	52,884	$	9,890	$	28,606	$	430,938	$	65,089	$	85,957	$	11,190	$	16,000	$	24,768
Eaton Vance(2)	$	148,018	$	148,018	$	148,018	$	148,018	$	126,485	$	126,485	$	126,485	$	126,485	$	126,485	$	60,130	$	59,903

* Information is not presented for fiscal years ended 7/31/18 and 8/31/18, as no Series in the Trust with such fiscal years end were in operation during such period.

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

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

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant ofnon-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were notpre-approved pursuant to Rule2-01(c)(7)(ii) of RegulationS-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.    

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this 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 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:	November 21, 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:	November 21, 2019
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	November 21, 2019