Eaton Vance

Total Return Bond Fund

Semiannual Report

March 31, 2022

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations 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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. 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. The adviser is also registered as 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.

Semiannual Report March 31, 2022

Eaton Vance

Total Return Bond Fund

Table of Contents
Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Officers and Trustees	29
Privacy Notice	30
Important Notices	32

Eaton Vance

Total Return Bond Fund

March 31, 2022

Performance

Portfolio Manager(s) Matthew T. Buckley, CFA, John H. Croft, CFA and Vishal Khanduja, CFA

% Average Annual Total Returns1,2	Class Inception Date	Performance Inception Date	Six Months	One Year	Five Years	Ten Years
Class A at NAV	11/17/2009	11/17/2009	(5.48)%	(2.73)%	3.16%	3.46%
Class A with 4.75% Maximum Sales Charge	—	—	(10.00)	(7.38)	2.17	2.96
Class C at NAV	11/17/2009	11/17/2009	(5.75)	(3.38)	2.39	2.84
Class C with 1% Maximum Sales Charge	—	—	(6.68)	(4.32)	2.39	2.84
Class I at NAV	11/17/2009	11/17/2009	(5.28)	(2.41)	3.42	3.72
Bloomberg U.S. Aggregate Bond Index	—	—	(5.92)%	(4.15)%	2.14%	2.24%

% Total Annual Operating Expense Ratios3	Class A	Class C	Class I
Gross	0.82%	1.57%	0.57%
Net	0.74	1.49	0.49

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Total Return Bond Fund

March 31, 2022

Fund Profile

Eaton Vance

Total Return Bond Fund

March 31, 2022

Endnotes and Additional Disclosures

1	Bloomberg U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
2	Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase. Effective May 1, 2015, the Fund changed its investment objective and policies. Prior to May 1, 2015, the Fund invested primarily in Build America Bonds. Performance prior to May 1, 2015 reflects the Fund’s performance under its former investment objective and policies.
3	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.

Fund profile subject to change due to active management.

4

Eaton Vance

Total Return Bond Fund

March 31, 2022

Fund Expenses

Example

As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2021 to March 31, 2022).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value (10/1/21)	Ending Account Value (3/31/22)	Expenses Paid During Period* (10/1/21 – 3/31/22)	Annualized Expense Ratio
Actual
Class A	$1,000.00	$ 945.20	$3.59**	0.74%
Class C	$1,000.00	$ 942.50	$7.22**	1.49%
Class I	$1,000.00	$ 947.20	$2.38**	0.49%
Hypothetical
(5% return per year before expenses)
Class A	$1,000.00	$1,021.24	$3.73**	0.74%
Class C	$1,000.00	$1,017.50	$7.49**	1.49%
Class I	$1,000.00	$1,022.49	$2.47**	0.49%

*	Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021.
**	Absent an allocation of certain expenses to an affiliate, expenses would be higher.

5

Eaton Vance

Total Return Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited)

Eaton Vance

Total Return Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Eaton Vance

Total Return Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Eaton Vance

Total Return Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Eaton Vance

Total Return Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Eaton Vance

Total Return Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Eaton Vance

Total Return Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Eaton Vance

Total Return Bond Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (OTC)
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation	Unrealized (Depreciation)
USD	2,182,218	CAD	2,799,001	State Street Bank and Trust Company	5/31/22	$  —	$ (56,382)
						$ —	$(56,382)

Futures Contracts
Description	Number of Contracts	Position	Expiration Date	Notional Amount	Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
U.S. 2-Year Treasury Note	375	Long	6/30/22	$ 79,470,704	$ (1,067,013)
U.S. 5-Year Treasury Note	97	Long	6/30/22	11,124,688	(291,146)
U.S. 10-Year Treasury Note	21	Long	6/21/22	2,580,375	(79,443)
U.S. Long Treasury Bond	11	Long	6/21/22	1,650,687	(52,958)
U.S. Ultra-Long Treasury Bond	(65)	Short	6/21/22	(11,513,125)	412,753
U.S. Ultra 10-Year Treasury Note	(314)	Short	6/21/22	(42,537,188)	1,410,444
					$ 332,637

Abbreviations:
LIBOR	– London Interbank Offered Rate
OTC	– Over-the-counter
SOFR	– Secured Overnight Financing Rate

Currency Abbreviations:
CAD	– Canadian Dollar
IDR	– Indonesian Rupiah
MXN	– Mexican Peso
USD	– United States Dollar

13

See Notes to Financial Statements.

Eaton Vance

Total Return Bond Fund

March 31, 2022

Statement of Assets and Liabilities (Unaudited)

	March 31, 2022
Assets
Unaffiliated investments, at value (identified cost $770,538,686)	$ 723,777,917
Affiliated investments, at value (identified cost $25,067,988)	22,995,549
Cash	133,465
Deposits for derivatives collateral — financial futures contracts	1,086,233
Dividends and interest receivable	4,233,743
Interest and dividends receivable from affiliated investments	66,038
Receivable for investments sold	624,216
Receivable for Fund shares sold	2,873,596
Receivable from affiliate	91,654
Total assets	$755,882,411
Liabilities
Payable for investments purchased	$ 551,102
Payable for when-issued securities	3,156,000
Payable for Fund shares redeemed	4,333,292
Payable for variation margin on open futures contracts	83,125
Payable for open forward foreign currency exchange contracts	56,382
Distributions payable	9,908
Due to custodian — foreign currency, at value (identified cost $89)	88
Payable to affiliates:
Investment adviser fee	287,078
Distribution and service fees	56,233
Accrued expenses	247,304
Total liabilities	$ 8,780,512
Net Assets	$747,101,899
Sources of Net Assets
Paid-in capital	$ 799,157,673
Accumulated loss	(52,055,774)
Net Assets	$747,101,899
Class A Shares
Net Assets	$ 100,461,340
Shares Outstanding	8,769,748
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$ 11.46
Maximum Offering Price Per Share  (100 ÷ 95.25 of net asset value per share)	$ 12.03
Class C Shares
Net Assets	$ 39,536,969
Shares Outstanding	3,453,380
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding)	$ 11.45
Class I Shares
Net Assets	$ 607,103,590
Shares Outstanding	53,042,142
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$ 11.45

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

Total Return Bond Fund

March 31, 2022

Statement of Operations (Unaudited)

	Six Months Ended
	March 31, 2022
Investment Income
Dividend income	$ 301,909
Dividend income from affiliated investment	7,883
Interest income (net of foreign taxes, $609)	11,893,617
Interest income from affiliated investments	537,289
Total investment income	$ 12,740,698
Expenses
Investment adviser fee	$ 1,850,217
Distribution and service fees:
Class A	135,112
Class C	224,456
Trustees’ fees and expenses	21,900
Custodian fee	104,013
Transfer and dividend disbursing agent fees	240,889
Legal and accounting services	13,136
Printing and postage	58,225
Registration fees	45,231
Miscellaneous	21,823
Total expenses	$ 2,715,002
Deduct:
Allocation of expenses to affiliate	$ 342,165
Total expense reductions	$ 342,165
Net expenses	$ 2,372,837
Net investment income	$ 10,367,861
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment transactions	$ (2,557,068)
Investment transactions - affiliated investments	(40,238)
Futures contracts	3,102,787
Foreign currency transactions	(20,601)
Forward foreign currency exchange contracts	33,810
Net realized gain	$ 518,690
Change in unrealized appreciation (depreciation):
Investments (including net decrease in accrued foreign capital gains taxes of $64,922)	$ (53,203,803)
Investments - affiliated investments	(690,142)
Futures contracts	(1,248,533)
Foreign currency	7,098
Forward foreign currency exchange contracts	(56,382)
Net change in unrealized appreciation (depreciation)	$(55,191,762)
Net realized and unrealized loss	$(54,673,072)
Net decrease in net assets from operations	$(44,305,211)

15

See Notes to Financial Statements.

Eaton Vance

Total Return Bond Fund

March 31, 2022

Statements of Changes in Net Assets

	Six Months Ended March 31, 2022 (Unaudited)	Year Ended September 30, 2021
Increase (Decrease) in Net Assets
From operations:
Net investment income	$ 10,367,861	$ 19,603,368
Net realized gain	518,690	8,413,857
Net change in unrealized appreciation (depreciation)	(55,191,762)	23,331,636
Net increase (decrease) in net assets from operations	$ (44,305,211)	$ 51,348,861
Distributions to shareholders:
Class A	$ (2,024,558)	$ (3,322,201)
Class C	(672,253)	(1,205,585)
Class I	(13,490,908)	(18,168,241)
Total distributions to shareholders	$ (16,187,719)	$ (22,696,027)
Transactions in shares of beneficial interest:
Class A	$ 1,040,425	$ (33,713,494)
Class C	(5,652,889)	(7,972,469)
Class I	26,001,304	77,171,244
Net increase in net assets from Fund share transactions	$ 21,388,840	$ 35,485,281
Net increase (decrease) in net assets	$ (39,104,090)	$ 64,138,115
Net Assets
At beginning of period	$ 786,205,989	$ 722,067,874
At end of period	$747,101,899	$786,205,989

16

See Notes to Financial Statements.

Eaton Vance

Total Return Bond Fund

March 31, 2022

Financial Highlights

	Class A
		Year Ended September 30,
	Six Months Ended March 31, 2022 (Unaudited)	2021	2020	2019	2018	2017
Net asset value — Beginning of period	$ 12.340	$ 11.820	$ 11.990	$ 11.570	$ 11.930	$ 11.630
Income (Loss) From Operations
Net investment income(1)	$ 0.142	$ 0.330	$ 0.395	$ 0.427	$ 0.402	$ 0.367
Net realized and unrealized gain (loss)	(0.797)	0.573	(0.143)	0.451	(0.344)	0.319
Total income (loss) from operations	$ (0.655)	$ 0.903	$ 0.252	$ 0.878	$ 0.058	$ 0.686
Less Distributions
From net investment income	$ (0.152)	$ (0.323)	$ (0.413)	$ (0.458)	$ (0.409)	$ (0.322)
From net realized gain	(0.073)	(0.060)	(0.009)	—	(0.009)	—
Tax return of capital	—	—	—	—	—	(0.064)
Total distributions	$ (0.225)	$ (0.383)	$ (0.422)	$ (0.458)	$ (0.418)	$ (0.386)
Net asset value — End of period	$ 11.460	$ 12.340	$ 11.820	$ 11.990	$11.570	$11.930
Total Return(2)(3)	(5.48)% (4)	7.72%	2.21%	7.76%	0.50%	6.01%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$100,461	$107,380	$136,688	$137,889	$ 43,503	$ 33,927
Ratios (as a percentage of average daily net assets):
Expenses (3)	0.74% (5)	0.74%	0.74%	0.74%	0.74%	0.77%
Net investment income	2.36% (5)	2.70%	3.38%	3.62%	3.43%	3.13%
Portfolio Turnover	75% (4)(6)	85% (6)	89%	75%	43%	61%

(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 0.08%, 0.08%, 0.11%, 0.11%, 0.22% and 0.36% of average daily net assets for the six months ended March 31, 2022 and the years ended September 30, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.
(4)	Not annualized.
(5)	Annualized.
(6)	Includes the effect of To-Be-Announced (TBA) transactions.

17

See Notes to Financial Statements.

Eaton Vance

Total Return Bond Fund

March 31, 2022

Financial Highlights — continued

	Class C
		Year Ended September 30,
	Six Months Ended March 31, 2022 (Unaudited)	2021	2020	2019	2018	2017
Net asset value — Beginning of period	$ 12.330	$ 11.820	$ 11.990	$ 11.560	$ 11.920	$ 11.620
Income (Loss) From Operations
Net investment income(1)	$ 0.096	$ 0.238	$ 0.307	$ 0.344	$ 0.313	$ 0.282
Net realized and unrealized gain (loss)	(0.797)	0.564	(0.142)	0.456	(0.343)	0.317
Total income (loss) from operations	$ (0.701)	$ 0.802	$ 0.165	$ 0.800	$ (0.030)	$ 0.599
Less Distributions
From net investment income	$ (0.106)	$ (0.232)	$ (0.326)	$ (0.370)	$ (0.321)	$ (0.249)
From net realized gain	(0.073)	(0.060)	(0.009)	—	(0.009)	—
Tax return of capital	—	—	—	—	—	(0.050)
Total distributions	$ (0.179)	$ (0.292)	$ (0.335)	$ (0.370)	$ (0.330)	$ (0.299)
Net asset value — End of period	$11.450	$12.330	$11.820	$11.990	$11.560	$11.920
Total Return(2)(3)	(5.75)% (4)	6.83%	1.45%	7.05%	(0.25)%	5.23%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$ 39,537	$ 48,423	$ 54,189	$ 52,001	$ 20,926	$ 19,197
Ratios (as a percentage of average daily net assets):
Expenses (3)	1.49% (5)	1.49%	1.49%	1.49%	1.49%	1.52%
Net investment income	1.60% (5)	1.95%	2.63%	2.93%	2.67%	2.41%
Portfolio Turnover	75% (4)(6)	85% (6)	89%	75%	43%	61%

(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 0.08%, 0.08%, 0.11%, 0.11%, 0.22% and 0.36% of average daily net assets for the six months ended March 31, 2022 and the years ended September 30, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.
(4)	Not annualized.
(5)	Annualized.
(6)	Includes the effect of To-Be-Announced (TBA) transactions.

18

See Notes to Financial Statements.

Eaton Vance

Total Return Bond Fund

March 31, 2022

Financial Highlights — continued

	Class I
		Year Ended September 30,
	Six Months Ended March 31, 2022 (Unaudited)	2021	2020	2019	2018	2017
Net asset value — Beginning of period	$ 12.330	$ 11.810	$ 11.990	$ 11.560	$ 11.920	$ 11.620
Income (Loss) From Operations
Net investment income(1)	$ 0.157	$ 0.356	$ 0.423	$ 0.457	$ 0.440	$ 0.399
Net realized and unrealized gain (loss)	(0.798)	0.578	(0.152)	0.460	(0.352)	0.316
Total income (loss) from operations	$ (0.641)	$ 0.934	$ 0.271	$ 0.917	$ 0.088	$ 0.715
Less Distributions
From net investment income	$ (0.166)	$ (0.354)	$ (0.442)	$ (0.487)	$ (0.439)	$ (0.346)
From net realized gain	(0.073)	(0.060)	(0.009)	—	(0.009)	—
Tax return of capital	—	—	—	—	—	(0.069)
Total distributions	$ (0.239)	$ (0.414)	$ (0.451)	$ (0.487)	$ (0.448)	$ (0.415)
Net asset value — End of period	$ 11.450	$ 12.330	$ 11.810	$ 11.990	$ 11.560	$11.920
Total Return(2)(3)	(5.28)% (4)	8.00%	2.37%	8.12%	0.74%	6.28%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$607,104	$630,403	$531,191	$622,727	$152,363	$ 41,563
Ratios (as a percentage of average daily net assets):
Expenses (3)	0.49% (5)	0.49%	0.49%	0.49%	0.49%	0.52%
Net investment income	2.61% (5)	2.92%	3.62%	3.89%	3.77%	3.40%
Portfolio Turnover	75% (4)(6)	85% (6)	89%	75%	43%	61%

(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 0.08%, 0.08%, 0.11%, 0.11%, 0.22% and 0.36% of average daily net assets for the six months ended March 31, 2022 and the years ended September 30, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.
(4)	Not annualized.
(5)	Annualized.
(6)	Includes the effect of To-Be-Announced (TBA) transactions.

19

See Notes to Financial Statements.

Eaton Vance

Total Return Bond Fund

March 31, 2022

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Total Return 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. Effective April 29, 2022, the maximum sales charge payable upon purchase of Class A shares was reduced to 3.25%. 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 and, effective November 5, 2020, automatically convert to Class A shares eight 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 National Market System 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.

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

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

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

Affiliated Fund. Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund) is 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.

20

Eaton Vance

Total Return Bond Fund

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

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.

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

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

As of March 31, 2022, 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  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  Forward Foreign Currency Exchange Contracts—The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

21

Eaton Vance

Total Return Bond Fund

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

K  When-Issued Securities and Delayed Delivery Transactions—The Fund may purchase securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. 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, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract. A forward purchase commitment may also be closed by entering into an offsetting commitment. If an offsetting commitment is entered into, the Fund will realize a gain or loss on investments based on the price established when the Fund entered into the commitment.

L  Interim Financial Statements—The interim financial statements relating to March 31, 2022 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

At September 30, 2021, the Fund had a late year ordinary loss of $432,871 which it has elected to defer to the following taxable year pursuant to income tax regulations. Late year ordinary losses represent certain specified losses realized in that portion of a taxable year after October 31 that are treated as ordinary for tax purposes plus ordinary losses attributable to that portion of a taxable year after December 31.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at March 31, 2022, as determined on a federal income tax basis, were as follows:

Aggregate cost	$ 797,116,471
Gross unrealized appreciation	$ 3,755,091
Gross unrealized depreciation	(53,821,841)
Net unrealized depreciation	$ (50,066,750)

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate as a percentage of average daily net assets as follows and is payable monthly:

Average Daily Net Assets	Annual Fee Rate
Up to $1 billion	0.450%
$1 billion but less than $2.5 billion	0.425
$2.5 billion but less than $5 billion	0.410
Over $5 billion	0.400

For the six months ended March 31, 2022, the investment adviser fee amounted to $1,850,217 or 0.45% (annualized) of the Fund’s average daily net assets. EVM does not receive a fee for advisory services provided to Cash Reserves Fund.

22

Eaton Vance

Total Return Bond Fund

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

BMR has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.74%, 1.49% and 0.49% 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, 2023. Pursuant to this agreement, BMR was allocated $342,165 of the Fund’s operating expenses for the six months ended March 31, 2022.

EVM, an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended March 31, 2022, EVM earned $4,784 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 $6,812 as its portion of the sales charge on sales of Class A shares for the six months ended March 31, 2022. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended March 31, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2022 amounted to $135,112 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended March 31, 2022, the Fund paid or accrued to EVD $168,342 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended March 31, 2022 amounted to $56,114 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 12 months 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). Effective April 29, 2022, Class A shares may be subject to a 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended March 31, 2022, the Fund was informed that EVD received approximately $1,000 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns, TBA transactions, and principal repayments on Senior Loans, for the six months ended March 31, 2022 were as follows:

	Purchases	Sales
Investments (non-U.S. Government)	$ 221,957,298	$ 153,899,681
U.S. Government and Agency Securities	428,115,654	452,175,380
	$650,072,952	$606,075,061

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Eaton Vance

Total Return Bond Fund

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

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

	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
	Shares	Amount		Shares	Amount
Class A
Sales	1,473,217	$  17,812,803		1,767,058	$  21,649,585
Issued to shareholders electing to receive payments of distributions in Fund shares	164,558	1,986,891		266,441	3,253,050
Redemptions	(1,619,867)	(19,364,964)		(5,191,095)	(62,232,559)
Converted from Class C shares	50,047	605,695		298,148	3,616,430
Net increase (decrease)	67,955	$   1,040,425		(2,859,448)	$ (33,713,494)
Class C
Sales	207,651	$   2,518,774		776,166	$   9,493,517
Issued to shareholders electing to receive payments of distributions in Fund shares	55,385	669,464		98,682	1,203,189
Redemptions	(685,943)	(8,235,432)		(1,236,193)	(15,052,745)
Converted to Class A shares	(50,070)	(605,695)		(298,222)	(3,616,430)
Net decrease	(472,977)	$  (5,652,889)		(659,567)	$  (7,972,469)
Class I
Sales	17,665,418	$ 213,334,964		21,841,638	$ 267,564,797
Issued to shareholders electing to receive payments of distributions in Fund shares	1,115,534	13,460,183		1,485,630	18,138,739
Redemptions	(16,867,790)	(200,793,843)		(17,164,251)	(208,532,292)
Net increase	1,913,162	$  26,001,304		6,163,017	$  77,171,244

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 forward foreign currency exchange contracts and 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 March 31, 2022 is included in the Portfolio of Investments. At March 31, 2022, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objective, the Fund is subject to the following risks:

Interest Rate Risk: The Fund enters into interest rate futures contracts to seek to hedge against fluctuations in interest rates and/or to change the effective duration of its portfolio.

Foreign Exchange Risk: The Fund engages in forward foreign currency exchange contracts to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.

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Eaton Vance

Total Return Bond Fund

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

The Fund enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At March 31, 2022, the fair value of open derivatives with credit-related contingent features in a net liability position was $56,382. At March 31, 2022, there were no assets pledged by the Fund for such liability.

The over-the-counter (OTC) derivatives in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at March 31, 2022 was as follows:

		Fair Value
Risk	Derivative	Asset Derivative	Liability Derivative
Foreign Exchange	Forward foreign currency exchange contracts	$  —	$ (56,382)(1)
Interest Rate	Futures contracts	1,823,197 (2)	(1,490,560) (2)
Total		$1,823,197	$(1,546,942)
Derivatives not subject to master netting or similar agreements		$1,823,197	$(1,490,560)
Total Derivatives subject to master netting or similar agreements		$  —	$ (56,382)

(1)	Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.
(2)	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 futures contracts, as applicable.

25

Eaton Vance

Total Return Bond Fund

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

The Fund's derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Fund's derivative liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral pledged by the Fund for such liabilities as of March 31, 2022.

Counterparty	Derivative Liabilities Subject to Master Netting Agreement	Derivatives Available for Offset	Non-cash Collateral Pledged(a)	Cash Collateral Pledged(a)	Net Amount of Derivative Liabilities(b)
State Street Bank and Trust Company	$(56,382)	$ —	$ —	$ —	$(56,382)

(a)	In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(b)	Net amount represents the net amount payable to the counterparty in the event of default.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the six months ended March 31, 2022 was as follows:

Risk	Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2)
Foreign Exchange	Forward foreign currency exchange contracts	$ 33,810	$ (56,382)
Interest Rate	Futures contracts	3,102,787	(1,248,533)
Total		$3,136,597	$(1,304,915)

(1)	Statement of Operations location: Net realized gain (loss): Futures contracts and Forward foreign currency exchange contracts, respectively.
(2)	Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts and Forward foreign currency exchange contracts, respectively.

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended March 31, 2022, which are indicative of the volume of these derivative types, were approximately as follows:

Futures Contracts — Long	Futures Contracts — Short	Forward Foreign Currency Exchange Contracts*
$67,862,000	$87,002,000	$623,000

*	The average notional amount of forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

9  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 25, 2022. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) 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. In connection with the renewal of the agreement in October 2021, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended March 31, 2022.

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Eaton Vance

Total Return Bond Fund

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

10  Investments in Affiliated Issuers and Funds

The Fund invested in issuers that may be deemed to be affiliated with Morgan Stanley. At March 31, 2022, the value of the Fund's investment in affiliated issuers and funds was $22,995,550, which represents 3.1% of the Fund's net assets. Transactions in affiliated issuers and funds by the Fund for the six months ended March 31, 2022 were as follows:

Name	Value, beginning of period	Purchases	Sales proceeds	Net realized gain (loss)	Change in unrealized appreciation (depreciation)	Value, end of period	Interest/ Dividend income	Principal amount/ Units, end of period
Commercial Mortgage-Backed Securities
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2016-C29, Class C, 4.729%, 5/15/49	$ 4,420,922	$  —	$  —	$  —	$ (386,788)	$ 4,034,134	$ 99,320	$4,198,800
Series 2016-C29, Class D, 3.00%, 5/15/49	6,171,758	—	(3,378,281)	(37,253)	(230,776)	2,542,929	115,529	3,047,635
Series 2016-C32, Class D, 3.396%, 12/15/49	4,156,243	—	—	—	(306,967)	3,865,481	101,104	5,000,000
Morgan Stanley Capital I Trust:
Series 2016-UBS12, Class D, 3.312%, 12/15/49	4,135,435	—	—	—	49,381	4,212,798	146,386	7,150,000
Series 2019-BPR, Class B, 2.497%, (1 mo. USD LIBOR + 2.10%), 5/15/36	3,760,855	—	—	—	96,230	3,862,820	50,245	3,960,000
Series 2019-BPR, Class C, 3.447%, (1 mo. USD LIBOR + 3.05%), 5/15/36	1,388,682	—	—	—	88,478	1,477,160	24,705	1,540,000
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	28,815,045	182,338,780	(208,150,912)	(2,985)	300	3,000,228	7,883	3,000,528
Totals				$(40,238)	$(690,142)	$22,995,550	$545,172

11  Fair Value Measurements

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

•	Level 1 – quoted prices in active markets for identical investments
•	Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•	Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments)

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

At March 31, 2022, 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
Asset-Backed Securities	$  —	$ 120,477,023	$  —	$ 120,477,023

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Eaton Vance

Total Return Bond Fund

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

Asset Description (continued)	Level 1	Level 2	Level 3	Total
Collateralized Mortgage Obligations	$  —	$  30,689,103	$  —	$  30,689,103
Commercial Mortgage-Backed Securities	—	102,112,760	—	102,112,760
Convertible Bonds	—	4,328,126	—	4,328,126
Corporate Bonds	—	259,421,221	—	259,421,221
Preferred Stocks	7,967,112	—	—	7,967,112
Senior Floating-Rate Loans	—	8,896,073	—	8,896,073
Sovereign Government Bonds	—	10,674,815	—	10,674,815
U.S. Government Agency Mortgage-Backed Securities	—	1,206,032	—	1,206,032
U.S. Treasury Obligations	—	198,000,973	—	198,000,973
Short-Term Investments	—	3,000,228	—	3,000,228
Total Investments	$ 7,967,112	$ 738,806,354	$ —	$ 746,773,466
Futures Contracts	$ 1,823,197	$  —	$  —	$   1,823,197
Total	$ 9,790,309	$ 738,806,354	$ —	$ 748,596,663
Liability Description
Forward Foreign Currency Exchange Contracts	$  —	$     (56,382)	$  —	$     (56,382)
Futures Contracts	(1,490,560)	—	—	(1,490,560)
Total	$ (1,490,560)	$     (56,382)	$ —	$  (1,546,942)

12  Risks and Uncertainties

Risks Associated with Foreign Investments

Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

Economic data as reported by sovereign entities may be delayed, inaccurate or fraudulent. In the event of a default by a sovereign entity, there are typically no assets to be seized or cash flows to be attached. Furthermore, the willingness or ability of a sovereign entity to restructure defaulted debt may be limited. Therefore, losses on sovereign defaults may far exceed the losses from the default of a similarly rated U.S. debt issuer.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund's performance, or the performance of the securities in which the Fund invests.

28

Eaton Vance

Total Return Bond Fund

March 31, 2022

Officers and Trustees

Officers
Eric A. Stein President	Jill R. Damon Secretary
Deidre E. Walsh Vice President and Chief Legal Officer	Richard F. Froio Chief Compliance Officer
James F. Kirchner Treasurer

Trustees

29

Eaton Vance Funds

Privacy Notice

April 2021

FACTS

WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?

Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

30

Eaton Vance Funds

Privacy Notice — continued

April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ■ Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■ Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

31

Eaton Vance Funds

IMPORTANT NOTICES

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 at 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 to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed 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.

32

Investment Adviser

Boston Management and Research
Two International Place
Boston, MA 02110

Administrator

Eaton Vance Management
Two International Place
Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260

Custodian

State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122

Fund Offices

Two International Place
Boston, MA 02110

7768    3.31.22

Eaton Vance

Municipal Income Funds

Semiannual Report

March 31, 2022

AMT-Free    •     National

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations 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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of each Fund. 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. Each adviser is also registered as 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.

Semiannual Report March 31, 2022

Eaton Vance

Municipal Income Funds

Table of Contents
Performance and Fund Profile
AMT-Free Municipal Income Fund	2
National Municipal Income Fund	4
Endnotes and Additional Disclosures	6
Fund Expenses	7
Financial Statements	9
Officers and Trustees	48
Privacy Notice	49
Important Notices	51

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2022

Performance

Portfolio Manager(s) Cynthia J. Clemson and Julie P. Callahan, CFA

% Average Annual Total Returns1,2	Class Inception Date	Performance Inception Date	Six Months	One Year	Five Years	Ten Years
Class A at NAV	01/06/1998	03/16/1978	(6.19)%	(4.71)%	2.33%	3.09%
Class A with 4.75% Maximum Sales Charge	—	—	(10.61)	(9.22)	1.34	2.58
Class C at NAV	05/02/2006	03/16/1978	(6.58)	(5.46)	1.57	2.46
Class C with 1% Maximum Sales Charge	—	—	(7.50)	(6.39)	1.57	2.46
Class I at NAV	03/16/1978	03/16/1978	(6.14)	(4.47)	2.58	3.34
Bloomberg Municipal Bond Index	—	—	(5.55)%	(4.47)%	2.52%	2.88%

% Total Annual Operating Expense Ratios3	Class A	Class C	Class I
	0.80%	1.55%	0.55%

% Distribution Rates/Yields4	Class A	Class C	Class I
Distribution Rate	2.50%	1.74%	2.76%
Taxable-Equivalent Distribution Rate	4.23	2.94	4.66
SEC 30-day Yield	1.67	1.00	2.01
Taxable-Equivalent SEC 30-day Yield	2.84	1.69	3.41

% Total Leverage5
Residual Interest Bond (RIB) Financing	5.76%

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2022

Fund Profile

Credit Quality (% of total investments)*,**

*

For purposes of the Fund’s rating restrictions, 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.

**

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

3

Eaton Vance

National Municipal Income Fund

March 31, 2022

Performance

Portfolio Manager(s) Craig R. Brandon, CFA and Christopher J. Eustance, CFA

% Average Annual Total Returns1,2	Class Inception Date	Performance Inception Date	Six Months	One Year	Five Years	Ten Years
Class A at NAV	04/05/1994	12/19/1985	(5.68)%	(4.70)%	2.69%	3.42%
Class A with 4.75% Maximum Sales Charge	—	—	(10.13)	(9.19)	1.69	2.92
Class C at NAV	12/03/1993	12/19/1985	(6.04)	(5.41)	1.93	2.80
Class C with 1% Maximum Sales Charge	—	—	(6.97)	(6.34)	1.93	2.80
Class I at NAV	07/01/1999	12/19/1985	(5.56)	(4.46)	2.94	3.67
Bloomberg Municipal Bond Index	—	—	(5.55)%	(4.47)%	2.52%	2.88%

% Total Annual Operating Expense Ratios3	Class A	Class C	Class I
	0.63%	1.38%	0.38%

% Distribution Rates/Yields4	Class A	Class C	Class I
Distribution Rate	2.28%	1.52%	2.54%
Taxable-Equivalent Distribution Rate	3.86	2.57	4.29
SEC 30-day Yield	1.73	1.06	2.07
Taxable-Equivalent SEC 30-day Yield	2.94	1.80	3.51

% Total Leverage5
RIB Financing	2.87%

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

4

Eaton Vance

National Municipal Income Fund

March 31, 2022

Fund Profile

Credit Quality (% of total investments)*,**

*

For purposes of the Fund’s rating restrictions, 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.

**

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

5

Eaton Vance

Municipal Income Funds

March 31, 2022

Endnotes and Additional Disclosures

1	Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
2	Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.
3	Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.
4	The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes 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.
5	Fund employs RIB financing. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of NAV). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets plus Floating Rate Notes.

Fund profiles subject to change due to active management.

6

Eaton Vance

Municipal Income Funds

March 31, 2022

Fund Expenses

Example

As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2021 to March 31, 2022).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Eaton Vance AMT-Free Municipal Income Fund

	Beginning Account Value (10/1/21)	Ending Account Value (3/31/22)	Expenses Paid During Period* (10/1/21 – 3/31/22)	Annualized Expense Ratio
Actual
Class A	$1,000.00	$ 938.10	$3.91	0.81%
Class C	$1,000.00	$ 934.20	$7.52	1.56%
Class I	$1,000.00	$ 938.60	$2.71	0.56%
Hypothetical
(5% return per year before expenses)
Class A	$1,000.00	$1,020.89	$4.08	0.81%
Class C	$1,000.00	$1,017.15	$7.85	1.56%
Class I	$1,000.00	$1,022.14	$2.82	0.56%

*

Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021.

7

Eaton Vance

Municipal Income Funds

March 31, 2022

Fund Expenses — continued

Eaton Vance National Municipal Income Fund

	Beginning Account Value (10/1/21)	Ending Account Value (3/31/22)	Expenses Paid During Period* (10/1/21 – 3/31/22)	Annualized Expense Ratio
Actual
Class A	$1,000.00	$ 943.20	$3.05	0.63%
Class C	$1,000.00	$ 939.60	$6.67	1.38%
Class I	$1,000.00	$ 944.40	$1.84	0.38%
Hypothetical
(5% return per year before expenses)
Class A	$1,000.00	$1,021.79	$3.18	0.63%
Class C	$1,000.00	$1,018.05	$6.94	1.38%
Class I	$1,000.00	$1,023.04	$1.92	0.38%

*

Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021.

8

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2022

Portfolio of Investments (Unaudited)

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2022

Portfolio of Investments (Unaudited) — continued