# EDGAR Filing Document

**Accession Number:** 0000745463
**File Stem:** 0001193125-26-248082
**Filing Date:** 2026-5
**Character Count:** 536184
**Document Hash:** 745a417dcb705e2c902962d2e736b750
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-248082.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-248082

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**EFFECTIVENESS DATE**: 20260529

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eaton Vance Mutual Funds Trust
- **CENTRAL INDEX KEY:** 0000745463

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04015
- **FILM NUMBER:** 261043875

**BUSINESS ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 617-482-8260

**MAIL ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE MUTUAL FUNDS TRUST
- **DATE OF NAME CHANGE:** 19950711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE GOVERNMENT OBLIGATIONS TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Eaton Vance AMT-Free Municipal Income Fund (Series ID: S000005300)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000014476 | Eaton Vance AMT-Free Municipal Income Fund Class A | ETMBX           |
| C000014478 | Eaton Vance AMT-Free Municipal Income Fund Class I | EVMBX           |
| C000038314 | Eaton Vance AMT-Free Municipal Income Fund Class C | ECMBX           |

### Eaton Vance Total Return Bond Fund (Series ID: S000026932)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000081142 | Eaton Vance Total Return Bond Fund Class A  | EBABX           |
| C000081143 | Eaton Vance Total Return Bond Fund Class C  | ECBAX           |
| C000081144 | Eaton Vance Total Return Bond Fund Class I  | EIBAX           |
| C000243098 | Eaton Vance Total Return Bond Fund Class R6 | ERABX           |

?xml version='1.0' encoding='ASCII'? Eaton Vance Mutual Funds Trust

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### Form N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act File Number: 811-04015

## Eaton Vance Mutual Funds Trust

#### (Exact Name of Registrant as Specified in Charter)

#### One Post Office Square, Boston, Massachusetts 02109

#### (Address of Principal Executive Offices)

#### Deidre E. Walsh

#### One Post Office Square, Boston, Massachusetts 02109

#### (Name and Address of Agent for Services)
(617) 482-8260

#### (Registrant's Telephone Number)

#### September 30

#### Date of Fiscal Year End

#### March 31, 2026

#### Date of Reporting Period

------

#### Item 1. Reports to Stockholders
(a) ![Image](g17856g14o52.jpg)

# Eaton Vance AMT-Free Municipal Income Fund

# Class A ETMBX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance AMT-Free Municipal Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $46 | 0.92%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $174299399 |
| # of Portfolio Holdings | 104 |
| Portfolio Turnover Rate | 27% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g17856g71x94.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 2.0% |
| Escrowed/Prerefunded | 3.4% |
| Senior Living/Life Care | 3.8% |
| Housing | 4.4% |
| Electric Utilities | 5.5% |
| Hospital | 7.6% |
| Other Revenue | 8.0% |
| Water and Sewer | 8.5% |
| Lease Rev./Cert. of Participation | 8.8% |
| Transportation | 12.3% |
| General Obligations | 16.7% |
| Special Tax Revenue | 19.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**,</sup><sup>**Footnote Reference b**</sup>
![Credit Rating Chart](g17856g73l05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.2% |
| BB | 2.6% |
| BBB | 4.4% |
| A | 26.8% |
| AA | 50.8% |
| AAA | 9.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;The chart includes the municipal bonds held by a trust that issues residual interest bonds. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g17856g19k64.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# ETMBX-TSR-SAR
![Image](g17856g14o52.jpg)

# Eaton Vance AMT-Free Municipal Income Fund

# Class C ECMBX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance AMT-Free Municipal Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $84 | 1.67%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $174299399 |
| # of Portfolio Holdings | 104 |
| Portfolio Turnover Rate | 27% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g17856g71x94.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 2.0% |
| Escrowed/Prerefunded | 3.4% |
| Senior Living/Life Care | 3.8% |
| Housing | 4.4% |
| Electric Utilities | 5.5% |
| Hospital | 7.6% |
| Other Revenue | 8.0% |
| Water and Sewer | 8.5% |
| Lease Rev./Cert. of Participation | 8.8% |
| Transportation | 12.3% |
| General Obligations | 16.7% |
| Special Tax Revenue | 19.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**,</sup><sup>**Footnote Reference b**</sup>
![Credit Rating Chart](g17856g73l05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.2% |
| BB | 2.6% |
| BBB | 4.4% |
| A | 26.8% |
| AA | 50.8% |
| AAA | 9.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;The chart includes the municipal bonds held by a trust that issues residual interest bonds. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g17856g19k64.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# ECMBX-TSR-SAR
![Image](g17856g14o52.jpg)

# Eaton Vance AMT-Free Municipal Income Fund

# Class I EVMBX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance AMT-Free Municipal Income Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $34 | 0.67%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $174299399 |
| # of Portfolio Holdings | 104 |
| Portfolio Turnover Rate | 27% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g17856g71x94.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 2.0% |
| Escrowed/Prerefunded | 3.4% |
| Senior Living/Life Care | 3.8% |
| Housing | 4.4% |
| Electric Utilities | 5.5% |
| Hospital | 7.6% |
| Other Revenue | 8.0% |
| Water and Sewer | 8.5% |
| Lease Rev./Cert. of Participation | 8.8% |
| Transportation | 12.3% |
| General Obligations | 16.7% |
| Special Tax Revenue | 19.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each. |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**,</sup><sup>**Footnote Reference b**</sup>
![Credit Rating Chart](g17856g73l05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.2% |
| BB | 2.6% |
| BBB | 4.4% |
| A | 26.8% |
| AA | 50.8% |
| AAA | 9.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |
| &nbsp;&nbsp;Footnote<sup>b</sup> | &nbsp;&nbsp;The chart includes the municipal bonds held by a trust that issues residual interest bonds. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g17856g19k64.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# EVMBX-TSR-SAR
![Image](g17856g14o52.jpg)

# Eaton Vance Total Return Bond Fund

# Class A EBABX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Total Return Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $36 | 0.71%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4093230538 |
| # of Portfolio Holdings | 491 |
| Portfolio Turnover Rate | 166% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g17856g29j66.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 3.2% |
| Affiliated Investment Funds | 2.5% |
| Collateralized Mortgage Obligations | 3.0% |
| Commercial Mortgage-Backed Securities | 6.0% |
| Short-Term Investments | 8.2% |
| Asset-Backed Securities | 9.6% |
| U.S. Government Agency Mortgage-Backed Securities | 15.7% |
| Corporate Bonds | 22.0% |
| U.S. Treasury Obligations | 29.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g17856g37n11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | (4.9%) |
| Not Rated | 9.6% |
| CCC or Lower | 0.9% |
| B | 3.0% |
| BB | 6.7% |
| BBB | 27.3% |
| A | 4.7% |
| AA | 1.0% |
| AAA | 51.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"), or Kroll Bond Rating Agency, LLC ("Kroll") for securitized debt instruments only (such as asset-backed and mortgage-backed securities). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P, Fitch and Kroll scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g17856g19k64.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# EBABX-TSR-SAR
![Image](g17856g14o52.jpg)

# Eaton Vance Total Return Bond Fund

# Class C ECBAX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Total Return Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $73 | 1.46%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4093230538 |
| # of Portfolio Holdings | 491 |
| Portfolio Turnover Rate | 166% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g17856g29j66.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 3.2% |
| Affiliated Investment Funds | 2.5% |
| Collateralized Mortgage Obligations | 3.0% |
| Commercial Mortgage-Backed Securities | 6.0% |
| Short-Term Investments | 8.2% |
| Asset-Backed Securities | 9.6% |
| U.S. Government Agency Mortgage-Backed Securities | 15.7% |
| Corporate Bonds | 22.0% |
| U.S. Treasury Obligations | 29.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g17856g37n11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | (4.9%) |
| Not Rated | 9.6% |
| CCC or Lower | 0.9% |
| B | 3.0% |
| BB | 6.7% |
| BBB | 27.3% |
| A | 4.7% |
| AA | 1.0% |
| AAA | 51.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"), or Kroll Bond Rating Agency, LLC ("Kroll") for securitized debt instruments only (such as asset-backed and mortgage-backed securities). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P, Fitch and Kroll scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g17856g19k64.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# ECBAX-TSR-SAR
![Image](g17856g14o52.jpg)

# Eaton Vance Total Return Bond Fund

# Class I EIBAX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Total Return Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $23 | 0.46%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4093230538 |
| # of Portfolio Holdings | 491 |
| Portfolio Turnover Rate | 166% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g17856g29j66.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 3.2% |
| Affiliated Investment Funds | 2.5% |
| Collateralized Mortgage Obligations | 3.0% |
| Commercial Mortgage-Backed Securities | 6.0% |
| Short-Term Investments | 8.2% |
| Asset-Backed Securities | 9.6% |
| U.S. Government Agency Mortgage-Backed Securities | 15.7% |
| Corporate Bonds | 22.0% |
| U.S. Treasury Obligations | 29.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g17856g37n11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | (4.9%) |
| Not Rated | 9.6% |
| CCC or Lower | 0.9% |
| B | 3.0% |
| BB | 6.7% |
| BBB | 27.3% |
| A | 4.7% |
| AA | 1.0% |
| AAA | 51.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"), or Kroll Bond Rating Agency, LLC ("Kroll") for securitized debt instruments only (such as asset-backed and mortgage-backed securities). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P, Fitch and Kroll scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g17856g19k64.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# EIBAX-TSR-SAR
![Image](g17856g14o52.jpg)

# Eaton Vance Total Return Bond Fund

# Class R6 ERABX

#### Semi-Annual Shareholder Report March 31, 2026
This semi-annual shareholder report contains important information about the Eaton Vance Total Return Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $20 | 0.40%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4093230538 |
| # of Portfolio Holdings | 491 |
| Portfolio Turnover Rate | 166% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g17856g29j66.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 3.2% |
| Affiliated Investment Funds | 2.5% |
| Collateralized Mortgage Obligations | 3.0% |
| Commercial Mortgage-Backed Securities | 6.0% |
| Short-Term Investments | 8.2% |
| Asset-Backed Securities | 9.6% |
| U.S. Government Agency Mortgage-Backed Securities | 15.7% |
| Corporate Bonds | 22.0% |
| U.S. Treasury Obligations | 29.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g17856g37n11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | (4.9%) |
| Not Rated | 9.6% |
| CCC or Lower | 0.9% |
| B | 3.0% |
| BB | 6.7% |
| BBB | 27.3% |
| A | 4.7% |
| AA | 1.0% |
| AAA | 51.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"), or Kroll Bond Rating Agency, LLC ("Kroll") for securitized debt instruments only (such as asset-backed and mortgage-backed securities). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P, Fitch and Kroll scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g17856g19k64.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report March 31, 2026

# ERABX-TSR-SAR

------

(b) Not applicable.

#### Item 2. Code of Ethics
Not required in this filing.

#### Item 3. Audit Committee Financial Expert
Not required in this filing.

#### Item 4. Principal Accountant Fees and Services
Not required in this filing.

#### Item 5. Audit Committee of Listed Registrants
Not applicable.

#### Item 6. Schedule of Investments
(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

------

## Eaton Vance

## Total Return Bond Fund

## Semi-Annual Financial Statements and Additional Information
March 31, 2026

------

![](g17856img4d5b91321.gif)

------

**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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Semi-Annual Financial Statements and Additional Information March 31, 2026
Eaton Vance

Total Return Bond Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_04e1d899-1954-4902-b95e-70d4224ee321_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_5b6df703-4893-4271-a6db-de83bd429b61_1) | [Items 6 and 7 of Form N-CSR:](#xx_5b6df703-4893-4271-a6db-de83bd429b61_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_5b6df703-4893-4271-a6db-de83bd429b61_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_11626ea3-9ddd-4811-8988-fc3a84a4ee2e_1) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_11626ea3-9ddd-4811-8988-fc3a84a4ee2e_3) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_11626ea3-9ddd-4811-8988-fc3a84a4ee2e_4) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_60392a16-e8b1-41ce-9dcd-9e6aa4bc93b1_1) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_72f5fa60-d17a-4be0-a3a6-32465f89ebb0_1) | 26 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Portfolio of Investments (Unaudited)

------

Affiliated Investment Funds — 2.7%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Eaton Vance Emerging Markets Debt Opportunities Fund, Class I<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4291962 | &nbsp;&nbsp;$35537442 |
| Eaton Vance Emerging Markets Local Income Fund, Class I<sup>(1)</sup> | 10748417 | &nbsp;&nbsp;&nbsp;&nbsp; 36759587 |
| Eaton Vance Global Macro Absolute Return Fund, Class I<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4231085 | &nbsp;&nbsp;&nbsp;&nbsp; 37656656 |
| Total Affiliated Investment Funds<br> (identified cost $109,887,645) |  | &nbsp;&nbsp;**$109953685** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Asset-Backed Securities — 10.3%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Abry Liquid Credit CLO Ltd., Series 2025-1A, Class D, 7.073%, (3 mo. SOFR + 3.25%), 10/20/38<sup>(2)(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;$3966620 |
| Acacia LLC, Series 2025-1, Class A, 5.24%, 11/15/37<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4752 | &nbsp;&nbsp;&nbsp;&nbsp; 4748734 |
| ACHV ABS Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-3AL, Class C, 5.68%, 12/26/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp; 1093322 |
| &nbsp;&nbsp;&nbsp;Series 2024-3AL, Class D, 6.75%, 12/26/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146 | &nbsp;&nbsp;&nbsp;&nbsp; 3178821 |
| ACM Auto Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A, 6.06%, 2/20/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp; 28006 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A, 5.38%, 6/20/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp;&nbsp; 946818 |
| ALTDE Trust, Series 2025-1A, Class A, 5.90%, 8/15/50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4676 | &nbsp;&nbsp;&nbsp;&nbsp; 4713467 |
| Ballyrock CLO 16 Ltd., Series 2021-16A, Class C1R, 6.418%, (3 mo. SOFR + 2.75%), 4/20/38<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2899041 |
| Barings CLO Ltd., Series 2019-4A, Class D2R, 8.272%, (3 mo. SOFR + 4.60%), 7/15/37<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2439598 |
| Battalion CLO 18 Ltd., Series 2024-25A, Class D, 8.018%, (3 mo. SOFR + 4.35%), 3/13/37<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3005247 |
| Battalion CLO XXIX Ltd., Series 2025-29A, Class D1, 6.972%, (3 mo. SOFR + 3.30%), 3/31/38<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3497602 |
| Battalion CLO XXX Ltd., Series 2025-30A, Class D1, 6.629%, (3 mo. SOFR + 2.95%), 1/20/39<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2952864 |
| Benefit Street Partners CLO 41 Ltd., Series 2025-41A, Class D1, 6.418%, (3 mo. SOFR + 2.75%), 7/25/38<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3499947 |
| Benefit Street Partners CLO XV Ltd., Series 2018-15A, Class D2R, 8.172%, (3 mo. SOFR + 4.50%), 7/15/37<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 984900 |
| Bridge Trust, Series 2025-SFR1, Class D, 4.20%, 9/17/42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4493 | &nbsp;&nbsp;&nbsp;&nbsp; 4195328 |
| Brookhaven Park CLO Ltd., Series 2024-1A, Class D, 7.268%, (3 mo. SOFR + 3.60%), 4/19/37<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2445677 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bryant Park Funding Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-19A, Class D1R, 6.472%, (3 mo. SOFR + 2.80%), 4/15/38<sup>(2)(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;$3811236 |
| &nbsp;&nbsp;&nbsp;Series 2023-20A, Class DR, 7.072%, (3 mo. SOFR + 3.40%), 4/15/38<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3445750 |
| &nbsp;&nbsp;&nbsp;Series 2023-21A, Class D1R, 6.418%, (3 mo. SOFR + 2.75%), 10/18/38<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2928675 |
| &nbsp;&nbsp;&nbsp;Series 2024-22A, Class D, 7.972%, (3 mo. SOFR + 4.30%), 4/15/37<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3005178 |
| Cajun Global LLC, Series 2025-2A, Class A2, 5.912%, 11/20/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12375 | &nbsp;&nbsp;&nbsp;&nbsp; 12316810 |
| Castlelake Aircraft Structured Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class A, 3.967%, 4/15/39<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964 | &nbsp;&nbsp;&nbsp;&nbsp; 1944762 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class C, 7.75%, 2/15/50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9401 | &nbsp;&nbsp;&nbsp;&nbsp; 9381074 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class B, 6.303%, 8/15/50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948 | &nbsp;&nbsp;&nbsp;&nbsp; 2960563 |
| Cloud Capital Holdco LP, Series 2024-2A, Class A2, 5.923%, 11/22/49<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9055 | &nbsp;&nbsp;&nbsp;&nbsp; 9078157 |
| Cologix Canadian Issuer LP, Series 2022-1CAN, Class C, 7.74%, 1/25/52<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 1984697 |
| DataBank Issuer II LLC, Series 2025-1A, Class B, 5.669%, 9/27/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134 | &nbsp;&nbsp;&nbsp;&nbsp; 3020399 |
| DataBank Issuer LLC, Series 2026-1A, Class A2, 5.811%, 2/25/56<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7355 | &nbsp;&nbsp;&nbsp;&nbsp; 7324814 |
| Diamond Infrastructure Funding LLC, Series 2021-1A, Class C, 3.475%, 4/15/49<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 | &nbsp;&nbsp;&nbsp;&nbsp; 973481 |
| Diamond Issuer LLC, Series 2021-1A, Class B, 2.701%, 11/20/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 969851 |
| Eldridge CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class D1, 6.486%, (3 mo. SOFR + 2.85%), 1/20/39<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1970162 |
| &nbsp;&nbsp;&nbsp;Series 2026-3A, Class D1A, 6.669%, (3 mo. SOFR + 2.95%), 3/31/38<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2975664 |
| Elmwood CLO 32 Ltd., Series 2024-8A, Class D1, 6.518%, (3 mo. SOFR + 2.85%), 10/18/37<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2463655 |
| Elmwood CLO VI Ltd., Series 2020-3A, Class D2RR, 8.018%, (3 mo. SOFR + 4.35%), 7/18/37<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 992665 |
| Elmwood CLO VIII Ltd., Series 2021-1A, Class DR, 7.468%, (3 mo. SOFR + 3.80%), 4/20/37<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2503735 |
| Empower CLO Ltd., Series 2024-1A, Class D1, 7.418%, (3 mo. SOFR + 3.75%), 4/25/37<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2976846 |
| Falcon Aerospace Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1, Class A, 3.597%, 9/15/39<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 483499 |
| &nbsp;&nbsp;&nbsp;Series 2019-1, Class B, 4.791%, 9/15/39<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp; 499270 |
| FIGRE Trust, Series 2026-FL1, Class A1, 5.489% to 3/25/29, 3/25/56<sup>(2)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9039610 |
| FirstKey Homes Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class F3, 3.686%, 8/17/38<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3615 | &nbsp;&nbsp;&nbsp;&nbsp; 3584731 |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class G, 3.835%, 8/17/38<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4949 | &nbsp;&nbsp;&nbsp;&nbsp; 4901160 |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR2, Class G, 3.406%, 9/17/38<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3938128 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| FirstKey Homes Trust: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR3, Class G, 3.981%, 12/17/38<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;$3905918 |
| FMC FMSR Issuer Trust, Series 2024-FT1, Class A, 6.559%, 9/25/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9220 | &nbsp;&nbsp;&nbsp;&nbsp; 9180493 |
| FMC GMSR Issuer Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-GT1, Class A, 3.62%, 7/25/26<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp; 2195282 |
| &nbsp;&nbsp;&nbsp;Series 2021-GT2, Class A, 3.85%, 10/25/26<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1627492 |
| Galaxy 31 CLO Ltd., Series 2023-31A, Class DR, 6.872%, (3 mo. SOFR + 3.20%), 7/15/38<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp; 2348261 |
| Galaxy 33 CLO Ltd., Series 2024-33A, Class D1, 7.218%, (3 mo. SOFR + 3.55%), 4/20/37<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1488119 |
| Goddard Funding LLC, Series 2024-1A, Class A2, 6.834%, 10/30/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6558 | &nbsp;&nbsp;&nbsp;&nbsp; 6655130 |
| Golub Capital Partners CLO 72 B Ltd., Series 2024-72A, Class D, 7.668%, (3 mo. SOFR + 4.00%), 4/25/37<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2987982 |
| Goto Foods Funding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A2II, 5.093%, 4/30/47<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2281 | &nbsp;&nbsp;&nbsp;&nbsp; 2271050 |
| &nbsp;&nbsp;&nbsp;Series 2022-1, Class A2, 7.206%, 7/30/52<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176 | &nbsp;&nbsp;&nbsp;&nbsp; 2187093 |
| Harvest U.S. CLO Ltd., Series 2024-2A, Class D1, 6.922%, (3 mo. SOFR + 3.25%), 10/15/37<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2470447 |
| Home Partners of America Trust, Series 2021-2, Class F, 3.799%, 12/17/26<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6715 | &nbsp;&nbsp;&nbsp;&nbsp; 6619098 |
| Horizon Aircraft Finance II Ltd., Series 2019-1, Class A, 3.721%, 7/15/39<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 526245 |
| Horizon Aircraft Finance IV Ltd., Series 2024-1, Class A, 5.375%, 9/15/49<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6938 | &nbsp;&nbsp;&nbsp;&nbsp; 6888480 |
| LoanDepot GMSR Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-GT1, Class A, 6.523%, (1 mo. SOFR + 2.85%), 5/16/30<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5030 | &nbsp;&nbsp;&nbsp;&nbsp; 4995940 |
| &nbsp;&nbsp;&nbsp;Series 2025-GT1, Class B, 7.223%, (1 mo. SOFR + 3.55%), 5/16/30<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3962 | &nbsp;&nbsp;&nbsp;&nbsp; 3957714 |
| Loanpal Solar Loan Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-2GF, Class C, 3.50%, 7/20/47<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4131 | &nbsp;&nbsp;&nbsp;&nbsp; 2608967 |
| &nbsp;&nbsp;&nbsp;Series 2020-3GS, Class C, 3.50%, 12/20/47<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3488 | &nbsp;&nbsp;&nbsp;&nbsp; 2094857 |
| Lunar Aircraft Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class B, 4.335%, 2/15/45<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp; 261336 |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class C, 6.413%, 2/15/45<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp; 8419 |
| Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A, 2.636%, 10/15/46<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4787 | &nbsp;&nbsp;&nbsp;&nbsp; 4551116 |
| Madison Park Funding LV Ltd., Series 2022-55A, Class D1R, 6.818%, (3 mo. SOFR + 3.15%), 7/18/37<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2374795 |
| Magnetite XXII Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-22A, Class DJ, 7.822%, (3 mo. SOFR + 4.15%), 7/15/36<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 989676 |
| &nbsp;&nbsp;&nbsp;Series 2019-22A, Class DRR, 6.572%, (3 mo. SOFR + 2.90%), 7/15/36<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1998000 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| MFA Trust, Series 2024-NPL1, Class A1, 6.33%, to 4/25/26, 9/25/54<sup>(2)(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4909 | &nbsp;&nbsp;$4918703 |
| Mosaic Solar Loan Trust, Series 2019-2A, Class B, 3.28%, 9/20/40<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | &nbsp;&nbsp;&nbsp;&nbsp; 834405 |
| MVW LLC, Series 2020-1A, Class A, 1.74%, 10/20/37<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp; 71528 |
| Navigator Aviation Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 5.40%, 8/15/49<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464 | &nbsp;&nbsp;&nbsp;&nbsp; 2453245 |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class B, 6.09%, 8/15/49<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2913 | &nbsp;&nbsp;&nbsp;&nbsp; 2903840 |
| Neighborly Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2, 3.584%, 4/30/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815 | &nbsp;&nbsp;&nbsp;&nbsp; 3659497 |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2, 3.695%, 1/30/52<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6144 | &nbsp;&nbsp;&nbsp;&nbsp; 5797220 |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 7.308%, 1/30/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4981 | &nbsp;&nbsp;&nbsp;&nbsp; 5001122 |
| New Mountain CLO 3 Ltd., Series CLO-3A, Class D1R, 6.618%, (3 mo. SOFR + 2.95%), 10/20/38<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3974480 |
| NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A, 6.545%, 3/25/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149 | &nbsp;&nbsp;&nbsp;&nbsp; 2166127 |
| NRM FNT1 Excess LLC, Series 2024-FNT1, Class A, 7.398%, 11/25/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5240 | &nbsp;&nbsp;&nbsp;&nbsp; 5269063 |
| NRZ Excess Spread-Collateralized Notes: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-FHT1, Class A, 3.104%, 7/25/26<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp; 157898 |
| &nbsp;&nbsp;&nbsp;Series 2021-GNT1, Class A, 3.474%, 11/25/26<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp; 1063985 |
| Oaktree CLO Ltd., Series 2019-4A, Class D2RR, 8.368%, (3 mo. SOFR + 4.70%), 7/20/37<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003146 |
| OCP CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-24A, Class D2R, 8.068%, (3 mo. SOFR + 4.40%), 10/20/37<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1501686 |
| &nbsp;&nbsp;&nbsp;Series 2024-32A, Class D1, 7.421%, (3 mo. SOFR + 3.75%), 4/23/37<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3005049 |
| Oportun Issuance Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-B, Class A, 1.47%, 5/8/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | &nbsp;&nbsp;&nbsp;&nbsp; 918098 |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class C, 3.61%, 10/8/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355 | &nbsp;&nbsp;&nbsp;&nbsp; 2328992 |
| Orion CLO Ltd., Series 2023-1A, Class D1R, 6.568%, (3 mo. SOFR + 2.90%), 10/25/38<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1960566 |
| Pagaya AI Debt Selection Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-3, Class C, 3.27%, 5/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp; 290166 |
| &nbsp;&nbsp;&nbsp;Series 2021-5, Class C, 3.93%, 8/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678 | &nbsp;&nbsp;&nbsp;&nbsp; 672482 |
| Pagaya AI Technology in Housing Trust, Series 2023-1, Class F, 3.60%, 10/25/40<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 | &nbsp;&nbsp;&nbsp;&nbsp; 1138654 |
| Palmer Square CLO Ltd., Series 2018-1A, Class CR, 7.568%, (3 mo. SOFR + 3.90%), 4/18/37<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2938032 |
| Phantom Aviation, Series 2026-1, Class B, 6.027%, 1/15/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp; 1964008 |
| Pioneer Aircraft Finance Ltd., Series 2019-1, Class B, 4.948%, 6/15/44<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp; 376540 |
| Planet Fitness Master Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class A2, 3.858%, 12/5/49<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288 | &nbsp;&nbsp;&nbsp;&nbsp; 2182564 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Planet Fitness Master Issuer LLC: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2I, 5.765%, 6/5/54<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6009 | &nbsp;&nbsp;$6050852 |
| PNMAC GMSR Issuer Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-GT1, Class A, 6.879%, (1 mo. SOFR + 3.20%), 3/25/29<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5070 | &nbsp;&nbsp;&nbsp;&nbsp; 5085201 |
| &nbsp;&nbsp;&nbsp;Series 2025-GT1, Class A, 6.129%, (1 mo. SOFR + 2.45%), 8/26/30<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7920 | &nbsp;&nbsp;&nbsp;&nbsp; 7940986 |
| Progress Residential Trust, Series 2022-SFR1, Class H, 5.25%, 2/17/41<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693 | &nbsp;&nbsp;&nbsp;&nbsp; 2610839 |
| Research-Driven Pagaya Motor Trust, Series 2025-6A, Class A3, 5.013%, 8/25/34<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7150 | &nbsp;&nbsp;&nbsp;&nbsp; 7147236 |
| Retained Vantage Data Centers Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2B, 5.25%, 9/15/48<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4877 | &nbsp;&nbsp;&nbsp;&nbsp; 3516583 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class B, 5.727%, 8/15/50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5610 | &nbsp;&nbsp;&nbsp;&nbsp; 5442184 |
| ServiceMaster Funding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class A2I, 2.841%, 1/30/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;&nbsp; 598057 |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class A2II, 3.337%, 1/30/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4581 | &nbsp;&nbsp;&nbsp;&nbsp; 4078497 |
| &nbsp;&nbsp;&nbsp;Series 2021-1, Class A2I, 2.865%, 7/30/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4966 | &nbsp;&nbsp;&nbsp;&nbsp; 4649955 |
| SERVPRO Master Issuer LLC, Series 2025-1A, Class A2, 5.525%, 10/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8484 | &nbsp;&nbsp;&nbsp;&nbsp; 8414913 |
| Sonic Capital LLC, Series 2020-1A, Class A2I, 3.845%, 1/20/50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3695 | &nbsp;&nbsp;&nbsp;&nbsp; 3660695 |
| STAR Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class G, 6.988%, (1 mo. SOFR + 3.314%), 4/17/38<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4844 | &nbsp;&nbsp;&nbsp;&nbsp; 4844726 |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class H, 8.238%, (1 mo. SOFR + 4.564%), 4/17/38<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1600552 |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR2, Class F, 6.637%, (1 mo. SOFR + 2.964%), 1/17/39<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756 | &nbsp;&nbsp;&nbsp;&nbsp; 1757866 |
| &nbsp;&nbsp;&nbsp;Series 2024-SFR4, Class D, 6.623%, (1 mo. SOFR + 2.95%), 10/17/41<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405 | &nbsp;&nbsp;&nbsp;&nbsp; 2416507 |
| &nbsp;&nbsp;&nbsp;Series 2025-SFR5, Class D, 6.123%, (1 mo. SOFR + 2.45%), 2/17/42<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4991241 |
| &nbsp;&nbsp;&nbsp;Series 2025-SFR6, Class D, 6.073%, (1 mo. SOFR + 2.40%), 8/17/42<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7350 | &nbsp;&nbsp;&nbsp;&nbsp; 7357577 |
| &nbsp;&nbsp;&nbsp;Series 2026-SFR7, Class A, 5.078%, (1 mo. SOFR + 1.40%), 5/17/43<sup>(2)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5180 | &nbsp;&nbsp;&nbsp;&nbsp; 5190550 |
| Subway Funding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A2I, 5.246%, 7/30/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6976 | &nbsp;&nbsp;&nbsp;&nbsp; 6897941 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A2II, 5.566%, 7/30/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5253 | &nbsp;&nbsp;&nbsp;&nbsp; 5187696 |
| Sunnova Helios II Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-AA, Class C, 5.32%, 6/20/46<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp; 677391 |
| &nbsp;&nbsp;&nbsp;Series 2021-B, Class B, 2.01%, 7/20/48<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp; 704933 |
| Sunnova Helios IV Issuer LLC, Series 2020-AA, Class B, 7.25%, 6/20/47<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp; 902858 |
| Sunnova Helios V Issuer LLC, Series 2021-A, Class B, 3.15%, 2/20/48<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276 | &nbsp;&nbsp;&nbsp;&nbsp; 1168865 |
| Sunnova Sol Issuer LLC, Series 2020-1A, Class B, 5.54%, 2/1/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6849 | &nbsp;&nbsp;&nbsp;&nbsp; 5861962 |
| U.S. Bank NA, Series 2026-RVM1, Class D, 7.056%, 12/25/46<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10179 | &nbsp;&nbsp;&nbsp;&nbsp; 10151720 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Vantage Data Centers Germany Borrower Lux SARL, Series 2025-1A, Class A2, 4.292%, 6/28/50<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8068 | &nbsp;&nbsp;$9221291 |
| Vantage Data Centers LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class A2, 1.992%, 9/15/45<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3088 | &nbsp;&nbsp;&nbsp;&nbsp; 2950198 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2, 2.165%, 10/15/46<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858 | &nbsp;&nbsp;&nbsp;&nbsp; 3793264 |
| VB-S1 Issuer LLC, Series 2024-1A, Class F, 8.871%, 5/15/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581 | &nbsp;&nbsp;&nbsp;&nbsp; 2649930 |
| VINE Trust, Series 2023-SFR1, Class E1, 4.75%, 12/17/40<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4831520 |
| Willis Engine Structured Trust V: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-A, Class B, 4.212%, 3/15/45<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244 | &nbsp;&nbsp;&nbsp;&nbsp; 1207800 |
| &nbsp;&nbsp;&nbsp;Series 2020-A, Class C, 6.657%, 3/15/45<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp; 215632 |
| Willis Engine Structured Trust VII, Series 2023-A, Class A, 8.00%, 10/15/48<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp; 685191 |
| Total Asset-Backed Securities<br> (identified cost $422,557,449) |  | &nbsp;&nbsp;**$423276779** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Collateralized Mortgage Obligations — 3.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Brean Asset-Backed Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-SRM1, Class M4, 4.00%, 9/25/63<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762 | &nbsp;&nbsp;$2343485 |
| &nbsp;&nbsp;&nbsp;Series 2023-SRM1, Class M5, 4.00%, 9/25/63<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762 | &nbsp;&nbsp;&nbsp;&nbsp; 2084233 |
| Cascade MH Asset Trust, Series 2022-MH1, Class A, 4.25% to 7/25/27, 8/25/54<sup>(2)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703 | &nbsp;&nbsp;&nbsp;&nbsp; 1669373 |
| CFMT LLC, Series 2024-HB13, Class M3, 3.00%, 5/25/34<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 675760 |
| Champs Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 8.888%, 7/25/59<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813 | &nbsp;&nbsp;&nbsp;&nbsp; 2872928 |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A, 8.892%, 11/25/59<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967 | &nbsp;&nbsp;&nbsp;&nbsp; 2020605 |
| &nbsp;&nbsp;&nbsp;Series 2024-3, Class A, 9.05%, 1/25/60<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4499 | &nbsp;&nbsp;&nbsp;&nbsp; 4629290 |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class A, 7.721%, 10/25/60<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9829 | &nbsp;&nbsp;&nbsp;&nbsp; 10082982 |
| EFMT, Series 2024-RM3, Class A1A, 5.00%, 12/25/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631 | &nbsp;&nbsp;&nbsp;&nbsp; 1594868 |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 5324, Class MZ, 6.00%, 7/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp; 278154 |
| &nbsp;&nbsp;&nbsp;Series 5402, Class BZ, 6.00%, 4/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp; 1320263 |
| &nbsp;&nbsp;&nbsp;Series 5483, Class FB, 5.092%, (30-day SOFR Average + 1.43%), 12/25/54<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6317 | &nbsp;&nbsp;&nbsp;&nbsp; 6360037 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA2, Class B1, 7.062%, (30-day SOFR Average + 3.40%), 8/25/33<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165 | &nbsp;&nbsp;&nbsp;&nbsp; 2375021 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA2, Class B2, 9.662%, (30-day SOFR Average + 6.00%), 8/25/33<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4490 | &nbsp;&nbsp;&nbsp;&nbsp; 5538594 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA7, Class B2, 11.462%, (30-day SOFR Average + 7.80%), 11/25/41<sup>(2)(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;$3107348 |
| &nbsp;&nbsp;&nbsp;Series 2021-HQA3, Class B2, 9.912%, (30-day SOFR Average + 6.25%), 9/25/41<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2856743 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA2, Class B2, 12.162%, (30-day SOFR Average + 8.50%), 2/25/42<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp; 8120041 |
| Federal National Mortgage Association Connecticut Avenue Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-R01, Class 2B1, 8.126%, (30-day SOFR Average + 4.464%), 7/25/31<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066 | &nbsp;&nbsp;&nbsp;&nbsp; 1125074 |
| &nbsp;&nbsp;&nbsp;Series 2019-R06, Class 2B1, 7.526%, (30-day SOFR Average + 3.864%), 9/25/39<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6117 | &nbsp;&nbsp;&nbsp;&nbsp; 6189761 |
| &nbsp;&nbsp;&nbsp;Series 2019-R07, Class 1B1, 7.176%, (30-day SOFR Average + 3.514%), 10/25/39<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2349 | &nbsp;&nbsp;&nbsp;&nbsp; 2380459 |
| &nbsp;&nbsp;&nbsp;Series 2020-R02, Class 2B1, 6.776%, (30-day SOFR Average + 3.114%), 1/25/40<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612 | &nbsp;&nbsp;&nbsp;&nbsp; 1637123 |
| &nbsp;&nbsp;&nbsp;Series 2021-R01, Class 1B2, 9.662%, (30-day SOFR Average + 6.00%), 10/25/41<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp; 2039620 |
| &nbsp;&nbsp;&nbsp;Series 2021-R02, Class 2B1, 6.962%, (30-day SOFR Average + 3.30%), 11/25/41<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp; 592287 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-84, Class DL, 6.00%, 6/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp; 1035331 |
| &nbsp;&nbsp;&nbsp;Series 2023-84, Class MW, 6.00%, 6/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051 | &nbsp;&nbsp;&nbsp;&nbsp; 1088774 |
| &nbsp;&nbsp;&nbsp;Series 2023-98, Class BW, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp; 1230178 |
| &nbsp;&nbsp;&nbsp;Series 2023-99, Class AL, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp; 1230175 |
| &nbsp;&nbsp;&nbsp;Series 2023-102, Class SG, 8.858%, (22.546% - 30-day SOFR Average x 3.727), 7/20/53<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp; 1016296 |
| &nbsp;&nbsp;&nbsp;Series 2023-116, Class CY, 6.00%, 8/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2770 | &nbsp;&nbsp;&nbsp;&nbsp; 2863487 |
| &nbsp;&nbsp;&nbsp;Series 2023-133, Class S, 10.581%, (21.60% - 30-day SOFR Average x 3.00), 9/20/53<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866 | &nbsp;&nbsp;&nbsp;&nbsp; 2077205 |
| &nbsp;&nbsp;&nbsp;Series 2023-164, Class EL, 6.00%, 11/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1636076 |
| &nbsp;&nbsp;&nbsp;Series 2023-173, Class AX, 6.00%, 11/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2847620 |
| &nbsp;&nbsp;&nbsp;Series 2023-182, Class EL, 6.00%, 12/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3100861 |
| &nbsp;&nbsp;&nbsp;Series 2024-46, Class AL, 6.00%, 3/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605 | &nbsp;&nbsp;&nbsp;&nbsp; 1658102 |
| Home Re Ltd., Series 2021-2, Class B1, 7.812%, (30-day SOFR Average + 4.15%), 1/25/34<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3670 | &nbsp;&nbsp;&nbsp;&nbsp; 3751437 |
| ICAP Trust, Series 2025-RTL1, Class A1, 6.472%, 7/25/30<sup>(2)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5045826 |
| JP Morgan Mortgage Trust, Series 2023-HE2, Class A1, 5.373%, (30-day SOFR Average + 1.70%), 3/20/54<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469 | &nbsp;&nbsp;&nbsp;&nbsp; 1472757 |
| JPM Lending Facility, 10.665%, (SOFR + 7.00%), 7/15/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1657329 |
| LoanDepot FAMSR Master Trust, Series 2025-FT1, Class A, 6.429%, (1 mo. SOFR + 2.75%), 12/19/30<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3637 | &nbsp;&nbsp;&nbsp;&nbsp; 3639052 |
| PRMI Securitization Trust, Series 2025-CMG1, Class A1, 5.169%, (30-day SOFR Average + 1.50%), 12/25/55<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7561 | &nbsp;&nbsp;&nbsp;&nbsp; 7574527 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Provident Funding Mortgage Trust, Series 2025-3, Class A3, 6.00%, 8/25/55<sup>(2)(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5058 | &nbsp;&nbsp;$5099184 |
| Radian Mortgage Capital Trust, Series 2025-J3, Class A16, 6.00%, 12/25/55<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5349 | &nbsp;&nbsp;&nbsp;&nbsp; 5392121 |
| Rain City Mortgage Trust, Series 2024-RTL1, Class A1, 6.53%, 9/25/29<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp; 4432144 |
| RMF Buyout Issuance Trust, Series 2020-HB1, Class M5, 6.00%, 10/25/50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384 | &nbsp;&nbsp;&nbsp;&nbsp; 1097474 |
| Saluda Grade Alternative Mortgage Trust, Series 2024-RTL4, Class A1, 7.50% to 7/25/26, 2/25/30<sup>(2)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp; 12987 |
| Total Collateralized Mortgage Obligations<br> (identified cost $129,522,505) |  | &nbsp;&nbsp;**$130852992** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Commercial Mortgage-Backed Securities — 6.5%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| BAHA Trust, Series 2024-MAR, Class C, 7.015%, 12/10/41<sup>(2)(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11508 | &nbsp;&nbsp;$11863770 |
| BAMLL Commercial Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-BPR, Class ENM, 3.72%, 11/5/32<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7255 | &nbsp;&nbsp;&nbsp;&nbsp; 6612504 |
| &nbsp;&nbsp;&nbsp;Series 2019-BPR, Class FNM, 3.72%, 11/5/32<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7215 | &nbsp;&nbsp;&nbsp;&nbsp; 6437771 |
| BAMLL Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-BHP, Class A, 6.023%, (1 mo. SOFR + 2.35%), 8/15/39<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864 | &nbsp;&nbsp;&nbsp;&nbsp; 5875111 |
| &nbsp;&nbsp;&nbsp;Series 2024-BHP, Class C, 7.273%, (1 mo. SOFR + 3.60%), 8/15/39<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1690308 |
| BBCMS Mortgage Trust, Series 2017-C1, Class D, 3.545%, 2/15/50<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 2619631 |
| BFLD Commercial Mortgage Trust, Series 2025-660F, Class D, 6.423%, (1 mo. SOFR + 2.75%), 11/15/42<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6035 | &nbsp;&nbsp;&nbsp;&nbsp; 6036298 |
| BFLD Trust, Series 2025-FPM, Class B, 5.22%, 10/10/40<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7975 | &nbsp;&nbsp;&nbsp;&nbsp; 8030697 |
| BX Trust, Series 2025-GW, Class E, 7.323%, (1 mo. SOFR + 3.65%), 7/15/42<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10900 | &nbsp;&nbsp;&nbsp;&nbsp; 10914953 |
| Caister Finance DAC, Series 1A, Class C, 6.585%, (SONIA + 2.84%), 8/17/35<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5773 | &nbsp;&nbsp;&nbsp;&nbsp; 7643621 |
| CFCRE Commercial Mortgage Trust, Series 2016-C3, Class D, 3.052%, 1/10/48<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;&nbsp; 876084 |
| COMM Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2013-CR11, Class D, 4.472%, 8/10/50<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748 | &nbsp;&nbsp;&nbsp;&nbsp; 2661329 |
| &nbsp;&nbsp;&nbsp;Series 2015-CR22, Class D, 3.692%, 3/10/48<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324 | &nbsp;&nbsp;&nbsp;&nbsp; 1849323 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| CSMC Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-NXSR, Class D, 4.417%, 12/15/49<sup>(2)(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$1821359 |
| &nbsp;&nbsp;&nbsp;Series 2021-BPNY, Class A, 7.502%, (1 mo. SOFR + 3.829%), 8/15/26<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11987 | &nbsp;&nbsp;&nbsp;&nbsp; 11771666 |
| &nbsp;&nbsp;&nbsp;Series 2022-CNTR, Class A, 7.617%, (1 mo. SOFR + 3.944%), 1/9/25<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931 | &nbsp;&nbsp;&nbsp;&nbsp; 207567 |
| DBC Mortgage Trust, Series 2025-DBC, Class C, 5.723%, (1 mo. SOFR + 2.05%), 11/15/42<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3743950 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class D, 6.338%, 8/10/42<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7587 | &nbsp;&nbsp;&nbsp;&nbsp; 7768460 |
| Extended Stay America Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-ESH, Class E, 7.023%, (1 mo. SOFR + 3.35%), 10/15/42<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5358 | &nbsp;&nbsp;&nbsp;&nbsp; 5381330 |
| &nbsp;&nbsp;&nbsp;Series 2025-ESH, Class F, 7.773%, (1 mo. SOFR + 4.10%), 10/15/42<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066 | &nbsp;&nbsp;&nbsp;&nbsp; 3081195 |
| &nbsp;&nbsp;&nbsp;Series 2026-ESH2, Class E, 6.573%, (1 mo. SOFR + 2.90%), 2/15/43<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6538 | &nbsp;&nbsp;&nbsp;&nbsp; 6571627 |
| &nbsp;&nbsp;&nbsp;Series 2026-ESH2, Class F, 7.423%, (1 mo. SOFR + 3.75%), 2/15/43<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864 | &nbsp;&nbsp;&nbsp;&nbsp; 3877734 |
| Fontainebleau Miami Beach Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-FBLU, Class B, 5.523%, (1 mo. SOFR + 1.85%), 12/15/39<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545 | &nbsp;&nbsp;&nbsp;&nbsp; 2548918 |
| &nbsp;&nbsp;&nbsp;Series 2024-FBLU, Class D, 6.273%, (1 mo. SOFR + 2.60%), 12/15/39<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7031808 |
| &nbsp;&nbsp;&nbsp;Series 2024-FBLU, Class F, 7.923%, (1 mo. SOFR + 4.25%), 12/15/39<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5490 | &nbsp;&nbsp;&nbsp;&nbsp; 5524611 |
| FS Commercial Mortgage Trust, Series 2023-4SZN, Class A, 7.066%, 11/10/39<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143 | &nbsp;&nbsp;&nbsp;&nbsp; 2164121 |
| Great Wolf Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-WOLF, Class D, 6.563%, (1 mo. SOFR + 2.89%), 3/15/39<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 | &nbsp;&nbsp;&nbsp;&nbsp; 920731 |
| &nbsp;&nbsp;&nbsp;Series 2024-WOLF, Class F, 8.111%, (1 mo. SOFR + 4.438%), 3/15/39<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10029 | &nbsp;&nbsp;&nbsp;&nbsp; 10081945 |
| GWT Trust, Series 2024-WLF2, Class D, 6.612%, (1 mo. SOFR + 2.939%), 5/15/41<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5387 | &nbsp;&nbsp;&nbsp;&nbsp; 5414274 |
| HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class C, 6.213%, (1 mo. SOFR + 2.54%), 6/15/41<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp; 613227 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class F, 7.403%, 1/13/40<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1754021 |
| HYT Commercial Mortgage Trust, Series 2024-RGCY, Class B, 6.013%, (1 mo. SOFR + 2.341%), 9/15/41<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377 | &nbsp;&nbsp;&nbsp;&nbsp; 1379467 |
| INTOWN Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class C, 5.923%, (1 mo. SOFR + 2.25%), 3/15/42<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668 | &nbsp;&nbsp;&nbsp;&nbsp; 2668296 |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class D, 6.523%, (1 mo. SOFR + 2.85%), 3/15/42<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3981 | &nbsp;&nbsp;&nbsp;&nbsp; 3980808 |
| JPMBB Commercial Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-C22, Class D, 4.514%, 9/15/47<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 348969 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| JPMBB Commercial Mortgage Securities Trust: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-C23, Class D, 4.037%, 9/15/47<sup>(2)(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$2751855 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-DSTY, Class B, 3.771%, 6/10/27<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384 | &nbsp;&nbsp;&nbsp;&nbsp; 58099 |
| LBTY Commercial Mortgage Trust, Series 2026-225L, Class E, 6.578%, 2/10/43<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12660 | &nbsp;&nbsp;&nbsp;&nbsp; 12272950 |
| Morgan Stanley Bank of America Merrill Lynch Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-C29, Class C, 4.737%, 5/15/49<sup>(6)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4199 | &nbsp;&nbsp;&nbsp;&nbsp; 3878581 |
| &nbsp;&nbsp;&nbsp;Series 2016-C29, Class D, 3.00%, 5/15/49<sup>(2)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048 | &nbsp;&nbsp;&nbsp;&nbsp; 2653203 |
| &nbsp;&nbsp;&nbsp;Series 2016-C32, Class D, 3.396%, 12/15/49<sup>(2)(6)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4409326 |
| NYC Commercial Mortgage Trust, Series 2025-3BP, Class E, 7.212%, (1 mo. SOFR + 3.539%), 2/15/42<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 4314290 |
| ORL Trust, Series 2024-GLKS, Class F, 8.111%, (1 mo. SOFR + 4.438%), 12/15/39<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7980 | &nbsp;&nbsp;&nbsp;&nbsp; 8016408 |
| PENN Commercial Mortgage Trust, Series 2025-P11, Class B, 5.927%, 8/10/42<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4062 | &nbsp;&nbsp;&nbsp;&nbsp; 4166580 |
| PNW Trust, Series 2026-ARTE, Class A, 5.386%, (1 mo. SOFR + 1.711%), 4/15/29<sup>(2)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6210 | &nbsp;&nbsp;&nbsp;&nbsp; 6204068 |
| SHR Trust, Series 2024-LXRY, Class A, 5.623%, (1 mo. SOFR + 1.95%), 10/15/41<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7502482 |
| SMRT Commercial Mortgage Trust, Series 2022-MINI, Class E, 6.373%, (1 mo. SOFR + 2.70%), 1/15/39<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9350 | &nbsp;&nbsp;&nbsp;&nbsp; 9320435 |
| TX Trust, Series 2024-HOU, Class E, 8.06%, (1 mo. SOFR + 4.387%), 6/15/39<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5596 | &nbsp;&nbsp;&nbsp;&nbsp; 5630526 |
| VCC Trust, Series 2025-MC1, Class A1, 8.163% to 5/25/28, 5/25/55<sup>(2)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7004 | &nbsp;&nbsp;&nbsp;&nbsp; 6977152 |
| Wells Fargo Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-C31, Class D, 3.852%, 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5598 | &nbsp;&nbsp;&nbsp;&nbsp; 5079180 |
| &nbsp;&nbsp;&nbsp;Series 2016-C35, Class D, 3.142%, 7/15/48<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2053585 |
| &nbsp;&nbsp;&nbsp;Series 2016-C36, Class D, 2.942%, 11/15/59<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 4457079 |
| &nbsp;&nbsp;&nbsp;Series 2025-1918, Class B, 5.612%, 9/15/40<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;&nbsp;&nbsp; 2426395 |
| &nbsp;&nbsp;&nbsp;Series 2025-1918, Class C, 6.246%, 9/15/40<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605 | &nbsp;&nbsp;&nbsp;&nbsp; 2578776 |
| &nbsp;&nbsp;&nbsp;Series 2026-1250B, Class C, 5.588%, 3/10/41<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5559 | &nbsp;&nbsp;&nbsp;&nbsp; 5497043 |
| Willowbrook Mall, Series 2025-WBRK, Class E, 6.075%, 3/5/35<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp; 3429242 |
| Total Commercial Mortgage-Backed Securities<br> (identified cost $268,700,389) |  | &nbsp;&nbsp;**$265444739** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

Common Stocks — 0.0%<sup>†</sup>

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Energy — 0.0%<sup>†</sup> | Energy — 0.0%<sup>†</sup> | Energy — 0.0%<sup>†</sup> |
| Enviva LLC<sup>(10)(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79374 | &nbsp;&nbsp;$1488263 |
|  |  | &nbsp;&nbsp;**$1488263** |
| Oil, Gas & Consumable Fuels — 0.0%<sup>†</sup> | Oil, Gas & Consumable Fuels — 0.0%<sup>†</sup> | Oil, Gas & Consumable Fuels — 0.0%<sup>†</sup> |
| Frontera Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;$3144 |
|  |  | &nbsp;&nbsp;**$3144** |
| Total Common Stocks<br> (identified cost $560,380) |  | &nbsp;&nbsp;**$1491407** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Convertible Bonds — 0.6%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Banks — 0.0%<sup>†</sup> | Banks — 0.0%<sup>†</sup> | Banks — 0.0%<sup>†</sup> |
| Barclays Bank PLC, 1.00%, 2/16/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;$853485 |
|  |  | &nbsp;&nbsp;**$853485** |
| Biotechnology — 0.1% | Biotechnology — 0.1% | Biotechnology — 0.1% |
| Alnylam Pharmaceuticals, Inc., 0.00%, 9/15/28<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;$835887 |
| Ionis Pharmaceuticals, Inc., 0.00%, 12/1/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 939937 |
|  |  | &nbsp;&nbsp;**$1775824** |
| Commercial Services — 0.0%<sup>†</sup> | Commercial Services — 0.0%<sup>†</sup> | Commercial Services — 0.0%<sup>†</sup> |
| Shift4 Payments, Inc., 0.50%, 8/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$753000 |
|  |  | &nbsp;&nbsp;**$753000** |
| Computers — 0.0%<sup>†</sup> | Computers — 0.0%<sup>†</sup> | Computers — 0.0%<sup>†</sup> |
| Parsons Corp., 2.625%, 3/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;$828660 |
| Zscaler, Inc., 0.00%, 7/15/28<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 819807 |
|  |  | &nbsp;&nbsp;**$1648467** |
| Electric — 0.1% | Electric — 0.1% | Electric — 0.1% |
| PPL Capital Funding, Inc., 2.875%, 3/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;$996837 |
| Southern Co., 3.25%, 6/15/28<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018649 |
|  |  | &nbsp;&nbsp;**$2015486** |
| Electronics — 0.0%<sup>†</sup> | Electronics — 0.0%<sup>†</sup> | Electronics — 0.0%<sup>†</sup> |
| Avnet, Inc., 1.75%, 9/1/30<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1086000 |
|  |  | &nbsp;&nbsp;**$1086000** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Healthcare Products — 0.0%<sup>†</sup> | Healthcare Products — 0.0%<sup>†</sup> | Healthcare Products — 0.0%<sup>†</sup> |
| Exact Sciences Corp., 1.75%, 4/15/31<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$754440 |
|  |  | &nbsp;&nbsp;**$754440** |
| Internet — 0.1% | Internet — 0.1% | Internet — 0.1% |
| Alibaba Group Holding Ltd., 0.50%, 6/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$1111000 |
| Baidu, Inc., 0.00%, 3/12/32<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 914500 |
| JD.com, Inc., 0.25%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 797600 |
|  |  | &nbsp;&nbsp;**$2823100** |
| Lodging — 0.0%<sup>†</sup> | Lodging — 0.0%<sup>†</sup> | Lodging — 0.0%<sup>†</sup> |
| Wynn Macau Ltd., 4.50%, 3/7/29<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;$848300 |
|  |  | &nbsp;&nbsp;**$848300** |
| Media — 0.0%<sup>†</sup> | Media — 0.0%<sup>†</sup> | Media — 0.0%<sup>†</sup> |
| Liberty Media Corp.-Liberty Formula One, 2.25%, 8/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$693600 |
|  |  | &nbsp;&nbsp;**$693600** |
| Oil and Gas — 0.0%<sup>†</sup> | Oil and Gas — 0.0%<sup>†</sup> | Oil and Gas — 0.0%<sup>†</sup> |
| XPLR Infrastructure LP, 2.50%, 6/15/26<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;$944063 |
|  |  | &nbsp;&nbsp;**$944063** |
| Pharmaceuticals — 0.1% | Pharmaceuticals — 0.1% | Pharmaceuticals — 0.1% |
| Jazz Investments I Ltd., 3.125%, 9/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;$1269557 |
| Zoetis, Inc., 0.25%, 6/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 895500 |
|  |  | &nbsp;&nbsp;**$2165057** |
| Real Estate Investment Trusts (REITs) — 0.1% | Real Estate Investment Trusts (REITs) — 0.1% | Real Estate Investment Trusts (REITs) — 0.1% |
| Digital Realty Trust LP, 1.875%, 11/15/29<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;$896655 |
| Federal Realty OP LP, 3.25%, 1/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 870895 |
|  |  | &nbsp;&nbsp;**$1767550** |
| Retail — 0.0%<sup>†</sup> | Retail — 0.0%<sup>†</sup> | Retail — 0.0%<sup>†</sup> |
| Anllian Capital 2 Ltd., 0.00%, 12/5/29<sup>(12)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$901123 |
|  |  | &nbsp;&nbsp;**$901123** |
| Semiconductors — 0.0%<sup>†</sup> | Semiconductors — 0.0%<sup>†</sup> | Semiconductors — 0.0%<sup>†</sup> |
| ON Semiconductor Corp., 0.50%, 3/1/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;$882000 |
|  |  | &nbsp;&nbsp;**$882000** |
| Software — 0.1% | Software — 0.1% | Software — 0.1% |
| Akamai Technologies, Inc., 1.125%, 2/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;$1030095 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Software (continued) | Software (continued) | Software (continued) |
| Cloudflare, Inc., 0.00%, 6/15/30<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;$1022178 |
| Datadog, Inc., 0.00%, 12/1/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 873225 |
|  |  | &nbsp;&nbsp;**$2925498** |
| Total Convertible Bonds<br> (identified cost $22,112,028) |  | &nbsp;&nbsp;**$22836993** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Corporate Bonds — 23.7%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Advertising — 0.1% | Advertising — 0.1% | Advertising — 0.1% |
| Clear Channel Outdoor Holdings, Inc., 7.875%, 4/1/30<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5450 | &nbsp;&nbsp;$5707284 |
|  |  | &nbsp;&nbsp;**$5707284** |
| Aerospace & Defense — 0.2% | Aerospace & Defense — 0.2% | Aerospace & Defense — 0.2% |
| Boeing Co.: |  |  |
| &nbsp;&nbsp;&nbsp;5.805%, 5/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5623 | &nbsp;&nbsp;$5439353 |
| &nbsp;&nbsp;&nbsp;5.93%, 5/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756 | &nbsp;&nbsp;&nbsp;&nbsp; 1687014 |
|  |  | &nbsp;&nbsp;**$7126367** |
| Airlines — 0.1% | Airlines — 0.1% | Airlines — 0.1% |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;$219052 |
| AS Mileage Plan IP Ltd., 5.021%, 10/20/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762 | &nbsp;&nbsp;&nbsp;&nbsp; 2735113 |
|  |  | &nbsp;&nbsp;**$2954165** |
| Auto Manufacturers — 0.7% | Auto Manufacturers — 0.7% | Auto Manufacturers — 0.7% |
| Aptiv Swiss Holdings Ltd., 3.10%, 12/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15849 | &nbsp;&nbsp;$9787239 |
| Clarios Global LP/Clarios U.S. Finance Co., 6.75%, 2/15/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5568 | &nbsp;&nbsp;&nbsp;&nbsp; 5697205 |
| Ford Motor Credit Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;5.303%, 9/6/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp; 1015025 |
| &nbsp;&nbsp;&nbsp;5.73%, 9/5/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp; 1324208 |
| &nbsp;&nbsp;&nbsp;6.054%, 11/5/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp; 1924396 |
| Stellantis Finance U.S., Inc., 6.45%, 3/18/35<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7705 | &nbsp;&nbsp;&nbsp;&nbsp; 7594267 |
|  |  | &nbsp;&nbsp;**$27342340** |
| Banks — 5.7% | Banks — 5.7% | Banks — 5.7% |
| African Export-Import Bank, 3.994%, 9/21/29<sup>(12)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;$2051600 |
| Banco Mercantil del Norte SA, 8.375% to 5/20/31<sup>(2)(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8225 | &nbsp;&nbsp;&nbsp;&nbsp; 8461469 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Banks (continued) | Banks (continued) | Banks (continued) |
| Banco Santander SA, 9.625% to 11/21/28<sup>(13)(14)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;$3448610 |
| Bank of America Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;5.511% to 1/24/35, 1/24/36<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 459061 |
| &nbsp;&nbsp;&nbsp;5.872% to 9/15/33, 9/15/34<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4413 | &nbsp;&nbsp;&nbsp;&nbsp; 4622514 |
| Bank of Montreal, 7.70% to 5/26/29, 5/26/84<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10474 | &nbsp;&nbsp;&nbsp;&nbsp; 10763658 |
| Bank of Nova Scotia, 8.00% to 1/27/29, 1/27/84<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15060 | &nbsp;&nbsp;&nbsp;&nbsp; 15778964 |
| Barclays PLC, 8.00% to 3/15/29<sup>(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7260 | &nbsp;&nbsp;&nbsp;&nbsp; 7516197 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico: |  |  |
| &nbsp;&nbsp;&nbsp;5.125% to 1/18/28, 1/18/33<sup>(2)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7145 | &nbsp;&nbsp;&nbsp;&nbsp; 6948977 |
| &nbsp;&nbsp;&nbsp;7.625% to 2/11/30, 2/11/35<sup>(2)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691 | &nbsp;&nbsp;&nbsp;&nbsp; 2785185 |
| &nbsp;&nbsp;&nbsp;8.125% to 1/8/34, 1/8/39<sup>(2)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440 | &nbsp;&nbsp;&nbsp;&nbsp; 4678836 |
| &nbsp;&nbsp;&nbsp;8.45% to 6/29/33, 6/29/38<sup>(2)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6461 | &nbsp;&nbsp;&nbsp;&nbsp; 6951713 |
| BNP Paribas SA, 7.75% to 8/16/29<sup>(2)(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8259224 |
| Canadian Imperial Bank of Commerce, 7.00% to 10/28/30, 10/28/85<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12262 | &nbsp;&nbsp;&nbsp;&nbsp; 12401284 |
| Deutsche Bank AG, 8.13% to 4/30/30<sup>(12)(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp; 7627577 |
| ING Groep NV, 8.00% to 5/16/30<sup>(12)(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4680 | &nbsp;&nbsp;&nbsp;&nbsp; 4933155 |
| JPMorgan Chase & Co.: |  |  |
| &nbsp;&nbsp;&nbsp;4.347% to 1/22/31, 1/22/32<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4306 | &nbsp;&nbsp;&nbsp;&nbsp; 4246142 |
| &nbsp;&nbsp;&nbsp;4.898% to 1/22/36, 1/22/37<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4955 | &nbsp;&nbsp;&nbsp;&nbsp; 4850378 |
| Nykredit Realkredit AS: |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 4/1/53<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222226 | &nbsp;&nbsp;&nbsp;&nbsp; 32869143 |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/56<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294813 | &nbsp;&nbsp;&nbsp;&nbsp; 43079272 |
| Pinnacle Bank/Nashville TN, 5.625%, 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4724 | &nbsp;&nbsp;&nbsp;&nbsp; 4778548 |
| Pinnacle Financial Partners, Inc., 6.168% to 11/1/29, 11/1/30<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4054 | &nbsp;&nbsp;&nbsp;&nbsp; 4134384 |
| Societe Generale SA, 10.00% to 11/14/28<sup>(2)(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4620 | &nbsp;&nbsp;&nbsp;&nbsp; 4992629 |
| Texas Capital Bancshares, Inc., 4.00% to 5/6/26, 5/6/31<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3393 | &nbsp;&nbsp;&nbsp;&nbsp; 3387500 |
| Toronto-Dominion Bank, 8.125% to 10/31/27, 10/31/82<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7227 | &nbsp;&nbsp;&nbsp;&nbsp; 7460222 |
| UBS Group AG, 9.25% to 11/13/28<sup>(2)(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4910 | &nbsp;&nbsp;&nbsp;&nbsp; 5236295 |
| UniCredit SpA: |  |  |
| &nbsp;&nbsp;&nbsp;5.459% to 6/30/30, 6/30/35<sup>(2)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 973619 |
| &nbsp;&nbsp;&nbsp;5.861% to 6/19/27, 6/19/32<sup>(2)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5038 | &nbsp;&nbsp;&nbsp;&nbsp; 5069927 |
| Westpac Banking Corp., 3.02% to 11/18/31, 11/18/36<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4989 | &nbsp;&nbsp;&nbsp;&nbsp; 4465203 |
|  |  | &nbsp;&nbsp;**$233231286** |
| Building Materials — 0.1% | Building Materials — 0.1% | Building Materials — 0.1% |
| Masterbrand, Inc., 7.00%, 7/15/32<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6198 | &nbsp;&nbsp;$6060797 |
|  |  | &nbsp;&nbsp;**$6060797** |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Commercial Banks — 0.2% | Commercial Banks — 0.2% | Commercial Banks — 0.2% |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/32<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7660 | &nbsp;&nbsp;$7541577 |
|  |  | &nbsp;&nbsp;**$7541577** |
| Commercial Services — 0.2% | Commercial Services — 0.2% | Commercial Services — 0.2% |
| Allied Universal Holdco LLC, 7.875%, 2/15/31<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3256 | &nbsp;&nbsp;$3359817 |
| NESCO Holdings II, Inc., 5.50%, 4/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6365 | &nbsp;&nbsp;&nbsp;&nbsp; 6230719 |
|  |  | &nbsp;&nbsp;**$9590536** |
| Computers — 0.1% | Computers — 0.1% | Computers — 0.1% |
| Seagate Data Storage Technology Pte. Ltd., 9.625%, 12/1/32<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4376 | &nbsp;&nbsp;$4867350 |
|  |  | &nbsp;&nbsp;**$4867350** |
| Diversified Financial Services — 6.3% | Diversified Financial Services — 6.3% | Diversified Financial Services — 6.3% |
| Ally Financial, Inc., 5.548% to 7/31/32, 7/31/33<sup>(14)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050 | &nbsp;&nbsp;$4963433 |
| Alpha Holding SA de CV, 9.00%, 2/10/25<sup>(2)(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2946 | &nbsp;&nbsp;&nbsp;&nbsp; 22095 |
| American AgCredit Corp., Series A, 5.25% to 6/15/26<sup>(2)(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431 | &nbsp;&nbsp;&nbsp;&nbsp; 1416082 |
| Apollo Global Management, Inc., 5.70%, 3/30/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5653 | &nbsp;&nbsp;&nbsp;&nbsp; 5660964 |
| Azorra Finance Ltd., 7.75%, 4/15/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4785 | &nbsp;&nbsp;&nbsp;&nbsp; 4932455 |
| Bain Capital Specialty Finance, Inc., 5.95%, 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12777 | &nbsp;&nbsp;&nbsp;&nbsp; 12204082 |
| Blue Owl Credit Income Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;6.60%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424 | &nbsp;&nbsp;&nbsp;&nbsp; 1419290 |
| &nbsp;&nbsp;&nbsp;6.65%, 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076 | &nbsp;&nbsp;&nbsp;&nbsp; 2049016 |
| Brookfield Asset Management Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;5.298%, 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp; 1593579 |
| &nbsp;&nbsp;&nbsp;6.077%, 9/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | &nbsp;&nbsp;&nbsp;&nbsp; 596330 |
| CI Financial Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, 12/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3937 | &nbsp;&nbsp;&nbsp;&nbsp; 3505548 |
| &nbsp;&nbsp;&nbsp;7.50%, 5/30/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14118 | &nbsp;&nbsp;&nbsp;&nbsp; 14822905 |
| Citadel LP, 6.375%, 1/23/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4837 | &nbsp;&nbsp;&nbsp;&nbsp; 5016170 |
| Citadel Securities Global Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 1/27/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 | &nbsp;&nbsp;&nbsp;&nbsp; 1477930 |
| &nbsp;&nbsp;&nbsp;6.20%, 6/18/35<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp; 3890158 |
| Enact Holdings, Inc., 6.25%, 5/28/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9325 | &nbsp;&nbsp;&nbsp;&nbsp; 9601264 |
| Focus Financial Partners LLC, 6.75%, 9/15/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3266 | &nbsp;&nbsp;&nbsp;&nbsp; 3246719 |
| HA Sustainable Infrastructure Capital, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17159 | &nbsp;&nbsp;&nbsp;&nbsp; 17283651 |
| &nbsp;&nbsp;&nbsp;8.00% to 3/1/31, 6/1/56<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5408 | &nbsp;&nbsp;&nbsp;&nbsp; 5597615 |
| Jefferies Financial Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6955 | &nbsp;&nbsp;&nbsp;&nbsp; 6679461 |
| &nbsp;&nbsp;&nbsp;6.20%, 4/14/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4547 | &nbsp;&nbsp;&nbsp;&nbsp; 4639572 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Diversified Financial Services (continued) | Diversified Financial Services (continued) | Diversified Financial Services (continued) |
| Jyske Realkredit AS, 3.50%, 10/1/56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43675 | &nbsp;&nbsp;$6370464 |
| LPL Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475 | &nbsp;&nbsp;&nbsp;&nbsp; 3376909 |
| &nbsp;&nbsp;&nbsp;4.375%, 5/15/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3340 | &nbsp;&nbsp;&nbsp;&nbsp; 3199016 |
| &nbsp;&nbsp;&nbsp;5.75%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7065 | &nbsp;&nbsp;&nbsp;&nbsp; 7040399 |
| Marex Group PLC, 6.404%, 11/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12284 | &nbsp;&nbsp;&nbsp;&nbsp; 12656400 |
| Midcap Financial Issuer Trust: |  |  |
| &nbsp;&nbsp;&nbsp;5.37%, 4/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6940 | &nbsp;&nbsp;&nbsp;&nbsp; 6856095 |
| &nbsp;&nbsp;&nbsp;5.822%, 1/15/31<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6385 | &nbsp;&nbsp;&nbsp;&nbsp; 6416414 |
| Nordea Kredit Realkreditaktieselskab: |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15662 | &nbsp;&nbsp;&nbsp;&nbsp; 2306788 |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165569 | &nbsp;&nbsp;&nbsp;&nbsp; 24072182 |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7339 | &nbsp;&nbsp;&nbsp;&nbsp; 1051575 |
| Nuveen LLC, 5.85%, 4/15/34<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4063 | &nbsp;&nbsp;&nbsp;&nbsp; 4199343 |
| Oaktree Strategic Credit Fund: |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 7/23/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2029884 |
| &nbsp;&nbsp;&nbsp;8.40%, 11/14/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770 | &nbsp;&nbsp;&nbsp;&nbsp; 3947702 |
| Raymond James Financial, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 9/11/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp;&nbsp;&nbsp; 529001 |
| &nbsp;&nbsp;&nbsp;5.65%, 9/11/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902 | &nbsp;&nbsp;&nbsp;&nbsp; 2749656 |
| Realkredit Danmark AS, 3.50%, 10/1/56<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280772 | &nbsp;&nbsp;&nbsp;&nbsp; 40799422 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/1/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805 | &nbsp;&nbsp;&nbsp;&nbsp; 4436279 |
| Stellantis Financial Services U.S. Corp., 5.40%, 9/15/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300 | &nbsp;&nbsp;&nbsp;&nbsp; 9136545 |
| UWM Holdings LLC, 6.25%, 3/15/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8606 | &nbsp;&nbsp;&nbsp;&nbsp; 7844588 |
|  |  | &nbsp;&nbsp;**$259636981** |
| Electric — 1.0% | Electric — 1.0% | Electric — 1.0% |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;$6092176 |
| American Electric Power Co., Inc., 5.80% to 12/15/30, 3/15/56<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6896 | &nbsp;&nbsp;&nbsp;&nbsp; 6816730 |
| Cometa Energia SA de CV, 6.375%, 4/24/35<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228 | &nbsp;&nbsp;&nbsp;&nbsp; 1249505 |
| Dominion Energy, Inc., 6.00% to 11/15/30, 2/15/56<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056 | &nbsp;&nbsp;&nbsp;&nbsp; 4032909 |
| Minejesa Capital BV, 4.625%, 8/10/30<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363 | &nbsp;&nbsp;&nbsp;&nbsp; 1349299 |
| Vistra Operations Co. LLC, 5.70%, 12/30/34<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7109 | &nbsp;&nbsp;&nbsp;&nbsp; 7157291 |
| VoltaGrid LLC, 7.375%, 11/1/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5315 | &nbsp;&nbsp;&nbsp;&nbsp; 5491825 |
| XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/33<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6650 | &nbsp;&nbsp;&nbsp;&nbsp; 7029676 |
|  |  | &nbsp;&nbsp;**$39219411** |
| Electronics — 0.2% | Electronics — 0.2% | Electronics — 0.2% |
| TD SYNNEX Corp., 5.30%, 10/10/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9449 | &nbsp;&nbsp;$9159536 |
|  |  | &nbsp;&nbsp;**$9159536** |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Energy - Alternate Sources — 0.1% | Energy - Alternate Sources — 0.1% | Energy - Alternate Sources — 0.1% |
| TerraForm Power Operating LLC, 4.75%, 1/15/30<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4319 | &nbsp;&nbsp;$4138894 |
|  |  | &nbsp;&nbsp;**$4138894** |
| Engineering and Construction — 0.1% | Engineering and Construction — 0.1% | Engineering and Construction — 0.1% |
| Artera Services LLC, 8.50%, 2/15/31<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;$3857070 |
|  |  | &nbsp;&nbsp;**$3857070** |
| Entertainment — 0.3% | Entertainment — 0.3% | Entertainment — 0.3% |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 4/15/30<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970 | &nbsp;&nbsp;$4066908 |
| Voyager Parent LLC, 9.25%, 7/1/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7530 | &nbsp;&nbsp;&nbsp;&nbsp; 7822457 |
|  |  | &nbsp;&nbsp;**$11889365** |
| Environmental Control — 0.1% | Environmental Control — 0.1% | Environmental Control — 0.1% |
| Reworld Holding Corp., 4.875%, 12/1/29<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3760 | &nbsp;&nbsp;$3528425 |
|  |  | &nbsp;&nbsp;**$3528425** |
| Foods — 0.1% | Foods — 0.1% | Foods — 0.1% |
| Smithfield Foods, Inc., 5.20%, 4/1/29<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;$4441220 |
|  |  | &nbsp;&nbsp;**$4441220** |
| Healthcare Services — 0.6% | Healthcare Services — 0.6% | Healthcare Services — 0.6% |
| Centene Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 3/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11789 | &nbsp;&nbsp;$9899733 |
| &nbsp;&nbsp;&nbsp;3.375%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 894918 |
| Global Medical Response, Inc., 7.375%, 10/1/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3466 | &nbsp;&nbsp;&nbsp;&nbsp; 3602197 |
| LifePoint Health, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, 8/15/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2117524 |
| &nbsp;&nbsp;&nbsp;10.00%, 6/1/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 3987673 |
| U.S. Acute Care Solutions LLC, 9.75%, 5/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2822 | &nbsp;&nbsp;&nbsp;&nbsp; 2729716 |
|  |  | &nbsp;&nbsp;**$23231761** |
| Holding Company - Diversified — 0.1% | Holding Company - Diversified — 0.1% | Holding Company - Diversified — 0.1% |
| Inversiones La Construccion SA, 4.75%, 2/7/32<sup>(12)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;$2126138 |
|  |  | &nbsp;&nbsp;**$2126138** |
| Insurance — 3.1% | Insurance — 3.1% | Insurance — 3.1% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, 1/15/31<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8030 | &nbsp;&nbsp;$8102447 |
| American International Group, Inc., 5.45%, 5/7/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp; 225526 |
| American National Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416 | &nbsp;&nbsp;&nbsp;&nbsp; 1381454 |
| &nbsp;&nbsp;&nbsp;6.144%, 6/13/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5584 | &nbsp;&nbsp;&nbsp;&nbsp; 5710470 |
| &nbsp;&nbsp;&nbsp;7.00% to 12/1/30, 12/1/55<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5997 | &nbsp;&nbsp;&nbsp;&nbsp; 5691975 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insurance (continued) | Insurance (continued) | Insurance (continued) |
| ASR Nederland NV, 7.00% to 9/7/33, 12/7/43<sup>(12)(14)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860 | &nbsp;&nbsp;$3808849 |
| Asurion LLC/Asurion Co-Issuer, Inc., 8.00%, 12/31/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7780 | &nbsp;&nbsp;&nbsp;&nbsp; 8077880 |
| Athene Global Funding, 2.646%, 10/4/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826 | &nbsp;&nbsp;&nbsp;&nbsp; 1584575 |
| Athene Holding Ltd., 6.625%, 5/19/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13806 | &nbsp;&nbsp;&nbsp;&nbsp; 13314544 |
| Belrose Funding Trust II, 6.792%, 5/15/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11735 | &nbsp;&nbsp;&nbsp;&nbsp; 11789037 |
| Essent Group Ltd., 6.25%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739 | &nbsp;&nbsp;&nbsp;&nbsp; 1799860 |
| Fortitude Group Holdings LLC, 6.25%, 4/1/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3413 | &nbsp;&nbsp;&nbsp;&nbsp; 3477539 |
| Global Atlantic Fin Co.: |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, 6/15/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5347 | &nbsp;&nbsp;&nbsp;&nbsp; 4689115 |
| &nbsp;&nbsp;&nbsp;6.75%, 3/15/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7950 | &nbsp;&nbsp;&nbsp;&nbsp; 7413056 |
| &nbsp;&nbsp;&nbsp;7.25% to 3/1/31, 3/1/56<sup>(2)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5555 | &nbsp;&nbsp;&nbsp;&nbsp; 5240766 |
| &nbsp;&nbsp;&nbsp;7.95%, 6/15/33<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5499 | &nbsp;&nbsp;&nbsp;&nbsp; 5903090 |
| &nbsp;&nbsp;&nbsp;7.95% to 7/15/29, 10/15/54<sup>(2)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8405 | &nbsp;&nbsp;&nbsp;&nbsp; 8100293 |
| Intact Financial Corp., 5.459%, 9/22/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 916297 |
| Liberty Mutual Group, Inc., 4.125% to 9/15/26, 12/15/51<sup>(2)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17520 | &nbsp;&nbsp;&nbsp;&nbsp; 17118847 |
| Marsh & McLennan Cos., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 | &nbsp;&nbsp;&nbsp;&nbsp; 1112982 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 488174 |
| Panther Escrow Issuer LLC, 7.125%, 6/1/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7933 | &nbsp;&nbsp;&nbsp;&nbsp; 7963653 |
| Willis North America, Inc., 5.15%, 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032 | &nbsp;&nbsp;&nbsp;&nbsp; 1005650 |
|  |  | &nbsp;&nbsp;**$124916079** |
| Iron & Steel — 0.2% | Iron & Steel — 0.2% | Iron & Steel — 0.2% |
| Cleveland-Cliffs, Inc., 7.375%, 5/1/33<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8140 | &nbsp;&nbsp;$7969793 |
|  |  | &nbsp;&nbsp;**$7969793** |
| Leisure Time — 0.1% | Leisure Time — 0.1% | Leisure Time — 0.1% |
| Beach Acquisition Bidco LLC, 10.00%, (10.00% cash or 10.75% PIK), 7/15/33<sup>(2)(16)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108 | &nbsp;&nbsp;$2246688 |
| NCL Finance Ltd., 6.125%, 3/15/28<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 807270 |
|  |  | &nbsp;&nbsp;**$3053958** |
| Lodging — 0.2% | Lodging — 0.2% | Lodging — 0.2% |
| Las Vegas Sands Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 8/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3696 | &nbsp;&nbsp;$3799694 |
| &nbsp;&nbsp;&nbsp;6.00%, 6/14/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 | &nbsp;&nbsp;&nbsp;&nbsp; 4373432 |
|  |  | &nbsp;&nbsp;**$8173126** |
| Media — 0.4% | Media — 0.4% | Media — 0.4% |
| Charter Communications Operating LLC/Charter Communications Operating Capital: |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, 12/1/61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175 | &nbsp;&nbsp;$2041024 |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Media (continued) | Media (continued) | Media (continued) |
| Charter Communications Operating LLC/Charter Communications Operating Capital: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, 3/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8287 | &nbsp;&nbsp;$6131199 |
| &nbsp;&nbsp;&nbsp;5.375%, 5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950 | &nbsp;&nbsp;&nbsp;&nbsp; 2376170 |
| McGraw-Hill Education, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 9/1/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 398388 |
| &nbsp;&nbsp;&nbsp;8.00%, 8/1/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp; 5295900 |
|  |  | &nbsp;&nbsp;**$16242681** |
| Mining — 0.2% | Mining — 0.2% | Mining — 0.2% |
| First Quantum Minerals Ltd., 8.00%, 3/1/33<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950 | &nbsp;&nbsp;$6209438 |
|  |  | &nbsp;&nbsp;**$6209438** |
| Miscellaneous Manufacturing — 0.1% | Miscellaneous Manufacturing — 0.1% | Miscellaneous Manufacturing — 0.1% |
| Calderys Financing LLC, 11.25%, 6/1/28<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970 | &nbsp;&nbsp;$4109287 |
|  |  | &nbsp;&nbsp;**$4109287** |
| Oil and Gas — 0.5% | Oil and Gas — 0.5% | Oil and Gas — 0.5% |
| Occidental Petroleum Corp., 5.375%, 1/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;$9851104 |
| Raizen Fuels Finance SA, 5.70%, 1/17/35<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6109 | &nbsp;&nbsp;&nbsp;&nbsp; 3349259 |
| Sunoco LP, 7.875% to 9/18/30<sup>(2)(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp; 8276467 |
|  |  | &nbsp;&nbsp;**$21476830** |
| Packaging & Containers — 0.2% | Packaging & Containers — 0.2% | Packaging & Containers — 0.2% |
| Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/30<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1400931 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, 9.50%, 5/15/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6085 | &nbsp;&nbsp;&nbsp;&nbsp; 5381113 |
|  |  | &nbsp;&nbsp;**$6782044** |
| Pipelines — 0.1% | Pipelines — 0.1% | Pipelines — 0.1% |
| Enbridge, Inc., Series NC5, 8.25% to 10/15/28, 1/15/84<sup>(14)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;$5824060 |
|  |  | &nbsp;&nbsp;**$5824060** |
| Private Equity — 0.3% | Private Equity — 0.3% | Private Equity — 0.3% |
| Brookfield Finance, Inc., 6.30% to 10/15/34, 1/15/55<sup>(14)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8515 | &nbsp;&nbsp;$8160027 |
| KKR & Co., Inc., 5.10%, 8/7/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870 | &nbsp;&nbsp;&nbsp;&nbsp; 4713347 |
|  |  | &nbsp;&nbsp;**$12873374** |
| Real Estate Investment Trusts (REITs) — 0.3% | Real Estate Investment Trusts (REITs) — 0.3% | Real Estate Investment Trusts (REITs) — 0.3% |
| EPR Properties: |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 11/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509 | &nbsp;&nbsp;$2278678 |
| &nbsp;&nbsp;&nbsp;4.75%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 | &nbsp;&nbsp;&nbsp;&nbsp; 641540 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Real Estate Investment Trusts (REITs) (continued) | Real Estate Investment Trusts (REITs) (continued) | Real Estate Investment Trusts (REITs) (continued) |
| EPR Properties: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, 4/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3132 | &nbsp;&nbsp;$3128423 |
| Newmark Group, Inc., 7.50%, 1/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6625 | &nbsp;&nbsp;&nbsp;&nbsp; 6949327 |
|  |  | &nbsp;&nbsp;**$12997968** |
| Retail — 0.3% | Retail — 0.3% | Retail — 0.3% |
| PetSmart LLC/PetSmart Finance Corp., 7.50%, 9/15/32<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7991 | &nbsp;&nbsp;$8035870 |
| Sonic Automotive, Inc., 4.625%, 11/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5840 | &nbsp;&nbsp;&nbsp;&nbsp; 5664850 |
|  |  | &nbsp;&nbsp;**$13700720** |
| Semiconductors — 0.1% | Semiconductors — 0.1% | Semiconductors — 0.1% |
| Qorvo, Inc., 3.375%, 4/1/31<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550 | &nbsp;&nbsp;$5928643 |
|  |  | &nbsp;&nbsp;**$5928643** |
| Software — 0.6% | Software — 0.6% | Software — 0.6% |
| Cloud Software Group, Inc., 9.00%, 9/30/29<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;$5021269 |
| Oracle Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10196 | &nbsp;&nbsp;&nbsp;&nbsp; 6160240 |
| &nbsp;&nbsp;&nbsp;3.95%, 3/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928 | &nbsp;&nbsp;&nbsp;&nbsp; 1856564 |
| &nbsp;&nbsp;&nbsp;6.00%, 8/3/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5403 | &nbsp;&nbsp;&nbsp;&nbsp; 4534111 |
| &nbsp;&nbsp;&nbsp;6.55%, 2/4/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165 | &nbsp;&nbsp;&nbsp;&nbsp; 2954843 |
| &nbsp;&nbsp;&nbsp;6.70%, 2/4/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4190 | &nbsp;&nbsp;&nbsp;&nbsp; 3891786 |
|  |  | &nbsp;&nbsp;**$24418813** |
| Telecommunications — 0.6% | Telecommunications — 0.6% | Telecommunications — 0.6% |
| TELUS Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;6.375% to 3/9/31, 6/9/56<sup>(14)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13345 | &nbsp;&nbsp;$13215651 |
| &nbsp;&nbsp;&nbsp;6.625% to 3/9/36, 6/9/56<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6245 | &nbsp;&nbsp;&nbsp;&nbsp; 6090057 |
| Zegona Finance PLC, 8.625%, 7/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4538 | &nbsp;&nbsp;&nbsp;&nbsp; 4767568 |
|  |  | &nbsp;&nbsp;**$24073276** |
| Transportation — 0.1% | Transportation — 0.1% | Transportation — 0.1% |
| Seaspan Corp., 5.50%, 8/1/29<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4657 | &nbsp;&nbsp;$4367837 |
|  |  | &nbsp;&nbsp;**$4367837** |
| Total Corporate Bonds<br> (identified cost $979,099,548) |  | &nbsp;&nbsp;**$968768430** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Exchange-Traded Funds — 0.9%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Fixed-Income Funds — 0.9% | Fixed-Income Funds — 0.9% | Fixed-Income Funds — 0.9% |
| Eaton Vance Floating-Rate ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176186 | &nbsp;&nbsp;$8488641 |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Fixed-Income Funds (continued) | Fixed-Income Funds (continued) | Fixed-Income Funds (continued) |
| Eaton Vance Short Duration Income ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;$20885400 |
| Eaton Vance Ultra-Short Income ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp; 7105840 |
| Total Exchange-Traded Funds<br> (identified cost $36,794,736) |  | &nbsp;&nbsp;**$36479881** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Preferred Stocks — 0.3%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Electric Utilities — 0.0%<sup>†</sup> | Electric Utilities — 0.0%<sup>†</sup> | Electric Utilities — 0.0%<sup>†</sup> |
| PG&E Corp., Series A, 6.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;$773820 |
|  |  | &nbsp;&nbsp;**$773820** |
| Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% |
| Brookfield Property Partners LP: |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187034 | &nbsp;&nbsp;$2481941 |
| &nbsp;&nbsp;&nbsp;Series A2, 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74772 | &nbsp;&nbsp;&nbsp;&nbsp; 1111112 |
|  |  | &nbsp;&nbsp;**$3593053** |
| Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% |
| T-Mobile USA, Inc., 6.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391658 | &nbsp;&nbsp;$9470291 |
|  |  | &nbsp;&nbsp;**$9470291** |
| Total Preferred Stocks<br> (identified cost $17,164,083) |  | &nbsp;&nbsp;**$13837164** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Senior Floating-Rate Loans — 1.0%<sup>(17)</sup>

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Commercial Services & Supplies — 0.0%<sup>†</sup> | Commercial Services & Supplies — 0.0%<sup>†</sup> | Commercial Services & Supplies — 0.0%<sup>†</sup> |
| Prime Security Services Borrower LLC, Term Loan, 5.664%, (1 mo. USD Term SOFR + 2.00%), 10/13/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282 | &nbsp;&nbsp;$1278490 |
|  |  | &nbsp;&nbsp;**$1278490** |
| Financial Services — 0.0%<sup>†</sup> | Financial Services — 0.0%<sup>†</sup> | Financial Services — 0.0%<sup>†</sup> |
| CPI Holdco B LLC, Term Loan, 5.668%, (1 mo. USD Term SOFR + 2.00%), 5/19/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724 | &nbsp;&nbsp;$1714545 |
|  |  | &nbsp;&nbsp;**$1714545** |

---

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% |
| Medline Borrower LP, Term Loan, 5.418%, (1 mo. USD Term SOFR + 1.75%), 10/23/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3430 | &nbsp;&nbsp;$3438486 |
|  |  | &nbsp;&nbsp;**$3438486** |
| Insurance — 0.3% | Insurance — 0.3% | Insurance — 0.3% |
| AmWINS Group, Inc., Term Loan, 5.668%, (1 mo. USD Term SOFR + 2.00%), 1/30/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7429 | &nbsp;&nbsp;$7388686 |
| HUB International Ltd., Term Loan, 5.92%, (3 mo. USD Term SOFR + 2.25%), 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932 | &nbsp;&nbsp;&nbsp;&nbsp; 2928415 |
| USI, Inc., Term Loan, 5.95%, (3 mo. USD Term SOFR + 2.25%), 11/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3430 | &nbsp;&nbsp;&nbsp;&nbsp; 3426695 |
|  |  | &nbsp;&nbsp;**$13743796** |
| IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% |
| Sedgwick Claims Management Services, Inc., Term Loan, 6.168%, (1 mo. USD Term SOFR + 2.50%), 7/31/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7948 | &nbsp;&nbsp;$7814304 |
|  |  | &nbsp;&nbsp;**$7814304** |
| Machinery — 0.1% | Machinery — 0.1% | Machinery — 0.1% |
| TK Elevator Midco GmbH, Term Loan, 6.377%, (6 mo. USD Term SOFR + 2.75%), 4/30/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;$1725218 |
|  |  | &nbsp;&nbsp;**$1725218** |
| Professional Services — 0.1% | Professional Services — 0.1% | Professional Services — 0.1% |
| Trans Union LLC, Term Loan, 5.45%, (3 mo. USD Term SOFR + 1.75%), 6/24/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724 | &nbsp;&nbsp;$1717226 |
|  |  | &nbsp;&nbsp;**$1717226** |
| Software — 0.2% | Software — 0.2% | Software — 0.2% |
| Epicor Software Corp., Term Loan, 6.168%, (1 mo. USD Term SOFR + 2.50%), 5/30/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4724 | &nbsp;&nbsp;$4640210 |
| McAfee LLC, Term Loan, 6.668%, (1 mo. USD Term SOFR + 3.00%), 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 882834 |
| Open Text Corp., Term Loan, 5.418%, (1 mo. USD Term SOFR + 1.75%), 1/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3132 | &nbsp;&nbsp;&nbsp;&nbsp; 3071274 |
|  |  | &nbsp;&nbsp;**$8594318** |
| Specialty Retail — 0.0%<sup>†</sup> | Specialty Retail — 0.0%<sup>†</sup> | Specialty Retail — 0.0%<sup>†</sup> |
| Les Schwab Tire Centers, Term Loan, 6.173%, (3 mo. USD Term SOFR + 2.50%), 4/23/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328 | &nbsp;&nbsp;$1326178 |
|  |  | &nbsp;&nbsp;**$1326178** |
| Total Senior Floating-Rate Loans<br> (identified cost $41,753,768) |  | &nbsp;&nbsp;**$41352561** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

Sovereign Government Bonds — 0.6%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Mexico — 0.2% | Mexico — 0.2% | Mexico — 0.2% | Mexico — 0.2% |
| Mexico Bonos, 7.00%, 9/3/26 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93200 | &nbsp;&nbsp;$5198430 |
| Mexico Udibonos, 4.00%, 11/30/28 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92170 | &nbsp;&nbsp;&nbsp;&nbsp; 5103566 |
|  |  |  | &nbsp;&nbsp;**$10301996** |
| Romania — 0.3% | Romania — 0.3% | Romania — 0.3% | Romania — 0.3% |
| Romania Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 4/14/33<sup>(12)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4807 | &nbsp;&nbsp;$4386112 |
| &nbsp;&nbsp;&nbsp;3.75%, 2/7/34<sup>(12)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8471 | &nbsp;&nbsp;&nbsp;&nbsp; 8512724 |
|  |  |  | &nbsp;&nbsp;**$12898836** |
| South Africa — 0.1% | South Africa — 0.1% | South Africa — 0.1% | South Africa — 0.1% |
| Republic of South Africa Government International Bonds, 5.875%, 4/20/32 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3118 | &nbsp;&nbsp;$3108893 |
|  |  |  | &nbsp;&nbsp;**$3108893** |
| Total Sovereign Government Bonds<br> (identified cost $26,082,797) |  |  | &nbsp;&nbsp;**$26309725** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Government Agency Mortgage-Backed Securities — 16.9%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31342 | &nbsp;&nbsp;$30960809 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183839 | &nbsp;&nbsp;&nbsp;&nbsp; 184905829 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 685132 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94296 | &nbsp;&nbsp;&nbsp;&nbsp; 94861869 |
| Government National Mortgage Association II, 5.50%, 12/20/55<sup>(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7692 | &nbsp;&nbsp;&nbsp;&nbsp; 7752866 |
| Uniform Mortgage-Backed Security: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 30-Year, TBA<sup>(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27260 | &nbsp;&nbsp;&nbsp;&nbsp; 25677641 |
| &nbsp;&nbsp;&nbsp;4.50%, 30-Year, TBA<sup>(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24375 | &nbsp;&nbsp;&nbsp;&nbsp; 23510450 |
| &nbsp;&nbsp;&nbsp;5.00%, 30-Year, TBA<sup>(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280578 | &nbsp;&nbsp;&nbsp;&nbsp; 276599502 |
| &nbsp;&nbsp;&nbsp;5.50%, 30-Year, TBA<sup>(19)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47050 | &nbsp;&nbsp;&nbsp;&nbsp; 47254317 |
| Total U.S. Government Agency Mortgage-Backed Securities<br> (identified cost $698,812,606) |  | **$692208415** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Treasury Obligations — 32.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, 5/15/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20401 | &nbsp;&nbsp;$12858208 |
| &nbsp;&nbsp;&nbsp;1.875%, 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp; 44522 |
| &nbsp;&nbsp;&nbsp;3.00%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 | &nbsp;&nbsp;&nbsp;&nbsp; 1271947 |
| &nbsp;&nbsp;&nbsp;3.375%, 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74498 | &nbsp;&nbsp;&nbsp;&nbsp; 58402358 |
| &nbsp;&nbsp;&nbsp;4.50%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp; 294882 |
| &nbsp;&nbsp;&nbsp;4.625%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165443 | &nbsp;&nbsp;&nbsp;&nbsp; 159600794 |
| &nbsp;&nbsp;&nbsp;4.625%, 2/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32429 | &nbsp;&nbsp;&nbsp;&nbsp; 31266116 |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16460 | &nbsp;&nbsp;&nbsp;&nbsp; 14433362 |
| &nbsp;&nbsp;&nbsp;1.25%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49893 | &nbsp;&nbsp;&nbsp;&nbsp; 43314335 |
| &nbsp;&nbsp;&nbsp;1.375%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9980 | &nbsp;&nbsp;&nbsp;&nbsp; 8656675 |
| &nbsp;&nbsp;&nbsp;1.75%, 1/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp; 82190 |
| &nbsp;&nbsp;&nbsp;1.875%, 2/28/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp; 8521 |
| &nbsp;&nbsp;&nbsp;3.50%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476707 | &nbsp;&nbsp;&nbsp;&nbsp; 472889621 |
| &nbsp;&nbsp;&nbsp;3.50%, 11/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251719 | &nbsp;&nbsp;&nbsp;&nbsp; 247107430 |
| &nbsp;&nbsp;&nbsp;3.50%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2443 | &nbsp;&nbsp;&nbsp;&nbsp; 2351006 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140541 | &nbsp;&nbsp;&nbsp;&nbsp; 138652480 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8315 | &nbsp;&nbsp;&nbsp;&nbsp; 8111672 |
| &nbsp;&nbsp;&nbsp;4.125%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445 | &nbsp;&nbsp;&nbsp;&nbsp; 2406988 |
| &nbsp;&nbsp;&nbsp;4.25%, 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111492 | &nbsp;&nbsp;&nbsp;&nbsp; 111215447 |
| Total U.S. Treasury Obligations<br> (identified cost $1,324,797,569) |  | &nbsp;&nbsp;**$1312968554** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Miscellaneous — 0.0%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Energy — 0.0% | Energy — 0.0% | Energy — 0.0% |
| Enviva LLC, Escrow Certificates<sup>(10)(20)</sup> | $3339000 | &nbsp;&nbsp;$0 |
| Total Miscellaneous<br> (identified cost $0) |  | &nbsp;&nbsp;**$0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 8.9%

Affiliated Fund – 8.6%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.57%<sup>(21)</sup> | 350679540 | &nbsp;&nbsp;$350679540 |
| Total Affiliated Fund<br> (identified cost $350,679,540) |  | &nbsp;&nbsp;**$350679540** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

Sovereign Government Securities –0.2%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Egypt — 0.2% | Egypt — 0.2% | Egypt — 0.2% | Egypt — 0.2% |
| Egypt Treasury Bills, 0.00%, 5/12/26 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;$8947127 |
| Total Sovereign Government Securities<br> (identified cost $10,368,180) |  |  | &nbsp;&nbsp;**$8947127** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Treasury Obligations – 0.1%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills, 0.00%, 6/4/26<sup>(18)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550 | &nbsp;&nbsp;$3527233 |
| Total U.S. Treasury Obligations<br> (identified cost $3,527,435) |  | &nbsp;&nbsp;**$3527233** |
| Total Short-Term Investments<br> (identified cost $364,575,155) |  | &nbsp;&nbsp;**$363153900** |
| Total Investments — 107.7%<br> (identified cost $4,442,420,658) |  | &nbsp;&nbsp;**$4408935225** |
| Other Assets, Less Liabilities — (7.7)% |  | &nbsp;&nbsp;**$(315704687)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$4093230538** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Affiliated fund (see Note 11). |
| <sup>(2)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2026, the aggregate value of these securities is $1,219,063,843 or 29.8% of the Fund's net assets. |
| <sup>(3)</sup> | Variable rate security. The stated interest rate represents the rate in effect at March 31, 2026. |
| <sup>(4)</sup> | Principal Amount is denominated in Canadian dollars. |
| <sup>(5)</sup> | Step coupon security. Interest rate represents the rate in effect at March 31, 2026. |
| <sup>(6)</sup> | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at March 31, 2026. |
| <sup>(7)</sup> | When-issued, variable rate security whose interest rate will be determined after March 31, 2026. |
| <sup>(8)</sup> | Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at March 31, 2026. |

---

<sup>(9)</sup> Represents an investment in an issuer that may be deemed to be an affiliate (see Note 11).

<sup>(10)</sup> Non-income producing security.

<sup>(11)</sup> Restricted security (see Note 8).

<sup>(12)</sup> Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At March 31, 2026, the aggregate value of these securities is $154,608,419 or 3.8% of the Fund's net assets.

<sup>(13)</sup> Perpetual security with no stated maturity date but may be subject to calls by the issuer.

<sup>(14)</sup> Security converts to variable rate after the indicated fixed-rate coupon period.

<sup>(15)</sup> Issuer is in default with respect to interest and/or principal payments and is non-income producing.

<sup>(16)</sup> Represents a payment-in-kind security which may pay interest in additional principal at the issuer's discretion.

<sup>(17)</sup> Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR") and secondarily, the prime rate offered by one or more major United States banks (the "Prime Rate"). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

<sup>(18)</sup> Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

<sup>(19)</sup> TBA (To Be Announced) securities are purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount, which is not expected to differ significantly from the commitment amount, and maturity date are determined upon settlement.

<sup>(20)</sup> Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

<sup>(21)</sup> May be deemed to be an affiliated investment company (see Note 11). The rate shown is the annualized seven-day yield as of March 31, 2026.

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| Country Concentration of Portfolio | Country Concentration of Portfolio | Country Concentration of Portfolio |
| **Country** | &nbsp;&nbsp;&nbsp;**Percentage of<br> Total Investments** | &nbsp;&nbsp;&nbsp;**Value** |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;86.7% | &nbsp;&nbsp;&nbsp;$3824341927 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150548846 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109580969 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86140866 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41399776 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25793650 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17361140 |
| Romania | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12898836 |
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10399274 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9352795 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9221291 |
| Egypt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8947127 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8742004 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7643621 |
| Zambia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6209438 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6043546 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5236295 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4465203 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4367837 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3751437 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3724223 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448610 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3349259 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108893 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2126138 |
| Supranational | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051600 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349299 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848300 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3144 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36479881 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;&nbsp;**$4408935225** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** | **Forward Foreign Currency Exchange Contracts (OTC)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| AUD | &nbsp;&nbsp; 42790000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 30306213 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;5/19/26 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(801389) |
| USD | &nbsp;&nbsp; 29990655 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 42790000 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;5/19/26 | &nbsp;&nbsp;&nbsp;&nbsp; 485831 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 4416577 | &nbsp;&nbsp;EGP | &nbsp;&nbsp; 230236169 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;6/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; 408684 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| BRL | &nbsp;&nbsp;185369434 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 34963491 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;6/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 226834 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EUR | &nbsp;&nbsp; 13177443 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 15358042 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;6/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (73964) |
| KRW | &nbsp;&nbsp; 10373711 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7081 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;6/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (170) |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** | **Forward Foreign Currency Exchange Contracts (OTC) (continued)** |
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| MXN | &nbsp;&nbsp;419543852 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 23502396 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;6/17/26 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(238078) |
| USD | &nbsp;&nbsp; 5659403 | &nbsp;&nbsp;CAD | &nbsp;&nbsp; 7650988 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;6/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 141134 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;156913811 | &nbsp;&nbsp;DKK | &nbsp;&nbsp;1009545797 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;6/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 143974 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 28138423 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 24302829 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;6/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (49620) |
| USD | &nbsp;&nbsp; 18382691 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 15943330 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;6/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (109447) |
| USD | &nbsp;&nbsp; 20349790 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 17652787 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;6/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (125090) |
| USD | &nbsp;&nbsp; 20071691 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 17373740 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;6/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (79533) |
| USD | &nbsp;&nbsp; 7721992 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 5775586 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;6/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 79145 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 3799 | &nbsp;&nbsp;HUF | &nbsp;&nbsp; 1278680 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;6/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26) |
|  |  |  |  |  |  | &nbsp;&nbsp;**$1485602** | &nbsp;&nbsp;**$(1477317)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Interest Rate Futures** |  |  |  |  |  |
| U.S. 5-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;9633 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;$1042094935 | &nbsp;&nbsp;&nbsp;&nbsp;$(12726600) |
| U.S. 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;2806 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311597531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4981223) |
| U.S. Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;2465 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280701875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8237288) |
| U.S. Ultra 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;2045 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232139453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3386044) |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp;(1012) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (146671244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1890308 |
| U.S. 2-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(4039) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (837871615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6170427 |
| U.S. Ultra-Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(968) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (112832500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3573707 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(17696713)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** | **Interest Rate Swaps (Centrally Cleared)** |
| **Notional Amount<br> (000's omitted)** | **Notional Amount<br> (000's omitted)** | **Fund<br> Pays/<br> Receives<br> Floating<br> Rate** | **Floating Rate** | **Annual<br> Fixed Rate** | **Termination<br> Date** | **Value** | **Unamortized<br> Upfront<br> Receipts<br> (Payments)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | 14971 | Receives | SOFR<br> (pays annually) | 4.06%<br> (pays annually) | 2/15/46 | $221710 | $— | $221710 |
| USD | 15000 | Receives | SOFR<br> (pays annually) | 4.15%<br> (pays annually) | 2/15/46 | 34230 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34230 |
| **Total** |  |  |  |  |  | **$255940** | **$—** | **$255940** |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** | **Credit Default Swaps - Sell Protection (Centrally Cleared)** |
| **Reference Entity** | &nbsp;&nbsp;**Notional<br> Amount<sup>(1)</sup> (000's omitted)** | &nbsp;&nbsp;**Current<br> Market Annual<br> Fixed Rate<sup>(3)</sup>** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| Markit CDX North America High Yield Index (CDX.NA.HY.45.V2) | &nbsp;&nbsp;$28481 &nbsp;&nbsp;5.00%<br> (pays quarterly)<sup>(4)</sup> | &nbsp;&nbsp;3.64% | &nbsp;&nbsp;12/20/30 | &nbsp;&nbsp;$1545385 | &nbsp;&nbsp;$(1620133) | &nbsp;&nbsp;$(74748) |
| **Total** | &nbsp;&nbsp;**$28481** |  |  | &nbsp;&nbsp;**$1545385** | &nbsp;&nbsp;**$(1620133)** | &nbsp;&nbsp;**$(74748)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** | **Credit Default Swaps - Sell Protection (OTC)** |
| **Reference Entity** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount<sup>(1)</sup> (000's omitted)** | &nbsp;&nbsp;**Current<br> Market<br> Annual<br> Fixed Rate<sup>(3)</sup>** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| U.S. Land Banking | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;$7000 &nbsp;&nbsp;5.50%<br> (pays monthly)<sup>(4)</sup> | &nbsp;&nbsp;5.94% | &nbsp;&nbsp;10/10/29 | &nbsp;&nbsp;$(64917) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(64917) |
| U.S. Single Family Rental | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 4438 &nbsp;&nbsp;7.85%<br> (pays monthly)<sup>(4)</sup> | &nbsp;&nbsp;8.13 | &nbsp;&nbsp; 3/18/28 | &nbsp;&nbsp;&nbsp;&nbsp; 34982 | &nbsp;&nbsp;&nbsp;&nbsp;3283 | &nbsp;&nbsp;&nbsp;&nbsp; 38265 |
| **Total** |  | &nbsp;&nbsp;**$11438** |  |  | &nbsp;&nbsp;**$(29935)** | &nbsp;&nbsp;**$3283** | &nbsp;&nbsp;**$(26652)** |

---

<sup>(1)</sup> If the Fund is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At March 31, 2026, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $39,919,000.

<sup>(2)</sup> The contract annual fixed rate represents the fixed rate of interest received by the Fund (as a seller of protection) or paid by the Fund (as a buyer of protection) on the notional amount of the credit default swap contract.

<sup>(3)</sup> Current market annual fixed rates, utilized in determining the net unrealized appreciation or depreciation as of period end, serve as an indicator of the market's perception of the current status of the payment/performance risk associated with the credit derivative. The current market annual fixed rate of a particular reference entity reflects the cost, as quoted by the pricing vendor, of selling protection against default of that entity as of period end and may include upfront payments required to be made to enter into the agreement. The higher the fixed rate, the greater the market perceived risk of a credit event involving the reference entity. A rate identified as "Defaulted" indicates a credit event has occurred for the reference entity.

<sup>(4)</sup> Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| OTC | – Over-the-counter |
| PIK | – Payment In Kind |
| SOFR | – Secured Overnight Financing Rate |
| SONIA | – Sterling Overnight Interbank Average |
| STACR | – Structured Agency Credit Risk |
| TBA | – To Be Announced |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | – Australian Dollar |
| BRL | – Brazilian Real |
| CAD | – Canadian Dollar |
| DKK | – Denmark Krone |
| EGP | – Egyptian Pound |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| HUF | – Hungarian Forint |
| KRW | – South Korean Won |
| MXN | – Mexican Peso |
| USD | – United States Dollar |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Statement of Assets and Liabilities (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**March 31, 2026** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $3,933,726,450) | &nbsp;&nbsp;$3900881009 |
| Affiliated investments, at value (identified cost $508,694,208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508054216 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6675468 |
| Deposits for forward commitment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5473000 |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30752033 |
| &nbsp;&nbsp;&nbsp;Centrally cleared derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4112381 |
| &nbsp;&nbsp;&nbsp;OTC derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580000 |
| Foreign currency, at value (identified cost $8,643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8642 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37747438 |
| Interest and dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223047 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34223954 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15565442 |
| Receivable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3777352 |
| Receivable for variation margin on open centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319741 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485602 |
| Receivable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38265 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589916 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31073 |
| **Total assets** | &nbsp;&nbsp;**$4552538579** |
| Liabilities |  |
| Cash collateral due to broker | &nbsp;&nbsp;$330000 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25412101 |
| Payable for when-issued/delayed delivery/forward commitment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415569540 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14033032 |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477317 |
| Payable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64917 |
| Upfront receipts on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3283 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26004 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368507 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76573 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31073 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912382 |
| **Total liabilities** | &nbsp;&nbsp;**$459308041** |
| **Net Assets** | &nbsp;&nbsp;**$4093230538** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$4194069702 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100839164) |
| **Net Assets** | &nbsp;&nbsp;**$4093230538** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$196613501 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18807264 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.45 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$10.80 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Statement of Assets and Liabilities (Unaudited) — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**March 31, 2026** |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$43855377 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4197257 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.45 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$3436885765 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329022680 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.45 |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$415875895 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39831978 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.44 |

---

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | On sales of $100,000 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. |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Statement of Operations (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended** |
|  | &nbsp;&nbsp;&nbsp;**March 31, 2026** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $27,889) | &nbsp;&nbsp;$442565 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9141124 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91858217 |
| Interest income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248259 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9874 |
| **Total investment income** | &nbsp;&nbsp;**$101700039** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$7862001 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226690 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215920 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54614 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377827 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047468 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171368 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84598 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270676 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147223 |
| **Total expenses** | &nbsp;&nbsp;**$10458385** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$1486615 |
| **Total expense reductions** | &nbsp;&nbsp;**$1486615** |
| **Net expenses** | &nbsp;&nbsp;**$8971770** |
| **Net investment income** | &nbsp;&nbsp;**$92728269** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$26008364 |
| &nbsp;&nbsp;&nbsp;Investment transactions - affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202645 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10098368 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(635184) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3793331 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851555 |
| &nbsp;&nbsp;&nbsp;Capital gain distributions received - affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255371 |
| **Net realized gain** | &nbsp;&nbsp;**$41574450** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(78492016) |
| &nbsp;&nbsp;&nbsp;Investments - affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(637924) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21159108) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97963 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39511) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(532015) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(100762611)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(59188161)** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$33540108** |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$92728269 | &nbsp;&nbsp;$136705729 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41574450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22134218) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100762611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43763685 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$33540108** | &nbsp;&nbsp;**$158335196** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(4432506) | &nbsp;&nbsp;$(6902754) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(891219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1688283) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80057318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121603465) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9422329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11208307) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(94803372)** | &nbsp;&nbsp;**$(141402809)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$36005338 | &nbsp;&nbsp;$42629705 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2141386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092695 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638473690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816226095 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121665913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190873691 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$798286327** | &nbsp;&nbsp;**$1052822186** |
| **Net increase in net assets** | &nbsp;&nbsp;**$737023063** | &nbsp;&nbsp;**$1069754573** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$3356207475 | &nbsp;&nbsp;$2286452902 |
| **At end of period** | &nbsp;&nbsp;**$4093230538** | &nbsp;&nbsp;**$3356207475** |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.61 | &nbsp;&nbsp;$10.62 | &nbsp;&nbsp;$9.83 | &nbsp;&nbsp;$10.23 | &nbsp;&nbsp;$12.34 | &nbsp;&nbsp;$11.82 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;$0.54 | &nbsp;&nbsp;$0.48 | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.33 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.10** | &nbsp;&nbsp;**$0.50** | &nbsp;&nbsp;**$1.34** | &nbsp;&nbsp;**$0.10** | &nbsp;&nbsp;**$(1.69)** | &nbsp;&nbsp;**$0.90** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;$(0.55) | &nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.32) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Total distributions** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.51)** | &nbsp;&nbsp;**$(0.55)** | &nbsp;&nbsp;**$(0.50)** | &nbsp;&nbsp;**$(0.42)** | &nbsp;&nbsp;**$(0.38)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$10.45** | &nbsp;&nbsp;**$10.61** | &nbsp;&nbsp;**$10.62** | &nbsp;&nbsp;**$9.83** | &nbsp;&nbsp;**$10.23** | &nbsp;&nbsp;**$12.34** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.90%<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.94%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.03%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.03%** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.10)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.72%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$196614 | &nbsp;&nbsp;$163606 | &nbsp;&nbsp;$120365 | &nbsp;&nbsp;$86929 | &nbsp;&nbsp;$86430 | &nbsp;&nbsp;$107380 |
| Ratios (as a percentage of average daily net assets):<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166%<sup>(4)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85%<sup>(8)</sup> |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $0.005.

<sup>(3)</sup> 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.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(6)</sup> Annualized.

<sup>(7)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund and in other affiliated funds (equal to 0.03% of average daily net assets for the six months ended March 31, 2026, 0.02% of average daily net assets for the year ended September 30, 2025, 0.01% of average daily net assets for the year ended September 30, 2024 and less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022).

<sup>(8)</sup> Includes the effect of To-Be-Announced (TBA) transactions.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.60 | &nbsp;&nbsp;$10.61 | &nbsp;&nbsp;$9.82 | &nbsp;&nbsp;$10.22 | &nbsp;&nbsp;$12.33 | &nbsp;&nbsp;$11.82 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.42 | &nbsp;&nbsp;$0.47 | &nbsp;&nbsp;$0.41 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.24 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.07** | &nbsp;&nbsp;**$0.42** | &nbsp;&nbsp;**$1.27** | &nbsp;&nbsp;**$0.03** | &nbsp;&nbsp;**$(1.78)** | &nbsp;&nbsp;**$0.80** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.23) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Total distributions** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.43)** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(0.43)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.29)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$10.45** | &nbsp;&nbsp;**$10.60** | &nbsp;&nbsp;**$10.61** | &nbsp;&nbsp;**$9.82** | &nbsp;&nbsp;**$10.22** | &nbsp;&nbsp;**$12.33** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.62%<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.16%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.19%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.17%** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.67)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.83%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$43855 | &nbsp;&nbsp;$42376 | &nbsp;&nbsp;$39297 | &nbsp;&nbsp;$29457 | &nbsp;&nbsp;$30639 | &nbsp;&nbsp;$48423 |
| Ratios (as a percentage of average daily net assets):<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%<sup>(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166%<sup>(4)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85%<sup>(8)</sup> |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $0.005.

<sup>(3)</sup> 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.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(6)</sup> Annualized.

<sup>(7)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund and in other affiliated funds (equal to 0.03% of average daily net assets for the six months ended March 31, 2026, 0.02% of average daily net assets for the year ended September 30, 2025, 0.01% of average daily net assets for the year ended September 30, 2024 and less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022).

<sup>(8)</sup> Includes the effect of To-Be-Announced (TBA) transactions.

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.60 | &nbsp;&nbsp;$10.61 | &nbsp;&nbsp;$9.82 | &nbsp;&nbsp;$10.22 | &nbsp;&nbsp;$12.33 | &nbsp;&nbsp;$11.81 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.52 | &nbsp;&nbsp;$0.57 | &nbsp;&nbsp;$0.52 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.36 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.12** | &nbsp;&nbsp;**$0.53** | &nbsp;&nbsp;**$1.37** | &nbsp;&nbsp;**$0.13** | &nbsp;&nbsp;**$(1.67)** | &nbsp;&nbsp;**$0.93** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.35) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Total distributions** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.54)** | &nbsp;&nbsp;**$(0.58)** | &nbsp;&nbsp;**$(0.53)** | &nbsp;&nbsp;**$(0.44)** | &nbsp;&nbsp;**$(0.41)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$10.45** | &nbsp;&nbsp;**$10.60** | &nbsp;&nbsp;**$10.61** | &nbsp;&nbsp;**$9.82** | &nbsp;&nbsp;**$10.22** | &nbsp;&nbsp;**$12.33** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.20%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.32%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.28%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13.89)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.00%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$3436886 | &nbsp;&nbsp;$2849954 | &nbsp;&nbsp;$2021617 | &nbsp;&nbsp;$965756 | &nbsp;&nbsp;$522611 | &nbsp;&nbsp;$630403 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166%<sup>(3)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85%<sup>(7)</sup> |

---

<sup>(1)</sup> Computed using average shares outstanding.

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

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund and in other affiliated funds (equal to 0.03% of average daily net assets for the six months ended March 31, 2026, 0.02% of average daily net assets for the year ended September 30, 2025, 0.01% of average daily net assets for the year ended September 30, 2024 and less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022).

<sup>(7)</sup> Includes the effect of To-Be-Announced (TBA) transactions.

*24*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Financial Highlights — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Period Ended<br> September 30,<br> 2023<sup>(1)</sup>** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**Period Ended<br> September 30,<br> 2023<sup>(1)</sup>** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.60 | &nbsp;&nbsp;$10.61 | &nbsp;&nbsp;$9.82 | &nbsp;&nbsp;$10.19 |
| Income (Loss) From Operations |  |  |  |  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.53 | &nbsp;&nbsp;$0.57 | &nbsp;&nbsp;$0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.11** | &nbsp;&nbsp;**$0.53** | &nbsp;&nbsp;**$1.37** | &nbsp;&nbsp;**$(0.22)** |
| Less Distributions |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;$(0.15) |
| **Total distributions** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.54)** | &nbsp;&nbsp;**$(0.58)** | &nbsp;&nbsp;**$(0.15)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$10.44** | &nbsp;&nbsp;**$10.60** | &nbsp;&nbsp;**$10.61** | &nbsp;&nbsp;**$9.82** |
| **Total Return<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.05%<sup>(5)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.26%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.39%** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.23)%<sup>(5)</sup>** |
| Ratios/Supplemental Data |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$415876 | &nbsp;&nbsp;$300271 | &nbsp;&nbsp;$105174 | &nbsp;&nbsp;$49 |
| Ratios (as a percentage of average daily net assets):<sup>(6)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%<sup>(7)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(7)(8)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92%<sup>(7)</sup> |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166%<sup>(5)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190%<sup>(5)(9)(10)</sup> |

---

<sup>(1)</sup> For the period from the commencement of operations, June 30, 2023, to September 30, 2023.

<sup>(2)</sup> Computed using average shares outstanding.

<sup>(3)</sup> Amount is less than $0.005.

<sup>(4)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(5)</sup> Not annualized.

<sup>(6)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(7)</sup> Annualized.

<sup>(8)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund and in other affiliated funds (equal to 0.03% of average daily net assets for the six months ended March 31, 2026, 0.02% of average daily net assets for the year ended September 30, 2025, 0.01% of average daily net assets for the year ended September 30, 2024 and less than 0.005% of average daily net assets for the period ended September 30, 2023).

<sup>(9)</sup> Includes the effect of To-Be-Announced (TBA) transactions.

<sup>(10)</sup> For the year ended September 30, 2023.

*25*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

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 four 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 November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I and Class R6

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. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 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. 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. Swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers.**

**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.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day. Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect 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,**

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

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 in connection with investments in senior floating-rate loans may include amendment fees, consent fees and prepayment fees, which are recorded to income as earned and included in Other income on the Statement of Operations. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable countries' tax rules and rates.

D Federal and Other 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, 2026, 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 Unfunded Loan Commitments—The Fund may enter into certain loan agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are disclosed in the accompanying Portfolio of Investments. At March 31, 2026, the Fund had sufficient cash and/or securities to cover these commitments.

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

I Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, 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.

J Futures Contracts—Upon entering into a 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 or index, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the 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.

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[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

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K 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.

L Interest Rate Swaps—Swap contracts are privately negotiated agreements between the Fund and a counterparty. Certain swap contracts may be centrally cleared. Pursuant to interest rate swap agreements, the Fund either makes floating-rate payments to the counterparty (or Central Clearing Party (CCP) in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or the Fund makes fixed-rate payments to the counterparty (or CCP in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, if any (which are amortized over the life of the swap contract), are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. The Fund is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

M Credit Default Swaps—When the Fund is the buyer of a credit default swap contract, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and received no proceeds from the contract. When the Fund is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation. As the seller, the Fund may create economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

N 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. 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.

O Segment Reporting—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

P Interim Financial Statements—The interim financial statements relating to March 31, 2026 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.

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[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

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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, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $78,794,079 which would reduce the 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 Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year, can be carried forward for an unlimited period, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at September 30, 2025, $37,083,686 are short-term and $41,710,393 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at March 31, 2026, as determined on a federal income tax basis, were as follows:

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| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$4448791581** |
| Gross unrealized appreciation | &nbsp;&nbsp;$24789210 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82179454) |
| **Net unrealized depreciation** | &nbsp;&nbsp;**$(57390244)** |

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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** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.450% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.425% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.410% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.400% |

---

For the six months ended March 31, 2026, the investment adviser fee amounted to $7,862,001 or 0.42% (annualized) of the Fund's average daily net assets.

The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley, and in other affiliated funds. The investment adviser fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees/advisory fees paid by the Fund due to its investment in the Liquidity Fund and in other affiliated funds. For the six months ended March 31, 2026, the investment adviser fee paid was reduced by $538,937 relating to the Fund's investment in the Liquidity Fund and in other affiliated funds.

Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, has agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.74%, 1.49%, 0.49% and 0.43% of the Fund's average daily net assets for Class A, Class C, Class I and Class R6, respectively. This agreement may be changed or terminated after February 1, 2027. Pursuant to this agreement, EVM waived and/or reimbursed $947,678 of the Fund's operating expenses for the six months ended March 31, 2026.

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[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

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EVM serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended March 31, 2026, EVM earned $7,865 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 $22,749 as its portion of the sales charge on sales of Class A shares for the six months ended March 31, 2026. 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. 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, 2026 amounted to $226,690 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, 2026, the Fund paid or accrued to EVD $161,940 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, 2026 amounted to $53,980 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 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, 2026, the Fund was informed that EVD received $694 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, 2026 were as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| Investments (non-U.S. Government) | &nbsp;&nbsp;&nbsp;&nbsp;$1171469979 | &nbsp;&nbsp;&nbsp;&nbsp;$1052684082 |
| U.S. Government and Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5602609956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5452520233 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**$6774079935** | &nbsp;&nbsp;&nbsp;&nbsp;**$6505204315** |

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[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

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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, including direct exchanges pursuant to share class conversions, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 5452657 | &nbsp;&nbsp;&nbsp;&nbsp;$57944447 | &nbsp;&nbsp;&nbsp;&nbsp; 6762205 | &nbsp;&nbsp;&nbsp;&nbsp;$70366884 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 408849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4339066 | &nbsp;&nbsp;&nbsp;&nbsp; 642081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6690989 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2475315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26278175) | &nbsp;&nbsp;&nbsp;&nbsp; (3317915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34428168) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **3386191** | &nbsp;&nbsp;&nbsp;&nbsp;**$36005338** | &nbsp;&nbsp;&nbsp;&nbsp; **4086371** | &nbsp;&nbsp;&nbsp;&nbsp;**$42629705** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 607924 | &nbsp;&nbsp;&nbsp;&nbsp;$6453164 | &nbsp;&nbsp;&nbsp;&nbsp; 1215193 | &nbsp;&nbsp;&nbsp;&nbsp;$12648673 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 83859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 889984 | &nbsp;&nbsp;&nbsp;&nbsp; 162042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1686671 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (490920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5201762) | &nbsp;&nbsp;&nbsp;&nbsp; (1083448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11242649) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **200863** | &nbsp;&nbsp;&nbsp;&nbsp;**$2141386** | &nbsp;&nbsp;&nbsp;&nbsp; **293787** | &nbsp;&nbsp;&nbsp;&nbsp;**$3092695** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;98616302 | &nbsp;&nbsp;&nbsp;&nbsp;$1045727172 | &nbsp;&nbsp;&nbsp;&nbsp;164638914 | &nbsp;&nbsp;&nbsp;&nbsp;$1710722644 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 7542439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79995245 | &nbsp;&nbsp;&nbsp;&nbsp; 11661231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121442577 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(45979127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (487248727) | &nbsp;&nbsp;&nbsp;&nbsp;(97984148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1015939126) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**60179614** | &nbsp;&nbsp;&nbsp;&nbsp;**$638473690** | &nbsp;&nbsp;&nbsp;&nbsp; **78315997** | &nbsp;&nbsp;&nbsp;&nbsp;**$816226095** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;15386358 | &nbsp;&nbsp;&nbsp;&nbsp;$163120059 | &nbsp;&nbsp;&nbsp;&nbsp; 21171360 | &nbsp;&nbsp;&nbsp;&nbsp;$219328488 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 888839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9422295 | &nbsp;&nbsp;&nbsp;&nbsp; 1075878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11207890 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4782452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50876441) | &nbsp;&nbsp;&nbsp;&nbsp; (3824878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39662687) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**11492745** | &nbsp;&nbsp;&nbsp;&nbsp;**$121665913** | &nbsp;&nbsp;&nbsp;&nbsp; **18422360** | &nbsp;&nbsp;&nbsp;&nbsp;**$190873691** |

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[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

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8 Restricted Securities

At March 31, 2026, the Fund owned the following security (representing less than 0.05% of net assets) which was restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Fund has limited registration rights with respect to this security. The value of restricted securities is determined based on valuations provided by brokers when available, or if not available, they are valued by the investment adviser as the Trustees' valuation designee.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Date(s) of<br> Acquisition** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **Common Stocks** |  |  |  |  |
| Enviva LLC | &nbsp;&nbsp;&nbsp;&nbsp;12/6/24 | &nbsp;&nbsp;&nbsp;&nbsp;79374 | &nbsp;&nbsp;&nbsp;&nbsp;$560380 | &nbsp;&nbsp;&nbsp;&nbsp;$1488263 |
| **Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$560380** | &nbsp;&nbsp;&nbsp;&nbsp;**$1488263** |

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9 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, futures contracts and swap 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, 2026 is included in the Portfolio of Investments. At March 31, 2026, 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:

Credit Risk: The Fund enters into credit default swap contracts to manage certain investment risks and/or to enhance total return or as a substitute for the purchase or sale of securities.

Interest Rate Risk: The Fund enters into interest rate futures contracts and interest rate swaps 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.

The Fund enters into over-the-counter (OTC) derivatives 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, 2026, the fair value of derivatives with credit-related contingent features in a net liability position was $1,542,234. The aggregate fair value of assets pledged as collateral by the Fund for such liability was $11,838,612 at March 31, 2026.

The 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

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[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

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 carrying amount of the liability for cash collateral due to brokers at March 31, 2026 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 12) at March 31, 2026.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at at March 31, 2026 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Fair Value** |
| **Statement of Assets and Liabilities Caption** | &nbsp;&nbsp;**Credit** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Total** |
| Accumulated loss<sup>(1)</sup> | &nbsp;&nbsp;$1545385 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11890382 | &nbsp;&nbsp;$13435767 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485602 |
| Receivable for open swap contracts; Upfront receipts on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34982 |
| **Total Asset Derivatives** | &nbsp;&nbsp;**$1580367** | &nbsp;&nbsp;**$1485602** | &nbsp;&nbsp;**$11890382** | &nbsp;&nbsp;**$14956351** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$1545385** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$11890382** | &nbsp;&nbsp;**$13435767** |
| **Total Asset Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$34982** | &nbsp;&nbsp;**$1485602** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$1520584** |
| Accumulated loss<sup>(1)</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(29331155) | &nbsp;&nbsp;$(29331155) |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1477317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1477317) |
| Payable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64917) |
| **Total Liability Derivatives** | &nbsp;&nbsp;**$(64917)** | &nbsp;&nbsp;**$(1477317)** | &nbsp;&nbsp;**$(29331155)** | &nbsp;&nbsp;**$(30873389)** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(29331155)** | &nbsp;&nbsp;**$(29331155)** |
| **Total Liability Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$(64917)** | &nbsp;&nbsp;**$(1477317)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(1542234)** |

---

<sup>(1)</sup> Only the current day's variation margin on open futures contracts and centrally cleared derivatives is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts and centrally cleared derivatives, as applicable.

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 tables present the Fund's derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets and pledged by the Fund for such liabilities as of March 31, 2026.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;**Total Cash<br> Collateral<br> Received** |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;$485831 | &nbsp;&nbsp;&nbsp;$(159067) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$326764 | &nbsp;&nbsp;&nbsp;$— |
| BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635518 | &nbsp;&nbsp;&nbsp;&nbsp;(125090) | &nbsp;&nbsp;&nbsp;&nbsp;(295630) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;214798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73964) | &nbsp;&nbsp;&nbsp;&nbsp;(211144) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;330000 |
|  | &nbsp;&nbsp;&nbsp;**$1520584** | &nbsp;&nbsp;&nbsp;**$(472248)** | &nbsp;&nbsp;&nbsp;**$(506774)** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$541562** | &nbsp;&nbsp;&nbsp;**$330000** |

---

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Derivative<br> Liabilities Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;**Non-cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Net Amount<br> of Derivative<br> Liabilities<sup>(c)</sup>** | &nbsp;&nbsp;&nbsp;**Total Cash<br> Collateral<br> Pledged** |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;$(159067) | &nbsp;&nbsp;&nbsp;$159067 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;159103 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125090) | &nbsp;&nbsp;&nbsp;&nbsp;125090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(945839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34982 | &nbsp;&nbsp;&nbsp;&nbsp;910857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910000 |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;**$(1542234)** | &nbsp;&nbsp;&nbsp;**$472248** | &nbsp;&nbsp;&nbsp;**$910857** | &nbsp;&nbsp;&nbsp;**$159103** | &nbsp;&nbsp;&nbsp;**$(26)** | &nbsp;&nbsp;&nbsp;**$1250000** |
| **Total — Deposits for derivatives collateral — OTC derivatives** | **Total — Deposits for derivatives collateral — OTC derivatives** | **Total — Deposits for derivatives collateral — OTC derivatives** |  |  |  | &nbsp;&nbsp;&nbsp;**$1580000** |

---

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount due from the counterparty in the event of default.

<sup>(c)</sup> 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, 2026 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Caption** | &nbsp;&nbsp;**Credit** | &nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Total** |
| Net realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$10098368 | &nbsp;&nbsp;$10098368 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;(631314) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(635184) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1851555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851555 |
| **Total** | &nbsp;&nbsp;**$(631314)** | &nbsp;&nbsp;**$1851555** | &nbsp;&nbsp;**$10094498** | &nbsp;&nbsp;**$11314739** |
| Change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(21159108) | &nbsp;&nbsp;$(21159108) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;(157977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97963 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(532015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(532015) |
| **Total** | &nbsp;&nbsp;**$(157977)** | &nbsp;&nbsp;**$(532015)** | &nbsp;&nbsp;**$(20903168)** | &nbsp;&nbsp;**$(21593160)** |

---

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended March 31, 2026, which are indicative of the volume of these derivative types, were approximately as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Futures<br> Contracts — Long** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> Contracts — Short** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward<br> Foreign Currency<br> Exchange Contracts<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> Contracts** |
| $1626284000 | &nbsp;&nbsp;&nbsp;&nbsp;$1090337000 | &nbsp;&nbsp;&nbsp;&nbsp;$339917000 | &nbsp;&nbsp;&nbsp;&nbsp;$18293000 |

---

<sup>(1)</sup> The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

10 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. 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 generally 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 2025, an arrangement fee of $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, 2026.

11 Affiliated Investments

At March 31, 2026, the value of the Fund's investment in issuers and funds that may be deemed to be affiliated was $508,054,216, which represents 12.4% of the Fund's net assets. Transactions in such investments by the Fund for the six months ended March 31, 2026 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Interest/<br> Dividend<br> income** | **Capital gain<br> distributions<br> received** | **Principal<br> amount ($)/<br> Shares, end<br> of period** |
| **Affiliated Investment Funds** | **Affiliated Investment Funds** | **Affiliated Investment Funds** | **Affiliated Investment Funds** | **Affiliated Investment Funds** | **Affiliated Investment Funds** | **Affiliated Investment Funds** | **Affiliated Investment Funds** | **Affiliated Investment Funds** | **Affiliated Investment Funds** |
| Eaton Vance Emerging Markets Debt Opportunities Fund, Class I | $16185342 | $20000000 | $— | $— | $(647900) | $35537442 | $2236367 | $255371 | &nbsp;&nbsp;&nbsp; 4291962 |
| Eaton Vance Emerging Markets Local Income Fund, Class I | &nbsp;&nbsp;&nbsp;32593084 | &nbsp;&nbsp;&nbsp; 14400000 | &nbsp;&nbsp;&nbsp;&nbsp;(10000000) | &nbsp;&nbsp;&nbsp;202645 | &nbsp;&nbsp;&nbsp;(436142) | &nbsp;&nbsp;&nbsp; 36759587 | &nbsp;&nbsp;&nbsp;1945724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10748417 |
| Eaton Vance Global Macro Absolute Return Fund, Class I | &nbsp;&nbsp;&nbsp;16258776 | &nbsp;&nbsp;&nbsp; 21000000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;397880 | &nbsp;&nbsp;&nbsp; 37656656 | &nbsp;&nbsp;&nbsp;1186244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4231085 |
| **Commercial Mortgage-Backed Securities** | **Commercial Mortgage-Backed Securities** | **Commercial Mortgage-Backed Securities** | **Commercial Mortgage-Backed Securities** | **Commercial Mortgage-Backed Securities** | **Commercial Mortgage-Backed Securities** | **Commercial Mortgage-Backed Securities** | **Commercial Mortgage-Backed Securities** | **Commercial Mortgage-Backed Securities** | **Commercial Mortgage-Backed Securities** |
| Morgan Stanley Bank of America Merrill Lynch Trust: |  |  |  |  |  |  |  |  |  |
| Series 2016-C29, Class C, 4.737%, 5/15/49 | &nbsp;&nbsp;&nbsp; 3906564 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(27983) | &nbsp;&nbsp;&nbsp; 3878581 | &nbsp;&nbsp;&nbsp; 98898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $4198800 |
| Series 2016-C29, Class D, 3.00%, 5/15/49 | &nbsp;&nbsp;&nbsp; 2322088 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;322934 | &nbsp;&nbsp;&nbsp; 2653203 | &nbsp;&nbsp;&nbsp; 48257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $3047635 |
| Series 2016-C32, Class D, 3.396%, 12/15/49 | &nbsp;&nbsp;&nbsp; 4139630 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;253492 | &nbsp;&nbsp;&nbsp; 4409326 | &nbsp;&nbsp;&nbsp; 101104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $5000000 |
| **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** |
| Eaton Vance Floating-Rate ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8744111 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;(255470) | &nbsp;&nbsp;&nbsp; 8488641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 176186 |
| Eaton Vance Short Duration Income ETF | &nbsp;&nbsp;&nbsp;13365300 | &nbsp;&nbsp;&nbsp; 7723500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;(203400) | &nbsp;&nbsp;&nbsp; 20885400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 410000 |
| Eaton Vance Ultra-Short Income ETF | &nbsp;&nbsp;&nbsp; 1274125 | &nbsp;&nbsp;&nbsp; 5873050 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(41335) | &nbsp;&nbsp;&nbsp; 7105840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 140000 |

---

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Interest/<br> Dividend<br> income** | **Capital gain<br> distributions<br> received** | **Principal<br> amount ($)/<br> Shares, end<br> of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $13786757 | $769319864 | $(432427081) | $— | $— | $350679540 | $2971612 | $— | &nbsp;&nbsp;&nbsp;350679540 |
| **Total** |  |  |  | **$202645** | **$(637924)** | **$508054216** | **$9389383** | **$255371** |  |

---

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)

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, 2026, the hierarchy of inputs used in valuing the Fund's investments and open derivative instruments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Affiliated Investment Funds | &nbsp;&nbsp;$109953685 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$109953685 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423276779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423276779 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130852992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130852992 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265444739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265444739 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 3144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1488263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1491407 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22836993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22836993 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 968768430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 968768430 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 36479881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36479881 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 13837164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13837164 |
| Senior Floating-Rate Loans | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41352561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41352561 |
| Sovereign Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26309725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26309725 |
| U.S. Government Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692208415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692208415 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312968554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312968554 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;350679540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350679540 |
| &nbsp;&nbsp;&nbsp;Sovereign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8947127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8947127 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3527233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3527233 |
| **Total Investments** | &nbsp;&nbsp;**$510953414** | &nbsp;&nbsp;&nbsp;&nbsp;**$3897981811** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$4408935225** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1485602 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1485602 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 11634442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11634442 |

---

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

Eaton Vance

Total Return Bond Fund

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description (continued)** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Swap Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1836307 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1836307 |
| **Total** | &nbsp;&nbsp;**$522587856** | &nbsp;&nbsp;&nbsp;&nbsp;**$3901303720** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$4423891576** |
| **Liability Description** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(1477317) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(1477317) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29331155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29331155) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64917) |
| **Total** | &nbsp;&nbsp;**$(29331155)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1542234)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(30873389)** |

---

\* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended March 31, 2026 is not presented.

13 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, and by acts of terrorism and war. 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.

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

This Page Intentionally Left Blank

------

[**Table of Contents**](#JOB_EV_AR_477a2eb8-577c-4302-8258-33484b586a9b_TOC)

EBABX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;3.31.26

------

## Eaton Vance

## Municipal Income Funds

## Semi-Annual Financial Statements and Additional Information
March 31, 2026

------

AMT-Free&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; National

![](g17856img9e48ae461.gif)

------

**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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.**

------

#### Semi-Annual Financial Statements and Additional Information March 31, 2026
Eaton Vance

Municipal Income Funds

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_d4664537-1579-4a8a-940e-aa14ba4e6e80_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_e6143ae6-2968-41e4-9308-b1ff8cffb20a_1) | [Items 6 and 7 of Form N-CSR:](#xx_e6143ae6-2968-41e4-9308-b1ff8cffb20a_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolios of Investments](#xx_e6143ae6-2968-41e4-9308-b1ff8cffb20a_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolios of Investments](#xx_e6143ae6-2968-41e4-9308-b1ff8cffb20a_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[AMT-Free Municipal Income Fund](#xx_e6143ae6-2968-41e4-9308-b1ff8cffb20a_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[National Municipal Income Fund](#xx_e6143ae6-2968-41e4-9308-b1ff8cffb20a_5) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_125198e2-fa0d-4b92-8ab4-3c4a39838987_1) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_125198e2-fa0d-4b92-8ab4-3c4a39838987_2) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_125198e2-fa0d-4b92-8ab4-3c4a39838987_3) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_3ea9c6c6-d26c-41b9-9000-b25e0b8280c2_1) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_10885910-af12-45cb-a5bc-c25ef4122a75_1) | 29 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited)

------

Tax-Exempt Municipal Obligations — 100.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 1.2% | Education — 1.2% | Education — 1.2% |
| District of Columbia, (KIPP DC), 4.00%, 7/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;$92987 |
| Florida Development Finance Corp., (River City Science Academy), 4.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 20616 |
| Georgia Private Colleges and Universities Authority, (Savannah College of Art and Design): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 715194 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp; 1242573 |
|  |  | &nbsp;&nbsp;**$2071370** |
| Electric Utilities — 4.0% | Electric Utilities — 4.0% | Electric Utilities — 4.0% |
| Douglas County Public Utility District No. 1, WA, 3.00%, 9/1/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355 | &nbsp;&nbsp;$987107 |
| Gainesville, FL, Utilities System Revenue, (SPA: Truist Bank), 2.70%, 10/1/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 |
| Philadelphia, PA, Gas Works Revenue, 5.25%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320 | &nbsp;&nbsp;&nbsp;&nbsp; 2415543 |
| Seattle, WA, Municipal Light and Power Revenue, 5.25%, 2/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060715 |
| South Carolina Public Service Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1081447 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 576233 |
|  |  | &nbsp;&nbsp;**$7021045** |
| Escrowed/Prerefunded — 3.4% | Escrowed/Prerefunded — 3.4% | Escrowed/Prerefunded — 3.4% |
| New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 12/15/28, 5.00%, 6/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3199801 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program), Prerefunded to 12/15/28, 5.00%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2665146 |
|  |  | &nbsp;&nbsp;**$5864947** |
| General Obligations — 14.9% | General Obligations — 14.9% | General Obligations — 14.9% |
| Arapahoe County School District No. 5 Cherry Creek, CO, 5.25%, 12/15/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2345156 |
| Beverly Hills Unified School District, CA, (Election of 2018): |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp; 921769 |
| &nbsp;&nbsp;&nbsp;3.25%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp; 845554 |
| Chicago Board of Education, IL, 5.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1872984 |
| Chicago, IL, 5.00%, 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 977969 |
| East Grand Rapids Public School District, MI, 5.00%, 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 369980 |
| Houston, TX, 4.125%, 3/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp; 1352764 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Illinois: |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;$216093 |
| &nbsp;&nbsp;&nbsp;5.50%, 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2441898 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 219916 |
| Lubbock Independent School District, TX, (PSF Guaranteed), 5.25%, 2/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp; 2407078 |
| New York, NY: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1762887 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1519219 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016863 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985 | &nbsp;&nbsp;&nbsp;&nbsp; 2070880 |
| Northside Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1548542 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033817 |
| Sherman Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3048746 |
|  |  | &nbsp;&nbsp;**$25972115** |
| Hospital — 7.6% | Hospital — 7.6% | Hospital — 7.6% |
| Brevard County Health Facilities Authority, FL, (Health First Obligated Group), 5.00%, 4/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;$2550913 |
| California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.25%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3003333 |
| Colorado Health Facilities Authority, (CommonSpirit Health), 5.25%, 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018174 |
| Delaware Health Facilities Authority, (Beebe Medical Center), 5.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070 | &nbsp;&nbsp;&nbsp;&nbsp; 3134328 |
| Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 4.00%, 1/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp; 1077866 |
| South Carolina Jobs-Economic Development Authority, (McLeod Health), 4.25%, 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp; 936722 |
| St. Paul Housing and Redevelopment Authority, MN, (Children's Health Care), 5.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1582579 |
|  |  | &nbsp;&nbsp;**$13303915** |
| Housing — 4.4% | Housing — 4.4% | Housing — 4.4% |
| Cuyahoga Metropolitan Housing Authority, OH, Social Bonds, 2.00%, 12/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;$957025 |
| FW Texas Street Public Facility Corp., TX, (River District), 5.00%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1525720 |
| Massachusetts Housing Finance Agency, (FHLMC), (FNMA), (GNMA), Social Bonds, 4.95%, 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460 | &nbsp;&nbsp;&nbsp;&nbsp; 2472560 |
| Pennsylvania Housing Finance Agency, SFMR, Social Bonds, 5.15%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp; 1953745 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$503443 |
| Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 |
|  |  | &nbsp;&nbsp;**$7697493** |
| Industrial Development Revenue — 0.1% | Industrial Development Revenue — 0.1% | Industrial Development Revenue — 0.1% |
| Mississippi Business Finance Corp., (Chevron USA, Inc.), 2.65%, 12/1/30<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$200000 |
|  |  | &nbsp;&nbsp;**$200000** |
| Insured - Education — 0.6% | Insured - Education — 0.6% | Insured - Education — 0.6% |
| Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;$966619 |
|  |  | &nbsp;&nbsp;**$966619** |
| Insured - Electric Utilities — 1.5% | Insured - Electric Utilities — 1.5% | Insured - Electric Utilities — 1.5% |
| Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865 | &nbsp;&nbsp;$2600569 |
|  |  | &nbsp;&nbsp;**$2600569** |
| Insured - General Obligations — 1.9% | Insured - General Obligations — 1.9% | Insured - General Obligations — 1.9% |
| Carbondale and Rural Fire Protection District, CO, (BAM), 5.50%, 12/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1088564 |
| Rhode Island Health and Educational Building Corp., (AG), 5.25%, 5/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2122485 |
|  |  | &nbsp;&nbsp;**$3211049** |
| Insured - Lease Revenue/Certificates of Participation — 4.2% | Insured - Lease Revenue/Certificates of Participation — 4.2% | Insured - Lease Revenue/Certificates of Participation — 4.2% |
| Anaheim Public Financing Authority, CA, (Anaheim Public Improvements), (AG), 0.00%, 9/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8680 | &nbsp;&nbsp;$7390264 |
|  |  | &nbsp;&nbsp;**$7390264** |
| Insured - Other Revenue — 0.6% | Insured - Other Revenue — 0.6% | Insured - Other Revenue — 0.6% |
| Hudson Yards Infrastructure Corp., NY, (AG), 4.00%, 2/15/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;$1054580 |
|  |  | &nbsp;&nbsp;**$1054580** |
| Insured - Special Tax Revenue — 9.7% | Insured - Special Tax Revenue — 9.7% | Insured - Special Tax Revenue — 9.7% |
| Harris County-Houston Sports Authority, TX, (AG), (NPFG), 0.00%, 11/15/34 | $&nbsp;&nbsp;&nbsp;&nbsp;10600 | &nbsp;&nbsp;$6962529 |
| Massachusetts, Dedicated Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(NPFG), Escrowed to Maturity, 5.50%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6124573 |
| &nbsp;&nbsp;&nbsp;(NPFG), Escrowed to Maturity, 5.50%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp; 2808854 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Special Tax Revenue (continued) | Insured - Special Tax Revenue (continued) | Insured - Special Tax Revenue (continued) |
| Park Creek Metropolitan District, CO, (AG), 5.00%, 12/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1053343 |
|  |  | &nbsp;&nbsp;**$16949299** |
| Insured - Transportation — 8.7% | Insured - Transportation — 8.7% | Insured - Transportation — 8.7% |
| E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7120 | &nbsp;&nbsp;$3642620 |
| Pennsylvania Turnpike Commission, (AG), 6.375%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11501659 |
|  |  | &nbsp;&nbsp;**$15144279** |
| Insured - Water and Sewer — 0.9% | Insured - Water and Sewer — 0.9% | Insured - Water and Sewer — 0.9% |
| Grand Prairie Water Commission, IL, (BAM), 5.25%, 1/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1562223 |
|  |  | &nbsp;&nbsp;**$1562223** |
| Lease Revenue/Certificates of Participation — 4.6% | Lease Revenue/Certificates of Participation — 4.6% | Lease Revenue/Certificates of Participation — 4.6% |
| Battery Park City Authority, NY, Sustainability Bonds, 5.25%, 11/1/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;$1746919 |
| National Finance Authority, NH, (Centurion BioSquare, Inc.), 5.88%, 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026359 |
| New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995 | &nbsp;&nbsp;&nbsp;&nbsp; 4182587 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.00%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028815 |
|  |  | &nbsp;&nbsp;**$7984680** |
| Other Revenue — 7.4% | Other Revenue — 7.4% | Other Revenue — 7.4% |
| Black Belt Energy Gas District, AL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1566106 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp; 1071835 |
| Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1292000 |
| California Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 5.00% to 12/1/32 (Put Date), 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 858148 |
| Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 468000 |
| Energy Southeast A Cooperative District, AL, 5.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041206 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 12/1/30 (Put Date), 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1576012 |
| Southeast Energy Authority, AL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 6/1/35 (Put Date), 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100642 |
| &nbsp;&nbsp;&nbsp;5.25% to 11/1/35 (Put Date), 11/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2160479 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue (continued) | Other Revenue (continued) | Other Revenue (continued) |
| Tennessee Energy Acquisition Corp., 5.00%, 12/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665 | &nbsp;&nbsp;$1764418 |
| Texas Municipal Gas Acquisition and Supply Corp. VI, TX, 5.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062643 |
|  |  | &nbsp;&nbsp;**$12961489** |
| Senior Living/Life Care — 3.8% | Senior Living/Life Care — 3.8% | Senior Living/Life Care — 3.8% |
| Manhattan, KS, (Meadowlark Hills), 4.00%, 6/1/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;$993243 |
| National Finance Authority, NH, (The Vista): |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/46<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 360799 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/54<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 764294 |
| New Hope Cultural Education Facilities Finance Corp., TX, (The Outlook at Windhaven), 6.75%, 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021528 |
| St. Louis County Industrial Development Authority, MO, (St. Andrew's Resources for Seniors Obligated Group), 5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1700490 |
| Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp; 1746168 |
|  |  | &nbsp;&nbsp;**$6586522** |
| Special Tax Revenue — 9.3% | Special Tax Revenue — 9.3% | Special Tax Revenue — 9.3% |
| Durango, CO, Sales and Use Tax Revenue, 5.25%, 12/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1059232 |
| JobsOhio Beverage System, OH, 5.00%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 513867 |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), 4.00%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195 | &nbsp;&nbsp;&nbsp;&nbsp; 3748200 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp; 1310375 |
| &nbsp;&nbsp;&nbsp;5.50%, 11/1/45<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2144000 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1608758 |
| Puerto Rico Sales Tax Financing Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 1153455 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2817 | &nbsp;&nbsp;&nbsp;&nbsp; 2682136 |
| Tampa, FL, (Central and Lower Basin Stormwater Improvements), 5.00%, 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2059968 |
|  |  | &nbsp;&nbsp;**$16279991** |
| Transportation — 3.7% | Transportation — 3.7% | Transportation — 3.7% |
| Denver City and County, CO, Airport System Revenue, 5.25%, 11/15/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2073129 |
| Metropolitan Transportation Authority, NY, 5.25%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061255 |
| New Jersey Turnpike Authority, 5.25%, 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042749 |
| New York State Thruway Authority, 5.00%, 1/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 256141 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| South Jersey Transportation Authority, NJ, 4.625%, 11/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;$1502100 |
| Texas Transportation Commission, 0.00%, 8/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 507647 |
|  |  | &nbsp;&nbsp;**$6443021** |
| Water and Sewer — 7.7% | Water and Sewer — 7.7% | Water and Sewer — 7.7% |
| Allegheny County Sanitary Authority, PA, 5.00%, 12/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;$2009389 |
| District of Columbia Water and Sewer Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1665673 |
| &nbsp;&nbsp;&nbsp;(SPA: Bank of America, N.A.), 2.70%, 10/1/60<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 |
| King County, WA, Sewer Improvement and Refunding Revenue, (SPA: U.S. Bank, N.A.), 2.60%, 1/1/65<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| Margate, FL, Water and Sewer Revenue, 5.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp; 1002067 |
| Metro Water Recovery, CO, 5.00%, 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114707 |
| Metropolitan Government of Nashville and Davidson County, TN, Water and Sewer Revenue, 5.00%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1548269 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655 | &nbsp;&nbsp;&nbsp;&nbsp; 1472419 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/52<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044450 |
| San Antonio, TX, Water System Revenue, (SPA: TD Bank, N.A.), 2.70%, 5/1/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 |
|  |  | &nbsp;&nbsp;**$13356974** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $171,920,693) |  | &nbsp;&nbsp;**$174622444** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 0.2%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| BlackRock Liquidity Funds - MuniCash, Institutional Shares, 2.23%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;310229 | &nbsp;&nbsp;$310260 |
| Total Short-Term Investments<br> (identified cost $310,260) |  | &nbsp;&nbsp;**$310260** |
| Total Investments — 100.4%<br> (identified cost $172,230,953) |  | &nbsp;&nbsp;**$174932704** |
| Other Assets, Less Liabilities — (0.4)% |  | &nbsp;&nbsp;**$(633305)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$174299399** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | 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 March 31, 2026. |
| <sup>(2)</sup> | Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy and is non-income producing. |
| <sup>(3)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2026, the aggregate value of these securities is $2,871,261 or 1.6% of the Fund's net assets. |
| <sup>(4)</sup> | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
| <sup>(5)</sup> | The rate shown is the annualized seven-day yield as of March 31, 2026. |
| At March 31, 2026, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: | At March 31, 2026, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | 13.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York | 10.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania | 10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 66.7% |

---

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2026, 27.9% 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 1.5% to 17.2% of total investments.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, Inc. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| NPFG | – National Public Finance Guarantee Corp. |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| SPA | – Standby Bond Purchase Agreement |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited)

------

Corporate Bonds — 0.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 0.3% | Education — 0.3% | Education — 0.3% |
| Cornell University, 4.169%, 6/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;13555 | &nbsp;&nbsp;$13463846 |
|  |  | &nbsp;&nbsp;**$13463846** |
| Hospital — 0.5% | Hospital — 0.5% | Hospital — 0.5% |
| Ascension Health: |  |  |
| &nbsp;&nbsp;&nbsp;4.078%, 11/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6715 | &nbsp;&nbsp;$6681141 |
| &nbsp;&nbsp;&nbsp;4.923%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6375 | &nbsp;&nbsp;&nbsp;&nbsp; 6301997 |
| UPMC, 1.803%, 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp; 7292377 |
|  |  | &nbsp;&nbsp;**$20275515** |
| Total Corporate Bonds<br> (identified cost $33,283,328) |  | &nbsp;&nbsp;**$33739361** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Tax-Exempt Municipal Obligations — 97.9%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 2.3% | Bond Bank — 2.3% | Bond Bank — 2.3% |
| Delaware Valley Regional Finance Authority, PA: |  |  |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 2.45%, 3/1/52<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 | &nbsp;&nbsp;$1365000 |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 2.70%, 9/1/59<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| New York State Environmental Facilities Corp., (State Revolving Fund): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 9/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9330 | &nbsp;&nbsp;&nbsp;&nbsp; 9769043 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 9/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6245 | &nbsp;&nbsp;&nbsp;&nbsp; 6554760 |
| Ohio Water Development Authority, Water Pollution Control Loan Fund, (Liq: TD Bank, N.A.), 2.70%, 12/1/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42200 | &nbsp;&nbsp;&nbsp;&nbsp; 42200000 |
| Oklahoma Water Resources Board, (State Loan Program): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1163152 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp; 1053453 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp; 1399668 |
| Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7860 | &nbsp;&nbsp;&nbsp;&nbsp; 8574015 |
| Texas Water Development Board, 4.00%, 10/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6785 | &nbsp;&nbsp;&nbsp;&nbsp; 6142105 |
|  |  | &nbsp;&nbsp;**$93221196** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Cogeneration — 0.2% | Cogeneration — 0.2% | Cogeneration — 0.2% |
| Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 6/30/27<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;14652 | &nbsp;&nbsp;$6447019 |
|  |  | &nbsp;&nbsp;**$6447019** |
| Education — 3.9% | Education — 3.9% | Education — 3.9% |
| Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), (SPA: Bank of New York Mellon), 2.75%, 12/1/37<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;$32000000 |
| Arizona Industrial Development Authority, (Equitable School Revolving Fund LLC), 5.00%, 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp; 2124944 |
| Clemson University, SC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp; 3277579 |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 196483 |
| Colorado State University, 5.25%, 3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1266118 |
| Florida Development Finance Corp., (River City Science Academy), 4.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 37109 |
| Louisiana Public Facilities Authority, (Acadiana Renaissance Charter Academy), 6.15%, 6/15/55<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7097564 |
| Monroe County Industrial Development Corp., NY, (University of Rochester), 4.00%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3205 | &nbsp;&nbsp;&nbsp;&nbsp; 2860608 |
| New York Dormitory Authority, (New York University), 5.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8157660 |
| Ohio State University, 5.25%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;14315 | &nbsp;&nbsp;&nbsp;&nbsp; 15193036 |
| Oregon State University: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4380 | &nbsp;&nbsp;&nbsp;&nbsp; 4308276 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6395 | &nbsp;&nbsp;&nbsp;&nbsp; 6839935 |
| Pennsylvania Economic Development Financing Authority, (Villanova University), 4.00%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5125 | &nbsp;&nbsp;&nbsp;&nbsp; 4424037 |
| Private Colleges and Universities Authority, GA, (Emory University): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 2002556 |
| &nbsp;&nbsp;&nbsp;5.25%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1658073 |
| Texas Tech University System, 4.00%, 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690 | &nbsp;&nbsp;&nbsp;&nbsp; 3580152 |
| University of Alabama, 4.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1288746 |
| University of California, 5.25%, 5/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395 | &nbsp;&nbsp;&nbsp;&nbsp; 1649940 |
| University of Cincinnati, OH: |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2646670 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3680028 |
| University of Massachusetts Building Authority, 5.00%, 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6206614 |
| University of Oregon: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2961706 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3615 | &nbsp;&nbsp;&nbsp;&nbsp; 3862578 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7395 | &nbsp;&nbsp;&nbsp;&nbsp; 7494596 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9090 | &nbsp;&nbsp;&nbsp;&nbsp; 9275595 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| University of Texas System: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;$4413269 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3286808 |
| Vermont Educational and Health Buildings Financing Agency, (Middlebury College), 4.00%, 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1145637 |
| Washington Housing Finance Commission, (Evergreen School), 4.50%, 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;14320 | &nbsp;&nbsp;&nbsp;&nbsp; 13042073 |
|  |  | &nbsp;&nbsp;**$155978390** |
| Electric Utilities — 4.0% | Electric Utilities — 4.0% | Electric Utilities — 4.0% |
| Energy Northwest, WA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;$3310558 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 3075319 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720 | &nbsp;&nbsp;&nbsp;&nbsp; 2968911 |
| Fayetteville, NC, Public Works Commission Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9435 | &nbsp;&nbsp;&nbsp;&nbsp; 9298992 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4615 | &nbsp;&nbsp;&nbsp;&nbsp; 4829956 |
| Gainesville, FL, Utilities System Revenue, (SPA: Truist Bank), 2.70%, 10/1/42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38035 | &nbsp;&nbsp;&nbsp;&nbsp; 38035000 |
| Indiana Municipal Power Agency, (LOC: Truist Bank), 2.75%, 1/1/42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9920 | &nbsp;&nbsp;&nbsp;&nbsp; 9920000 |
| Long Island Power Authority, NY, Electric System Revenue, 5.00%, 9/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5183622 |
| Omaha Public Power District, NE: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp;&nbsp; 2751702 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10331560 |
| &nbsp;&nbsp;&nbsp;5.25%, 2/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10551813 |
| Orlando Utilities Commission, FL, 5.00%, 10/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3105941 |
| Salt River Project Agricultural Improvement and Power District, AZ, 5.00%, 1/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8675 | &nbsp;&nbsp;&nbsp;&nbsp; 9038594 |
| San Antonio, TX, Electric and Gas Systems Revenue, 5.25%, 2/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;15725 | &nbsp;&nbsp;&nbsp;&nbsp; 16433300 |
| Snohomish County Public Utility District No. 1, WA, Electric System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8205 | &nbsp;&nbsp;&nbsp;&nbsp; 9061660 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 | &nbsp;&nbsp;&nbsp;&nbsp; 1843682 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870 | &nbsp;&nbsp;&nbsp;&nbsp; 5221559 |
| South Carolina Public Service Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7595 | &nbsp;&nbsp;&nbsp;&nbsp; 6604527 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3678185 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6215 | &nbsp;&nbsp;&nbsp;&nbsp; 6571169 |
|  |  | &nbsp;&nbsp;**$161816050** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Escrowed/Prerefunded — 1.1% | Escrowed/Prerefunded — 1.1% | Escrowed/Prerefunded — 1.1% |
| New Jersey Economic Development Authority, (School Facilities Construction): |  |  |
| &nbsp;&nbsp;&nbsp;Prerefunded to 12/15/28, 5.00%, 6/15/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8460 | &nbsp;&nbsp;$9023438 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 12/15/28, 5.00%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp; 14185783 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program), Prerefunded to 12/15/28, 5.00%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp; 21854201 |
|  |  | &nbsp;&nbsp;**$45063422** |
| General Obligations — 24.1% | General Obligations — 24.1% | General Obligations — 24.1% |
| Antelope Valley Union High School District, CA, (Election of 2024), 5.00%, 8/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;13610 | &nbsp;&nbsp;$14284874 |
| Arapahoe County School District No. 5 Cherry Creek, CO: |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 12/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 590701 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4359822 |
| Austin Independent School District, TX, (PSF Guaranteed), 5.25%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5319297 |
| Azle Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 182373 |
| Banquete Independent School District, TX, (PSF Guaranteed), 4.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6895 | &nbsp;&nbsp;&nbsp;&nbsp; 6175438 |
| Beaverton School District No. 48J, OR, 5.00%, 6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6040 | &nbsp;&nbsp;&nbsp;&nbsp; 6170697 |
| Belmont-Redwood Shores School District, CA, (Election of 2024), 5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 5474166 |
| Bend, OR, 5.00%, 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820 | &nbsp;&nbsp;&nbsp;&nbsp; 2940455 |
| Berkeley Unified School District, CA, (Election of 2020): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195 | &nbsp;&nbsp;&nbsp;&nbsp; 4683025 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4785 | &nbsp;&nbsp;&nbsp;&nbsp; 5295206 |
| Bethel Park School District, PA, 5.25%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5055 | &nbsp;&nbsp;&nbsp;&nbsp; 5535395 |
| Beverly Hills Unified School District, CA, (Election of 2018), 3.25%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;14820 | &nbsp;&nbsp;&nbsp;&nbsp; 12786840 |
| Bishop Consolidated Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710 | &nbsp;&nbsp;&nbsp;&nbsp; 2793714 |
| Bullard Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450 | &nbsp;&nbsp;&nbsp;&nbsp; 4581023 |
| California, 5.00%, 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26980127 |
| Chandler, AZ, 4.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5145 | &nbsp;&nbsp;&nbsp;&nbsp; 5063515 |
| Chicago Board of Education, IL, 5.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;20515 | &nbsp;&nbsp;&nbsp;&nbsp; 19212135 |
| Chicago, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6040 | &nbsp;&nbsp;&nbsp;&nbsp; 5839209 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750 | &nbsp;&nbsp;&nbsp;&nbsp; 6912477 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4635 | &nbsp;&nbsp;&nbsp;&nbsp; 4565555 |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5182713 |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975 | &nbsp;&nbsp;&nbsp;&nbsp; 2924781 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Chicago, IL: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 1/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;$2170396 |
| &nbsp;&nbsp;&nbsp;6.00%, 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6450 | &nbsp;&nbsp;&nbsp;&nbsp; 6664562 |
| Collin County Community College District, TX: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9805 | &nbsp;&nbsp;&nbsp;&nbsp; 9494733 |
| &nbsp;&nbsp;&nbsp;4.125%, 8/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215 | &nbsp;&nbsp;&nbsp;&nbsp; 4124066 |
| Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5315737 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850 | &nbsp;&nbsp;&nbsp;&nbsp; 5124808 |
| Dallas Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;14925 | &nbsp;&nbsp;&nbsp;&nbsp; 15976292 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8595 | &nbsp;&nbsp;&nbsp;&nbsp; 9117828 |
| Delaware County, PA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp; 1989751 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 | &nbsp;&nbsp;&nbsp;&nbsp; 2669327 |
| Denton County, TX, 4.00%, 7/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7945 | &nbsp;&nbsp;&nbsp;&nbsp; 7297967 |
| Denton Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;13150 | &nbsp;&nbsp;&nbsp;&nbsp; 13569709 |
| Desert Sands Unified School District, CA, (Election of 2024), 4.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;14485 | &nbsp;&nbsp;&nbsp;&nbsp; 13588686 |
| District of Columbia: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 5946922 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 9166605 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9710 | &nbsp;&nbsp;&nbsp;&nbsp; 10202970 |
| Eagle Mountain and Saginaw Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2163763 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1343651 |
| Ector County Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215 | &nbsp;&nbsp;&nbsp;&nbsp; 2432747 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125 | &nbsp;&nbsp;&nbsp;&nbsp; 3414844 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830 | &nbsp;&nbsp;&nbsp;&nbsp; 3076883 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175 | &nbsp;&nbsp;&nbsp;&nbsp; 3421284 |
| Fayetteville School District No. 1, AR, 4.00%, 2/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9785 | &nbsp;&nbsp;&nbsp;&nbsp; 9303976 |
| Fayetteville, NC, 4.00%, 2/1/45<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1964645 |
| Forney Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/50<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10326400 |
| Freehold Township Board Of Education, NJ, 4.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5270 | &nbsp;&nbsp;&nbsp;&nbsp; 5308573 |
| Fullerton Joint Union High School District, CA, (Election of 2024), 4.00%, 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;23275 | &nbsp;&nbsp;&nbsp;&nbsp; 21336146 |
| Fulshear, TX, 4.00%, 4/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4385 | &nbsp;&nbsp;&nbsp;&nbsp; 3965473 |
| Grand Rapids, MI, 5.00%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;12970 | &nbsp;&nbsp;&nbsp;&nbsp; 13351522 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Gregory-Portland Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245 | &nbsp;&nbsp;$2381762 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930 | &nbsp;&nbsp;&nbsp;&nbsp; 2036206 |
| &nbsp;&nbsp;&nbsp;5.25%, 2/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660 | &nbsp;&nbsp;&nbsp;&nbsp; 2837349 |
| Hacienda La Puente Unified School District, CA, (Election of 2016), 5.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8265 | &nbsp;&nbsp;&nbsp;&nbsp; 8614660 |
| Hampton County School District, SC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000802 |
| &nbsp;&nbsp;&nbsp;4.25%, 3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp; 1095697 |
| Harford County, MD, 4.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 4917 |
| Harris County Flood Control District, TX, Sustainability Bonds, 4.00%, 9/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1022977 |
| Hays Consolidated Independent School District, TX, (PSF Guaranteed), 5.25%, 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp; 6892169 |
| Highline School District No. 401, WA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8315 | &nbsp;&nbsp;&nbsp;&nbsp; 8933175 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/45<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058246 |
| Hillsboro, OR: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350 | &nbsp;&nbsp;&nbsp;&nbsp; 3248872 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp;&nbsp;&nbsp; 3980394 |
| Houston, TX, 4.125%, 3/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8745 | &nbsp;&nbsp;&nbsp;&nbsp; 7939543 |
| Howell Public Schools, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950 | &nbsp;&nbsp;&nbsp;&nbsp; 5344966 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp; 7239014 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 1029154 |
| Humble Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;10250 | &nbsp;&nbsp;&nbsp;&nbsp; 10610746 |
| Hutto Independent School District, TX, (PSF Guaranteed), 5.00%, 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 181131 |
| Illinois: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8365 | &nbsp;&nbsp;&nbsp;&nbsp; 7569591 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15233341 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 917079 |
| &nbsp;&nbsp;&nbsp;5.50%, 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp;&nbsp; 12421831 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 911079 |
| Jackson County Reorganized School District No. 7, MO, 5.50%, 3/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8939694 |
| Jefferson City School District, MO, 5.50%, 3/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 7017958 |
| Larimer Weld and Boulder County School District R-2J Thompson, CO: |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 12/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1749451 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2484102 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135 | &nbsp;&nbsp;&nbsp;&nbsp; 2451354 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2275960 |
| Leander Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4388637 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Long Beach Unified School District, CA, (Election of 2016), 4.25%, 8/1/49<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;$9736405 |
| Mabank Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5730 | &nbsp;&nbsp;&nbsp;&nbsp; 5160433 |
| Manteca Unified School District, CA, (Election of 2020), 5.25%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9696124 |
| Massachusetts: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 4/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 6751819 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;10105 | &nbsp;&nbsp;&nbsp;&nbsp; 10911503 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10379875 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7267301 |
| Maui County, HI, 5.00%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4110 | &nbsp;&nbsp;&nbsp;&nbsp; 4481676 |
| Mesquite Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10553757 |
| Metropolitan Government of Nashville and Davidson County, TN, 4.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4912646 |
| Mida Cormont Public Infrastructure District, UT, 6.25%, 6/1/55<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2813356 |
| Mobile, AL, 5.00%, 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;12885 | &nbsp;&nbsp;&nbsp;&nbsp; 14047420 |
| Montgomery County, MD: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3990 | &nbsp;&nbsp;&nbsp;&nbsp; 2989984 |
| &nbsp;&nbsp;&nbsp;(SPA: U.S. Bank, N.A.), 2.35%, 11/1/37<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31800 | &nbsp;&nbsp;&nbsp;&nbsp; 31800000 |
| Multnomah County School District No. 1J Portland, OR: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1817196 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;10915 | &nbsp;&nbsp;&nbsp;&nbsp; 11618116 |
| Nassau County, NY, 5.00%, 4/1/49<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10410100 |
| Nettleton School District, AR: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1843928 |
| &nbsp;&nbsp;&nbsp;4.50%, 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605 | &nbsp;&nbsp;&nbsp;&nbsp; 1489573 |
| New York, NY: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9405 | &nbsp;&nbsp;&nbsp;&nbsp; 8726289 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5131053 |
| &nbsp;&nbsp;&nbsp;5.25%, 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160 | &nbsp;&nbsp;&nbsp;&nbsp; 3377337 |
| &nbsp;&nbsp;&nbsp;5.25%, 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10480446 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5207192 |
| &nbsp;&nbsp;&nbsp;5.25%, 2/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;14405 | &nbsp;&nbsp;&nbsp;&nbsp; 15055569 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;24805 | &nbsp;&nbsp;&nbsp;&nbsp; 25878173 |
| North East Independent School District, TX, (PSF Guaranteed), 5.00%, 8/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4473182 |
| North Little Rock School District No. 1, AR, 4.25%, 2/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 | &nbsp;&nbsp;&nbsp;&nbsp; 2095185 |
| North Royalton City School District, OH: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 350514 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 615374 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78283 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Northshore School District No. 417, WA, 5.00%, 12/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2142669 |
| Oregon, 5.25%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1489310 |
| Oregon City School District No. 62, OR: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71579 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495 | &nbsp;&nbsp;&nbsp;&nbsp; 3547970 |
| Pasadena, CA, (Central Library), 5.00%, 9/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;11925 | &nbsp;&nbsp;&nbsp;&nbsp; 12545903 |
| Pine Bluff School District No. 3, AR, 4.125%, 2/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 880357 |
| Pitkin County School District No. 1 Aspen, CO: |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/44<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 566251 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/45<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 475973 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;10762 | &nbsp;&nbsp;&nbsp;&nbsp; 11366610 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;12303 | &nbsp;&nbsp;&nbsp;&nbsp; 13438527 |
| Rio Hondo Community College District, CA, (Election of 2024), 5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;17850 | &nbsp;&nbsp;&nbsp;&nbsp; 18651481 |
| Riverside Community College District, CA, (Election of 2024), 4.00%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5690 | &nbsp;&nbsp;&nbsp;&nbsp; 5282466 |
| Royse City Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12349784 |
| San Diego Unified School District, CA, (Election of 2022): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;11050 | &nbsp;&nbsp;&nbsp;&nbsp; 11854759 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;20625 | &nbsp;&nbsp;&nbsp;&nbsp; 21672212 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 4.00%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 7820694 |
| Santa Clarita Community College District, CA, (Election of 2016), 5.25%, 8/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10727382 |
| Spring Branch Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1074710 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp; 1732149 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1586944 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2128212 |
| Spring Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185 | &nbsp;&nbsp;&nbsp;&nbsp; 3510289 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4383626 |
| Tacoma School District No. 10, WA, 5.00%, 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 223598 |
| Tamalpais Union High School District, CA, (Election of 2024), 4.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9495 | &nbsp;&nbsp;&nbsp;&nbsp; 9618811 |
| Terrell Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2193715 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2833681 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3245907 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp; 1384773 |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Texas: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875 | &nbsp;&nbsp;$5308816 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740 | &nbsp;&nbsp;&nbsp;&nbsp; 4039469 |
| Tigard-Tualatin School District No. 23J, OR, 5.00%, 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6472526 |
| Wake County, NC, 5.00%, 4/1/39<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5650202 |
| Washington, 5.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21137938 |
| Westchester County, NY, 5.00%, 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 16654840 |
| Wilson School District, PA, 5.00%, 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2912917 |
| Wylie Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845 | &nbsp;&nbsp;&nbsp;&nbsp; 2635954 |
|  |  | &nbsp;&nbsp;**$977258474** |
| Hospital — 5.0% | Hospital — 5.0% | Hospital — 5.0% |
| Arizona Industrial Development Authority, (Phoenix Children's Hospital), 4.00%, 2/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110 | &nbsp;&nbsp;$2651933 |
| Brevard County Health Facilities Authority, FL, (Health First Obligated Group), 5.00%, 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10203651 |
| California Health Facilities Financing Authority, (Cedars-Sinai Health System), 5.00%, 8/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;12610 | &nbsp;&nbsp;&nbsp;&nbsp; 13040184 |
| Connecticut Health and Educational Facilities Authority, (Trinity Health Corp.), 5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580 | &nbsp;&nbsp;&nbsp;&nbsp; 2581966 |
| Fairfax County Industrial Development Authority, VA, (Inova Health System), 4.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp; 1905298 |
| Geisinger Authority, PA, (Geisinger Health System), 4.00%, 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9105 | &nbsp;&nbsp;&nbsp;&nbsp; 7970362 |
| Greenville Health System, SC, 5.00%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1225760 |
| Harris County Cultural Education Facilities Finance Corp., TX, (Texas Children's Hospital), 4.00%, 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;10805 | &nbsp;&nbsp;&nbsp;&nbsp; 9756061 |
| Indiana Finance Authority, (Franciscan Alliance, Inc.), 5.00%, 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5007470 |
| Maricopa County Industrial Development Authority, AZ, (Banner Health), Series 2019-E, 4.00%, 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7310 | &nbsp;&nbsp;&nbsp;&nbsp; 6640752 |
| Massachusetts Development Finance Agency, (Mass General Brigham), 5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 6127677 |
| Michigan Finance Authority, (Henry Ford Health System), 4.00%, 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;11775 | &nbsp;&nbsp;&nbsp;&nbsp; 10070033 |
| Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5395 | &nbsp;&nbsp;&nbsp;&nbsp; 5581064 |
| Minnesota Agricultural and Economic Development Board, (HealthPartners Obligated Group), 4.00%, 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;14955 | &nbsp;&nbsp;&nbsp;&nbsp; 13149842 |
| Missouri Health and Educational Facilities Authority, (BJC Health System), 4.00%, 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5575 | &nbsp;&nbsp;&nbsp;&nbsp; 5190973 |
| Missouri Health and Educational Facilities Authority, (Children's Mercy Hospital), 4.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;18120 | &nbsp;&nbsp;&nbsp;&nbsp; 16144581 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Missouri Health and Educational Facilities Authority, (CoxHealth), 4.00%, 11/15/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9350 | &nbsp;&nbsp;$8270254 |
| New York Dormitory Authority, (Northwell Health Obligated Group), 4.00%, 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;15575 | &nbsp;&nbsp;&nbsp;&nbsp; 13454889 |
| Norfolk Economic Development Authority, VA, (Sentara Healthcare), 4.00%, 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 711005 |
| Philadelphia Authority for Industrial Development, PA, (Children's Hospital of Philadelphia), 4.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;11655 | &nbsp;&nbsp;&nbsp;&nbsp; 10445423 |
| Salem Hospital Facility Authority, OR, (Salem Health), 5.00%, 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;11620 | &nbsp;&nbsp;&nbsp;&nbsp; 11859659 |
| South Carolina Jobs-Economic Development Authority, (Anmed Health), 4.25%, 2/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6565 | &nbsp;&nbsp;&nbsp;&nbsp; 6197105 |
| South Carolina Jobs-Economic Development Authority, (Bon Secours Mercy Health, Inc.), 4.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5420 | &nbsp;&nbsp;&nbsp;&nbsp; 4959646 |
| South Carolina Jobs-Economic Development Authority, (McLeod Health), 4.25%, 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935 | &nbsp;&nbsp;&nbsp;&nbsp; 2669203 |
| South Dakota Health and Educational Facilities Authority, (Sanford Health), 5.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4290 | &nbsp;&nbsp;&nbsp;&nbsp; 4291631 |
| Spartanburg Regional Health Services District, Inc., SC, 4.00%, 4/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp; 1941813 |
| St. Cloud, MN, (CentraCare Health System), 4.00%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5242474 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Scott and White Health): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3625 | &nbsp;&nbsp;&nbsp;&nbsp; 3901762 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2881192 |
| Utah County, UT, (IHC Health Services, Inc.), 4.00%, 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8565 | &nbsp;&nbsp;&nbsp;&nbsp; 7624315 |
| Wisconsin Health and Educational Facilities Authority, (Children's Hospital of Wisconsin, Inc.), 4.00%, 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145 | &nbsp;&nbsp;&nbsp;&nbsp; 2747048 |
|  |  | &nbsp;&nbsp;**$204445026** |
| Housing — 3.4% | Housing — 3.4% | Housing — 3.4% |
| Delaware Housing Authority, (FHLMC), (FNMA), (GNMA), 4.60%, 7/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740 | &nbsp;&nbsp;$1735852 |
| EP Cimarron Ventanas PFC, TX, (Lifestyles at Los Paseos and Lifestyles on the Reserve), 4.125%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1947515 |
| Georgia Housing and Finance Authority, 3.65%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7585 | &nbsp;&nbsp;&nbsp;&nbsp; 6882592 |
| Illinois Housing Development Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.55%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235 | &nbsp;&nbsp;&nbsp;&nbsp; 3229790 |
| Indiana Finance Authority, (CHF-Tippecanoe, LLC - Student Housing), 5.00%, 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 640186 |
| Louisiana Housing Corp., SFMR, (FHLMC), (FNMA), (GNMA), 4.60%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6850 | &nbsp;&nbsp;&nbsp;&nbsp; 6684493 |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 5.75%, 7/1/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2068414 |
| Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board, TN, (4th and Shelby Apartments), (FNMA), 4.60%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8285 | &nbsp;&nbsp;&nbsp;&nbsp; 8233671 |
| Michigan Housing Development Authority, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.50%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855 | &nbsp;&nbsp;&nbsp;&nbsp; 2890350 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.85%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485 | &nbsp;&nbsp;&nbsp;&nbsp; 2508147 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.00%, 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp; 1363299 |
| Missouri Housing Development Commission, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 332532 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.30%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088 | &nbsp;&nbsp;&nbsp;&nbsp; 1014452 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.40%, 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809 | &nbsp;&nbsp;&nbsp;&nbsp; 1664656 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), Series 2024-A, 4.45%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 584126 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), Series 2024-E, 4.45%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;12165 | &nbsp;&nbsp;&nbsp;&nbsp; 12043888 |
| Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), GNMA), 4.50%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;11540 | &nbsp;&nbsp;&nbsp;&nbsp; 11476522 |
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program, (FHLMC), (FNMA), (GNMA), 4.45%, 9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 280489 |
| New York City Housing Development Corp., NY: |  |  |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 4.55%, 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp; 912465 |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 5.00%, 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335 | &nbsp;&nbsp;&nbsp;&nbsp; 3341578 |
| North Carolina Housing Finance Agency, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.35%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735 | &nbsp;&nbsp;&nbsp;&nbsp; 1723701 |
| Pennsylvania Housing Finance Agency, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.50%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4360 | &nbsp;&nbsp;&nbsp;&nbsp; 4336716 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.15%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4780 | &nbsp;&nbsp;&nbsp;&nbsp; 4876710 |
| South Carolina Housing Finance and Development Authority, 4.375%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335 | &nbsp;&nbsp;&nbsp;&nbsp; 2316147 |
| South Carolina Jobs-Economic Development Authority, (Latitude at Wescott): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4240 | &nbsp;&nbsp;&nbsp;&nbsp; 4172845 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;12580 | &nbsp;&nbsp;&nbsp;&nbsp; 13173723 |
| South Carolina Jobs-Economic Development Authority, (Sixteenth Floor Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465 | &nbsp;&nbsp;&nbsp;&nbsp; 2425648 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560 | &nbsp;&nbsp;&nbsp;&nbsp; 2682102 |
| Texas Student Housing Corp., (University of North Texas), 6.85%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;10640 | &nbsp;&nbsp;&nbsp;&nbsp; 10640000 |
| Utah State University, 4.00%, 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;10875 | &nbsp;&nbsp;&nbsp;&nbsp; 10063126 |
| Virginia Housing Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.05%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045 | &nbsp;&nbsp;&nbsp;&nbsp; 2997058 |
| &nbsp;&nbsp;&nbsp;4.45%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1363321 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Virginia Housing Development Authority: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 12/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$980109 |
| &nbsp;&nbsp;&nbsp;5.125%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 254980 |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 218515 |
| Wisconsin Housing and Economic Development Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.50%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450 | &nbsp;&nbsp;&nbsp;&nbsp; 4425522 |
|  |  | &nbsp;&nbsp;**$136485240** |
| Industrial Development Revenue — 1.2% | Industrial Development Revenue — 1.2% | Industrial Development Revenue — 1.2% |
| Houston, TX, (United Airlines, Inc.), (AMT), 5.50%, 7/15/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;$4190738 |
| Mobile County Industrial Development Authority, AL, (AM/NS Calvert LLC), (AMT), 4.75%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;16925 | &nbsp;&nbsp;&nbsp;&nbsp; 15559537 |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.375%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9326573 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;10980 | &nbsp;&nbsp;&nbsp;&nbsp; 11140489 |
| &nbsp;&nbsp;&nbsp;(AMT), 6.00%, 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7360 | &nbsp;&nbsp;&nbsp;&nbsp; 8074797 |
|  |  | &nbsp;&nbsp;**$48292134** |
| Insured - Education — 0.6% | Insured - Education — 0.6% | Insured - Education — 0.6% |
| College of Charleston, SC, (AG), 4.375%, 4/1/55 | $&nbsp;&nbsp;&nbsp;&nbsp;11590 | &nbsp;&nbsp;$11087616 |
| Florida, (Florida State University Athletics Association), (BAM), 4.25%, 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 5884194 |
| Western Michigan University: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 376375 |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6720082 |
|  |  | &nbsp;&nbsp;**$24068267** |
| Insured - Electric Utilities — 0.2% | Insured - Electric Utilities — 0.2% | Insured - Electric Utilities — 0.2% |
| Griffin, GA, Public Utility Revenue, (BAM), 5.00%, 1/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;$1648369 |
| Long Island Power Authority, NY, (BAM), 5.00%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130 | &nbsp;&nbsp;&nbsp;&nbsp; 5584378 |
|  |  | &nbsp;&nbsp;**$7232747** |
| Insured - General Obligations — 1.4% | Insured - General Obligations — 1.4% | Insured - General Obligations — 1.4% |
| Bristol Township School District, PA: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 6/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$2107989 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp; 2108925 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345 | &nbsp;&nbsp;&nbsp;&nbsp; 2432921 |
| Fayette County School District, KY, (BAM), 5.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;10710 | &nbsp;&nbsp;&nbsp;&nbsp; 11555840 |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - General Obligations (continued) | Insured - General Obligations (continued) | Insured - General Obligations (continued) |
| Generation Park Management District, TX, (AG), 3.50%, 9/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690 | &nbsp;&nbsp;$2311654 |
| Harris County Municipal Utility District No. 165, TX: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 3.375%, 3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 573870 |
| &nbsp;&nbsp;&nbsp;(BAM), 3.375%, 3/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp; 1695308 |
| Harris County Municipal Utility District No. 489, TX: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), Series 2024, 4.00%, 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4295 | &nbsp;&nbsp;&nbsp;&nbsp; 3737475 |
| &nbsp;&nbsp;&nbsp;(BAM), Series 2024A, 4.00%, 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5920 | &nbsp;&nbsp;&nbsp;&nbsp; 5151538 |
| Johnson and Miami Counties Unified School District No. 230 Spring Hills, KS, (AG), 6.00%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1711718 |
| Lucia Mar Unified School District, CA, (Election of 2016), (BAM), 3.00%, 8/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7639385 |
| Sacramento City Unified School District, CA, (Election of 2020), (AG), 5.00%, 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5729324 |
| Waller Independent School District, TX, (BAM), 4.00%, 2/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7490 | &nbsp;&nbsp;&nbsp;&nbsp; 6776945 |
| Yonkers, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 401451 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 683743 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 240656 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 557122 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 541050 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 808666 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1178066 |
|  |  | &nbsp;&nbsp;**$57943646** |
| Insured - Hospital — 0.7% | Insured - Hospital — 0.7% | Insured - Hospital — 0.7% |
| Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), (AG), 4.25%, 11/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;19610 | &nbsp;&nbsp;$17731505 |
| Virginia Commonwealth University Health System Authority, (BAM), 4.00%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9725 | &nbsp;&nbsp;&nbsp;&nbsp; 8725818 |
| Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), (AG), 4.00%, 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770 | &nbsp;&nbsp;&nbsp;&nbsp; 1523062 |
|  |  | &nbsp;&nbsp;**$27980385** |
| Insured - Housing — 0.2% | Insured - Housing — 0.2% | Insured - Housing — 0.2% |
| Chester County Industrial Development Authority, PA, (University Student Housing LLC), (BAM), 4.00%, 8/1/48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;$6635909 |
| Knox County Health, Educational and Housing Facility Board, TN, (University of Tennessee), (BAM), 5.50%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1277892 |
|  |  | &nbsp;&nbsp;**$7913801** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Lease Revenue/Certificates of Participation — 0.4% | Insured - Lease Revenue/Certificates of Participation — 0.4% | Insured - Lease Revenue/Certificates of Participation — 0.4% |
| Maryland Stadium Authority, (Baltimore City Public Schools Construction and Revitalization Program), (AG), 5.00%, 5/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8430 | &nbsp;&nbsp;$8795447 |
| Nevada System of Higher Education, NV, (BAM), 4.25%, 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9320 | &nbsp;&nbsp;&nbsp;&nbsp; 8502023 |
|  |  | &nbsp;&nbsp;**$17297470** |
| Insured - Special Tax Revenue — 2.3% | Insured - Special Tax Revenue — 2.3% | Insured - Special Tax Revenue — 2.3% |
| Alabama Highway Authority, (AG), 5.00%, 9/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;$10770148 |
| Downtown Revitalization Public Infrastructure District, UT: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2695339 |
| &nbsp;&nbsp;&nbsp;(AG), 5.50%, 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 8067775 |
| Fort Smith, AR, Sales and Use Tax Revenue, (AG), 5.25%, 11/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;&nbsp; 2031052 |
| Harris County-Houston Sports Authority, TX, (AG), (NPFG), 0.00%, 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;58155 | &nbsp;&nbsp;&nbsp;&nbsp; 38198670 |
| Houston, TX, Hotel Occupancy Tax and Special Revenue, (AG), 5.00%, 9/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3133453 |
| Massachusetts, Dedicated Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(NPFG), Escrowed to Maturity, 5.50%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11797270 |
| &nbsp;&nbsp;&nbsp;(NPFG), Escrowed to Maturity, 5.50%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp; 3372815 |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place), (BAM), 4.00%, 12/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp; 9643784 |
| Park Creek Metropolitan District, CO: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065093 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1218503 |
| Pasco Public Facilities District, WA, Sales Tax Revenue, (AG), 4.25%, 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245 | &nbsp;&nbsp;&nbsp;&nbsp; 2101015 |
|  |  | &nbsp;&nbsp;**$94094917** |
| Insured - Transportation — 1.5% | Insured - Transportation — 1.5% | Insured - Transportation — 1.5% |
| Allegheny County Airport Authority, PA, (Pittsburgh International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 1/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;10450 | &nbsp;&nbsp;$11181398 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 1/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115 | &nbsp;&nbsp;&nbsp;&nbsp; 4328042 |
| E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;13335 | &nbsp;&nbsp;&nbsp;&nbsp; 7557620 |
| Houston, TX, Airport System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;11890 | &nbsp;&nbsp;&nbsp;&nbsp; 12264843 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp; 12163624 |
| Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AG), (AMT), 5.00%, 3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 790768 |
| Metropolitan Transportation Authority, NY, Green Bonds, (BAM), 4.00%, 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7305 | &nbsp;&nbsp;&nbsp;&nbsp; 6568808 |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Transportation (continued) | Insured - Transportation (continued) | Insured - Transportation (continued) |
| New York Transportation Development Corp., (John F. Kennedy International Airport New Terminal One), Green Bonds, (AG), (AMT), 5.00%, 6/30/49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7125 | &nbsp;&nbsp;$7093208 |
| St. Louis, MO, (Lambert International Airport), (AG), 5.25%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108637 |
|  |  | &nbsp;&nbsp;**$62056948** |
| Insured - Water and Sewer — 0.1% | Insured - Water and Sewer — 0.1% | Insured - Water and Sewer — 0.1% |
| Buffalo Municipal Water Finance Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/38<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;$640641 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/39<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 662324 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/40<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1102879 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/41<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 987087 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/42<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 844427 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/43<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 648929 |
|  |  | &nbsp;&nbsp;**$4886287** |
| Lease Revenue/Certificates of Participation — 3.4% | Lease Revenue/Certificates of Participation — 3.4% | Lease Revenue/Certificates of Participation — 3.4% |
| Battery Park City Authority, NY, Sustainability Bonds, 5.00%, 11/1/53 | $&nbsp;&nbsp;&nbsp;&nbsp;11970 | &nbsp;&nbsp;$12287996 |
| Broomfield City and County, CO: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089438 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1082995 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 912097 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 797522 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1578962 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1566565 |
| Brownsburg 1999 School Building Corp., IN, 5.00%, 7/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 535177 |
| Castle Rock, CO, 5.00%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4955 | &nbsp;&nbsp;&nbsp;&nbsp; 5072119 |
| Clark-Pleasant Community School Building Corp., IN, 5.00%, 7/15/44<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6720 | &nbsp;&nbsp;&nbsp;&nbsp; 7075391 |
| Jacksonville, FL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp; 12628201 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9405 | &nbsp;&nbsp;&nbsp;&nbsp; 10156521 |
| Johnson County School District No. R-VIII Knob Noster, MO, 4.50%, 4/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1571785 |
| Kentucky Property and Building Commission, 4.125%, 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 395119 |
| Manatee County School District, FL, 5.00%, 7/1/36<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2923861 |
| National Finance Authority, NH, (Centurion BioSquare, Inc.), 5.88%, 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9185 | &nbsp;&nbsp;&nbsp;&nbsp; 9427106 |
| New Hampshire Business Finance Authority, (Centurion Foundation Broward Health Medical Center LLC), 5.625%, 9/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5115602 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) |
| New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47 | $&nbsp;&nbsp;&nbsp;&nbsp;12625 | &nbsp;&nbsp;$13217813 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6430 | &nbsp;&nbsp;&nbsp;&nbsp; 5924596 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6250243 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7330066 |
| &nbsp;&nbsp;&nbsp;2019 Series AA, 5.25%, 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10333880 |
| &nbsp;&nbsp;&nbsp;2020 Series AA, 4.00%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;12255 | &nbsp;&nbsp;&nbsp;&nbsp; 11071051 |
| &nbsp;&nbsp;&nbsp;2022 Series CC, 5.25%, 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750 | &nbsp;&nbsp;&nbsp;&nbsp; 6160149 |
| Queen Creek, AZ, 5.00%, 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4775 | &nbsp;&nbsp;&nbsp;&nbsp; 4905629 |
|  |  | &nbsp;&nbsp;**$139409884** |
| Other Revenue — 4.7% | Other Revenue — 4.7% | Other Revenue — 4.7% |
| Black Belt Energy Gas District, AL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375 | &nbsp;&nbsp;$4576203 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;10750 | &nbsp;&nbsp;&nbsp;&nbsp; 11223757 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5720 | &nbsp;&nbsp;&nbsp;&nbsp; 5729810 |
| &nbsp;&nbsp;&nbsp;5.25% to 10/1/30 (Put Date), 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;11250 | &nbsp;&nbsp;&nbsp;&nbsp; 11936535 |
| Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;21890 | &nbsp;&nbsp;&nbsp;&nbsp; 17676175 |
| California Community Choice Financing Authority, Clean Energy Project Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 12/1/32 (Put Date), 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;21100 | &nbsp;&nbsp;&nbsp;&nbsp; 21555865 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.50% to 11/1/30 (Put Date), 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;10195 | &nbsp;&nbsp;&nbsp;&nbsp; 11092084 |
| Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 97500 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 9/1/30 (Put Date), 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10517475 |
| &nbsp;&nbsp;&nbsp;5.00% to 6/1/31 (Put Date), 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp; 13237075 |
| &nbsp;&nbsp;&nbsp;5.00% to 12/1/30 (Put Date), 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;11750 | &nbsp;&nbsp;&nbsp;&nbsp; 12345425 |
| Missouri Development Finance Board, (Nelson Gallery Foundation), (SPA: U.S. Bank, N.A.), 2.75%, 12/1/37<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| Oregon, State Lottery Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2190690 |
| &nbsp;&nbsp;&nbsp;5.25%, 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965 | &nbsp;&nbsp;&nbsp;&nbsp; 3315104 |
| &nbsp;&nbsp;&nbsp;5.25%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4020 | &nbsp;&nbsp;&nbsp;&nbsp; 4425546 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, 5.25% to 8/1/31 (Put Date), 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;10750 | &nbsp;&nbsp;&nbsp;&nbsp; 11564262 |
| Southeast Energy Authority, AL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 2/1/31 (Put Date), 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2645581 |
| &nbsp;&nbsp;&nbsp;5.00% to 6/1/35 (Put Date), 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 754816 |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue (continued) | Other Revenue (continued) | Other Revenue (continued) |
| Southeast Energy Authority, AL: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.25% to 11/1/35 (Put Date), 11/1/55 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;$10802397 |
| Tennessee Energy Acquisition Corp., 5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp; 13246381 |
| Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 6.25%, 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3605 | &nbsp;&nbsp;&nbsp;&nbsp; 3690912 |
| Texas Municipal Gas Acquisition and Supply Corp. VI, TX, 5.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9080 | &nbsp;&nbsp;&nbsp;&nbsp; 9648797 |
|  |  | &nbsp;&nbsp;**$192272390** |
| Senior Living/Life Care — 1.9% | Senior Living/Life Care — 1.9% | Senior Living/Life Care — 1.9% |
| Iowa Finance Authority, (Lifespace Communities, Inc.), 5.125%, 5/15/59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9350 | &nbsp;&nbsp;$8590088 |
| Manhattan, KS, (Meadowlark Hills), 5.50%, 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1194580 |
| Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/47<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3694667 |
| Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.25%, 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2501318 |
| New Hope Cultural Education Facilities Finance Corp., TX, (Bella Vida Forefront Living): |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180 | &nbsp;&nbsp;&nbsp;&nbsp; 3129362 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110 | &nbsp;&nbsp;&nbsp;&nbsp; 5058723 |
| North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.25%, 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705 | &nbsp;&nbsp;&nbsp;&nbsp; 3802923 |
| North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.125%, 10/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3018784 |
| Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village): |  |  |
| &nbsp;&nbsp;&nbsp;11.50%, 7/1/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5570 | &nbsp;&nbsp;&nbsp;&nbsp; 8333641 |
| &nbsp;&nbsp;&nbsp;11.50%, 7/1/27<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 616454 |
| South Carolina Jobs-Economic Development Authority, (Bishop Gadsden Episcopal Retirement Community): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp; 1318946 |
| &nbsp;&nbsp;&nbsp;5.25%, 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 993016 |
| South Carolina Jobs-Economic Development Authority, (Seafields Kiawah Island Project), 5.25%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920 | &nbsp;&nbsp;&nbsp;&nbsp; 2923002 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks): |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 716445 |
| &nbsp;&nbsp;&nbsp;6.875%, 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 177708 |
| Washington Housing Finance Commission, (Horizon House): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8826050 |
| &nbsp;&nbsp;&nbsp;6.00%, 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6755 | &nbsp;&nbsp;&nbsp;&nbsp; 6793245 |
| &nbsp;&nbsp;&nbsp;6.25%, 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;12545 | &nbsp;&nbsp;&nbsp;&nbsp; 12512988 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care (continued) | Senior Living/Life Care (continued) | Senior Living/Life Care (continued) |
| Wisconsin Health and Educational Facilities Authority, (Three Pillars Senior Living Communities), 4.20%, 8/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2180 | &nbsp;&nbsp;$2180405 |
|  |  | &nbsp;&nbsp;**$76382345** |
| Special Tax Revenue — 8.9% | Special Tax Revenue — 8.9% | Special Tax Revenue — 8.9% |
| Aerotropolis Regional Transportation Authority, CO, 5.50%, 12/1/44<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;14625 | &nbsp;&nbsp;$14895263 |
| Atlanta Development Authority, GA, (Westside Gulch Area), 5.50%, 4/1/39<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10213239 |
| Central Puget Sound Regional Transit Authority, WA, Sales and Motor Vehicle Excise Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.00%, 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3745 | &nbsp;&nbsp;&nbsp;&nbsp; 3589756 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;13840 | &nbsp;&nbsp;&nbsp;&nbsp; 13960639 |
| Connecticut, Special Tax Obligation Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3871679 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5495135 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5458545 |
| Denver City and County, CO, Dedicated Tax Revenue, 4.00%, 8/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650 | &nbsp;&nbsp;&nbsp;&nbsp; 4147604 |
| District of Columbia, Income Tax Revenue, 5.25%, 5/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;13880 | &nbsp;&nbsp;&nbsp;&nbsp; 14608048 |
| Hampton Roads Transportation Accountability Commission, VA, 5.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp; 1651328 |
| Massachusetts Bay Transportation Authority, Sales Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5895 | &nbsp;&nbsp;&nbsp;&nbsp; 5263796 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;14550 | &nbsp;&nbsp;&nbsp;&nbsp; 15374306 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp; 11140992 |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), 4.00%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;10115 | &nbsp;&nbsp;&nbsp;&nbsp; 9037674 |
| Metropolitan Transportation Authority, NY, Green Bonds, 4.00%, 11/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3725 | &nbsp;&nbsp;&nbsp;&nbsp; 3298610 |
| Michigan Trunk Line Fund, 5.00%, 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;15855 | &nbsp;&nbsp;&nbsp;&nbsp; 16587688 |
| Mida Mountain Village Public Infrastructure District, UT, 6.00%, 6/15/54<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370 | &nbsp;&nbsp;&nbsp;&nbsp; 3438339 |
| Nevada, Highway Improvement Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610 | &nbsp;&nbsp;&nbsp;&nbsp; 2298145 |
| &nbsp;&nbsp;&nbsp;3.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3415 | &nbsp;&nbsp;&nbsp;&nbsp; 3008658 |
| &nbsp;&nbsp;&nbsp;3.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5078669 |
| &nbsp;&nbsp;&nbsp;Series 2024C, 3.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950 | &nbsp;&nbsp;&nbsp;&nbsp; 5154301 |
| &nbsp;&nbsp;&nbsp;Series 2024D, 3.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515 | &nbsp;&nbsp;&nbsp;&nbsp; 3048796 |
| New River Community Development District, FL, (Capital Improvements): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/13<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;5.35%, 5/1/38<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 282487 |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/38 | $&nbsp;&nbsp;&nbsp;&nbsp;30355 | &nbsp;&nbsp;$33492781 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 | &nbsp;&nbsp;&nbsp;&nbsp; 2440870 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13410176 |
| &nbsp;&nbsp;&nbsp;5.25%, 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 8032603 |
| &nbsp;&nbsp;&nbsp;5.25%, 5/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6908414 |
| &nbsp;&nbsp;&nbsp;5.25%, 5/1/52<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15713550 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5362528 |
| New York Dormitory Authority, Personal Income Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 3/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp; 1006709 |
| &nbsp;&nbsp;&nbsp;5.25%, 3/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6396911 |
| New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8945 | &nbsp;&nbsp;&nbsp;&nbsp; 9313653 |
| New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;22270 | &nbsp;&nbsp;&nbsp;&nbsp; 22899283 |
| New York State Urban Development Corp., Sales Tax Revenue, 5.00%, 3/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9980 | &nbsp;&nbsp;&nbsp;&nbsp; 10286174 |
| New York Thruway Authority, 5.00%, 3/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5223052 |
| Oregon Department of Transportation, (Highway User Tax): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094583 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089890 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1160155 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068800 |
| Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue, 4.00%, 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 4049976 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;11726 | &nbsp;&nbsp;&nbsp;&nbsp; 11164618 |
| Southeastern Pennsylvania Transportation Authority, 5.25%, 6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;12670 | &nbsp;&nbsp;&nbsp;&nbsp; 13022745 |
| Southern Hills Plantation I Community Development District, FL: |  |  |
| &nbsp;&nbsp;&nbsp;Series A1, 5.80%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 305468 |
| &nbsp;&nbsp;&nbsp;Series A2, 5.80%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 177000 |
| Sterling Hill Community Development District, FL, 6.20%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532 | &nbsp;&nbsp;&nbsp;&nbsp; 627975 |
| Triborough Bridge and Tunnel Authority, NY, Payroll Mobility Tax: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021A, 5.00%, 5/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6630717 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 5/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8065 | &nbsp;&nbsp;&nbsp;&nbsp; 8461028 |
| Triborough Bridge and Tunnel Authority, NY, Real Estate Transfer Tax Revenue, 5.25%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3835 | &nbsp;&nbsp;&nbsp;&nbsp; 3994798 |
| Tri-County Metropolitan Transportation District of Oregon, 3.00%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 5745788 |
| Utah Transit Authority, 5.00%, 12/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2705681 |
|  |  | &nbsp;&nbsp;**$362689623** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation — 15.8% | Transportation — 15.8% | Transportation — 15.8% |
| Allegheny County Airport Authority, PA, (Pittsburgh International Airport), (AMT), 5.00%, 1/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;11555 | &nbsp;&nbsp;$11553080 |
| Arizona Department of Transportation, State Highway Fund Revenue, 5.00%, 7/1/43<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4374632 |
| Atlanta, GA, Airport Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 7/1/49<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10332200 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5820 | &nbsp;&nbsp;&nbsp;&nbsp; 6287858 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 9127618 |
| Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6175 | &nbsp;&nbsp;&nbsp;&nbsp; 6384018 |
| Broward County, FL, Port Facilities Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1057064 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2179482 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp; 1983452 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 9/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1605937 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp; 1776046 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10570523 |
| Burbank-Glendale-Pasadena Airport Authority, CA, (AMT), 5.25%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;16620 | &nbsp;&nbsp;&nbsp;&nbsp; 17269948 |
| Charlotte, NC, Airport Revenue, 5.25%, 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115 | &nbsp;&nbsp;&nbsp;&nbsp; 2217688 |
| Chicago, IL, (O'Hare International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 8934627 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560 | &nbsp;&nbsp;&nbsp;&nbsp; 2617391 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26419333 |
| Columbus Regional Airport Authority, OH, (John Glenn Columbus International Airport), (AMT), 5.50%, 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3140246 |
| Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5980 | &nbsp;&nbsp;&nbsp;&nbsp; 5581615 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10689147 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13681828 |
| Denver City and County, CO, Airport System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 8723457 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9575 | &nbsp;&nbsp;&nbsp;&nbsp; 9976417 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5835 | &nbsp;&nbsp;&nbsp;&nbsp; 5843730 |
| Florida Department of Transportation, 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7310 | &nbsp;&nbsp;&nbsp;&nbsp; 8064880 |
| Greater Orlando Aviation Authority, FL, (AMT), 5.25%, 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp; 12922153 |
| Houston, TX, Airport System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5388407 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2750530 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3274656 |
| Illinois Toll Highway Authority, 5.25%, 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;16835 | &nbsp;&nbsp;&nbsp;&nbsp; 18245790 |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Indianapolis Local Public Improvement Bond Bank, IN, (Indianapolis Airport Authority), (AMT), 5.25%, 1/1/40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;$5299874 |
| Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AMT), 5.00%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;13400 | &nbsp;&nbsp;&nbsp;&nbsp; 13760173 |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;30435 | &nbsp;&nbsp;&nbsp;&nbsp; 31021443 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7699092 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 7041105 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7595225 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7535651 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8539559 |
| Massachusetts, (Rail Enhancement Program), Sustainability Bonds, 5.00%, 6/1/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp; 16987080 |
| Metropolitan Nashville Airport Authority, TN: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3115727 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2576494 |
| Metropolitan Transportation Authority, NY, 5.00%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035 | &nbsp;&nbsp;&nbsp;&nbsp; 3454388 |
| Metropolitan Washington Airports Authority, D.C.: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;15750 | &nbsp;&nbsp;&nbsp;&nbsp; 16038362 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2270808 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092830 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1085984 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 826872 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093636 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp;&nbsp; 1657575 |
| Minneapolis-St. Paul Metropolitan Airports Commission, MN, (AMT), 5.25%, 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8750 | &nbsp;&nbsp;&nbsp;&nbsp; 8898425 |
| New Jersey Turnpike Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 401082 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8855 | &nbsp;&nbsp;&nbsp;&nbsp; 9466765 |
| New York State Thruway Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp; 1357320 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp; 1941549 |
| New York Transportation Development Corp., (John F. Kennedy International Airport New Terminal One), Green Bonds, (AMT), 6.00%, 6/30/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5765 | &nbsp;&nbsp;&nbsp;&nbsp; 5974745 |
| New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.25%, 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985 | &nbsp;&nbsp;&nbsp;&nbsp; 3985120 |
| Oklahoma Turnpike Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp; 13147836 |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7455944 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Pennsylvania Turnpike Commission: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 12/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825 | &nbsp;&nbsp;$2827170 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp; 2248971 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10247583 |
| Phoenix Civic Improvement Corp., AZ, Airport Revenue, (AMT), 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250 | &nbsp;&nbsp;&nbsp;&nbsp; 6298810 |
| Port Authority of New York and New Jersey: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 5052622 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2125932 |
| Port of Portland, OR, (Portland International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7495 | &nbsp;&nbsp;&nbsp;&nbsp; 7620322 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;11980 | &nbsp;&nbsp;&nbsp;&nbsp; 12178032 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;17945 | &nbsp;&nbsp;&nbsp;&nbsp; 19205374 |
| Port of Seattle, WA: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;11490 | &nbsp;&nbsp;&nbsp;&nbsp; 11548994 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8615 | &nbsp;&nbsp;&nbsp;&nbsp; 8737069 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 8/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;11915 | &nbsp;&nbsp;&nbsp;&nbsp; 12127916 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4917735 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5429921 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3241853 |
| Public Finance Authority, WI, (Georgia SR 400 Express Lanes), (AMT), 5.75%, 6/30/60 | &nbsp;&nbsp;&nbsp;&nbsp;10665 | &nbsp;&nbsp;&nbsp;&nbsp; 11010302 |
| Sacramento County, CA, Airport System Revenue, (AMT), 5.25%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3086734 |
| Salt Lake City, UT, (Salt Lake City International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6595 | &nbsp;&nbsp;&nbsp;&nbsp; 6597198 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9640 | &nbsp;&nbsp;&nbsp;&nbsp; 9805666 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4281064 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;16260 | &nbsp;&nbsp;&nbsp;&nbsp; 16451066 |
| San Diego County Regional Airport Authority, CA, (San Diego International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;14825 | &nbsp;&nbsp;&nbsp;&nbsp; 15012695 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076589 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5208877 |
| San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.50%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7155 | &nbsp;&nbsp;&nbsp;&nbsp; 7727920 |
| South Jersey Port Corp., NJ, (AMT), 5.00%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp; 1609089 |
| Triborough Bridge and Tunnel Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 2.70%, 1/1/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12255 | &nbsp;&nbsp;&nbsp;&nbsp; 12255000 |
| &nbsp;&nbsp;&nbsp;(LOC: U.S. Bank, N.A.), 2.75%, 1/1/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), (AMT), 5.75%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073738 |
|  |  | &nbsp;&nbsp;**$643298659** |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer — 10.6% | Water and Sewer — 10.6% | Water and Sewer — 10.6% |
| Allegheny County Sanitary Authority, PA: |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 12/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;$1467471 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp; 2009389 |
| Aurora, CO, Water Revenue, 5.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9845 | &nbsp;&nbsp;&nbsp;&nbsp; 10226796 |
| Beaufort-Jasper Water and Sewer Authority, SC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 241455 |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1302488 |
| Broomfield City and County, CO, Sewer Revenue, 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 988498 |
| Camas, WA, Water and Sewer Revenue, 5.25%, 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 423028 |
| Cartersville, GA, Water and Sewer Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104294 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 822517 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087207 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3083805 |
| Charleston, SC, Waterworks and Sewer System Revenue, Series 2022, 5.00%, 1/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4915 | &nbsp;&nbsp;&nbsp;&nbsp; 5129567 |
| Dallas, TX, Waterworks and Sewer System Revenue, 4.25%, 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6260 | &nbsp;&nbsp;&nbsp;&nbsp; 5925643 |
| DeKalb County, GA, Water and Sewerage Revenue, 5.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;11950 | &nbsp;&nbsp;&nbsp;&nbsp; 13004458 |
| District of Columbia Water and Sewer Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9560 | &nbsp;&nbsp;&nbsp;&nbsp; 8453269 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 8020774 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp; 4198153 |
| &nbsp;&nbsp;&nbsp;(SPA: Bank of America, N.A.), 2.90%, 10/1/60<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5280493 |
| East Bay Municipal Utility District, CA, Water System Revenue, Green Bonds, 5.00%, 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp; 1488918 |
| Fort Lauderdale, FL, Water and Sewer Revenue, 5.50%, 9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp; 11377271 |
| Fuquay-Varina, NC, Combined Utilities Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp; 1071153 |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp; 1363507 |
| Grand Strand Water and Sewer Authority, SC, 4.00%, 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1385380 |
| Greenville County Metropolitan Sewer Subdistrict, SC, 4.00%, 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135 | &nbsp;&nbsp;&nbsp;&nbsp; 1873562 |
| Holly Springs, NC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/43<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp; 2208716 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/44<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1275447 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/48<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048504 |
| Honolulu City and County, HI, Wastewater System Revenue, Green Bonds, 5.25%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp;&nbsp; 3130364 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| JEA, FL, Water and Sewer System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 10/1/54 | $&nbsp;&nbsp;&nbsp;&nbsp;10425 | &nbsp;&nbsp;$11101007 |
| &nbsp;&nbsp;&nbsp;(SPA: U.S. Bank, N.A.), 2.75%, 10/1/38<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19785 | &nbsp;&nbsp;&nbsp;&nbsp; 19785000 |
| Kansas Development Finance Authority (Kansas Department of Health and Environment), 5.00%, 5/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535 | &nbsp;&nbsp;&nbsp;&nbsp; 2759044 |
| King County, WA, Sewer Improvement and Refunding Revenue, (SPA: U.S. Bank, N.A.), 2.60%, 1/1/65<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp; 58000000 |
| Massachusetts Water Resources Authority, (SPA: U.S. Bank, N.A.), 2.60%, 8/1/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11110 | &nbsp;&nbsp;&nbsp;&nbsp; 11110000 |
| Metropolitan St. Louis Sewer District, MO, 5.00%, 5/1/46<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6395740 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7910 | &nbsp;&nbsp;&nbsp;&nbsp; 8241837 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;14595 | &nbsp;&nbsp;&nbsp;&nbsp; 15183743 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150 | &nbsp;&nbsp;&nbsp;&nbsp; 6368298 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430 | &nbsp;&nbsp;&nbsp;&nbsp; 2479255 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;10250 | &nbsp;&nbsp;&nbsp;&nbsp; 10554883 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;&nbsp; 14216060 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4180045 |
| Oklahoma Water Resources Board, (Clean Water Program): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2125694 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp; 2384633 |
| Peace River Manasota Regional Water Supply Authority, FL: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750 | &nbsp;&nbsp;&nbsp;&nbsp; 5085612 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5460386 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3755435 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4005 | &nbsp;&nbsp;&nbsp;&nbsp; 4281127 |
| Phoenix Civic Improvement Corp., AZ, Wastewater System Revenue, 5.25%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;16200 | &nbsp;&nbsp;&nbsp;&nbsp; 17267444 |
| Portland, OR, Sewer System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4895 | &nbsp;&nbsp;&nbsp;&nbsp; 5105348 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5204066 |
| San Antonio, TX, Water System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5438918 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9728694 |
| &nbsp;&nbsp;&nbsp;(SPA: Truist Bank), 2.75%, 5/1/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29000000 |
| San Mateo-Foster City Public Financing Authority, CA, (Clean Water Program), 5.00%, 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4705 | &nbsp;&nbsp;&nbsp;&nbsp; 4906600 |
| Seattle, WA, Drainage and Wastewater Revenue, 5.25%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585 | &nbsp;&nbsp;&nbsp;&nbsp; 1677959 |
| Suffolk County Water Authority, NY, 3.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980 | &nbsp;&nbsp;&nbsp;&nbsp; 2405171 |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| Tarrant Regional Water District, TX, Water Revenue, 4.00%, 3/1/54 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;$8862233 |
| Washington Suburban Sanitary District, MD, 2.125%, 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;10770 | &nbsp;&nbsp;&nbsp;&nbsp; 8525114 |
|  |  | &nbsp;&nbsp;**$430581473** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $3,959,430,253) |  | &nbsp;&nbsp;**$3977115793** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Taxable Municipal Obligations — 2.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Cogeneration — 0.0%<sup>†</sup> | Cogeneration — 0.0%<sup>†</sup> | Cogeneration — 0.0%<sup>†</sup> |
| Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 6/30/27<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8071 | &nbsp;&nbsp;$1452794 |
|  |  | &nbsp;&nbsp;**$1452794** |
| Education — 0.0%<sup>†</sup> | Education — 0.0%<sup>†</sup> | Education — 0.0%<sup>†</sup> |
| San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 3.15%, 4/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;$1279152 |
|  |  | &nbsp;&nbsp;**$1279152** |
| Electric Utilities — 0.1% | Electric Utilities — 0.1% | Electric Utilities — 0.1% |
| San Antonio, TX, Electric and Gas Systems Revenue, 5.469%, 2/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675 | &nbsp;&nbsp;$3686184 |
|  |  | &nbsp;&nbsp;**$3686184** |
| General Obligations — 0.5% | General Obligations — 0.5% | General Obligations — 0.5% |
| King County, WA, Sustainability Bonds, 2.16%, 12/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;$13183080 |
| New York, NY, 5.372%, 10/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4825 | &nbsp;&nbsp;&nbsp;&nbsp; 4635573 |
|  |  | &nbsp;&nbsp;**$17818653** |
| Insured - Transportation — 1.2% | Insured - Transportation — 1.2% | Insured - Transportation — 1.2% |
| Alameda Corridor Transportation Authority, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 10/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;14295 | &nbsp;&nbsp;$5006995 |
| &nbsp;&nbsp;&nbsp;(AMBAC), 0.00%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;14395 | &nbsp;&nbsp;&nbsp;&nbsp; 14083155 |
| &nbsp;&nbsp;&nbsp;(AMBAC), 0.00%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;22355 | &nbsp;&nbsp;&nbsp;&nbsp; 20919389 |
| &nbsp;&nbsp;&nbsp;(AMBAC), Escrowed to Maturity, 0.00%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8105 | &nbsp;&nbsp;&nbsp;&nbsp; 7948520 |
|  |  | &nbsp;&nbsp;**$47958059** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lease Revenue/Certificates of Participation — 0.0%<sup>†</sup> | Lease Revenue/Certificates of Participation — 0.0%<sup>†</sup> | Lease Revenue/Certificates of Participation — 0.0%<sup>†</sup> |
| National Finance Authority, NH, (Centurion BioSquare, Inc.), 9.58%, 12/15/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;$622878 |
| National Finance Authority, NH, (Centurion Foundation), 11.00%, 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 303663 |
|  |  | &nbsp;&nbsp;**$926541** |
| Transportation — 0.4% | Transportation — 0.4% | Transportation — 0.4% |
| Foothill/Eastern Transportation Corridor Agency, CA, 4.094%, 1/15/49 | $&nbsp;&nbsp;&nbsp;&nbsp;20856 | &nbsp;&nbsp;$16938100 |
|  |  | &nbsp;&nbsp;**$16938100** |
| Total Taxable Municipal Obligations<br> (identified cost $96,915,948) |  | &nbsp;&nbsp;**$90059483** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 0.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| BlackRock Liquidity Funds - MuniCash, Institutional Shares, 2.23%<sup>(8)</sup> | 2363481 | &nbsp;&nbsp;$2363718 |
| Total Short-Term Investments<br> (identified cost $2,363,718) |  | &nbsp;&nbsp;**$2363718** |
| Total Investments — 101.0%<br> (identified cost $4,091,993,247) |  | &nbsp;&nbsp;**$4103278355** |
| Other Assets, Less Liabilities — (1.0)% |  | &nbsp;&nbsp;**$(38795073)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$4064483282** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at March 31, 2026. |
| <sup>(2)</sup> | 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 March 31, 2026. |
| <sup>(3)</sup> | Represents a payment-in-kind security which may pay interest in additional principal at the issuer's discretion. |
| <sup>(4)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2026, the aggregate value of these securities is $51,102,523 or 1.3% of the Fund's net assets. |
| <sup>(5)</sup> | When-issued security. |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

National Municipal Income Fund

March 31, 2026

Portfolio of Investments (Unaudited) — continued

------

---

| | |
|:---|:---|
| <sup>(6)</sup> | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
| <sup>(7)</sup> | Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy and is non-income producing. |
| <sup>(8)</sup> | The rate shown is the annualized seven-day yield as of March 31, 2026. |
| At March 31, 2026, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: | At March 31, 2026, the concentration of the Fund's investments in the various states and territories, determined as a percentage of net assets, is as follows: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | 12.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York | 12.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California | 11.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 63.3% |

---

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 March 31, 2026, 8.6% 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 1.0% to 4.5% of total investments.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, Inc. |
| AMBAC | – AMBAC Financial Group, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| Liq | – Liquidity Provider |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| SPA | – Standby Bond Purchase Agreement |

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Statements of Assets and Liabilities (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;**March 31, 2026** |
|  | &nbsp;&nbsp;&nbsp;**AMT-Free Fund** | &nbsp;&nbsp;&nbsp;**National Fund** |
| Assets |  |  |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;Identified cost | &nbsp;&nbsp;$172230953 | &nbsp;&nbsp;$4091993247 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11285108 |
| **Investments, at value** | &nbsp;&nbsp;**$174932704** | &nbsp;&nbsp;**$4103278355** |
| Interest and dividends receivable | &nbsp;&nbsp;$2175800 | &nbsp;&nbsp;$52555464 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24276261 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444824 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450346 |
| **Total assets** | &nbsp;&nbsp;**$177296249** | &nbsp;&nbsp;**$4183005250** |
| Liabilities |  |  |
| Payable for floating rate notes issued | &nbsp;&nbsp;$2402017 | &nbsp;&nbsp;$49244446 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185070 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51989105 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9476042 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637445 |
| Payable to affiliates: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115052 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241723 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23399 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450346 |
| Interest expense and fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452125 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707215 |
| **Total liabilities** | &nbsp;&nbsp;**$2996850** | &nbsp;&nbsp;**$118521968** |
| **Net Assets** | &nbsp;&nbsp;**$174299399** | &nbsp;&nbsp;**$4064483282** |
| Sources of Net Assets |  |  |
| Paid-in capital | &nbsp;&nbsp;$223311627 | &nbsp;&nbsp;$4530074462 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49012228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465591180) |
| **Net Assets** | &nbsp;&nbsp;**$174299399** | &nbsp;&nbsp;**$4064483282** |
| Class A Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$90301998 | &nbsp;&nbsp;$1007078484 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11473907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111599148 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$7.87 | &nbsp;&nbsp;$9.02 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$8.13 | &nbsp;&nbsp;$9.32 |
| Class C Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$1546243 | &nbsp;&nbsp;$30778953 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411175 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$7.82 | &nbsp;&nbsp;$9.02 |
| Class I Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$82451158 | &nbsp;&nbsp;$3026625845 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9593981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335446437 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.59 | &nbsp;&nbsp;$9.02 |

---

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | On sales of $100,000 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. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Statements of Operations (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended March 31, 2026** | &nbsp;&nbsp;&nbsp;**Six Months Ended March 31, 2026** |
|  | &nbsp;&nbsp;&nbsp;**AMT-Free Fund** | &nbsp;&nbsp;&nbsp;**National Fund** |
| Investment Income |  |  |
| Dividend income | &nbsp;&nbsp;$12454 | &nbsp;&nbsp;$208378 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4049464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91286444 |
| **Total investment income** | &nbsp;&nbsp;**$4061918** | &nbsp;&nbsp;**$91494822** |
| Expenses |  |  |
| Investment adviser fee | &nbsp;&nbsp;$380019 | &nbsp;&nbsp;$6615516 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278001 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159764 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54754 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353273 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639077 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172274 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38996 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121746 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733561 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87688 |
| **Total expenses** | &nbsp;&nbsp;**$694378** | &nbsp;&nbsp;**$10254650** |
| **Net investment income** | &nbsp;&nbsp;**$3367540** | &nbsp;&nbsp;**$81240172** |
| Realized and Unrealized Gain (Loss) |  |  |
| Net realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$574252 | &nbsp;&nbsp;$8427040 |
| **Net realized gain** | &nbsp;&nbsp;**$574252** | &nbsp;&nbsp;**$8427040** |
| Change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(1406152) | &nbsp;&nbsp;$(14782628) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(1406152)** | &nbsp;&nbsp;**$(14782628)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(831900)** | &nbsp;&nbsp;**$(6355588)** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$2535640** | &nbsp;&nbsp;**$74884584** |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended March 31, 2026 (Unaudited)** | &nbsp;&nbsp;&nbsp;**Six Months Ended March 31, 2026 (Unaudited)** |
|  | &nbsp;&nbsp;&nbsp;**AMT-Free Fund** | &nbsp;&nbsp;&nbsp;**National Fund** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$3367540 | &nbsp;&nbsp;$81240172 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8427040 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1406152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14782628) |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$2535640** | &nbsp;&nbsp;**$74884584** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(1690635) | &nbsp;&nbsp;$(19218634) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(480737) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1661682) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61238431) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(3378372)** | &nbsp;&nbsp;**$(80937802)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$2242198 | &nbsp;&nbsp;$(22678005) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1430784) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1789772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38462917) |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$274430** | &nbsp;&nbsp;**$(62571706)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(568302)** | &nbsp;&nbsp;**$(68624924)** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$174867701 | &nbsp;&nbsp;$4133108206 |
| **At end of period** | &nbsp;&nbsp;**$174299399** | &nbsp;&nbsp;**$4064483282** |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Statements of Changes in Net Assets — continued

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;**AMT-Free Fund** | &nbsp;&nbsp;&nbsp;**National Fund** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$7081158 | &nbsp;&nbsp;$169417061 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2874739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50222639) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5608101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142445491) |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(1401682)** | &nbsp;&nbsp;**$(23251069)** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(3410095) | &nbsp;&nbsp;$(41137525) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1117876) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3559759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128990150) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(7031592)** | &nbsp;&nbsp;**$(171245551)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(11523430) | &nbsp;&nbsp;$(119716451) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(731095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8131998) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5046693) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162744386) |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;**$(17301218)** | &nbsp;&nbsp;**$(290592835)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(25734492)** | &nbsp;&nbsp;**$(485089455)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$200602193 | &nbsp;&nbsp;$4618197661 |
| **At end of year** | &nbsp;&nbsp;**$174867701** | &nbsp;&nbsp;**$4133108206** |

---

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class A** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class A** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class A** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class A** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class A** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$7.91 | &nbsp;&nbsp;$8.26 | &nbsp;&nbsp;$7.62 | &nbsp;&nbsp;$7.79 | &nbsp;&nbsp;$9.29 | &nbsp;&nbsp;$9.25 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.24 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.11** | &nbsp;&nbsp;**$(0.06)** | &nbsp;&nbsp;**$0.93** | &nbsp;&nbsp;**$0.11** | &nbsp;&nbsp;**$(1.27)** | &nbsp;&nbsp;**$0.29** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.25) |
| **Total distributions** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.25)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$7.87** | &nbsp;&nbsp;**$7.91** | &nbsp;&nbsp;**$8.26** | &nbsp;&nbsp;**$7.62** | &nbsp;&nbsp;**$7.79** | &nbsp;&nbsp;**$9.29** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.39%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.62)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.36%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.29%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13.85)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.14%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$90302 | &nbsp;&nbsp;$88516 | &nbsp;&nbsp;$104233 | &nbsp;&nbsp;$100835 | &nbsp;&nbsp;$113933 | &nbsp;&nbsp;$157981 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

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

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class C** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class C** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class C** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class C** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class C** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$7.86 | &nbsp;&nbsp;$8.21 | &nbsp;&nbsp;$7.58 | &nbsp;&nbsp;$7.74 | &nbsp;&nbsp;$9.24 | &nbsp;&nbsp;$9.20 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.08** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$0.86** | &nbsp;&nbsp;**$0.06** | &nbsp;&nbsp;**$(1.33)** | &nbsp;&nbsp;**$0.22** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.18) |
| **Total distributions** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.23)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.18)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$7.82** | &nbsp;&nbsp;**$7.86** | &nbsp;&nbsp;**$8.21** | &nbsp;&nbsp;**$7.58** | &nbsp;&nbsp;**$7.74** | &nbsp;&nbsp;**$9.24** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.01%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(1.39)%** | &nbsp;&nbsp;&nbsp;&nbsp;**11.58%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.51%** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.59)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.38%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$1546 | &nbsp;&nbsp;$1731 | &nbsp;&nbsp;$2565 | &nbsp;&nbsp;$3258 | &nbsp;&nbsp;$4906 | &nbsp;&nbsp;$9017 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

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

*24*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class I** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class I** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class I** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class I** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class I** | &nbsp;&nbsp;&nbsp;**AMT-Free Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$8.64 | &nbsp;&nbsp;$9.02 | &nbsp;&nbsp;$8.32 | &nbsp;&nbsp;$8.50 | &nbsp;&nbsp;$10.15 | &nbsp;&nbsp;$10.11 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.28 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.13** | &nbsp;&nbsp;**$(0.04)** | &nbsp;&nbsp;**$1.04** | &nbsp;&nbsp;**$0.15** | &nbsp;&nbsp;**$(1.37)** | &nbsp;&nbsp;**$0.34** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.30) |
| **Total distributions** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.30)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$8.59** | &nbsp;&nbsp;**$8.64** | &nbsp;&nbsp;**$9.02** | &nbsp;&nbsp;**$8.32** | &nbsp;&nbsp;**$8.50** | &nbsp;&nbsp;**$10.15** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.45%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.35)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.66%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.49%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13.64)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.36%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$82451 | &nbsp;&nbsp;$84621 | &nbsp;&nbsp;$93804 | &nbsp;&nbsp;$116348 | &nbsp;&nbsp;$119467 | &nbsp;&nbsp;$184002 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% |

---

<sup>(1)</sup> Computed using average shares outstanding.

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

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

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

*25*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**National Fund — Class A** | &nbsp;&nbsp;&nbsp;**National Fund — Class A** | &nbsp;&nbsp;&nbsp;**National Fund — Class A** | &nbsp;&nbsp;&nbsp;**National Fund — Class A** | &nbsp;&nbsp;&nbsp;**National Fund — Class A** | &nbsp;&nbsp;&nbsp;**National Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.04 | &nbsp;&nbsp;$9.42 | &nbsp;&nbsp;$8.75 | &nbsp;&nbsp;$8.78 | &nbsp;&nbsp;$10.31 | &nbsp;&nbsp;$10.24 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.15** | &nbsp;&nbsp;**$(0.04)** | &nbsp;&nbsp;**$1.02** | &nbsp;&nbsp;**$0.30** | &nbsp;&nbsp;**$(1.28)** | &nbsp;&nbsp;**$0.31** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.24) |
| **Total distributions** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.24)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.02** | &nbsp;&nbsp;**$9.04** | &nbsp;&nbsp;**$9.42** | &nbsp;&nbsp;**$8.75** | &nbsp;&nbsp;**$8.78** | &nbsp;&nbsp;**$10.31** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.66%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.34)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.82%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.38%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12.62)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.99%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$1007078 | &nbsp;&nbsp;$1031070 | &nbsp;&nbsp;$1198847 | &nbsp;&nbsp;$1126345 | &nbsp;&nbsp;$1179909 | &nbsp;&nbsp;$1558418 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

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

*26*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**National Fund — Class C** | &nbsp;&nbsp;&nbsp;**National Fund — Class C** | &nbsp;&nbsp;&nbsp;**National Fund — Class C** | &nbsp;&nbsp;&nbsp;**National Fund — Class C** | &nbsp;&nbsp;&nbsp;**National Fund — Class C** | &nbsp;&nbsp;&nbsp;**National Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.04 | &nbsp;&nbsp;$9.42 | &nbsp;&nbsp;$8.75 | &nbsp;&nbsp;$8.78 | &nbsp;&nbsp;$10.31 | &nbsp;&nbsp;$10.24 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.15 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.12** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$0.95** | &nbsp;&nbsp;**$0.24** | &nbsp;&nbsp;**$(1.36)** | &nbsp;&nbsp;**$0.23** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.16) |
| **Total distributions** | &nbsp;&nbsp;**$(0.14)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.16)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.02** | &nbsp;&nbsp;**$9.04** | &nbsp;&nbsp;**$9.42** | &nbsp;&nbsp;**$8.75** | &nbsp;&nbsp;**$8.78** | &nbsp;&nbsp;**$10.31** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.28%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.09)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.99%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.60%** | &nbsp;&nbsp;&nbsp;&nbsp;**(13.28)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.22%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$30779 | &nbsp;&nbsp;$32247 | &nbsp;&nbsp;$42141 | &nbsp;&nbsp;$45670 | &nbsp;&nbsp;$55558 | &nbsp;&nbsp;$94851 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

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

*27*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**National Fund — Class I** | &nbsp;&nbsp;&nbsp;**National Fund — Class I** | &nbsp;&nbsp;&nbsp;**National Fund — Class I** | &nbsp;&nbsp;&nbsp;**National Fund — Class I** | &nbsp;&nbsp;&nbsp;**National Fund — Class I** | &nbsp;&nbsp;&nbsp;**National Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$9.04 | &nbsp;&nbsp;$9.42 | &nbsp;&nbsp;$8.75 | &nbsp;&nbsp;$8.78 | &nbsp;&nbsp;$10.31 | &nbsp;&nbsp;$10.24 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.16** | &nbsp;&nbsp;**$(0.02)** | &nbsp;&nbsp;**$1.04** | &nbsp;&nbsp;**$0.33** | &nbsp;&nbsp;**$(1.26)** | &nbsp;&nbsp;**$0.33** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.26) |
| **Total distributions** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.37)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.27)** | &nbsp;&nbsp;**$(0.26)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.02** | &nbsp;&nbsp;**$9.04** | &nbsp;&nbsp;**$9.42** | &nbsp;&nbsp;**$8.75** | &nbsp;&nbsp;**$8.78** | &nbsp;&nbsp;**$10.31** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.79%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.10)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.10%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.64%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12.40)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.24%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$3026626 | &nbsp;&nbsp;$3069792 | &nbsp;&nbsp;$3377209 | &nbsp;&nbsp;$2511115 | &nbsp;&nbsp;$1891224 | &nbsp;&nbsp;$2347177 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;&nbsp;Interest and fee expense<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% |

---

<sup>(1)</sup> Computed using average shares outstanding.

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

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> 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.*

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited)

------

1 Significant Accounting Policies

Eaton Vance AMT-Free Municipal Income Fund (AMT-Free Fund) and Eaton Vance National Municipal Income Fund (National Fund) (each individually referred to as the Fund, and collectively, the Funds) are a diversified series of Eaton Vance Mutual Funds Trust and Eaton Vance Municipals Trust, respectively (collectively, the Trusts). The Trusts are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. Each Fund's 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 November 5, 2020, Class C shares automatically convert to Class A shares eight 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. 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.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated a Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect 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. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

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

As of March 31, 2026, 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.

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — 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 9) at March 31, 2026. Interest expense related to a Fund's liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At March 31, 2026, the amounts of the Funds' Floating Rate Notes and related interest rates and collateral were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**National<br> Fund** |
| Floating Rate Notes Outstanding | &nbsp;&nbsp;$2402017 | &nbsp;&nbsp;&nbsp;&nbsp;$49244446 |
| Interest Rate or Range of Interest Rates (%) | &nbsp;&nbsp;&nbsp;&nbsp;2.44 - 2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 - 2.45 |
| Collateral for Floating Rate Notes Outstanding | &nbsp;&nbsp;$3188450 | &nbsp;&nbsp;&nbsp;&nbsp;$63769330 |

---

For the six months ended March 31, 2026, the Funds' average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**National<br> Fund** |
| Average Floating Rate Notes Outstanding | &nbsp;&nbsp;$2400000 | &nbsp;&nbsp;&nbsp;&nbsp;$49200000 |
| Average Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99% |

---

In certain circumstances, the Funds may enter into shortfall and forbearance agreements with brokers by which a Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of March 31, 2026.

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

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

The Funds' investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Funds' investment policies do not allow the Funds to borrow money except as permitted by the 1940 Act. Effective August 19, 2022, the Funds began operating under Rule 18f-4 under the 1940 Act, which, among other things, governs the use of derivative investments and certain financing transactions by registered investment companies. As of the date of this report, consistent with Rule 18f-4, the Funds have elected to treat their investments in residual interest bonds, along with similar financing transactions, as derivatives transactions subject to the Funds' value-at-risk (VaR)-based limits on leverage risk. The Funds may change this election (and elect to treat these investments and other similar financing transactions like bank borrowings subject to the asset coverage requirements of Section 18 of the 1940 Act) at any time. Residual interest bonds held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

I When-Issued Securities and Delayed Delivery Transactions—The Funds may purchase 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. 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.

J Segment Reporting—Each Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Funds' President acts as each Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of each Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Funds' financial statements.

K Interim Financial Statements—The interim financial statements relating to March 31, 2026 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds' management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders and Income Tax Information

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

At September 30, 2025, 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 and retain the same short-term or long-term character as when originally deferred. The amounts of the deferred capital losses are as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**National<br> Fund** |
| **Deferred capital losses:** |  |  |
| &nbsp;&nbsp;&nbsp;Short-term | &nbsp;&nbsp;&nbsp;&nbsp;$27346914 | &nbsp;&nbsp;&nbsp;&nbsp;$345126196 |
| &nbsp;&nbsp;&nbsp;Long-term | &nbsp;&nbsp;&nbsp;&nbsp;$25680218 | &nbsp;&nbsp;&nbsp;&nbsp;$142518612 |

---

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

The cost and unrealized appreciation (depreciation) of investments of each Fund at March 31, 2026, as determined on a federal income tax basis, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;**National<br> Fund** |
| **Aggregate cost** | &nbsp;&nbsp;**$169748374** | &nbsp;&nbsp;**$4041139533** |
| Gross unrealized appreciation | &nbsp;&nbsp;$5117883 | &nbsp;&nbsp;$64668552 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2335570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51774176) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$2782313** | &nbsp;&nbsp;**$12894376** |

---

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, for AMT-Free Fund and Boston Management and Research (BMR), an affiliate of EVM, for National Fund as compensation for management and investment advisory services rendered to each Fund. The investment adviser fee is based upon a percentage of total daily net assets plus a percentage of total daily gross income (i.e., income other than gains from the sale of securities) as follows and is payable monthly:

---

| | | |
|:---|:---|:---|
| **Total Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Asset<br> Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Daily Income<br> Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.300% | &nbsp;&nbsp;&nbsp;&nbsp;3.000% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.275% | &nbsp;&nbsp;&nbsp;&nbsp;2.750% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.250% | &nbsp;&nbsp;&nbsp;&nbsp;2.500% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.225% | &nbsp;&nbsp;&nbsp;&nbsp;2.250% |
| $2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.200% | &nbsp;&nbsp;&nbsp;&nbsp;2.000% |
| $3 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.175% | &nbsp;&nbsp;&nbsp;&nbsp;1.750% |

---

For the six months ended March 31, 2026, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**National<br> Fund** |
| Investment Adviser Fee | &nbsp;&nbsp;&nbsp;&nbsp;$380019 | &nbsp;&nbsp;&nbsp;&nbsp;$6615516 |
| Effective Annual Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32% |

---

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. Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of BMR, EVM and EVD, also received a portion of the sales charge on sales of Class A shares. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

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 and Morgan Stanley affiliated broker-dealers for the six months ended March 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;**National<br> Fund** |
| EVM's Sub-Transfer Agent Fees | &nbsp;&nbsp;$5392 | &nbsp;&nbsp;$51680 |
| EVD's Class A Sales Charges | &nbsp;&nbsp;$2263 | &nbsp;&nbsp;$20912 |
| Morgan Stanley affiliated broker-dealers' Class A Sales Charges | &nbsp;&nbsp;$2625 | &nbsp;&nbsp;$566 |

---

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. Certain officers and Trustees of the Funds are officers of the above organizations.

4 Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2026 for Class A shares amounted to the following:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;**National<br> Fund** |
| Class A Distribution and Service Fees | &nbsp;&nbsp;$111116 | &nbsp;&nbsp;$1278001 |

---

Each 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, each 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 respective Fund. For the six months ended March 31, 2026, the Funds paid or accrued to EVD the following distribution fees:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;**National<br> Fund** |
| Class C Distribution Fees | &nbsp;&nbsp;$6411 | &nbsp;&nbsp;$119823 |

---

The Class C Plan also authorizes each Fund to make 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 Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended March 31, 2026 amounted to the following:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;**National<br> Fund** |
| Class C Service Fees | &nbsp;&nbsp;$2137 | &nbsp;&nbsp;$39941 |

---

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

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

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 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, 2026, the Funds were informed that EVD received the following amounts of CDSCs paid by Class A and Class C shareholders:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;**National<br> Fund** |
| Class A | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Class C | &nbsp;&nbsp;$— | &nbsp;&nbsp;$204 |

---

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, for the six months ended March 31, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**National<br> Fund** |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;$47121143 | &nbsp;&nbsp;&nbsp;&nbsp;$1303263341 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;$50437959 | &nbsp;&nbsp;&nbsp;&nbsp;$1377883617 |

---

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, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AMT-Free Fund** | **AMT-Free Fund** | **AMT-Free Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1421937 | &nbsp;&nbsp;&nbsp;&nbsp;$11307457 | &nbsp;&nbsp;&nbsp;&nbsp;1090809 | &nbsp;&nbsp;&nbsp;&nbsp;$8618992 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 186045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1480194 | &nbsp;&nbsp;&nbsp;&nbsp; 371769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2948880 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1327103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10545453) | &nbsp;&nbsp;&nbsp;&nbsp;(2893254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23091302) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp; **280879** | &nbsp;&nbsp;&nbsp;&nbsp;**$2242198** | &nbsp;&nbsp;&nbsp;&nbsp;**(1430676)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(11523430)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 17311 | &nbsp;&nbsp;&nbsp;&nbsp;$137100 | &nbsp;&nbsp;&nbsp;&nbsp; 29392 | &nbsp;&nbsp;&nbsp;&nbsp;$235517 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 3105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24551 | &nbsp;&nbsp;&nbsp;&nbsp; 7414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58548 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (339647) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (129204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1025160) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(22527)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(177996)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(92398)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(731095)** |

---

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AMT-Free Fund (continued)** | **AMT-Free Fund (continued)** | **AMT-Free Fund (continued)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1164601 | &nbsp;&nbsp;&nbsp;&nbsp;$10094711 | &nbsp;&nbsp;&nbsp;&nbsp;4161736 | &nbsp;&nbsp;&nbsp;&nbsp;$35794798 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 158735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1378785 | &nbsp;&nbsp;&nbsp;&nbsp; 342846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2968163 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1528344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13263268) | &nbsp;&nbsp;&nbsp;&nbsp;(5109384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43809654) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(205008)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1789772)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(604802)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5046693)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **National Fund** | **National Fund** | **National Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31, 2026<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 6939638 | &nbsp;&nbsp;&nbsp;&nbsp;$63205508 | &nbsp;&nbsp;&nbsp;&nbsp; 12078992 | &nbsp;&nbsp;&nbsp;&nbsp;$109257957 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1822472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16635068 | &nbsp;&nbsp;&nbsp;&nbsp; 3899451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35266857 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(11242185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102518581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29212164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (264241265) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2480075)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(22678005)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13233721)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(119716451)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 343842 | &nbsp;&nbsp;&nbsp;&nbsp;$3136651 | &nbsp;&nbsp;&nbsp;&nbsp; 704515 | &nbsp;&nbsp;&nbsp;&nbsp;$6402396 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447289 | &nbsp;&nbsp;&nbsp;&nbsp; 114573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1036885 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (549935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5014724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1726616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15571279) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(157093)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1430784)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(907528)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(8131998)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;49106974 | &nbsp;&nbsp;&nbsp;&nbsp;$447775785 | &nbsp;&nbsp;&nbsp;&nbsp;159692054 | &nbsp;&nbsp;&nbsp;&nbsp;$1441854634 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 5867565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53556283 | &nbsp;&nbsp;&nbsp;&nbsp; 12484924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112900130 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(59228139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539794985) | &nbsp;&nbsp;&nbsp;&nbsp;(191177725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1717499150) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4253600)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(38462917)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(19000747)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(162744386)** |

---

8 Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Funds solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to each Fund based on its borrowings generally 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 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the six months ended March 31, 2026.

------

[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

Eaton Vance

Municipal Income Funds

March 31, 2026

Notes to Financial Statements (Unaudited) — continued

------

9 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, 2026, the hierarchy of inputs used in valuing the Funds' investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AMT-Free Fund** |  |  |  |  |
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$174622444 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$174622444 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 310260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310260 |
| **Total Investments** | &nbsp;&nbsp;**$310260** | &nbsp;&nbsp;&nbsp;&nbsp;**$174622444** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$174932704** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **National Fund** |  |  |  |  |
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$33739361 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$33739361 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3977115793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3977115793 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90059483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90059483 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;2363718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2363718 |
| **Total Investments** | &nbsp;&nbsp;**$2363718** | &nbsp;&nbsp;&nbsp;&nbsp;**$4100914637** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$4103278355** |

---

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[**Table of Contents**](#JOB_EV_AR_b6112bfd-7e57-482c-90ea-ffcfaece22bf_TOC)

MUNI2-NCSR&nbsp;&nbsp;&nbsp;&nbsp;3.31.26

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund's Board of Trustees since the Fund last provided disclosure in response to this item.

------

#### Item 16. 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 control 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.

#### Item 19. Exhibits

---

| | |
|:---|:---|
|  (a)(1) | Registrant's Code of Ethics – Not applicable (please see Item 2). |
|  (a)(2)(i) | [Principal Financial Officer's Section 302 certification.](d17856dex99cert.htm) |
|  (a)(2)(ii) | [Principal Executive Officer's Section 302 certification.](d17856dex99cert.htm) |
| (b) | [Combined Section 906 certification.](d17856dex99906cert.htm) |

---

------

#### 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.

---

| | |
|:---|:---|
| <u>Eaton Vance Mutual Funds Trust</u> | <u>Eaton Vance Mutual Funds Trust</u> |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |

---

Date: May 26, 2026

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 |
|  | Principal Financial Officer |

---

Date: May 26, 2026

---

| | |
|:---|:---|
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |

---

Date: May 26, 2026

## Ex-99.Cert

**Eaton Vance Mutual Funds Trust** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(i)** 

**<u>CERTIFICATION</u>**

I, James F. Kirchner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eaton Vance Mutual Funds
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 26, 2026 | /s/James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

---

------

**Eaton Vance Mutual Funds Trust** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(ii)** 

**<u>CERTIFICATION</u>**

I, Kenneth A. Topping, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eaton Vance Mutual Funds
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 26, 2026 | /s/Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |

---

## Exhibit 99.906

**Form N-CSR Item 19(b) Exhibit** 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Eaton Vance Mutual Funds Trust (the "**Trust**") that:

(a) the Report of the **Trust** on Form N-CSR for the period ended
March 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b) the information contained in the Report fairly presents, in all material respects, the financial condition and
the results of operations of the **Trust** for such period.

**A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.** 

---

| |
|:---|
| Eaton Vance Mutual Funds Trust |
| Date: May 26, 2026 |
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |

---

---

| |
|:---|
| Date: May 26, 2026 |
| /s/ Kenneth A. Topping |
| Kenneth A. Topping |
| Principal Executive Officer |

---