# EDGAR Filing Document

**Accession Number:** 0000745463
**File Stem:** 0001193125-25-300009
**Filing Date:** 2025-11
**Character Count:** 585644
**Document Hash:** 68797cc6fce97846c06f953bc736a0f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-300009.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-300009

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251126

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04015
- **FILM NUMBER:** 251528815

**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

#### September 30, 2025

#### Date of Reporting Period

------

#### Item 1. Reports to Stockholders
(a) # Eaton Vance AMT-Free Municipal Income Fund
![Image](g90262g71n12.jpg)

# Class A ETMBX

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Eaton Vance AMT-Free Municipal Income Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $91 | 0.91% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Municipal Bond Index (the Index):

↓ An overweight position and security selections in bonds with 4% coupon rates detracted from performance relative to the Index during the period

↓ An overweight position and security selections in bonds with more than 22 years remaining to maturity detracted from performance

↓ Security selections in AAA-rated bonds also weighed on Index-relative returns during the period

↑ An out-of-Index position in variable-rate demand notes — typically considered a defensive investment — contributed to Fund returns relative to the Index

↑ Security selections in bonds with 12 to 17 years remaining to maturity also contributed to returns

↑ Security selections in the State of California were also additive during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g90262g72q71.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** |
| **9/15** | $10000 | $10000 |
| **10/15** | $9739 | $10040 |
| **11/15** | $9804 | $10080 |
| **12/15** | $9910 | $10150 |
| **1/16** | $9995 | $10272 |
| **2/16** | $9973 | $10288 |
| **3/16** | $10037 | $10320 |
| **4/16** | $10133 | $10396 |
| **5/16** | $10175 | $10424 |
| **6/16** | $10336 | $10590 |
| **7/16** | $10314 | $10597 |
| **8/16** | $10355 | $10611 |
| **9/16** | $10288 | $10558 |
| **10/16** | $10188 | $10447 |
| **11/16** | $9826 | $10058 |
| **12/16** | $9924 | $10176 |
| **1/17** | $9958 | $10243 |
| **2/17** | $10015 | $10314 |
| **3/17** | $10026 | $10336 |
| **4/17** | $10093 | $10411 |
| **5/17** | $10237 | $10577 |
| **6/17** | $10213 | $10539 |
| **7/17** | $10279 | $10624 |
| **8/17** | $10368 | $10705 |
| **9/17** | $10354 | $10650 |
| **10/17** | $10340 | $10676 |
| **11/17** | $10304 | $10619 |
| **12/17** | $10405 | $10730 |
| **1/18** | $10311 | $10604 |
| **2/18** | $10298 | $10572 |
| **3/18** | $10330 | $10611 |
| **4/18** | $10315 | $10573 |
| **5/18** | $10417 | $10694 |
| **6/18** | $10437 | $10703 |
| **7/18** | $10470 | $10729 |
| **8/18** | $10467 | $10757 |
| **9/18** | $10440 | $10687 |
| **10/18** | $10367 | $10622 |
| **11/18** | $10445 | $10739 |
| **12/18** | $10524 | $10868 |
| **1/19** | $10591 | $10950 |
| **2/19** | $10672 | $11008 |
| **3/19** | $10835 | $11182 |
| **4/19** | $10891 | $11224 |
| **5/19** | $11043 | $11379 |
| **6/19** | $11087 | $11421 |
| **7/19** | $11179 | $11513 |
| **8/19** | $11368 | $11695 |
| **9/19** | $11277 | $11601 |
| **10/19** | $11271 | $11622 |
| **11/19** | $11302 | $11651 |
| **12/19** | $11320 | $11687 |
| **1/20** | $11547 | $11897 |
| **2/20** | $11738 | $12050 |
| **3/20** | $11344 | $11613 |
| **4/20** | $11026 | $11467 |
| **5/20** | $11390 | $11832 |
| **6/20** | $11530 | $11929 |
| **7/20** | $11734 | $12130 |
| **8/20** | $11676 | $12073 |
| **9/20** | $11629 | $12076 |
| **10/20** | $11595 | $12040 |
| **11/20** | $11813 | $12221 |
| **12/20** | $11904 | $12296 |
| **1/21** | $11982 | $12374 |
| **2/21** | $11718 | $12177 |
| **3/21** | $11809 | $12253 |
| **4/21** | $11963 | $12355 |
| **5/21** | $12025 | $12392 |
| **6/21** | $12063 | $12426 |
| **7/21** | $12177 | $12529 |
| **8/21** | $12111 | $12483 |
| **9/21** | $11995 | $12393 |
| **10/21** | $11968 | $12357 |
| **11/21** | $12095 | $12462 |
| **12/21** | $12118 | $12482 |
| **1/22** | $11726 | $12141 |
| **2/22** | $11647 | $12097 |
| **3/22** | $11253 | $11705 |
| **4/22** | $10873 | $11381 |
| **5/22** | $10991 | $11550 |
| **6/22** | $10756 | $11361 |
| **7/22** | $11033 | $11661 |
| **8/22** | $10782 | $11406 |
| **9/22** | $10334 | $10968 |
| **10/22** | $10164 | $10877 |
| **11/22** | $10726 | $11385 |
| **12/22** | $10675 | $11418 |
| **1/23** | $11027 | $11746 |
| **2/23** | $10723 | $11480 |
| **3/23** | $10983 | $11735 |
| **4/23** | $10987 | $11708 |
| **5/23** | $10911 | $11607 |
| **6/23** | $11025 | $11723 |
| **7/23** | $11043 | $11770 |
| **8/23** | $10871 | $11600 |
| **9/23** | $10467 | $11260 |
| **10/23** | $10280 | $11164 |
| **11/23** | $11126 | $11873 |
| **12/23** | $11435 | $12149 |
| **1/24** | $11412 | $12087 |
| **2/24** | $11404 | $12102 |
| **3/24** | $11396 | $12102 |
| **4/24** | $11248 | $11952 |
| **5/24** | $11239 | $11917 |
| **6/24** | $11429 | $12100 |
| **7/24** | $11520 | $12210 |
| **8/24** | $11613 | $12306 |
| **9/24** | $11761 | $12428 |
| **10/24** | $11596 | $12247 |
| **11/24** | $11801 | $12458 |
| **12/24** | $11578 | $12277 |
| **1/25** | $11613 | $12338 |
| **2/25** | $11735 | $12461 |
| **3/25** | $11469 | $12250 |
| **4/25** | $11389 | $12151 |
| **5/25** | $11322 | $12159 |
| **6/25** | $11387 | $12234 |
| **7/25** | $11305 | $12210 |
| **8/25** | $11371 | $12316 |
| **9/25** | $11687 | $12601 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | (0.62)% | 0.10% | 1.91% |
| Class A with 3.25% Maximum Sales Charge | (3.88)% | (0.56)% | 1.57% |
| Bloomberg Municipal Bond Index | 1.39% | 0.85% | 2.34% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $174867701 |
| # of Portfolio Holdings | 105 |
| Portfolio Turnover Rate | 89% |
| Total Advisory Fees Paid | $803656 |

---

## 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)
![Credit Rating Chart](g90262g22v06.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 2.5% |
| Escrowed/Prerefunded | 3.3% |
| Water and Sewer | 3.4% |
| Senior Living/Life Care | 3.6% |
| Electric Utilities | 4.9% |
| Housing | 5.1% |
| Other Revenue | 8.0% |
| Lease Rev./Cert. of Participation | 8.8% |
| Hospital | 9.3% |
| Transportation | 14.0% |
| Special Tax Revenue | 17.6% |
| General Obligations | 19.5% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g90262g94c34.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.0% |
| BB | 4.4% |
| BBB | 3.9% |
| A | 28.5% |
| AA | 46.5% |
| AAA | 10.7% |

---

---

| | |
|:---|:---|
| 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"). 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. |

---

![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](g90262g62k63.jpg)

## Additional Information
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
Annual Shareholder Report September 30, 2025

# ETMBX-TSR-AR

# Eaton Vance AMT-Free Municipal Income Fund
![Image](g90262g71n12.jpg)

# Class C ECMBX

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Eaton Vance AMT-Free Municipal Income Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $165 | 1.66% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Municipal Bond Index (the Index):

↓ An overweight position and security selections in bonds with 4% coupon rates detracted from performance relative to the Index during the period

↓ An overweight position and security selections in bonds with more than 22 years remaining to maturity detracted from performance

↓ Security selections in AAA-rated bonds also weighed on Index-relative returns during the period

↑ An out-of-Index position in variable-rate demand notes — typically considered a defensive investment — contributed to Fund returns relative to the Index

↑ Security selections in bonds with 12 to 17 years remaining to maturity also contributed to returns

↑ Security selections in the State of California were also additive during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g90262g58k18.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** |
| **9/15** | $10000 | $10000 |
| **10/15** | $10060 | $10040 |
| **11/15** | $10121 | $10080 |
| **12/15** | $10225 | $10150 |
| **1/16** | $10306 | $10272 |
| **2/16** | $10277 | $10288 |
| **3/16** | $10337 | $10320 |
| **4/16** | $10418 | $10396 |
| **5/16** | $10466 | $10424 |
| **6/16** | $10626 | $10590 |
| **7/16** | $10585 | $10597 |
| **8/16** | $10620 | $10611 |
| **9/16** | $10556 | $10558 |
| **10/16** | $10446 | $10447 |
| **11/16** | $10066 | $10058 |
| **12/16** | $10160 | $10176 |
| **1/17** | $10189 | $10243 |
| **2/17** | $10241 | $10314 |
| **3/17** | $10246 | $10336 |
| **4/17** | $10308 | $10411 |
| **5/17** | $10449 | $10577 |
| **6/17** | $10418 | $10539 |
| **7/17** | $10479 | $10624 |
| **8/17** | $10552 | $10705 |
| **9/17** | $10543 | $10650 |
| **10/17** | $10521 | $10676 |
| **11/17** | $10477 | $10619 |
| **12/17** | $10574 | $10730 |
| **1/18** | $10471 | $10604 |
| **2/18** | $10451 | $10572 |
| **3/18** | $10477 | $10611 |
| **4/18** | $10456 | $10573 |
| **5/18** | $10552 | $10694 |
| **6/18** | $10566 | $10703 |
| **7/18** | $10593 | $10729 |
| **8/18** | $10595 | $10757 |
| **9/18** | $10549 | $10687 |
| **10/18** | $10467 | $10622 |
| **11/18** | $10541 | $10739 |
| **12/18** | $10626 | $10868 |
| **1/19** | $10675 | $10950 |
| **2/19** | $10750 | $11008 |
| **3/19** | $10909 | $11182 |
| **4/19** | $10958 | $11224 |
| **5/19** | $11105 | $11379 |
| **6/19** | $11142 | $11421 |
| **7/19** | $11216 | $11513 |
| **8/19** | $11399 | $11695 |
| **9/19** | $11313 | $11601 |
| **10/19** | $11299 | $11622 |
| **11/19** | $11311 | $11651 |
| **12/19** | $11335 | $11687 |
| **1/20** | $11555 | $11897 |
| **2/20** | $11728 | $12050 |
| **3/20** | $11325 | $11613 |
| **4/20** | $10998 | $11467 |
| **5/20** | $11369 | $11832 |
| **6/20** | $11502 | $11929 |
| **7/20** | $11700 | $12130 |
| **8/20** | $11633 | $12073 |
| **9/20** | $11580 | $12076 |
| **10/20** | $11538 | $12040 |
| **11/20** | $11736 | $12221 |
| **12/20** | $11820 | $12296 |
| **1/21** | $11890 | $12374 |
| **2/21** | $11632 | $12177 |
| **3/21** | $11715 | $12253 |
| **4/21** | $11849 | $12355 |
| **5/21** | $11916 | $12392 |
| **6/21** | $11946 | $12426 |
| **7/21** | $12039 | $12529 |
| **8/21** | $11979 | $12483 |
| **9/21** | $11856 | $12393 |
| **10/21** | $11808 | $12357 |
| **11/21** | $11940 | $12462 |
| **12/21** | $11955 | $12482 |
| **1/22** | $11558 | $12141 |
| **2/22** | $11473 | $12097 |
| **3/22** | $11076 | $11705 |
| **4/22** | $10693 | $11381 |
| **5/22** | $10816 | $11550 |
| **6/22** | $10563 | $11361 |
| **7/22** | $10843 | $11661 |
| **8/22** | $10588 | $11406 |
| **9/22** | $10126 | $10968 |
| **10/22** | $9965 | $10877 |
| **11/22** | $10500 | $11385 |
| **12/22** | $10442 | $11418 |
| **1/23** | $10782 | $11746 |
| **2/23** | $10490 | $11480 |
| **3/23** | $10739 | $11735 |
| **4/23** | $10736 | $11708 |
| **5/23** | $10641 | $11607 |
| **6/23** | $10745 | $11723 |
| **7/23** | $10757 | $11770 |
| **8/23** | $10581 | $11600 |
| **9/23** | $10178 | $11260 |
| **10/23** | $10002 | $11164 |
| **11/23** | $10810 | $11873 |
| **12/23** | $11119 | $12149 |
| **1/24** | $11076 | $12087 |
| **2/24** | $11061 | $12102 |
| **3/24** | $11046 | $12102 |
| **4/24** | $10894 | $11952 |
| **5/24** | $10892 | $11917 |
| **6/24** | $11070 | $12100 |
| **7/24** | $11152 | $12210 |
| **8/24** | $11235 | $12306 |
| **9/24** | $11358 | $12428 |
| **10/24** | $11190 | $12247 |
| **11/24** | $11382 | $12458 |
| **12/24** | $11172 | $12277 |
| **1/25** | $11185 | $12338 |
| **2/25** | $11296 | $12461 |
| **3/25** | $11045 | $12250 |
| **4/25** | $10961 | $12151 |
| **5/25** | $10875 | $12159 |
| **6/25** | $10931 | $12234 |
| **7/25** | $10845 | $12210 |
| **8/25** | $10915 | $12316 |
| **9/25** | $11366 | $12601 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (1.39)% | (0.67)% | 1.29% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (2.35)% | (0.67)% | 1.29% |
| Bloomberg Municipal Bond Index | 1.39% | 0.85% | 2.34% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $174867701 |
| # of Portfolio Holdings | 105 |
| Portfolio Turnover Rate | 89% |
| Total Advisory Fees Paid | $803656 |

---

## 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)
![Credit Rating Chart](g90262g92f29.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 2.5% |
| Escrowed/Prerefunded | 3.3% |
| Water and Sewer | 3.4% |
| Senior Living/Life Care | 3.6% |
| Electric Utilities | 4.9% |
| Housing | 5.1% |
| Other Revenue | 8.0% |
| Lease Rev./Cert. of Participation | 8.8% |
| Hospital | 9.3% |
| Transportation | 14.0% |
| Special Tax Revenue | 17.6% |
| General Obligations | 19.5% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g90262g55r81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.0% |
| BB | 4.4% |
| BBB | 3.9% |
| A | 28.5% |
| AA | 46.5% |
| AAA | 10.7% |

---

---

| | |
|:---|:---|
| 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"). 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. |

---

![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](g90262g62k63.jpg)

## Additional Information
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
Annual Shareholder Report September 30, 2025

# ECMBX-TSR-AR

# Eaton Vance AMT-Free Municipal Income Fund
![Image](g90262g71n12.jpg)

# Class I EVMBX

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Eaton Vance AMT-Free Municipal Income Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $66 | 0.66% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Municipal Bond Index (the Index):

↓ An overweight position and security selections in bonds with 4% coupon rates detracted from performance relative to the Index during the period

↓ An overweight position and security selections in bonds with more than 22 years remaining to maturity detracted from performance

↓ Security selections in AAA-rated bonds also weighed on Index-relative returns during the period

↑ An out-of-Index position in variable-rate demand notes — typically considered a defensive investment — contributed to Fund returns relative to the Index

↑ Security selections in bonds with 12 to 17 years remaining to maturity also contributed to returns

↑ Security selections in the State of California were also additive during the period

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g90262g83d79.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** |
| **9/15** | $1000000 | $1000000 |
| **12/15** | $1025761 | $1015049 |
| **3/16** | $1039245 | $1032035 |
| **6/16** | $1070075 | $1059019 |
| **9/16** | $1065967 | $1055799 |
| **12/16** | $1028772 | $1017567 |
| **3/17** | $1040012 | $1033627 |
| **6/17** | $1060304 | $1053857 |
| **9/17** | $1075275 | $1065026 |
| **12/17** | $1081610 | $1073008 |
| **3/18** | $1073816 | $1061109 |
| **6/18** | $1086615 | $1070343 |
| **9/18** | $1086256 | $1068731 |
| **12/18** | $1096894 | $1086765 |
| **3/19** | $1129269 | $1118244 |
| **6/19** | $1155959 | $1142123 |
| **9/19** | $1176855 | $1160114 |
| **12/19** | $1182529 | $1168656 |
| **3/20** | $1185113 | $1161286 |
| **6/20** | $1205608 | $1192928 |
| **9/20** | $1217842 | $1207584 |
| **12/20** | $1245703 | $1229570 |
| **3/21** | $1236811 | $1225255 |
| **6/21** | $1265086 | $1242621 |
| **9/21** | $1258796 | $1239320 |
| **12/21** | $1272064 | $1248226 |
| **3/22** | $1181526 | $1170494 |
| **6/22** | $1130089 | $1136108 |
| **9/22** | $1087049 | $1096793 |
| **12/22** | $1122639 | $1141805 |
| **3/23** | $1156449 | $1173516 |
| **6/23** | $1160721 | $1172316 |
| **9/23** | $1103205 | $1126011 |
| **12/23** | $1206302 | $1214897 |
| **3/24** | $1202811 | $1210206 |
| **6/24** | $1207638 | $1209978 |
| **9/24** | $1242846 | $1242799 |
| **12/24** | $1224123 | $1227696 |
| **3/25** | $1213840 | $1224965 |
| **6/25** | $1204819 | $1223446 |
| **9/25** | $1238528 | $1260108 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | (0.35)% | 0.34% | 2.16% |
| Bloomberg Municipal Bond Index | 1.39% | 0.85% | 2.34% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $174867701 |
| # of Portfolio Holdings | 105 |
| Portfolio Turnover Rate | 89% |
| Total Advisory Fees Paid | $803656 |

---

## 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)
![Credit Rating Chart](g90262g57y90.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 2.5% |
| Escrowed/Prerefunded | 3.3% |
| Water and Sewer | 3.4% |
| Senior Living/Life Care | 3.6% |
| Electric Utilities | 4.9% |
| Housing | 5.1% |
| Other Revenue | 8.0% |
| Lease Rev./Cert. of Participation | 8.8% |
| Hospital | 9.3% |
| Transportation | 14.0% |
| Special Tax Revenue | 17.6% |
| General Obligations | 19.5% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g90262g64r26.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 6.0% |
| BB | 4.4% |
| BBB | 3.9% |
| A | 28.5% |
| AA | 46.5% |
| AAA | 10.7% |

---

---

| | |
|:---|:---|
| 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"). 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. |

---

![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](g90262g62k63.jpg)

## Additional Information
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
Annual Shareholder Report September 30, 2025

# EVMBX-TSR-AR

# Eaton Vance Total Return Bond Fund
![Image](g90262g71n12.jpg)

# Class A EBABX

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Eaton Vance Total Return Bond Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $74 | 0.72% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Aggregate Bond Index (the Index):

↑ An out of index position in high yield corporates contributed to returns as spread tightened. Security selection in and an overweight to financials in investment grade also helped

↑ Overweight positions in securitized credit added meaningfully to excess returns through both sector allocation and security selection

↑ Exposure to Collateralized Loan Obligations further supported performance, benefiting from favorable market conditions and tactical allocations

↓ An underweight to U.S. Treasuries detracted from relative results, as the sector performed well over the period and the portfolio did not fully participate in the rally

↓ An underweight to sovereign debt detracted from performance, as the sector outperformed and the portfolio's lower exposure missed those gains

↓ Exposure to bank loans detracted, as the sector lagged broader credit markets and positioning did not offset underperformance

↓ An underweight to emerging market sovereigns detracted from relative results, as the sector performed well during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g90262g62t21.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/15** | $10000 | $10000 | $10000 |
| **10/15** | $9915 | $10032 | $10002 |
| **11/15** | $9826 | $9995 | $9975 |
| **12/15** | $9583 | $9945 | $9943 |
| **1/16** | $9428 | $10055 | $10080 |
| **2/16** | $9443 | $10127 | $10151 |
| **3/16** | $9942 | $10251 | $10244 |
| **4/16** | $10278 | $10321 | $10284 |
| **5/16** | $10141 | $10329 | $10286 |
| **6/16** | $10394 | $10511 | $10471 |
| **7/16** | $10601 | $10597 | $10537 |
| **8/16** | $10724 | $10609 | $10525 |
| **9/16** | $10760 | $10611 | $10519 |
| **10/16** | $10758 | $10541 | $10439 |
| **11/16** | $10582 | $10304 | $10192 |
| **12/16** | $10675 | $10334 | $10206 |
| **1/17** | $10867 | $10371 | $10226 |
| **2/17** | $10960 | $10451 | $10295 |
| **3/17** | $11005 | $10447 | $10290 |
| **4/17** | $11104 | $10534 | $10369 |
| **5/17** | $11141 | $10615 | $10449 |
| **6/17** | $11173 | $10606 | $10438 |
| **7/17** | $11290 | $10659 | $10483 |
| **8/17** | $11359 | $10751 | $10577 |
| **9/17** | $11407 | $10713 | $10527 |
| **10/17** | $11409 | $10726 | $10533 |
| **11/17** | $11422 | $10710 | $10519 |
| **12/17** | $11469 | $10757 | $10568 |
| **1/18** | $11547 | $10654 | $10446 |
| **2/18** | $11440 | $10553 | $10347 |
| **3/18** | $11457 | $10606 | $10413 |
| **4/18** | $11406 | $10535 | $10336 |
| **5/18** | $11373 | $10592 | $10410 |
| **6/18** | $11342 | $10577 | $10397 |
| **7/18** | $11470 | $10599 | $10399 |
| **8/18** | $11429 | $10651 | $10466 |
| **9/18** | $11464 | $10606 | $10399 |
| **10/18** | $11353 | $10517 | $10317 |
| **11/18** | $11344 | $10564 | $10378 |
| **12/18** | $11344 | $10730 | $10569 |
| **1/19** | $11611 | $10878 | $10681 |
| **2/19** | $11707 | $10889 | $10675 |
| **3/19** | $11860 | $11086 | $10880 |
| **4/19** | $11941 | $11102 | $10883 |
| **5/19** | $11982 | $11272 | $11076 |
| **6/19** | $12206 | $11431 | $11215 |
| **7/19** | $12295 | $11465 | $11240 |
| **8/19** | $12350 | $11725 | $11531 |
| **9/19** | $12353 | $11674 | $11470 |
| **10/19** | $12448 | $11712 | $11504 |
| **11/19** | $12453 | $11709 | $11498 |
| **12/19** | $12539 | $11727 | $11490 |
| **1/20** | $12749 | $11937 | $11711 |
| **2/20** | $12775 | $12116 | $11922 |
| **3/20** | $11211 | $11879 | $11852 |
| **4/20** | $11584 | $12117 | $12063 |
| **5/20** | $11812 | $12230 | $12119 |
| **6/20** | $12174 | $12332 | $12195 |
| **7/20** | $12464 | $12549 | $12377 |
| **8/20** | $12599 | $12477 | $12277 |
| **9/20** | $12626 | $12454 | $12271 |
| **10/20** | $12608 | $12410 | $12216 |
| **11/20** | $13042 | $12572 | $12336 |
| **12/20** | $13241 | $12615 | $12353 |
| **1/21** | $13325 | $12536 | $12264 |
| **2/21** | $13305 | $12374 | $12087 |
| **3/21** | $13218 | $12230 | $11936 |
| **4/21** | $13292 | $12333 | $12030 |
| **5/21** | $13392 | $12380 | $12070 |
| **6/21** | $13521 | $12470 | $12155 |
| **7/21** | $13647 | $12595 | $12290 |
| **8/21** | $13664 | $12587 | $12267 |
| **9/21** | $13601 | $12479 | $12161 |
| **10/21** | $13615 | $12469 | $12157 |
| **11/21** | $13631 | $12484 | $12193 |
| **12/21** | $13605 | $12476 | $12162 |
| **1/22** | $13387 | $12202 | $11900 |
| **2/22** | $13206 | $12036 | $11767 |
| **3/22** | $12857 | $11713 | $11441 |
| **4/22** | $12452 | $11276 | $11006 |
| **5/22** | $12409 | $11338 | $11077 |
| **6/22** | $12128 | $11112 | $10904 |
| **7/22** | $12403 | $11391 | $11170 |
| **8/22** | $12170 | $11095 | $10854 |
| **9/22** | $11684 | $10617 | $10385 |
| **10/22** | $11518 | $10500 | $10251 |
| **11/22** | $11871 | $10892 | $10628 |
| **12/22** | $11823 | $10855 | $10580 |
| **1/23** | $12263 | $11192 | $10905 |
| **2/23** | $12020 | $10917 | $10623 |
| **3/23** | $12164 | $11173 | $10893 |
| **4/23** | $12167 | $11241 | $10959 |
| **5/23** | $12056 | $11124 | $10840 |
| **6/23** | $12083 | $11107 | $10801 |
| **7/23** | $12112 | $11118 | $10794 |
| **8/23** | $12073 | $11051 | $10725 |
| **9/23** | $11804 | $10788 | $10452 |
| **10/23** | $11619 | $10625 | $10287 |
| **11/23** | $12159 | $11104 | $10753 |
| **12/23** | $12616 | $11525 | $11165 |
| **1/24** | $12682 | $11497 | $11134 |
| **2/24** | $12556 | $11360 | $10977 |
| **3/24** | $12698 | $11471 | $11078 |
| **4/24** | $12433 | $11203 | $10798 |
| **5/24** | $12663 | $11389 | $10982 |
| **6/24** | $12786 | $11493 | $11085 |
| **7/24** | $13082 | $11754 | $11344 |
| **8/24** | $13277 | $11927 | $11507 |
| **9/24** | $13461 | $12090 | $11661 |
| **10/24** | $13162 | $11816 | $11372 |
| **11/24** | $13305 | $11940 | $11493 |
| **12/24** | $13142 | $11760 | $11304 |
| **1/25** | $13248 | $11831 | $11364 |
| **2/25** | $13533 | $12075 | $11614 |
| **3/25** | $13511 | $12073 | $11619 |
| **4/25** | $13591 | $12115 | $11664 |
| **5/25** | $13556 | $12054 | $11581 |
| **6/25** | $13795 | $12242 | $11759 |
| **7/25** | $13786 | $12224 | $11728 |
| **8/25** | $14002 | $12371 | $11868 |
| **9/25** | $14127 | $12502 | $11998 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 4.94% | 2.27% | 3.85% |
| Class A with 3.25% Maximum Sales Charge | 1.50% | 1.59% | 3.51% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45)% | 1.84% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective May 1, 2015, the Fund changed its investment objective and policies. Performance prior to May 1, 2015 reflects the Fund's performance under its former investment objectives and policies. Please see the Fund's prospectus for further information. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3356207475 |
| # of Portfolio Holdings | 508 |
| Portfolio Turnover Rate | 420% |
| Total Advisory Fees Paid | $9501999 |

---

## 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)
![Credit Rating Chart](g90262g32b60.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 2.3% |
| Short-Term Investments | 0.5% |
| Exchange-Traded Funds | 1.5% |
| Affiliated Investment Funds | 1.7% |
| Collateralized Mortgage Obligations | 4.2% |
| Commercial Mortgage-Backed Securities | 6.1% |
| Asset-Backed Securities | 10.4% |
| U.S. Government Agency Mortgage-Backed Securities | 19.3% |
| Corporate Bonds | 25.1% |
| U.S. Treasury Obligations | 28.9% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g90262g49i68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | (7.8%) |
| Not Rated | 11.0% |
| CCC or Lower | 1.0% |
| B | 3.9% |
| BB | 6.5% |
| BBB | 25.7% |
| A | 4.9% |
| AA | 50.8% |
| AAA | 4.0% |

---

---

| | |
|:---|:---|
| 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. |

---

![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](g90262g62k63.jpg)

## Additional Information
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
Annual Shareholder Report September 30, 2025

# EBABX-TSR-AR

# Eaton Vance Total Return Bond Fund
![Image](g90262g71n12.jpg)

# Class C ECBAX

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Eaton Vance Total Return Bond Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $150 | 1.47% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Aggregate Bond Index (the Index):

↑ An out of index position in high yield corporates contributed to returns as spread tightened. Security selection in and an overweight to financials in investment grade also helped

↑ Overweight positions in securitized credit added meaningfully to excess returns through both sector allocation and security selection

↑ Exposure to Collateralized Loan Obligations further supported performance, benefiting from favorable market conditions and tactical allocations

↓ An underweight to U.S. Treasuries detracted from relative results, as the sector performed well over the period and the portfolio did not fully participate in the rally

↓ An underweight to sovereign debt detracted from performance, as the sector outperformed and the portfolio's lower exposure missed those gains

↓ Exposure to bank loans detracted, as the sector lagged broader credit markets and positioning did not offset underperformance

↓ An underweight to emerging market sovereigns detracted from relative results, as the sector performed well during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g90262g66h58.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/15** | $10000 | $10000 | $10000 |
| **10/15** | $10241 | $10032 | $10002 |
| **11/15** | $10144 | $9995 | $9975 |
| **12/15** | $9886 | $9945 | $9943 |
| **1/16** | $9720 | $10055 | $10080 |
| **2/16** | $9730 | $10127 | $10151 |
| **3/16** | $10228 | $10251 | $10244 |
| **4/16** | $10568 | $10321 | $10284 |
| **5/16** | $10420 | $10329 | $10286 |
| **6/16** | $10684 | $10511 | $10471 |
| **7/16** | $10889 | $10597 | $10537 |
| **8/16** | $11009 | $10609 | $10525 |
| **9/16** | $11030 | $10611 | $10519 |
| **10/16** | $11030 | $10541 | $10439 |
| **11/16** | $10843 | $10304 | $10192 |
| **12/16** | $10931 | $10334 | $10206 |
| **1/17** | $11111 | $10371 | $10226 |
| **2/17** | $11209 | $10451 | $10295 |
| **3/17** | $11248 | $10447 | $10290 |
| **4/17** | $11342 | $10534 | $10369 |
| **5/17** | $11374 | $10615 | $10449 |
| **6/17** | $11390 | $10606 | $10438 |
| **7/17** | $11512 | $10659 | $10483 |
| **8/17** | $11574 | $10751 | $10577 |
| **9/17** | $11607 | $10713 | $10527 |
| **10/17** | $11611 | $10726 | $10533 |
| **11/17** | $11617 | $10710 | $10519 |
| **12/17** | $11657 | $10757 | $10568 |
| **1/18** | $11729 | $10654 | $10446 |
| **2/18** | $11614 | $10553 | $10347 |
| **3/18** | $11623 | $10606 | $10413 |
| **4/18** | $11565 | $10535 | $10336 |
| **5/18** | $11523 | $10592 | $10410 |
| **6/18** | $11476 | $10577 | $10397 |
| **7/18** | $11608 | $10599 | $10399 |
| **8/18** | $11559 | $10651 | $10466 |
| **9/18** | $11577 | $10606 | $10399 |
| **10/18** | $11457 | $10517 | $10317 |
| **11/18** | $11451 | $10564 | $10378 |
| **12/18** | $11445 | $10730 | $10569 |
| **1/19** | $11696 | $10878 | $10681 |
| **2/19** | $11787 | $10889 | $10675 |
| **3/19** | $11932 | $11086 | $10880 |
| **4/19** | $12007 | $11102 | $10883 |
| **5/19** | $12051 | $11272 | $11076 |
| **6/19** | $12258 | $11431 | $11215 |
| **7/19** | $12340 | $11465 | $11240 |
| **8/19** | $12387 | $11725 | $11531 |
| **9/19** | $12393 | $11674 | $11470 |
| **10/19** | $12470 | $11712 | $11504 |
| **11/19** | $12467 | $11709 | $11498 |
| **12/19** | $12556 | $11727 | $11490 |
| **1/20** | $12748 | $11937 | $11711 |
| **2/20** | $12776 | $12116 | $11922 |
| **3/20** | $11194 | $11879 | $11852 |
| **4/20** | $11560 | $12117 | $12063 |
| **5/20** | $11792 | $12230 | $12119 |
| **6/20** | $12145 | $12332 | $12195 |
| **7/20** | $12416 | $12549 | $12377 |
| **8/20** | $12553 | $12477 | $12277 |
| **9/20** | $12572 | $12454 | $12271 |
| **10/20** | $12536 | $12410 | $12216 |
| **11/20** | $12960 | $12572 | $12336 |
| **12/20** | $13149 | $12615 | $12353 |
| **1/21** | $13235 | $12536 | $12264 |
| **2/21** | $13197 | $12374 | $12087 |
| **3/21** | $13102 | $12230 | $11936 |
| **4/21** | $13168 | $12333 | $12030 |
| **5/21** | $13258 | $12380 | $12070 |
| **6/21** | $13377 | $12470 | $12155 |
| **7/21** | $13505 | $12595 | $12290 |
| **8/21** | $13502 | $12587 | $12267 |
| **9/21** | $13432 | $12479 | $12161 |
| **10/21** | $13437 | $12469 | $12157 |
| **11/21** | $13444 | $12484 | $12193 |
| **12/21** | $13410 | $12476 | $12162 |
| **1/22** | $13187 | $12202 | $11900 |
| **2/22** | $13001 | $12036 | $11767 |
| **3/22** | $12659 | $11713 | $11441 |
| **4/22** | $12253 | $11276 | $11006 |
| **5/22** | $12203 | $11338 | $11077 |
| **6/22** | $11920 | $11112 | $10904 |
| **7/22** | $12171 | $11391 | $11170 |
| **8/22** | $11935 | $11095 | $10854 |
| **9/22** | $11461 | $10617 | $10385 |
| **10/22** | $11291 | $10500 | $10251 |
| **11/22** | $11619 | $10892 | $10628 |
| **12/22** | $11576 | $10855 | $10580 |
| **1/23** | $11987 | $11192 | $10905 |
| **2/23** | $11743 | $10917 | $10623 |
| **3/23** | $11887 | $11173 | $10893 |
| **4/23** | $11883 | $11241 | $10959 |
| **5/23** | $11756 | $11124 | $10840 |
| **6/23** | $11775 | $11107 | $10801 |
| **7/23** | $11796 | $11118 | $10794 |
| **8/23** | $11750 | $11051 | $10725 |
| **9/23** | $11481 | $10788 | $10452 |
| **10/23** | $11305 | $10625 | $10287 |
| **11/23** | $11811 | $11104 | $10753 |
| **12/23** | $12260 | $11525 | $11165 |
| **1/24** | $12305 | $11497 | $11134 |
| **2/24** | $12175 | $11360 | $10977 |
| **3/24** | $12305 | $11471 | $11078 |
| **4/24** | $12052 | $11203 | $10798 |
| **5/24** | $12256 | $11389 | $10982 |
| **6/24** | $12368 | $11493 | $11085 |
| **7/24** | $12658 | $11754 | $11344 |
| **8/24** | $12826 | $11927 | $11507 |
| **9/24** | $12996 | $12090 | $11661 |
| **10/24** | $12699 | $11816 | $11372 |
| **11/24** | $12841 | $11940 | $11493 |
| **12/24** | $12664 | $11760 | $11304 |
| **1/25** | $12771 | $11831 | $11364 |
| **2/25** | $13025 | $12075 | $11614 |
| **3/25** | $12996 | $12073 | $11619 |
| **4/25** | $13065 | $12115 | $11664 |
| **5/25** | $13035 | $12054 | $11581 |
| **6/25** | $13244 | $12242 | $11759 |
| **7/25** | $13227 | $12224 | $11728 |
| **8/25** | $13426 | $12371 | $11868 |
| **9/25** | $13739 | $12502 | $11998 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 4.16% | 1.49% | 3.22% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 3.16% | 1.49% | 3.22% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45)% | 1.84% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective May 1, 2015, the Fund changed its investment objective and policies. Performance prior to May 1, 2015 reflects the Fund's performance under its former investment objectives and policies. Please see the Fund's prospectus for further information. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3356207475 |
| # of Portfolio Holdings | 508 |
| Portfolio Turnover Rate | 420% |
| Total Advisory Fees Paid | $9501999 |

---

## 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)
![Credit Rating Chart](g90262g98n02.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 2.3% |
| Short-Term Investments | 0.5% |
| Exchange-Traded Funds | 1.5% |
| Affiliated Investment Funds | 1.7% |
| Collateralized Mortgage Obligations | 4.2% |
| Commercial Mortgage-Backed Securities | 6.1% |
| Asset-Backed Securities | 10.4% |
| U.S. Government Agency Mortgage-Backed Securities | 19.3% |
| Corporate Bonds | 25.1% |
| U.S. Treasury Obligations | 28.9% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g90262g47r36.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | (7.8%) |
| Not Rated | 11.0% |
| CCC or Lower | 1.0% |
| B | 3.9% |
| BB | 6.5% |
| BBB | 25.7% |
| A | 4.9% |
| AA | 50.8% |
| AAA | 4.0% |

---

---

| | |
|:---|:---|
| 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. |

---

![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](g90262g62k63.jpg)

## Additional Information
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
Annual Shareholder Report September 30, 2025

# ECBAX-TSR-AR

# Eaton Vance Total Return Bond Fund
![Image](g90262g71n12.jpg)

# Class I EIBAX

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Eaton Vance Total Return Bond Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $48 | 0.47% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Aggregate Bond Index (the Index):

↑ An out of index position in high yield corporates contributed to returns as spread tightened. Security selection in and an overweight to financials in investment grade also helped

↑ Overweight positions in securitized credit added meaningfully to excess returns through both sector allocation and security selection

↑ Exposure to Collateralized Loan Obligations further supported performance, benefiting from favorable market conditions and tactical allocations

↓ An underweight to U.S. Treasuries detracted from relative results, as the sector performed well over the period and the portfolio did not fully participate in the rally

↓ An underweight to sovereign debt detracted from performance, as the sector outperformed and the portfolio's lower exposure missed those gains

↓ Exposure to bank loans detracted, as the sector lagged broader credit markets and positioning did not offset underperformance

↓ An underweight to emerging market sovereigns detracted from relative results, as the sector performed well during the period

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g90262g93i33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/15** | $1000000 | $1000000 | $1000000 |
| **12/15** | $990195 | $994545 | $994300 |
| **3/16** | $1027917 | $1025077 | $1024447 |
| **6/16** | $1076374 | $1051051 | $1047126 |
| **9/16** | $1113987 | $1061107 | $1051924 |
| **12/16** | $1105859 | $1033436 | $1020624 |
| **3/17** | $1141678 | $1044733 | $1028960 |
| **6/17** | $1158966 | $1060629 | $1043830 |
| **9/17** | $1183962 | $1071325 | $1052687 |
| **12/17** | $1191103 | $1075709 | $1056773 |
| **3/18** | $1190557 | $1060578 | $1041335 |
| **6/18** | $1179392 | $1057711 | $1039687 |
| **9/18** | $1192802 | $1060582 | $1039886 |
| **12/18** | $1181079 | $1072968 | $1056893 |
| **3/19** | $1235519 | $1108612 | $1087996 |
| **6/19** | $1272425 | $1143113 | $1121502 |
| **9/19** | $1289694 | $1167378 | $1146952 |
| **12/19** | $1308801 | $1172661 | $1149019 |
| **3/20** | $1170795 | $1187915 | $1185194 |
| **6/20** | $1272218 | $1233232 | $1219513 |
| **9/20** | $1320334 | $1245411 | $1227065 |
| **12/20** | $1385561 | $1261494 | $1235272 |
| **3/21** | $1383989 | $1222990 | $1193612 |
| **6/21** | $1416573 | $1247003 | $1215453 |
| **9/21** | $1425916 | $1247936 | $1216082 |
| **12/21** | $1427153 | $1247580 | $1216223 |
| **3/22** | $1350631 | $1171300 | $1144053 |
| **6/22** | $1274926 | $1111162 | $1090356 |
| **9/22** | $1227806 | $1061685 | $1038538 |
| **12/22** | $1243227 | $1085489 | $1057991 |
| **3/23** | $1279818 | $1117271 | $1089329 |
| **6/23** | $1272103 | $1110713 | $1080132 |
| **9/23** | $1243493 | $1078770 | $1045231 |
| **12/23** | $1331107 | $1152499 | $1116486 |
| **3/24** | $1339349 | $1147110 | $1107825 |
| **6/24** | $1349484 | $1149285 | $1108546 |
| **9/24** | $1421584 | $1209032 | $1166148 |
| **12/24** | $1388807 | $1175995 | $1130445 |
| **3/25** | $1428669 | $1207254 | $1161883 |
| **6/25** | $1459543 | $1224153 | $1175904 |
| **9/25** | $1495527 | $1250196 | $1199777 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 5.20% | 2.52% | 4.10% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45)% | 1.84% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective May 1, 2015, the Fund changed its investment objective and policies. Performance prior to May 1, 2015 reflects the Fund's performance under its former investment objectives and policies. Please see the Fund's prospectus for further information. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3356207475 |
| # of Portfolio Holdings | 508 |
| Portfolio Turnover Rate | 420% |
| Total Advisory Fees Paid | $9501999 |

---

## 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)
![Credit Rating Chart](g90262g45y00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 2.3% |
| Short-Term Investments | 0.5% |
| Exchange-Traded Funds | 1.5% |
| Affiliated Investment Funds | 1.7% |
| Collateralized Mortgage Obligations | 4.2% |
| Commercial Mortgage-Backed Securities | 6.1% |
| Asset-Backed Securities | 10.4% |
| U.S. Government Agency Mortgage-Backed Securities | 19.3% |
| Corporate Bonds | 25.1% |
| U.S. Treasury Obligations | 28.9% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g90262g99s11.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | (7.8%) |
| Not Rated | 11.0% |
| CCC or Lower | 1.0% |
| B | 3.9% |
| BB | 6.5% |
| BBB | 25.7% |
| A | 4.9% |
| AA | 50.8% |
| AAA | 4.0% |

---

---

| | |
|:---|:---|
| 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. |

---

![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](g90262g62k63.jpg)

## Additional Information
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
Annual Shareholder Report September 30, 2025

# EIBAX-TSR-AR

# Eaton Vance Total Return Bond Fund
![Image](g90262g71n12.jpg)

# Class R6 ERABX

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Eaton Vance Total Return Bond Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $42 | 0.41% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Aggregate Bond Index (the Index):

↑ An out of index position in high yield corporates contributed to returns as spread tightened. Security selection in and an overweight to financials in investment grade also helped

↑ Overweight positions in securitized credit added meaningfully to excess returns through both sector allocation and security selection

↑ Exposure to Collateralized Loan Obligations further supported performance, benefiting from favorable market conditions and tactical allocations

↓ An underweight to U.S. Treasuries detracted from relative results, as the sector performed well over the period and the portfolio did not fully participate in the rally

↓ An underweight to sovereign debt detracted from performance, as the sector outperformed and the portfolio's lower exposure missed those gains

↓ Exposure to bank loans detracted, as the sector lagged broader credit markets and positioning did not offset underperformance

↓ An underweight to emerging market sovereigns detracted from relative results, as the sector performed well during the period

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](g90262g58d99.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/15** | $5000000 | $5000000 | $5000000 |
| **10/15** | $5120305 | $5015983 | $5000830 |
| **11/15** | $5075689 | $4997691 | $4987619 |
| **12/15** | $4950977 | $4972724 | $4971501 |
| **1/16** | $4871844 | $5027618 | $5039915 |
| **2/16** | $4880522 | $5063331 | $5075667 |
| **3/16** | $5139586 | $5125385 | $5122237 |
| **4/16** | $5314536 | $5160305 | $5141898 |
| **5/16** | $5244603 | $5164336 | $5143217 |
| **6/16** | $5381868 | $5255253 | $5235629 |
| **7/16** | $5489785 | $5298558 | $5268730 |
| **8/16** | $5554917 | $5304274 | $5262705 |
| **9/16** | $5569936 | $5305534 | $5259622 |
| **10/16** | $5570056 | $5270337 | $5219391 |
| **11/16** | $5479668 | $5151874 | $5095933 |
| **12/16** | $5529296 | $5167178 | $5103121 |
| **1/17** | $5629576 | $5185408 | $5113134 |
| **2/17** | $5678895 | $5225417 | $5147499 |
| **3/17** | $5708391 | $5223667 | $5144800 |
| **4/17** | $5756078 | $5267009 | $5184502 |
| **5/17** | $5781678 | $5307646 | $5224408 |
| **6/17** | $5794832 | $5303146 | $5219150 |
| **7/17** | $5856745 | $5329560 | $5241609 |
| **8/17** | $5893565 | $5375542 | $5288625 |
| **9/17** | $5919811 | $5356623 | $5263436 |
| **10/17** | $5927101 | $5363055 | $5266485 |
| **11/17** | $5935033 | $5354939 | $5259725 |
| **12/17** | $5955513 | $5378546 | $5283865 |
| **1/18** | $6002344 | $5326789 | $5223011 |
| **2/18** | $5942914 | $5276280 | $5173500 |
| **3/18** | $5952787 | $5302892 | $5206677 |
| **4/18** | $5932987 | $5267509 | $5167953 |
| **5/18** | $5916621 | $5296234 | $5204836 |
| **6/18** | $5896958 | $5288553 | $5198434 |
| **7/18** | $5969867 | $5299621 | $5199670 |
| **8/18** | $5944634 | $5325731 | $5233128 |
| **9/18** | $5964009 | $5302910 | $5199429 |
| **10/18** | $5907419 | $5258549 | $5158341 |
| **11/18** | $5903944 | $5282199 | $5189134 |
| **12/18** | $5905396 | $5364842 | $5284465 |
| **1/19** | $6045662 | $5438812 | $5340583 |
| **2/19** | $6097001 | $5444740 | $5337489 |
| **3/19** | $6177594 | $5543060 | $5439979 |
| **4/19** | $6216076 | $5550818 | $5441371 |
| **5/19** | $6244047 | $5635849 | $5537964 |
| **6/19** | $6362126 | $5715564 | $5607511 |
| **7/19** | $6409861 | $5732577 | $5619845 |
| **8/19** | $6439934 | $5862290 | $5765465 |
| **9/19** | $6448468 | $5836892 | $5734758 |
| **10/19** | $6493843 | $5855751 | $5752032 |
| **11/19** | $6497683 | $5854580 | $5749103 |
| **12/19** | $6544004 | $5863304 | $5745096 |
| **1/20** | $6655369 | $5968538 | $5855658 |
| **2/20** | $6669801 | $6057906 | $5961051 |
| **3/20** | $5853975 | $5939573 | $5925972 |
| **4/20** | $6050274 | $6058552 | $6031313 |
| **5/20** | $6170853 | $6115138 | $6059394 |
| **6/20** | $6361090 | $6166162 | $6097563 |
| **7/20** | $6514241 | $6274476 | $6188643 |
| **8/20** | $6586278 | $6238296 | $6138689 |
| **9/20** | $6601669 | $6227053 | $6135324 |
| **10/20** | $6593813 | $6204796 | $6107928 |
| **11/20** | $6822123 | $6285765 | $6167861 |
| **12/20** | $6927804 | $6307471 | $6176360 |
| **1/21** | $6973257 | $6267825 | $6132076 |
| **2/21** | $6963905 | $6186952 | $6043526 |
| **3/21** | $6919946 | $6114952 | $5968062 |
| **4/21** | $6960298 | $6166371 | $6015209 |
| **5/21** | $7014120 | $6189892 | $6034862 |
| **6/21** | $7082867 | $6235017 | $6077263 |
| **7/21** | $7150550 | $6297624 | $6145213 |
| **8/21** | $7161000 | $6293421 | $6133513 |
| **9/21** | $7129581 | $6239678 | $6080410 |
| **10/21** | $7138426 | $6234578 | $6078733 |
| **11/21** | $7148050 | $6242109 | $6096717 |
| **12/21** | $7135763 | $6237900 | $6081117 |
| **1/22** | $7023152 | $6101139 | $5950105 |
| **2/22** | $6929562 | $6017957 | $5883724 |
| **3/22** | $6753155 | $5856502 | $5720263 |
| **4/22** | $6535885 | $5638069 | $5503190 |
| **5/22** | $6514890 | $5669091 | $5538673 |
| **6/22** | $6374632 | $5555809 | $5451782 |
| **7/22** | $6514361 | $5695493 | $5584994 |
| **8/22** | $6393462 | $5547431 | $5427181 |
| **9/22** | $6139029 | $5308427 | $5192692 |
| **10/22** | $6052902 | $5250182 | $5125435 |
| **11/22** | $6239686 | $5445942 | $5313926 |
| **12/22** | $6216136 | $5427445 | $5289956 |
| **1/23** | $6448539 | $5595807 | $5452697 |
| **2/23** | $6322337 | $5458308 | $5311715 |
| **3/23** | $6399092 | $5586356 | $5446646 |
| **4/23** | $6408433 | $5620482 | $5479656 |
| **5/23** | $6344894 | $5562210 | $5419990 |
| **6/23** | $6360515 | $5553566 | $5400659 |
| **7/23** | $6371222 | $5559087 | $5396894 |
| **8/23** | $6358166 | $5525611 | $5362423 |
| **9/23** | $6218425 | $5393852 | $5226154 |
| **10/23** | $6122366 | $5312738 | $5143679 |
| **11/23** | $6402186 | $5551837 | $5376617 |
| **12/23** | $6651257 | $5762497 | $5582429 |
| **1/24** | $6688179 | $5748706 | $5567099 |
| **2/24** | $6623108 | $5679782 | $5488446 |
| **3/24** | $6699840 | $5735549 | $5539125 |
| **4/24** | $6561207 | $5601518 | $5399215 |
| **5/24** | $6678235 | $5694370 | $5490750 |
| **6/24** | $6744963 | $5746426 | $5542732 |
| **7/24** | $6909619 | $5876857 | $5672194 |
| **8/24** | $7014375 | $5963370 | $5753703 |
| **9/24** | $7113007 | $6045161 | $5830741 |
| **10/24** | $6956823 | $5907858 | $5686145 |
| **11/24** | $7034011 | $5970143 | $5746264 |
| **12/24** | $6943313 | $5879976 | $5652223 |
| **1/25** | $7007823 | $5915408 | $5682209 |
| **2/25** | $7153365 | $6037713 | $5807227 |
| **3/25** | $7150623 | $6036272 | $5809413 |
| **4/25** | $7187716 | $6057592 | $5832244 |
| **5/25** | $7177893 | $6026869 | $5790485 |
| **6/25** | $7299279 | $6120766 | $5879521 |
| **7/25** | $7303588 | $6112028 | $5864013 |
| **8/25** | $7413005 | $6185444 | $5934149 |
| **9/25** | $7487496 | $6250980 | $5998884 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**,</sup><sup>**Footnote Reference 2**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 5.26% | 2.55% | 4.12% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45)% | 1.84% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective May 1, 2015, the Fund changed its investment objective and policies. Performance prior to May 1, 2015 reflects the Fund's performance under its former investment objectives and policies. Please see the Fund's prospectus for further information. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Class R6 performance prior to 6/30/23 is linked to Class I. This linked performance is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance presented in the Financial Highlights included in the financial statements is not linked. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3356207475 |
| # of Portfolio Holdings | 508 |
| Portfolio Turnover Rate | 420% |
| Total Advisory Fees Paid | $9501999 |

---

## 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)
![Credit Rating Chart](g90262g77g48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 2.3% |
| Short-Term Investments | 0.5% |
| Exchange-Traded Funds | 1.5% |
| Affiliated Investment Funds | 1.7% |
| Collateralized Mortgage Obligations | 4.2% |
| Commercial Mortgage-Backed Securities | 6.1% |
| Asset-Backed Securities | 10.4% |
| U.S. Government Agency Mortgage-Backed Securities | 19.3% |
| Corporate Bonds | 25.1% |
| U.S. Treasury Obligations | 28.9% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g90262g17i33.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | (7.8%) |
| Not Rated | 11.0% |
| CCC or Lower | 1.0% |
| B | 3.9% |
| BB | 6.5% |
| BBB | 25.7% |
| A | 4.9% |
| AA | 50.8% |
| AAA | 4.0% |

---

---

| | |
|:---|:---|
| 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. |

---

![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](g90262g62k63.jpg)

## Additional Information
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
Annual Shareholder Report September 30, 2025

# ERABX-TSR-AR

------

(b) Not applicable.

#### Item 2. Code of Ethics
The registrant (sometimes referred to as the "Fund") has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

------

#### Item 3. Audit Committee Financial Expert
The registrant's Board of Trustees has determined that George J. Gorman, an "independent" Trustee, is an "audit committee financial expert" serving on its audit committee. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or the liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

#### Item 4. Principal Accountant Fees and Services
Eaton Vance AMT-Free Municipal Income Fund and Eaton Vance Total Return Bond Fund (the "Fund(s)") are series of Eaton Vance Mutual Funds Trust (the "Trust"), a Massachusetts business trust, which, including the Funds, contains a total of 29 series (the "Series"). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds' annual reports.

#### (a)-(d)
The following tables present the aggregate fees billed to each Fund for each Fund's fiscal years ended September 30, 2024 and September 30, 2025 by the registrant's principal accountant, Deloitte & Touche LLP ("D&T"), for professional services rendered for the audit of the Funds' annual financial statements and fees billed for other services rendered by D&T during those periods.

#### Eaton Vance AMT-Free Municipal Income Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **9/30/24** | **9/30/25** |
|  Audit Fees | $58400 | $58400 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $58400 | $58400 |

---

#### Eaton Vance Total Return Bond Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **9/30/24** | **9/30/25** |
|  Audit Fees | $73367 | $82355 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $73367 | $82355 |

---

------

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

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

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

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fiscal Years Ended** | **10/31/23** | **12/31/23** | **1/31/24** | **2/29/24** | **9/30/24** | **10/31/24** | **12/31/24** | **1/31/25** | **2/28/25** | **9/30/25** |
|  Audit Fees | $828300 | $142400 | $166600 | $27600 | $131767 | $854800 | $151200 | $166400 | $28900 | $140755 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $5566 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
|  Total | $833866 | $142400 | $166600 | $27600 | $131767 | $854800 | $151200 | $166400 | $28900 | $140755 |

---

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

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

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

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

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

------

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

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Series in the Trust by D&T for the last two fiscal years of each Series; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to the Eaton Vance organization by D&T for the last 2 fiscal years of each Series.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fiscal Years Ended** | **10/31/23** | **12/31/23** | **1/31/24** | **2/29/24** | **9/30/24** | **10/31/24** | **12/31/24** | **1/31/25** | **2/28/25** | **9/30/25** |
|  **Registrant<sup>(1)</sup>** | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
|  **Eaton Vance<sup>(2)</sup>** | $52836 | $52836 | $52836 | $52836 | $18490 | $18490 | $18490 | $18490 | $18490 | $18490 |

---

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

<sup>(2)</sup> Various subsidiaries of Morgan Stanley act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective "master" funds (if applicable).

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

(i) Not applicable.

(j) Not applicable.

#### 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

## Annual Financial Statements and Additional Information
September 30, 2025

------

![](g90262imgca7db7291.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.**

------

#### Annual Financial Statements and Additional Information September 30, 2025
Eaton Vance

Total Return Bond Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_f7fd9a05-4986-4432-9cb1-a70444ecec6b_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_2200b96d-2cb1-4e89-a0ed-05a3fcd23a9e_1) | [Items 6 and 7 of Form N-CSR:](#xx_2200b96d-2cb1-4e89-a0ed-05a3fcd23a9e_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_2200b96d-2cb1-4e89-a0ed-05a3fcd23a9e_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_e97265b7-6ec4-4d37-8fc6-f2bf5ef7778c_1) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_e97265b7-6ec4-4d37-8fc6-f2bf5ef7778c_3) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_e97265b7-6ec4-4d37-8fc6-f2bf5ef7778c_4) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_b3147fd7-84fd-4179-9f5c-b603b5a8baa6_1) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_5093d58b-6d43-4ff3-b668-2cfcf8c205dd_1) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_f1949152-4e2f-4207-880b-a69817b35621_1) | 37 |
| [Federal Tax Information](#xx_002bb815-fc61-49a2-a842-901e5321e11e_1) | 38 |
| [Item 11 of Form N-CSR:](#xx_d2ef8b56-ea64-4746-bd8c-c16cfaa6a0d7_1) | [Item 11 of Form N-CSR:](#xx_d2ef8b56-ea64-4746-bd8c-c16cfaa6a0d7_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_d2ef8b56-ea64-4746-bd8c-c16cfaa6a0d7_1) | 39 |

---

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

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Portfolio of Investments

------

Affiliated Investment Funds — 1.9%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Eaton Vance Emerging Markets Debt Opportunities Fund, Class I<sup>(1)</sup> | 1950041 | &nbsp;&nbsp;$16185342 |
| Eaton Vance Emerging Markets Local Income Fund, Class I<sup>(1)</sup> | 9419966 | &nbsp;&nbsp;&nbsp;&nbsp; 32593084 |
| Eaton Vance Global Macro Absolute Return Fund, Class I<sup>(1)</sup> | 1862403 | &nbsp;&nbsp;&nbsp;&nbsp; 16258776 |
| Total Affiliated Investment Funds<br> (identified cost $64,285,000) |  | &nbsp;&nbsp;**$65037202** |

---

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

Asset-Backed Securities — 11.9%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Aaset Trust, Series 2019-2, Class B, 4.458%, 10/16/39<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;$627082 |
| Abry Liquid Credit CLO Ltd., Series 2025-1A, Class D, (3 mo. SOFR + 3.25%), 10/20/38<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4015000 |
| 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;1488 | &nbsp;&nbsp;&nbsp;&nbsp; 1503665 |
| &nbsp;&nbsp;&nbsp;Series 2024-3AL, Class D, 6.75%, 12/26/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4373 | &nbsp;&nbsp;&nbsp;&nbsp; 4439521 |
| 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;977 | &nbsp;&nbsp;&nbsp;&nbsp; 976372 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A, 5.38%, 6/20/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334 | &nbsp;&nbsp;&nbsp;&nbsp; 2326605 |
| ALTDE Trust, Series 2025-1A, Class A, 5.90%, 8/15/50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4859 | &nbsp;&nbsp;&nbsp;&nbsp; 4983610 |
| AMSR Trust, Series 2021-SFR2, Class F1, 3.275%, 8/17/38<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 490266 |
| Ballyrock CLO 16 Ltd., Series 2021-16A, Class C1R, 7.076%, (3 mo. SOFR + 2.75%), 4/20/38<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2988831 |
| Barings CLO Ltd., Series 2019-4A, Class D2R, 8.918%, (3 mo. SOFR + 4.60%), 7/15/37<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2521780 |
| Battalion CLO 18 Ltd., Series 2024-25A, Class D, 8.676%, (3 mo. SOFR + 4.35%), 3/13/37<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3025464 |
| Battalion CLO XXIX Ltd., Series 2025-29A, Class D1, 7.581%, (3 mo. SOFR + 3.30%), 3/31/38<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3534489 |
| Benefit Street Partners CLO 41 Ltd., Series 2025-41A, Class D1, 7.068%, (3 mo. SOFR + 2.75%), 7/25/38<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3536379 |
| Benefit Street Partners CLO XV Ltd., Series 2018-15A, Class D2R, 8.818%, (3 mo. SOFR + 4.50%), 7/15/37<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008946 |
| Bridge Trust, Series 2025-SFR1, Class D, 4.20%, 9/17/42<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4215556 |
| Brookhaven Park CLO Ltd., Series 2024-1A, Class D, 7.926%, (3 mo. SOFR + 3.60%), 4/19/37<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2521965 |
| Bryant Park Funding Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-19A, Class D1R, 7.118%, (3 mo. SOFR + 2.80%), 4/15/38<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4015344 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bryant Park Funding Ltd.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-20A, Class DR, 7.725%, (3 mo. SOFR + 3.40%), 4/15/38<sup>(2)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;$3525386 |
| &nbsp;&nbsp;&nbsp;Series 2023-21A, Class D1R, (3 mo. SOFR + 2.75%), 10/18/38<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3011250 |
| &nbsp;&nbsp;&nbsp;Series 2024-22A, Class D, 8.618%, (3 mo. SOFR + 4.30%), 4/15/37<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3030156 |
| Cajun Global LLC, Series 2021-1, Class A2, 3.931%, 11/20/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9019 | &nbsp;&nbsp;&nbsp;&nbsp; 8902807 |
| 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;4603 | &nbsp;&nbsp;&nbsp;&nbsp; 4489834 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class C, 7.75%, 2/15/50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9786 | &nbsp;&nbsp;&nbsp;&nbsp; 9846822 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class B, 6.303%, 8/15/50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071 | &nbsp;&nbsp;&nbsp;&nbsp; 3099976 |
| 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;9055 | &nbsp;&nbsp;&nbsp;&nbsp; 9252319 |
| Coinstar Funding LLC, Series 2017-1A, Class A2, 5.216%, 4/25/47<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125 | &nbsp;&nbsp;&nbsp;&nbsp; 2906066 |
| Cologix Canadian Issuer LP, Series 2022-1CAN, Class C, 7.74%, 1/25/52<sup>(2)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 1965010 |
| Cologix Data Centers U.S. Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class B, 3.79%, 12/26/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 4197958 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class C, 5.99%, 12/26/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 2872159 |
| 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;5370 | &nbsp;&nbsp;&nbsp;&nbsp; 5393854 |
| 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;992 | &nbsp;&nbsp;&nbsp;&nbsp; 954461 |
| Diamond Issuer LLC, Series 2021-1A, Class B, 2.701%, 11/20/51<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 944595 |
| Driven Brands Funding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class A2, 4.641%, 4/20/49<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836 | &nbsp;&nbsp;&nbsp;&nbsp; 1835820 |
| &nbsp;&nbsp;&nbsp;Series 2019-2A, Class A2, 3.981%, 10/20/49<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7991 | &nbsp;&nbsp;&nbsp;&nbsp; 7936723 |
| Elmwood CLO 32 Ltd., Series 2024-8A, Class D1, 7.179%, (3 mo. SOFR + 2.85%), 10/18/37<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2519935 |
| Elmwood CLO VI Ltd., Series 2020-3A, Class D2RR, 8.679%, (3 mo. SOFR + 4.35%), 7/18/37<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006924 |
| Elmwood CLO VIII Ltd., Series 2021-1A, Class DR, 8.126%, (3 mo. SOFR + 3.80%), 4/20/37<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2518755 |
| Empower CLO Ltd., Series 2024-1A, Class D1, 8.069%, (3 mo. SOFR + 3.75%), 4/25/37<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3026412 |
| 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;534 | &nbsp;&nbsp;&nbsp;&nbsp; 525901 |
| &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;569 | &nbsp;&nbsp;&nbsp;&nbsp; 561526 |
| 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;3615 | &nbsp;&nbsp;&nbsp;&nbsp; 3553777 |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class G, 3.835%, 8/17/38<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4949 | &nbsp;&nbsp;&nbsp;&nbsp; 4851147 |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR2, Class G, 3.406%, 9/17/38<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3861888 |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR3, Class G, 3.981%, 12/17/38<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3853407 |
| 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;9220 | &nbsp;&nbsp;&nbsp;&nbsp; 9278562 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| 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;2285 | &nbsp;&nbsp;$2197081 |
| &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;1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1629329 |
| &nbsp;&nbsp;&nbsp;Series 2022-GT2, Class A, 7.90%, 7/25/27<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6197 | &nbsp;&nbsp;&nbsp;&nbsp; 6232315 |
| GAIA Aviation Ltd., Series 2019-1, Class A, 3.967% to 12/15/26, 12/15/44<sup>(2)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;&nbsp;&nbsp; 544332 |
| Galaxy 31 CLO Ltd., Series 2023-31A, Class DR, 7.511%, (1 mo. SOFR + 3.20%), 7/15/38<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp; 2363421 |
| Galaxy 33 CLO Ltd., Series 2024-33A, Class D1, 7.876%, (3 mo. SOFR + 3.55%), 4/20/37<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1507413 |
| Goddard Funding LLC, Series 2024-1A, Class A2, 6.834%, 10/30/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6591 | &nbsp;&nbsp;&nbsp;&nbsp; 6757305 |
| Golub Capital Partners CLO 72 B Ltd., Series 2024-72A, Class D, 8.319%, (3 mo. SOFR + 4.00%), 4/25/37<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3023562 |
| 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;2294 | &nbsp;&nbsp;&nbsp;&nbsp; 2293381 |
| &nbsp;&nbsp;&nbsp;Series 2022-1, Class A2, 7.206%, 7/30/52<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;&nbsp; 1969800 |
| Harvest U.S. CLO Ltd., Series 2024-2A, Class D1, 7.568%, (3 mo. SOFR + 3.25%), 10/15/37<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2514040 |
| 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;6716 | &nbsp;&nbsp;&nbsp;&nbsp; 6548159 |
| 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;652 | &nbsp;&nbsp;&nbsp;&nbsp; 639240 |
| 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;7125 | &nbsp;&nbsp;&nbsp;&nbsp; 7209988 |
| LoanDepot GMSR Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-GT1, Class A, 6.997%, (1 mo. SOFR + 2.85%), 5/16/30<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5030 | &nbsp;&nbsp;&nbsp;&nbsp; 5042468 |
| &nbsp;&nbsp;&nbsp;Series 2025-GT1, Class B, 7.697%, (1 mo. SOFR + 3.55%), 5/16/30<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3962 | &nbsp;&nbsp;&nbsp;&nbsp; 3972786 |
| 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;4334 | &nbsp;&nbsp;&nbsp;&nbsp; 2729664 |
| &nbsp;&nbsp;&nbsp;Series 2020-3GS, Class C, 3.50%, 12/20/47<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3715 | &nbsp;&nbsp;&nbsp;&nbsp; 1997228 |
| &nbsp;&nbsp;&nbsp;Series 2021-1GS, Class C, 3.50%, 1/20/48<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 | &nbsp;&nbsp;&nbsp;&nbsp; 894579 |
| 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;349 | &nbsp;&nbsp;&nbsp;&nbsp; 345309 |
| &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;25 | &nbsp;&nbsp;&nbsp;&nbsp; 24769 |
| 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;5035 | &nbsp;&nbsp;&nbsp;&nbsp; 4763201 |
| Madison Park Funding LV Ltd., Series 2022-55A, Class D1R, 7.479%, (3 mo. SOFR + 3.15%), 7/18/37<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2520970 |
| Magnetite XXII Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-22A, Class DJ, 8.468%, (3 mo. SOFR + 4.15%), 7/15/36<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001900 |
| &nbsp;&nbsp;&nbsp;Series 2019-22A, Class DRR, 7.218%, (3 mo. SOFR + 2.90%), 7/15/36<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003254 |
| MFA Trust, Series 2024-NPL1, Class A1, 6.33% to 10/25/25, 9/25/54<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5228 | &nbsp;&nbsp;&nbsp;&nbsp; 5238398 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| 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;1061 | &nbsp;&nbsp;$947858 |
| 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;88 | &nbsp;&nbsp;&nbsp;&nbsp; 85924 |
| 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;5027 | &nbsp;&nbsp;&nbsp;&nbsp; 5041329 |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class B, 6.09%, 8/15/49<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3031 | &nbsp;&nbsp;&nbsp;&nbsp; 3034906 |
| 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;3835 | &nbsp;&nbsp;&nbsp;&nbsp; 3638108 |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 7.308%, 1/30/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5007 | &nbsp;&nbsp;&nbsp;&nbsp; 5078668 |
| New Mountain CLO 3 Ltd., Series CLO-3A, Class D1R, 7.229%, (3 mo. SOFR + 2.95%), 10/20/38<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4038328 |
| 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;2343 | &nbsp;&nbsp;&nbsp;&nbsp; 2383259 |
| 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;5869 | &nbsp;&nbsp;&nbsp;&nbsp; 5978807 |
| 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;174 | &nbsp;&nbsp;&nbsp;&nbsp; 171488 |
| &nbsp;&nbsp;&nbsp;Series 2021-GNT1, Class A, 3.474%, 11/25/26<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp; 1160221 |
| Oaktree CLO Ltd., Series 2019-4A, Class D2RR, 9.026%, (3 mo. SOFR + 4.70%), 7/20/37<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2012498 |
| OCP CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-24A, Class D2R, 8.726%, (3 mo. SOFR + 4.40%), 10/20/37<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1516647 |
| &nbsp;&nbsp;&nbsp;Series 2024-32A, Class D1, 8.069%, (3 mo. SOFR + 3.75%), 4/23/37<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3032628 |
| 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;1824 | &nbsp;&nbsp;&nbsp;&nbsp; 1787832 |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class C, 3.61%, 10/8/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115 | &nbsp;&nbsp;&nbsp;&nbsp; 4063120 |
| Pagaya AI Debt Selection Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2, 3.00%, 1/25/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp; 22834 |
| &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;536 | &nbsp;&nbsp;&nbsp;&nbsp; 527652 |
| &nbsp;&nbsp;&nbsp;Series 2021-5, Class C, 3.93%, 8/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281 | &nbsp;&nbsp;&nbsp;&nbsp; 1265380 |
| 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;1323 | &nbsp;&nbsp;&nbsp;&nbsp; 1116277 |
| Palmer Square CLO Ltd., Series 2018-1A, Class CR, 8.229%, (3 mo. SOFR + 3.90%), 4/18/37<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3024240 |
| 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;3351 | &nbsp;&nbsp;&nbsp;&nbsp; 3195600 |
| 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;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2209854 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2I, 5.765%, 6/5/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6039 | &nbsp;&nbsp;&nbsp;&nbsp; 6163379 |
| PNMAC GMSR Issuer Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-GT1, Class A, 7.358%, (1 mo. SOFR + 3.20%), 3/25/29<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2828497 |
| &nbsp;&nbsp;&nbsp;Series 2025-GT1, Class A, 6.608%, (1 mo. SOFR + 2.45%), 8/26/30<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7920 | &nbsp;&nbsp;&nbsp;&nbsp; 7966812 |
| Progress Residential Trust, Series 2022-SFR1, Class H, 5.25%, 2/17/41<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693 | &nbsp;&nbsp;&nbsp;&nbsp; 2531722 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| 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;4877 | &nbsp;&nbsp;$3540604 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class B, 5.727%, 8/15/50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5610 | &nbsp;&nbsp;&nbsp;&nbsp; 5648841 |
| 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;628 | &nbsp;&nbsp;&nbsp;&nbsp; 592872 |
| &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;735 | &nbsp;&nbsp;&nbsp;&nbsp; 653223 |
| SERVPRO Master Issuer LLC, Series 2019-1A, Class A2, 3.882%, 10/25/49<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4599 | &nbsp;&nbsp;&nbsp;&nbsp; 4557520 |
| Sonic Capital LLC, Series 2020-1A, Class A2I, 3.845%, 1/20/50<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3715 | &nbsp;&nbsp;&nbsp;&nbsp; 3663884 |
| STAR Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class G, 7.466%, (1 mo. SOFR + 3.314%), 4/17/38<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4844 | &nbsp;&nbsp;&nbsp;&nbsp; 4839979 |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class H, 8.716%, (1 mo. SOFR + 4.564%), 4/17/38<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1602283 |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR2, Class F, 7.115%, (1 mo. SOFR + 2.964%), 1/17/39<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3784 | &nbsp;&nbsp;&nbsp;&nbsp; 3791935 |
| &nbsp;&nbsp;&nbsp;Series 2024-SFR4, Class D, 7.10%, (1 mo. SOFR + 2.95%), 10/17/41<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405 | &nbsp;&nbsp;&nbsp;&nbsp; 2426217 |
| &nbsp;&nbsp;&nbsp;Series 2025-SFR5, Class D, 6.601%, (1 mo. SOFR + 2.45%), 2/17/42<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5007025 |
| &nbsp;&nbsp;&nbsp;Series 2025-SFR6, Class D, 6.551%, (1 mo. SOFR + 2.40%), 8/17/42<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7350 | &nbsp;&nbsp;&nbsp;&nbsp; 7393919 |
| 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;7011 | &nbsp;&nbsp;&nbsp;&nbsp; 7024440 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A2II, 5.566%, 7/30/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5279 | &nbsp;&nbsp;&nbsp;&nbsp; 5307916 |
| 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;835 | &nbsp;&nbsp;&nbsp;&nbsp; 701737 |
| &nbsp;&nbsp;&nbsp;Series 2021-B, Class B, 2.01%, 7/20/48<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1515982 |
| 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;1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1001608 |
| 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;2383 | &nbsp;&nbsp;&nbsp;&nbsp; 1085789 |
| 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;7190 | &nbsp;&nbsp;&nbsp;&nbsp; 6120937 |
| 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;8068 | &nbsp;&nbsp;&nbsp;&nbsp; 9661771 |
| Vantage Data Centers Issuer LLC, Series 2021-1A, Class A2, 2.165%, 10/15/46<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858 | &nbsp;&nbsp;&nbsp;&nbsp; 3757763 |
| Vantage Data Centers LLC, Series 2020-2A, Class A2, 1.992%, 9/15/45<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3088 | &nbsp;&nbsp;&nbsp;&nbsp; 2926600 |
| 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;2581 | &nbsp;&nbsp;&nbsp;&nbsp; 2678769 |
| VINE Trust, Series 2023-SFR1, Class E1, 4.75%, 12/17/40<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4753830 |
| 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;1302 | &nbsp;&nbsp;&nbsp;&nbsp; 1247330 |
| &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;277 | &nbsp;&nbsp;&nbsp;&nbsp; 272381 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| 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;1251 | &nbsp;&nbsp;$1297127 |
| Total Asset-Backed Securities<br> (identified cost $395,861,760) |  | &nbsp;&nbsp;**$400314347** |

---

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

Collateralized Mortgage Obligations — 4.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Cascade Funding Mortgage Trust, Series 2022-HB10, Class M2, 3.25%, 11/25/35<sup>(2)(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$1993513 |
| Cascade MH Asset Trust, Series 2022-MH1, Class A, 4.25% to 7/25/27, 8/25/54<sup>(2)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770 | &nbsp;&nbsp;&nbsp;&nbsp; 1727734 |
| CFMT LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-HB11, Class M2, 4.00%, 2/25/37<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2462610 |
| &nbsp;&nbsp;&nbsp;Series 2024-HB13, Class M2, 3.00%, 5/25/34<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 480560 |
| &nbsp;&nbsp;&nbsp;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;700 | &nbsp;&nbsp;&nbsp;&nbsp; 664594 |
| Champs Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 8.978%, 7/25/59<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3249 | &nbsp;&nbsp;&nbsp;&nbsp; 3375796 |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A, 8.741%, 11/25/59<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442 | &nbsp;&nbsp;&nbsp;&nbsp; 2556301 |
| &nbsp;&nbsp;&nbsp;Series 2024-3, Class A, 8.293%, 1/25/60<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp; 5755573 |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class A, 8.04%, 10/25/60<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10258 | &nbsp;&nbsp;&nbsp;&nbsp; 10634933 |
| EFMT, Series 2024-RM3, Class A1A, 5.00%, 12/25/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802 | &nbsp;&nbsp;&nbsp;&nbsp; 1757031 |
| 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;263 | &nbsp;&nbsp;&nbsp;&nbsp; 271343 |
| &nbsp;&nbsp;&nbsp;Series 5402, Class BZ, 6.00%, 4/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247 | &nbsp;&nbsp;&nbsp;&nbsp; 1286047 |
| &nbsp;&nbsp;&nbsp;Series 5483, Class FB, 5.786%, (30-day SOFR Average + 1.43%), 12/25/54<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9191 | &nbsp;&nbsp;&nbsp;&nbsp; 9240117 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA2, Class B1, 7.756%, (30-day SOFR Average + 3.40%), 8/25/33<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165 | &nbsp;&nbsp;&nbsp;&nbsp; 2418065 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA2, Class B2, 10.356%, (30-day SOFR Average + 6.00%), 8/25/33<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4490 | &nbsp;&nbsp;&nbsp;&nbsp; 5500428 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA7, Class B2, 12.156%, (30-day SOFR Average + 7.80%), 11/25/41<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp;&nbsp; 3175183 |
| &nbsp;&nbsp;&nbsp;Series 2021-HQA3, Class B2, 10.606%, (30-day SOFR Average + 6.25%), 9/25/41<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2902786 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA2, Class B2, 12.856%, (30-day SOFR Average + 8.50%), 2/25/42<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp; 8351988 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA3, Class B2, 14.106%, (30-day SOFR Average + 9.75%), 4/25/42<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2221729 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class B2, 14.606%, (30-day SOFR Average + 10.25%), 5/25/42<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7850 | &nbsp;&nbsp;&nbsp;&nbsp; 8800513 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Federal National Mortgage Association Connecticut Avenue Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-R01, Class 2B1, 8.821%, (30-day SOFR Average + 4.464%), 7/25/31<sup>(2)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 | &nbsp;&nbsp;$1239385 |
| &nbsp;&nbsp;&nbsp;Series 2019-R06, Class 2B1, 8.221%, (30-day SOFR Average + 3.864%), 9/25/39<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6494 | &nbsp;&nbsp;&nbsp;&nbsp; 6655829 |
| &nbsp;&nbsp;&nbsp;Series 2019-R07, Class 1B1, 7.871%, (30-day SOFR Average + 3.514%), 10/25/39<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501 | &nbsp;&nbsp;&nbsp;&nbsp; 2558544 |
| &nbsp;&nbsp;&nbsp;Series 2020-R02, Class 2B1, 7.471%, (30-day SOFR Average + 3.114%), 1/25/40<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612 | &nbsp;&nbsp;&nbsp;&nbsp; 1652430 |
| &nbsp;&nbsp;&nbsp;Series 2021-R01, Class 1B2, 10.356%, (30-day SOFR Average + 6.00%), 10/25/41<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp; 2075083 |
| &nbsp;&nbsp;&nbsp;Series 2021-R02, Class 2B1, 7.656%, (30-day SOFR Average + 3.30%), 11/25/41<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp; 597827 |
| 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;1002 | &nbsp;&nbsp;&nbsp;&nbsp; 1041963 |
| &nbsp;&nbsp;&nbsp;Series 2023-84, Class MW, 6.00%, 6/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051 | &nbsp;&nbsp;&nbsp;&nbsp; 1096016 |
| &nbsp;&nbsp;&nbsp;Series 2023-98, Class BW, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp; 1238378 |
| &nbsp;&nbsp;&nbsp;Series 2023-99, Class AL, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp; 1236519 |
| &nbsp;&nbsp;&nbsp;Series 2023-102, Class SG, 6.191%, (22.546% - 30-day SOFR Average x 3.727), 7/20/53<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153 | &nbsp;&nbsp;&nbsp;&nbsp; 1245009 |
| &nbsp;&nbsp;&nbsp;Series 2023-116, Class CY, 6.00%, 8/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2770 | &nbsp;&nbsp;&nbsp;&nbsp; 2880513 |
| &nbsp;&nbsp;&nbsp;Series 2023-133, Class S, 8.434%, (21.60% - 30-day SOFR Average x 3.00), 9/20/53<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280 | &nbsp;&nbsp;&nbsp;&nbsp; 2564244 |
| &nbsp;&nbsp;&nbsp;Series 2023-164, Class EL, 6.00%, 11/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1637338 |
| &nbsp;&nbsp;&nbsp;Series 2023-173, Class AX, 6.00%, 11/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2849815 |
| &nbsp;&nbsp;&nbsp;Series 2023-182, Class EL, 6.00%, 12/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3106094 |
| &nbsp;&nbsp;&nbsp;Series 2024-46, Class AL, 6.00%, 3/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605 | &nbsp;&nbsp;&nbsp;&nbsp; 1669128 |
| Home Re Ltd., Series 2021-2, Class B1, 8.506%, (30-day SOFR Average + 4.15%), 1/25/34<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3670 | &nbsp;&nbsp;&nbsp;&nbsp; 3758406 |
| ICAP Trust, Series 2025-RTL1, Class A1, 6.472%, 7/25/30<sup>(2)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5071645 |
| JP Morgan Mortgage Trust, Series 2023-HE2, Class A1, 6.089%, (30-day SOFR Average + 1.70%), 3/20/54<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814 | &nbsp;&nbsp;&nbsp;&nbsp; 1825259 |
| JPM Lending Facility, 11.159%, (SOFR + 7.00%), 7/15/29<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1664495 |
| LHOME Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-RTL2, Class A1, 8.00% to 1/25/26, 6/25/28<sup>(2)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466 | &nbsp;&nbsp;&nbsp;&nbsp; 1471279 |
| &nbsp;&nbsp;&nbsp;Series 2023-RTL3, Class A1, 8.00% to 3/25/26, 8/25/28<sup>(2)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624 | &nbsp;&nbsp;&nbsp;&nbsp; 1630606 |
| &nbsp;&nbsp;&nbsp;Series 2023-RTL4, Class A1, 7.628% to 10/25/25, 11/25/28<sup>(2)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2759 | &nbsp;&nbsp;&nbsp;&nbsp; 2782994 |
| &nbsp;&nbsp;&nbsp;Series 2024-RTL1, Class A1, 7.017% to 8/25/26, 1/25/29<sup>(2)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645 | &nbsp;&nbsp;&nbsp;&nbsp; 4682321 |
| NYMT Loan Trust, Series 2024-BPL1, Class A1, 7.154% to 7/25/26, 2/25/29<sup>(2)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425 | &nbsp;&nbsp;&nbsp;&nbsp; 3444459 |
| 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;7420 | &nbsp;&nbsp;&nbsp;&nbsp; 7554114 |
| 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;7301 | &nbsp;&nbsp;&nbsp;&nbsp; 7425983 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Rain City Mortgage Trust, Series 2024-RTL1, Class A1, 6.53%, 11/25/29<sup>(2)(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;$4462726 |
| 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;1343 | &nbsp;&nbsp;&nbsp;&nbsp; 1069722 |
| Saluda Grade Alternative Mortgage Trust, Series 2024-RTL4, Class A1, 7.50% to 7/25/26, 2/25/30<sup>(2)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3026479 |
| Total Collateralized Mortgage Obligations<br> (identified cost $157,859,943) |  | &nbsp;&nbsp;**$160791447** |

---

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

Commercial Mortgage-Backed Securities — 6.9%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| BAHA Trust, Series 2024-MAR, Class C, 7.766%, 12/10/41<sup>(2)(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7845 | &nbsp;&nbsp;$8187930 |
| BAMLL Commercial Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-BPR, Class ENM, 3.843%, 11/5/32<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7255 | &nbsp;&nbsp;&nbsp;&nbsp; 6134142 |
| &nbsp;&nbsp;&nbsp;Series 2019-BPR, Class FNM, 3.843%, 11/5/32<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7215 | &nbsp;&nbsp;&nbsp;&nbsp; 5162181 |
| BAMLL Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-BHP, Class A, 6.50%, (1 mo. SOFR + 2.35%), 8/15/39<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864 | &nbsp;&nbsp;&nbsp;&nbsp; 5890851 |
| &nbsp;&nbsp;&nbsp;Series 2024-BHP, Class C, 7.75%, (1 mo. SOFR + 3.60%), 8/15/39<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1703964 |
| BBCMS Mortgage Trust, Series 2017-C1, Class D, 3.714%, 2/15/50<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 2467583 |
| BFLD Trust, Series 2025-FPM, Class B, 5.593%, 10/10/30<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7975 | &nbsp;&nbsp;&nbsp;&nbsp; 8002891 |
| BX Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-VOLT, Class C, 5.365%, (1 mo. SOFR + 1.214%), 9/15/36<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5567 | &nbsp;&nbsp;&nbsp;&nbsp; 5548119 |
| &nbsp;&nbsp;&nbsp;Series 2022-CSMO, Class B, 7.291%, (1 mo. SOFR + 3.141%), 6/15/27<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4135 | &nbsp;&nbsp;&nbsp;&nbsp; 4185820 |
| &nbsp;&nbsp;&nbsp;Series 2022-CSMO, Class C, 8.039%, (1 mo. SOFR + 3.889%), 6/15/27<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290 | &nbsp;&nbsp;&nbsp;&nbsp; 2322154 |
| BX Trust, Series 2025-GW, Class E, 7.80%, (1 mo. SOFR + 3.65%), 7/15/42<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10900 | &nbsp;&nbsp;&nbsp;&nbsp; 10972103 |
| Caister Finance DAC, Series 1A, Class C, 6.817%, (SONIA + 2.84%), 8/17/35<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5773 | &nbsp;&nbsp;&nbsp;&nbsp; 7783313 |
| 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;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1423494 |
| COMM Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2013-CR11, Class D, 4.615%, 8/10/50<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2807 | &nbsp;&nbsp;&nbsp;&nbsp; 2726416 |
| &nbsp;&nbsp;&nbsp;Series 2013-CR13, Class C, 5.109%, 11/10/46<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp; 193134 |
| &nbsp;&nbsp;&nbsp;Series 2015-CR22, Class D, 3.824%, 3/10/48<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324 | &nbsp;&nbsp;&nbsp;&nbsp; 1872284 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| CSMC Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-NXSR, Class D, 4.554%, 12/15/49<sup>(2)(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$1653929 |
| &nbsp;&nbsp;&nbsp;Series 2021-BPNY, Class A, 7.98%, (1 mo. SOFR + 3.829%), 8/15/26<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11987 | &nbsp;&nbsp;&nbsp;&nbsp; 11393321 |
| &nbsp;&nbsp;&nbsp;Series 2022-CNTR, Class A, 8.095%, (1 mo. SOFR + 3.944%), 1/9/25<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3745 | &nbsp;&nbsp;&nbsp;&nbsp; 2484117 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class D, 7.018%, 8/10/42<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7587 | &nbsp;&nbsp;&nbsp;&nbsp; 7813029 |
| Extended Stay America Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-ESH, Class C, 5.965%, (1 mo. SOFR + 1.814%), 7/15/38<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678 | &nbsp;&nbsp;&nbsp;&nbsp; 2681371 |
| &nbsp;&nbsp;&nbsp;Series 2021-ESH, Class D, 6.515%, (1 mo. SOFR + 2.364%), 7/15/38<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9272 | &nbsp;&nbsp;&nbsp;&nbsp; 9285655 |
| Federal National Mortgage Association Multifamily Connecticut Avenue Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-01, Class M10, 7.721%, (30-day SOFR Average + 3.364%), 10/25/49<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311 | &nbsp;&nbsp;&nbsp;&nbsp; 2350688 |
| &nbsp;&nbsp;&nbsp;Series 2020-01, Class M10, 8.221%, (30-day SOFR Average + 3.864%), 3/25/50<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6278 | &nbsp;&nbsp;&nbsp;&nbsp; 6401280 |
| Fontainebleau Miami Beach Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-FBLU, Class B, 6.00%, (1 mo. SOFR + 1.85%), 12/15/39<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545 | &nbsp;&nbsp;&nbsp;&nbsp; 2550966 |
| &nbsp;&nbsp;&nbsp;Series 2024-FBLU, Class D, 6.75%, (1 mo. SOFR + 2.60%), 12/15/39<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7025068 |
| &nbsp;&nbsp;&nbsp;Series 2024-FBLU, Class F, 8.40%, (1 mo. SOFR + 4.25%), 12/15/39<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5490 | &nbsp;&nbsp;&nbsp;&nbsp; 5523588 |
| 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;2143 | &nbsp;&nbsp;&nbsp;&nbsp; 2192850 |
| Great Wolf Trust, Series 2024-WOLF, Class D, 7.04%, (1 mo. SOFR + 2.89%), 3/15/39<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 | &nbsp;&nbsp;&nbsp;&nbsp; 923484 |
| GWT Trust, Series 2024-WLF2, Class D, 7.09%, (1 mo. SOFR + 2.939%), 5/15/41<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5387 | &nbsp;&nbsp;&nbsp;&nbsp; 5425573 |
| HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class C, 6.69%, (1 mo. SOFR + 2.54%), 6/15/41<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp; 614886 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class F, 7.649%, 1/13/40<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1778304 |
| HYT Commercial Mortgage Trust, Series 2024-RGCY, Class B, 6.491%, (1 mo. SOFR + 2.341%), 9/15/41<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377 | &nbsp;&nbsp;&nbsp;&nbsp; 1381482 |
| INTOWN Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class C, 6.40%, (1 mo. SOFR + 2.25%), 3/15/42<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668 | &nbsp;&nbsp;&nbsp;&nbsp; 2668794 |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class D, 7.00%, (1 mo. SOFR + 2.85%), 3/15/42<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4668 | &nbsp;&nbsp;&nbsp;&nbsp; 4674561 |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class E, 8.00%, (1 mo. SOFR + 3.85%), 3/15/42<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5059 | &nbsp;&nbsp;&nbsp;&nbsp; 5070118 |
| JPMBB Commercial Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-C22, Class D, 4.66%, 9/15/47<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 354063 |
| &nbsp;&nbsp;&nbsp;Series 2014-C23, Class D, 4.188%, 9/15/47<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2729528 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| JPMorgan Chase Commercial Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2013-C16, Class D, 5.046%, 12/15/46<sup>(2)(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;$1028259 |
| &nbsp;&nbsp;&nbsp;Series 2014-DSTY, Class B, 3.771%, 6/10/27<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384 | &nbsp;&nbsp;&nbsp;&nbsp; 58113 |
| Morgan Stanley Bank of America Merrill Lynch Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-C29, Class C, 4.872%, 5/15/49<sup>(6)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4199 | &nbsp;&nbsp;&nbsp;&nbsp; 3906564 |
| &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;3048 | &nbsp;&nbsp;&nbsp;&nbsp; 2322088 |
| &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;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4139630 |
| NYC Commercial Mortgage Trust, Series 2025-3BP, Class D, 6.591%, (1 mo. SOFR + 2.441%), 2/15/42<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5612 | &nbsp;&nbsp;&nbsp;&nbsp; 5590679 |
| ORL Trust, Series 2024-GLKS, Class F, 8.589%, (1 mo. SOFR + 4.438%), 12/15/39<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7980 | &nbsp;&nbsp;&nbsp;&nbsp; 7967027 |
| PENN Commercial Mortgage Trust, Series 2025-P11, Class B, 6.125%, 8/10/42<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4062 | &nbsp;&nbsp;&nbsp;&nbsp; 4141305 |
| SHR Trust, Series 2024-LXRY, Class A, 6.10%, (1 mo. SOFR + 1.95%), 10/15/41<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7522352 |
| TX Trust, Series 2024-HOU, Class E, 8.538%, (1 mo. SOFR + 4.387%), 6/15/39<sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5596 | &nbsp;&nbsp;&nbsp;&nbsp; 5633949 |
| VCC Trust, Series 2025-MC1, Class A1, 8.163%, to 5/25/28, 5/25/55<sup>(2)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8712 | &nbsp;&nbsp;&nbsp;&nbsp; 8675256 |
| 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;5598 | &nbsp;&nbsp;&nbsp;&nbsp; 4838097 |
| &nbsp;&nbsp;&nbsp;Series 2015-NXS1, Class C, 3.848%, 5/15/48<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp; 445130 |
| &nbsp;&nbsp;&nbsp;Series 2016-C35, Class D, 3.142%, 7/15/48<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2024404 |
| &nbsp;&nbsp;&nbsp;Series 2016-C36, Class D, 2.942%, 11/15/59<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 4521596 |
| &nbsp;&nbsp;&nbsp;Series 2025-1918, Class B, 6.013%, 9/15/40<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;&nbsp;&nbsp; 2464809 |
| &nbsp;&nbsp;&nbsp;Series 2025-1918, Class C, 6.692%, 9/15/40<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605 | &nbsp;&nbsp;&nbsp;&nbsp; 2622220 |
| Willowbrook Mall, Series 2025-WBRK, Class E, 6.278%, 3/5/35<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp; 3398917 |
| Total Commercial Mortgage-Backed Securities<br> (identified cost $236,648,780) |  | &nbsp;&nbsp;**$232853429** |

---

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

Common Stocks — 0.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Energy — 0.1% | Energy — 0.1% | Energy — 0.1% |
| Enviva LLC<sup>(10)(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;106272 | &nbsp;&nbsp;$1859760 |
|  |  | &nbsp;&nbsp;**$1859760** |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| 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;324 | &nbsp;&nbsp;$1329 |
|  |  | &nbsp;&nbsp;**$1329** |
| Total Common Stocks<br> (identified cost $638,168) |  | &nbsp;&nbsp;**$1861089** |

---

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

Convertible Bonds — 0.7%

---

| | | |
|:---|:---|:---|
| **<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;850 | &nbsp;&nbsp;$962957 |
|  |  | &nbsp;&nbsp;**$962957** |
| Biotechnology — 0.1% | Biotechnology — 0.1% | Biotechnology — 0.1% |
| BioMarin Pharmaceutical, Inc., 1.25%, 5/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$570300 |
| Ionis Pharmaceuticals, Inc., 1.75%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 1177781 |
|  |  | &nbsp;&nbsp;**$1748081** |
| Commercial Services — 0.1% | Commercial Services — 0.1% | Commercial Services — 0.1% |
| Global Payments, Inc., 1.50%, 3/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;$807624 |
| Shift4 Payments, Inc., 0.50%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 789266 |
|  |  | &nbsp;&nbsp;**$1596890** |
| 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;840 | &nbsp;&nbsp;$959700 |
|  |  | &nbsp;&nbsp;**$959700** |
| 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;850 | &nbsp;&nbsp;$971337 |
| Southern Co., 3.25%, 6/15/28<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014500 |
|  |  | &nbsp;&nbsp;**$1985837** |
| 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;1000 | &nbsp;&nbsp;$1012000 |
|  |  | &nbsp;&nbsp;**$1012000** |
| 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;600 | &nbsp;&nbsp;$561282 |
|  |  | &nbsp;&nbsp;**$561282** |
| Internet — 0.2% | Internet — 0.2% | Internet — 0.2% |
| Alibaba Group Holding Ltd., 0.50%, 6/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$1471600 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Internet (continued) | Internet (continued) | Internet (continued) |
| Baidu, Inc., 0.00%, 3/12/32<sup>(12)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$1058500 |
| JD.com, Inc., 0.25%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 861600 |
| Uber Technologies, Inc., 0.00%, 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 1037425 |
|  |  | &nbsp;&nbsp;**$4429125** |
| Leisure Time — 0.0%<sup>†</sup> | Leisure Time — 0.0%<sup>†</sup> | Leisure Time — 0.0%<sup>†</sup> |
| NCL Corp. Ltd., 1.125%, 2/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;$872100 |
|  |  | &nbsp;&nbsp;**$872100** |
| 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;850 | &nbsp;&nbsp;$918425 |
|  |  | &nbsp;&nbsp;**$918425** |
| 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;600 | &nbsp;&nbsp;$797100 |
|  |  | &nbsp;&nbsp;**$797100** |
| 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;950 | &nbsp;&nbsp;$928625 |
|  |  | &nbsp;&nbsp;**$928625** |
| Pharmaceuticals — 0.0%<sup>†</sup> | Pharmaceuticals — 0.0%<sup>†</sup> | Pharmaceuticals — 0.0%<sup>†</sup> |
| Jazz Investments I Ltd., 3.125%, 9/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;$1064155 |
|  |  | &nbsp;&nbsp;**$1064155** |
| 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;845 | &nbsp;&nbsp;$889363 |
| Federal Realty OP LP, 3.25%, 1/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 865300 |
|  |  | &nbsp;&nbsp;**$1754663** |
| 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;800 | &nbsp;&nbsp;$996671 |
|  |  | &nbsp;&nbsp;**$996671** |
| 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;900 | &nbsp;&nbsp;$832654 |
|  |  | &nbsp;&nbsp;**$832654** |
| 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;900 | &nbsp;&nbsp;$846450 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Software (continued) | Software (continued) | Software (continued) |
| Datadog, Inc., 0.00%, 12/1/29<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;$893250 |
| DigitalOcean Holdings, Inc., 0.00%, 8/15/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 558440 |
|  |  | &nbsp;&nbsp;**$2298140** |
| Total Convertible Bonds<br> (identified cost $22,281,862) |  | &nbsp;&nbsp;**$23718405** |

---

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

Corporate Bonds — 28.8%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Advertising — 0.2% | Advertising — 0.2% | Advertising — 0.2% |
| Clear Channel Outdoor Holdings, Inc., 7.875%, 4/1/30<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5450 | &nbsp;&nbsp;$5726593 |
|  |  | &nbsp;&nbsp;**$5726593** |
| Aerospace & Defense — 0.4% | Aerospace & Defense — 0.4% | Aerospace & Defense — 0.4% |
| Boeing Co.: |  |  |
| &nbsp;&nbsp;&nbsp;5.805%, 5/1/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5623 | &nbsp;&nbsp;$5621390 |
| &nbsp;&nbsp;&nbsp;5.93%, 5/1/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756 | &nbsp;&nbsp;&nbsp;&nbsp; 1755608 |
| TransDigm, Inc., 6.625%, 3/1/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6184770 |
|  |  | &nbsp;&nbsp;**$13561768** |
| Airlines — 0.5% | Airlines — 0.5% | Airlines — 0.5% |
| 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;656 | &nbsp;&nbsp;$657097 |
| AS Mileage Plan IP Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;5.021%, 10/20/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8087 | &nbsp;&nbsp;&nbsp;&nbsp; 8094826 |
| &nbsp;&nbsp;&nbsp;5.308%, 10/20/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp; 1942081 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc., 6.375%, 2/1/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4970 | &nbsp;&nbsp;&nbsp;&nbsp; 4848401 |
|  |  | &nbsp;&nbsp;**$15542405** |
| Auto Manufacturers — 0.6% | Auto Manufacturers — 0.6% | Auto Manufacturers — 0.6% |
| Clarios Global LP/Clarios U.S. Finance Co., 6.75%, 2/15/30<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5568 | &nbsp;&nbsp;$5756226 |
| Ford Motor Credit Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;5.303%, 9/6/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp; 1017748 |
| &nbsp;&nbsp;&nbsp;5.875%, 11/7/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740 | &nbsp;&nbsp;&nbsp;&nbsp; 2788568 |
| New Flyer Holdings, Inc., 9.25%, 7/1/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3213265 |
| Stellantis Finance U.S., Inc., 6.45%, 3/18/35<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7705 | &nbsp;&nbsp;&nbsp;&nbsp; 7902784 |
|  |  | &nbsp;&nbsp;**$20678591** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Banks — 7.8% | Banks — 7.8% | Banks — 7.8% |
| African Export-Import Bank, 3.994%, 9/21/29<sup>(12)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;$2089849 |
| Banco Mercantil del Norte SA, 8.375% to 5/20/31<sup>(2)(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8225 | &nbsp;&nbsp;&nbsp;&nbsp; 8670795 |
| Banco Santander SA, 9.625% to 11/21/28<sup>(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 3590150 |
| Bank of America Corp., 2.592% to 4/29/30, 4/29/31<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12278 | &nbsp;&nbsp;&nbsp;&nbsp; 11381431 |
| Bank of Montreal, 7.70% to 5/26/29, 5/26/84<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7399 | &nbsp;&nbsp;&nbsp;&nbsp; 7871530 |
| 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; 16185569 |
| Barclays PLC, 8.00% to 3/15/29<sup>(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7260 | &nbsp;&nbsp;&nbsp;&nbsp; 7694741 |
| 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;7145 | &nbsp;&nbsp;&nbsp;&nbsp; 7021570 |
| &nbsp;&nbsp;&nbsp;7.625% to 2/11/30, 2/11/35<sup>(2)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691 | &nbsp;&nbsp;&nbsp;&nbsp; 2837659 |
| &nbsp;&nbsp;&nbsp;8.125% to 1/8/34, 1/8/39<sup>(2)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440 | &nbsp;&nbsp;&nbsp;&nbsp; 4844022 |
| &nbsp;&nbsp;&nbsp;8.45% to 6/29/33, 6/29/38<sup>(2)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6461 | &nbsp;&nbsp;&nbsp;&nbsp; 7174010 |
| BNP Paribas SA: |  |  |
| &nbsp;&nbsp;&nbsp;5.906% to 11/19/34, 11/19/35<sup>(2)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403 | &nbsp;&nbsp;&nbsp;&nbsp; 1454648 |
| &nbsp;&nbsp;&nbsp;7.75% to 8/16/29<sup>(2)(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8494016 |
| CaixaBank SA, 6.84% to 9/13/33, 9/13/34<sup>(2)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4731 | &nbsp;&nbsp;&nbsp;&nbsp; 5274221 |
| 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;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 9767662 |
| Deutsche Bank AG, 8.13% to 4/30/30<sup>(12)(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp; 7855685 |
| ING Groep NV, 8.00% to 5/16/30<sup>(12)(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4680 | &nbsp;&nbsp;&nbsp;&nbsp; 5085678 |
| Intesa Sanpaolo SpA, 8.248% to 11/21/32, 11/21/33<sup>(2)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7358 | &nbsp;&nbsp;&nbsp;&nbsp; 8686442 |
| JPMorgan Chase & Co., 5.103% to 4/22/30, 4/22/31<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8775 | &nbsp;&nbsp;&nbsp;&nbsp; 9067462 |
| Nykredit Realkredit AS: |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 4/1/53<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;223551 | &nbsp;&nbsp;&nbsp;&nbsp; 34459847 |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/56<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;281195 | &nbsp;&nbsp;&nbsp;&nbsp; 42863216 |
| Societe Generale SA: |  |  |
| &nbsp;&nbsp;&nbsp;3.653% to 7/8/30, 7/8/35<sup>(2)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp; 900436 |
| &nbsp;&nbsp;&nbsp;6.10% to 4/13/32, 4/13/33<sup>(2)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp;&nbsp; 1613451 |
| &nbsp;&nbsp;&nbsp;8.50% to 3/25/34<sup>(2)(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5261 | &nbsp;&nbsp;&nbsp;&nbsp; 5697179 |
| &nbsp;&nbsp;&nbsp;10.00% to 11/14/28<sup>(2)(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4620 | &nbsp;&nbsp;&nbsp;&nbsp; 5124698 |
| Synovus Bank/Columbus, GA, 5.625%, 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4724 | &nbsp;&nbsp;&nbsp;&nbsp; 4823854 |
| Synovus Financial Corp., 6.168% to 11/1/29, 11/1/30<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4054 | &nbsp;&nbsp;&nbsp;&nbsp; 4210077 |
| Texas Capital Bancshares, Inc., 4.00% to 5/6/26, 5/6/31<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3393 | &nbsp;&nbsp;&nbsp;&nbsp; 3344662 |
| Toronto-Dominion Bank, 8.125% to 10/31/27, 10/31/82<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7227 | &nbsp;&nbsp;&nbsp;&nbsp; 7648340 |
| UBS Group AG, 9.25% to 11/13/28<sup>(2)(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4910 | &nbsp;&nbsp;&nbsp;&nbsp; 5428958 |
| 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;975 | &nbsp;&nbsp;&nbsp;&nbsp; 983396 |
| &nbsp;&nbsp;&nbsp;5.861% to 6/19/27, 6/19/32<sup>(2)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5038 | &nbsp;&nbsp;&nbsp;&nbsp; 5117741 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Banks (continued) | Banks (continued) | Banks (continued) |
| Westpac Banking Corp., 3.02% to 11/18/31, 11/18/36<sup>(14)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5592 | &nbsp;&nbsp;$4989887 |
|  |  | &nbsp;&nbsp;**$262252882** |
| Biotechnology — 0.4% | Biotechnology — 0.4% | Biotechnology — 0.4% |
| Biogen, Inc., 6.45%, 5/15/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9557 | &nbsp;&nbsp;$10254489 |
| Royalty Pharma PLC, 5.20%, 9/25/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192 | &nbsp;&nbsp;&nbsp;&nbsp; 3190520 |
|  |  | &nbsp;&nbsp;**$13445009** |
| Building Materials — 0.4% | Building Materials — 0.4% | Building Materials — 0.4% |
| Masterbrand, Inc., 7.00%, 7/15/32<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6198 | &nbsp;&nbsp;$6413449 |
| Quikrete Holdings, Inc., 6.375%, 3/1/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5478 | &nbsp;&nbsp;&nbsp;&nbsp; 5678626 |
|  |  | &nbsp;&nbsp;**$12092075** |
| Chemicals — 0.2% | Chemicals — 0.2% | Chemicals — 0.2% |
| Olympus Water U.S. Holding Corp., 9.75%, 11/15/28<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4960 | &nbsp;&nbsp;$5208620 |
|  |  | &nbsp;&nbsp;**$5208620** |
| Commercial Services — 0.5% | Commercial Services — 0.5% | Commercial Services — 0.5% |
| Global Payments, Inc., 5.40%, 8/15/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11213 | &nbsp;&nbsp;$11477937 |
| NESCO Holdings II, Inc., 5.50%, 4/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6365 | &nbsp;&nbsp;&nbsp;&nbsp; 6238146 |
|  |  | &nbsp;&nbsp;**$17716083** |
| Computers — 0.5% | Computers — 0.5% | Computers — 0.5% |
| Kyndryl Holdings, Inc., 6.35%, 2/20/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7145 | &nbsp;&nbsp;$7639086 |
| McAfee Corp., 7.375%, 2/15/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2786269 |
| Seagate Data Storage Technology Pte. Ltd., 9.625%, 12/1/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4376 | &nbsp;&nbsp;&nbsp;&nbsp; 4960437 |
|  |  | &nbsp;&nbsp;**$15385792** |
| Diversified Financial Services — 5.6% | Diversified Financial Services — 5.6% | Diversified Financial Services — 5.6% |
| Aircastle Ltd./Aircastle Ireland DAC, 5.75%, 10/1/31<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3849 | &nbsp;&nbsp;$4012249 |
| Ally Financial, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Series B, 4.70% to 5/15/26<sup>(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8569 | &nbsp;&nbsp;&nbsp;&nbsp; 8358996 |
| &nbsp;&nbsp;&nbsp;5.543% to 1/17/30, 1/17/31<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp; 1928381 |
| Alpha Holding SA de CV, 9.00%, 2/10/25<sup>(2)(15)</sup> | &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;1431 | &nbsp;&nbsp;&nbsp;&nbsp; 1405957 |
| Antares Holdings LP, 6.50%, 2/8/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3545 | &nbsp;&nbsp;&nbsp;&nbsp; 3625332 |
| Apollo Debt Solutions BDC, 5.875%, 8/30/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8954 | &nbsp;&nbsp;&nbsp;&nbsp; 9115414 |
| Azorra Finance Ltd., 7.75%, 4/15/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp; 6438056 |
| Blue Owl Credit Income Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;6.60%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424 | &nbsp;&nbsp;&nbsp;&nbsp; 1485072 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Diversified Financial Services (continued) | Diversified Financial Services (continued) | Diversified Financial Services (continued) |
| Blue Owl Credit Income Corp.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;6.65%, 3/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3651 | &nbsp;&nbsp;$3838933 |
| Brookfield Asset Management Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;5.795%, 4/24/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp; 1708473 |
| &nbsp;&nbsp;&nbsp;6.077%, 9/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | &nbsp;&nbsp;&nbsp;&nbsp; 626135 |
| CI Financial Corp., 7.50%, 5/30/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13458 | &nbsp;&nbsp;&nbsp;&nbsp; 14348406 |
| Citadel LP, 6.375%, 1/23/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11905 | &nbsp;&nbsp;&nbsp;&nbsp; 12607763 |
| Citadel Securities Global Holdings LLC, 6.20%, 6/18/35<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp; 3994682 |
| Enact Holdings, Inc., 6.25%, 5/28/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10725 | &nbsp;&nbsp;&nbsp;&nbsp; 11220805 |
| HA Sustainable Infrastructure Capital, Inc., 6.375%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17159 | &nbsp;&nbsp;&nbsp;&nbsp; 17471373 |
| Jefferies Financial Group, Inc., 6.20%, 4/14/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7017 | &nbsp;&nbsp;&nbsp;&nbsp; 7463259 |
| Jyske Realkredit AS, 3.50%, 10/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18271 | &nbsp;&nbsp;&nbsp;&nbsp; 2776513 |
| LPL Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4960 | &nbsp;&nbsp;&nbsp;&nbsp; 4855306 |
| &nbsp;&nbsp;&nbsp;4.375%, 5/15/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;&nbsp;&nbsp; 2373037 |
| &nbsp;&nbsp;&nbsp;5.75%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7065 | &nbsp;&nbsp;&nbsp;&nbsp; 7250713 |
| Marex Group PLC, 6.404%, 11/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14664 | &nbsp;&nbsp;&nbsp;&nbsp; 15127473 |
| Nordea Kredit Realkreditaktieselskab: |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15665 | &nbsp;&nbsp;&nbsp;&nbsp; 2404331 |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54377 | &nbsp;&nbsp;&nbsp;&nbsp; 8288866 |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7339 | &nbsp;&nbsp;&nbsp;&nbsp; 1106487 |
| Nuveen LLC, 5.85%, 4/15/34<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4063 | &nbsp;&nbsp;&nbsp;&nbsp; 4278014 |
| Oaktree Strategic Credit Fund: |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 7/23/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2098622 |
| &nbsp;&nbsp;&nbsp;8.40%, 11/14/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770 | &nbsp;&nbsp;&nbsp;&nbsp; 4094845 |
| Raymond James Financial, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 9/11/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993 | &nbsp;&nbsp;&nbsp;&nbsp; 982643 |
| &nbsp;&nbsp;&nbsp;5.65%, 9/11/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902 | &nbsp;&nbsp;&nbsp;&nbsp; 2882460 |
| Realkredit Danmark AS, 3.50%, 10/1/56<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45115 | &nbsp;&nbsp;&nbsp;&nbsp; 6869933 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/1/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805 | &nbsp;&nbsp;&nbsp;&nbsp; 4491107 |
| Stellantis Financial Services U.S. Corp., 5.40%, 9/15/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300 | &nbsp;&nbsp;&nbsp;&nbsp; 9323765 |
|  |  | &nbsp;&nbsp;**$188875496** |
| Electric — 1.1% | Electric — 1.1% | Electric — 1.1% |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;$6198003 |
| 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;10390 | &nbsp;&nbsp;&nbsp;&nbsp; 10379569 |
| Cometa Energia SA de CV, 6.375%, 4/24/35<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267 | &nbsp;&nbsp;&nbsp;&nbsp; 1324785 |
| Dominion Energy, Inc., 6.00% to 11/15/30, 2/15/56<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056 | &nbsp;&nbsp;&nbsp;&nbsp; 4089503 |
| Minejesa Capital BV, 4.625%, 8/10/30<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp; 1500211 |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric (continued) | Electric (continued) | Electric (continued) |
| Vistra Operations Co. LLC, 5.70%, 12/30/34<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7109 | &nbsp;&nbsp;$7362663 |
| XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/33<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5850 | &nbsp;&nbsp;&nbsp;&nbsp; 6139247 |
|  |  | &nbsp;&nbsp;**$36993981** |
| 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;4319 | &nbsp;&nbsp;$4177751 |
|  |  | &nbsp;&nbsp;**$4177751** |
| 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;4500 | &nbsp;&nbsp;$3980127 |
|  |  | &nbsp;&nbsp;**$3980127** |
| Entertainment — 0.2% | Entertainment — 0.2% | Entertainment — 0.2% |
| Voyager Parent LLC, 9.25%, 7/1/32<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;$6454777 |
|  |  | &nbsp;&nbsp;**$6454777** |
| 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;3760 | &nbsp;&nbsp;$3539580 |
|  |  | &nbsp;&nbsp;**$3539580** |
| 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;4400 | &nbsp;&nbsp;$4460016 |
|  |  | &nbsp;&nbsp;**$4460016** |
| Healthcare Services — 0.9% | Healthcare Services — 0.9% | Healthcare Services — 0.9% |
| Centene Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 3/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11789 | &nbsp;&nbsp;$10162578 |
| &nbsp;&nbsp;&nbsp;3.375%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 911356 |
| HCA, Inc., 6.20%, 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9377 | &nbsp;&nbsp;&nbsp;&nbsp; 9686300 |
| LifePoint Health, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, 8/15/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2168376 |
| &nbsp;&nbsp;&nbsp;10.00%, 6/1/32<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 4099715 |
| U.S. Acute Care Solutions LLC, 9.75%, 5/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2822 | &nbsp;&nbsp;&nbsp;&nbsp; 2893206 |
|  |  | &nbsp;&nbsp;**$29921531** |
| 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;2250 | &nbsp;&nbsp;$2169275 |
|  |  | &nbsp;&nbsp;**$2169275** |
| Insurance — 3.0% | Insurance — 3.0% | Insurance — 3.0% |
| American International Group, Inc., 5.45%, 5/7/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2886 | &nbsp;&nbsp;$3008259 |
| American National Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 7/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416 | &nbsp;&nbsp;&nbsp;&nbsp; 1446655 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insurance (continued) | Insurance (continued) | Insurance (continued) |
| American National Group, Inc.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;6.144%, 6/13/32<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5584 | &nbsp;&nbsp;$5862083 |
| &nbsp;&nbsp;&nbsp;7.00% to 12/1/30, 12/1/55<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7197 | &nbsp;&nbsp;&nbsp;&nbsp; 7425311 |
| ASR Nederland NV, 7.00% to 9/7/33, 12/7/43<sup>(12)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860 | &nbsp;&nbsp;&nbsp;&nbsp; 4015654 |
| Athene Global Funding, 2.646%, 10/4/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826 | &nbsp;&nbsp;&nbsp;&nbsp; 1627794 |
| Athene Holding Ltd., 6.625%, 5/19/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13806 | &nbsp;&nbsp;&nbsp;&nbsp; 14788207 |
| Belrose Funding Trust II, 6.792%, 5/15/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp; 15174748 |
| Essent Group Ltd., 6.25%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439 | &nbsp;&nbsp;&nbsp;&nbsp; 2556465 |
| Fortitude Group Holdings LLC, 6.25%, 4/1/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3413 | &nbsp;&nbsp;&nbsp;&nbsp; 3546014 |
| Global Atlantic Fin Co.: |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, 6/15/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5347 | &nbsp;&nbsp;&nbsp;&nbsp; 4830948 |
| &nbsp;&nbsp;&nbsp;6.75%, 3/15/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7950 | &nbsp;&nbsp;&nbsp;&nbsp; 8424161 |
| &nbsp;&nbsp;&nbsp;7.95% to 7/15/29, 10/15/54<sup>(2)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6134 | &nbsp;&nbsp;&nbsp;&nbsp; 6500500 |
| 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;15241 | &nbsp;&nbsp;&nbsp;&nbsp; 14972802 |
| Panther Escrow Issuer LLC, 7.125%, 6/1/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6323 | &nbsp;&nbsp;&nbsp;&nbsp; 6581092 |
|  |  | &nbsp;&nbsp;**$100760693** |
| Leisure Time — 0.2% | Leisure Time — 0.2% | Leisure Time — 0.2% |
| 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;2000 | &nbsp;&nbsp;$2162324 |
| Champ Acquisition Corp., 8.375%, 12/1/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2354 | &nbsp;&nbsp;&nbsp;&nbsp; 2508505 |
| NCL Finance Ltd., 6.125%, 3/15/28<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 818005 |
|  |  | &nbsp;&nbsp;**$5488834** |
| Lodging — 0.3% | Lodging — 0.3% | Lodging — 0.3% |
| Las Vegas Sands Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 8/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3696 | &nbsp;&nbsp;$3851099 |
| &nbsp;&nbsp;&nbsp;6.00%, 6/14/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 | &nbsp;&nbsp;&nbsp;&nbsp; 4427822 |
|  |  | &nbsp;&nbsp;**$8278921** |
| Media — 0.5% | Media — 0.5% | Media — 0.5% |
| Charter Communications Operating LLC/Charter Communications Operating Capital: |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, 12/1/61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175 | &nbsp;&nbsp;$2201591 |
| &nbsp;&nbsp;&nbsp;4.80%, 3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11237 | &nbsp;&nbsp;&nbsp;&nbsp; 8905812 |
| 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;390 | &nbsp;&nbsp;&nbsp;&nbsp; 405527 |
| &nbsp;&nbsp;&nbsp;8.00%, 8/1/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp; 5402179 |
|  |  | &nbsp;&nbsp;**$16915109** |
| Mining — 0.3% | Mining — 0.3% | Mining — 0.3% |
| Compass Minerals International, Inc., 6.75%, 12/1/27<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;$550006 |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Mining (continued) | Mining (continued) | Mining (continued) |
| First Quantum Minerals Ltd., 8.00%, 3/1/33<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950 | &nbsp;&nbsp;$6289786 |
| Nexa Resources SA, 6.75%, 4/9/34<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2687 | &nbsp;&nbsp;&nbsp;&nbsp; 2855359 |
|  |  | &nbsp;&nbsp;**$9695151** |
| 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;3970 | &nbsp;&nbsp;$4214465 |
|  |  | &nbsp;&nbsp;**$4214465** |
| Oil and Gas — 1.1% | Oil and Gas — 1.1% | Oil and Gas — 1.1% |
| Occidental Petroleum Corp., 5.375%, 1/1/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;$9872388 |
| Petroleos Mexicanos, 6.84%, 1/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8155 | &nbsp;&nbsp;&nbsp;&nbsp; 8300061 |
| Raizen Fuels Finance SA: |  |  |
| &nbsp;&nbsp;&nbsp;5.70%, 1/17/35<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6109 | &nbsp;&nbsp;&nbsp;&nbsp; 5631582 |
| &nbsp;&nbsp;&nbsp;6.45%, 3/5/34<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189 | &nbsp;&nbsp;&nbsp;&nbsp; 2124725 |
| &nbsp;&nbsp;&nbsp;6.95%, 3/5/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp; 975871 |
| Sunoco LP, 7.875% to 9/18/30<sup>(2)(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp; 8232476 |
|  |  | &nbsp;&nbsp;**$35137103** |
| 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;1500 | &nbsp;&nbsp;$1542290 |
| 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;6085 | &nbsp;&nbsp;&nbsp;&nbsp; 5966525 |
|  |  | &nbsp;&nbsp;**$7508815** |
| Pipelines — 0.2% | Pipelines — 0.2% | Pipelines — 0.2% |
| Enbridge, Inc., Series NC5, 8.25% to 10/15/28, 1/15/84<sup>(14)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;$5927939 |
|  |  | &nbsp;&nbsp;**$5927939** |
| Private Equity — 0.5% | Private Equity — 0.5% | Private Equity — 0.5% |
| Brookfield Finance, Inc., 6.30% to 10/15/34, 1/15/55<sup>(14)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8515 | &nbsp;&nbsp;$8455463 |
| KKR & Co., Inc., 5.10%, 8/7/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7970 | &nbsp;&nbsp;&nbsp;&nbsp; 7987474 |
|  |  | &nbsp;&nbsp;**$16442937** |
| Real Estate Investment Trusts (REITs) — 0.8% | Real Estate Investment Trusts (REITs) — 0.8% | Real Estate Investment Trusts (REITs) — 0.8% |
| American Assets Trust LP, 3.375%, 2/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128 | &nbsp;&nbsp;$1933804 |
| COPT Defense Properties LP, 2.75%, 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7410 | &nbsp;&nbsp;&nbsp;&nbsp; 6712328 |
| EPR Properties: |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509 | &nbsp;&nbsp;&nbsp;&nbsp; 2317200 |
| &nbsp;&nbsp;&nbsp;3.75%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;&nbsp;&nbsp; 829152 |
| &nbsp;&nbsp;&nbsp;4.95%, 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3132 | &nbsp;&nbsp;&nbsp;&nbsp; 3156930 |

---

---

| | | |
|:---|:---|:---|
| **<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) |
| Newmark Group, Inc., 7.50%, 1/12/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6625 | &nbsp;&nbsp;$7111878 |
| VICI Properties LP, 5.75%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5690 | &nbsp;&nbsp;&nbsp;&nbsp; 5915760 |
|  |  | &nbsp;&nbsp;**$27977052** |
| Retail — 0.3% | Retail — 0.3% | Retail — 0.3% |
| Ferrellgas LP/Ferrellgas Finance Corp., 5.875%, 4/1/29<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6308 | &nbsp;&nbsp;$5875378 |
| Sonic Automotive, Inc., 4.625%, 11/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5840 | &nbsp;&nbsp;&nbsp;&nbsp; 5675923 |
|  |  | &nbsp;&nbsp;**$11551301** |
| Semiconductors — 0.4% | Semiconductors — 0.4% | Semiconductors — 0.4% |
| Foundry JV Holdco LLC, 6.10%, 1/25/36<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8376 | &nbsp;&nbsp;$8908772 |
| Qorvo, Inc., 3.375%, 4/1/31<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550 | &nbsp;&nbsp;&nbsp;&nbsp; 6023853 |
|  |  | &nbsp;&nbsp;**$14932625** |
| Software — 0.7% | Software — 0.7% | Software — 0.7% |
| Cloud Software Group, Inc., 9.00%, 9/30/29<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;$5399375 |
| Oracle Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4076 | &nbsp;&nbsp;&nbsp;&nbsp; 2871395 |
| &nbsp;&nbsp;&nbsp;5.20%, 9/26/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8673 | &nbsp;&nbsp;&nbsp;&nbsp; 8724060 |
| Playtika Holding Corp., 4.25%, 3/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp; 6525149 |
|  |  | &nbsp;&nbsp;**$23519979** |
| Telecommunications — 0.3% | Telecommunications — 0.3% | Telecommunications — 0.3% |
| Bell Telephone Co. of Canada or Bell Canada, 6.875% to 6/15/30, 9/15/55<sup>(14)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6235 | &nbsp;&nbsp;$6476793 |
| Zegona Finance PLC, 8.625%, 7/15/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4538 | &nbsp;&nbsp;&nbsp;&nbsp; 4839006 |
|  |  | &nbsp;&nbsp;**$11315799** |
| 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;4657 | &nbsp;&nbsp;$4494541 |
|  |  | &nbsp;&nbsp;**$4494541** |
| Total Corporate Bonds<br> (identified cost $940,459,704) |  | &nbsp;&nbsp;**$966343616** |

---

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

Exchange-Traded Funds — 1.7%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Fixed-Income Funds — 1.7% | Fixed-Income Funds — 1.7% | Fixed-Income Funds — 1.7% |
| Eaton Vance Short Duration Income ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;$13365300 |
| Eaton Vance Ultra-Short Income ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 1274125 |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Fixed-Income Funds (continued) | Fixed-Income Funds (continued) | Fixed-Income Funds (continued) |
| iShares 0-5 Year High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;327000 | &nbsp;&nbsp;$14159100 |
| iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp; 27957200 |
| Total Exchange-Traded Funds<br> (identified cost $55,266,549) |  | &nbsp;&nbsp;**$56755725** |

---

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

Preferred Stocks — 0.2%

---

| | | |
|:---|:---|:---|
| **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;$708840 |
|  |  | &nbsp;&nbsp;**$708840** |
| 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;187034 | &nbsp;&nbsp;$2506256 |
| &nbsp;&nbsp;&nbsp;Series A2, 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74772 | &nbsp;&nbsp;&nbsp;&nbsp; 1126814 |
|  |  | &nbsp;&nbsp;**$3633070** |
| Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% |
| T-Mobile USA, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965 | &nbsp;&nbsp;$67750 |
| &nbsp;&nbsp;&nbsp;6.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64761 | &nbsp;&nbsp;&nbsp;&nbsp; 1606073 |
|  |  | &nbsp;&nbsp;**$1673823** |
| Total Preferred Stocks<br> (identified cost $9,118,926) |  | &nbsp;&nbsp;**$6015733** |

---

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

Senior Floating-Rate Loans — 1.1%<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, 6.129%, (6 mo. USD Term SOFR + 2.00%), 10/13/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436 | &nbsp;&nbsp;$1433632 |
|  |  | &nbsp;&nbsp;**$1433632** |
| Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% |
| CPI Holdco B LLC, Term Loan, 6.163%, (1 mo. USD Term SOFR + 2.00%), 5/19/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733 | &nbsp;&nbsp;$1732500 |
|  |  | &nbsp;&nbsp;**$1732500** |

---

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Engineering & Construction — 0.0%<sup>†</sup> | Engineering & Construction — 0.0%<sup>†</sup> | Engineering & Construction — 0.0%<sup>†</sup> |
| APi Group DE, Inc., Term Loan, 5.913%, (1 mo. USD Term SOFR + 1.75%), 1/3/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672 | &nbsp;&nbsp;$1673171 |
|  |  | &nbsp;&nbsp;**$1673171** |
| Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% |
| Medline Borrower LP, Term Loan, 6.163%, (1 mo. USD Term SOFR + 2.00%), 10/23/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448 | &nbsp;&nbsp;$3449636 |
|  |  | &nbsp;&nbsp;**$3449636** |
| Insurance — 0.3% | Insurance — 0.3% | Insurance — 0.3% |
| AmWINS Group, Inc., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 1/30/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3447 | &nbsp;&nbsp;$3449061 |
| HUB International Ltd., Term Loan, 6.575%, (3 mo. USD Term SOFR + 2.25%), 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949 | &nbsp;&nbsp;&nbsp;&nbsp; 2956661 |
| USI, Inc., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 11/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448 | &nbsp;&nbsp;&nbsp;&nbsp; 3447141 |
|  |  | &nbsp;&nbsp;**$9852863** |
| IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% |
| Informatica LLC, Term Loan, 6.413%, (1 mo. USD Term SOFR + 2.25%), 10/27/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446 | &nbsp;&nbsp;$3457199 |
| Sedgwick Claims Management Services, Inc., Term Loan, 6.663%, (1 mo. USD Term SOFR + 2.50%), 7/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2963 | &nbsp;&nbsp;&nbsp;&nbsp; 2962097 |
|  |  | &nbsp;&nbsp;**$6419296** |
| Machinery — 0.1% | Machinery — 0.1% | Machinery — 0.1% |
| TK Elevator Midco GmbH, Term Loan, 7.197%, (6 mo. USD Term SOFR + 3.00%), 4/30/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728 | &nbsp;&nbsp;$1734482 |
|  |  | &nbsp;&nbsp;**$1734482** |
| Professional Services — 0.1% | Professional Services — 0.1% | Professional Services — 0.1% |
| Trans Union LLC, Term Loan, 5.913%, (1 mo. USD Term SOFR + 1.75%), 6/24/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733 | &nbsp;&nbsp;$1733163 |
|  |  | &nbsp;&nbsp;**$1733163** |
| Software — 0.2% | Software — 0.2% | Software — 0.2% |
| Epicor Software Corp., Term Loan, 6.663%, (1 mo. USD Term SOFR + 2.50%), 5/30/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733 | &nbsp;&nbsp;$1736666 |
| McAfee LLC, Term Loan, 7.223%, (1 mo. USD Term SOFR + 3.00%), 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 948562 |
| Open Text Corp., Term Loan, 5.913%, (1 mo. USD Term SOFR + 1.75%), 1/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3416 | &nbsp;&nbsp;&nbsp;&nbsp; 3416444 |
|  |  | &nbsp;&nbsp;**$6101672** |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Specialty Retail — 0.0%<sup>†</sup> | Specialty Retail — 0.0%<sup>†</sup> | Specialty Retail — 0.0%<sup>†</sup> |
| Les Schwab Tire Centers, Term Loan, 6.663% - 6.699%, (1 mo. USD Term SOFR + 2.50%, 3 mo. USD Term SOFR + 2.50%), 4/23/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;$1333296 |
|  |  | &nbsp;&nbsp;**$1333296** |
| Total Senior Floating-Rate Loans<br> (identified cost $35,577,081) |  | &nbsp;&nbsp;**$35463711** |

---

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

Sovereign Government Bonds — 0.7%

---

| | | | |
|:---|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Mexico — 0.3% | Mexico — 0.3% | Mexico — 0.3% | Mexico — 0.3% |
| Mexico Bonos, 7.00%, 9/3/26 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93200 | &nbsp;&nbsp;$5062834 |
| Mexico Udibonos, 4.00%, 11/30/28 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89708 | &nbsp;&nbsp;&nbsp;&nbsp; 4876209 |
|  |  |  | &nbsp;&nbsp;**$9939043** |
| Romania — 0.3% | Romania — 0.3% | Romania — 0.3% | Romania — 0.3% |
| Romania Government International Bonds, 2.00%, 4/14/33<sup>(12)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10330 | &nbsp;&nbsp;$9547521 |
|  |  |  | &nbsp;&nbsp;**$9547521** |
| 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;3118 | &nbsp;&nbsp;$3158777 |
|  |  |  | &nbsp;&nbsp;**$3158777** |
| Total Sovereign Government Bonds<br> (identified cost $22,084,311) |  |  | &nbsp;&nbsp;**$22645341** |

---

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

U.S. Government Agency Mortgage-Backed Securities — 22.1%

---

| | | |
|:---|:---|:---|
| **<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;32954 | &nbsp;&nbsp;$32706757 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;150319 | &nbsp;&nbsp;&nbsp;&nbsp; 151701678 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;&nbsp;&nbsp; 729169 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74606 | &nbsp;&nbsp;&nbsp;&nbsp; 75318237 |
| Uniform Mortgage-Backed Security: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 30-Year, TBA<sup>(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27260 | &nbsp;&nbsp;&nbsp;&nbsp; 25695745 |
| &nbsp;&nbsp;&nbsp;5.00%, 30-Year, TBA<sup>(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;266590 | &nbsp;&nbsp;&nbsp;&nbsp; 264413546 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Uniform Mortgage-Backed Security: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 30-Year, TBA<sup>(18)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;190681 | &nbsp;&nbsp;$192297629 |
| Total U.S. Government Agency Mortgage-Backed Securities<br> (identified cost $740,866,450) |  | **$742862761** |

---

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

U.S. Treasury Obligations — 33.1%

---

| | | |
|:---|:---|:---|
| **<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;1687 | &nbsp;&nbsp;$1075034 |
| &nbsp;&nbsp;&nbsp;2.25%, 8/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp; 22695 |
| &nbsp;&nbsp;&nbsp;2.25%, 2/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp; 489581 |
| &nbsp;&nbsp;&nbsp;2.375%, 2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6898 | &nbsp;&nbsp;&nbsp;&nbsp; 5113520 |
| &nbsp;&nbsp;&nbsp;2.875%, 8/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7195 | &nbsp;&nbsp;&nbsp;&nbsp; 5469184 |
| &nbsp;&nbsp;&nbsp;3.00%, 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604 | &nbsp;&nbsp;&nbsp;&nbsp; 1248739 |
| &nbsp;&nbsp;&nbsp;3.875%, 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4455 | &nbsp;&nbsp;&nbsp;&nbsp; 4044653 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57541 | &nbsp;&nbsp;&nbsp;&nbsp; 50932776 |
| &nbsp;&nbsp;&nbsp;4.50%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp; 85779 |
| &nbsp;&nbsp;&nbsp;4.50%, 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9224 | &nbsp;&nbsp;&nbsp;&nbsp; 8883865 |
| &nbsp;&nbsp;&nbsp;4.625%, 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72451 | &nbsp;&nbsp;&nbsp;&nbsp; 71938749 |
| &nbsp;&nbsp;&nbsp;4.75%, 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13029 | &nbsp;&nbsp;&nbsp;&nbsp; 13113485 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6083 | &nbsp;&nbsp;&nbsp;&nbsp; 6524730 |
| &nbsp;&nbsp;&nbsp;6.25%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7117 | &nbsp;&nbsp;&nbsp;&nbsp; 7872903 |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15630 | &nbsp;&nbsp;&nbsp;&nbsp; 15490096 |
| &nbsp;&nbsp;&nbsp;0.50%, 4/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp; 218055 |
| &nbsp;&nbsp;&nbsp;0.625%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp; 480818 |
| &nbsp;&nbsp;&nbsp;0.625%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 616562 |
| &nbsp;&nbsp;&nbsp;0.875%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8064 | &nbsp;&nbsp;&nbsp;&nbsp; 6993315 |
| &nbsp;&nbsp;&nbsp;1.125%, 8/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763 | &nbsp;&nbsp;&nbsp;&nbsp; 1642000 |
| &nbsp;&nbsp;&nbsp;1.375%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533 | &nbsp;&nbsp;&nbsp;&nbsp; 2192925 |
| &nbsp;&nbsp;&nbsp;1.625%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 13920 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;303648 | &nbsp;&nbsp;&nbsp;&nbsp; 306992871 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/28/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55909 | &nbsp;&nbsp;&nbsp;&nbsp; 56566367 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;128744 | &nbsp;&nbsp;&nbsp;&nbsp; 128434713 |
| &nbsp;&nbsp;&nbsp;4.125%, 2/28/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3492 | &nbsp;&nbsp;&nbsp;&nbsp; 3513348 |
| &nbsp;&nbsp;&nbsp;4.125%, 7/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46218 | &nbsp;&nbsp;&nbsp;&nbsp; 46836346 |
| &nbsp;&nbsp;&nbsp;4.125%, 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26892 | &nbsp;&nbsp;&nbsp;&nbsp; 27328470 |
| &nbsp;&nbsp;&nbsp;4.125%, 3/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18686 | &nbsp;&nbsp;&nbsp;&nbsp; 18992202 |
| &nbsp;&nbsp;&nbsp;4.25%, 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41215 | &nbsp;&nbsp;&nbsp;&nbsp; 41601391 |
| &nbsp;&nbsp;&nbsp;4.25%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294 | &nbsp;&nbsp;&nbsp;&nbsp; 1304615 |
| &nbsp;&nbsp;&nbsp;4.50%, 3/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;206886 | &nbsp;&nbsp;&nbsp;&nbsp; 207558810 |
| &nbsp;&nbsp;&nbsp;4.50%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11122 | &nbsp;&nbsp;&nbsp;&nbsp; 11268628 |
| &nbsp;&nbsp;&nbsp;4.50%, 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12326 | &nbsp;&nbsp;&nbsp;&nbsp; 12746577 |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Notes: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 2/15/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42288 | &nbsp;&nbsp;$43956393 |
| Total U.S. Treasury Obligations<br> (identified cost $1,099,634,513) |  | &nbsp;&nbsp;**$1111564115** |

---

&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)(19)</sup> | $3339000 | &nbsp;&nbsp;$0 |
| Total Miscellaneous<br> (identified cost $0) |  | &nbsp;&nbsp;**$0** |

---

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

Short-Term Investments — 0.5%

Affiliated Fund – 0.4%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.05%<sup>(20)</sup> | 13786757 | &nbsp;&nbsp;$13786757 |
| Total Affiliated Fund<br> (identified cost $13,786,757) |  | &nbsp;&nbsp;**$13786757** |

---

&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%, 11/12/25<sup>(21)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480 | &nbsp;&nbsp;$2468448 |
| Total U.S. Treasury Obligations<br> (identified cost $2,467,815) |  | &nbsp;&nbsp;**$2468448** |
| Total Short-Term Investments<br> (identified cost $16,254,572) |  | &nbsp;&nbsp;**$16255205** |
| Total Investments — 114.5%<br> (identified cost $3,796,837,619) |  | &nbsp;&nbsp;**$3842482126** |
| Other Assets, Less Liabilities — (14.5)% |  | &nbsp;&nbsp;**$(486274651)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$3356207475** |

---

---

| | |
|:---|:---|
| 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 September 30, 2025, the aggregate value of these securities is $1,206,193,306 or 35.9% of the Fund's net assets.

<sup>(3)</sup> When-issued, variable rate security whose interest rate will be determined after September 30, 2025.

<sup>(4)</sup> Variable rate security. The stated interest rate represents the rate in effect at September 30, 2025.

<sup>(5)</sup> Principal Amount is denominated in Canadian dollars.

<sup>(6)</sup> Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at September 30, 2025.

<sup>(7)</sup> Step coupon security. Interest rate represents the rate in effect at September 30, 2025.

<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 September 30, 2025.

<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 September 30, 2025, the aggregate value of these securities is $119,836,825 or 3.6% 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.

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Portfolio of Investments — continued

------

<sup>(18)</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>(19)</sup> Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

<sup>(20)</sup> May be deemed to be an affiliated investment company (see Note 11). The rate shown is the annualized seven-day yield as of September 30, 2025.

<sup>(21)</sup> Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

---

| | | |
|:---|:---|:---|
| 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;85.0% | &nbsp;&nbsp;&nbsp;$3264784897 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98769193 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95237876 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87139363 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50134040 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28624177 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27498893 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14787579 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11587537 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10277359 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9661771 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9590167 |
| Romania | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9547521 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9101332 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8864371 |
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8578155 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7783313 |
| Zambia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6289786 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4989887 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4494541 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4388371 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3758406 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3158777 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169275 |
| Supranational | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089849 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500211 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918425 |
| 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;1329 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56755725 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;**100.0%** | &nbsp;&nbsp;&nbsp;**$3842482126** |

---

---

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

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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; 9342505 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 6189154 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1648) |
| AUD | &nbsp;&nbsp; 841511 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 554977 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2352 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| BRL | &nbsp;&nbsp; 1792562 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 330457 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 379 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| BRL | &nbsp;&nbsp; 98236225 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 18104389 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 26100 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| CZK | &nbsp;&nbsp; 6170839 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 298619 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (465) |
| CZK | &nbsp;&nbsp; 166564763 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 8085472 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (37643) |
| DKK | &nbsp;&nbsp; 5670548 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 896373 | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 64690569 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 1291164 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 13043 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp; 778122564 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 15584269 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;103226 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HUF | &nbsp;&nbsp; 52282831 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 156157 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| HUF | &nbsp;&nbsp; 2744685615 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 8215814 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8841 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| INR | &nbsp;&nbsp; 45236313 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 507148 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (245) |
| INR | &nbsp;&nbsp; 555407000 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 6290356 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (66654) |
| KRW | &nbsp;&nbsp;11146436844 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 8111219 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(145146) |
| MXN | &nbsp;&nbsp; 9530072 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 512447 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3741 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MXN | &nbsp;&nbsp; 144431599 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 7789639 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 33378 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SGD | &nbsp;&nbsp; 565 | &nbsp;&nbsp;USD | &nbsp;&nbsp; 444 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3) |
| USD | &nbsp;&nbsp; 5567019 | &nbsp;&nbsp;CAD | &nbsp;&nbsp; 7650988 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 49662 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 8213684 | &nbsp;&nbsp;DKK | &nbsp;&nbsp; 51661363 | &nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 46542 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 5114179 | &nbsp;&nbsp;DKK | &nbsp;&nbsp; 32181188 | &nbsp;&nbsp;Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 26656 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 14761054 | &nbsp;&nbsp;DKK | &nbsp;&nbsp; 93324447 | &nbsp;&nbsp;Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7398 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 9739 | &nbsp;&nbsp;DKK | &nbsp;&nbsp; 61193 | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 3523692 | &nbsp;&nbsp;DKK | &nbsp;&nbsp; 22204571 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 13373 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 54188263 | &nbsp;&nbsp;DKK | &nbsp;&nbsp; 341242457 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;241264 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 14865608 | &nbsp;&nbsp;DKK | &nbsp;&nbsp; 93908649 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 19596 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 19099388 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 16131104 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 77610 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 7832024 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 5775586 | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 63656 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp; 8013286 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;11136063133 | &nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 54627 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;**$792104** | &nbsp;&nbsp;**$(251804)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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;8338 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;$910470520 | &nbsp;&nbsp;&nbsp;&nbsp;$1008749 |
| U.S. Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;2684 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312937625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5122538 |
| U.S. Ultra 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;1984 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (299373) |
| U.S. 2-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(4123) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(859226760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112884 |
| U.S. 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(484) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54450000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207087 |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** |
| **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 (continued)** |  |  |  |  |  |
| U.S. Ultra-Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;(1504) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;$(180574000) | &nbsp;&nbsp;&nbsp;&nbsp;$(2689490) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$3462395** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** | **Credit Default Swaps - Sell Protection (OTC)** |
| **Reference Entity** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount\*<br> (000's omitted)** | &nbsp;&nbsp;**Contract Annual<br> Fixed Rate\*\*** | &nbsp;&nbsp;**Current<br> Market<br> Annual<br> Fixed Rate\*\*\*** | &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. Single Family Rental | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;$3368 | &nbsp;&nbsp;7.85%<br> (pays annually) | &nbsp;&nbsp;7.70% | &nbsp;&nbsp;3/18/28 | &nbsp;&nbsp;$52461 | &nbsp;&nbsp;$4116 | &nbsp;&nbsp;$56577 |
| **Total** |  | &nbsp;&nbsp;**$3368** |  |  |  | &nbsp;&nbsp;**$52461** | &nbsp;&nbsp;**$4116** | &nbsp;&nbsp;**$56577** |

---

\* 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 September 30, 2025, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $3,368,000.

\*\* 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.

\*\*\* 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.

---

| | |
|:---|:---|
| **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 |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | – Australian Dollar |
| BRL | – Brazilian Real |
| CAD | – Canadian Dollar |
| CZK | – Czech Koruna |
| DKK | – Denmark Krone |
| EGP | – Egyptian Pound |
| EUR | – Euro |
| GBP | – British Pound Sterling |

---

---

| | |
|:---|:---|
| HUF | – Hungarian Forint |
| INR | – Indian Rupee |
| KRW | – South Korean Won |
| MXN | – Mexican Peso |
| SGD | – Singapore Dollar |
| USD | – United States Dollar |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $3,693,003,885) | &nbsp;&nbsp;$3738650460 |
| Affiliated investments, at value (identified cost $103,833,734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103831666 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4313823 |
| Deposits for forward commitment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858000 |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20329129 |
| &nbsp;&nbsp;&nbsp;OTC derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 |
| Foreign currency, at value (identified cost $994,521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999783 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28202634 |
| Interest and dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580156 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98434311 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7409891 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792104 |
| Receivable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56577 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457800 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26508 |
| **Total assets** | &nbsp;&nbsp;**$4006182842** |
| Liabilities |  |
| Cash collateral due to broker | &nbsp;&nbsp;$140000 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14423719 |
| Payable for when-issued/delayed delivery/forward commitment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600750017 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31693130 |
| Payable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771354 |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251804 |
| 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;4116 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26343 |
| 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;1146276 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67598 |
| &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;2558 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26508 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671944 |
| **Total liabilities** | &nbsp;&nbsp;**$649975367** |
| **Net Assets** | &nbsp;&nbsp;**$3356207475** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$3395783375 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39575900) |
| **Net Assets** | &nbsp;&nbsp;**$3356207475** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$163606091 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15421073 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.61 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$10.97 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$42376139 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3996394 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.60 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$2849954073 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268843066 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.60 |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$300271172 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28339233 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$10.60 |

---

---

| | |
|:---|:---|
| 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. |

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $49,387) | &nbsp;&nbsp;$1743928 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11865214 |
| Interest income (net of foreign taxes withheld of $143) | &nbsp;&nbsp;&nbsp;&nbsp;135823285 |
| Interest income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510821 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325459 |
| **Total investment income** | &nbsp;&nbsp;**$150268707** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$11764782 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349101 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403122 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108638 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633154 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679945 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191018 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124121 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340916 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230964 |
| **Total expenses** | &nbsp;&nbsp;**$15825761** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$2262783 |
| **Total expense reductions** | &nbsp;&nbsp;**$2262783** |
| **Net expenses** | &nbsp;&nbsp;**$13562978** |
| **Net investment income** | &nbsp;&nbsp;**$136705729** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(5193965) |
| &nbsp;&nbsp;&nbsp;Investment transactions - affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1531794) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19157553) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845798 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(374416) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277712 |
| **Net realized loss** | &nbsp;&nbsp;**$(22134218)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$38342541 |
| &nbsp;&nbsp;&nbsp;Investments - affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342746 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3441529 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52033 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17587 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567249 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$43763685** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$21629467** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$158335196** |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$136705729 | &nbsp;&nbsp;$84636513 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22134218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21083954 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43763685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98790126 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$158335196** | &nbsp;&nbsp;**$204510593** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(6902754) | &nbsp;&nbsp;$(5302124) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1688283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1534389) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121603465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76657891) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11208307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2453069) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(141402809)** | &nbsp;&nbsp;**$(85947473)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$42629705 | &nbsp;&nbsp;$25876463 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7319904 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816226095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950784874 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190873691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101717947 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$1052822186** | &nbsp;&nbsp;**$1085699188** |
| **Net increase in net assets** | &nbsp;&nbsp;**$1069754573** | &nbsp;&nbsp;**$1204262308** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$2286452902 | &nbsp;&nbsp;$1082190594 |
| **At end of year** | &nbsp;&nbsp;**$3356207475** | &nbsp;&nbsp;**$2286452902** |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

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;**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;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &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;$0.50 | &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;&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;**$0.50** | &nbsp;&nbsp;**$1.34** | &nbsp;&nbsp;**$0.10** | &nbsp;&nbsp;**$(1.69)** | &nbsp;&nbsp;**$0.90** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.51) | &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;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Total distributions** | &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 year** | &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;**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 year (000's omitted) | &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>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &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;0.72%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(5)</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;4.77% | &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;420%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85%<sup>(6)</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> 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> 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 0.02% 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>(6)</sup> Includes the effect of To-Be-Announced (TBA) transactions.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

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;**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;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &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;$0.42 | &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;&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;**$0.42** | &nbsp;&nbsp;**$1.27** | &nbsp;&nbsp;**$0.03** | &nbsp;&nbsp;**$(1.78)** | &nbsp;&nbsp;**$0.80** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.43) | &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;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Total distributions** | &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 year** | &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;**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 year (000's omitted) | &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>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &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;1.47%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%<sup>(5)</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;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;420%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85%<sup>(6)</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> 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> 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 0.02% 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>(6)</sup> Includes the effect of To-Be-Announced (TBA) transactions.

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

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;**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;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &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;$0.52 | &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;&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;**$0.53** | &nbsp;&nbsp;**$1.37** | &nbsp;&nbsp;**$0.13** | &nbsp;&nbsp;**$(1.67)** | &nbsp;&nbsp;**$0.93** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.54) | &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;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Total distributions** | &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 year** | &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;**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 year (000's omitted) | &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>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &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;0.47%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%<sup>(4)</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;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;420%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85%<sup>(5)</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> 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>(4)</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 0.02% 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>(5)</sup> Includes the effect of To-Be-Announced (TBA) transactions.

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** |
|  | &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;**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;$10.61 | &nbsp;&nbsp;$9.82 | &nbsp;&nbsp;$10.19 |
| Income (Loss) From Operations |  |  |  |
| Net investment income<sup>(2)</sup> | &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;&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;**$0.53** | &nbsp;&nbsp;**$1.37** | &nbsp;&nbsp;**$(0.22)** |
| Less Distributions |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;$(0.15) |
| **Total distributions** | &nbsp;&nbsp;**$(0.54)** | &nbsp;&nbsp;**$(0.58)** | &nbsp;&nbsp;**$(0.15)** |
| **Net asset value — End of period** | &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;**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;$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;0.49% | &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;0.41%<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;5.07% | &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;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 0.02% 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.

*24*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Notes to Financial Statements

------

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_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Notes to Financial Statements — 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. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note.

D Federal 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 September 30, 2025, 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 September 30, 2025, 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, 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

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[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

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.

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 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 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.

M 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.

N Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, 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.

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.

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[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

The tax character of distributions declared for the years ended September 30, 2025 and September 30, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$141402809 | &nbsp;&nbsp;&nbsp;&nbsp;$85947473 |

---

During the year ended September 30, 2025, accumulated loss was increased by $800,982 and paid-in capital was increased by $800,982 due to the Fund's use of equalization accounting and differences between book and tax accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder's portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of September 30, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;$(78794079) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39244522 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26343) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(39575900)** |

---

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 September 30, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$3803254731** |
| Gross unrealized appreciation | &nbsp;&nbsp;$64857503 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25630108) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$39227395** |

---

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 year ended September 30, 2025, the investment adviser fee amounted to $11,764,782 or 0.43% of the Fund's average daily net assets.

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[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Notes to Financial Statements — continued

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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 year ended September 30, 2025, the investment adviser fee paid was reduced by $572,987 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, 2026. Pursuant to this agreement, EVM waived and/or reimbursed $1,689,796 of the Fund's operating expenses for the year ended September 30, 2025.

EVM serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended September 30, 2025, EVM earned $10,781 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 $26,503 as its portion of the sales charge on sales of Class A shares for the year ended September 30, 2025. 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 year ended September 30, 2025 amounted to $349,101 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended September 30, 2025, the Fund paid or accrued to EVD $302,342 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended September 30, 2025 amounted to $100,780 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 year ended September 30, 2025, the Fund was informed that EVD received $2,462 and $7,600 of CDSCs paid by Class A and Class C shareholders, respectively.

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[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Notes to Financial Statements — continued

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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 year ended September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| Investments (non-U.S. Government) | &nbsp;&nbsp;&nbsp;&nbsp;$2148859982 | &nbsp;&nbsp;&nbsp;&nbsp;$1460262277 |
| U.S. Government and Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12337130943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11689767756 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**$14485990925** | &nbsp;&nbsp;&nbsp;&nbsp;**$13150030033** |

---

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;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &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; 6762205 | &nbsp;&nbsp;&nbsp;&nbsp;$70366884 | &nbsp;&nbsp;&nbsp;&nbsp; 4481746 | &nbsp;&nbsp;&nbsp;&nbsp;$46160619 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 642081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6690989 | &nbsp;&nbsp;&nbsp;&nbsp; 504133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5164011 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (3317915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34428168) | &nbsp;&nbsp;&nbsp;&nbsp; (2493912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25448167) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **4086371** | &nbsp;&nbsp;&nbsp;&nbsp;**$42629705** | &nbsp;&nbsp;&nbsp;&nbsp; **2491967** | &nbsp;&nbsp;&nbsp;&nbsp;**$25876463** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 1215193 | &nbsp;&nbsp;&nbsp;&nbsp;$12648673 | &nbsp;&nbsp;&nbsp;&nbsp; 1542628 | &nbsp;&nbsp;&nbsp;&nbsp;$15890780 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 162042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1686671 | &nbsp;&nbsp;&nbsp;&nbsp; 149817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1533035 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (1083448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11242649) | &nbsp;&nbsp;&nbsp;&nbsp; (988050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10103911) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **293787** | &nbsp;&nbsp;&nbsp;&nbsp;**$3092695** | &nbsp;&nbsp;&nbsp;&nbsp; **704395** | &nbsp;&nbsp;&nbsp;&nbsp;**$7319904** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;164638914 | &nbsp;&nbsp;&nbsp;&nbsp;$1710722644 | &nbsp;&nbsp;&nbsp;&nbsp;132704474 | &nbsp;&nbsp;&nbsp;&nbsp;$1362527056 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 11661231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121442577 | &nbsp;&nbsp;&nbsp;&nbsp; 7466773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76593137 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(97984148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1015939126) | &nbsp;&nbsp;&nbsp;&nbsp;(47966057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (488335319) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **78315997** | &nbsp;&nbsp;&nbsp;&nbsp;**$816226095** | &nbsp;&nbsp;&nbsp;&nbsp; **92205190** | &nbsp;&nbsp;&nbsp;&nbsp;**$950784874** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 21171360 | &nbsp;&nbsp;&nbsp;&nbsp;$219328488 | &nbsp;&nbsp;&nbsp;&nbsp; 10334376 | &nbsp;&nbsp;&nbsp;&nbsp;$106066854 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1075878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11207890 | &nbsp;&nbsp;&nbsp;&nbsp; 237361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2453049 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (3824878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39662687) | &nbsp;&nbsp;&nbsp;&nbsp; (659842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6801956) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **18422360** | &nbsp;&nbsp;&nbsp;&nbsp;**$190873691** | &nbsp;&nbsp;&nbsp;&nbsp; **9911895** | &nbsp;&nbsp;&nbsp;&nbsp;**$101717947** |

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[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Notes to Financial Statements — continued

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8 Restricted Securities

At September 30, 2025, the Fund owned the following security (representing 0.1% 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;106272 | &nbsp;&nbsp;&nbsp;&nbsp;$638168 | &nbsp;&nbsp;&nbsp;&nbsp;$1859760 |
| **Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$638168** | &nbsp;&nbsp;&nbsp;&nbsp;**$1859760** |

---

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 September 30, 2025 is included in the Portfolio of Investments. At September 30, 2025, 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 options on futures contracts to seek to hedge against fluctuations in interest rates and/or to change the effective duration of its portfolio.

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

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 September 30, 2025, the fair value of derivatives with credit-related contingent features in a net liability position was $251,804. The aggregate fair value of assets pledged as collateral by the Fund for such liability was $2,472,895 at September 30, 2025.

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_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Notes to Financial Statements — continued

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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 September 30, 2025 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 September 30, 2025.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at September 30, 2025 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6451258 | &nbsp;&nbsp;$6451258 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792104 |
| Receivable for open swap contracts; Upfront receipts on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;52461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52461 |
| **Total Asset Derivatives** | &nbsp;&nbsp;**$52461** | &nbsp;&nbsp;**$792104** | &nbsp;&nbsp;**$6451258** | &nbsp;&nbsp;**$7295823** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$6451258** | &nbsp;&nbsp;**$6451258** |
| **Total Asset Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$52461** | &nbsp;&nbsp;**$792104** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$844565** |
| Accumulated loss<sup>(1)</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(2988863) | &nbsp;&nbsp;$(2988863) |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(251804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251804) |
| **Total Liability Derivatives** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(251804)** | &nbsp;&nbsp;**$(2988863)** | &nbsp;&nbsp;**$(3240667)** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(2988863)** | &nbsp;&nbsp;**$(2988863)** |
| **Total Liability Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(251804)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(251804)** |

---

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

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 September 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Bank of America, N.A. | &nbsp;&nbsp;&nbsp;$136490 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(136490) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$140000 |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &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;61937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(61937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;239733 | &nbsp;&nbsp;&nbsp;&nbsp;(211800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;269701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;232058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;**$844565** | &nbsp;&nbsp;&nbsp;**$(250290)** | &nbsp;&nbsp;&nbsp;**$(61937)** | &nbsp;&nbsp;&nbsp;**$(136490)** | &nbsp;&nbsp;&nbsp;**$395848** | &nbsp;&nbsp;&nbsp;**$140000** |

---

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Notes to Financial Statements — 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** |
| BNP Paribas | &nbsp;&nbsp;&nbsp;$(1893) | &nbsp;&nbsp;&nbsp;$379 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1514 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$70000 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;(211800) | &nbsp;&nbsp;&nbsp;&nbsp;211800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37643 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;**$(251804)** | &nbsp;&nbsp;&nbsp;**$250290** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$1514** | &nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;**$100000** |
| **Total — Deposits for derivatives collateral — OTC derivatives** | **Total — Deposits for derivatives collateral — OTC derivatives** | **Total — Deposits for derivatives collateral — OTC derivatives** |  |  |  | &nbsp;&nbsp;&nbsp;**$240000** |

---

<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 year ended September 30, 2025 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;$(19157553) | &nbsp;&nbsp;$(19157553) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;1845798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845798 |
| &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;2277712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277712 |
| **Total** | &nbsp;&nbsp;**$1845798** | &nbsp;&nbsp;**$2277712** | &nbsp;&nbsp;**$(19157553)** | &nbsp;&nbsp;**$(15034043)** |
| Change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3441529 | &nbsp;&nbsp;$3441529 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52033 |
| &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;&nbsp;&nbsp;&nbsp;567249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567249 |
| **Total** | &nbsp;&nbsp;**$52033** | &nbsp;&nbsp;**$567249** | &nbsp;&nbsp;**$3441529** | &nbsp;&nbsp;**$4060811** |

---

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended September 30, 2025, 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** |
| $880570000 | &nbsp;&nbsp;&nbsp;&nbsp;$197464000 | &nbsp;&nbsp;&nbsp;&nbsp;$54428000 | &nbsp;&nbsp;&nbsp;&nbsp;$8374000 |

---

<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_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Notes to Financial Statements — 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 21, 2025. 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 2024, 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 year ended September 30, 2025. Effective October 21, 2025, the Fund renewed its line of credit agreement, which expires October 20, 2026, at substantially the same terms.

11 Affiliated Investments

At September 30, 2025, the value of the Fund's investment in issuers and funds that may be deemed to be affiliated was $103,831,666, which represents 3.1% of the Fund's net assets. Transactions in such investments by the Fund for the year ended September 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Interest/<br> Dividend<br> income** | **Principal 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** |
| Eaton Vance Emerging Markets Debt Opportunities Fund | $— | $16000000 | $— | $— | $185342 | $16185342 | $322562 | &nbsp;&nbsp;&nbsp;&nbsp; 1950041 |
| Eaton Vance Emerging Markets Local Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32185000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 408084 | &nbsp;&nbsp;&nbsp; 32593084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751393 | &nbsp;&nbsp;&nbsp;&nbsp; 9419966 |
| Eaton Vance Floating-Rate Advantage Fund, Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11900000 | &nbsp;&nbsp;&nbsp;&nbsp; (11532203) | &nbsp;&nbsp;&nbsp;&nbsp; (367797) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367955 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Eaton Vance Floating-Rate Fund, Class R6 | &nbsp;&nbsp;&nbsp; 35324903 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34336003) | &nbsp;&nbsp;&nbsp;(1163997) | &nbsp;&nbsp;&nbsp; 175097 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1382686 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Eaton Vance Global Macro Absolute Return Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16100000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 158776 | &nbsp;&nbsp;&nbsp; 16258776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216252 | &nbsp;&nbsp;&nbsp;&nbsp; 1862403 |
| **Commercial Mortgage-Backed Securities** |  |  |  |  |  |  |  |  |
| Morgan Stanley Bank of America Merrill Lynch Trust: |  |  |  |  |  |  |  |  |
| Series 2016-C29, Class C, 4.872%, 5/15/49 | &nbsp;&nbsp;&nbsp; 3964000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57436) | &nbsp;&nbsp;&nbsp; 3906564 | &nbsp;&nbsp;&nbsp; 200689 | $4198800 |
| Series 2016-C29, Class D, 3.00%, 5/15/49 | &nbsp;&nbsp;&nbsp; 2603378 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (297696) | &nbsp;&nbsp;&nbsp; 2322088 | &nbsp;&nbsp;&nbsp; 107836 | $3047635 |
| Series 2016-C32, Class D, 3.396%, 12/15/49 | &nbsp;&nbsp;&nbsp; 3521904 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 585230 | &nbsp;&nbsp;&nbsp; 4139630 | &nbsp;&nbsp;&nbsp; 202296 | $5000000 |

---

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Interest/<br> Dividend<br> income** | **Principal amount ($)/<br> Shares, end<br> of period** |
| **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 Short Duration Income ETF | $— | $13184576 | $— | $— | $180724 | $13365300 | $367002 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 |
| Eaton Vance Ultra-Short Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1269500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4625 | &nbsp;&nbsp;&nbsp; 1274125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56844 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | &nbsp;&nbsp;&nbsp;313416827 | &nbsp;&nbsp;&nbsp;1391007738 | &nbsp;&nbsp;&nbsp;(1690637808) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13786757 | &nbsp;&nbsp;&nbsp;&nbsp;8400520 | &nbsp;&nbsp;&nbsp;&nbsp;13786757 |
| **Total** |  |  |  | **$(1531794)** | **$1342746** | **$103831666** | **$12376035** |  |

---

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 September 30, 2025, 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;$65037202 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$65037202 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400314347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400314347 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160791447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160791447 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232853429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232853429 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 1329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1859760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1861089 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23718405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23718405 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 966343616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 966343616 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 56755725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56755725 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 6015733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6015733 |
| Senior Floating-Rate Loans | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35463711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35463711 |
| Sovereign Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22645341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22645341 |
| U.S. Government Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 742862761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 742862761 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111564115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111564115 |
| 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; 13786757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13786757 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2468448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2468448 |
| **Total Investments** | &nbsp;&nbsp;**$141596746** | &nbsp;&nbsp;&nbsp;&nbsp;**$3700885380** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$3842482126** |

---

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[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Notes to Financial Statements — 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** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$792104 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$792104 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 6451258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6451258 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52461 |
| **Total** | &nbsp;&nbsp;**$148048004** | &nbsp;&nbsp;&nbsp;&nbsp;**$3701729945** | &nbsp;&nbsp;&nbsp;&nbsp;**$0** | &nbsp;&nbsp;&nbsp;&nbsp;**$3849777949** |
| **Liability Description** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(251804) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(251804) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2988863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2988863) |
| **Total** | &nbsp;&nbsp;**$(2988863)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(251804)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3240667)** |

---

\* 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 year ended September 30, 2025 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_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance Total Return Bond Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Total Return Bond Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, including the portfolio of investments, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of September 30, 2025, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 21, 2025

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

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and 163(j) interest dividends.

**Qualified Dividend Income. For the fiscal year ended September 30, 2025, the Fund designates approximately $121,400, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**163(j) Interest Dividends. For the fiscal year ended September 30, 2025, the Fund designates 88.57% of distributions from net investment income as a 163(j) interest dividend.**

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Board of Trustees' Contract Approval

------

Overview of the Contract Review Process

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

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

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

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

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

In*formation about Portfolio Management and Trading*

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

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

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

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup> Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

------

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

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

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

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

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

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

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

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

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

------

Results of the Contract Review Process

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

*Nature, Extent and Quality of Services*

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

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

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

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

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

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a customized peer group of similarly managed funds. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund's peer group for the three-year period and consistent with the median performance of the Fund's custom peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary performance benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to requests from the Contract Review Committee regarding the Fund's total expense ratio relative to comparable funds.

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

*Profitability and "Fall-Out" Benefits*

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

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

Eaton Vance

Total Return Bond Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

------

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

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

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

------

[**Table of Contents**](#JOB_EV_AR_2160e23e-ce45-4f3b-8f28-e3c95abe6999_TOC)

EBABX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;9.30.25

------

## Eaton Vance

## Municipal Income Funds

## Annual Financial Statements and Additional Information
September 30, 2025

------

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

![](g90262imgf33d06331.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.**

------

#### Annual Financial Statements and Additional Information September 30, 2025
Eaton Vance

Municipal Income Funds

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_ba24440b-b8f0-4853-b188-1714d6ae66f9_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_0bd49c12-eab1-4c51-90a2-a9c61654694a_1) | [Items 6 and 7 of Form N-CSR:](#xx_0bd49c12-eab1-4c51-90a2-a9c61654694a_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolios of Investments](#xx_0bd49c12-eab1-4c51-90a2-a9c61654694a_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolios of Investments](#xx_0bd49c12-eab1-4c51-90a2-a9c61654694a_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[AMT-Free Municipal Income Fund](#xx_0bd49c12-eab1-4c51-90a2-a9c61654694a_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[National Municipal Income Fund](#xx_0bd49c12-eab1-4c51-90a2-a9c61654694a_5) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_5ba26efc-0e01-40b6-9ce5-15aaaa152db8_1) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_5ba26efc-0e01-40b6-9ce5-15aaaa152db8_2) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_5ba26efc-0e01-40b6-9ce5-15aaaa152db8_3) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_bec6c99b-1a01-443d-9700-fd3875bb32b5_1) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_a30eabab-ecd9-46d0-941a-6ea7e246c2be_1) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_c30f3a97-6390-41e8-9d7d-5905e6eed407_1) | 37 |
| [Federal Tax Information](#xx_a64577ec-4dc8-460e-beeb-ab05e7edb090_1) | 39 |
| [Item 11 of Form N-CSR:](#xx_564d20b5-5f81-429c-bcc9-4b2afb8bfa5b_1) | [Item 11 of Form N-CSR:](#xx_564d20b5-5f81-429c-bcc9-4b2afb8bfa5b_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_564d20b5-5f81-429c-bcc9-4b2afb8bfa5b_1) | 40 |

---

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

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[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2025

Portfolio of Investments

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Tax-Exempt Municipal Obligations — 102.0%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 1.7% | Education — 1.7% | Education — 1.7% |
| District of Columbia, (KIPP DC), 4.00%, 7/1/44 | $&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;$91972 |
| Florida Development Finance Corp., (River City Science Academy), 4.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 21201 |
| Georgia Private Colleges and Universities Authority, (Savannah College of Art and Design): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/40 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1384541 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/44 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1418619 |
| University of Delaware, (SPA: TD Bank, N.A.), 3.90%, 11/1/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 |
|  |  | &nbsp;&nbsp;**$3016333** |
| Electric Utilities — 3.5% | Electric Utilities — 3.5% | Electric Utilities — 3.5% |
| Douglas County Public Utility District No. 1, WA, 3.00%, 9/1/52 | $1355 | &nbsp;&nbsp;$988832 |
| Philadelphia, PA, Gas Works Revenue, 5.25%, 8/1/49 | 2370 | &nbsp;&nbsp;&nbsp;&nbsp; 2483046 |
| Seattle, WA, Municipal Light and Power Revenue, 5.25%, 2/1/50 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068898 |
| South Carolina Public Service Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1066107 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 579927 |
|  |  | &nbsp;&nbsp;**$6186810** |
| 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 | $3000 | &nbsp;&nbsp;$3242530 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program), Prerefunded to 12/15/28, 5.00%, 6/15/50 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2706135 |
|  |  | &nbsp;&nbsp;**$5948665** |
| General Obligations — 18.7% | General Obligations — 18.7% | General Obligations — 18.7% |
| Belmont-Redwood Shores School District, CA, (Election of 2024), 5.00%, 8/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;$299163 |
| Beverly Hills Unified School District, CA, (Election of 2018): |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 8/1/42 | 1110 | &nbsp;&nbsp;&nbsp;&nbsp; 983032 |
| &nbsp;&nbsp;&nbsp;3.25%, 8/1/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 856716 |
| Chicago Board of Education, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 368307 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/44 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1845129 |
| Chicago, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/39 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1404562 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 970403 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Falls Church, VA, 3.00%, 7/15/42 | $1445 | &nbsp;&nbsp;$1223090 |
| Foothill-De Anza Community College District, CA, (Election of 2020), 5.00%, 8/1/43 | 1460 | &nbsp;&nbsp;&nbsp;&nbsp; 1605644 |
| Houston, TX, 4.125%, 3/1/51 | 1510 | &nbsp;&nbsp;&nbsp;&nbsp; 1406523 |
| Illinois: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 933341 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 217685 |
| &nbsp;&nbsp;&nbsp;5.50%, 3/1/42 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2450028 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 220248 |
| Lubbock Independent School District, TX, (PSF Guaranteed), 5.25%, 2/15/50 | 2285 | &nbsp;&nbsp;&nbsp;&nbsp; 2434657 |
| Mt. San Antonio Community College District, CA, (Election of 2024), 5.25%, 8/1/55 | 1605 | &nbsp;&nbsp;&nbsp;&nbsp; 1737738 |
| New York, NY: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/46 | 1995 | &nbsp;&nbsp;&nbsp;&nbsp; 1841065 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/50 | 1775 | &nbsp;&nbsp;&nbsp;&nbsp; 1607491 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/53 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038138 |
| Northshore School District No. 417, WA, 5.00%, 12/1/43<sup>(2)</sup> | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1607176 |
| Northside Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/50 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1567339 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/50 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044709 |
| Philadelphia, PA, 5.25%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 543189 |
| Rio Hondo Community College District, CA, (Election of 2024), 5.00%, 8/1/44 | 1190 | &nbsp;&nbsp;&nbsp;&nbsp; 1287986 |
| Sherman Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/53 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3107120 |
|  |  | &nbsp;&nbsp;**$32600479** |
| Hospital — 8.3% | Hospital — 8.3% | Hospital — 8.3% |
| Brevard County Health Facilities Authority, FL, (Health First Obligated Group), 5.00%, 4/1/47 | $2500 | &nbsp;&nbsp;$2509279 |
| California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.25%, 12/1/34 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3002117 |
| Colorado Health Facilities Authority, (CommonSpirit Health), 5.25%, 11/1/52 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024717 |
| Delaware Health Facilities Authority, (Beebe Medical Center): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/36 | 3370 | &nbsp;&nbsp;&nbsp;&nbsp; 3422708 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111291 |
| Fairfax County Industrial Development Authority, VA, (Inova Health System), 4.00%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 466863 |
| Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 4.00%, 1/15/39 | 1110 | &nbsp;&nbsp;&nbsp;&nbsp; 1081260 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| South Carolina Jobs-Economic Development Authority, (McLeod Health), 4.25%, 11/1/54 | $1440 | &nbsp;&nbsp;$1328548 |
| St. Paul Housing and Redevelopment Authority, MN, (Children's Health Care), 5.00%, 8/15/42 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1580488 |
|  |  | &nbsp;&nbsp;**$14527271** |
| Housing — 5.3% | Housing — 5.3% | Housing — 5.3% |
| Cuyahoga Metropolitan Housing Authority, OH, Social Bonds, 2.00%, 12/1/31 | $1250 | &nbsp;&nbsp;$1124904 |
| FW Texas Street Public Facility Corp., TX, (River District), 5.00%, 5/1/38 | 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1467924 |
| Massachusetts Housing Finance Agency, (FHLMC), (FNMA), (GNMA), Social Bonds, 4.95%, 12/1/53 | 2460 | &nbsp;&nbsp;&nbsp;&nbsp; 2505557 |
| Pennsylvania Housing Finance Agency, SFMR, Social Bonds, 5.15%, 10/1/45 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2034282 |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 505378 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1252202 |
| Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 |
|  |  | &nbsp;&nbsp;**$9175247** |
| Insured - Education — 0.8% | Insured - Education — 0.8% | Insured - Education — 0.8% |
| Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31 | $1250 | &nbsp;&nbsp;$1362629 |
|  |  | &nbsp;&nbsp;**$1362629** |
| 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 | $2865 | &nbsp;&nbsp;$2576950 |
|  |  | &nbsp;&nbsp;**$2576950** |
| Insured - General Obligations — 1.2% | Insured - General Obligations — 1.2% | Insured - General Obligations — 1.2% |
| Rhode Island Health and Educational Building Corp., (AG), 5.25%, 5/15/46 | $2000 | &nbsp;&nbsp;$2121310 |
|  |  | &nbsp;&nbsp;**$2121310** |
| Insured - Hospital — 1.2% | Insured - Hospital — 1.2% | Insured - Hospital — 1.2% |
| New York Dormitory Authority, (White Plains Hospital Obligated Group), (AG), 5.50%, 10/1/54 | $2000 | &nbsp;&nbsp;$2093451 |
|  |  | &nbsp;&nbsp;**$2093451** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| 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 | $8680 | &nbsp;&nbsp;$7339536 |
|  |  | &nbsp;&nbsp;**$7339536** |
| 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 | $1155 | &nbsp;&nbsp;$1077522 |
|  |  | &nbsp;&nbsp;**$1077522** |
| Insured - Special Tax Revenue — 9.1% | Insured - Special Tax Revenue — 9.1% | Insured - Special Tax Revenue — 9.1% |
| Harris County-Houston Sports Authority, TX, (AG), (NPFG), 0.00%, 11/15/34 | $10600 | &nbsp;&nbsp;$6872405 |
| Massachusetts, Dedicated Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.50%, 1/1/27 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6230330 |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.50%, 1/1/30 | 2565 | &nbsp;&nbsp;&nbsp;&nbsp; 2875746 |
|  |  | &nbsp;&nbsp;**$15978481** |
| Insured - Transportation — 8.7% | Insured - Transportation — 8.7% | Insured - Transportation — 8.7% |
| E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39 | $7120 | &nbsp;&nbsp;$3559578 |
| Pennsylvania Turnpike Commission, (AG), 6.375%, 12/1/38 | 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11652170 |
|  |  | &nbsp;&nbsp;**$15211748** |
| Lease Revenue/Certificates of Participation — 4.8% | Lease Revenue/Certificates of Participation — 4.8% | Lease Revenue/Certificates of Participation — 4.8% |
| Michigan Building Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/15/41 | $2000 | &nbsp;&nbsp;$2163712 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/15/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072781 |
| National Finance Authority, NH, (Centurion BioSquare, Inc.), 5.88%, 12/15/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017532 |
| New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4188569 |
|  |  | &nbsp;&nbsp;**$8442594** |
| Other Revenue — 7.5% | Other Revenue — 7.5% | Other Revenue — 7.5% |
| Black Belt Energy Gas District, AL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | $1070 | &nbsp;&nbsp;$1118335 |
| &nbsp;&nbsp;&nbsp;5.00% to 5/1/35 (Put Date), 12/1/55 | 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1456103 |
| Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1367627 |
| California Community Choice Financing Authority, Clean Energy Project Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 8/1/29 (Put Date), 12/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 798620 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 12/1/32 (Put Date), 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 370847 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25% to 4/1/30 (Put Date), 11/1/54 | 1660 | &nbsp;&nbsp;&nbsp;&nbsp; 1800753 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Other Revenue (continued) | Other Revenue (continued) | Other Revenue (continued) |
| Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35<sup>(3)</sup> | $1200 | &nbsp;&nbsp;$468000 |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 12/1/30 (Put Date), 5/1/54 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1607678 |
| Southeast Energy Authority, AL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 6/1/35 (Put Date), 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105654 |
| &nbsp;&nbsp;&nbsp;5.25% to 11/1/35 (Put Date), 11/1/55 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2222671 |
| Tennessee Energy Acquisition Corp., 5.00%, 12/1/35 | 1665 | &nbsp;&nbsp;&nbsp;&nbsp; 1802161 |
|  |  | &nbsp;&nbsp;**$13118449** |
| Senior Living/Life Care — 3.7% | Senior Living/Life Care — 3.7% | Senior Living/Life Care — 3.7% |
| Manhattan, KS, (Meadowlark Hills), 4.00%, 6/1/46 | $1180 | &nbsp;&nbsp;$955502 |
| National Finance Authority, NH, (The Vista): |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/46<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 357835 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/54<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 764140 |
| New Hope Cultural Education Facilities Finance Corp., TX, (The Outlook at Windhaven), 6.75%, 10/1/52 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 994818 |
| St. Louis County Industrial Development Authority, MO, (St. Andrew's Resources for Seniors Obligated Group), 5.00%, 12/1/35 | 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1672047 |
| Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/30<sup>(4)</sup> | 1730 | &nbsp;&nbsp;&nbsp;&nbsp; 1748262 |
|  |  | &nbsp;&nbsp;**$6492604** |
| Special Tax Revenue — 8.7% | Special Tax Revenue — 8.7% | Special Tax Revenue — 8.7% |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), 4.00%, 6/15/50 | $5000 | &nbsp;&nbsp;$4257434 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/45 | 1380 | &nbsp;&nbsp;&nbsp;&nbsp; 1298258 |
| &nbsp;&nbsp;&nbsp;5.50%, 11/1/45<sup>(5)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2151620 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/50 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1638340 |
| Puerto Rico Sales Tax Financing Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 7/1/51 | 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 1131963 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/58 | 2817 | &nbsp;&nbsp;&nbsp;&nbsp; 2722893 |
| Tampa, FL, (Central and Lower Basin Stormwater Improvements), 5.00%, 5/1/46 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2065075 |
|  |  | &nbsp;&nbsp;**$15265583** |
| Transportation — 5.6% | Transportation — 5.6% | Transportation — 5.6% |
| Denver City and County, CO, Airport System Revenue, 5.25%, 11/15/53 | $2000 | &nbsp;&nbsp;$2083889 |
| Metropolitan Transportation Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 11/15/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059264 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.75%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 224000 |
| New Jersey Turnpike Authority, 5.25%, 1/1/52 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052619 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), 4.00%, 12/1/42 | $2400 | &nbsp;&nbsp;$2230844 |
| Port Authority of New York and New Jersey, 5.00%, 1/15/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097093 |
| South Jersey Transportation Authority, NJ, 4.625%, 11/1/47 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1495695 |
| Texas Transportation Commission, 0.00%, 8/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 499329 |
|  |  | &nbsp;&nbsp;**$9742733** |
| Water and Sewer — 3.5% | Water and Sewer — 3.5% | Water and Sewer — 3.5% |
| Honolulu City and County, HI, Wastewater System Revenue, Green Bonds, 5.25%, 7/1/48 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$538534 |
| Metropolitan Government of Nashville and Davidson County, TN, Water and Sewer Revenue, 5.00%, 7/1/50 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1569186 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/51 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1843083 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/52<sup>(5)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048240 |
| South Jordan, UT, Water Revenue, 5.00%, 11/1/42<sup>(2)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078892 |
|  |  | &nbsp;&nbsp;**$6077935** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $174,248,427) |  | &nbsp;&nbsp;**$178356330** |
| Total Investments — 102.0%<br> (identified cost $174,248,427) |  | &nbsp;&nbsp;**$178356330** |
| Other Assets, Less Liabilities — (2.0)% |  | &nbsp;&nbsp;**$(3488629)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$174867701** |

---

---

| | |
|:---|:---|
| 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 September 30, 2025. |
| <sup>(2)</sup> | When-issued security. |
| <sup>(3)</sup> | Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy and is non-income producing. |
| <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 September 30, 2025, the aggregate value of these securities is $2,870,237 or 1.6% of the Fund's net assets. |
| <sup>(5)</sup> | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2025

Portfolio of Investments — continued

------

At September 30, 2025, 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;New York | 11.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California | 11.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 67.7% |

---

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 September 30, 2025, 26.8% 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 13.2% to 17.5% of total investments.

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty, Inc. |
| 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_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

National Municipal Income Fund

September 30, 2025

Portfolio of Investments

------

Corporate Bonds — 0.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital — 0.2% | Hospital — 0.2% | Hospital — 0.2% |
| UPMC, 1.803%, 4/15/26 | $7300 | &nbsp;&nbsp;$7183421 |
| Total Corporate Bonds<br> (identified cost $6,638,328) |  | &nbsp;&nbsp;**$7183421** |

---

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

Tax-Exempt Municipal Obligations — 98.6%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Bond Bank — 1.9% | Bond Bank — 1.9% | Bond Bank — 1.9% |
| New York State Environmental Facilities Corp., (State Revolving Fund): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 9/15/47 | $9360 | &nbsp;&nbsp;$9689242 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 9/15/52 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10466752 |
| Ohio Water Development Authority, Water Pollution Control Loan Fund, (Liq: TD Bank, N.A.), 3.90%, 12/1/54<sup>(1)</sup> | 39625 | &nbsp;&nbsp;&nbsp;&nbsp; 39625000 |
| Oklahoma Water Resources Board, 4.00%, 10/1/54 | 1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1190359 |
| Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32 | 8300 | &nbsp;&nbsp;&nbsp;&nbsp; 9244212 |
| Texas Water Development Board, 4.00%, 10/15/49 | 6950 | &nbsp;&nbsp;&nbsp;&nbsp; 6309766 |
|  |  | &nbsp;&nbsp;**$76525331** |
| Cogeneration — 0.2% | Cogeneration — 0.2% | Cogeneration — 0.2% |
| Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 6/30/27<sup>(2)</sup> | $14652 | &nbsp;&nbsp;$6447019 |
|  |  | &nbsp;&nbsp;**$6447019** |
| Education — 4.3% | Education — 4.3% | Education — 4.3% |
| California Educational Facilities Authority, (University of Southern California)), 5.00%, 10/1/55 | $16625 | &nbsp;&nbsp;$17475470 |
| Clemson University, SC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/40 | 6185 | &nbsp;&nbsp;&nbsp;&nbsp; 6113746 |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/41 | 7815 | &nbsp;&nbsp;&nbsp;&nbsp; 7615589 |
| Colorado State University, 5.25%, 3/1/50 | 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1307838 |
| Florida Development Finance Corp., (River City Science Academy), 4.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 38161 |
| Louisiana Public Facilities Authority, (Acadiana Renaissance Charter Academy), 6.15%, 6/15/55<sup>(3)</sup> | 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7088406 |
| Massachusetts Development Finance Agency, (Harvard University), 5.00% to 11/15/35 (Put Date), 5/15/55 | 6805 | &nbsp;&nbsp;&nbsp;&nbsp; 7907549 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education (continued) | Education (continued) | Education (continued) |
| Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board, TN, (Vanderbilt University), 5.00%, 10/1/49 | $1365 | &nbsp;&nbsp;$1435833 |
| Missouri Health and Educational Facilities Authority, (St. Louis University), (LOC: Barclays Bank PLC), 3.65%, 10/1/35<sup>(1)</sup> | 5965 | &nbsp;&nbsp;&nbsp;&nbsp; 5965000 |
| Monroe County Industrial Development Corp., NY, (University of Rochester), 4.00%, 7/1/50 | 3205 | &nbsp;&nbsp;&nbsp;&nbsp; 2913679 |
| New York Dormitory Authority, (New York University), 5.00%, 7/1/49 | 9060 | &nbsp;&nbsp;&nbsp;&nbsp; 9200783 |
| Ohio State University, 5.25%, 12/1/46 | 14315 | &nbsp;&nbsp;&nbsp;&nbsp; 15393771 |
| Oregon State University: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/44 | 4465 | &nbsp;&nbsp;&nbsp;&nbsp; 4316020 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/45 | 6580 | &nbsp;&nbsp;&nbsp;&nbsp; 7061531 |
| Pennsylvania Economic Development Financing Authority, (Villanova University), 4.00%, 8/1/54 | 5235 | &nbsp;&nbsp;&nbsp;&nbsp; 4742593 |
| Private Colleges and Universities Authority, GA, (Emory University): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 9/1/42 | 2770 | &nbsp;&nbsp;&nbsp;&nbsp; 3051598 |
| &nbsp;&nbsp;&nbsp;5.25%, 9/1/43 | 2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2352389 |
| Texas Tech University System, 4.00%, 2/15/44 | 11525 | &nbsp;&nbsp;&nbsp;&nbsp; 10883933 |
| University of Alabama: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/43 | 4250 | &nbsp;&nbsp;&nbsp;&nbsp; 4020256 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/44 | 6290 | &nbsp;&nbsp;&nbsp;&nbsp; 5897788 |
| University of Arkansas: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/44 | 2925 | &nbsp;&nbsp;&nbsp;&nbsp; 3082181 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/45 | 1505 | &nbsp;&nbsp;&nbsp;&nbsp; 1553077 |
| University of Cincinnati, OH: |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/46 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2652303 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/1/47 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3713653 |
| University of Massachusetts Building Authority, 5.00%, 11/1/50 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6215234 |
| University of Oregon: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/48 | 9715 | &nbsp;&nbsp;&nbsp;&nbsp; 9832936 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/50 | 9385 | &nbsp;&nbsp;&nbsp;&nbsp; 9538295 |
| Vermont Educational and Health Buildings Financing Agency, (Middlebury College), 4.00%, 11/1/50 | 3170 | &nbsp;&nbsp;&nbsp;&nbsp; 2800299 |
| Washington Housing Finance Commission, (Evergreen School), 4.50%, 7/1/55 | 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 11884318 |
|  |  | &nbsp;&nbsp;**$176054229** |
| Electric Utilities — 3.5% | Electric Utilities — 3.5% | Electric Utilities — 3.5% |
| Energy Northwest, WA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/40 | $3000 | &nbsp;&nbsp;$3314355 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | 2945 | &nbsp;&nbsp;&nbsp;&nbsp; 3220067 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | 2720 | &nbsp;&nbsp;&nbsp;&nbsp; 2938174 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/43 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2463792 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

National Municipal Income Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) |
| Fayetteville, NC, Public Works Commission Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 3/1/49 | $12180 | &nbsp;&nbsp;$12188246 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/46 | 4630 | &nbsp;&nbsp;&nbsp;&nbsp; 4837709 |
| Gainesville, FL, Utilities System Revenue, (SPA: Truist Bank), 3.70%, 10/1/42<sup>(1)</sup> | 10955 | &nbsp;&nbsp;&nbsp;&nbsp; 10955000 |
| Indiana Municipal Power Agency, (LOC: Truist Bank), 3.88%, 1/1/42<sup>(1)</sup> | 10170 | &nbsp;&nbsp;&nbsp;&nbsp; 10170000 |
| Long Island Power Authority, NY, Electric System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/37 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5665039 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/49 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5201351 |
| Omaha Public Power District, NE: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/49 | 3870 | &nbsp;&nbsp;&nbsp;&nbsp; 3583739 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/47 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10321915 |
| &nbsp;&nbsp;&nbsp;5.25%, 2/1/48 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10574139 |
| Salt River Project Agricultural Improvement and Power District, AZ, 5.00%, 1/1/47 | 8675 | &nbsp;&nbsp;&nbsp;&nbsp; 9078221 |
| San Antonio, TX, Electric and Gas Systems Revenue, 5.25%, 2/1/49 | 15725 | &nbsp;&nbsp;&nbsp;&nbsp; 16624456 |
| Snohomish County Public Utility District No. 1, WA, Electric System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/40 | 8205 | &nbsp;&nbsp;&nbsp;&nbsp; 9087817 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/46 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1890609 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/47 | 4905 | &nbsp;&nbsp;&nbsp;&nbsp; 5285979 |
| South Carolina Public Service Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/52 | 7595 | &nbsp;&nbsp;&nbsp;&nbsp; 6613070 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/45 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2334720 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/49 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3658081 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/1/54 | 6230 | &nbsp;&nbsp;&nbsp;&nbsp; 6629260 |
|  |  | &nbsp;&nbsp;**$146635739** |
| 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 | $8460 | &nbsp;&nbsp;$9143936 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 12/15/28, 5.00%, 6/15/35 | 13300 | &nbsp;&nbsp;&nbsp;&nbsp; 14375218 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program), Prerefunded to 12/15/28, 5.00%, 6/15/50 | 20500 | &nbsp;&nbsp;&nbsp;&nbsp; 22190303 |
|  |  | &nbsp;&nbsp;**$45709457** |
| General Obligations — 24.4% | General Obligations — 24.4% | General Obligations — 24.4% |
| Antelope Valley Union High School District, CA, (Election of 2024), 5.00%, 8/1/50 | $13610 | &nbsp;&nbsp;$14468403 |
| Arapahoe County School District No. 5 Cherry Creek, CO, 5.25%, 12/15/41 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5574221 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Austin Independent School District, TX, (PSF Guaranteed), 5.25%, 8/1/50 | $5000 | &nbsp;&nbsp;$5348614 |
| Azle Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/49 | 5525 | &nbsp;&nbsp;&nbsp;&nbsp; 5147873 |
| Banquete Independent School District, TX, (PSF Guaranteed), 4.00%, 8/1/49 | 6895 | &nbsp;&nbsp;&nbsp;&nbsp; 6370417 |
| Beaverton School District No. 48J, OR, 5.00%, 6/15/52 | 12820 | &nbsp;&nbsp;&nbsp;&nbsp; 13277637 |
| Belmont-Redwood Shores School District, CA, (Election of 2024), 5.00%, 8/1/50 | 5200 | &nbsp;&nbsp;&nbsp;&nbsp; 5527972 |
| Bend, OR, 5.00%, 6/1/50 | 4430 | &nbsp;&nbsp;&nbsp;&nbsp; 4662385 |
| Berkeley Unified School District, CA, (Election of 2020): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | 4195 | &nbsp;&nbsp;&nbsp;&nbsp; 4612673 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | 4785 | &nbsp;&nbsp;&nbsp;&nbsp; 5225328 |
| Bethel Park School District, PA, 5.25%, 8/1/42 | 5155 | &nbsp;&nbsp;&nbsp;&nbsp; 5571041 |
| Beverly Hills Unified School District, CA, (Election of 2018), 3.25%, 8/1/44 | 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12850747 |
| Bishop Consolidated Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/48 | 2710 | &nbsp;&nbsp;&nbsp;&nbsp; 2829156 |
| Boston, MA, 5.00%, 2/1/43 | 10835 | &nbsp;&nbsp;&nbsp;&nbsp; 11635665 |
| Bullard Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/47 | 4450 | &nbsp;&nbsp;&nbsp;&nbsp; 4602041 |
| California, 5.00%, 11/1/42 | 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26834542 |
| Carlsbad Unified School District, CA, (Election of 2018), 4.00%, 8/1/50 | 4720 | &nbsp;&nbsp;&nbsp;&nbsp; 4416381 |
| Central Dauphin School District, PA, 5.00%, 2/1/46 | 1015 | &nbsp;&nbsp;&nbsp;&nbsp; 1069321 |
| Cherry Hill Township School District, NJ, 4.00%, 8/1/40 | 4305 | &nbsp;&nbsp;&nbsp;&nbsp; 4325604 |
| Chicago Board of Education, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/30 | 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9164018 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/42 | 23400 | &nbsp;&nbsp;&nbsp;&nbsp; 22098408 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/44 | 20515 | &nbsp;&nbsp;&nbsp;&nbsp; 18926411 |
| &nbsp;&nbsp;&nbsp;5.875%, 12/1/47 | 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6542260 |
| Chicago, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/44 | 12350 | &nbsp;&nbsp;&nbsp;&nbsp; 11647822 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/38 | 6750 | &nbsp;&nbsp;&nbsp;&nbsp; 6883726 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/45 | 4750 | &nbsp;&nbsp;&nbsp;&nbsp; 4681360 |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/39 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5122168 |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/49 | 9805 | &nbsp;&nbsp;&nbsp;&nbsp; 9702057 |
| &nbsp;&nbsp;&nbsp;6.00%, 1/1/43 | 2010 | &nbsp;&nbsp;&nbsp;&nbsp; 2150704 |
| Chico Unified School District, CA, (Election of 2012), 5.00%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56436 |
| Chico Unified School District, CA, (Election of 2024): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1095746 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/43 | 1140 | &nbsp;&nbsp;&nbsp;&nbsp; 1239503 |
| Clackamas Community College District, OR: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60789 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/42 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1621124 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

National Municipal Income Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Clackamas Community College District, OR: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/45 | $1440 | &nbsp;&nbsp;$1531645 |
| Collin County Community College District, TX: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/15/44 | 12545 | &nbsp;&nbsp;&nbsp;&nbsp; 11949927 |
| &nbsp;&nbsp;&nbsp;4.125%, 8/15/45 | 13045 | &nbsp;&nbsp;&nbsp;&nbsp; 12557944 |
| Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/43 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5266940 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/44 | 4850 | &nbsp;&nbsp;&nbsp;&nbsp; 5086217 |
| Denton County, TX, 4.00%, 7/15/49 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9422240 |
| Denton Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/48 | 13150 | &nbsp;&nbsp;&nbsp;&nbsp; 13677453 |
| Desert Sands Unified School District, CA, (Election of 2024), 4.00%, 8/1/50 | 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13970896 |
| District of Columbia, 5.25%, 1/1/48 | 9710 | &nbsp;&nbsp;&nbsp;&nbsp; 10250980 |
| Eagle Mountain and Saginaw Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/42 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2148581 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/15/43 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1330542 |
| Ector County Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/41 | 2215 | &nbsp;&nbsp;&nbsp;&nbsp; 2436439 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/42 | 3125 | &nbsp;&nbsp;&nbsp;&nbsp; 3411224 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/43 | 2855 | &nbsp;&nbsp;&nbsp;&nbsp; 3095969 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/44 | 3175 | &nbsp;&nbsp;&nbsp;&nbsp; 3417168 |
| Fairfax County, VA, 4.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 709948 |
| Fayetteville School District No. 1, AR, 4.00%, 2/1/46 | 10675 | &nbsp;&nbsp;&nbsp;&nbsp; 10222046 |
| Forney Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/50<sup>(4)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10476300 |
| Frederick County, MD, 4.00%, 4/1/45 | 4045 | &nbsp;&nbsp;&nbsp;&nbsp; 3967493 |
| Freehold Township Board Of Education, NJ, 4.00%, 8/15/42 | 5910 | &nbsp;&nbsp;&nbsp;&nbsp; 5835900 |
| Fullerton Joint Union High School District, CA, (Election of 2024), 4.00%, 8/1/51 | 24870 | &nbsp;&nbsp;&nbsp;&nbsp; 22982350 |
| Fulshear, TX, 4.00%, 4/15/51 | 7485 | &nbsp;&nbsp;&nbsp;&nbsp; 6914287 |
| Grand Rapids, MI, 5.00%, 4/1/50 | 13515 | &nbsp;&nbsp;&nbsp;&nbsp; 14075840 |
| Gregory-Portland Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/44 | 2245 | &nbsp;&nbsp;&nbsp;&nbsp; 2360289 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/45 | 1930 | &nbsp;&nbsp;&nbsp;&nbsp; 2023169 |
| &nbsp;&nbsp;&nbsp;5.25%, 2/15/46 | 3150 | &nbsp;&nbsp;&nbsp;&nbsp; 3371116 |
| Hacienda La Puente Unified School District, CA, (Election of 2016), 5.00%, 8/1/47 | 8265 | &nbsp;&nbsp;&nbsp;&nbsp; 8599937 |
| Harford County, MD, 4.00%, 10/1/44 | 1530 | &nbsp;&nbsp;&nbsp;&nbsp; 1510088 |
| Harris County Flood Control District, TX, Sustainability Bonds, 4.00%, 9/15/48 | 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8441233 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Hays Consolidated Independent School District, TX, (PSF Guaranteed), 5.25%, 2/15/45 | $6500 | &nbsp;&nbsp;$7016524 |
| Highline School District No. 401, WA, 5.00%, 12/1/43 | 8315 | &nbsp;&nbsp;&nbsp;&nbsp; 8909927 |
| Houston, TX, 4.125%, 3/1/51 | 8845 | &nbsp;&nbsp;&nbsp;&nbsp; 8238870 |
| Howell Public Schools, MI: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/42 | 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5836100 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/44 | 6800 | &nbsp;&nbsp;&nbsp;&nbsp; 7121798 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/45 | 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2811691 |
| Humble Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/47 | 10250 | &nbsp;&nbsp;&nbsp;&nbsp; 10611734 |
| Hutto Independent School District, TX, (PSF Guaranteed), 5.00%, 8/1/48 | 1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1268521 |
| Illinois: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 5/1/46 | 15915 | &nbsp;&nbsp;&nbsp;&nbsp; 14582926 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/29 | 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15437487 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 923834 |
| &nbsp;&nbsp;&nbsp;5.50%, 3/1/42 | 11700 | &nbsp;&nbsp;&nbsp;&nbsp; 12463189 |
| &nbsp;&nbsp;&nbsp;5.75%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 933432 |
| Kentfield School District, CA, (Election of 2024), 4.125%, 8/1/51 | 1170 | &nbsp;&nbsp;&nbsp;&nbsp; 1118735 |
| Leander Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/40 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4395779 |
| Mabank Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/49 | 5745 | &nbsp;&nbsp;&nbsp;&nbsp; 5306778 |
| Manteca Unified School District, CA, (Election of 2020), 5.25%, 8/1/50 | 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9807828 |
| Massachusetts: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 4/1/49 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7470954 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/43 | 10105 | &nbsp;&nbsp;&nbsp;&nbsp; 10805783 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/48 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10439141 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/49 | 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7328586 |
| Maui County, HI, 5.00%, 9/1/42 | 4650 | &nbsp;&nbsp;&nbsp;&nbsp; 5024365 |
| Melissa Independent School District, TX, (PSF Guaranteed), 4.00%, 2/1/49 | 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2605615 |
| Mesquite Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/46 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10609963 |
| Mida Cormont Public Infrastructure District, UT, 6.25%, 6/1/55<sup>(3)</sup> | 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2816174 |
| Milpitas Unified School District, CA, (Election of 2018), 4.00%, 8/1/41 | 2390 | &nbsp;&nbsp;&nbsp;&nbsp; 2438007 |
| Mobile, AL, 5.00%, 2/15/41 | 14410 | &nbsp;&nbsp;&nbsp;&nbsp; 15700864 |
| Montgomery County, MD: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 8/1/39 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3003917 |
| &nbsp;&nbsp;&nbsp;(SPA: U.S. Bank, N.A.), 3.55%, 11/1/37<sup>(1)</sup> | 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| Mt. San Antonio Community College District, CA, (Election of 2024), 5.25%, 8/1/55 | 6430 | &nbsp;&nbsp;&nbsp;&nbsp; 6961778 |
| Nassau County, NY, 5.00%, 4/1/49<sup>(4)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10447100 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

National Municipal Income Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| New York, NY: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/46 | $9980 | &nbsp;&nbsp;$9209941 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/48 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5191344 |
| &nbsp;&nbsp;&nbsp;5.25%, 5/1/42 | 3335 | &nbsp;&nbsp;&nbsp;&nbsp; 3558619 |
| &nbsp;&nbsp;&nbsp;5.25%, 4/1/47 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10605988 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/47 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5257312 |
| &nbsp;&nbsp;&nbsp;5.25%, 2/1/50 | 14405 | &nbsp;&nbsp;&nbsp;&nbsp; 15314581 |
| &nbsp;&nbsp;&nbsp;(LOC: U.S. Bank, N.A.), 3.50%, 4/1/38<sup>(1)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;(SPA: Barclays Bank PLC), 3.85%, 6/1/44<sup>(1)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 3.70%, 8/1/44<sup>(1)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| North East Independent School District, TX, (PSF Guaranteed), 5.00%, 8/1/36 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4515548 |
| Northshore School District No. 417, WA, 5.00%, 12/1/44<sup>(5)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2127517 |
| Norwood, MA, 4.00%, 9/15/47 | 10755 | &nbsp;&nbsp;&nbsp;&nbsp; 10228552 |
| Oregon, 5.25%, 6/1/44 | 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1485335 |
| Oregon City School District No. 62, OR: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/41 | 2215 | &nbsp;&nbsp;&nbsp;&nbsp; 2409871 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/49 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5105915 |
| Pasadena, CA, (Central Library): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/46 | 3995 | &nbsp;&nbsp;&nbsp;&nbsp; 4351054 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/51 | 11925 | &nbsp;&nbsp;&nbsp;&nbsp; 12791352 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | 10762 | &nbsp;&nbsp;&nbsp;&nbsp; 11517165 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/31 | 12303 | &nbsp;&nbsp;&nbsp;&nbsp; 13641626 |
| Rio Hondo Community College District, CA, (Election of 2024), 5.00%, 8/1/50 | 17850 | &nbsp;&nbsp;&nbsp;&nbsp; 18887346 |
| Riverside Community College District, CA, (Election of 2024), 4.00%, 8/1/54 | 5920 | &nbsp;&nbsp;&nbsp;&nbsp; 5477530 |
| Royse City Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/48 | 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12457657 |
| San Diego Unified School District, CA, (Election of 2022), Sustainability Bonds, 4.00%, 7/1/53 | 8500 | &nbsp;&nbsp;&nbsp;&nbsp; 7992920 |
| San Luis Coastal Unified School District, CA, (Election of 2022), 4.00%, 8/1/46 | 10710 | &nbsp;&nbsp;&nbsp;&nbsp; 10317573 |
| Santa Clarita Community College District, CA, (Election of 2016), 5.25%, 8/1/48 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10627126 |
| Spring Branch Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073532 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/44 | 1625 | &nbsp;&nbsp;&nbsp;&nbsp; 1734879 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/45 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1594856 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/46 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2379323 |
| Spring Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/42 | 3185 | &nbsp;&nbsp;&nbsp;&nbsp; 3523993 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| General Obligations (continued) | General Obligations (continued) | General Obligations (continued) |
| Spring Independent School District, TX, (PSF Guaranteed): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/15/43 | $4000 | &nbsp;&nbsp;$4395580 |
| Tacoma School District No. 10, WA, 5.00%, 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 908798 |
| Temple Independent School District, TX, (PSF Guaranteed), 4.25%, 2/1/47 | 9565 | &nbsp;&nbsp;&nbsp;&nbsp; 9349090 |
| Tenafly Board of Education, NJ, 4.00%, 8/1/42 | 1530 | &nbsp;&nbsp;&nbsp;&nbsp; 1549239 |
| Terrell Independent School District, TX, (PSF Guaranteed): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/42 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2183172 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/43 | 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2823264 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/44 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3246601 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/45 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2161899 |
| Tigard-Tualatin School District No. 23J, OR, 5.00%, 6/15/44 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6379369 |
| Washington, 5.00%, 8/1/46 | 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21157012 |
| Watertown, MA, 4.00%, 6/15/47 | 1290 | &nbsp;&nbsp;&nbsp;&nbsp; 1236000 |
| West Sonoma County Union High School District, CA, (Election of 2018), 5.00%, 8/1/45 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1069110 |
| Wilson School District, PA, 5.00%, 5/15/43<sup>(5)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2115498 |
| Wisconsin, 4.00%, 5/1/41 | 5050 | &nbsp;&nbsp;&nbsp;&nbsp; 5066324 |
| Woolwich Township, NJ: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/42 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1498210 |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 691490 |
| Wylie Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/49 | 9380 | &nbsp;&nbsp;&nbsp;&nbsp; 8624751 |
|  |  | &nbsp;&nbsp;**$1006657976** |
| Hospital — 6.3% | Hospital — 6.3% | Hospital — 6.3% |
| Arizona Industrial Development Authority, (Phoenix Children's Hospital), 4.00%, 2/1/50 | $3680 | &nbsp;&nbsp;$3179563 |
| Brevard County Health Facilities Authority, FL, (Health First Obligated Group), 5.00%, 4/1/47 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10037117 |
| California Health Facilities Financing Authority, (Cedars-Sinai Health System), 5.00%, 8/15/51 | 12835 | &nbsp;&nbsp;&nbsp;&nbsp; 13364401 |
| Connecticut Health and Educational Facilities Authority, (Trinity Health Corp.), 5.00%, 12/1/41 | 3110 | &nbsp;&nbsp;&nbsp;&nbsp; 3130844 |
| Fairfax County Industrial Development Authority, VA, (Inova Health System), 4.00%, 5/15/48 | 2510 | &nbsp;&nbsp;&nbsp;&nbsp; 2343654 |
| Geisinger Authority, PA, (Geisinger Health System), 4.00%, 2/15/47 | 9105 | &nbsp;&nbsp;&nbsp;&nbsp; 8215433 |
| Greenville Health System, SC, 5.00%, 5/1/39 | 1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1225474 |
| Harris County Cultural Education Facilities Finance Corp., TX, (Texas Children's Hospital), 4.00%, 10/1/47 | 10805 | &nbsp;&nbsp;&nbsp;&nbsp; 9722468 |
| Idaho Health Facilities Authority, ID, (St. Lukes's Health System), 5.00%, 3/1/41 | 3200 | &nbsp;&nbsp;&nbsp;&nbsp; 3410461 |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

National Municipal Income Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Illinois Finance Authority, (University of Chicago Medical Center), (LOC: TD Bank, N.A.), 3.75%, 8/1/43<sup>(1)</sup> | $10000 | &nbsp;&nbsp;$10000000 |
| Indiana Finance Authority, (Franciscan Alliance, Inc.), 5.00%, 11/1/41 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5002693 |
| Maricopa County Industrial Development Authority, AZ, (Banner Health), Series 2019-E, 4.00%, 1/1/45 | 8650 | &nbsp;&nbsp;&nbsp;&nbsp; 7933693 |
| Maryland Health and Higher Educational Facilities Authority, (MedStar Health), 5.00%, 8/15/42 | 11565 | &nbsp;&nbsp;&nbsp;&nbsp; 11567418 |
| Massachusetts Development Finance Agency, (Mass General Brigham), 5.00%, 7/1/47 | 9700 | &nbsp;&nbsp;&nbsp;&nbsp; 10113398 |
| Michigan Finance Authority, (Henry Ford Health System), 4.00%, 11/15/50 | 11775 | &nbsp;&nbsp;&nbsp;&nbsp; 10253437 |
| Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/41 | 5395 | &nbsp;&nbsp;&nbsp;&nbsp; 5565445 |
| Minnesota Agricultural and Economic Development Board, (HealthPartners Obligated Group), 4.00%, 1/1/49 | 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13260966 |
| Missouri Health and Educational Facilities Authority, (BJC Health System): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/45 | 5575 | &nbsp;&nbsp;&nbsp;&nbsp; 5093416 |
| &nbsp;&nbsp;&nbsp;4.25%, 4/1/55 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4640492 |
| Missouri Health and Educational Facilities Authority, (Children's Mercy Hospital), 4.00%, 5/15/48 | 18120 | &nbsp;&nbsp;&nbsp;&nbsp; 16604677 |
| Missouri Health and Educational Facilities Authority, (CoxHealth): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/49 | 9350 | &nbsp;&nbsp;&nbsp;&nbsp; 8370638 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/38 | 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 4201847 |
| New York Dormitory Authority, (Northwell Health Obligated Group), 4.00%, 5/1/54 | 15575 | &nbsp;&nbsp;&nbsp;&nbsp; 13584626 |
| Norfolk Economic Development Authority, VA, (Sentara Healthcare), 4.00%, 11/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp; 782995 |
| Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), 4.375%, 11/1/54 | 4700 | &nbsp;&nbsp;&nbsp;&nbsp; 4229510 |
| Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/43 | 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1448735 |
| Philadelphia Authority for Industrial Development, PA, (Children's Hospital of Philadelphia), 4.00%, 7/1/49 | 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 10969561 |
| Rochester, MN, (Mayo Clinic), (LOC: Barclays Bank PLC), 3.05%, 11/15/64<sup>(1)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| Salem Hospital Facility Authority, OR, (Salem Health), 5.00%, 5/15/44 | 11620 | &nbsp;&nbsp;&nbsp;&nbsp; 11802202 |
| South Carolina Jobs-Economic Development Authority, (Anmed Health), 4.25%, 2/1/48 | 7240 | &nbsp;&nbsp;&nbsp;&nbsp; 6936812 |
| South Carolina Jobs-Economic Development Authority, (Bon Secours Mercy Health, Inc.), 4.00%, 12/1/44 | 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5072349 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| South Carolina Jobs-Economic Development Authority, (McLeod Health), 4.25%, 11/1/54 | $4060 | &nbsp;&nbsp;$3745768 |
| South Dakota Health and Educational Facilities Authority, (Sanford Health), 5.00%, 11/1/44 | 4290 | &nbsp;&nbsp;&nbsp;&nbsp; 4290696 |
| Spartanburg Regional Health Services District, Inc., SC, 4.00%, 4/15/43 | 7865 | &nbsp;&nbsp;&nbsp;&nbsp; 7181607 |
| St. Cloud, MN, (CentraCare Health System), 4.00%, 5/1/50 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8877748 |
| Utah County, UT, (IHC Health Services, Inc.), 4.00%, 5/15/47 | 8565 | &nbsp;&nbsp;&nbsp;&nbsp; 7927426 |
| Wisconsin Health and Educational Facilities Authority, (Children's Hospital of Wisconsin, Inc.), 4.00%, 8/15/47 | 3145 | &nbsp;&nbsp;&nbsp;&nbsp; 2867895 |
|  |  | &nbsp;&nbsp;**$261955465** |
| Housing — 3.7% | Housing — 3.7% | Housing — 3.7% |
| Delaware Housing Authority, (FHLMC), (FNMA), (GNMA), 4.60%, 7/1/44 | $1760 | &nbsp;&nbsp;$1776347 |
| EP Cimarron Ventanas PFC, TX, (Lifestyles at Los Paseos and Lifestyles on the Reserve), 4.125%, 12/1/39 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1954339 |
| Georgia Housing and Finance Authority, 3.65%, 6/1/44 | 7585 | &nbsp;&nbsp;&nbsp;&nbsp; 6940296 |
| Illinois Housing Development Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.55%, 10/1/44 | 3595 | &nbsp;&nbsp;&nbsp;&nbsp; 3599402 |
| Indiana Finance Authority, (CHF-Tippecanoe, LLC - Student Housing), 5.00%, 6/1/53 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2244977 |
| Louisiana Housing Corp., SFMR, (FHLMC), (FNMA), (GNMA), 4.60%, 12/1/50 | 6850 | &nbsp;&nbsp;&nbsp;&nbsp; 6787804 |
| Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 5.75%, 7/1/53 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2088020 |
| Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board, TN, (4th and Shelby Apartments), (FNMA), 4.60%, 12/1/44 | 8350 | &nbsp;&nbsp;&nbsp;&nbsp; 8432641 |
| Michigan Housing Development Authority, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.50%, 12/1/40 | 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3291675 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.85%, 12/1/45 | 2660 | &nbsp;&nbsp;&nbsp;&nbsp; 2694770 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.00%, 6/1/46<sup>(5)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5006475 |
| Missouri Housing Development Commission, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.00%, 11/1/44 | 1245 | &nbsp;&nbsp;&nbsp;&nbsp; 993733 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.30%, 12/1/47 | 1156 | &nbsp;&nbsp;&nbsp;&nbsp; 1080564 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.40%, 11/1/46 | 1959 | &nbsp;&nbsp;&nbsp;&nbsp; 1873552 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), Series 2024-A, 4.45%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp; 937594 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), Series 2024-E, 4.45%, 11/1/44 | 12205 | &nbsp;&nbsp;&nbsp;&nbsp; 12109343 |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

National Municipal Income Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing (continued) | Housing (continued) | Housing (continued) |
| Nebraska Investment Finance Authority, Social Bonds, (FHLMC), (FNMA), GNMA), 4.50%, 9/1/44 | $12870 | &nbsp;&nbsp;$12814153 |
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program, (FHLMC), (FNMA), (GNMA), 4.45%, 9/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 284118 |
| New York City Housing Development Corp., NY: |  |  |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 4.55%, 11/1/54 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2960302 |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 5.00%, 11/1/54 | 5025 | &nbsp;&nbsp;&nbsp;&nbsp; 5119870 |
| New York Housing Finance Agency, Sustainability Bonds, (SPA: Barclays Bank PLC), 3.85%, 11/1/64<sup>(1)</sup> | 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| North Carolina Housing Finance Agency, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.35%, 7/1/43 | 2210 | &nbsp;&nbsp;&nbsp;&nbsp; 2199384 |
| Pennsylvania Housing Finance Agency, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.50%, 10/1/44 | 9360 | &nbsp;&nbsp;&nbsp;&nbsp; 9254734 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.15%, 10/1/45 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5085705 |
| South Carolina Housing Finance and Development Authority, 4.375%, 7/1/44 | 2385 | &nbsp;&nbsp;&nbsp;&nbsp; 2355249 |
| Texas Student Housing Corp., (University of North Texas), 6.85%, 7/1/31 | 10640 | &nbsp;&nbsp;&nbsp;&nbsp; 10640000 |
| Utah State University, 4.00%, 4/1/48 | 10875 | &nbsp;&nbsp;&nbsp;&nbsp; 10241013 |
| Virginia Housing Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.05%, 10/1/44 | 4830 | &nbsp;&nbsp;&nbsp;&nbsp; 4650406 |
| &nbsp;&nbsp;&nbsp;4.45%, 12/1/44 | 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1403236 |
| &nbsp;&nbsp;&nbsp;4.625%, 12/1/49 | 1015 | &nbsp;&nbsp;&nbsp;&nbsp; 1005152 |
| &nbsp;&nbsp;&nbsp;5.125%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 252901 |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/48 | 2065 | &nbsp;&nbsp;&nbsp;&nbsp; 2114918 |
| Wisconsin Housing and Economic Development Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.50%, 9/1/44 | 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4457457 |
|  |  | &nbsp;&nbsp;**$151650130** |
| Industrial Development Revenue — 2.1% | Industrial Development Revenue — 2.1% | Industrial Development Revenue — 2.1% |
| Baldwin County Industrial Development Authority, AL, (Novelis Corp.), (AMT), 5.00% to 6/1/32 (Put Date), 6/1/55<sup>(3)</sup> | $3800 | &nbsp;&nbsp;$3889943 |
| Houston, TX, (United Airlines, Inc.), (AMT), 5.50%, 7/15/37 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4321352 |
| Mobile County Industrial Development Authority, AL, (AM/NS Calvert LLC), (AMT), 4.75%, 12/1/54 | 16925 | &nbsp;&nbsp;&nbsp;&nbsp; 15667489 |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 4.375%, 10/1/45 | 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13823307 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/40 | 26585 | &nbsp;&nbsp;&nbsp;&nbsp; 26874431 |
| &nbsp;&nbsp;&nbsp;(AMT), 6.00%, 4/1/35 | 7360 | &nbsp;&nbsp;&nbsp;&nbsp; 8094582 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Industrial Development Revenue (continued) | Industrial Development Revenue (continued) | Industrial Development Revenue (continued) |
| South Carolina Jobs-Economic Development Authority, (International Paper Co.), (AMT), 4.00% to 4/1/26 (Put Date), 4/1/33 | $10000 | &nbsp;&nbsp;$10048554 |
| Valparaiso, IN, (Pratt Paper IN, LLC), (AMT), 4.875%, 1/1/44<sup>(3)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1989883 |
|  |  | &nbsp;&nbsp;**$84709541** |
| Insured - Education — 0.7% | Insured - Education — 0.7% | Insured - Education — 0.7% |
| College of Charleston, SC, (AG), 4.375%, 4/1/55 | $14435 | &nbsp;&nbsp;$13974304 |
| Florida, (Florida State University Athletics Association), (BAM), 4.25%, 10/1/53 | 7725 | &nbsp;&nbsp;&nbsp;&nbsp; 7194824 |
| Western Michigan University: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 11/15/49 | 1475 | &nbsp;&nbsp;&nbsp;&nbsp; 1558352 |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 11/15/54 | 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6823600 |
|  |  | &nbsp;&nbsp;**$29551080** |
| Insured - Electric Utilities — 0.4% | Insured - Electric Utilities — 0.4% | Insured - Electric Utilities — 0.4% |
| Griffin, GA, Public Utility Revenue, (BAM), 5.00%, 1/1/51<sup>(5)</sup> | $2000 | &nbsp;&nbsp;$2080688 |
| Long Island Power Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/1/36 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3440696 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 9/1/44 | 8750 | &nbsp;&nbsp;&nbsp;&nbsp; 9318740 |
|  |  | &nbsp;&nbsp;**$14840124** |
| Insured - General Obligations — 1.1% | Insured - General Obligations — 1.1% | Insured - General Obligations — 1.1% |
| Clark County School District, NV, (AG), 4.25%, 6/15/41 | $4070 | &nbsp;&nbsp;$4063647 |
| Fayette County School District, KY, (BAM), 5.00%, 6/1/41 | 10735 | &nbsp;&nbsp;&nbsp;&nbsp; 11586230 |
| Generation Park Management District, TX, (AG), 3.50%, 9/1/43 | 2690 | &nbsp;&nbsp;&nbsp;&nbsp; 2378825 |
| Harris County Municipal Utility District No. 165, TX: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 3.375%, 3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 590338 |
| &nbsp;&nbsp;&nbsp;(BAM), 3.375%, 3/1/46 | 2570 | &nbsp;&nbsp;&nbsp;&nbsp; 2176854 |
| Harris County Municipal Utility District No. 489, TX: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), Series 2024, 4.00%, 9/1/50 | 4395 | &nbsp;&nbsp;&nbsp;&nbsp; 3893847 |
| &nbsp;&nbsp;&nbsp;(BAM), Series 2024A, 4.00%, 9/1/50 | 5920 | &nbsp;&nbsp;&nbsp;&nbsp; 5244954 |
| Johnson and Miami Counties Unified School District No. 230 Spring Hills, KS, (AG), 6.00%, 9/1/43 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1832192 |
| Sienna Parks and Levee Improvement District of Fort Bend County, TX, (BAM), 3.75%, 9/1/48 | 8910 | &nbsp;&nbsp;&nbsp;&nbsp; 7567835 |
| Waller Independent School District, TX, (BAM), 4.00%, 2/15/48 | 7590 | &nbsp;&nbsp;&nbsp;&nbsp; 6987002 |
|  |  | &nbsp;&nbsp;**$46321724** |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

National Municipal Income Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Hospital — 0.9% | Insured - Hospital — 0.9% | Insured - Hospital — 0.9% |
| Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), (AG), 4.25%, 11/1/51 | $20450 | &nbsp;&nbsp;$18898579 |
| Virginia Commonwealth University Health System Authority, (BAM), 4.00%, 7/1/54 | 17715 | &nbsp;&nbsp;&nbsp;&nbsp; 16099163 |
| Wisconsin Health and Educational Facilities Authority, (Marshfield Clinic Health System, Inc.), (BAM), 4.50%, 2/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 750734 |
| Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), (AG), 4.00%, 8/1/54 | 3900 | &nbsp;&nbsp;&nbsp;&nbsp; 3481644 |
|  |  | &nbsp;&nbsp;**$39230120** |
| 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 | $7500 | &nbsp;&nbsp;$6697446 |
| Knox County Health, Educational and Housing Facility Board, TN, (University of Tennessee), (BAM), 5.50%, 7/1/54 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1311494 |
|  |  | &nbsp;&nbsp;**$8008940** |
| Insured - Lease Revenue/Certificates of Participation — 0.2% | Insured - Lease Revenue/Certificates of Participation — 0.2% | Insured - Lease Revenue/Certificates of Participation — 0.2% |
| Nevada System of Higher Education, NV, (BAM), 4.25%, 7/1/55 | $9950 | &nbsp;&nbsp;$9337089 |
|  |  | &nbsp;&nbsp;**$9337089** |
| Insured - Special Tax Revenue — 1.9% | Insured - Special Tax Revenue — 1.9% | Insured - Special Tax Revenue — 1.9% |
| Downtown Revitalization Public Infrastructure District, UT: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.25%, 6/1/45 | $2500 | &nbsp;&nbsp;$2667860 |
| &nbsp;&nbsp;&nbsp;(AG), 5.50%, 6/1/50 | 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 8054292 |
| Fort Smith, AR, Sales and Use Tax Revenue, (AG), 5.25%, 11/1/50<sup>(5)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2633733 |
| Harris County-Houston Sports Authority, TX, (AG), (NPFG), 0.00%, 11/15/34 | 58155 | &nbsp;&nbsp;&nbsp;&nbsp; 37704219 |
| Massachusetts, Dedicated Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.50%, 1/1/29 | 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 12053831 |
| &nbsp;&nbsp;&nbsp;(NPFG), 5.50%, 1/1/30 | 3080 | &nbsp;&nbsp;&nbsp;&nbsp; 3453138 |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place), (BAM), 4.00%, 12/15/42 | 10235 | &nbsp;&nbsp;&nbsp;&nbsp; 9558768 |
| Pasco Public Facilities District, WA, Sales Tax Revenue, (AG), 4.25%, 11/1/49 | 2645 | &nbsp;&nbsp;&nbsp;&nbsp; 2570883 |
|  |  | &nbsp;&nbsp;**$78696724** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Transportation — 1.7% | Insured - Transportation — 1.7% | Insured - Transportation — 1.7% |
| Allegheny County Airport Authority, PA, (Pittsburgh International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 1/1/43 | $10450 | &nbsp;&nbsp;$11073037 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 1/1/45 | 4365 | &nbsp;&nbsp;&nbsp;&nbsp; 4585137 |
| E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37 | 13335 | &nbsp;&nbsp;&nbsp;&nbsp; 7398566 |
| Houston, TX, Airport System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 7/1/48 | 11890 | &nbsp;&nbsp;&nbsp;&nbsp; 12337714 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 7/1/53 | 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12405618 |
| Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AG), (AMT), 5.00%, 3/1/49 | 1115 | &nbsp;&nbsp;&nbsp;&nbsp; 1116734 |
| Metropolitan Transportation Authority, NY, Green Bonds, (BAM), 4.00%, 11/15/48 | 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7263185 |
| New York Transportation Development Corp., (John F. Kennedy International Airport New Terminal One), Green Bonds, (AG), (AMT), 5.00%, 6/30/49 | 7835 | &nbsp;&nbsp;&nbsp;&nbsp; 7854329 |
| New York Transportation Development Corp., (John F. Kennedy International Airport Terminal 6 Redevelopment), Green Bonds, (AG), (AMT), 5.25%, 12/31/54 | 3325 | &nbsp;&nbsp;&nbsp;&nbsp; 3389864 |
| St. Louis, MO, (Lambert International Airport), (AG), 5.25%, 7/1/54 | 3100 | &nbsp;&nbsp;&nbsp;&nbsp; 3258846 |
|  |  | &nbsp;&nbsp;**$70683030** |
| Lease Revenue/Certificates of Participation — 2.9% | Lease Revenue/Certificates of Participation — 2.9% | Lease Revenue/Certificates of Participation — 2.9% |
| Battery Park City Authority, NY, Sustainability Bonds, 5.00%, 11/1/53 | $12000 | &nbsp;&nbsp;$12539859 |
| Castle Rock, CO, 5.00%, 12/1/49 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5206587 |
| Florence County School District No. 3, SC, 4.25%, 12/1/44 | 1440 | &nbsp;&nbsp;&nbsp;&nbsp; 1360512 |
| Jacksonville, FL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/42 | 11600 | &nbsp;&nbsp;&nbsp;&nbsp; 12431990 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/43 | 9405 | &nbsp;&nbsp;&nbsp;&nbsp; 10001984 |
| Kentucky Property and Building Commission, 4.125%, 4/1/45 | 3050 | &nbsp;&nbsp;&nbsp;&nbsp; 2866963 |
| Maryland Stadium Authority, 5.00%, 5/1/50 | 8980 | &nbsp;&nbsp;&nbsp;&nbsp; 9644186 |
| National Finance Authority, NH, (Centurion BioSquare, Inc.), 5.88%, 12/15/38 | 9185 | &nbsp;&nbsp;&nbsp;&nbsp; 9346034 |
| New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47 | 12640 | &nbsp;&nbsp;&nbsp;&nbsp; 13235876 |
| New Jersey Transportation Trust Fund Authority, (Transportation Program): |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 6/15/50 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9265919 |
| &nbsp;&nbsp;&nbsp;4.25%, 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 794853 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/46 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6221508 |
| &nbsp;&nbsp;&nbsp;2019 Series AA, 5.25%, 6/15/43 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10279460 |
| &nbsp;&nbsp;&nbsp;2020 Series AA, 4.00%, 6/15/50 | 13500 | &nbsp;&nbsp;&nbsp;&nbsp; 12097055 |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

National Municipal Income Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<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 Transportation Trust Fund Authority, (Transportation Program): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;2022 Series CC, 5.25%, 6/15/43 | $5750 | &nbsp;&nbsp;$6108788 |
|  |  | &nbsp;&nbsp;**$121401574** |
| Other Revenue — 4.0% | Other Revenue — 4.0% | Other Revenue — 4.0% |
| Black Belt Energy Gas District, AL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | $5720 | &nbsp;&nbsp;$5978387 |
| &nbsp;&nbsp;&nbsp;5.00% to 5/1/35 (Put Date), 12/1/55 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4314378 |
| &nbsp;&nbsp;&nbsp;5.25% to 10/1/30 (Put Date), 1/1/54 | 11250 | &nbsp;&nbsp;&nbsp;&nbsp; 12090545 |
| Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55 | 21890 | &nbsp;&nbsp;&nbsp;&nbsp; 18710849 |
| 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 | 3505 | &nbsp;&nbsp;&nbsp;&nbsp; 3713767 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.50% to 11/1/30 (Put Date), 10/1/54 | 10195 | &nbsp;&nbsp;&nbsp;&nbsp; 11169063 |
| Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35<sup>(6)</sup> | &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 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10732216 |
| &nbsp;&nbsp;&nbsp;5.00% to 6/1/31 (Put Date), 12/1/53 | 12500 | &nbsp;&nbsp;&nbsp;&nbsp; 13475325 |
| &nbsp;&nbsp;&nbsp;5.00% to 12/1/30 (Put Date), 5/1/54 | 11750 | &nbsp;&nbsp;&nbsp;&nbsp; 12593482 |
| Minnesota Municipal Gas Agency, (Liq: Royal Bank of Canada), 3.787%, (67% of SOFR + 1.00%), 12/1/52<sup>(7)</sup> | 12500 | &nbsp;&nbsp;&nbsp;&nbsp; 12500599 |
| Oregon, State Lottery Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/41 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2187943 |
| &nbsp;&nbsp;&nbsp;5.25%, 4/1/42 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3324552 |
| &nbsp;&nbsp;&nbsp;5.25%, 4/1/44 | 4155 | &nbsp;&nbsp;&nbsp;&nbsp; 4548646 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, 5.25% to 8/1/31 (Put Date), 10/1/54 | 10750 | &nbsp;&nbsp;&nbsp;&nbsp; 11717567 |
| Southeast Energy Authority, AL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00% to 2/1/31 (Put Date), 5/1/55 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2701050 |
| &nbsp;&nbsp;&nbsp;5.00% to 6/1/35 (Put Date), 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 792409 |
| &nbsp;&nbsp;&nbsp;5.25% to 11/1/35 (Put Date), 11/1/55 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 11113353 |
| Tennessee Energy Acquisition Corp., 5.00%, 12/1/35 | 12500 | &nbsp;&nbsp;&nbsp;&nbsp; 13529740 |
| Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 6.25%, 12/15/26 | 6935 | &nbsp;&nbsp;&nbsp;&nbsp; 7082144 |
| Texas Municipal Gas Acquisition and Supply Corp. II, Gas Supply Revenue, 3.528%, (66% of 3 mo. SOFR + 0.863%), 9/15/27<sup>(7)</sup> | 2225 | &nbsp;&nbsp;&nbsp;&nbsp; 2224892 |
|  |  | &nbsp;&nbsp;**$164598407** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care — 1.0% | Senior Living/Life Care — 1.0% | Senior Living/Life Care — 1.0% |
| Iowa Finance Authority, (Lifespace Communities, Inc.), 5.125%, 5/15/59 | $8415 | &nbsp;&nbsp;$7880499 |
| Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/47<sup>(3)</sup> | 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3658033 |
| New Hope Cultural Education Facilities Finance Corp., TX, (Bella Vida Forefront Living): |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 10/1/30 | 3180 | &nbsp;&nbsp;&nbsp;&nbsp; 3200995 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/30 | 5110 | &nbsp;&nbsp;&nbsp;&nbsp; 5144824 |
| Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village): |  |  |
| &nbsp;&nbsp;&nbsp;11.50%, 7/1/27<sup>(3)</sup> | 5570 | &nbsp;&nbsp;&nbsp;&nbsp; 7865319 |
| &nbsp;&nbsp;&nbsp;11.50%, 7/1/27<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 617046 |
| South Carolina Jobs-Economic Development Authority, (Seafields Kiawah Island Project), 5.25%, 11/15/28 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10010542 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks): |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 681001 |
| &nbsp;&nbsp;&nbsp;6.875%, 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 169627 |
| Wisconsin Health and Educational Facilities Authority, (Three Pillars Senior Living Communities), 4.20%, 8/15/28 | 3205 | &nbsp;&nbsp;&nbsp;&nbsp; 3204939 |
|  |  | &nbsp;&nbsp;**$42432825** |
| Special Tax Revenue — 10.0% | Special Tax Revenue — 10.0% | Special Tax Revenue — 10.0% |
| Aerotropolis Regional Transportation Authority, CO, 5.50%, 12/1/44<sup>(3)</sup> | $14625 | &nbsp;&nbsp;$14323903 |
| Central Puget Sound Regional Transit Authority, WA, Sales and Motor Vehicle Excise Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.00%, 11/1/46 | 11525 | &nbsp;&nbsp;&nbsp;&nbsp; 11002925 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 11/1/41 | 13840 | &nbsp;&nbsp;&nbsp;&nbsp; 13954226 |
| District of Columbia, Income Tax Revenue, 5.25%, 5/1/48 | 13880 | &nbsp;&nbsp;&nbsp;&nbsp; 14685054 |
| Hampton Roads Transportation Accountability Commission, VA: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 287058 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/48 | 6270 | &nbsp;&nbsp;&nbsp;&nbsp; 6356333 |
| Massachusetts Bay Transportation Authority, Sales Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/48 | 5105 | &nbsp;&nbsp;&nbsp;&nbsp; 4796063 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/51 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5544478 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1353414 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/43 | 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4839194 |
| &nbsp;&nbsp;&nbsp;5.25%, 7/1/48 | 14800 | &nbsp;&nbsp;&nbsp;&nbsp; 15743158 |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/50 | 12060 | &nbsp;&nbsp;&nbsp;&nbsp; 10268930 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/50 | 4160 | &nbsp;&nbsp;&nbsp;&nbsp; 4107743 |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

National Municipal Income Fund

September 30, 2025

Portfolio of Investments — 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) |
| Metropolitan Transportation Authority, NY, Green Bonds, 4.00%, 11/15/51 | $4835 | &nbsp;&nbsp;$4423499 |
| Michigan Trunk Line Fund, 5.00%, 11/15/46 | 15855 | &nbsp;&nbsp;&nbsp;&nbsp; 16661411 |
| Mida Mountain Village Public Infrastructure District, UT, 6.00%, 6/15/54<sup>(3)</sup> | 3370 | &nbsp;&nbsp;&nbsp;&nbsp; 3426486 |
| Nevada, Highway Improvement Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 12/1/40 | 3060 | &nbsp;&nbsp;&nbsp;&nbsp; 2673177 |
| &nbsp;&nbsp;&nbsp;3.00%, 12/1/41 | 3415 | &nbsp;&nbsp;&nbsp;&nbsp; 2930350 |
| &nbsp;&nbsp;&nbsp;3.00%, 12/1/43 | 6050 | &nbsp;&nbsp;&nbsp;&nbsp; 5013688 |
| &nbsp;&nbsp;&nbsp;Series 2024C, 3.00%, 12/1/42 | 5950 | &nbsp;&nbsp;&nbsp;&nbsp; 5029877 |
| &nbsp;&nbsp;&nbsp;Series 2024D, 3.00%, 12/1/42 | 3515 | &nbsp;&nbsp;&nbsp;&nbsp; 2968254 |
| New River Community Development District, FL, (Capital Improvements): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/13<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;5.35%, 5/1/38<sup>(6)</sup> | &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;295 | &nbsp;&nbsp;&nbsp;&nbsp; 297523 |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/38 | 30655 | &nbsp;&nbsp;&nbsp;&nbsp; 34244412 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/46 | 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13486161 |
| &nbsp;&nbsp;&nbsp;5.25%, 5/1/46 | 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 8066974 |
| &nbsp;&nbsp;&nbsp;5.25%, 5/1/52<sup>(4)</sup> | 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15938100 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/50 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5461134 |
| &nbsp;&nbsp;&nbsp;(SPA: Barclays Bank PLC), 3.85%, 11/1/44<sup>(1)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 3.70%, 8/1/39<sup>(1)</sup> | 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 3.70%, 8/1/45<sup>(1)</sup> | 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| New York Dormitory Authority, Personal Income Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/47 | 8275 | &nbsp;&nbsp;&nbsp;&nbsp; 7752416 |
| &nbsp;&nbsp;&nbsp;5.25%, 3/15/46 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3219508 |
| &nbsp;&nbsp;&nbsp;5.25%, 3/15/47 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6418340 |
| New York Dormitory Authority, Sales Tax Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/49 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4663147 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/39 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10386994 |
| New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/49 | 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25760785 |
| New York State Urban Development Corp., Sales Tax Revenue, 5.00%, 3/15/49 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10361186 |
| New York Thruway Authority, 5.00%, 3/15/47 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5248623 |
| Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue, 4.00%, 12/1/51 | 4600 | &nbsp;&nbsp;&nbsp;&nbsp; 4117672 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 21726 | &nbsp;&nbsp;&nbsp;&nbsp; 21000202 |
| Southeastern Pennsylvania Transportation Authority, 5.25%, 6/1/52 | 12670 | &nbsp;&nbsp;&nbsp;&nbsp; 13131306 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Special Tax Revenue (continued) | Special Tax Revenue (continued) | Special Tax Revenue (continued) |
| Southern Hills Plantation I Community Development District, FL: |  |  |
| &nbsp;&nbsp;&nbsp;Series A1, 5.80%, 5/1/35 | $&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;$307109 |
| &nbsp;&nbsp;&nbsp;Series A2, 5.80%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 190782 |
| Sterling Hill Community Development District, FL, 6.20%, 5/1/35 | 1532 | &nbsp;&nbsp;&nbsp;&nbsp; 673924 |
| Triborough Bridge and Tunnel Authority, NY, Payroll Mobility Tax: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021A, 5.00%, 5/15/51 | 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6644507 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 5/15/47 | 8065 | &nbsp;&nbsp;&nbsp;&nbsp; 8498622 |
| Triborough Bridge and Tunnel Authority, NY, Real Estate Transfer Tax Revenue, 5.25%, 12/1/54 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5273050 |
| Triborough Bridge and Tunnel Authority, NY, Sales Tax Revenue, 4.00%, 5/15/48 | 3845 | &nbsp;&nbsp;&nbsp;&nbsp; 3536801 |
| Utah Transit Authority, 5.00%, 12/15/44 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2677490 |
|  |  | &nbsp;&nbsp;**$412745989** |
| Transportation — 15.3% | Transportation — 15.3% | Transportation — 15.3% |
| Allegheny County Airport Authority, PA, (Pittsburgh International Airport), (AMT), 5.00%, 1/1/51 | $12095 | &nbsp;&nbsp;$12110352 |
| Atlanta, GA, Airport Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 7/1/49<sup>(4)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10447000 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 7/1/41 | 5820 | &nbsp;&nbsp;&nbsp;&nbsp; 6231572 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 7/1/43 | 8500 | &nbsp;&nbsp;&nbsp;&nbsp; 9028623 |
| Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/38 | 6175 | &nbsp;&nbsp;&nbsp;&nbsp; 6350007 |
| Burbank-Glendale-Pasadena Airport Authority, CA, (AMT), 5.25%, 7/1/49 | 16620 | &nbsp;&nbsp;&nbsp;&nbsp; 17245879 |
| Chicago, IL, (Midway International Airport), 5.00%, 1/1/41 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6006858 |
| Chicago, IL, (O'Hare International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 1/1/44 | 9500 | &nbsp;&nbsp;&nbsp;&nbsp; 8790383 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 1/1/39 | 2560 | &nbsp;&nbsp;&nbsp;&nbsp; 2613235 |
| Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/45 | 6140 | &nbsp;&nbsp;&nbsp;&nbsp; 5803380 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 11/1/43<sup>(5)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10572341 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 11/1/45<sup>(5)</sup> | 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13626642 |
| Denver City and County, CO, Airport System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 12/1/38 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10235383 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 11/15/42 | 9575 | &nbsp;&nbsp;&nbsp;&nbsp; 9888395 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 11/15/53 | 5835 | &nbsp;&nbsp;&nbsp;&nbsp; 5938578 |
| Greater Orlando Aviation Authority, FL, (AMT), 5.25%, 10/1/49 | 12500 | &nbsp;&nbsp;&nbsp;&nbsp; 13001129 |
| Houston, TX, Airport System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/1/42 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5289849 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 7/1/43 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2723078 |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

National Municipal Income Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Houston, TX, Airport System Revenue: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 7/1/44 | $3000 | &nbsp;&nbsp;$3249409 |
| Illinois Toll Highway Authority, 5.25%, 1/1/43 | 16835 | &nbsp;&nbsp;&nbsp;&nbsp; 18073628 |
| Indianapolis Local Public Improvement Bond Bank, IN, (Indianapolis Airport Authority), (AMT), 5.25%, 1/1/40 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5257921 |
| Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AMT), 5.00%, 3/1/38 | 13400 | &nbsp;&nbsp;&nbsp;&nbsp; 13738436 |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/15/46 | 30435 | &nbsp;&nbsp;&nbsp;&nbsp; 30935482 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.00%, 5/15/47 | 3215 | &nbsp;&nbsp;&nbsp;&nbsp; 3267651 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 5/15/44 | 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7554651 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 5/15/45 | 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6990852 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 5/15/43 | 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7464856 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 5/15/44 | 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7434504 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 5/15/45 | 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5821543 |
| Massachusetts, (Rail Enhancement Program), Sustainability Bonds, 5.00%, 6/1/53<sup>(4)</sup> | 16500 | &nbsp;&nbsp;&nbsp;&nbsp; 17112480 |
| Metropolitan Transportation Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/35 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5707482 |
| &nbsp;&nbsp;&nbsp;(LOC: Barclays Bank PLC), 3.85%, 11/15/50<sup>(1)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;(LOC: Truist Bank), 3.70%, 11/1/32<sup>(1)</sup> | 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.75%, 11/15/45 | 3050 | &nbsp;&nbsp;&nbsp;&nbsp; 3036452 |
| Metropolitan Washington Airports Authority, D.C.: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/44 | 15750 | &nbsp;&nbsp;&nbsp;&nbsp; 15886630 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 10/1/50 | 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2298076 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 10/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083182 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 10/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072544 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 819624 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 10/1/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086596 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.50%, 10/1/45 | 1530 | &nbsp;&nbsp;&nbsp;&nbsp; 1656708 |
| Minneapolis-St. Paul Metropolitan Airports Commission, MN, (AMT), 5.25%, 1/1/49 | 5830 | &nbsp;&nbsp;&nbsp;&nbsp; 6055398 |
| New Jersey Turnpike Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 1/1/48 | 1790 | &nbsp;&nbsp;&nbsp;&nbsp; 1794315 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/44 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10611968 |
| &nbsp;&nbsp;&nbsp;5.25%, 1/1/49 | 2855 | &nbsp;&nbsp;&nbsp;&nbsp; 3035821 |
| New York Transportation Development Corp., (John F. Kennedy International Airport New Terminal One), Green Bonds, (AMT), 6.00%, 6/30/54 | 5765 | &nbsp;&nbsp;&nbsp;&nbsp; 6010502 |
| New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.25%, 1/1/50 | 3985 | &nbsp;&nbsp;&nbsp;&nbsp; 3984821 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), (AMT), 5.00%, 12/1/29 | $10000 | &nbsp;&nbsp;$10766839 |
| Oklahoma Turnpike Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/45 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4241606 |
| &nbsp;&nbsp;&nbsp;5.50%, 1/1/53 | 12500 | &nbsp;&nbsp;&nbsp;&nbsp; 13239927 |
| Pennsylvania Turnpike Commission: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 12/1/44 | 2965 | &nbsp;&nbsp;&nbsp;&nbsp; 2898195 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/46 | 2240 | &nbsp;&nbsp;&nbsp;&nbsp; 2248421 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/53 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10301460 |
| Phoenix Civic Improvement Corp., AZ, Airport Revenue, (AMT), 5.00%, 7/1/42 | 6250 | &nbsp;&nbsp;&nbsp;&nbsp; 6284061 |
| Port Authority of New York and New Jersey: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/15/33 | 9610 | &nbsp;&nbsp;&nbsp;&nbsp; 11161016 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/38 | 6130 | &nbsp;&nbsp;&nbsp;&nbsp; 6448382 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 12/1/44 | 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4630816 |
| Port of Portland, OR, (Portland International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/44 | 7585 | &nbsp;&nbsp;&nbsp;&nbsp; 7656853 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/45 | 8205 | &nbsp;&nbsp;&nbsp;&nbsp; 8324078 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 7/1/43 | 17945 | &nbsp;&nbsp;&nbsp;&nbsp; 18914269 |
| Port of Seattle, WA: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/1/43 | 11490 | &nbsp;&nbsp;&nbsp;&nbsp; 11477264 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 4/1/44 | 8615 | &nbsp;&nbsp;&nbsp;&nbsp; 8710631 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 8/1/46 | 11915 | &nbsp;&nbsp;&nbsp;&nbsp; 12084678 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 10/1/41 | 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4881968 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 10/1/42 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5371114 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 10/1/43 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3200630 |
| Public Finance Authority, WI, (Georgia SR 400 Express Lanes), (AMT), 5.75%, 6/30/60 | 10665 | &nbsp;&nbsp;&nbsp;&nbsp; 10973921 |
| Sacramento County, CA, Airport System Revenue, (AMT), 5.25%, 7/1/50 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3132573 |
| Salt Lake City, UT, (Salt Lake City International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/42 | 6925 | &nbsp;&nbsp;&nbsp;&nbsp; 6948885 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/46 | 9640 | &nbsp;&nbsp;&nbsp;&nbsp; 9755987 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/1/44 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4192760 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/1/48 | 16260 | &nbsp;&nbsp;&nbsp;&nbsp; 16455894 |
| San Diego County Regional Airport Authority, CA, (San Diego International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/48 | 14825 | &nbsp;&nbsp;&nbsp;&nbsp; 15183294 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/1/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062714 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.25%, 7/1/50 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5236914 |
| San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.50%, 5/1/43 | 7200 | &nbsp;&nbsp;&nbsp;&nbsp; 7660106 |
| Triborough Bridge and Tunnel Authority, NY, (LOC: TD Bank, N.A.), 3.90%, 1/1/32<sup>(1)</sup> | 12360 | &nbsp;&nbsp;&nbsp;&nbsp; 12360000 |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

National Municipal Income Fund

September 30, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation (continued) | Transportation (continued) | Transportation (continued) |
| Virginia Small Business Financing Authority, (95 Express Lanes, LLC), (AMT), 4.00%, 1/1/39 | $9070 | &nbsp;&nbsp;$8729975 |
| Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), (AMT), 5.75%, 12/1/50 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088295 |
|  |  | &nbsp;&nbsp;**$632567742** |
| Water and Sewer — 10.8% | Water and Sewer — 10.8% | Water and Sewer — 10.8% |
| Aurora, CO, Water Revenue, 5.00%, 8/1/49 | $10000 | &nbsp;&nbsp;$10468472 |
| Beaufort-Jasper Water and Sewer Authority, SC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/46 | 4400 | &nbsp;&nbsp;&nbsp;&nbsp; 4137830 |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/50 | 2410 | &nbsp;&nbsp;&nbsp;&nbsp; 2212602 |
| Camas, WA, Water and Sewer Revenue, 5.25%, 12/1/50 | 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1067214 |
| Charleston, SC, Waterworks and Sewer System Revenue, Series 2022, 5.00%, 1/1/47 | 4965 | &nbsp;&nbsp;&nbsp;&nbsp; 5193614 |
| Charlotte, NC, Water and Sewer System Revenue, 4.00%, 7/1/52 | 8920 | &nbsp;&nbsp;&nbsp;&nbsp; 8562274 |
| Corpus Christi, TX, Utility System Revenue, 4.00%, 7/15/48 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2321825 |
| Dallas, TX, Waterworks and Sewer System Revenue, 4.25%, 10/1/51 | 12855 | &nbsp;&nbsp;&nbsp;&nbsp; 12269500 |
| DeKalb County, GA, Water and Sewerage Revenue, 5.00%, 10/1/43 | 14395 | &nbsp;&nbsp;&nbsp;&nbsp; 15411191 |
| District of Columbia Water and Sewer Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/51 | 10655 | &nbsp;&nbsp;&nbsp;&nbsp; 9674456 |
| &nbsp;&nbsp;&nbsp;(SPA: Bank of America, N.A.), 3.70%, 10/1/60<sup>(1)</sup> | 34625 | &nbsp;&nbsp;&nbsp;&nbsp; 34625000 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 10/1/50 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5328618 |
| East Bay Municipal Utility District, CA, Water System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34514 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 550293 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 441791 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 6/1/50 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2688415 |
| Fort Lauderdale, FL, Water and Sewer Revenue, 5.50%, 9/1/48 | 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11906379 |
| Fuquay-Varina, NC, Combined Utilities Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/39 | 3105 | &nbsp;&nbsp;&nbsp;&nbsp; 2802003 |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/40 | 3050 | &nbsp;&nbsp;&nbsp;&nbsp; 2686309 |
| &nbsp;&nbsp;&nbsp;4.125%, 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 247750 |
| Greenville County Metropolitan Sewer Subdistrict, SC, 4.00%, 6/1/54 | 2260 | &nbsp;&nbsp;&nbsp;&nbsp; 2040796 |
| Honolulu City and County, HI, Wastewater System Revenue, Green Bonds, 5.25%, 7/1/54 | 3485 | &nbsp;&nbsp;&nbsp;&nbsp; 3694588 |
| Illinois Finance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 7/1/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064285 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 7/1/45 | 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1643912 |

---

---

| | | |
|:---|:---|:---|
| **<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, 5.50%, 10/1/54 | $10675 | &nbsp;&nbsp;$11494704 |
| Johnston County, NC, Water and Sewer System Revenue, 4.00%, 4/1/54 | 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1418538 |
| Kansas City, MO, Sanitary Sewer System Revenue, 4.00%, 1/1/48 | 3755 | &nbsp;&nbsp;&nbsp;&nbsp; 3543194 |
| King County, WA, Sewer Improvement and Refunding Revenue, (SPA: U.S. Bank, N.A.), 3.70%, 1/1/65<sup>(1)</sup> | 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/47 | 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8295019 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/48 | 14595 | &nbsp;&nbsp;&nbsp;&nbsp; 15357205 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/49 | 6240 | &nbsp;&nbsp;&nbsp;&nbsp; 6540422 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/50 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5108777 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/51 | 10250 | &nbsp;&nbsp;&nbsp;&nbsp; 10710301 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/47 | 4850 | &nbsp;&nbsp;&nbsp;&nbsp; 5149490 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/48 | 13500 | &nbsp;&nbsp;&nbsp;&nbsp; 14304478 |
| &nbsp;&nbsp;&nbsp;5.25%, 6/15/53 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4257024 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 3.70%, 6/15/44<sup>(1)</sup> | 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 42000000 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 3.70%, 6/15/50<sup>(1)</sup> | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| Oklahoma Water Resources Board, (Clean Water Program): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/45 | 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2337731 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/46 | 3300 | &nbsp;&nbsp;&nbsp;&nbsp; 3489980 |
| Peace River Manasota Regional Water Supply Authority, FL: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/54 | 5850 | &nbsp;&nbsp;&nbsp;&nbsp; 5331973 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/43 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5456901 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/45 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3784442 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/46 | 4005 | &nbsp;&nbsp;&nbsp;&nbsp; 4295821 |
| Phoenix Civic Improvement Corp., AZ, Wastewater System Revenue, 5.25%, 7/1/47 | 16200 | &nbsp;&nbsp;&nbsp;&nbsp; 17280649 |
| Portland, OR, Sewer System Revenue, 5.00%, 12/1/47 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5248701 |
| San Antonio, TX, Water System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/41<sup>(5)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5429989 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/42<sup>(5)</sup> | 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9680301 |
| &nbsp;&nbsp;&nbsp;(SPA: Truist Bank), 3.80%, 5/1/54<sup>(1)</sup> | 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35000000 |
| San Mateo-Foster City Public Financing Authority, CA, (Clean Water Program), 5.00%, 8/1/49 | 5940 | &nbsp;&nbsp;&nbsp;&nbsp; 6164117 |
| Seattle, WA, Drainage and Wastewater Revenue, 5.25%, 5/1/50 | 1850 | &nbsp;&nbsp;&nbsp;&nbsp; 1976382 |
| Seattle, WA, Water System Revenue, Green Bonds, 5.00%, 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77877 |
| Tarrant Regional Water District, TX, Water Revenue, 4.00%, 3/1/54 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9049065 |
| Texas Water Development Board, 4.25%, 10/15/51 | 4760 | &nbsp;&nbsp;&nbsp;&nbsp; 4501270 |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

National Municipal Income Fund

September 30, 2025

Portfolio of Investments — 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) |
| Washington Suburban Sanitary District, MD: |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, 6/1/38 | $10770 | &nbsp;&nbsp;$8549888 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/45 | 10560 | &nbsp;&nbsp;&nbsp;&nbsp; 10356050 |
|  |  | &nbsp;&nbsp;**$447263920** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $4,042,126,505) |  | &nbsp;&nbsp;**$4074024175** |

---

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

Taxable Municipal Obligations — 2.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Cogeneration — 0.1% | Cogeneration — 0.1% | Cogeneration — 0.1% |
| Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 6/30/27<sup>(2)</sup> | $8071 | &nbsp;&nbsp;$1452793 |
|  |  | &nbsp;&nbsp;**$1452793** |
| Education — 0.5% | Education — 0.5% | Education — 0.5% |
| Illinois Finance Authority, (University of Chicago), (Liq: TD Bank, N.A.), 4.17%, 10/1/42<sup>(8)</sup> | $20000 | &nbsp;&nbsp;$20000000 |
| San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 3.15%, 4/1/37 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1347018 |
|  |  | &nbsp;&nbsp;**$21347018** |
| Housing — 0.3% | Housing — 0.3% | Housing — 0.3% |
| Maryland Community Development Administration, (FHLMC), (FNMA), (GNMA), (SPA: Royal Bank of Canada), 4.15%, 7/1/45<sup>(8)</sup> | $8035 | &nbsp;&nbsp;$8035000 |
| New York Housing Finance Agency, (160 Madison Avenue LLC), (LOC: Landesbank Hessen-Thuringen Girozentrale), 4.09%, 11/1/46<sup>(1)</sup> | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
|  |  | &nbsp;&nbsp;**$13035000** |
| Insured - Transportation — 1.1% | Insured - Transportation — 1.1% | Insured - Transportation — 1.1% |
| Alameda Corridor Transportation Authority, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 10/1/43 | $14295 | &nbsp;&nbsp;$4814985 |
| &nbsp;&nbsp;&nbsp;(AMBAC), 0.00%, 10/1/26 | 14395 | &nbsp;&nbsp;&nbsp;&nbsp; 13802297 |
| &nbsp;&nbsp;&nbsp;(AMBAC), 0.00%, 10/1/27 | 22355 | &nbsp;&nbsp;&nbsp;&nbsp; 20373507 |
| &nbsp;&nbsp;&nbsp;(AMBAC), Escrowed to Maturity, 0.00%, 10/1/26 | 8105 | &nbsp;&nbsp;&nbsp;&nbsp; 7803174 |
|  |  | &nbsp;&nbsp;**$46793963** |
| 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;615 | &nbsp;&nbsp;$624199 |

---

---

| | | |
|:---|:---|:---|
| **<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) |
| National Finance Authority, NH, (Centurion Foundation), 11.00%, 12/15/38 | $&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;$304265 |
|  |  | &nbsp;&nbsp;**$928464** |
| Transportation — 0.4% | Transportation — 0.4% | Transportation — 0.4% |
| Foothill/Eastern Transportation Corridor Agency, CA, 4.094%, 1/15/49 | $20856 | &nbsp;&nbsp;$16799777 |
|  |  | &nbsp;&nbsp;**$16799777** |
| Total Taxable Municipal Obligations<br> (identified cost $106,732,042) |  | &nbsp;&nbsp;**$100357015** |
| Total Investments — 101.2%<br> (identified cost $4,155,496,875) |  | &nbsp;&nbsp;**$4181564611** |
| Other Assets, Less Liabilities — (1.2)% |  | &nbsp;&nbsp;**$(48456405)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$4133108206** |

---

---

| | |
|:---|:---|
| 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 same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at September 30, 2025. |
| <sup>(2)</sup> | Represents a payment-in-kind security which may pay interest in additional principal at the issuer's discretion. |
| <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 September 30, 2025, the aggregate value of these securities is $45,675,193 or 1.1% 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> | When-issued security. |
| <sup>(6)</sup> | Issuer is in default with respect to interest and/or principal payments or has declared bankruptcy and is non-income producing. |
| <sup>(7)</sup> | Floating rate security. The stated interest rate represents the rate in effect at September 30, 2025. |
| <sup>(8)</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 September 30, 2025. |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

National Municipal Income Fund

September 30, 2025

Portfolio of Investments — continued

------

At September 30, 2025, 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;New York | 17.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | 13.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California | 11.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, representing less than 10% individually | 59.5% |

---

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At September 30, 2025, 8.2% 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 4.0% 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 |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

Statements of Assets and Liabilities

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;**AMT-Free Fund** | &nbsp;&nbsp;&nbsp;**National Fund** |
| Assets |  |  |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;Identified cost | &nbsp;&nbsp;$174248427 | &nbsp;&nbsp;$4155496875 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26067736 |
| **Investments, at value** | &nbsp;&nbsp;**$178356330** | &nbsp;&nbsp;**$4181564611** |
| Cash | &nbsp;&nbsp;$48122 | &nbsp;&nbsp;$3567991 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49297101 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11091166 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3498508 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442040 |
| **Total assets** | &nbsp;&nbsp;**$180732608** | &nbsp;&nbsp;**$4249461417** |
| Liabilities |  |  |
| Payable for floating rate notes issued | &nbsp;&nbsp;$2402110 | &nbsp;&nbsp;$49268586 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2683205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53114425 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9286974 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767670 |
| 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;63667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095675 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237806 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18554 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442040 |
| Interest expense and fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316796 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804685 |
| **Total liabilities** | &nbsp;&nbsp;**$5864907** | &nbsp;&nbsp;**$116353211** |
| **Net Assets** | &nbsp;&nbsp;**$174867701** | &nbsp;&nbsp;**$4133108206** |
| Sources of Net Assets |  |  |
| Paid-in capital | &nbsp;&nbsp;$223037197 | &nbsp;&nbsp;$4592646168 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48169496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(459537962) |
| **Net Assets** | &nbsp;&nbsp;**$174867701** | &nbsp;&nbsp;**$4133108206** |
| Class A Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$88516400 | &nbsp;&nbsp;$1031069783 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11193028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114079223 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$7.91 | &nbsp;&nbsp;$9.04 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$8.18 | &nbsp;&nbsp;$9.34 |
| Class C Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$1730698 | &nbsp;&nbsp;$32246921 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3568268 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$7.86 | &nbsp;&nbsp;$9.04 |
| Class I Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$84620603 | &nbsp;&nbsp;$3069791502 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9798989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339700037 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$8.64 | &nbsp;&nbsp;$9.04 |

---

---

| | |
|:---|:---|
| 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_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

Statements of Operations

------

---

| | | |
|:---|:---|:---|
|  | &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** |
| Investment Income |  |  |
| Interest income | &nbsp;&nbsp;$8542753 | &nbsp;&nbsp;$191663087 |
| **Total investment income** | &nbsp;&nbsp;**$8542753** | &nbsp;&nbsp;**$191663087** |
| Expenses |  |  |
| Investment adviser fee | &nbsp;&nbsp;$803656 | &nbsp;&nbsp;$13825970 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725618 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370279 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108690 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758785 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353748 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332024 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99656 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261822 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983931 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425503 |
| **Total expenses** | &nbsp;&nbsp;**$1461595** | &nbsp;&nbsp;**$22246026** |
| **Net investment income** | &nbsp;&nbsp;**$7081158** | &nbsp;&nbsp;**$169417061** |
| Realized and Unrealized Gain (Loss) |  |  |
| Net realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(2874739) | &nbsp;&nbsp;$(50222639) |
| **Net realized loss** | &nbsp;&nbsp;**$(2874739)** | &nbsp;&nbsp;**$(50222639)** |
| Change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(5608101) | &nbsp;&nbsp;$(142445491) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(5608101)** | &nbsp;&nbsp;**$(142445491)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(8482840)** | &nbsp;&nbsp;**$(192668130)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(1401682)** | &nbsp;&nbsp;**$(23251069)** |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &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** |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

Statements of Changes in Net Assets — continued

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended September 30, 2024** |
|  | &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;$7958405 | &nbsp;&nbsp;$163793960 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4682350) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16717804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288134418 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$24926122** | &nbsp;&nbsp;**$447246028** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(3783054) | &nbsp;&nbsp;$(44667007) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1354682) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4009714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118137744) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(7879388)** | &nbsp;&nbsp;**$(164159433)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(4761576) | &nbsp;&nbsp;$(11782201) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(938223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6744532) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31185537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670507014 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(36885336)** | &nbsp;&nbsp;**$651980281** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(19838602)** | &nbsp;&nbsp;**$935066876** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$220440795 | &nbsp;&nbsp;$3683130785 |
| **At end of year** | &nbsp;&nbsp;**$200602193** | &nbsp;&nbsp;**$4618197661** |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

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;**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;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &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;$0.30 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.24 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.06)** | &nbsp;&nbsp;**$0.93** | &nbsp;&nbsp;**$0.11** | &nbsp;&nbsp;**$(1.27)** | &nbsp;&nbsp;**$0.29** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.25) |
| **Total distributions** | &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 year** | &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;**(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 year (000's omitted) | &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>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &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>(4)</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;0.91% | &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;0.91% | &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;3.73% | &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;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> 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>(4)</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_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

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;**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;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &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;$0.24 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$0.86** | &nbsp;&nbsp;**$0.06** | &nbsp;&nbsp;**$(1.33)** | &nbsp;&nbsp;**$0.22** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.18) |
| **Total distributions** | &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 year** | &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;**(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 year (000's omitted) | &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>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &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>(4)</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;1.66% | &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;1.66% | &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;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;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> 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>(4)</sup> Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

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;**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;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &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;$0.35 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.27 | &nbsp;&nbsp;$0.28 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.04)** | &nbsp;&nbsp;**$1.04** | &nbsp;&nbsp;**$0.15** | &nbsp;&nbsp;**$(1.37)** | &nbsp;&nbsp;**$0.34** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.30) |
| **Total distributions** | &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 year** | &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;**(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 year (000's omitted) | &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>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &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>(4)</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;0.66% | &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;0.66% | &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;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;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> 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>(4)</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_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

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;**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;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &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;$0.34 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.23 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.04)** | &nbsp;&nbsp;**$1.02** | &nbsp;&nbsp;**$0.30** | &nbsp;&nbsp;**$(1.28)** | &nbsp;&nbsp;**$0.31** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.24) |
| **Total distributions** | &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 year** | &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;**(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 year (000's omitted) | &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>(3)</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% | &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>(4)</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;0.69% | &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;0.69% | &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;3.73% | &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;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> 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>(4)</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_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

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;**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;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &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;$0.27 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.15 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$0.95** | &nbsp;&nbsp;**$0.24** | &nbsp;&nbsp;**$(1.36)** | &nbsp;&nbsp;**$0.23** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.16) |
| **Total distributions** | &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 year** | &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;**(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 year (000's omitted) | &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>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses excluding interest and fees | &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>(4)</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;1.44% | &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;1.44% | &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;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;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> 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>(4)</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_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

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;**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;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &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;$0.36 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(0.02)** | &nbsp;&nbsp;**$1.04** | &nbsp;&nbsp;**$0.33** | &nbsp;&nbsp;**$(1.26)** | &nbsp;&nbsp;**$0.33** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.26) |
| **Total distributions** | &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 year** | &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;**(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 year (000's omitted) | &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>(3)</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% | &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>(4)</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;0.44% | &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;0.44% | &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;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;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> 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>(4)</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_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance AMT-Free Municipal Income Fund (AMT-Free Fund) and Eaton Vance National Municipal Income Fund (National Fund) (each individually referred to as the Fund, and collectively, the Funds) are a diversified series of Eaton Vance Mutual Funds Trust and Eaton Vance Municipals Trust, respectively (collectively, the Trusts). The Trusts are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. 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.**

**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.

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

As of September 30, 2025, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

Notes to Financial Statements — continued

------

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

G Indemnifications—Under each Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Funds. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as a Trust) could be deemed to have personal liability for the obligations of the Trust. However, each Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, 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 September 30, 2025. Interest expense related to a Fund's liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At September 30, 2025, 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;$2402110 | &nbsp;&nbsp;&nbsp;&nbsp;$49268586 |
| Interest Rate or Range of Interest Rates (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 - 2.98 |
| Collateral for Floating Rate Notes Outstanding | &nbsp;&nbsp;$3199860 | &nbsp;&nbsp;&nbsp;&nbsp;$64420980 |

---

For the year ended September 30, 2025, the Funds' average settled Floating Rate Notes outstanding and the average interest rate 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;$3355616 | &nbsp;&nbsp;&nbsp;&nbsp;$59282712 |
| Average Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35% |

---

In certain circumstances, the Funds may enter into shortfall and forbearance agreements with brokers by which a Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of September 30, 2025.

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.

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

Notes to Financial Statements — continued

------

The Funds' investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Funds' investment policies do not allow the Funds to borrow money except as permitted by the 1940 Act. 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—During this reporting period, the Funds adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. Each Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, 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.

2 Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended September 30, 2025 and September 30, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**National<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**National<br> Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$7016602 | &nbsp;&nbsp;&nbsp;&nbsp;$7877590 | &nbsp;&nbsp;&nbsp;&nbsp;$164648812 | &nbsp;&nbsp;&nbsp;&nbsp;$148757917 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$14990 | &nbsp;&nbsp;&nbsp;&nbsp;$1798 | &nbsp;&nbsp;&nbsp;&nbsp;$6596739 | &nbsp;&nbsp;&nbsp;&nbsp;$15401516 |

---

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[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

Notes to Financial Statements — continued

------

As of September 30, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**National<br> Fund** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$710252 | &nbsp;&nbsp;&nbsp;&nbsp;$1985544 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53027132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(487644808) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4230494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27888972 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1767670) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(48169496)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(459537962)** |

---

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 |

---

The cost and unrealized appreciation (depreciation) of investments of each Fund at September 30, 2025, 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;**$171723726** | &nbsp;&nbsp;**$4104407053** |
| Gross unrealized appreciation | &nbsp;&nbsp;$6450875 | &nbsp;&nbsp;$76627938 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2220381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48738966) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$4230494** | &nbsp;&nbsp;**$27888972** |

---

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[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

Notes to Financial Statements — continued

------

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 year ended September 30, 2025, 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;$803656 | &nbsp;&nbsp;&nbsp;&nbsp;$13825970 |
| 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 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 year ended September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;**National<br> Fund** |
| EVM's Sub-Transfer Agent Fees | &nbsp;&nbsp;$9204 | &nbsp;&nbsp;$50074 |
| EVD's Class A Sales Charges | &nbsp;&nbsp;$3364 | &nbsp;&nbsp;$36186 |
| Morgan Stanley affiliated broker-dealers' Class A Sales Charges | &nbsp;&nbsp;$2750 | &nbsp;&nbsp;$14175 |

---

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.

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[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

Notes to Financial Statements — continued

------

4 Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended September 30, 2025 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;$230120 | &nbsp;&nbsp;$2725618 |

---

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 year ended September 30, 2025, 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;$15725 | &nbsp;&nbsp;$277709 |

---

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 year ended September 30, 2025 amounted to the following:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;**National<br> Fund** |
| Class C Service Fees | &nbsp;&nbsp;$5242 | &nbsp;&nbsp;$92570 |

---

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 year ended September 30, 2025, 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;$—<sup>(1)</sup> | &nbsp;&nbsp;$20501 |
| Class C | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3454 |

---

<sup>(1)</sup> Amount is less than $100.

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[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

Notes to Financial Statements — continued

------

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, for the year ended September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**AMT-Free<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**National<br> Fund** |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;$170188545 | &nbsp;&nbsp;&nbsp;&nbsp;$4843001077 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;$190039180 | &nbsp;&nbsp;&nbsp;&nbsp;$5344256214 |

---

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;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &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;1090809 | &nbsp;&nbsp;&nbsp;&nbsp;$8618992 | &nbsp;&nbsp;&nbsp;&nbsp;2215344 | &nbsp;&nbsp;&nbsp;&nbsp;$17952953 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 371769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2948880 | &nbsp;&nbsp;&nbsp;&nbsp; 385503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3113046 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(2893254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23091302) | &nbsp;&nbsp;&nbsp;&nbsp;(3207834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25827575) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(1430676)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(11523430)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(606987)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4761576)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 29392 | &nbsp;&nbsp;&nbsp;&nbsp;$235517 | &nbsp;&nbsp;&nbsp;&nbsp; 76495 | &nbsp;&nbsp;&nbsp;&nbsp;$615449 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 7414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58548 | &nbsp;&nbsp;&nbsp;&nbsp; 10293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82633 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (129204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1025160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (204192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1636305) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(92398)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(731095)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(117404)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(938223)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;4161736 | &nbsp;&nbsp;&nbsp;&nbsp;$35794798 | &nbsp;&nbsp;&nbsp;&nbsp;2424718 | &nbsp;&nbsp;&nbsp;&nbsp;$21350679 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 342846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2968163 | &nbsp;&nbsp;&nbsp;&nbsp; 382666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3372035 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(5109384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43809654) | &nbsp;&nbsp;&nbsp;&nbsp;(6384136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55908251) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(604802)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5046693)** | &nbsp;&nbsp;&nbsp;&nbsp;**(3576752)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(31185537)** |

---

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

Notes to Financial Statements — continued

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **National Fund** | **National Fund** | **National Fund** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &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; 12078992 | &nbsp;&nbsp;&nbsp;&nbsp;$109257957 | &nbsp;&nbsp;&nbsp;&nbsp; 18426434 | &nbsp;&nbsp;&nbsp;&nbsp;$169942020 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 3899451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35266857 | &nbsp;&nbsp;&nbsp;&nbsp; 4170023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38453338 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29212164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (264241265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24029562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (220177559) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13233721)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(119716451)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(1433105)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(11782201)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 704515 | &nbsp;&nbsp;&nbsp;&nbsp;$6402396 | &nbsp;&nbsp;&nbsp;&nbsp; 1071098 | &nbsp;&nbsp;&nbsp;&nbsp;$9868273 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 114573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1036885 | &nbsp;&nbsp;&nbsp;&nbsp; 133484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1230196 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1726616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15571279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1949577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17843001) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(907528)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(8131998)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(744995)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6744532)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;159692054 | &nbsp;&nbsp;&nbsp;&nbsp;$1441854634 | &nbsp;&nbsp;&nbsp;&nbsp;166253236 | &nbsp;&nbsp;&nbsp;&nbsp;$1527366480 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 12484924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112900130 | &nbsp;&nbsp;&nbsp;&nbsp; 10788378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99585315 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(191177725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1717499150) | &nbsp;&nbsp;&nbsp;&nbsp;(105421044) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (956444781) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(19000747)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(162744386)** | &nbsp;&nbsp;&nbsp;&nbsp; **71620570** | &nbsp;&nbsp;&nbsp;&nbsp;**$670507014** |

---

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 21, 2025. 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 2024, 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 year ended September 30, 2025.

Effective October 21, 2025, the Fund renewed its line of credit agreement, which expires October 20, 2026, at substantially the same terms.

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.

------

[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

Notes to Financial Statements — continued

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At September 30, 2025, the hierarchy of inputs used in valuing the Funds' investments, which are carried at fair value, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **AMT-Free Fund** |  |  |  |  |
| **Asset Description** | **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;$178356330 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$178356330 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$178356330** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$178356330** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **National Fund** |  |  |  |  |
| **Asset Description** | **Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$7183421 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$7183421 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4074024175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4074024175 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100357015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100357015 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$4181564611** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$4181564611** |

---

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[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2025

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance AMT-Free Municipal Income Fund (the "Fund"), one of the funds constituting Eaton Vance Mutual Funds Trust, including the portfolio of investments, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 21, 2025

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

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[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

National Municipal Income Fund

September 30, 2025

Report of Independent Registered Public Accounting Firm

------

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance National Municipal Income Fund (the "Fund"), one of the funds constituting Eaton Vance Municipals Trust, including the portfolio of investments, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 21, 2025

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

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[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

Federal Tax Information (Unaudited)

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The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of exempt-interest dividends.

#### Exempt-Interest Dividends. For the fiscal year ended September 30, 2025, the Funds designate the following percentages of distributions from net investment income as exempt-interest dividends:

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| | |
|:---|:---|
| AMT-Free Municipal Income Fund | &nbsp;&nbsp;99.79% |
| National Municipal Income Fund | &nbsp;&nbsp;96.15% |

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[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

Board of Trustees' Contract Approval

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Overview of the Contract Review Process

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

At a meeting held on June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

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

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

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

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

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

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

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

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

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

Board of Trustees' Contract Approval — continued

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Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

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

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

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

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

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

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

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[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

Board of Trustees' Contract Approval — continued

------

Results of the Contract Review Process

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

*Nature, Extent and Quality of Services*

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

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

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

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

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

*Fund Performance*

The Board compared each Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index, and assessed each Fund's performance on the basis of total return and current income return. The Board's review included comparative performance data with respect to each Fund for the one-, three-, five- and ten-year periods ended December 31, 2024.

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Performance Relative to:** | &nbsp;&nbsp;&nbsp;&nbsp;**Performance Relative to:** |
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Median of<br> Peer Group** | &nbsp;&nbsp;&nbsp;&nbsp;**Benchmark<br> Index** |
| Eaton Vance AMT-Free Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;Lower | &nbsp;&nbsp;&nbsp;&nbsp;Lower |
| Eaton Vance National Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;Higher | &nbsp;&nbsp;&nbsp;&nbsp;Higher |

---

The Board considered, among other things, each Adviser's efforts to generate competitive levels of tax-exempt current income over time through investments that, relative to comparable funds, focus on higher quality municipal bonds with longer maturities. With respect to the Eaton Vance AMT-Free Municipal Income Fund, after considering the relative underperformance of the Fund over the longer term, the Board noted that the Fund's performance record had improved relative to its primary performance benchmark in more recent periods. On the basis of the foregoing, the Board considered other

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[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

Eaton Vance

Municipal Income Funds

September 30, 2025

Board of Trustees' Contract Approval — continued

------

relevant information provided by the Adviser in response to requests from the Contract Review Committee, including the strong income return of the Fund, and determined to continue to monitor the performance of the Fund. With respect to the Eaton Vance National Municipal Income Fund, the Board concluded that the performance of the Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered each Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. With respect to the Eaton Vance AMT-Free Municipal Income Fund, the Board also considered certain factors identified by management in response to requests from the Contract Review Committee regarding the Fund's total expense ratio relative to comparable funds. With respect to Eaton Vance National Municipal Income Fund, the Board also considered factors that had an impact on the Fund's total expense ratio relative to comparable funds.

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

*Profitability and "Fall-Out" Benefits*

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

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

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

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and each Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of each Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that each Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of each advisory fee, which includes breakpoints at several asset levels, will allow each Fund to continue to benefit from any economies of scale in the future.

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[**Table of Contents**](#JOB_EV_AR_1ffbe3ff-3441-4892-952b-15287db8fee4_TOC)

MUNI2-NCSR&nbsp;&nbsp;&nbsp;&nbsp;9.30.25

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#### 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
The information is included in Item 7 of this Form N-CSR.

#### 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

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| | |
|:---|:---|
| (a)(1) | Registrant's Code of Ethics – Not applicable (please see Item 2). |
| (a)(2)(i) | [Principal Financial Officer's Section 302 certification.](d90262dex99cert.htm) |
| (a)(2)(ii) | [Principal Executive Officer's Section 302 certification.](d90262dex99cert.htm#a) |
| (b) | [Combined Section 906 certification.](d90262dex99906cert.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: | November 24, 2025 |

---

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: | November 24, 2025 |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |
| Date: | November 24, 2025 |

---

## 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: November 24, 2025 | /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: November 24, 2025 | /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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Report of the **Trust** on Form N-CSR for the period ended
September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: November 24, 2025 |
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |
| Date: November 24, 2025 |
| /s/ Kenneth A. Topping |
| Kenneth A. Topping |
| Principal Executive Officer |

---