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)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Deidre E. Walsh

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

September 30

Date of Fiscal Year End

March 31, 2022

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders



Eaton Vance
Total Return Bond Fund
Semiannual Report
March 31, 2022



Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund's adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.


Semiannual Report March 31, 2022
Eaton Vance
Total Return Bond Fund
Table of Contents  
Performance 2
Fund Profile 3
Endnotes and Additional Disclosures 4
Fund Expenses 5
Financial Statements 6
Officers and Trustees 29
Privacy Notice 30
Important Notices 32


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Performance

Portfolio Manager(s) Matthew T. Buckley, CFA, John H. Croft, CFA and Vishal Khanduja, CFA
% Average Annual Total Returns1,2 Class
Inception Date
Performance
Inception Date
Six Months One Year Five Years Ten Years
Class A at NAV 11/17/2009 11/17/2009 (5.48)% (2.73)% 3.16% 3.46%
Class A with 4.75% Maximum Sales Charge (10.00) (7.38) 2.17 2.96
Class C at NAV 11/17/2009 11/17/2009 (5.75) (3.38) 2.39 2.84
Class C with 1% Maximum Sales Charge (6.68) (4.32) 2.39 2.84
Class I at NAV 11/17/2009 11/17/2009 (5.28) (2.41) 3.42 3.72

Bloomberg U.S. Aggregate Bond Index (5.92)% (4.15)% 2.14% 2.24%
% Total Annual Operating Expense Ratios3 Class A Class C Class I
Gross 0.82% 1.57% 0.57%
Net 0.74 1.49 0.49
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
2


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Fund Profile

Asset Allocation (% of total investments)
Credit Quality (% of bond holdings)*
* For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.
 
3


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Endnotes and Additional Disclosures

1 Bloomberg U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
2 Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.
Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.
Effective May 1, 2015, the Fund changed its investment objective and policies. Prior to May 1, 2015, the Fund invested primarily in Build America Bonds. Performance prior to May 1, 2015 reflects the Fund’s performance under its former investment objective and policies.
3 Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.
  Fund profile subject to change due to active management.
4


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Fund Expenses

Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2021 to March 31, 2022).
Actual Expenses
The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.
  Beginning
Account Value
(10/1/21)
Ending
Account Value
(3/31/22)
Expenses Paid
During Period*
(10/1/21 – 3/31/22)
Annualized
Expense
Ratio
Actual        
Class A $1,000.00 $ 945.20 $3.59** 0.74%
Class C $1,000.00 $ 942.50 $7.22** 1.49%
Class I $1,000.00 $ 947.20 $2.38** 0.49%
 
Hypothetical        
(5% return per year before expenses)        
Class A $1,000.00 $1,021.24 $3.73** 0.74%
Class C $1,000.00 $1,017.50 $7.49** 1.49%
Class I $1,000.00 $1,022.49 $2.47** 0.49%
* Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021.
** Absent an allocation of certain expenses to an affiliate, expenses would be higher.
5


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Portfolio of Investments (Unaudited)

Asset-Backed Securities — 16.1%
Security Principal
Amount
(000s omitted)
Value
Aaset Trust, Series 2019-2, Class B, 4.458%, 10/16/39(1) $      3,084 $  2,077,068
ARI Fleet Lease Trust, Series 2018-B, Class A2, 3.22%, 8/16/27(1)            6       5,694
Avant Credit Card Master Trust, Series 2021-1A, Class A, 1.37%, 4/15/27(1)        1,450   1,379,189
Avant Loans Funding Trust, Series 2021-REV1, Class D, 4.30%, 7/15/30(1)        5,213   4,956,824
Business Jet Securities, LLC, Series 2020-1A, Class A, 2.981%, 11/15/35(1)          923     890,682
Chase Auto Credit Linked Notes:      
Series 2021-3, Class D, 1.009%, 2/26/29(1)          992     962,818
Series 2021-3, Class E, 2.102%, 2/26/29(1)          583     569,203
Coinstar Funding, LLC, Series 2017-1A, Class A2, 5.216%, 4/25/47(1)        5,992   5,966,567
Cologix Canadian Issuer L.P., Series 2022-1CAN, Class C, 7.74%, 1/25/52(1)(2)        2,800   2,171,554
Cologix Data Centers US Issuer, LLC:      
Series 2021-1A, Class B, 3.79%, 12/26/51(1)        4,300   4,151,226
Series 2021-1A, Class C, 5.99%, 12/26/51(1)        2,900   2,770,918
Conn's Receivables Funding, LLC:      
Series 2020-A, Class C, 4.20%, 6/16/25(1)          552     548,017
Series 2021-A, Class B, 2.87%, 5/15/26(1)        4,030   3,914,799
Series 2021-A, Class C, 4.59%, 5/15/26(1)        7,500   7,106,795
Diamond Infrastructure Funding, LLC, Series 2021-1A, Class C, 3.475%, 4/15/49(1)          992     927,094
Driven Brands Funding, LLC, Series 2019-2A, Class A2, 3.981%, 10/20/49(1)        3,216   3,114,862
ExteNet LLC:      
Series 2019-1A, Class A2, 3.204%, 7/26/49(1)        2,475   2,455,786
Series 2019-1A, Class B, 4.14%, 7/26/49(1)        3,502   3,483,584
Series 2019-1A, Class C, 5.219%, 7/26/49(1)        3,040   3,042,768
Falcon Aerospace, Ltd.:      
Series 2019-1, Class B, 4.791%, 9/15/39(1)        4,067   3,358,490
Series 2019-1, Class C, 6.656%, 9/15/39(1)        2,856   2,079,226
FOCUS Brands Funding, LLC, Series 2017-1A, Class A2IB, 3.857%, 4/30/47(1)        2,757   2,721,391
Foundation Finance Trust, Series 2017-1A, Class A, 3.30%, 7/15/33(1)           44      44,455
Hertz Vehicle Financing, LLC, Series 2021-1A, Class D, 3.98%, 12/26/25(1)        5,000   4,681,045
Horizon Aircraft Finance II, Ltd., Series 2019-1, Class A, 3.721%, 7/15/39(1)        2,026   1,809,991
LL ABS Trust, Series 2020-1A, Class A, 2.33%, 1/17/28(1)           33      32,990
Lunar Aircraft, Ltd.:      
Series 2020-1A, Class B, 4.335%, 2/15/45(1)          656      554,102
Security Principal
Amount
(000s omitted)
Value
Lunar Aircraft, Ltd.:(continued)      
Series 2020-1A, Class C, 6.413%, 2/15/45(1) $        285 $    221,159
Mosaic Solar Loan Trust:      
Series 2019-2A, Class B, 3.28%, 9/20/40(1)        2,186   2,123,679
Series 2020-1A, Class C, 4.47%, 4/20/46(1)          467     468,345
MVW, LLC, Series 2020-1A, Class A, 1.74%, 10/20/37(1)          324     313,600
Neighborly Issuer, LLC, Series 2021-1A, Class A2, 3.584%, 4/30/51(1)        2,486   2,339,813
NRZ Excess Spread-Collateralized Notes:      
Series 2021-FHT1, Class A, 3.104%, 7/25/26(1)          554     524,594
Series 2021-GNT1, Class A, 3.474%, 11/25/26(1)        4,853   4,679,169
Oportun Issuance Trust, Series 2021-B, Class C, 3.65%, 5/8/31(1)          496     482,927
Pagaya AI Debt Selection Trust:      
Series 2021-2, 3.00%, 1/25/29(1)        1,820   1,780,663
Series 2021-3, Class C, 3.27%, 5/15/29(1)        5,900   5,585,083
Series 2021-5, Class C, 3.93%, 8/15/29(1)        4,320   3,940,180
Planet Fitness Master Issuer, LLC, Series 2019-1A, Class A2, 3.858%, 12/5/49(1)        2,385   2,251,027
PMT Issuer Trust - FMSR, Series-2021-FT1, 3.456%, (1 mo. USD LIBOR + 3.00%), 3/25/26(1)(3)          390     383,435
Pnmac Gmsr Issuer Trust:      
Series 2018-GT1, Class A, 3.307%, (1 mo. USD LIBOR + 2.85%), 2/25/23(1)(3)          775     772,109
Series 2018-GT2, Class A, 3.107%, (1 mo. USD LIBOR + 2.65%), 8/25/25(1)(3)          445     441,003
ServiceMaster Funding, LLC:      
Series 2020-1, Class A2I, 2.841%, 1/30/51(1)          663     603,788
Series 2020-1, Class A2II, 3.337%, 1/30/51(1)          776     705,251
SERVPRO Master Issuer, LLC, Series 2019-1A, Class A2, 3.882%, 10/25/49(1)        3,793   3,820,225
Sonic Capital, LLC, Series 2020-1A, Class A2I, 3.845%, 1/20/50(1)        3,852   3,776,356
Stack Infrastructure Issuer, LLC, Series 2019-2A, Class A2, 3.08%, 10/25/44(1)        1,135   1,116,995
Sunnova Helios II Issuer, LLC:      
Series 2019-AA, Class C, 5.32%, 6/20/46(1)          972     957,892
Series 2021-A, Class B, 3.15%, 2/20/48(1)        2,188   1,931,375
Theorem Funding Trust, Series 2021-1A, Class B, 1.84%, 12/15/27(1)        2,461   2,350,862
Upstart Securitization Trust, Series 2020-1, Class C, 4.899%, 4/22/30(1)        3,872   3,874,168
Vantage Data Centers Issuer, LLC:      
Series 2018-2A, Class A2, 4.196%, 11/16/43(1)          967     968,355
Series 2020-2A, Class A2, 1.992%, 9/15/45(1)        3,088   2,830,217
Series 2021-1A, Class A2, 2.165%, 10/15/46(1)        3,858    3,605,582
 
6
See Notes to Financial Statements.


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Portfolio of Investments (Unaudited) — continued

Security Principal
Amount
(000s omitted)
Value
Willis Engine Structured Trust V:      
Series 2020-A, Class B, 4.212%, 3/15/45(1) $      1,598 $   1,380,545
Series 2020-A, Class C, 6.657%, 3/15/45(1)          677     471,488
Total Asset-Backed Securities
(identified cost $128,412,532)
    $120,477,023
    
Collateralized Mortgage Obligations — 4.1%
Security Principal
Amount
(000s omitted)
Value
Bellemeade Re, Ltd., Series 2021-2A, Class M1A, 1.299%, (30-day average SOFR + 1.20%), 6/25/31(1)(3) $      3,800 $   3,789,458
Eagle Re, Ltd., Series 2021-2, Class M1B, 2.149%, (30-day average SOFR + 2.05%), 4/25/34(1)(3)        1,500   1,481,255
Federal Home Loan Mortgage Corp., Series 2019-HAQ2, 4.556%, (1 mo. USD LIBOR + 4.10%), 4/25/49(1)(3)          599     597,973
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes:      
Series 2019-DNA4, Class M2, 2.407%, (1 mo. USD LIBOR + 1.95%), 10/25/49(1)(3)          442     443,505
Series 2019-HQA3, Class B1, 3.456%, (1 mo. USD LIBOR + 3.00%), 9/25/49(1)(3)        1,395   1,363,599
Series 2019-HQA4, Class B1, 3.406%, (1 mo. USD LIBOR + 2.95%), 11/25/49(1)(3)          975     960,469
Series 2020-HQA2, Class B1, 4.556%, (1 mo. USD LIBOR + 4.10%), 3/25/50(1)(3)        1,878   1,847,736
      $  4,615,309
Federal National Mortgage Association Connecticut Avenue Securities:      
Series 2019-R01, Class 2B1, 4.806%, (1 mo. USD LIBOR + 4.35%), 7/25/31(1)(3) $      1,390 $   1,400,311
Series 2019-R02, Class 1B1, 4.606%, (1 mo. USD LIBOR + 4.15%), 8/25/31(1)(3)          565     569,281
Series 2019-R02, Class 1M2, 2.757%, (1 mo. USD LIBOR + 2.30%), 8/25/31(1)(3)          326     326,245
Series 2019-R03, Class 1B1, 4.556%, (1 mo. USD LIBOR + 4.10%), 9/25/31(1)(3)        1,125   1,137,496
Series 2019-R05, Class 1M2, 2.457%, (1 mo. USD LIBOR + 2.00%), 7/25/39(1)(3)           17      17,229
Series 2019-R06, Class 2B1, 4.207%, (1 mo. USD LIBOR + 3.75%), 9/25/39(1)(3)        5,851   5,722,791
Series 2019-R07, Class 1B1, 3.856%, (1 mo. USD LIBOR + 3.40%), 10/25/39(1)(3)        3,081   2,984,804
Series 2020-R02, Class 2B1, 3.456%, (1 mo. USD LIBOR + 3.00%), 1/25/40(1)(3)        1,612   1,484,656
Series 2021-R01, Class 1B2, 6.099%, (30-day average SOFR + 6.00%), 10/25/41(1)(3)        1,400   1,306,857
Series 2021-R02, Class 2B1, 3.399%, (30-day average SOFR + 3.30%), 11/25/41(1)(3)          584     541,682
      $ 15,491,352
Security Principal
Amount
(000s omitted)
Value
FMC GMSR Issuer Trust:      
Series 2021-GT1, Class A, 3.62%, 7/25/26(1)(4) $      2,285 $   2,146,217
Series 2021-GT2, Class A, 3.85%, 10/25/26(1)(4)        1,690   1,567,362
      $  3,713,579
Oaktown Re VI Ltd., Series 2021-1A, Class M1B, 2.149%, (30-day average SOFR + 2.05%), 10/25/33(1)(3) $      1,000 $   1,000,177
Total Collateralized Mortgage Obligations
(identified cost $31,576,671)
    $ 30,689,103
    
Commercial Mortgage-Backed Securities — 13.7%
Security Principal
Amount
(000s omitted)
Value
BAMLL Commercial Mortgage Securities Trust:      
Series 2019-BPR, Class ENM, 3.843%, 11/5/32(1)(4) $      7,255 $  6,322,561
Series 2019-BPR, Class FNM, 3.843%, 11/5/32(1)(4)        7,215   5,355,786
BBCMS Mortgage Trust, Series 2017-C1, Class D, 3.492%, 2/15/50(1)(4)        3,500   2,988,946
BX Commercial Mortgage Trust:      
Series 2021-VOLT, Class C, 1.497%, (1 mo. USD LIBOR + 1.10%), 9/15/36(1)(3)        1,469   1,414,009
Series 2021-VOLT, Class D, 2.047%, (1 mo. USD LIBOR + 1.65%), 9/15/36(1)(3)        5,474   5,295,367
CFCRE Commercial Mortgage Trust:      
Series 2016-C3, Class D, 3.052%, 1/10/48(1)(4)        1,500   1,222,140
Series 2016-C7, Class D, 4.548%, 12/10/54(1)(4)        1,725   1,455,628
CGMS Commercial Mortgage Trust, Series 2017-MDRB, Class C, 2.897%, (1 mo. USD LIBOR + 2.50%), 7/15/30(1)(3)        1,000     997,321
COMM Mortgage Trust:      
Series 2013-CR11, Class D, 5.284%, 8/10/50(1)(4)        3,603   3,558,789
Series 2015-CR22, Class D, 4.211%, 3/10/48(1)(4)        2,324   2,190,657
Credit Suisse Mortgage Trust:      
Series 2016-NXSR, Class D, 4.451%, 12/15/49(1)(4)        2,000   1,519,756
Series 2022-CNTR, Class A, 4.246%, (SOFR + 4.10%), 1/15/24(1)(3)        3,745   3,647,131
Extended Stay America Trust, Series 2021-ESH, Class C, 2.097%, (1 mo. USD LIBOR + 1.70%), 7/15/38(1)(3)        3,157   3,117,267
Federal National Mortgage Association Multifamily Connecticut Avenue Securities Trust:      
Series 2019-01, Class M7, 2.157%, (1 mo. USD LIBOR + 1.70%), 10/15/49(1)(3)          257     251,965
Series 2019-01, Class M10, 3.707%, (1 mo. USD LIBOR + 3.25%), 10/15/49(1)(3)        3,045   2,890,569
Series 2020-01, Class M10, 4.207%, (1 mo. USD LIBOR + 3.75%), 3/25/50(1)(3)        3,245    3,134,047
 
7
See Notes to Financial Statements.


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Portfolio of Investments (Unaudited) — continued

Security Principal
Amount
(000s omitted)
Value
JPMBB Commercial Mortgage Securities Trust:      
Series 2014-C22, Class D, 4.703%, 9/15/47(1)(4) $      1,980 $   1,568,350
Series 2014-C25, Class D, 4.086%, 11/15/47(1)(4)        3,575   2,788,432
Series 2015-C29, Class D, 3.697%, 5/15/48(4)          500     392,475
JPMorgan Chase Commercial Mortgage Securities Trust:      
Series 2011-C5, Class D, 5.923%, 8/15/46(1)(4)          244     242,481
Series 2013-C16, Class D, 5.008%, 12/15/46(1)(4)        1,500   1,481,431
Series 2014-DSTY, Class B, 3.771%, 6/10/27(1)        1,384     408,866
Morgan Stanley Bank of America Merrill Lynch Trust:      
Series 2016-C29, Class C, 4.886%, 5/15/49(4)(5)        4,199   4,034,134
Series 2016-C29, Class D, 3.00%, 5/15/49(1)(5)        3,048   2,542,929
Series 2016-C32, Class D, 3.396%, 12/15/49(1)(4)(5)        5,000   3,865,481
Morgan Stanley Capital I Trust:      
Series 2016-UB12, Class D, 3.312%, 12/15/49(1)(5)        7,150   4,212,798
Series 2019-BPR, Class B, 2.497%, (1 mo. USD LIBOR + 2.10%), 5/15/36(1)(3)(5)        3,960   3,862,820
Series 2019-BPR, Class C, 3.447%, (1 mo. USD LIBOR + 3.05%), 5/15/36(1)(3)(5)        1,540   1,477,160
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class C, 2.597%, (1 mo. USD LIBOR + 2.20%), 6/15/35(1)(3)        3,219   2,934,274
UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class D, 4.442%, 4/10/46(1)(4)        2,000   1,589,595
VMC Finance, LLC, Series 2021-HT1, Class B, 4.968%, (1 mo. USD LIBOR + 4.50%), 1/18/37(1)(3)        8,477   8,243,884
Wells Fargo Commercial Mortgage Trust:      
Series 2015-C31, Class D, 3.852%, 11/15/48        5,598   4,908,630
Series 2016-C35, Class D, 3.142%, 7/15/48(1)        2,150   1,719,595
Series 2016-C36, Class D, 2.942%, 11/15/59(1)        6,000   4,294,844
WF-RBS Commercial Mortgage Trust, Series 2014-C24, Class D, 3.692%, 11/15/47(1)        4,150   2,409,050
ZH Trust:      
Series 2021-1, Class A, 2.253%, 2/18/27(1)        2,820   2,786,725
Series 2021-2, Class A, 2.349%, 10/17/27(1)        1,001     986,867
Total Commercial Mortgage-Backed Securities
(identified cost $107,468,195)
    $102,112,760
    
Convertible Bonds — 0.6%
Security Principal
Amount
(000s omitted)
Value
Semiconductors — 0.6%
ams-OSRAM, 0.875%, 9/28/22(6) $      4,400 $   4,328,126
Total Convertible Bonds
(identified cost $4,348,146)
    $  4,328,126
    
Corporate Bonds — 34.7%
Security Principal
Amount
(000s omitted)
Value
Aerospace & Defense — 1.0%
American Airlines, Inc./AAdvantage Loyalty IP, Ltd.:      
5.50%, 4/20/26(1) $      3,202 $   3,230,514
5.75%, 4/20/29(1)          812     810,071
Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, 10/20/28(1)        3,106   3,135,208
      $  7,175,793
Automotive & Auto Parts — 0.4%
Tupy Overseas S.A., 4.50%, 2/16/31(1) $      3,100 $   2,737,595
      $  2,737,595
Banks — 5.8%
Australia & New Zealand Banking Group, Ltd., 2.95% to 7/22/25, 7/22/30(1)(7) $      3,531 $   3,401,936
Banco de Chile, 2.99%, 12/9/31(1)        1,747   1,614,673
Banco do Brasil S.A., 3.25%, 9/30/26(1)        2,819   2,716,699
Banco Mercantil del Norte S.A./Grand Cayman:      
5.75% to 10/4/26, 10/4/31(1)(7)        6,225   6,144,573
7.50% to 6/27/29(1)(7)(8)          745     731,903
Banco Santander S.A., 4.175% to 3/24/27, 3/24/28(7)        1,000   1,005,743
Bank Hapoalim BM, 3.255% to 1/21/27, 1/21/32(1)(6)(7)        2,600   2,405,000
BankUnited, Inc., 5.125%, 6/11/30        1,633   1,685,506
BBVA Bancomer S.A./Texas, 5.125% to 1/18/28, 1/18/33(1)(7)        4,920   4,652,524
BNP Paribas S.A., 4.625% to 2/25/31(1)(7)(8)          914     818,039
BPCE S.A., 3.648% to 1/14/32, 1/14/37(1)(7)        1,518   1,421,316
Citigroup, Inc., 3.785% to 3/17/32, 3/17/33(7)        3,735   3,706,844
Macquarie Group, Ltd., 2.871% to 1/14/32, 1/14/33(1)(7)        3,071   2,731,945
Societe Generale S.A., 4.75% to 5/26/26(1)(7)(8)        1,175   1,098,625
Texas Capital Bancshares, Inc., 4.00% to 5/6/26, 5/6/31(7)        3,393   3,314,230
UBS Group AG, 4.375% to 2/10/31(1)(7)(8)        3,315   3,000,075
United Overseas Bank, Ltd., 3.863% to 10/7/27, 10/7/32(1)(7)(9)        3,156   3,156,000
      $ 43,605,631
Biotechnology — 0.5%
Royalty Pharma PLC Co., 3.30%, 9/2/40 $      4,284 $   3,658,211
      $  3,658,211
 
8
See Notes to Financial Statements.


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Portfolio of Investments (Unaudited) — continued

Security Principal
Amount
(000s omitted)
Value
Building and Development — 0.4%
MDC Holdings, Inc., 2.50%, 1/15/31 $      3,641 $   3,184,376
      $  3,184,376
Building Materials — 0.5%
Builders FirstSource, Inc., 5.00%, 3/1/30(1) $      3,655 $   3,602,003
      $  3,602,003
Chemicals — 0.5%
Alpek SAB de CV:      
3.25%, 2/25/31(1) $      1,600 $   1,461,424
4.25%, 9/18/29(1)        2,490   2,465,361
      $  3,926,785
Commercial Services — 1.0%
Ashtead Capital, Inc., 4.25%, 11/1/29(1) $      2,785 $   2,775,070
Block Financial, LLC, 3.875%, 8/15/30        2,825   2,779,252
Western Union Co. (The), 6.20%, 11/17/36        2,075   2,269,287
      $  7,823,609
Computers — 0.4%
Seagate HDD Cayman, 5.75%, 12/1/34 $      2,589 $   2,652,469
      $  2,652,469
Consumer Products — 0.4%
Natura Cosmeticos S.A., 4.125%, 5/3/28(1) $      3,007 $   2,901,078
      $  2,901,078
Diversified Financial Services — 3.7%
Alliance Data Systems Corp., 4.75%, 12/15/24(1) $      2,942 $   2,896,458
Alpha Holding S.A. de CV, 9.00%, 2/10/25(1)(10)        3,125     195,312
American AgCredit Corp., 5.25% to 6/15/26(1)(7)(8)        1,431   1,416,690
Banco BTG Pactual S.A./Cayman Islands, 4.50%, 1/10/25(1)        3,500   3,478,492
Brookfield Finance, Inc., 4.70%, 9/20/47        3,240   3,448,180
CI Financial Corp.:      
3.20%, 12/17/30        3,912   3,570,830
4.10%, 6/15/51          969     857,918
Enact Holdings, Inc., 6.50%, 8/15/25(1)        2,470   2,552,313
KKR Group Finance Co. X, LLC, 3.25%, 12/15/51(1)        1,250   1,044,442
OneMain Finance Corp., 5.375%, 11/15/29        2,696   2,623,909
Rocket Mortgage, LLC/Rocket Mortgage Co.-Issuer, Inc., 3.875%, 3/1/31(1)        2,900   2,628,922
UniCredit SpA, 5.861% to 6/19/27, 6/19/32(1)(7)        3,017   2,967,770
      $ 27,681,236
Security Principal
Amount
(000s omitted)
Value
Electric Utilities — 1.2%
Calpine Corp., 3.75%, 3/1/31(1) $      2,900 $   2,600,937
Edison International, 5.00% to 12/15/26(7)(8)        2,996   2,819,236
Engie Energia Chile S.A., 3.40%, 1/28/30(1)        3,890   3,587,222
      $  9,007,395
Electrical and Electronic Equipment — 0.9%
Imola Merger Corp., 4.75%, 5/15/29(1) $      2,995 $   2,888,078
Jabil, Inc., 3.00%, 1/15/31        3,969   3,641,635
      $  6,529,713
Financial Services — 1.1%
Blackstone Private Credit Fund, 4.70%, 3/24/25(1) $      5,000 $   5,075,077
Carlyle Finance Subsidiary, LLC, 3.50%, 9/19/29(1)        3,343   3,289,408
      $  8,364,485
Foods — 1.3%
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc.:      
3.75%, 12/1/31(1) $      2,758 $   2,565,768
5.50%, 1/15/30(1)        3,015   3,088,626
Smithfield Foods, Inc., 5.20%, 4/1/29(1)        4,000   4,201,252
      $  9,855,646
Health Care — 0.4%
Centene Corp.:      
2.50%, 3/1/31 $      1,889 $   1,670,197
3.375%, 2/15/30          990     933,273
      $  2,603,470
Healthcare Products — 0.5%
Avantor Funding, Inc., 4.625%, 7/15/28(1) $      4,061 $   4,021,547
      $  4,021,547
Insurance — 3.4%
Athene Global Funding, 2.646%, 10/4/31(1) $      5,300 $   4,687,837
Brown & Brown, Inc.:      
2.375%, 3/15/31          625     549,997
4.20%, 3/17/32        1,139   1,159,023
GA Global Funding Trust, 2.90%, 1/6/32(1)        4,413   4,018,204
Liberty Mutual Group, Inc., 4.125% to 9/15/26, 12/15/51(1)(7)        3,769   3,561,385
Maple Grove Funding Trust I, 4.161%, 8/15/51(1)        2,740   2,480,737
Primerica, Inc., 2.80%, 11/19/31        1,713    1,582,368
 
9
See Notes to Financial Statements.


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Portfolio of Investments (Unaudited) — continued

Security Principal
Amount
(000s omitted)
Value
Insurance (continued)
Radian Group, Inc., 4.875%, 3/15/27 $      3,621 $   3,643,722
Stewart Information Services Corp., 3.60%, 11/15/31        4,244   3,867,624
      $ 25,550,897
Leisure Time — 0.4%
Brunswick Corp., 5.10%, 4/1/52 $      2,791 $   2,666,210
      $  2,666,210
Machinery — 0.3%
Valmont Industries, Inc., 5.25%, 10/1/54 $      2,184 $   2,381,935
      $  2,381,935
Media — 0.7%
Charter Communications Operating, LLC/Charter Communications Operating Capital, 4.80%, 3/1/50 $      5,215 $   4,969,438
      $  4,969,438
Oil and Gas — 1.6%
National Fuel Gas Co., 2.95%, 3/1/31 $      4,065 $   3,705,135
Neptune Energy Bondco PLC, 6.625%, 5/15/25(1)        3,059   3,080,719
Patterson-UTI Energy, Inc., 5.15%, 11/15/29        5,357   5,234,593
      $ 12,020,447
Pharmaceuticals — 0.2%
Perrigo Finance Unlimite Co., 3.90%, 6/15/30 $      1,518 $   1,429,100
      $  1,429,100
Pipelines — 0.3%
Midwest Connector Capital Co. LLC, 4.625%, 4/1/29(1) $      2,411 $   2,441,356
      $  2,441,356
Real Estate Investment Trusts (REITs) — 3.3%
American Assets Trust, L.P., 3.375%, 2/1/31 $      3,290 $   3,099,853
Broadstone Net Lease, LLC, 2.60%, 9/15/31        1,036     924,287
Corporate Office Properties, L.P., 2.90%, 12/1/33        1,656   1,464,050
EPR Properties:      
3.60%, 11/15/31        1,200   1,089,996
3.75%, 8/15/29        2,672   2,504,335
Iron Mountain, Inc.:      
4.50%, 2/15/31(1)        3,801   3,515,165
5.00%, 7/15/28(1)          503     491,272
Newmark Group, Inc., 6.125%, 11/15/23        5,219   5,465,859
Sabra Health Care, L.P., 3.20%, 12/1/31        2,741   2,450,687
Service Properties Trust, 4.75%, 10/1/26        2,410    2,208,042
Security Principal
Amount
(000s omitted)
Value
Real Estate Investment Trusts (REITs) (continued)
Sun Communities Operating, L.P., 2.70%, 7/15/31 $        789 $     713,101
Vornado Realty, L.P., 3.40%, 6/1/31          700     659,595
      $ 24,586,242
Retail — 1.0%
Bath & Body Works, Inc., 6.875%, 11/1/35 $      2,845 $   2,935,770
Dick's Sporting Goods, Inc., 4.10%, 1/15/52        2,116   1,811,234
Lithia Motors, Inc., 4.375%, 1/15/31(1)        2,475   2,396,443
      $  7,143,447
Retail-Specialty and Apparel — 0.4%
Nordstrom, Inc., 4.25%, 8/1/31 $      3,600 $   3,287,538
      $  3,287,538
Technology — 0.5%
CDW, LLC/CDW Finance Corp., 3.276%, 12/1/28 $      1,787 $   1,686,526
Western Digital Corp., 4.75%, 2/15/26        2,194   2,230,618
      $  3,917,144
Telecommunications — 1.8%
AT&T, Inc.:      
3.10%, 2/1/43 $      2,000 $   1,731,719
3.50%, 9/15/53        2,188   1,928,207
Nokia Oyj, 4.375%, 6/12/27        3,450   3,506,649
Rogers Communications, Inc., 3.80%, 3/15/32(1)        1,120   1,112,729
SES Global Americas Holdings GP, 5.30%, 3/25/44(1)        1,360   1,323,125
SES S.A., 5.30%, 4/4/43(1)          810     789,990
T-Mobile USA, Inc., 3.60%, 11/15/60        3,746   3,231,476
      $ 13,623,895
Thrifts & Mortgage Finance — 0.8%
Nationwide Building Society, 4.125% to 10/18/27, 10/18/32(1)(7) $      6,160 $   6,072,530
      $  6,072,530
Total Corporate Bonds
(identified cost $275,764,795)
    $259,421,221
    
Preferred Stocks — 1.1%
Security Shares Value
Real Estate Management & Development — 0.8%
Brookfield Property Partners, L.P.:      
Series A, 5.75%      190,000 $  4,005,200
 
10
See Notes to Financial Statements.


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Portfolio of Investments (Unaudited) — continued

Security Shares Value
Real Estate Management & Development (continued)
Brookfield Property Partners, L.P.:(continued)      
Series A2, 6.375%       74,772 $   1,537,312
      $  5,542,512
Telecommunications — 0.3%
United States Cellular Corp., 5.50%      108,000 $   2,424,600
      $  2,424,600
Total Preferred Stocks
(identified cost $9,319,300)
    $  7,967,112
    
Senior Floating-Rate Loans — 1.2%(11)
Borrower/Tranche Description Principal
Amount
(000s omitted)
Value
Health Care Providers & Services — 0.3%
Select Medical Corporation, Term Loan, 2.71%, (1 mo. USD LIBOR + 2.25%), 3/6/25 $      2,400 $   2,377,500
      $  2,377,500
Media — 0.3%
CSC Holdings, LLC, Term Loan, 2.647%, (1 mo. USD LIBOR + 2.25%), 1/15/26 $      2,369 $   2,331,173
      $  2,331,173
Specialty Retail — 0.6%
PetSmart, Inc., Term Loan, 4.50%, (USD LIBOR + 3.75%, Floor 0.75%), 2/11/28(12) $      4,200 $   4,187,400
      $  4,187,400
Total Senior Floating-Rate Loans
(identified cost $8,952,679)
    $  8,896,073
    
Sovereign Government Bonds — 1.4%
Security Principal
Amount
(000s omitted)
Value
Mexico — 0.6%
Mexican Bonos, 7.75%, 5/29/31 MXN     89,055 $   4,317,264
      $  4,317,264
Security Principal
Amount
(000s omitted)
Value
Supranational — 0.8%
European Bank for Reconstruction & Development, 6.45%, 12/13/22 IDR 89,482,200 $   6,357,551
      $  6,357,551
Total Sovereign Government Bonds
(identified cost $10,753,495)
    $ 10,674,815
    
U.S. Government Agency Mortgage-Backed Securities — 0.2%
Security Principal
Amount
(000s omitted)
Value
Federal National Mortgage Association, Pool #FM6803, 2.00%, 4/1/51 $      1,288 $   1,206,032
Total U.S. Government Agency Mortgage-Backed Securities
(identified cost $1,308,062)
  $  1,206,032
    
U.S. Treasury Obligations — 26.5%
Security Principal
Amount
(000s omitted)
Value
U.S. Treasury Bonds:      
0.50%, 3/31/25 $     35,600 $  33,544,656
0.625%, 8/15/30       67,624  58,757,596
0.875%, 9/30/26       28,631  26,655,349
1.125%, 8/15/40       20,562  16,135,548
1.25%, 8/15/31        4,757   4,325,525
1.25%, 5/15/50       61,198  45,721,600
2.00%, 11/15/41        1,817   1,644,669
U.S. Treasury Notes:      
1.125%, 2/29/28            1         927
1.375%, 11/15/31        1,900   1,743,844
1.875%, 2/28/27        4,402   4,284,728
1.875%, 2/15/32        5,400   5,186,531
Total U.S. Treasury Obligations
(identified cost $214,702,871)
    $198,000,973
    
 
11
See Notes to Financial Statements.


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Portfolio of Investments (Unaudited) — continued

Short-Term Investments — 0.4%
Description Units Value
Eaton Vance Cash Reserves Fund, LLC, 0.19%(13) $  3,000,528 $   3,000,228
Total Short-Term Investments
(identified cost $2,999,928)
    $  3,000,228
Total Investments — 100.0%
(identified cost $795,606,674)
    $746,773,466
Other Assets, Less Liabilities — 0.0%(14)     $    328,433
Net Assets — 100.0%     $747,101,899
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2022, the aggregate value of these securities is $385,425,085 or 51.6% of the Fund's net assets.
(2) Principal Amount is denominated in Canadian dollars.
(3) Variable rate security. The stated interest rate represents the rate in effect at March 31, 2022.
(4) Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at March 31, 2022.
(5) Represents an investment in an issuer that may be deemed to be an affiliate (see Note 10).
(6) Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At March 31, 2022, the aggregate value of these securities is $6,733,126 or 0.9% of the Fund's net assets.
(7) Security converts to variable rate after the indicated fixed-rate coupon period.
(8) Perpetual security with no stated maturity date but may be subject to calls by the issuer.
(9) When-issued security.
(10) Issuer is in default with respect to interest and/or principal payments.
(11) Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate ("LIBOR") or 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.
(12) The stated interest rate represents the weighted average interest rate at March 31, 2022 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.
(13) Affiliated investment company, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of March 31, 2022.
(14) Amount is less than 0.05%.
Country Concentration of Portfolio
Country Percentage of
Total Investments
Value
United States 84.6% $631,849,101
Mexico 2.7 19,968,361
United Kingdom 1.6 11,928,319
Brazil 1.6 11,833,864
Canada 1.5 11,161,211
Cayman Islands 1.0 7,247,707
Supranational 0.9 6,357,551
Bermuda 0.8 6,270,890
Australia 0.8 6,133,881
Chile 0.7 5,201,895
Austria 0.6 4,328,126
Finland 0.5 3,506,649
France 0.4 3,337,980
Singapore 0.4 3,156,000
Switzerland 0.4 3,000,075
Italy 0.4 2,967,770
Israel 0.3 2,405,000
Luxembourg 0.3 2,113,115
Spain 0.1 1,005,743
Total Investments 100.0% $746,773,466
 
12
See Notes to Financial Statements.


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (OTC)
Currency Purchased Currency Sold Counterparty Settlement
Date
Unrealized
Appreciation
Unrealized
(Depreciation)
USD 2,182,218 CAD 2,799,001 State Street Bank and Trust Company 5/31/22 $  — $ (56,382)
            $ — $(56,382)
Futures Contracts
Description Number of
Contracts
Position Expiration
Date
Notional
Amount
Value/Unrealized
Appreciation
(Depreciation)
Interest Rate Futures          
U.S. 2-Year Treasury Note 375 Long 6/30/22 $ 79,470,704 $ (1,067,013)
U.S. 5-Year Treasury Note 97 Long 6/30/22  11,124,688   (291,146)
U.S. 10-Year Treasury Note 21 Long 6/21/22   2,580,375    (79,443)
U.S. Long Treasury Bond 11 Long 6/21/22   1,650,687    (52,958)
U.S. Ultra-Long Treasury Bond (65) Short 6/21/22 (11,513,125)    412,753
U.S. Ultra 10-Year Treasury Note (314) Short 6/21/22 (42,537,188)  1,410,444
          $ 332,637
Abbreviations:
LIBOR – London Interbank Offered Rate
OTC – Over-the-counter
SOFR – Secured Overnight Financing Rate
Currency Abbreviations:
CAD – Canadian Dollar
IDR – Indonesian Rupiah
MXN – Mexican Peso
USD – United States Dollar
13
See Notes to Financial Statements.


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Statement of Assets and Liabilities (Unaudited)

  March 31, 2022
Assets  
Unaffiliated investments, at value (identified cost $770,538,686) $ 723,777,917
Affiliated investments, at value (identified cost $25,067,988) 22,995,549
Cash 133,465
Deposits for derivatives collateral — financial futures contracts 1,086,233
Dividends and interest receivable 4,233,743
Interest and dividends receivable from affiliated investments 66,038
Receivable for investments sold 624,216
Receivable for Fund shares sold 2,873,596
Receivable from affiliate 91,654
Total assets $755,882,411
Liabilities  
Payable for investments purchased $ 551,102
Payable for when-issued securities 3,156,000
Payable for Fund shares redeemed 4,333,292
Payable for variation margin on open futures contracts 83,125
Payable for open forward foreign currency exchange contracts 56,382
Distributions payable 9,908
Due to custodian — foreign currency, at value (identified cost $89) 88
Payable to affiliates:  
Investment adviser fee 287,078
Distribution and service fees 56,233
Accrued expenses 247,304
Total liabilities $ 8,780,512
Net Assets $747,101,899
Sources of Net Assets  
Paid-in capital $ 799,157,673
Accumulated loss (52,055,774)
Net Assets $747,101,899
Class A Shares  
Net Assets $ 100,461,340
Shares Outstanding 8,769,748
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)
$ 11.46
Maximum Offering Price Per Share 
(100 ÷ 95.25 of net asset value per share)
$ 12.03
Class C Shares  
Net Assets $ 39,536,969
Shares Outstanding 3,453,380
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)
$ 11.45
Class I Shares  
Net Assets $ 607,103,590
Shares Outstanding 53,042,142
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)
$ 11.45
On sales of $50,000 or more, the offering price of Class A shares is reduced.
* Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.
14
See Notes to Financial Statements.


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Statement of Operations (Unaudited)

  Six Months Ended
  March 31, 2022
Investment Income  
Dividend income $ 301,909
Dividend income from affiliated investment 7,883
Interest income (net of foreign taxes, $609) 11,893,617
Interest income from affiliated investments 537,289
Total investment income $ 12,740,698
Expenses  
Investment adviser fee $ 1,850,217
Distribution and service fees:  
Class A 135,112
Class C 224,456
Trustees’ fees and expenses 21,900
Custodian fee 104,013
Transfer and dividend disbursing agent fees 240,889
Legal and accounting services 13,136
Printing and postage 58,225
Registration fees 45,231
Miscellaneous 21,823
Total expenses $ 2,715,002
Deduct:  
Allocation of expenses to affiliate $ 342,165
Total expense reductions $ 342,165
Net expenses $ 2,372,837
Net investment income $ 10,367,861
Realized and Unrealized Gain (Loss)  
Net realized gain (loss):  
Investment transactions $ (2,557,068)
Investment transactions - affiliated investments (40,238)
Futures contracts 3,102,787
Foreign currency transactions (20,601)
Forward foreign currency exchange contracts 33,810
Net realized gain $ 518,690
Change in unrealized appreciation (depreciation):  
Investments (including net decrease in accrued foreign capital gains taxes of $64,922) $ (53,203,803)
Investments - affiliated investments (690,142)
Futures contracts (1,248,533)
Foreign currency 7,098
Forward foreign currency exchange contracts (56,382)
Net change in unrealized appreciation (depreciation) $(55,191,762)
Net realized and unrealized loss $(54,673,072)
Net decrease in net assets from operations $(44,305,211)
15
See Notes to Financial Statements.


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Statements of Changes in Net Assets

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


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Financial Highlights

  Class A
    Year Ended September 30,
  Six Months Ended
March 31, 2022
(Unaudited)
2021 2020 2019 2018 2017
Net asset value — Beginning of period $ 12.340 $ 11.820 $ 11.990 $ 11.570 $ 11.930 $ 11.630
Income (Loss) From Operations            
Net investment income(1) $ 0.142 $ 0.330 $ 0.395 $ 0.427 $ 0.402 $ 0.367
Net realized and unrealized gain (loss) (0.797) 0.573 (0.143) 0.451 (0.344) 0.319
Total income (loss) from operations $ (0.655) $ 0.903 $ 0.252 $ 0.878 $ 0.058 $ 0.686
Less Distributions            
From net investment income $ (0.152) $ (0.323) $ (0.413) $ (0.458) $ (0.409) $ (0.322)
From net realized gain (0.073) (0.060) (0.009) (0.009)
Tax return of capital (0.064)
Total distributions $ (0.225) $ (0.383) $ (0.422) $ (0.458) $ (0.418) $ (0.386)
Net asset value — End of period $ 11.460 $ 12.340 $ 11.820 $ 11.990 $11.570 $11.930
Total Return(2)(3) (5.48)% (4) 7.72% 2.21% 7.76% 0.50% 6.01%
Ratios/Supplemental Data            
Net assets, end of period (000’s omitted) $100,461 $107,380 $136,688 $137,889 $ 43,503 $ 33,927
Ratios (as a percentage of average daily net assets):            
Expenses (3) 0.74% (5) 0.74% 0.74% 0.74% 0.74% 0.77%
Net investment income 2.36% (5) 2.70% 3.38% 3.62% 3.43% 3.13%
Portfolio Turnover 75% (4)(6) 85% (6) 89% 75% 43% 61%
(1) Computed using average shares outstanding.
(2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.
(3) The investment adviser and administrator reimbursed certain operating expenses (equal to 0.08%, 0.08%, 0.11%, 0.11%, 0.22% and 0.36% of average daily net assets for the six months ended March 31, 2022 and the years ended September 30, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.
(4) Not annualized.
(5) Annualized.
(6) Includes the effect of To-Be-Announced (TBA) transactions.
17
See Notes to Financial Statements.


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Financial Highlights — continued

  Class C
    Year Ended September 30,
  Six Months Ended
March 31, 2022
(Unaudited)
2021 2020 2019 2018 2017
Net asset value — Beginning of period $ 12.330 $ 11.820 $ 11.990 $ 11.560 $ 11.920 $ 11.620
Income (Loss) From Operations            
Net investment income(1) $ 0.096 $ 0.238 $ 0.307 $ 0.344 $ 0.313 $ 0.282
Net realized and unrealized gain (loss) (0.797) 0.564 (0.142) 0.456 (0.343) 0.317
Total income (loss) from operations $ (0.701) $ 0.802 $ 0.165 $ 0.800 $ (0.030) $ 0.599
Less Distributions            
From net investment income $ (0.106) $ (0.232) $ (0.326) $ (0.370) $ (0.321) $ (0.249)
From net realized gain (0.073) (0.060) (0.009) (0.009)
Tax return of capital (0.050)
Total distributions $ (0.179) $ (0.292) $ (0.335) $ (0.370) $ (0.330) $ (0.299)
Net asset value — End of period $11.450 $12.330 $11.820 $11.990 $11.560 $11.920
Total Return(2)(3) (5.75)% (4) 6.83% 1.45% 7.05% (0.25)% 5.23%
Ratios/Supplemental Data            
Net assets, end of period (000’s omitted) $ 39,537 $ 48,423 $ 54,189 $ 52,001 $ 20,926 $ 19,197
Ratios (as a percentage of average daily net assets):            
Expenses (3) 1.49% (5) 1.49% 1.49% 1.49% 1.49% 1.52%
Net investment income 1.60% (5) 1.95% 2.63% 2.93% 2.67% 2.41%
Portfolio Turnover 75% (4)(6) 85% (6) 89% 75% 43% 61%
(1) Computed using average shares outstanding.
(2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.
(3) The investment adviser and administrator reimbursed certain operating expenses (equal to 0.08%, 0.08%, 0.11%, 0.11%, 0.22% and 0.36% of average daily net assets for the six months ended March 31, 2022 and the years ended September 30, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.
(4) Not annualized.
(5) Annualized.
(6) Includes the effect of To-Be-Announced (TBA) transactions.
18
See Notes to Financial Statements.


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Financial Highlights — continued

  Class I
    Year Ended September 30,
  Six Months Ended
March 31, 2022
(Unaudited)
2021 2020 2019 2018 2017
Net asset value — Beginning of period $ 12.330 $ 11.810 $ 11.990 $ 11.560 $ 11.920 $ 11.620
Income (Loss) From Operations            
Net investment income(1) $ 0.157 $ 0.356 $ 0.423 $ 0.457 $ 0.440 $ 0.399
Net realized and unrealized gain (loss) (0.798) 0.578 (0.152) 0.460 (0.352) 0.316
Total income (loss) from operations $ (0.641) $ 0.934 $ 0.271 $ 0.917 $ 0.088 $ 0.715
Less Distributions            
From net investment income $ (0.166) $ (0.354) $ (0.442) $ (0.487) $ (0.439) $ (0.346)
From net realized gain (0.073) (0.060) (0.009) (0.009)
Tax return of capital (0.069)
Total distributions $ (0.239) $ (0.414) $ (0.451) $ (0.487) $ (0.448) $ (0.415)
Net asset value — End of period $ 11.450 $ 12.330 $ 11.810 $ 11.990 $ 11.560 $11.920
Total Return(2)(3) (5.28)% (4) 8.00% 2.37% 8.12% 0.74% 6.28%
Ratios/Supplemental Data            
Net assets, end of period (000’s omitted) $607,104 $630,403 $531,191 $622,727 $152,363 $ 41,563
Ratios (as a percentage of average daily net assets):            
Expenses (3) 0.49% (5) 0.49% 0.49% 0.49% 0.49% 0.52%
Net investment income 2.61% (5) 2.92% 3.62% 3.89% 3.77% 3.40%
Portfolio Turnover 75% (4)(6) 85% (6) 89% 75% 43% 61%
(1) Computed using average shares outstanding.
(2) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
(3) The investment adviser and administrator reimbursed certain operating expenses (equal to 0.08%, 0.08%, 0.11%, 0.11%, 0.22% and 0.36% of average daily net assets for the six months ended March 31, 2022 and the years ended September 30, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.
(4) Not annualized.
(5) Annualized.
(6) Includes the effect of To-Be-Announced (TBA) transactions.
19
See Notes to Financial Statements.


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies
Eaton Vance Total Return Bond Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Effective April 29, 2022, the maximum sales charge payable upon purchase of Class A shares was reduced to 3.25%. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.
The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A  Investment ValuationThe following methodologies are used to determine the market value or fair value of investments.
Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.
Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service.
Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.
Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.
Affiliated Fund. Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund) is an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.
Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
20


Table of Contents
Eaton Vance
Total Return Bond Fund
March 31, 2022
Notes to Financial Statements (Unaudited) — continued

B  Investment TransactionsInvestment 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  IncomeInterest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Withholding taxes on foreign interest have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note.
D  Federal Taxes The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.
In addition to the requirements of the Internal Revenue Code, the Fund may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Fund estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.
As of March 31, 2022, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
E  ExpensesThe 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 TranslationInvestment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
G  Use of EstimatesThe preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
H  IndemnificationsUnder the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
I  Futures ContractsUpon entering into a financial futures contract, the Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.
J  Forward Foreign Currency Exchange ContractsThe 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.
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Total Return Bond Fund
March 31, 2022
Notes to Financial Statements (Unaudited) — continued

K  When-Issued Securities and Delayed Delivery TransactionsThe Fund may purchase securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract. A forward purchase commitment may also be closed by entering into an offsetting commitment. If an offsetting commitment is entered into, the Fund will realize a gain or loss on investments based on the price established when the Fund entered into the commitment.
L  Interim Financial StatementsThe interim financial statements relating to March 31, 2022 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2  Distributions to Shareholders and Income Tax Information
The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
At September 30, 2021, the Fund had a late year ordinary loss of $432,871 which it has elected to defer to the following taxable year pursuant to income tax regulations. Late year ordinary losses represent certain specified losses realized in that portion of a taxable year after October 31 that are treated as ordinary for tax purposes plus ordinary losses attributable to that portion of a taxable year after December 31.
The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at March 31, 2022, as determined on a federal income tax basis, were as follows:
Aggregate cost $ 797,116,471
Gross unrealized appreciation $ 3,755,091
Gross unrealized depreciation (53,821,841)
Net unrealized depreciation $ (50,066,750)
3  Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate as a percentage of average daily net assets as follows and is payable monthly:
Average Daily Net Assets Annual Fee Rate
Up to $1 billion 0.450%
$1 billion but less than $2.5 billion 0.425
$2.5 billion but less than $5 billion 0.410
Over $5 billion 0.400
For the six months ended March 31, 2022, the investment adviser fee amounted to $1,850,217 or 0.45% (annualized) of the Fund’s average daily net assets. EVM does not receive a fee for advisory services provided to Cash Reserves Fund.
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Eaton Vance
Total Return Bond Fund
March 31, 2022
Notes to Financial Statements (Unaudited) — continued

BMR has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.74%, 1.49% and 0.49% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after January 31, 2023. Pursuant to this agreement, BMR was allocated $342,165 of the Fund’s operating expenses for the six months ended March 31, 2022.
EVM, an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended March 31, 2022, EVM earned $4,784 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $6,812 as its portion of the sales charge on sales of Class A shares for the six months ended March 31, 2022. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).
Trustees and officers of the Fund who are members of EVM’s or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended March 31, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.
4  Distribution Plans
The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2022 amounted to $135,112 for Class A shares.
The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended March 31, 2022, the Fund paid or accrued to EVD $168,342 for Class C shares.
Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended March 31, 2022 amounted to $56,114 for Class C shares.
Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).
5  Contingent Deferred Sales Charges
A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Effective April 29, 2022, Class A shares may be subject to a 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended March 31, 2022, the Fund was informed that EVD received approximately $1,000 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.
6  Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations and including maturities, paydowns, TBA transactions, and principal repayments on Senior Loans, for the six months ended March 31, 2022 were as follows:
  Purchases Sales
Investments (non-U.S. Government) $ 221,957,298 $ 153,899,681
U.S. Government and Agency Securities 428,115,654 452,175,380
  $650,072,952 $606,075,061
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Eaton Vance
Total Return Bond Fund
March 31, 2022
Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest
The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:
  Six Months Ended
March 31, 2022
(Unaudited)
  Year Ended
September 30, 2021
  Shares Amount   Shares Amount
Class A          
Sales  1,473,217 $  17,812,803    1,767,058 $  21,649,585
Issued to shareholders electing to receive payments of distributions in Fund shares    164,558   1,986,891      266,441   3,253,050
Redemptions (1,619,867) (19,364,964)   (5,191,095) (62,232,559)
Converted from Class C shares     50,047     605,695      298,148   3,616,430
Net increase (decrease)     67,955 $   1,040,425   (2,859,448) $ (33,713,494)
Class C          
Sales    207,651 $   2,518,774      776,166 $   9,493,517
Issued to shareholders electing to receive payments of distributions in Fund shares     55,385     669,464       98,682   1,203,189
Redemptions   (685,943)  (8,235,432)   (1,236,193) (15,052,745)
Converted to Class A shares    (50,070)    (605,695)     (298,222)  (3,616,430)
Net decrease   (472,977) $  (5,652,889)     (659,567) $  (7,972,469)
Class I          
Sales 17,665,418 $ 213,334,964   21,841,638 $ 267,564,797
Issued to shareholders electing to receive payments of distributions in Fund shares  1,115,534  13,460,183    1,485,630  18,138,739
Redemptions (16,867,790) (200,793,843)   (17,164,251) (208,532,292)
Net increase  1,913,162 $  26,001,304    6,163,017 $  77,171,244
8  Financial Instruments
The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at March 31, 2022 is included in the Portfolio of Investments. At March 31, 2022, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
In the normal course of pursuing its investment objective, the Fund is subject to the following risks:
Interest Rate Risk: The Fund enters into interest rate futures contracts to seek to hedge against fluctuations in interest rates and/or to change the effective duration of its portfolio.
Foreign Exchange Risk: The Fund engages in forward foreign currency exchange contracts to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.
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Eaton Vance
Total Return Bond Fund
March 31, 2022
Notes to Financial Statements (Unaudited) — continued

The Fund enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At March 31, 2022, the fair value of open derivatives with credit-related contingent features in a net liability position was $56,382. At March 31, 2022, there were no assets pledged by the Fund for such liability.
The over-the-counter (OTC) derivatives in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.
The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments.
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at March 31, 2022 was as follows:
    Fair Value
Risk Derivative Asset Derivative Liability Derivative
Foreign Exchange Forward foreign currency exchange contracts $  — $ (56,382)(1)
Interest Rate Futures contracts 1,823,197 (2) (1,490,560) (2)
Total $1,823,197 $(1,546,942)
Derivatives not subject to master netting or similar agreements $1,823,197 $(1,490,560)
Total Derivatives subject to master netting or similar agreements $  — $ (56,382)
(1) Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.
(2) Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable.
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Eaton Vance
Total Return Bond Fund
March 31, 2022
Notes to Financial Statements (Unaudited) — continued

The Fund's derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Fund's derivative liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral pledged by the Fund for such liabilities as of March 31, 2022.
Counterparty Derivative
Liabilities Subject to
Master Netting
Agreement
Derivatives
Available
for Offset
Non-cash
Collateral
Pledged(a)
Cash
Collateral
Pledged(a)
Net Amount
of Derivative
Liabilities(b)
State Street Bank and Trust Company $(56,382) $ — $ — $ — $(56,382)
(a) In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(b) Net amount represents the net amount payable to the counterparty in the event of default.
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the six months ended March 31, 2022 was as follows:
Risk Derivative Realized Gain (Loss)
on Derivatives Recognized
in Income(1)
Change in Unrealized
Appreciation (Depreciation) on
Derivatives Recognized in Income(2)
Foreign Exchange Forward foreign currency exchange contracts $ 33,810 $ (56,382)
Interest Rate Futures contracts 3,102,787 (1,248,533)
Total $3,136,597 $(1,304,915)
(1) Statement of Operations location: Net realized gain (loss): Futures contracts and Forward foreign currency exchange contracts, respectively.
(2) Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts and Forward foreign currency exchange contracts, respectively.
The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended March 31, 2022, which are indicative of the volume of these derivative types, were approximately as follows:
Futures
Contracts — Long
Futures
Contracts — Short
Forward
Foreign Currency
Exchange Contracts*
$67,862,000 $87,002,000 $623,000
* The average notional amount of forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.
9  Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 25, 2022. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2021, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended March 31, 2022.
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Eaton Vance
Total Return Bond Fund
March 31, 2022
Notes to Financial Statements (Unaudited) — continued

10  Investments in Affiliated Issuers and Funds
The Fund invested in issuers that may be deemed to be affiliated with Morgan Stanley. At March 31, 2022, the value of the Fund's investment in affiliated issuers and funds was $22,995,550, which represents 3.1% of the Fund's net assets. Transactions in affiliated issuers and funds by the Fund for the six months ended March 31, 2022 were as follows:
Name Value,
beginning
of period
Purchases Sales
proceeds
Net
realized
gain (loss)
Change in
unrealized
appreciation
(depreciation)
Value, end
of period
Interest/
Dividend
income
Principal
amount/
Units, end
of period
Commercial Mortgage-Backed Securities                
Morgan Stanley Bank of America Merrill Lynch Trust:                
Series 2016-C29, Class C, 4.729%, 5/15/49 $ 4,420,922 $  — $  — $  — $ (386,788)