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Form N-CSR EATON VANCE MUTUAL FUNDS For: Sep 30

November 27, 2023 1:52 PM EST

 

 

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

September 30, 2023

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders

 



Eaton Vance
Total Return Bond Fund
Annual Report
September 30, 2023



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.




Eaton Vance
Total Return Bond Fund
September 30, 2023
Management’s Discussion of Fund Performance

Economic and Market Conditions
For fixed-income investors, the dominant event during the 12-month period ended September 30, 2023, was the series of U.S. Federal Reserve (Fed) interest rate hikes -- six during the period, and 11 in total -- that brought the federal funds rate to its highest level in 22 years.
But while the Fed’s campaign to tamp down inflation led to negative performance for government bonds, corporate bond returns were strongly positive during the period -- buoyed in part by the very factors that were fueling inflation: record low unemployment, strong job creation, and robust consumer spending.
By the summer of 2023, a majority of economists and market observers seemed to be coming around to the view that Jerome Powell’s Fed might be able to accomplish what had seldom, if ever, been done before: raise rates significantly to lower inflation and still bring the economy in for a soft landing without a recession.
One cloud that hung over fixed-income markets during the period, however, was fear that even after it finished raising rates, the Fed would leave rates higher for longer than investors had previously anticipated. During the final two months of the period -- and especially after the Fed’s September 2023 meeting -- longer-term interest rates rose dramatically, as investor expectations of how high rates would go -- and how long they would stay there -- seemed to get higher and longer.
Against the backdrop of the Fed’s aggressive monetary tightening campaign, U.S. Treasurys were the worst-performing major fixed-income asset class during the 12-month period, with the Bloomberg U.S. Treasury Index returning -0.81%.
In contrast, the strong U.S. economy and increasing confidence in a soft-landing scenario served as tailwinds for investment-grade corporate bonds. Even in a rising-rate environment, the Bloomberg U.S. Corporate Bond Index returned 3.65% during the period.
High yield bonds were the standout performer among major fixed-income asset classes, with the Bloomberg U.S. Corporate High Yield Index returning 10.28% during the period. With a strong U.S. economy helping keep bond defaults low, and a recession looking increasingly remote, investors gravitated toward riskier investments with greater yields.
Asset-backed securities -- including bonds backed by automobile and consumer loans -- benefited from strong consumer balance sheets and spending during the period, with the Bloomberg U.S. Asset-Backed Securities Index returning 2.81%.
Mortgage-backed securities (MBS), however, were dogged by two technical factors that depressed prices, causing the Bloomberg U.S. Mortgage-Backed Securities Index to return -0.17% during the period. As the Fed lowered its balance sheet, it sold off much of its MBS holdings. And several regional banks that had been significant buyers of MBS were forced by the banking crisis of March 2023 to liquidate their assets. The resulting release of a significant amount of MBS into the market led prices to fall and the asset class to deliver negative returns.
Fund Performance
For the 12-month period ended September 30, 2023, Eaton Vance Total Return Bond Fund (the Fund) returned 1.03% for Class A shares at net asset value (NAV), outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index (the Index), which returned 0.64%.
During a period marked by a significant rise in interest rates, the Fund’s overweight position in the short end of the yield curve -- where duration, or sensitivity to interest rate changes, was lower -- and underweight position in the long end of the curve -- where duration was higher -- contributed to Fund performance versus the Index. The benefit of this duration strategy was especially pronounced during the final two months of the period, when the yield curve steepened as long-term rates rose dramatically.
The Fund’s overweight allocation to asset-backed securities (ABS) also contributed to Fund returns relative to the Index, as ABS generally outperformed the Index. Within the asset class, security selections -- including data-center bonds buoyed by enthusiasm for artificial intelligence-related investments -- helped Index-relative performance during the period.
The Fund’s out-of-Index allocation to high yield bonds, which outperformed most other areas of the fixed-income market during the period, contributed to relative performance as well.
An overweight allocation to investment-grade corporate bonds, which outperformed the Index, also helped returns versus the Index. Within the asset class, the Fund’s overweight positions in higher credit-quality financial services firms benefited Index-relative returns. Higher quality companies were largely unaffected by the regional banking crisis of March 2023, and financial services firms were able to adjust to inflationary pressures faster than industrial firms within the asset class.
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
2


Eaton Vance
Total Return Bond Fund
September 30, 2023
Management’s Discussion of Fund Performance — continued

In addition, the Fund’s out-of-Index allocation to non-agency mortgage-backed securities (MBS) -- which were largely unaffected by the technical factors that caused agency MBS within the Index to deliver negative returns -- contributed to Index-relative performance. The Fund’s non-agency MBS holdings consisted mainly of low-interest mortgages originated in 2018-2020 that had built up significant equity. Those securities performed strongly during the period.
In contrast, the Fund’s overweight allocation to non-agency commercial mortgage-backed securities (CMBS) was the largest detractor from Fund performance versus the Index during the period. The ongoing weakness in commercial real estate, in the wake of pandemic-related changes to the work environment, was exacerbated during the period by rising interest rates and the banking crisis of March 2023.
The Fund’s use of derivatives, which are not represented within the Index, also detracted from returns relative to the Index. The Fund uses derivatives primarily for duration management, by investing in U.S. Treasury futures and options on Treasury futures.
Security selections within the Fund’s U.S. Treasury holdings dragged on Index-relative performance during the period as well.
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. 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.
3


Eaton Vance
Total Return Bond Fund
September 30, 2023
Performance

Portfolio Manager(s) Vishal Khanduja, CFA and Brian Ellis, CFA
% Average Annual Total Returns1,2 Class
Inception Date
Performance
Inception Date
One Year Five Years Ten Years
Class A at NAV 11/17/2009 11/17/2009 1.03% 0.59% 2.41%
Class A with 3.25% Maximum Sales Charge (2.22) (0.08) 2.07
Class C at NAV 11/17/2009 11/17/2009 0.17 (0.17) 1.80
Class C with 1% Maximum Deferred Sales Charge (0.79) (0.17) 1.80
Class I at NAV 11/17/2009 11/17/2009 1.28 0.84 2.66
Class R6 at NAV 06/30/2023 11/17/2009 1.29 0.84 2.66

Bloomberg U.S. Aggregate Bond Index 0.64% 0.10% 1.13%
% Total Annual Operating Expense Ratios3 Class A Class C Class I Class R6
Gross 0.86% 1.61% 0.61% 0.55%
Net 0.74 1.49 0.49 0.43
Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.
Growth of Investment Amount Invested Period Beginning At NAV With Maximum Sales Charge
Class C $10,000 09/30/2013 $11,951 N.A.
Class I, at minimum investment $1,000,000 09/30/2013 $1,300,428 N.A.
Class R6, at minimum investment $5,000,000 09/30/2013 $6,503,148 N.A.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
4


Eaton Vance
Total Return Bond Fund
September 30, 2023
Fund Profile

Asset Allocation (% of total investments)
Credit Quality (% of bond holdings)1
 
Footnotes:
1 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”), or Kroll for securitized debt instruments only (such as asset-backed securities and mortgage-backed securities) 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, Fitch or Kroll (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.
5


Eaton Vance
Total Return Bond Fund
September 30, 2023
Endnotes and Additional Disclosures

†  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.
   
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.
Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked.
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 2/1/25. 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.
  Additional Information
  Bloomberg U.S. Treasury Index measures the performance of U.S. Treasuries with a maturity of one year or more. Bloomberg U.S. Corporate Bond Index measures the performance of investment-grade U.S. corporate securities with a maturity of one year or more. Bloomberg U.S. Corporate High Yield Index measures USD-denominated, non-investment grade corporate securities. Bloomberg U.S. Mortgage-Backed Securities Index measures agency mortgage-backed pass-through securities issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Bloomberg U.S. Asset-Backed Securities Index tracks the performance of U.S. dollar denominated investment grade, fixed rate asset-backed securities publicly issued in the U.S. domestic market.
  Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes.
  Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall.
 
6


Eaton Vance
Total Return Bond Fund
September 30, 2023
Fund Expenses

Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; 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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2023 to September 30, 2023) for Class A, Class C and Class I and (June 30, 2023 to September 30, 2023) for Class R6. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (April 1, 2023 to September 30, 2023).
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). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.
  Beginning
Account Value
(4/1/23)
Ending
Account Value
(9/30/23)
Expenses Paid
During Period
(4/1/23 – 9/30/23)
Annualized
Expense
Ratio
Actual*        
Class A $1,000.00 $ 970.50 $3.66** 0.74%
Class C $1,000.00 $ 965.80 $7.34** 1.49%
Class I $1,000.00 $ 971.60 $2.42** 0.49%
Class R6 $1,000.00 $ 977.70 $1.08** 0.43%
 
Hypothetical ***        
(5% return per year before expenses)        
Class A $1,000.00 $1,021.36 $3.75** 0.74%
Class C $1,000.00 $1,017.60 $7.54** 1.49%
Class I $1,000.00 $1,022.61 $2.48** 0.49%
Class R6 $1,000.00 $1,022.91 $2.18** 0.43%
* Class R6 had not commenced operations on April 1, 2023. Actual expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period); 93/365 for Class R6 (to reflect the period from the commencement of operations on June 30, 2023 to September 30, 2023). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2023 (June 30, 2023 for Class R6).
** Absent an allocation of certain expenses to affiliate(s), expenses would be higher.
*** Hypothetical expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2023 (June 30, 2023 for Class R6).
7


Eaton Vance
Total Return Bond Fund
September 30, 2023
Portfolio of Investments

Asset-Backed Securities — 14.2%
Security Principal
Amount
(000's omitted)
Value
Aaset Trust, Series 2019-2, Class B, 4.458%, 10/16/39(1) $     3,084 $    1,306,512
ACHV ABS Trust:      
Series 2023-1PL, Class B, 6.80%, 3/18/30(1)       3,200     3,199,535
Series 2023-3PL, Class B, 7.17%, 8/19/30(1)       2,750     2,763,712
Avant Credit Card Master Trust, Series 2021-1A, Class A, 1.37%, 4/15/27(1)       1,450     1,347,375
Avant Loans Funding Trust, Series 2021-REV1, Class D, 4.30%, 7/15/30(1)       5,213     4,737,920
Business Jet Securities, LLC, Series 2020-1A, Class A, 2.981%, 11/15/35(1)         323       302,703
Coinstar Funding, LLC, Series 2017-1A, Class A2, 5.216%, 4/25/47(1)       3,193     2,670,418
Cologix Canadian Issuer L.P., Series 2022-1CAN, Class C, 7.74%, 1/25/52(1)(2)       2,800     1,842,238
Cologix Data Centers US Issuer, LLC:      
Series 2021-1A, Class B, 3.79%, 12/26/51(1)       4,300     3,735,944
Series 2021-1A, Class C, 5.99%, 12/26/51(1)       2,900     2,379,202
Conn's Receivables Funding, LLC:      
Series 2021-A, Class C, 4.59%, 5/15/26(1)       4,758     4,747,413
Series 2022-A, Class B, 9.52%, 12/15/26(1)       1,516     1,522,895
Series 2022-A, Class C, 0.00%, 12/15/26(1)       3,700     3,159,937
Series 2023-A, Class B, 10.00%, 1/17/28(1)       3,167     3,177,035
Diamond Infrastructure Funding, LLC, Series 2021-1A, Class C, 3.475%, 4/15/49(1)         992       863,340
Diamond Issuer, Series 2021-1A, Class B, 2.701%, 11/20/51(1)       1,000       818,825
Driven Brands Funding, LLC:      
Series 2018-1A, Class A2, 4.739%, 4/20/48(1)       2,568     2,480,239
Series 2019-1A, Class A2, 4.641%, 4/20/49(1)       1,922     1,817,782
Series 2019-2A, Class A2, 3.981%, 10/20/49(1)       4,129     3,779,524
ExteNet, LLC:      
Series 2019-1A, Class A2, 3.204%, 7/25/49(1)       2,475     2,380,200
Series 2019-1A, Class B, 4.14%, 7/25/49(1)       3,502     3,361,879
Series 2019-1A, Class C, 5.219%, 7/25/49(1)       3,040     2,886,842
Falcon Aerospace, Ltd.:      
Series 2019-1, Class A, 3.597%, 9/15/39(1)       1,656     1,506,648
Series 2019-1, Class B, 4.791%, 9/15/39(1)       4,067     3,099,908
Series 2019-1, Class C, 6.656%, 9/15/39(1)       3,191       942,410
FMC GMSR Issuer Trust:      
Series 2021-GT1, Class A, 3.62%, 7/25/26(1)(3)       2,285     1,879,117
Series 2021-GT2, Class A, 3.85%, 10/25/26(1)(3)       1,690     1,390,980
Series 2022-GT2, Class A, 7.90%, 7/25/27(1)       2,197     2,167,623
GAIA Aviation, Ltd., Series 2019-1, Class A, 3.967%, 12/15/44(1)(4)         672        606,252
Security Principal
Amount
(000's omitted)
Value
Hertz Vehicle Financing, LLC, Series 2021-1A, Class D, 3.98%, 12/26/25(1) $     5,000 $    4,739,320
Horizon Aircraft Finance II, Ltd., Series 2019-1, Class A, 3.721%, 7/15/39(1)       1,732     1,507,202
JPMorgan Chase Bank NA:      
Series 2021-3, Class D, 1.009%, 2/26/29(1)         394       374,862
Series 2021-3, Class E, 2.102%, 2/26/29(1)         231       219,961
Lunar Aircraft, Ltd.:      
Series 2020-1A, Class B, 4.335%, 2/15/45(1)         544       388,689
Series 2020-1A, Class C, 6.413%, 2/15/45(1)         314        71,447
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A, 2.636%, 10/15/46(1)       6,198     5,324,261
Mosaic Solar Loan Trust, Series 2019-2A, Class B, 3.28%, 9/20/40(1)       1,612     1,393,193
MVW, LLC, Series 2020-1A, Class A, 1.74%, 10/20/37(1)         183       169,009
Neighborly Issuer, LLC, Series 2021-1A, Class A2, 3.584%, 4/30/51(1)       2,449     2,051,263
NRZ Excess Spread-Collateralized Notes:      
Series 2021-FHT1, Class A, 3.104%, 7/25/26(1)         357       319,062
Series 2021-GNT1, Class A, 3.474%, 11/25/26(1)       3,478     3,137,104
Octane Receivables Trust, Series 2022-1, Class A2, 4.18%, 3/20/28(1)       1,206     1,188,196
Oportun Issuance Trust, Series 2021-B, Class C, 3.65%, 5/8/31(1)         496       455,598
Pagaya AI Debt Selection Trust:      
Series 2021-2, 3.00%, 1/25/29(1)         575       555,593
Series 2021-3, Class C, 3.27%, 5/15/29(1)       2,900     2,511,397
Series 2021-5, Class C, 3.93%, 8/15/29(1)       4,319     3,769,731
Pagaya AI Technology In Housing Trust, Series 2023-1, Class F, 3.60%, 10/25/40(1)(5)       1,323       830,962
Planet Fitness Master Issuer, LLC, Series 2019-1A, Class A2, 3.858%, 12/5/49(1)       2,349     1,964,303
PMT Issuer Trust - FMSR:      
Series 2021-FT1, Class A, 8.434%, (1 mo. SOFR + 3.00%), 3/25/26(1)(6)         390       380,815
Series 2022-FT1, Class A, 9.505%, (30-day average SOFR + 4.19%), 6/25/27(1)(6)       3,500     3,505,641
Prosper Marketplace Issuance Trust, Series 2023-1A, Class A, 7.06%, 7/16/29(1)       3,250     3,252,750
Raptor Aircraft Finance I, LLC, Series 2019-1, Class A, 4.213%, 8/23/44(1)       1,311     1,051,244
Retained Vantage Data Centers Issuer, LLC:      
Series 2023-1A, Class A2B, 5.25%, 9/15/48(1)       4,877     3,191,621
Series 2023-1A, Class B, 5.75%, 9/15/48(1)       4,890     4,360,364
ServiceMaster Funding, LLC:      
Series 2020-1, Class A2I, 2.841%, 1/30/51(1)         637       540,158
Series 2020-1, Class A2II, 3.337%, 1/30/51(1)         745        587,403
 
8
See Notes to Financial Statements.


Eaton Vance
Total Return Bond Fund
September 30, 2023
Portfolio of Investments — continued

Security Principal
Amount
(000's omitted)
Value
SERVPRO Master Issuer, LLC, Series 2019-1A, Class A2, 3.882%, 10/25/49(1) $     4,697 $     4,306,393
Sonic Capital, LLC, Series 2020-1A, Class A2I, 3.845%, 1/20/50(1)       3,793     3,448,856
Stack Infrastructure Issuer, LLC:      
Series 2019-2A, Class A2, 3.08%, 10/25/44(1)       1,135     1,088,567
Series 2020-1A, Class A2, 1.893%, 8/25/45(1)       1,096       995,824
STAR Trust:      
Series 2021-SFR1, Class G, 8.648%, (1 mo. SOFR + 3.31%), 4/17/38(1)(6)       2,494     2,407,635
Series 2021-SFR1, Class H, 9.898%, (1 mo. SOFR + 4.56%), 4/17/38(1)(6)       1,600     1,565,515
Sunnova Helios II Issuer, LLC:      
Series 2019-AA, Class C, 5.32%, 6/20/46(1)         989       750,675
Series 2021-A, Class B, 3.15%, 2/20/48(1)       2,864     2,235,176
Series 2021-B, Class B, 2.01%, 7/20/48(1)       2,313     1,863,953
Sunnova Helios X Issuer, LLC, Series 2022-C, Class B, 5.60%, 11/22/49(1)       3,699     3,460,763
Sunnova Sol Issuer, LLC, Series 2020-1A, Class B, 5.54%, 2/1/55(1)       8,418     7,012,904
Theorem Funding Trust, Series 2021-1A, Class B, 1.84%, 12/15/27(1)       2,253     2,213,767
Vantage Data Centers Issuer, LLC:      
Series 2020-2A, Class A2, 1.992%, 9/15/45(1)       3,088     2,586,750
Series 2021-1A, Class A2, 2.165%, 10/15/46(1)       3,858     3,381,266
Willis Engine Structured Trust V:      
Series 2020-A, Class B, 4.212%, 3/15/45(1)       1,471     1,188,006
Series 2020-A, Class C, 6.657%, 3/15/45(1)         505       364,193
Total Asset-Backed Securities
(identified cost $168,613,065)
    $  153,585,800
    
Collateralized Mortgage Obligations — 5.2%
Security Principal
Amount
(000's omitted)
Value
Bellemeade Re, Ltd., Series 2021-2A, Class M1A, 6.515%, (30-day average SOFR + 1.20%), 6/25/31(1)(6) $     1,161 $    1,161,594
Cascade Funding Mortgage Trust, Series 2022-HB10, Class M2, 3.25%, 11/25/35(1)(3)       2,000     1,760,968
Cascade MH Asset Trust, Series 2022-MH1, Class A, 4.25% to 7/25/27, 8/25/54(1)(4)       2,041     1,794,916
CFMT, LLC, Series 2023-HB11, Class M2, 4.00%, 2/25/37(1)(3)       2,500     2,147,641
Eagle Re, Ltd., Series 2021-2, Class M1B, 7.365%, (30-day average SOFR + 2.05%), 4/25/34(1)(6)       1,500     1,506,288
Federal Home Loan Mortgage Corp., Series 5324, Class MZ, 6.00%, 7/25/53         233        216,510
Security Principal
Amount
(000's omitted)
Value
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes:      
Series 2019-DNA4, Class M2, 7.379%, (30-day average SOFR + 2.064%), 10/25/49(1)(6) $        53 $       53,391
Series 2019-HQA3, Class B1, 8.429%, (30-day average SOFR + 3.11%), 9/25/49(1)(6)       1,395     1,458,494
Series 2019-HQA4, Class B1, 8.379%, (30-day average SOFR + 3.06%), 11/25/49(1)(6)         941       969,838
Series 2020-HQA2, Class B1, 9.529%, (30-day average SOFR + 4.21%), 3/25/50(1)(6)       1,878     2,047,995
Series 2021-DNA2, Class B1, 8.715%, (30-day average SOFR + 3.40%), 8/25/33(1)(6)       2,165     2,225,053
Federal National Mortgage Association Connecticut Avenue Securities:      
Series 2019-R01, Class 2B1, 9.779%, (30-day average SOFR + 4.46%), 7/25/31(1)(6)       1,390     1,481,037
Series 2019-R02, Class 1B1, 9.579%, (30-day average SOFR + 4.26%), 8/25/31(1)(6)         552       582,185
Series 2019-R03, Class 1B1, 9.529%, (30-day average SOFR + 4.21%), 9/25/31(1)(6)       1,125     1,187,374
Series 2019-R06, Class 2B1, 9.179%, (30-day average SOFR + 3.864%), 9/25/39(1)(6)       5,455     5,603,111
Series 2019-R07, Class 1B1, 8.829%, (30-day average SOFR + 3.51%), 10/25/39(1)(6)       3,081     3,149,955
Series 2020-R02, Class 2B1, 8.429%, (30-day average SOFR + 3.11%), 1/25/40(1)(6)       1,612     1,629,316
Series 2021-R01, Class 1B2, 11.315%, (30-day average SOFR + 6.00%), 10/25/41(1)(6)       1,995     2,029,032
Series 2021-R02, Class 2B1, 8.615%, (30-day average SOFR + 3.30%), 11/25/41(1)(6)         584       588,212
Finance of America HECM Buyout, Series 2022-HB2, Class M5, 6.00%, 8/1/32(1)(3)       1,000       594,148
Government National Mortgage Association:      
Series 2023-84, Class DL, 6.00%, 6/20/53       1,002       979,072
Series 2023-84, Class MW, 6.00%, 6/20/53       1,051     1,027,055
Series 2023-98, Class BW, 6.00%, 7/20/53       1,190     1,164,210
Series 2023-99, Class AL, 6.00%, 7/20/53       1,190     1,163,902
Series 2023-102, Class SG, 2.742%, (22.55% - 30-day average SOFR x 3.727), 7/20/53(7)       1,792     1,628,323
Series 2023-116, Class CY, 6.00%, 8/20/53       2,770     2,709,223
Series 2023-133, Class S, 5.66%, (21.60% - 30-day average SOFR x 3.00), 9/20/53(7)       3,845     3,713,868
JP Morgan Mortgage Trust, Series 2023-HE2, Class A1, 7.016%, (30-day average SOFR + 1.70%), 3/25/54(1)(6)       4,443     4,443,000
LHOME Mortgage Trust:      
Series 2023-RTL2, Class A1, 8.00% to 1/25/26, 6/25/28(1)(4)       1,550     1,549,640
Series 2023-RTL3, Class A1, 8.00%, 8/25/28(1)(3)       1,624      1,624,281
 
9
See Notes to Financial Statements.


Eaton Vance
Total Return Bond Fund
September 30, 2023
Portfolio of Investments — continued

Security Principal
Amount
(000's omitted)
Value
MFRA Trust, Series 2023-NQM1, Class A2, 5.75% to 1/25/26, 11/25/67(1)(4) $     1,517 $     1,465,671
Oaktown Re VI, Ltd., Series 2021-1A, Class M1B, 7.365%, (30-day average SOFR + 2.05%), 10/25/33(1)(6)         697       698,290
PNMAC GMSR Issuer Trust:      
Series 2018-GT1, Class A, 9.284%, (1 mo. SOFR + 3.85%), 2/25/25(1)(6)         775       774,923
Series 2018-GT2, Class A, 8.084%, (1 mo. SOFR + 2.65%), 8/25/25(1)(6)         445       445,017
RMF Buyout Issuance Trust, Series 2020-HB1, Class M5, 6.00%, 10/25/50(1)       1,180       773,260
Total Collateralized Mortgage Obligations
(identified cost $56,280,766)
    $   56,346,793
    
Commercial Mortgage-Backed Securities — 10.1%
Security Principal
Amount
(000's omitted)
Value
BAMLL Commercial Mortgage Securities Trust:      
Series 2019-BPR, Class ENM, 3.843%, 11/5/32(1)(3) $     7,255 $    2,400,166
Series 2019-BPR, Class FNM, 3.843%, 11/5/32(1)(3)       7,215     1,597,190
BBCMS Mortgage Trust, Series 2017-C1, Class D, 3.709%, 2/15/50(1)(3)       3,500     2,320,186
BX Commercial Mortgage Trust:      
Series 2021-VOLT, Class C, 6.547%, (1 mo. SOFR + 1.214%), 9/15/36(1)(6)       6,379     6,139,731
Series 2021-VOLT, Class D, 7.097%, (1 mo. SOFR + 1.764%), 9/15/36(1)(6)         474       453,429
CFCRE Commercial Mortgage Trust:      
Series 2016-C3, Class D, 3.052%, 1/10/48(1)(3)       1,500     1,148,250
Series 2016-C7, Class D, 4.514%, 12/10/54(1)(3)       1,725     1,191,847
COMM Mortgage Trust:      
Series 2013-CR11, Class D, 4.828%, 8/10/50(1)(3)       3,603     3,230,765
Series 2013-CR13, Class C, 4.95%, 11/10/46(3)       1,000       902,936
Series 2015-CR22, Class D, 4.203%, 3/10/48(1)(3)       2,324     1,832,328
CSMC Trust:      
Series 2016-NXSR, Class D, 4.574%, 12/15/49(1)(3)       2,000     1,269,422
Series 2020-TMIC, Class A, 8.948%, (1 mo. SOFR + 3.614%), 12/15/35(1)(6)       4,240     4,236,992
Series 2021-4SZN, Class A, 9.30%, (1 mo. SOFR + 3.967%), 11/15/23(1)(6)       5,344     5,183,418
Series 2021-BPNY, Class A, 9.162%, (1 mo. SOFR + 3.83%), 8/15/26(1)(6)       3,917     3,441,362
Series 2021-WEHO, Class A, 9.417%, (1 mo. SOFR + 4.083%), 4/15/26(1)(6)         396       387,760
Series 2022-CNTR, Class A, 9.277%, (1 mo. SOFR + 3.944%), 1/15/24(1)(6)       3,745     3,218,497
Series 2022-NWPT, Class A, 8.475%, (1 mo. SOFR + 3.143%), 9/9/24(1)(6)       3,163      3,196,616
Security Principal
Amount
(000's omitted)
Value
Extended Stay America Trust:      
Series 2021-ESH, Class C, 7.147%, (1 mo. SOFR + 1.814%), 7/15/38(1)(6) $     3,019 $    2,978,029
Series 2021-ESH, Class D, 7.697%, (1 mo. SOFR + 2.36%), 7/15/38(1)(6)       1,844     1,817,151
Federal National Mortgage Association Multifamily Connecticut Avenue Securities Trust:      
Series 2019-01, Class M10, 8.679%, (30-day average SOFR + 3.364%), 10/25/49(1)(6)       2,813     2,751,254
Series 2020-01, Class M10, 9.179%, (30-day average SOFR + 3.864%), 3/25/50(1)(6)       7,229     7,069,758
JPMBB Commercial Mortgage Securities Trust:      
Series 2014-C22, Class D, 4.70%, 9/15/47(1)(3)       1,980     1,338,654
Series 2014-C25, Class D, 4.081%, 11/15/47(1)(3)       3,575     1,514,390
Series 2015-C29, Class D, 3.827%, 5/15/48(3)         500       327,970
JPMorgan Chase Commercial Mortgage Securities Trust:      
Series 2013-C16, Class D, 5.10%, 12/15/46(1)(3)       1,500     1,293,373
Series 2014-DSTY, Class B, 3.771%, 6/10/27(1)       1,384       202,721
Med Trust:      
Series 2021-MDLN, Class E, 8.597%, (1 mo. SOFR + 3.26%), 11/15/38(1)(6)       4,150     3,956,130
Series 2021-MDLN, Class F, 9.447%, (1 mo. SOFR + 4.11%), 11/15/38(1)(6)       3,200     3,041,932
Morgan Stanley Bank of America Merrill Lynch Trust:      
Series 2016-C29, Class C, 4.878%, 5/15/49(3)(8)       4,199     3,633,419
Series 2016-C29, Class D, 3.00%, 5/15/49(1)(8)       3,048     2,189,292
Series 2016-C32, Class D, 3.396%, 12/15/49(1)(3)(8)       5,000     3,303,944
Morgan Stanley Capital I Trust:      
Series 2019-BPR, Class B, 8.022%, (1 mo. SOFR + 2.69%), 5/15/36(1)(6)(8)       3,960     3,787,158
Series 2019-BPR, Class C, 8.972%, (1 mo. SOFR + 3.642%), 5/15/36(1)(6)(8)       2,219     2,100,512
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class C, 7.647%, (1 mo. SOFR + 2.314%), 6/15/35(1)(6)       3,219     1,479,171
Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class A, 7.518%, (1 mo. SOFR + 2.19%), 5/15/37(1)(6)       2,000     1,955,600
UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class D, 4.103%, 4/10/46(1)(3)       1,982     1,643,334
VMC Finance, LLC, Series 2021-HT1, Class B, 9.945%, (1 mo. SOFR + 4.614%), 1/18/37(1)(6)       8,477     8,040,665
Wells Fargo Commercial Mortgage Trust:      
Series 2015-C31, Class D, 3.852%, 11/15/48       5,598     4,238,079
Series 2015-NXS1, Class C, 3.848%, 5/15/48(3)       1,000       877,287
Series 2016-C35, Class D, 3.142%, 7/15/48(1)       2,150     1,529,444
Series 2016-C36, Class D, 2.942%, 11/15/59(1)       6,000      3,476,594
 
10
See Notes to Financial Statements.


Eaton Vance
Total Return Bond Fund
September 30, 2023
Portfolio of Investments — continued

Security Principal
Amount
(000's omitted)
Value
WF-RBS Commercial Mortgage Trust:      
Series 2013-UBS1, Class D, 5.206%, 3/15/46(1)(3) $       350 $       339,546
Series 2014-C24, Class D, 3.692%, 11/15/47(1)       4,150     2,478,465
Total Commercial Mortgage-Backed Securities
(identified cost $130,429,427)
    $  109,514,767
    
Convertible Bonds — 0.2%
Security Principal
Amount
(000's omitted)
Value
Aerospace & Defense — 0.0%(9)
Spirit Airlines, Inc., 1.00%, 5/15/26 $       200 $       167,300
      $      167,300
Biotechnology — 0.0%(9)
BioMarin Pharmaceutical, Inc., 0.599%, 8/1/24 $       175 $       170,188
      $      170,188
Commercial Services — 0.0%(9)
Block, Inc., 0.125%, 3/1/25 $       170 $       158,610
      $      158,610
Computers — 0.0%(9)
Rapid7, Inc., 0.25%, 3/15/27 $       175 $       149,953
      $      149,953
Diversified Financial Services — 0.1%
Ares Capital Corp., 4.625%, 3/1/24 $       250 $       254,844
Ford Motor Co., 0.00%, 3/15/26         200       197,500
      $      452,344
Electric Utilities — 0.0%(9)
NRG Energy, Inc., 2.75%, 6/1/48 $       200 $       212,600
      $      212,600
Leisure Time — 0.0%(9)
NCL Corp., Ltd., 1.125%, 2/15/27 $       200 $       166,500
      $      166,500
Oil and Gas — 0.0%(9)
NextEra Energy Partners, L.P., 2.50%, 6/15/26(1) $       200 $       170,600
      $      170,600
Security Principal
Amount
(000's omitted)
Value
Pharmaceuticals — 0.0%(9)
Dexcom, Inc., 0.25%, 11/15/25 $       175 $       165,812
Jazz Investments I, Ltd., 2.00%, 6/15/26         200       204,625
      $      370,437
Software — 0.1%
Akamai Technologies, Inc., 1.125%, 2/15/29(1) $       200 $       202,700
Bill Holdings, Inc., 0.00%, 12/1/25         175       176,750
Tyler Technologies, Inc., 0.25%, 3/15/26         175       169,837
      $      549,287
Total Convertible Bonds
(identified cost $2,665,769)
    $    2,567,819
    
Corporate Bonds — 38.1%
Security Principal
Amount
(000's omitted)
Value
Aerospace & Defense — 0.3%
Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, 10/20/28(1) $     3,106 $     2,952,912
      $    2,952,912
Agriculture — 0.3%
BAT Capital Corp., 6.421%, 8/2/33 $     3,273 $     3,183,881
      $    3,183,881
Auto Manufacturers — 1.1%
General Motors Financial Co., Inc.:      
5.80%, 6/23/28 $     2,280 $     2,228,664
5.85%, 4/6/30       5,704     5,467,343
Hyundai Capital America, 5.70%, 6/26/30(1)       4,761     4,583,393
      $   12,279,400
Banks — 10.9%
ABN AMRO Bank NV, 6.339% to 9/18/26, 9/18/27(1)(10) $     2,300 $     2,295,234
African Export-Import Bank (The), 3.994%, 9/21/29(11)       2,200     1,809,632
AIB Group PLC, 6.608% to 9/13/28, 9/13/29(1)(10)       2,829     2,819,075
Banco Mercantil del Norte S.A./Grand Cayman, 7.50% to 6/27/29(1)(10)(12)         745       664,074
Banco Santander S.A.:      
4.175% to 3/24/27, 3/24/28(10)         400       369,525
6.921%, 8/8/33       5,400      5,167,083
 
11
See Notes to Financial Statements.


Eaton Vance
Total Return Bond Fund
September 30, 2023
Portfolio of Investments — continued

Security Principal
Amount
(000's omitted)
Value
Banks (continued)
Bank Hapoalim BM, 3.255% to 10/21/26, 1/21/32(1)(10)(11) $     2,600 $    2,226,234
Bank Leumi Le-Israel BM, 7.129% to 4/18/28, 7/18/33(1)(10)(11)       2,360     2,321,678
Bank of America Corp.:      
3.846% to 3/8/32, 3/8/37(10)       3,300     2,686,568
5.872% to 9/15/33, 9/15/34(10)       5,327     5,186,918
Barclays PLC:      
4.375%, 9/11/24       3,500     3,430,550
6.496% to 9/13/26, 9/13/27(10)       5,396     5,383,853
BBVA Bancomer S.A., 8.45% to 6/29/33, 6/29/38(1)(10)       2,261     2,230,158
BBVA Bancomer S.A./Texas, 5.125% to 1/18/28, 1/18/33(1)(10)       2,270     1,956,308
BNP Paribas S.A., 8.50%(1)(10)(12)       5,510     5,404,333
BPCE S.A., 3.648% to 1/14/32, 1/14/37(1)(10)       1,518     1,169,658
CaixaBank S.A., 6.208% to 1/18/28, 1/18/29(1)(10)       3,962     3,879,098
Danske Bank A/S, 5.375%, 1/12/24(1)       5,212     5,191,567
Fifth Third Bancorp, 6.339% to 7/27/28, 7/27/29(10)       3,113     3,076,888
HSBC Holdings PLC:      
6.161% to 3/9/28, 3/9/29(10)       2,144     2,123,589
7.39% to 11/3/27, 11/3/28(10)       3,399     3,517,700
Intesa Sanpaolo SpA:      
7.778% to 6/20/53, 6/20/54(1)(10)       2,500     2,256,702
8.248% to 11/21/32, 11/21/33(1)(10)       3,183     3,210,669
KeyBank N.A.:      
4.15%, 8/8/25       3,055     2,878,193
5.85%, 11/15/27       1,690     1,608,171
KeyCorp, 4.789% to 6/1/32, 6/1/33(10)         750       625,609
Macquarie Bank, Ltd., 6.798%, 1/18/33(1)       2,408     2,365,255
Macquarie Group, Ltd., 2.871% to 1/14/32, 1/14/33(1)(10)       3,071     2,323,790
PNC Financial Services Group, Inc.:      
5.068% to 1/24/33, 1/24/34(10)       3,000     2,722,517
6.25% to 3/15/30(10)(12)       5,734     4,929,604
Societe Generale S.A.:      
6.221% to 6/15/32, 6/15/33(1)(10)       2,600     2,357,788
9.375% to 11/22/27(1)(10)(12)       2,389     2,346,873
Synchrony Bank:      
5.40%, 8/22/25       1,200     1,157,045
5.625%, 8/23/27       1,002       935,850
Synchrony Financial, 4.875%, 6/13/25         563       539,991
Synovus Bank/Columbus, GA, 5.625%, 2/15/28       4,405     3,993,966
Texas Capital Bancshares, Inc., 4.00% to 5/6/26, 5/6/31(10)       3,393     2,817,778
Toronto-Dominion Bank (The), 8.125% to 10/31/27, 10/31/82(10)       4,577      4,564,889
Security Principal
Amount
(000's omitted)
Value
Banks (continued)
Truist Financial Corp., 5.867% to 6/8/33, 6/8/34(10) $     9,760 $     9,193,220
U.S. Bancorp, 5.836% to 6/10/33, 6/12/34(10)       2,463     2,324,891
UBS Group AG, 4.375% to 2/10/31(1)(10)(12)       3,315     2,383,231
      $  118,445,755
Building Materials — 0.3%
Cemex SAB de CV, 9.125% to 3/14/28(1)(10)(12) $     2,796 $     2,914,145
      $    2,914,145
Chemicals — 1.2%
Celanese US Holdings, LLC:      
6.35%, 11/15/28 $     3,776 $     3,730,483
6.55%, 11/15/30       1,485     1,454,013
6.70%, 11/15/33       3,258     3,173,775
Sasol Financing USA, LLC, 8.75%, 5/3/29(1)       5,000     4,812,354
      $   13,170,625
Commercial Services — 0.7%
Ashtead Capital, Inc.:      
4.25%, 11/1/29(1) $     2,785 $     2,468,143
5.95%, 10/15/33(1)       3,750     3,564,020
Western Union Co. (The), 6.20%, 11/17/36       2,075     2,025,356
      $    8,057,519
Computers — 1.2%
Kyndryl Holdings, Inc.:      
2.70%, 10/15/28 $     4,800 $     3,948,986
3.15%, 10/15/31       6,646     5,038,729
Seagate HDD Cayman:      
5.75%, 12/1/34       2,589     2,189,352
9.625%, 12/1/32(1)       1,901     2,050,223
      $   13,227,290
Consumer Products — 0.1%
Natura Cosmeticos S.A., 4.125%, 5/3/28(1) $     1,042 $       895,816
      $      895,816
Diversified Financial Services — 4.0%
Ally Financial, Inc.:      
3.875%, 5/21/24 $     3,500 $     3,435,547
8.00%, 11/1/31       5,825     5,886,160
Alpha Holding S.A. de CV, 9.00%, 2/10/25(1)(13)       2,946        44,191
American AgCredit Corp., Series A, 5.25% to 6/15/26(1)(10)(12)       1,431      1,314,731
 
12
See Notes to Financial Statements.


Eaton Vance
Total Return Bond Fund
September 30, 2023
Portfolio of Investments — continued

Security Principal
Amount
(000's omitted)
Value
Diversified Financial Services (continued)
Aviation Capital Group, LLC:      
6.25%, 4/15/28(1) $     2,518 $     2,464,727
6.375%, 7/15/30(1)       4,930     4,778,307
Brookfield Finance, Inc., 4.70%, 9/20/47       3,240     2,527,590
CI Financial Corp.:      
3.20%, 12/17/30       3,912     2,970,290
4.10%, 6/15/51       4,504     2,610,982
Inversiones La Construccion S.A., 4.75%, 2/7/32(11)       2,250     1,756,980
Jefferies Financial Group, Inc., 5.875%, 7/21/28       4,453     4,360,551
OneMain Finance Corp.:      
3.50%, 1/15/27       1,700     1,457,334
5.375%, 11/15/29       2,696     2,261,135
Rocket Mortgage, LLC/Rocket Mortgage Co.-Issuer, Inc., 3.875%, 3/1/31(1)       2,900     2,316,187
UniCredit SpA, 5.861% to 6/19/27, 6/19/32(1)(10)       5,038     4,588,030
      $   42,772,742
Electric Utilities — 0.6%
Cometa Energia S.A. de CV, 6.375%, 4/24/35(11) $     1,929 $     1,798,510
Edison International, Series B, 5.00% to 12/15/26(10)(12)       2,996     2,568,097
Minejesa Capital BV, 4.625%, 8/10/30(11)       2,100     1,873,725
      $    6,240,332
Electrical and Electronic Equipment — 0.4%
Jabil, Inc., 3.00%, 1/15/31 $     1,468 $     1,190,692
Vontier Corp., 2.95%, 4/1/31       3,671     2,835,268
      $    4,025,960
Entertainment — 0.1%
WarnerMedia Holdings, Inc., 5.391%, 3/15/62 $     1,825 $     1,349,139
      $    1,349,139
Foods — 0.4%
Smithfield Foods, Inc., 5.20%, 4/1/29(1) $     4,300 $     3,932,301
      $    3,932,301
Health Care — 1.3%
Centene Corp.:      
2.50%, 3/1/31 $     3,824 $     2,942,142
3.375%, 2/15/30         990       826,855
HCA, Inc.:      
3.50%, 7/15/51       2,996     1,873,494
5.00%, 3/15/24       5,000      4,975,141
Security Principal
Amount
(000's omitted)
Value
Health Care (continued)
HCA, Inc.:(continued)      
5.25%, 6/15/49 $     3,700 $     3,044,289
      $   13,661,921
Insurance — 3.2%
American National Group, Inc., 6.144%, 6/13/32(1) $     3,300 $     2,989,375
ASR Nederland N.V., 7.00% to 9/7/33, 12/7/43(10)(11)       2,860     3,113,385
Athene Global Funding, 2.646%, 10/4/31(1)       5,300     3,932,292
F&G Annuities & Life, Inc., 7.40%, 1/13/28       9,102     9,093,415
Global Atlantic Fin Co.:      
3.125%, 6/15/31(1)       4,532     3,234,757
7.95%, 6/15/33(1)       2,200     2,116,383
Hanwha Life Insurance Co., Ltd., 3.379% to 2/4/27, 2/4/32(10)(11)       2,100     1,865,626
Liberty Mutual Group, Inc., 4.125% to 9/15/26, 12/15/51(1)(10)       3,769     3,104,770
Radian Group, Inc., 4.875%, 3/15/27       2,508     2,346,083
Stewart Information Services Corp., 3.60%, 11/15/31       4,244     3,126,676
      $   34,922,762
Leisure Time — 0.8%
Brunswick Corp., 5.10%, 4/1/52 $     6,491 $     4,476,324
NCL Corp., Ltd., 5.875%, 3/15/26(1)       2,550     2,357,228
Viking Cruises, Ltd., 5.875%, 9/15/27(1)       2,525     2,307,168
      $    9,140,720
Media — 0.3%
CCO Holdings, LLC/CCO Holdings Capital Corp., 5.125%, 5/1/27(1) $     3,275 $     3,054,793
      $    3,054,793
Oil and Gas — 1.9%
Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26(1) $     3,339 $     2,726,527
Hunt Oil Co. of Peru, LLC Sucursal Del Peru, 8.55%, 9/18/33(1)       1,170     1,182,542
National Fuel Gas Co., 2.95%, 3/1/31       5,065     3,988,198
Neptune Energy Bondco PLC, 6.625%, 5/15/25(1)       1,315     1,303,823
Occidental Petroleum Corp., 7.50%, 5/1/31       3,000     3,187,105
Petroleos Mexicanos:      
6.50%, 3/13/27       2,450     2,162,148
10.00%, 2/7/33(1)       2,912     2,594,973
Var Energi ASA, 7.50%, 1/15/28(1)       3,000     3,083,647
      $   20,228,963
 
13
See Notes to Financial Statements.


Eaton Vance
Total Return Bond Fund
September 30, 2023
Portfolio of Investments — continued

Security Principal
Amount
(000's omitted)
Value
Pipelines — 1.2%
Enbridge, Inc., 8.25% to 10/15/28, 1/15/84(10) $     5,500 $     5,398,016
Midwest Connector Capital Co., LLC, 4.625%, 4/1/29(1)       4,344     3,973,238
ONEOK, Inc., 6.05%, 9/1/33       3,685     3,622,425
      $   12,993,679
Real Estate Investment Trusts (REITs) — 3.6%
American Assets Trust, L.P., 3.375%, 2/1/31 $     3,290 $     2,467,085
CBRE Services, Inc., 5.95%, 8/15/34       3,725     3,517,949
Corporate Office Properties, L.P., 2.90%, 12/1/33       3,331     2,339,926
EPR Properties:      
3.60%, 11/15/31       1,200       890,638
3.75%, 8/15/29       2,672     2,148,972
4.95%, 4/15/28       3,444     3,054,829
HAT Holdings I, LLC/HAT Holdings II, LLC:      
3.75%, 9/15/30(1)       5,251     4,024,915
6.00%, 4/15/25(1)       1,600     1,558,622
Iron Mountain, Inc., 4.50%, 2/15/31(1)       2,633     2,168,535
Newmark Group, Inc., 6.125%, 11/15/23       5,419     5,414,150
Sun Communities Operating, L.P.:      
4.20%, 4/15/32       1,865     1,592,573
5.70%, 1/15/33       1,632     1,545,395
VICI Properties, L.P./VICI Note Co., Inc.:      
5.625%, 5/1/24(1)       3,000     2,983,624
5.75%, 2/1/27(1)       5,908     5,725,193
      $   39,432,406
Retail — 1.1%
Bath & Body Works, Inc., 6.875%, 11/1/35 $     2,845 $     2,544,094
Dick's Sporting Goods, Inc., 4.10%, 1/15/52       7,104     4,319,894
Lithia Motors, Inc., 4.375%, 1/15/31(1)       2,811     2,328,343
Macy's Retail Holdings, LLC, 5.875%, 4/1/29(1)       2,778     2,435,042
      $   11,627,373
Semiconductors — 0.3%
Foundry JV Holdco, LLC, 5.875%, 1/25/34(1) $     3,873 $     3,703,898
      $    3,703,898
Software — 1.2%
Concentrix Corp.:      
6.60%, 8/2/28 $     8,433 $     8,142,797
6.85%, 8/2/33       4,820     4,456,616
      $   12,599,413
Security Principal
Amount
(000's omitted)
Value
Technology — 0.3%
CDW, LLC/CDW Finance Corp., 3.276%, 12/1/28 $     3,087 $     2,666,171
      $    2,666,171
Telecommunications — 1.1%
Nokia Oyj, 4.375%, 6/12/27 $     1,110 $     1,028,831
Rogers Communications, Inc., 4.55%, 3/15/52       2,456     1,793,342
SES Global Americas Holdings GP, 5.30%, 3/25/44(1)       1,360       917,112
SES S.A., 5.30%, 4/4/43(1)         810       546,197
Sprint, LLC, 7.125%, 6/15/24       7,960     8,015,306
      $   12,300,788
Transportation — 0.2%
Penske Truck Leasing Co., L.P./PTL Finance Corp., 6.20%, 6/15/30(1) $     2,330 $     2,298,024
      $    2,298,024
Total Corporate Bonds
(identified cost $443,068,722)
    $  412,078,728
    
Preferred Stocks — 0.5%
Security Shares Value
Real Estate Management & Development — 0.3%
Brookfield Property Partners, L.P.:      
Series A, 5.75%     187,034 $     2,382,813
Series A2, 6.375%      74,772     1,009,422
      $    3,392,235
Wireless Telecommunication Services — 0.2%
United States Cellular Corp., 5.50%     107,100 $     1,762,866
      $    1,762,866
Total Preferred Stocks
(identified cost $9,222,650)
    $    5,155,101
    
Sovereign Government Bonds — 1.5%
Security Principal
Amount
(000's omitted)
Value
Mexico — 0.9%
Mexican Udibonos, 4.00%, 11/30/28 MXN    82,585 $     4,454,855
Mexico Bonos, 8.00%, 9/5/24 MXN    85,000     4,734,664
      $    9,189,519
 
14
See Notes to Financial Statements.


Eaton Vance
Total Return Bond Fund
September 30, 2023
Portfolio of Investments — continued

Security Principal
Amount
(000's omitted)
Value
South Africa — 0.2%
Republic of South Africa, 5.875%, 4/20/32 USD     3,118 $     2,659,966
      $    2,659,966
Uruguay — 0.4%
Uruguay Government International Bond, 9.75%, 7/20/33 UYU   148,900 $     3,906,188
      $    3,906,188
Total Sovereign Government Bonds
(identified cost $15,972,207)
    $   15,755,673
    
U.S. Government Agency Mortgage-Backed Securities — 11.9%
Security Principal
Amount
(000's omitted)
Value
Federal National Mortgage Association:      
2.00%, 4/1/51 $     1,078 $       834,328
4.00%, 30-Year, TBA(14)       8,514     7,585,439
4.50%, 30-Year, TBA(14)      18,576    17,064,515
5.00%, 30-Year, TBA(14)      56,420    53,257,428
5.50%, 30-Year, TBA(14)      44,455    42,982,450
6.00%, 30-Year, TBA(14)       7,500     7,405,367
Total U.S. Government Agency Mortgage-Backed Securities
(identified cost $131,648,056)
  $  129,129,527
    
U.S. Treasury Obligations — 26.8%
Security Principal
Amount
(000's omitted)
Value
U.S. Treasury Bond:      
2.375%,2/15/42 $    72,222 $   49,944,616
2.875%,5/15/43      18,118    13,429,614
2.875%,5/15/52       5,503     3,903,046
3.625%,2/15/53       8,233     6,810,878
3.625%,5/15/53      23,536    19,492,589
3.875%,2/15/43       4,455     3,877,938
3.875%,5/15/43       1,600     1,391,250
4.00%,11/15/52       6,082     5,392,073
U.S. Treasury Floating Rate Notes, 5.572%, (3 mo. USTMMR + 0.169%), 4/30/25(6)       5,000     5,002,515
U.S. Treasury Note:      
1.25%,6/30/28       5,600     4,796,312
3.25%,8/31/24      42,180    41,343,167
3.50%,1/31/28       7,543      7,199,735
Security Principal
Amount
(000's omitted)
Value
U.S. Treasury Note:(continued)      
3.50%,4/30/28 $    12,455 $    11,872,631
3.50%,4/30/30       6,961     6,515,877
3.625%,3/31/28       5,750     5,513,262
3.625%,5/31/28       8,900     8,531,137
3.625%,3/31/30       2,822     2,662,270
3.75%,5/31/30       7,505     7,126,232
4.00%,2/29/28       6,228     6,067,678
4.125%,7/31/28       9,300     9,100,195
4.625%,9/15/26       4,601     4,578,714
5.25%,11/15/28      22,355    22,958,410
5.375%,2/15/31      21,475    22,539,522
6.25%,5/15/30       5,520     6,023,269
6.75%,8/15/26      13,295    13,973,253
Total U.S. Treasury Obligations
(identified cost $307,081,624)
    $  290,046,183
    
Miscellaneous — 0.0%
Security Principal
Amount
Value
Financial Intermediaries — 0.0%
Alpha Holding S.A., Escrow Certificates(15)(16)   $6,250,000 $             0
Total Miscellaneous
(identified cost $0)
    $            0
    
Short-Term Investments — 1.6%
Affiliated Fund – 0.7%
Security Shares Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(17)   7,241,977 $     7,241,977
Total Affiliated Fund
(identified cost $7,241,977)
    $    7,241,977
    
Commercial Paper – 0.9%
Security Principal
Amount
(000's omitted)
Value
Harley-Davidson Financial Services, Inc., 6.195%(1)(18) $     5,000 $    4,958,566
 
15
See Notes to Financial Statements.


Eaton Vance
Total Return Bond Fund
September 30, 2023
Portfolio of Investments — continued

Security Principal
Amount
(000's omitted)
Value
Jabil, Inc., 6.197%(1)(18) $     5,430 $     5,423,512
Total Commercial Paper
(identified cost $10,383,462)
    $   10,382,078
Total Short-Term Investments
(identified cost $17,625,439)
    $   17,624,055
Total Purchased Call Options — 0.0%(9)
(identified cost $115,525)
    $      118,594
Total Investments — 110.1%
(identified cost $1,282,723,250)
    $1,191,923,040
Other Assets, Less Liabilities — (10.1)%     $  (109,732,446)
Net Assets — 100.0%     $1,082,190,594
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 September 30, 2023, the aggregate value of these securities is $465,353,110 or 43.0% of the Fund's net assets.
(2) Principal Amount is denominated in Canadian dollars.
(3) Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at September 30, 2023.
(4) Step coupon security. Interest rate represents the rate in effect at September 30, 2023.
(5) When-issued security.
(6) Variable rate security. The stated interest rate represents the rate in effect at September 30, 2023.
(7) 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, 2023.
(8) Represents an investment in an issuer that may be deemed to be an affiliate (see Note 10).
(9) Amount is less than 0.05%.
(10) Security converts to variable rate after the indicated fixed-rate coupon period.
(11) 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, 2023, the aggregate value of these securities is $16,765,770 or 1.5% of the Fund's net assets.
(12) Perpetual security with no stated maturity date but may be subject to calls by the issuer.
(13) Issuer is in default with respect to interest and/or principal payments.
(14) TBA (To Be Announced) securities are purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date are determined upon settlement.
(15) For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 11).
(16) Non-income producing security.
(17) May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2023.
(18) Rate shown reflects the yield at September 30, 2023.
Country Concentration of Portfolio(1)
Country Percentage of
Total Investments
Value
United States 85.9% $1,024,054,978
Mexico 2.0 23,554,026
Canada 1.8 21,707,347
United Kingdom 1.5 18,227,658
France 0.9 11,278,652
Cayman Islands 0.9 10,763,887
Italy 0.8 10,055,401
Spain 0.8 9,415,706
Ireland 0.7 8,143,336
South Africa 0.6 7,472,320
Bermuda 0.5 6,044,465
Netherlands 0.5 5,408,619
Denmark 0.4 5,191,567
Australia 0.4 4,689,045
Israel 0.4 4,547,912
Uruguay 0.3 3,906,188
Norway 0.3 3,083,647
Switzerland 0.2 2,383,231
Indonesia 0.2 1,873,725
South Korea 0.2 1,865,626
Supranational 0.2 1,809,632
Chile 0.1 1,756,980
Luxembourg 0.1 1,463,309
Peru 0.1 1,182,542
Finland 0.1 1,028,831
Brazil 0.1 895,816
Total Investments 100.0% $1,191,804,446
(1) Depictions do not reflect the Fund’s option positions.
 
16
See Notes to Financial Statements.


Eaton Vance
Total Return Bond Fund
September 30, 2023
Portfolio of Investments — continued

Purchased Call Options (Exchange-Traded) — 0.0%(1)
Description Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
U.S. 10-Year Treasury Note Futures 12/2023 230 $24,854,375 $110.00 11/24/23 $ 118,594
Total Investments         $118,594
(1) Amount is less than 0.05%.
Forward Foreign Currency Exchange Contracts (OTC)
Currency Purchased Currency Sold Counterparty Settlement
Date
Unrealized
Appreciation
Unrealized
(Depreciation)
BRL  14,473,357 USD 2,899,310 State Street Bank and Trust Company 11/10/23 $     — $  (34,779)
BRL  12,300,000 USD 2,499,238 State Street Bank and Trust Company 11/10/23     —  (64,853)
JPY 717,000,000 USD 5,130,557 JPMorgan Chase Bank, N.A. 11/10/23     — (303,458)
USD   2,102,377 CAD 2,799,001 Citibank, N.A. 11/10/23  40,554      —
USD   3,211,947 CAD 4,340,530 State Street Bank and Trust Company 11/10/23  14,590      —
USD   3,222,475 EUR 2,907,464 JPMorgan Chase Bank, N.A. 11/10/23 143,705      —
            $198,849 $(403,090)
Futures Contracts
Description Number of
Contracts
Position Expiration
Date
Notional
Amount
Value/Unrealized
Appreciation
(Depreciation)
Interest Rate Futures          
U.S. 2-Year Treasury Note 1,298 Long 12/29/23 $263,118,798 $   (975,983)
U.S. 5-Year Treasury Note 352 Long 12/29/23  37,086,500   (239,084)
U.S. 10-Year Treasury Note 92 Long 12/19/23   9,941,750    (28,829)
U.S. Long Treasury Bond 109 Long 12/19/23  12,402,156   (515,454)
U.S. Ultra-Long Treasury Bond 48 Long 12/19/23   5,697,000   (196,220)
U.S. Ultra 10-Year Treasury Note (55) Short 12/19/23  (6,135,938)    134,854
          $ (1,820,716)
Abbreviations:
OTC – Over-the-counter
SOFR – Secured Overnight Financing Rate
TBA – To Be Announced
USTMMR – U.S. Treasury Money Market Rate
Currency Abbreviations:
BRL – Brazilian Real
CAD – Canadian Dollar
EUR – Euro
JPY – Japanese Yen
MXN – Mexican Peso
USD – United States Dollar
UYU – Uruguayan Peso
 
17
See Notes to Financial Statements.


Eaton Vance
Total Return Bond Fund
September 30, 2023
Statement of Assets and Liabilities  

  September 30, 2023
Assets  
Unaffiliated investments, at value (identified cost $1,258,282,642) $ 1,169,666,738
Affiliated investments, at value (identified cost $24,440,608) 22,256,302
Deposits for derivatives collateral — Futures contracts 2,746,985
Foreign currency, at value (identified cost $1,950) 1,930
Interest and dividends receivable 10,703,946
Interest and dividends receivable from affiliated investments 109,624
Receivable for investments sold 13,525,148
Receivable for Fund shares sold 2,174,484
Receivable for variation margin on open futures contracts 306,774
Receivable for open forward foreign currency exchange contracts 198,849
Tax reclaims receivable 40,703
Receivable from affiliates 177,862
Trustees' deferred compensation plan 18,379
Prepaid expenses 4,230
Total assets $1,221,931,954
Liabilities  
Payable for when-issued securities/forward purchase commitments $ 131,595,511
Payable for Fund shares redeemed 3,069,634
Payable for open forward foreign currency exchange contracts 403,090
Distributions payable 11,995
Due to custodian 3,849,719
Payable to affiliates:  
 Investment adviser fee 397,020
Distribution and service fees 42,508
Trustees' deferred compensation plan 18,379
Accrued expenses 353,504
Total liabilities $ 139,741,360
Net Assets $1,082,190,594
Sources of Net Assets  
Paid-in capital $ 1,257,129,980
Accumulated loss (174,939,386)
Net Assets $1,082,190,594
Class A Shares  
Net Assets $ 86,928,527
Shares Outstanding  8,842,735
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)
$ 9.83
Maximum Offering Price Per Share
(100 ÷ 96.75 of net asset value per share)
$ 10.16
Class C Shares  
Net Assets $ 29,457,381
Shares Outstanding  2,998,212
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)
$ 9.82
Class I Shares  
Net Assets $ 965,755,802
Shares Outstanding  98,321,879
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)
$ 9.82
18
See Notes to Financial Statements.


Eaton Vance
Total Return Bond Fund
September 30, 2023
Statement of Assets and Liabilities   — continued

  September 30, 2023
Class R6 Shares  
Net Assets $48,884
Shares Outstanding  4,978
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)
$ 9.82
On sales of $100,000 or more, the offering price of Class A shares is reduced.
* Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.
19
See Notes to Financial Statements.


Eaton Vance
Total Return Bond Fund
September 30, 2023
Statement of Operations

  Year Ended
  September 30, 2023
Investment Income  
Dividend income (net of foreign taxes withheld of $37,259) $ 502,383
Dividend income from affiliated investments 899,994
Interest and other income 45,457,717
Interest income from affiliated investments 1,110,960
Total investment income $ 47,971,054
Expenses  
Investment adviser fee $ 3,900,401
Distribution and service fees:  
Class A 217,502
Class C 301,434
Trustees’ fees and expenses 56,194
Custodian fee 226,664
Transfer and dividend disbursing agent fees 764,248
Legal and accounting services 77,845
Printing and postage 85,313
Registration fees 122,655
Miscellaneous 47,927
Total expenses $ 5,800,183
Deduct:  
Waiver and/or reimbursement of expenses by affiliates $ 1,055,145
Total expense reductions $ 1,055,145
Net expenses $ 4,745,038
Net investment income $ 43,226,016
Realized and Unrealized Gain (Loss)  
Net realized gain (loss):  
Investment transactions $ (55,567,231)
Investment transactions - affiliated investments (2,187,060)
Futures contracts (1,324,951)
Swap contracts (34,725)
Foreign currency transactions (44,013)
Forward foreign currency exchange contracts (443,672)
Net realized loss $(59,601,652)
Change in unrealized appreciation (depreciation):  
Investments $ 17,491,598
Investments - affiliated investments 975,449
Futures contracts (2,210,407)
Foreign currency (7,716)
Forward foreign currency exchange contracts (335,793)
Net change in unrealized appreciation (depreciation) $ 15,913,131
Net realized and unrealized loss $(43,688,521)
Net decrease in net assets from operations $ (462,505)
20
See Notes to Financial Statements.


Eaton Vance
Total Return Bond Fund