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Eaton Vance Multi-Asset Credit Fund

EATON VANCE MULTI-ASSET CREDIT FUND

Supplement to Prospectus dated March 1, 2019 as revised September 6, 2019

Effective immediately:

1.  The following replaces “Fees and Expenses of the Fund” in “Fund Summary”:

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Investors may also pay commissions or other fees to their financial intermediary when they buy and hold shares of the Fund, which are not reflected below. You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $50,000 in Eaton Vance funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 31 of this Prospectus and page 21 of the Fund’s Statement of Additional Information.

Shareholder Fees (fees paid directly from your investment)	Class A	Class C	Class I	Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.75%	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption)	None	1.00%	None	None

Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)(1)	Class A	Class C	Class I	Class R6
Management Fees(2)	0.55%	0.55%	0.55%	0.55%
Distribution and Service (12b-1) Fees	0.25%	1.00%	None	None
Other Expenses(3)	0.22%	0.22%	0.22%	0.17%
Total Annual Fund Operating Expenses	1.02%	1.77%	0.77%	0.72%
Expense Reimbursement(4)	(0.03)%	(0.03)%	(0.03)%	(0.03)%
Total Annual Fund Operating Expenses After Expense Reimbursement	0.99%	1.74%	0.74%	0.69%

⁽¹⁾ Annual Fund Operating Expenses have been restated to reflect current fees.

⁽²⁾ “Management Fees” reflect a fee reduction agreement to the Fund’s investment advisory and administrative agreement effective December 16, 2019.

⁽³⁾ Estimated for Class R6.

⁽⁴⁾ The investment adviser and administrator and sub-adviser have agreed to reimburse the Fund’s expenses to the extent that Total Annual Fund Operating Expenses exceed 0.99% for Class A shares, 1.74% for Class C shares, 0.74% for Class I shares and 0.69% for Class R6 shares. This expense reimbursement will continue through February 28, 2021. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs (including borrowing costs of any acquired funds), taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser and administrator and sub-adviser during the same fiscal year to the extent actual expenses are less than the contractual expense cap during such year.

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the operating expenses remain the same and that the expense reimbursement arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	Expenses with Redemption				Expenses without Redemption
	1 Year	3 Years	5 Years	10 Years	1 Year	3 Years	5 Years	10 Years
Class A shares	$571	$781	$1,009	$1,661	$571	$781	$1,009	$1,661
Class C shares	$277	$554	$956	$2,081	$177	$554	$956	$2,081
Class I shares	$76	$243	$425	$951	$76	$243	$425	$951
Class R6 shares	$70	$227	$398	$892	$70	$227	$398	$892

2.  The following replaces the fourth paragraph and accompanying table under “Management and Organization”:

Eaton Vance manages the investments of the Fund and provides administrative services and related office facilities. Under its investment advisory and administrative agreement with the Fund, Eaton Vance receives a fee based on the investable assets of the Fund that are not invested in other investment companies for which Eaton Vance or its affiliates serves as investment adviser and receives an advisory fee (“Investable Assets”) as follows:

Investable Assets for the Month	Annual Asset Rate
Up to $1 billion	0.550%
$1 billion but less than $2.5 billion	0.530%
$2.5 billion but less than $5 billion	0.510%
$5 billion and over	0.500%

Prior to December 16, 2019, Eaton Vance received a fee based on Investable Assets as follows:

Investable Assets for the Month	Annual Asset Rate
Up to $500 million	0.615%
$500 million but less than $1 billion	0.590%
$1 billion but less than $2.5 billion	0.575%
$2.5 billion but less than $5 billion	0.560%
$5 billion and over	0.545%

December 16, 2019 34037 12.16.19

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Investors may also pay commissions or other fees to their financial intermediary when they buy and hold shares of the Fund, which are not reflected below. You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $50,000 in Eaton Vance funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 31 of this Prospectus and page 21 of the Fund’s Statement of Additional Information.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees - Eaton Vance Multi-Asset Credit Fund	Class A	Class C	Class I	Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.75%	none	none	none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption)	none	1.00%	none	none

Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)

^[1]

Annual Fund Operating Expenses - Eaton Vance Multi-Asset Credit Fund		Class A	Class C	Class I	Class R6
Management Fees	[1]	0.55%	0.55%	0.55%	0.55%
Distribution and Service (12b-1) Fees		0.25%	1.00%	none	none
Other Expenses	[2]	0.22%	0.22%	0.22%	0.17%
Total Annual Fund Operating Expenses		1.02%	1.77%	0.77%	0.72%
Expense Reimbursement	[3]	(0.03%)	(0.03%)	(0.03%)	(0.03%)
Total Annual Fund Operating Expenses After Expense Reimbursement		0.99%	1.74%	0.74%	0.69%

Example.

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the operating expenses remain the same and that the expense reimbursement arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Eaton Vance Multi-Asset Credit Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	571	781	1,009	1,661
Class C	277	554	956	2,081
Class I	76	243	425	951
Class R6	70	227	398	892

Expense Example, No Redemption - Eaton Vance Multi-Asset Credit Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	571	781	1,009	1,661
Class C	177	554	956	2,081
Class I	76	243	425	951
Class R6	70	227	398	892

[1] "Management Fees" reflect a fee reduction agreement to the Fund's investment advisory and administrative agreement effective December 16, 2019.

[2] Estimated for Class R6.

[3] The investment adviser and administrator and sub-adviser have agreed to reimburse the Fund's expenses to the extent that Total Annual Fund Operating Expenses exceed 0.99% for Class A shares, 1.74% for Class C shares, 0.74% for Class I shares and 0.69% for Class R6 shares. This expense reimbursement will continue through February 28, 2021. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs (including borrowing costs of any acquired funds), taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser and administrator and sub-adviser during the same fiscal year to the extent actual expenses are less than the contractual expense cap during such year.

[1] Annual Fund Operating Expenses have been restated to reflect current fees.