Eaton Vance Municipals Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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: 811-04409

Eaton Vance Municipals Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)

Maureen A. Gemma
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, 2011

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance
National Municipal Income Fund
Semiannual Report
March 31, 2011

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 prospectus or summary prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus or summary prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report March 31, 2011

Eaton Vance
National Municipal Income Fund

Table of Contents

Performance and Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Officers and Trustees	30
Important Notices	31

Eaton Vance
National Municipal Income Fund

March 31, 2011

Portfolio Manager Thomas M. Metzold, CFA

Performance¹

	Class A		Class B		Class C			Class I
Symbol	EANAX		EVHMX		ECHMX			EIHMX
Inception Dates	4/5/94		12/19/85		12/3/93			7/1/99
% Average Annual Total Returns at net asset value (NAV)
Six Months		-11.08		-11.41		-11.41			-10.97
One Year		-5.02		-5.73		-5.73			-4.78
Five Years		-0.40		-1.14		-1.14			-0.15
10 Years		3.60		2.97		2.84			3.86
Since Inception		5.02		5.18		3.55			4.00
% SEC Average Annual Total Returns with maximum sales charge
Six Months		-15.30		-15.72		-12.27			-10.97
One Year		-9.52		-10.21		-6.62			-4.78
Five Years		-1.36		-1.46		-1.14			-0.15
10 Years		3.10		2.97		2.84			3.86
Since Inception		4.72		5.18		3.55			4.00
% Maximum Sales Charge		4.75		5.00		1.00			N.A.
% Total Annual Operating Expense Ratios2	Class A		Class B		Class C			Class I
		0.80		1.55		1.55			0.55
% Distribution Rates/Yields	Class A		Class B		Class C			Class I
Distribution Rate3		6.07		5.31		5.31			6.32
Taxable-Equivalent Distribution Rate3,4		9.34		8.17		8.17			9.72
SEC 30-day Yield5		5.97		5.50		5.50			6.52
Taxable-Equivalent SEC 30-day Yield4,5		9.18		8.46		8.46			10.03
% RIB Leverage6						14.64
Comparative Performance 9/30/10 - 3/31/117					% Return
Barclays Capital Municipal Bond Index						-3.68	*
Barclays Capital Long (22+) Municipal Bond Index						-7.94	*
Lipper General Municipal Debt Funds Classification						-4.78	*

^* Source: Lipper.

Fund Profile

Rating Distribution⁸ (% of total investments)

The rating distribution bar chart includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1 to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution as of 3/31/11 is as follows (in %):⁸

AAA	9.6	BB	0.8
AA	44.5	B	4.0
A	21.6	CC	0.4
BBB	15.5	Not Rated	3.6

See Endnotes and Additional Disclosures on page 3.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value 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 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 www.eatonvance.com.

2

Eaton Vance
National Municipal Income Fund

March 31, 2011

Endnotes and Additional Disclosures

1.	Six-month returns are cumulative. All other returns are presented on an average annual basis. Total Returns are shown at NAV and do not include applicable sales charges. If sales charges were deducted, the returns would be lower. SEC Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Total Returns for Class B reflect the applicable contingent deferred sales charges (CDSC) based on the following schedule: 5% – 1st and 2nd years; 4% – 3rd year; 3% – 4th year; 2% – 5th year; 1% – 6th year. SEC Total Returns for Class C reflect a 1% CDSC for the first year. Class I shares are not subject to a sales charge. Performance reflects the effects of leverage.
2.	Source: Prospectus dated 2/1/11, as revised or supplemented. Expense Ratio includes interest expense relating to the Fund’s liability with respect to Floating Rate Notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions and, as a result, NAV and performance have not been affected by this expense. The Fund’s interest expense ratio was 0.13%.
3.	Distribution Rate is the last regular distribution per share in the period (annualized) divided by the Fund NAV at the end of the period.
4.	Taxable-equivalent figure assumes maximum federal income tax rate. A lower income tax rate would result in lower tax-equivalent figures. The maximum federal income tax rate was 35.00% as of 3/31/11.
5.	Fund SEC 30-day yields are calculated by dividing net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result.
6.	The Fund employs leverage through the use of residual interest bond (RIB) financing. Leverage provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of NAV). See “Floating Rate Notes Issued in Conjunction with Securities Held” in Note 1 to the financial statements for more information on RIB investments. RIB leverage represents the amount of Floating Rate Notes outstanding as of 3/31/11 as a percentage of Fund net assets plus Floating Rate Notes. Floating Rate Notes reflect the effect of RIBs purchased in secondary market transactions.
7.	It is not possible to invest directly in an Index or a Lipper Classification. Total returns shown for an Index do not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in an Index. The Barclays Capital Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. The Barclays Capital Long (22+) Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities of 22 years or more. The Lipper total return is the average total return, at NAV, of funds that are in the Fund’s Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. Index and Lipper returns are available as of month end only.
8.	Rating Distribution is determined by dividing the total market value of Fund issues by its total investments. Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency 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. If securities are rated differently by the rating agencies, the higher rating is applied.

3

Eaton Vance

National Municipal Income Fund

March 31, 2011

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, 2010 – March 31, 2011).

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		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period*		Expense
	(10/1/10)		(3/31/11)		(10/1/10 – 3/31/11)		Ratio
Actual
Class A	$	1,000.00	$	889.20	$	3.91		0.83	%
Class B	$	1,000.00	$	885.90	$	7.43		1.58	%
Class C	$	1,000.00	$	885.90	$	7.43		1.58	%
Class I	$	1,000.00	$	890.30	$	2.69		0.57	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.80	$	4.18		0.83	%
Class B	$	1,000.00	$	1,017.10	$	7.95		1.58	%
Class C	$	1,000.00	$	1,017.10	$	7.95		1.58	%
Class I	$	1,000.00	$	1,022.10	$	2.87		0.57	%

*   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, 2010.

4

Eaton Vance

National Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 114.3%
	Principal Amount
Security	(000’s omitted)		Value
Bond Bank — 0.5%
Rickenbacker Port Authority, OH, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32	$	25,530	$	24,420,722
			$	24,420,722
Cogeneration — 0.8%
Maryland Energy Financing Administration, (AES Warrior Run), (AMT), 7.40%, 9/1/19	$	22,150	$	22,146,013
Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13		1,300		820,248
Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19		21,950		12,051,648
Pennsylvania Economic Development Financing Authority, (Northampton Generating), Junior Liens, (AMT), 6.875%, 1/1/11(1)		1,500		369,000
Pennsylvania Economic Development Financing Authority, (Northampton Generating), Junior Liens, (AMT), 6.95%, 1/1/21(1)		5,000		1,241,600
			$	36,628,509
Education — 3.6%
California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39	$	15,095	$	14,282,285
Colorado Educational and Cultural Facilities Authority, (Kent Denver School), 5.125%, 10/1/39		210		196,871
Houston, TX, Higher Educational Finance Corp., (Rice University), 4.50%, 11/15/37		17,605		16,700,983
Houston, TX, Higher Educational Finance Corp., (Rice University), 4.50%, 5/15/42		21,730		20,298,862
Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.50%, 7/1/36		4,750		5,009,160
Missouri Health and Educational Facilities Authority, (Washington University), 5.375%, 3/15/39(2)		45,615		47,354,300
New York Dormitory Authority, (Vassar College), 4.25%, 7/1/39		13,535		11,682,465
North Carolina Capital Facilities Finance Agency, (Duke University), 5.00%, 10/1/38(2)		15,000		14,966,700
Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36		14,470		14,421,381
Oregon Facilities Authority, (Reed College), 4.75%, 7/1/32		1,570		1,556,404
Oregon Facilities Authority, (Reed College), 5.00%, 7/1/29		1,090		1,133,720
Oregon Facilities Authority, (Reed College), 5.125%, 7/1/41		8,485		8,515,291
University of Minnesota, 5.25%, 12/1/31		6,000		6,419,640
			$	162,538,062
Electric Utilities — 2.6%
Brazos River Authority, TX, Pollution Control Revenue, (Texas Energy Co.), (AMT), 8.25%, 5/1/33	$	19,330	$	5,616,525
Long Island, NY, Electric Power Authority, 5.75%, 4/1/39		12,050		12,376,193
Matagorda County, TX, Navigation District No. 1, (Reliant Energy), (AMT), 5.95%, 5/1/30		5,000		4,611,700
San Antonio, TX, (Electric and Gas Systems), 5.00%, 2/1/34(2)		41,100		41,375,370
Vernon, CA, Electric System Revenue, 5.125%, 8/1/21		50,925		51,240,735
			$	115,220,523
Escrowed / Prerefunded — 0.1%
Bexar County, TX, Health Facilities, (St. Luke’s Lutheran), Escrowed to Maturity, 7.00%, 5/1/21	$	2,400	$	3,146,424
Dawson Ridge, CO, Metropolitan District No. 1, Escrowed to Maturity, 0.00%, 10/1/22		3,000		1,949,610
			$	5,096,034
General Obligations — 10.2%
Aldine, TX, Independent School District, (PSF Guaranteed), 4.00%, 2/15/36	$	9,600	$	9,001,824
Clark County, NV, 5.00%, 6/1/38(2)		94,200		89,498,478
Conroe Independent School District, TX, (PSF Guaranteed), 5.25%, 2/15/33(3)		12,840		13,417,929
Maricopa County, AZ, Community College District, 3.00%, 7/1/23		16,795		14,946,710
Newton, MA, 5.00%, 4/1/36		5,275		5,377,757
Newton, MA, 5.00%, 4/1/39(3)		11,480		11,665,402
Port Authority of Houston, TX, Harris County, (AMT), 5.625%, 10/1/38(4)		10,000		10,158,800
Port Authority of Houston, TX, Harris County, (AMT), 5.625%, 10/1/38(2)		41,620		42,280,926
Salem-Keizer, OR, School District No. 24J, 0.00%, 6/15/24		8,785		4,711,571
Salem-Keizer, OR, School District No. 24J, 0.00%, 6/15/25		12,385		6,201,417
Salem-Keizer, OR, School District No. 24J, 0.00%, 6/15/26		12,055		5,563,985

See Notes to Financial Statements.

5

Eaton Vance

National Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

	Principal Amount
Security	(000’s omitted)		Value
General Obligations (continued)
Salem-Keizer, OR, School District No. 24J, 0.00%, 6/15/27	$	10,790	$	4,600,532
San Francisco, CA, Bay Area Rapid Transit District, (Election of 2004), 4.75%, 8/1/37(2)		36,300		35,002,638
Santa Clara County, CA, (Election of 2008), 5.00%, 8/1/39(2)(4)		57,400		56,498,246
Shoreline School District No. 412, King County, WA, 3.50%, 12/1/27		9,520		8,164,923
Shoreline School District No. 412, King County, WA, 3.50%, 12/1/28		9,975		8,460,795
Shoreline School District No. 412, King County, WA, 3.75%, 12/1/29		5,950		5,196,433
Texas, (Transportation Commission-Mobility Fund), 4.50%, 4/1/33(2)		40,875		39,354,450
Texas, (Transportation Commission-Mobility Fund), 4.50%, 4/1/33(3)		52,960		50,989,888
Washington, 5.00%, 2/1/31		15,720		16,006,261
Washington, 5.00%, 2/1/33		21,255		21,360,212
			$	458,459,177
Health Care – Miscellaneous — 0.1%
Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 5.50%, 12/1/36(5)	$	1,115	$	1,123,894
Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 5.875%, 12/1/36(5)		1,196		1,206,303
			$	2,330,197
Hospital — 16.6%
Alabama Special Care Facilities Financing Authority, (Ascension Health), 5.00%, 11/15/39(2)	$	34,260	$	31,919,014
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32		18,600		18,092,778
California Health Facilities Financing Authority, (Providence Health System), 5.50%, 10/1/39(2)(4)		36,700		36,026,555
California Health Facilities Financing Authority, (Sutter Health), 5.25%, 11/15/46		49,110		42,361,304
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 7/1/29		10,670		9,954,683
California Statewide Communities Development Authority, (John Muir Health), 5.125%, 7/1/39		19,735		17,692,033
California Statewide Communities Development Authority, (Kaiser Permanente), 5.00%, 3/1/41		68,335		56,912,121
California Statewide Communities Development Authority, (Sutter Health), 5.25%, 11/15/48		59,525		51,416,504
Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/25		5,015		4,396,400
Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/35		12,725		9,926,136
Camden County, NJ, Improvement Authority, (Cooper Health System), 5.25%, 2/15/27		14,030		12,321,006
Colorado Health Facilities Authority, (Catholic Health Initiatives), 4.50%, 9/1/38		3,050		2,526,956
Colorado Health Facilities Authority, (Parkview Medical Center), 5.00%, 9/1/37		350		300,181
Fairfax County, VA, Industrial Development Authority, (Inova Health System), 5.50%, 5/15/35		10,850		10,969,567
Fairfax County, VA, Industrial Development Authority, (Inova Health System), 5.50%, 5/15/35(2)		34,020		34,394,900
Highlands County, FL, Health Facilities Authority, (Adventist Health System), 5.25%, 11/15/36		28,195		26,350,765
Illinois Finance Authority, (Provena Healthcare), 7.75%, 8/15/34		53,260		57,039,330
Kansas Development Finance Authority, (Adventist Health System), 5.75%, 11/15/38		1,000		1,030,750
Maryland Health and Higher Educational Facilities Authority, (MedStar Health), 4.75%, 5/15/42		13,990		11,222,638
Massachusetts Development Finance Agency, (Tufts Medical Center), 6.75%, 1/1/36(6)		7,510		7,519,538
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38		480		393,394
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46		18,900		15,609,321
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 5.00%, 7/1/36		20,805		19,968,015
New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37		12,795		12,310,453
Oneida County, NY, Industrial Development Agency, (Elizabeth Medical Center), 6.00%, 12/1/29		4,000		3,519,800
Orange County, FL, Health Facilities Authority, (Orlando Health, Inc.), 5.125%, 10/1/26		2,545		2,428,948
Orange County, FL, Health Facilities Authority, (Orlando Health, Inc.), 5.375%, 10/1/23		4,150		4,242,296
Orange County, FL, Health Facilities Authority, (Orlando Health, Inc.), 5.375%, 10/1/41		41,400		35,888,418
South Miami, FL, Health Facilities Authority, (Baptist Health), 5.00%, 8/15/37(2)		63,000		56,621,250
South Miami, FL, Health Facilities Authority, (Baptist Health), 5.00%, 8/15/42(2)		75,000		66,273,000
Sullivan County, TN, Health, Educational and Facilities Board, (Wellmont Health System), Variable Rate, 5.44%, 9/1/32(7)		23,690		22,505,500
Tarrant County, TX, Cultural Education Facilities Finance Corp., (Scott & White Healthcare), 5.25%, 8/15/40		29,430		26,735,389
Washington Township Health Care District, 6.25%, 7/1/39		16,675		16,241,950

See Notes to Financial Statements.

6

Eaton Vance

National Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

	Principal Amount
Security	(000’s omitted)		Value
Hospital (continued)
West Virginia Hospital Finance Authority, (United Health System), 5.50%, 6/1/34	$	5,730	$	5,611,962
Wisconsin Health and Educational Facilities Authority, (Wheaton Franciscan Healthcare System), 5.125%, 8/15/30		8,475		7,326,468
Wisconsin Health and Educational Facilities Authority, (Wheaton Franciscan Healthcare System), 5.25%, 8/15/31		8,865		7,712,727
			$	745,762,050
Housing — 3.0%
Arkansas Development Finance Authority, MFMR, (Park Apartments), (AMT), 5.95%, 12/1/28	$	6,345	$	3,887,201
Denver, CO, City and County, Multi-Family Housing, (Bank Lofts), (FHA), (AMT), 6.15%, 12/1/16		625		625,963
Lake Creek, CO, (Affordable Housing Corp.), 6.25%, 12/1/23		8,165		8,275,962
New Hampshire Housing Finance Authority, Multi-Family Housing, (AMT), 6.20%, 7/1/36		14,170		11,203,369
New Jersey Housing and Mortgage Finance Agency, Single Family Housing, (AMT), 4.625%, 10/1/27		19,385		18,133,892
Texas Student Housing Corp., (University of Northern Texas), 6.85%, 7/1/31		10,640		7,364,795
Virginia Housing Development Authority, (AMT), 4.90%, 1/1/33		21,255		19,980,550
Virginia Housing Development Authority, (AMT), 5.20%, 10/1/26(2)		23,335		23,398,471
Virginia Housing Development Authority, (AMT), Variable Rate, 23.378%, 10/1/35(5)(8)(9)		6,940		6,438,238
Virginia Housing Development Authority, Series A, (AMT), 5.10%, 10/1/35		18,345		17,309,792
Virginia Housing Development Authority, Series A1, (AMT), 5.10%, 10/1/35(4)		18,750		17,691,937
			$	134,310,170
Industrial Development Revenue — 7.2%
Austin, TX, (CargoPort Development LLC), (AMT), 8.30%, 10/1/21	$	6,075	$	6,093,529
Broward County, FL, (Lynxs CargoPort), (AMT), 6.75%, 6/1/19		1,805		1,580,909
Capital Trust Agency, FL, (Fort Lauderdale Project), (AMT), 5.75%, 1/1/32		2,460		2,019,808
Colorado Housing and Finance Authority, (Waste Management, Inc.), (AMT), 5.70%, 7/1/18		500		530,695
Denver, CO, City and County, (United Airlines), (AMT), 5.25%, 10/1/32		12,360		10,009,128
Denver, CO, City and County, (United Airlines), (AMT), 5.75%, 10/1/32		33,290		28,798,846
Hardeman County, TN, (Correctional Facilities Corp.), 7.75%, 8/1/17		4,570		4,382,493
Hawaii Department of Transportation, (Continental Airlines), (AMT), 7.00%, 6/1/20		10		9,992
Houston, TX, Airport System, (Continental Airlines), (AMT), 6.75%, 7/1/29		40,000		39,040,800
Mississippi Business Finance Corp., (Air Cargo), (AMT), 7.25%, 7/1/34		175		137,701
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29		10,360		9,451,635
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00%, 6/1/33		4,950		5,145,971
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39		53,150		52,122,610
New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.50%, 10/1/37(10)		49,635		49,292,518
New York, NY, Industrial Development Agency, (American Airlines, Inc. – JFK International Airport), (AMT), 7.625%, 8/1/25		36,000		36,238,680
New York, NY, Industrial Development Agency, (American Airlines, Inc. – JFK International Airport), (AMT), 7.75%, 8/1/31		9,400		9,487,138
New York, NY, Industrial Development Agency, (American Airlines, Inc. – JFK International Airport), (AMT), 8.00%, 8/1/28		12,000		12,329,760
New York, NY, Industrial Development Agency, (American Airlines, Inc. – JFK International Airport), (AMT), 8.50%, 8/1/28		12,500		12,771,750
St. John Baptist Parish, LA, (Marathon Oil Corp.), 5.125%, 6/1/37		50,000		46,047,500
			$	325,491,463
Insured – Electric Utilities — 2.4%
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), (FGIC), (AMT), 4.60%, 5/1/26	$	41,725	$	35,205,886
Long Island, NY, Power Authority, (BHAC), 5.50%, 5/1/33		36,660		38,236,380
Matagorda County, TX, Navigation District No. 1, (AEP Texas Central Co.), (NPFG), (AMT), 5.20%, 5/1/30		38,190		35,731,328
			$	109,173,594
Insured – General Obligations — 4.8%
Clark County, NV, (AMBAC), (BHAC), 3.50%, 11/1/27	$	23,060	$	19,446,267
District of Columbia, (FGIC), (NPFG), 4.50%, 6/1/37		68,385		59,680,273
District of Columbia, (FGIC), (NPFG), 4.75%, 6/1/33		66,235		62,045,636

See Notes to Financial Statements.

7

Eaton Vance

National Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

	Principal Amount
Security	(000’s omitted)		Value
Insured – General Obligations (continued)
Frisco, TX, Independent School District, (AGM), (PSF Guaranteed), 3.75%, 8/15/38	$	11,805	$	9,654,955
Geary County, KS, (XLCA), 3.50%, 9/1/31		870		677,887
Geary County, KS, Unified School District No. 475, (NPFG), 3.00%, 9/1/26		4,775		3,743,743
Kendall Kane and Will Counties, IL, Community Unit School District No. 308, (AGM), 0.00%, 2/1/21		13,625		8,115,595
Los Angeles, CA, Unified School District, (Election of 2005), (AGM), 4.75%, 7/1/32(2)		51,625		46,953,970
San Juan, CA, Unified School District, (AGM), 0.00%, 8/1/24		10,430		4,622,055
Texas, (Transportation Commission-Mobility Fund), (FGIC), (NPFG), 4.50%, 4/1/35		2,740		2,629,277
			$	217,569,658
Insured – Hospital — 1.1%
Henrico County, VA, Economic Development Authority, (Bon Secours Health System, Inc.), (AGC), 4.50%, 11/1/42	$	1,615	$	1,331,535
Maryland Health and Higher Educational Facilities Authority, (LifeBridge Health), (AGC), 4.75%, 7/1/47(2)		38,800		31,554,876
Medford, OR, Hospital Facilities Authority, (Asante Health System), (AGM), 5.50%, 8/15/28		12,000		12,448,440
Wisconsin Health and Educational Facilities Authority, (Ministry Health Care), (NPFG), 5.125%, 2/15/22		5,000		4,982,800
			$	50,317,651
Insured – Housing — 0.2%
Rhode Island Housing and Mortgage Finance Corp., (Rental Housing Program), (AGM), (AMT), 5.50%, 10/1/49	$	9,815	$	8,865,104
			$	8,865,104
Insured – Industrial Development Revenue — 0.2%
Indiana Finance Authority, (Indiana-American Water Company, Inc.), (AMBAC), 4.875%, 10/1/36	$	12,770	$	10,378,690
			$	10,378,690
Insured – Lease Revenue / Certificates of Participation — 1.5%
Hudson Yards Infrastructure Corp., NY, (NPFG), 4.50%, 2/15/47	$	85,650	$	63,426,395
Louisiana Local Government Environmental Facilities and Community Development Authority, (BRCC Facilities Corp.), (NPFG), 5.00%, 12/1/32		1,075		1,015,144
Phoenix, AZ, Civic Improvement Corp., (Civic Plaza Expansion Project), (BHAC), (FGIC), 5.50%, (0.00% until 7/1/13), 7/1/32		1,000		902,240
			$	65,343,779
Insured – Other Revenue — 5.5%
Golden State Tobacco Securitization Corp., CA, (AGC), 5.00%, 6/1/45	$	65,325	$	54,485,623
Golden State Tobacco Securitization Corp., CA, (AGM), 0.00%, 6/1/25		46,605		19,344,803
Golden State Tobacco Securitization Corp., CA, (AGM), 0.00%, 6/1/26		50,700		19,524,063
Harris County-Houston, TX, Sports Authority, (NPFG), 0.00%, 11/15/34		68,155		9,626,212
Harris County-Houston, TX, Sports Authority, (NPFG), 0.00%, 11/15/41		25,000		2,004,500
Louisiana Local Government Environmental Facilities and Community Development Authority, (Capital Projects and Equipment Acquisition), (AMBAC), (BHAC), 4.50%, 12/1/18		1,000		1,073,860
New York, NY, Industrial Development Agency, (Queens Baseball Stadium), (AGC), 6.375%, 1/1/39		11,725		12,040,402
New York, NY, Industrial Development Agency, (Queens Baseball Stadium), (AGC), 6.50%, 1/1/46		6,085		6,283,980
New York, NY, Industrial Development Agency, (Yankee Stadium), (AGC), 7.00%, 3/1/49		50,000		53,726,500
New York, NY, Industrial Development Agency, (Yankee Stadium), (NPFG), 4.75%, 3/1/46		51,900		41,101,167
New York, NY, Transitional Finance Authority, (FGIC), (NPFG), 4.25%, 1/15/34		31,670		27,674,196
			$	246,885,306
Insured – Special Tax Revenue — 8.1%
Castlewood Ranch, CO, Metropolitan District, (XLCA), 4.25%, 12/1/34	$	1,000	$	696,550
Denver, CO, City and County, Excise Tax Revenue, (AGC), 6.00%, 9/1/23		500		560,110
Denver, CO, Convention Center Hotel Authority, (Convention Center Hotel), (XLCA), 4.75%, 12/1/35		500		371,025
Illinois Sports Facility Authority, (AMBAC), 0.00%, 6/15/23		13,305		6,553,378
Illinois Sports Facility Authority, (AMBAC), 0.00%, 6/15/24		31,010		14,252,816
Illinois Sports Facility Authority, (AMBAC), 0.00%, 6/15/25		9,500		4,046,430

See Notes to Financial Statements.

8

Eaton Vance

National Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

	Principal Amount
Security	(000’s omitted)		Value
Insured – Special Tax Revenue (continued)
Louisiana Gas and Fuels Tax, (FGIC), (NPFG), 4.50%, 5/1/41	$	17,735	$	15,648,477
Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/29		11,000		11,502,370
Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/30		3,080		3,202,707
McKay Landing Metropolitan District No. 2, CO, (AMBAC), 4.25%, 12/1/36		665		448,669
Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), (NPFG), 0.00%, 12/15/24		14,715		6,766,987
Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), (NPFG), 0.00%, 12/15/32		106,655		26,607,223
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 0.00%, 10/1/35		84,310		16,814,786
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 0.00%, 10/1/44		218,400		23,172,240
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 0.00%, 10/1/45		156,345		15,359,333
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 0.00%, 10/1/48		70,970		5,509,401
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 0.00%, 4/1/49		189,025		14,129,619
New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45		28,350		23,906,421
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		1,734,580		86,156,589
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44		159,245		16,704,800
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		315,735		30,676,813
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46		250,200		22,505,490
Regional Transportation Authority, LA, (FGIC), (NPFG), 0.00%, 12/1/21		6,800		3,809,292
San Jose, CA, Redevelopment Agency, (Merged Area Redevelopment Project), (XLCA), 4.25%, 8/1/36		20,760		13,408,884
			$	362,810,410
Insured – Student Loan — 2.3%
Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30	$	54,960	$	56,054,254
Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/27		4,815		4,312,410
Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33		49,865		42,230,668
			$	102,597,332
Insured – Transportation — 9.1%
Alabama Port Authority, (NPFG), (AMT), 4.50%, 10/1/36	$	36,890	$	27,891,053
Chicago, IL, (O’Hare International Airport), (AGM), 4.50%, 1/1/38		35,365		29,657,443
Dallas-Fort Worth, TX, International Airport, (AGM), (AMBAC), 5.00%, 11/1/32		15,125		14,429,099
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37		13,335		1,617,135
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/38		22,385		2,502,195
Miami-Dade County, FL, (Miami International Airport), (AGC), (CIFG), (AMT), 5.00%, 10/1/38		8,255		7,085,762
Miami-Dade County, FL, (Miami International Airport), (AGM), (AMT), 5.25%, 10/1/41		52,480		46,369,754
North Texas Tollway Authority, (AGC), 0.00%, 1/1/33		104,265		26,267,482
North Texas Tollway Authority, (AGC), 6.20%, (0.00% until 1/1/15), 1/1/42		58,690		44,625,528
North Texas Tollway Authority, (BHAC), 5.75%, 1/1/48		27,420		27,462,775
Port Authority of New York and New Jersey, (AGC), (AMT), 4.50%, 9/1/35		15,310		13,480,761
Port Authority of New York and New Jersey, (AGM), (AMT), 4.25%, 12/1/32		16,400		14,167,468
Port Authority of New York and New Jersey, (AGM), (AMT), 4.50%, 12/1/36		10,115		8,826,248
San Jose, CA, Airport, (AGM), (AMBAC), (BHAC), (AMT), 5.00%, 3/1/37		38,705		33,991,118
San Jose, CA, Airport, (AGM), (AMBAC), (BHAC), (AMT), 5.00%, 3/1/47		21,420		21,494,756
Tampa-Hillsborough County, FL, Expressway Authority, (AGM), (AMBAC), 4.00%, 7/1/34		10,105		8,272,458
Texas Turnpike Authority, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/22		46,300		23,318,995
Texas Turnpike Authority, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/32		31,045		6,692,681
Texas Turnpike Authority, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/34		119,480		21,863,645
Texas Turnpike Authority, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/35		30,935		5,214,713
Texas Turnpike Authority, (Central Texas Turnpike System), (AMBAC), 5.75%, 8/15/38		25,015		23,491,837
			$	408,722,906
Insured – Water and Sewer — 0.4%
Fernley, NV, (Water and Sewer System), (AGC), 5.00%, 2/1/38	$	1,260	$	1,147,457
Louisville and Jefferson County, KY, Metropolitan Sewer District and Drainage System, (AGC), 4.25%, 5/15/38		5,570		4,729,766

See Notes to Financial Statements.

9

Eaton Vance

National Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

	Principal Amount
Security	(000’s omitted)		Value
Insured – Water and Sewer (continued)
Spartanburg, SC, Sanitation Sewer District, (NPFG), 4.00%, 3/1/40	$	16,570	$	13,296,596
			$	19,173,819
Lease Revenue / Certificates of Participation — 2.5%
Mohave County, AZ, Industrial Development Authority, (Mohave Prison LLC), 8.00%, 5/1/25	$	38,660	$	42,245,715
New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 9/1/26		19,440		19,398,398
New Jersey Economic Development Authority, (School Facilities Construction), 5.75%, 9/1/23		10,000		10,545,900
North Carolina, Capital Improvement Limited Obligation Bonds, 5.25%, 5/1/31		36,925		38,424,894
			$	110,614,907
Nursing Home — 1.0%
Hillsborough County, FL, Industrial Development Authority, (Tampa Bay Retirement Center), 8.00%, 6/1/25	$	8,500	$	7,347,315
Massachusetts Industrial Finance Agency, (Age Institute of Massachusetts), 8.05%, 11/1/25		11,565		11,568,585
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25		10,595		8,468,160
Montgomery County, PA, Industrial Development Authority, (Advancement of Geriatric Health Care Institute), 8.375%, 7/1/23		9,295		9,298,253
Orange County, FL, Health Facilities Authority, (Westminster Community Care), 6.60%, 4/1/24		3,500		3,290,385
Orange County, FL, Health Facilities Authority, (Westminster Community Care), 6.75%, 4/1/34		3,500		3,135,545
Westmoreland County, PA, Industrial Development Authority, (Highland Health Systems, Inc.), 9.25%, 6/1/22		1,835		1,609,607
			$	44,717,850
Other Revenue — 8.4%
Brooklyn, NY, Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/32	$	12,480	$	3,055,728
Brooklyn, NY, Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/33		21,365		4,792,170
Brooklyn, NY, Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/34		12,345		2,560,476
Brooklyn, NY, Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/35		5,470		1,035,799
Brooklyn, NY, Arena Local Development Corp., (Barclays Center), 6.00%, 7/15/30		12,735		12,324,169
Brooklyn, NY, Arena Local Development Corp., (Barclays Center), 6.25%, 7/15/40		14,295		13,882,446
Brooklyn, NY, Arena Local Development Corp., (Barclays Center), 6.375%, 7/15/43		7,785		7,684,340
Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50		13,795		422,817
Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55		5,210		77,785
Golden State Tobacco Securitization Corp., CA, 5.00%, 6/1/45		61,695		49,690,387
Golden State Tobacco Securitization Corp., CA, 5.75%, 6/1/47		33,100		22,107,490
Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48		40,855		27,809,181
Michigan Tobacco Settlement Finance Authority, 6.875%, 6/1/42		27,650		24,207,851
New York, NY, Transitional Finance Authority, (Building Aid), 4.50%, 1/15/38		25,535		22,544,852
Non-Profit Preferred Funding Trust, Various States, 4.47%, 9/15/37(5)		12,000		9,305,040
Non-Profit Preferred Funding Trust, Various States, 4.72%, 9/15/37(5)		19,000		14,081,470
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37		20,625		16,907,138
Seminole Tribe, FL, 5.25%, 10/1/27(5)		1,000		829,910
Seminole Tribe, FL, 5.75%, 10/1/22(5)		2,100		1,934,352
Texas Municipal Gas Acquisition and Supply Corp., 5.625%, 12/15/17		54,075		57,113,474
Texas Municipal Gas Acquisition and Supply Corp., 6.25%, 12/15/26		55,270		56,049,307
Tobacco Settlement Financing Corp., NJ, 5.00%, 6/1/41		32,000		19,384,640
Tobacco Settlement Financing Corp., VA, 5.00%, 6/1/47		13,070		7,586,743
Tobacco Settlement Revenue Management Authority, SC, Escrowed to Maturity, 6.375%, 5/15/30		1,825		2,215,824
			$	377,603,389
Senior Living / Life Care — 0.8%
Colorado Health Facilities Authority, (Covenant Retirement Communities, Inc.), 5.00%, 12/1/35	$	400	$	318,444
Colorado Health Facilities Authority, (Evangelical Lutheran Project), 5.25%, 6/1/36		750		666,705
Logan County, CO, Industrial Development, (TLC Care Choices, Inc.), 6.875%, 12/1/23(11)		425		303,191
New Jersey Economic Development Authority, (Forsgate), (AMT), 8.625%, 6/1/25(11)		9,345		5,940,990
North Miami, FL, Health Care Facilities Authority, (Imperial Club), 6.125%, 1/1/42(11)		16,435		9,118,138
Plantation Health Facilities Authority, FL, (Covenant Village of Florida), 5.125%, 12/1/22		1,750		1,665,247

See Notes to Financial Statements.

10

Eaton Vance

National Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

	Principal Amount
Security	(000’s omitted)		Value
Senior Living / Life Care (continued)
Roseville, MN, Elder Care Facility, (Care Institute, Inc. – Roseville), 7.75%, 11/1/23(12)	$	7,915	$	6,205,123
St. Paul, MN, Housing and Redevelopment Authority, (Care Institute, Inc. – Highland), 8.75%, 11/1/24(12)		12,140		10,272,140
			$	34,489,978
Special Tax Revenue — 2.4%
Covington Park, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/21	$	200	$	200,138
Dupree Lakes, FL, Community Development District, 5.00%, 5/1/12		150		141,440
Dupree Lakes, FL, Community Development District, 5.375%, 5/1/37		955		720,500
Dupree Lakes, FL, Community Development District, 6.83%, 11/1/15		480		459,552
Heritage Harbor South, FL, Community Development District, (Capital Improvements), 6.20%, 5/1/35		630		569,659
Heritage Harbor South, FL, Community Development District, (Capital Improvements), 6.50%, 5/1/34		455		410,428
Heritage Springs, FL, Community Development District, 5.25%, 5/1/26		1,125		946,091
Massachusetts Bay Transportation Authority, 5.25%, 7/1/34		29,055		29,854,303
New River, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/13(1)		230		0
New River, FL, Community Development District, (Capital Improvements), 5.35%, 5/1/38(1)		80		0
New River, FL, Community Development District, (Capital Improvements), Series 2010A-1, 5.75%, (0.00% to 11/1/12), 5/1/38		170		96,081
New River, FL, Community Development District, (Capital Improvements), Series 2010A-2, 5.75%, (0.00% to 11/1/14), 5/1/38		430		151,910
New River, FL, Community Development District, (Capital Improvements), Series 2010B-1, 5.00%, (0.00% to 11/1/12), 5/1/15		260		209,072
New River, FL, Community Development District, (Capital Improvements), Series 2010B-2, 5.00%, (0.00% to 11/1/13), 5/1/18		335		131,179
New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.25%, 2/1/30		41,570		43,467,670
North Springs, FL, Improvement District, (Heron Bay), 5.20%, 5/1/27		1,060		780,118
Puerto Rico Sales Tax Financing Corp., 0.00%, 8/1/56		476,395		20,637,431
River Hall, FL, Community Development District, (Capital Improvements), 5.45%, 5/1/36		2,210		1,109,044
Southern Hills Plantation I, FL, Community Development District, 5.80%, 5/1/35		940		452,469
Sterling Hill, FL, Community Development District, 6.20%, 5/1/35		1,670		1,413,271
University Square, FL, Community Development District, 6.75%, 5/1/20		5,130		5,034,326
			$	106,784,682
Student Loan — 0.6%
Iowa Student Loan Liquidity Corp., 5.25%, 12/1/22	$	14,800	$	14,900,344
Iowa Student Loan Liquidity Corp., 5.50%, 12/1/27		14,470		13,808,287
			$	28,708,631
Transportation — 15.1%
Illinois Toll Highway Authority, 5.25%, 1/1/29(2)(4)	$	18,160	$	18,075,556
Illinois Toll Highway Authority, 5.25%, 1/1/30(2)(4)		18,180		18,028,561
Los Angeles, CA, Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(2)(4)		16,200		15,268,500
Metropolitan Transportation Authority, NY, 6.25%, 11/15/23		19,475		21,796,225
Miami-Dade County, FL, (Miami International Airport), 5.00%, 10/1/41		28,455		24,978,084
Miami-Dade County, FL, (Miami International Airport), 5.50%, 10/1/36		54,610		52,407,579
New Jersey Transportation Trust Fund Authority, (Transportation System), 0.00%, 12/15/35		173,060		33,009,465
New Jersey Transportation Trust Fund Authority, (Transportation System), 0.00%, 12/15/36		91,425		16,186,796
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38		55,250		57,021,868
New Jersey Transportation Trust Fund Authority, (Transportation System), 2008 Series A, 0.00%, 12/15/38		168,580		25,875,344
New Jersey Transportation Trust Fund Authority, (Transportation System), 2009 Series A, 0.00%, 12/15/38		108,655		16,632,907
North Texas Tollway Authority, 5.75%, 1/1/38		66,265		61,654,281
Orlando-Orange County, FL, Expressway Authority, 5.00%, 7/1/35		15,000		13,850,100
Orlando-Orange County, FL, Expressway Authority, 5.00%, 7/1/40		19,740		17,834,300
Pennsylvania Turnpike Commission, 5.25%, 6/1/39		8,305		7,827,629
Pennsylvania Turnpike Commission, 5.35%, (0.00% until 12/1/15), 12/1/30		13,010		9,311,387
Pennsylvania Turnpike Commission, 5.45%, (0.00% until 12/1/15), 12/1/35		12,125		8,036,086
Pennsylvania Turnpike Commission, 5.50%, 12/1/41		4,980		4,857,143
Pennsylvania Turnpike Commission, 6.00%, (0.00% until 12/1/15), 12/1/34		25,000		19,081,250

See Notes to Financial Statements.

11

Eaton Vance

National Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

	Principal Amount
Security	(000’s omitted)		Value
Transportation (continued)
Port Authority of New York and New Jersey, 5.25%, 7/15/36	$	23,465	$	23,614,941
Port Authority of New York and New Jersey, (AMT), 4.75%, 4/15/37(2)		80,490		73,376,294
Port Authority of New York and New Jersey, (AMT), 4.75%, 4/15/37		20,770		18,934,348
Port Authority of New York and New Jersey, (AMT), 5.25%, 9/15/23(2)		28,890		29,305,727
Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34		29,200		30,015,264
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39		24,110		24,698,043
Triborough Bridge and Tunnel Authority, NY, 5.25%, 11/15/34(2)		38,980		39,404,492
Walker Field Public Airport Authority, CO, 4.75%, 12/1/27		360		317,822
			$	681,399,992
Water and Sewer — 3.2%
Johnson County, KS, Water District No. 1, 3.25%, 12/1/30	$	750	$	608,452
King County, WA, Sewer Revenue, 5.00%, 1/1/45(2)		30,000		28,477,200
Massachusetts Water Resources Authority, 4.00%, 8/1/46		27,455		21,919,523
Metropolitan Water District of Southern California, (Waterworks Revenue Authorization), 5.00%, 7/1/37(2)		34,800		34,570,668
New York, NY, Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40(2)		42,030		44,421,507
Oklahoma Water Resources Board, 5.25%, 4/1/36(6)		14,165		14,649,443
			$	144,646,793
Total Tax-Exempt Investments — 114.3%
(identified cost $5,652,557,090)			$	5,141,061,378
Other Assets, Less Liabilities — (14.3)%			$	(644,121,385	)
Net Assets — 100.0%			$	4,496,939,993

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

AGC	- Assured Guaranty Corp.
AGM	- Assured Guaranty Municipal Corp.
AMBAC	- AMBAC Financial Group, Inc.
AMT	- Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BHAC	- Berkshire Hathaway Assurance Corp.
CIFG	- CIFG Assurance North America, Inc.
FGIC	- Financial Guaranty Insurance Company
FHA	- Federal Housing Administration
MFMR	- Multi-Family Mortgage Revenue
NPFG	- National Public Finance Guaranty Corp.
PSF	- Permanent School Fund
XLCA	- XL Capital Assurance, Inc.

At March 31, 2011, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

New York	18.8%
Texas	18.3%
California	16.5%
Florida	10.7%
Others, representing less than 10% individually	50.0%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2011, 31.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.1% to 9.7% of total investments.

(1)	Defaulted bond.
(2)	Security represents the underlying municipal bond of an inverse floater (see Note 1I).
(3)	Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
(4)	Security (or a portion thereof) has been pledged as collateral for inverse floating-rate security transactions. The aggregate value of such collateral is $40,699,302.
(5)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At March 31, 2011, the aggregate value of these securities is $34,919,207 or 0.8% of the Fund’s net assets.
(6)	When-issued security.
(7)	Variable rate security. The stated interest rate represents the rate in effect at March 31, 2011.
(8)	Security is subject to a shortfall agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the inverse floater. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $27,760,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater.
(9)	Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2011.
(10)	Security (or a portion thereof) has been segregated to cover payable for when-issued securities.
(11)	Security is in default and making only partial interest payments.
(12)	Security is in default with respect to scheduled principal payments.

See Notes to Financial Statements.

12

Eaton Vance

National Municipal Income Fund

March 31, 2011

Statement of Assets and Liabilities (Unaudited)

Assets	March 31, 2011
Investments, at value (identified cost, $5,652,557,090)	$	5,141,061,378
Cash		18,000,561
Interest receivable		75,134,417
Receivable for investments sold		25,169,665
Receivable for Fund shares sold		46,425,463
Receivable for variation margin on open financial futures contracts		468,751
Total assets	$	5,306,260,235
Liabilities
Payable for floating rate notes issued	$	743,398,000
Payable for investments purchased		10,344,742
Payable for when-issued securities		22,023,380
Payable for Fund shares redeemed		19,990,747
Distributions payable		8,088,396
Payable to affiliates:
Investment adviser fee		1,393,418
Distribution and service fees		1,510,006
Interest expense and fees payable		1,826,949
Accrued expenses		744,604
Total liabilities	$	809,320,242
Net Assets	$	4,496,939,993
Sources of Net Assets
Paid-in capital	$	6,010,743,631
Accumulated net realized loss		(1,010,061,675	)
Accumulated undistributed net investment income		14,065,681
Net unrealized depreciation		(517,807,644	)
Net Assets	$	4,496,939,993
Class A Shares
Net Assets	$	2,819,877,216
Shares Outstanding		326,020,912
Net Asset Value and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	8.65
Maximum Offering Price Per Share
(100 ¸ 95.25 of net asset value per share)	$	9.08
Class B Shares
Net Assets	$	123,313,336
Shares Outstanding		14,256,830
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	8.65
Class C Shares
Net Assets	$	916,812,508
Shares Outstanding		105,997,377
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	8.65
Class I Shares
Net Assets	$	636,936,933
Shares Outstanding		73,623,898
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	8.65

On sales of $25,000 or more, the offering price of Class A shares is reduced.

* Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

See Notes to Financial Statements.

13

Eaton Vance

National Municipal Income Fund

March 31, 2011

Statement of Operations (Unaudited)

	Six Months Ended
Investment Income	March 31, 2011
Interest	$	171,880,133
Total investment income	$	171,880,133
Expenses
Investment adviser fee	$	8,932,315
Distribution and service fees
Class A		4,122,995
Class B		707,817
Class C		5,374,271
Trustees’ fees and expenses		25,250
Custodian fee		457,861
Transfer and dividend disbursing agent fees		1,008,098
Legal and accounting services		120,960
Printing and postage		110,964
Registration fees		74,567
Interest expense and fees		3,621,428
Miscellaneous		73,763
Total expenses	$	24,630,289
Deduct —
Reduction of custodian fee	$	12,130
Total expense reductions	$	12,130
Net expenses	$	24,618,159
Net investment income	$	147,261,974
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions		(123,086,423	)
Financial futures contracts		4,493,762
Net realized loss		(118,592,661	)
Change in unrealized appreciation (depreciation) —
Investments		(666,569,639	)
Financial futures contracts		(6,972,475	)
Net change in unrealized appreciation (depreciation)		(673,542,114	)
Net realized and unrealized loss	$	(792,134,775	)
Net decrease in net assets from operations	$	(644,872,801	)

See Notes to Financial Statements.

14

Eaton Vance

National Municipal Income Fund

March 31, 2011

Statements of Changes in Net Assets

	Six Months Ended
	March 31, 2011			Year Ended
Increase (Decrease) in Net Assets	(Unaudited)			September 30, 2010
From operations —
Net investment income	$	147,261,974		$	314,810,409
Net realized loss from investment transactions and financial futures contracts		(118,592,661	)		(60,093,272	)
Net change in unrealized appreciation (depreciation) from investments and financial futures contracts		(673,542,114	)		17,956,949
Net increase (decrease) in net assets from operations	$	(644,872,801	)	$	272,674,086
Distributions to shareholders —
From net investment income
Class A	$	(97,015,180	)	$	(223,700,388	)
Class B		(3,639,608	)		(7,762,276	)
Class C		(27,572,442	)		(59,989,046	)
Class I		(15,365,397	)		(22,838,010	)
Total distributions to shareholders	$	(143,592,627	)	$	(314,289,720	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	178,814,199		$	426,903,819
Class B		3,188,286			12,143,150
Class C		57,095,004			173,361,315
Class I		374,793,455			459,897,527
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		62,003,875			141,582,334
Class B		2,110,780			4,485,376
Class C		15,464,960			34,536,215
Class I		9,128,488			11,535,939
Cost of shares redeemed
Class A		(1,010,210,681	)		(1,375,788,303	)
Class B		(23,342,524	)		(24,408,108	)
Class C		(286,160,455	)		(287,203,298	)
Class I		(198,386,786	)		(176,143,473	)
Issued in connection with tax-free reorganization (see Note 12)
Class A		136,400,615			—
Class B		9,054,285			—
Class C		19,798,202			—
Net asset value of shares exchanged
Class A		6,424,065			9,783,348
Class B		(6,424,065	)		(9,783,348	)
Net decrease in net assets from Fund share transactions	$	(650,248,297	)	$	(599,097,507	)
Net decrease in net assets	$	(1,438,713,725	)	$	(640,713,141	)
Net Assets
At beginning of period	$	5,935,653,718		$	6,576,366,859
At end of period	$	4,496,939,993		$	5,935,653,718
Accumulated undistributed net investment income included in net assets
At end of period	$	14,065,681		$	10,396,334

See Notes to Financial Statements.

15

Eaton Vance

National Municipal Income Fund

March 31, 2011

Statement of Cash Flows (Unaudited)

	Six Months Ended
	March 31, 2011
Cash Flows From Operating Activities	(Unaudited)
Net decrease in net assets from operations	$	(644,872,801	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Investments purchased		(487,089,117	)
Investments sold		1,509,850,256
Net amortization/accretion of premium (discount)		(29,388,710	)
Decrease in interest receivable		17,402,779
Increase in receivable for investments sold		(8,544,596	)
Increase in receivable for variation margin on open financial futures contracts		(468,751	)
Decrease in payable for variation margin on open financial futures contracts		(62,500	)
Increase in payable for investments purchased		10,344,742
Decrease in payable for when-issued securities		(4,518,698	)
Decrease in payable to affiliate for investment adviser fee		(252,972	)
Decrease in payable to affiliate for distribution and service fees		(503,977	)
Decrease in interest expense and fees payable		(530,014	)
Decrease in accrued expenses		(466,495	)
Net change in unrealized (appreciation) depreciation from investments		666,569,639
Net realized loss on investments		123,086,423
Net cash provided by operating activities	$	1,150,555,208
Cash Flows From Financing Activities
Proceeds from Fund shares sold	$	576,295,630
Fund shares redeemed		(1,516,018,817	)
Cash distributions paid, net of reinvestments		(56,775,015	)
Repayments of secured borrowings		(175,440,000	)
Cash acquired in connection with tax free reorganization (see Note 12)		3,741,683
Net cash used in financing activities	$	(1,168,196,519	)
Net decrease in cash	$	(17,641,311	)
Cash at beginning of period	$	35,641,872
Cash at end of period	$	18,000,561
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of:
Reinvestment of dividends and distributions	$	88,708,103
Issuance of Fund shares in connection with tax-free reorganization (see Note 12)	$	165,253,102
Noncash operating activities not included herein consist of:
Acquisition of net assets in connection with tax-free reorganization (see Note 12), less cash acquired	$	161,511,419
Cash paid for interest and fees	$	4,151,442

See Notes to Financial Statements.

16

Eaton Vance

National Municipal Income Fund

March 31, 2011

Financial Highlights

	Class A
	Six Months Ended			Year Ended September 30,
	March 31, 2011
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value — Beginning of period	$	10.020		$	10.040		$	9.060		$	11.490		$	11.780		$	11.270
Income (Loss) From Operations
Net investment income(1)	$	0.275		$	0.527		$	0.527		$	0.533		$	0.521		$	0.565
Net realized and unrealized gain (loss)		(1.377	)		(0.022	)		0.984			(2.431	)		(0.290	)		0.478
Total income (loss) from operations	$	(1.102	)	$	0.505		$	1.511		$	(1.898	)	$	0.231		$	1.043
Less Distributions
From net investment income	$	(0.268	)	$	(0.525	)	$	(0.531	)	$	(0.532	)	$	(0.521	)	$	(0.533	)
Total distributions	$	(0.268	)	$	(0.525	)	$	(0.531	)	$	(0.532	)	$	(0.521	)	$	(0.533	)
Net asset value — End of period	$	8.650		$	10.020		$	10.040		$	9.060		$	11.490		$	11.780
Total Return(2)		(11.08	)%(3)		5.36	%		17.97	%		(17.03	)%		1.95	%		9.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,819,877		$	3,971,060		$	4,811,295		$	3,987,956		$	4,647,177		$	3,259,363
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.69	%(4)		0.67	%		0.70	%		0.64	%		0.64	%(5)		0.72	%
Interest and fee expense(6)		0.14	%(4)		0.13	%		0.23	%		0.46	%		0.62	%		0.61	%
Total expenses before custodian fee reduction		0.83	%(4)		0.80	%		0.93	%		1.10	%		1.26	%(5)		1.33	%
Expenses after custodian fee reduction excluding interest and fees		0.69	%(4)		0.67	%		0.70	%		0.63	%		0.63	%(5)		0.71	%
Net investment income		6.04	%(4)		5.45	%		6.22	%		5.00	%		4.44	%		4.93	%
Portfolio Turnover		8	%(3)		20	%		46	%		64	%		65	%		58	%

(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)	Not annualized.
(4)	Annualized.
(5)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.005% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

See Notes to Financial Statements.

17

Eaton Vance

National Municipal Income Fund

March 31, 2011

Financial Highlights — continued

	Class B
	Six Months Ended			Year Ended September 30,
	March 31, 2011
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value — Beginning of period	$	10.020		$	10.050		$	9.060		$	11.490		$	11.780		$	11.270
Income (Loss) From Operations
Net investment income(1)	$	0.241		$	0.455		$	0.464		$	0.454		$	0.434		$	0.478
Net realized and unrealized gain (loss)		(1.377	)		(0.029	)		0.992			(2.435	)		(0.290	)		0.480
Total income (loss) from operations	$	(1.136	)	$	0.426		$	1.456		$	(1.981	)	$	0.144		$	0.958
Less Distributions
From net investment income	$	(0.234	)	$	(0.456	)	$	(0.466	)	$	(0.449	)	$	(0.434	)	$	(0.448	)
Total distributions	$	(0.234	)	$	(0.456	)	$	(0.466	)	$	(0.449	)	$	(0.434	)	$	(0.448	)
Net asset value — End of period	$	8.650		$	10.020		$	10.050		$	9.060		$	11.490		$	11.780
Total Return(2)		(11.41	)%(3)		4.51	%		17.18	%		(17.69	)%		1.20	%		8.69	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	123,313		$	160,946		$	179,657		$	138,052		$	173,176		$	140,593
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.44	%(4)		1.42	%		1.45	%		1.39	%		1.39	%(5)		1.47	%
Interest and fee expense(6)		0.14	%(4)		0.13	%		0.23	%		0.46	%		0.62	%		0.61	%
Total expenses before custodian fee reduction		1.58	%(4)		1.55	%		1.68	%		1.85	%		2.01	%(5)		2.08	%
Expenses after custodian fee reduction excluding interest and fees		1.44	%(4)		1.42	%		1.45	%		1.38	%		1.38	%(5)		1.46	%
Net investment income		5.30	%(4)		4.70	%		5.48	%		4.25	%		3.69	%		4.17	%
Portfolio Turnover		8	%(3)		20	%		46	%		64	%		65	%		58	%

(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)	Not annualized.
(4)	Annualized.
(5)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.005% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

See Notes to Financial Statements.

18

Eaton Vance

National Municipal Income Fund

March 31, 2011

Financial Highlights — continued

	Class C
	Six Months Ended			Year Ended September 30,
	March 31, 2011
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value — Beginning of period	$	10.020		$	10.050		$	9.060		$	11.490		$	11.780		$	11.270
Income (Loss) From Operations
Net investment income(1)	$	0.241		$	0.455		$	0.464		$	0.453		$	0.431		$	0.480
Net realized and unrealized gain (loss)		(1.377	)		(0.029	)		0.992			(2.434	)		(0.287	)		0.478
Total income (loss) from operations	$	(1.136	)	$	0.426		$	1.456		$	(1.981	)	$	0.144		$	0.958
Less Distributions
From net investment income	$	(0.234	)	$	(0.456	)	$	(0.466	)	$	(0.449	)	$	(0.434	)	$	(0.448	)
Total distributions	$	(0.234	)	$	(0.456	)	$	(0.466	)	$	(0.449	)	$	(0.434	)	$	(0.448	)
Net asset value — End of period	$	8.650		$	10.020		$	10.050		$	9.060		$	11.490		$	11.780
Total Return(2)		(11.41	)%(3)		4.51	%		17.18	%		(17.69	)%		1.20	%		8.69	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	916,813		$	1,281,278		$	1,367,785		$	1,143,256		$	1,334,054		$	783,143
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.44	%(4)		1.42	%		1.45	%		1.39	%		1.39	%(5)		1.47	%
Interest and fee expense(6)		0.14	%(4)		0.13	%		0.23	%		0.46	%		0.62	%		0.61	%
Total expenses before custodian fee reduction		1.58	%(4)		1.55	%		1.68	%		1.85	%		2.01	%(5)		2.08	%
Expenses after custodian fee reduction excluding interest and fees		1.44	%(4)		1.42	%		1.45	%		1.38	%		1.38	%(5)		1.46	%
Net investment income		5.29	%(4)		4.70	%		5.46	%		4.25	%		3.68	%		4.18	%
Portfolio Turnover		8	%(3)		20	%		46	%		64	%		65	%		58	%

(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)	Not annualized.
(4)	Annualized.
(5)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.005% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

See Notes to Financial Statements.

19

Eaton Vance

National Municipal Income Fund

March 31, 2011

Financial Highlights — continued

	Class I
	Six Months Ended			Year Ended September 30,
	March 31, 2011
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value — Beginning of period	$	10.020		$	10.040		$	9.060		$	11.490		$	11.780		$	11.270
Income (Loss) From Operations
Net investment income(1)	$	0.283		$	0.552		$	0.550		$	0.559		$	0.549		$	0.601
Net realized and unrealized gain (loss)		(1.374	)		(0.024	)		0.983			(2.429	)		(0.289	)		0.471
Total income (loss) from operations	$	(1.091	)	$	0.528		$	1.533		$	(1.870	)	$	0.260		$	1.072
Less Distributions
From net investment income	$	(0.279	)	$	(0.548	)	$	(0.553	)	$	(0.560	)	$	(0.550	)	$	(0.562	)
Total distributions	$	(0.279	)	$	(0.548	)	$	(0.553	)	$	(0.560	)	$	(0.550	)	$	(0.562	)
Net asset value — End of period	$	8.650		$	10.020		$	10.040		$	9.060		$	11.490		$	11.780
Total Return(2)		(10.97	)%(3)		5.61	%		18.28	%		(16.81	)%		2.20	%		9.77	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	636,937		$	522,370		$	217,630		$	144,692		$	139,301		$	82,723
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.43	%(4)		0.42	%		0.44	%		0.40	%		0.39	%(5)		0.47	%
Interest and fee expense(6)		0.14	%(4)		0.13	%		0.23	%		0.46	%		0.62	%		0.61	%
Total expenses before custodian fee reduction		0.57	%(4)		0.55	%		0.67	%		0.86	%		1.01	%(5)		1.08	%
Expenses after custodian fee reduction excluding interest and fees		0.43	%(4)		0.42	%		0.44	%		0.39	%		0.38	%(5)		0.46	%
Net investment income		6.26	%(4)		5.70	%		6.47	%		5.26	%		4.68	%		5.22	%
Portfolio Turnover		8	%(3)		20	%		46	%		64	%		65	%		58	%

(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)	Not annualized.
(4)	Annualized.
(5)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.005% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

See Notes to Financial Statements.

20

Eaton Vance

National Municipal Income Fund

March 31, 2011

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Eaton Vance National Municipal Income Fund (the Fund) is a diversified series of Eaton Vance Municipals 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 seeks to provide current income exempt from regular federal income tax. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class B and Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class I shares are sold at net asset value and are not subject to a sales charge. Class B shares automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. 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.

A Investment Valuation — Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) 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 asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, 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 obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Interest rate swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. 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 value, or 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 all 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 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 entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C Federal Taxes — 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 taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. The Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in municipal obligations, which are exempt from regular federal income tax when received by the Fund, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

At September 30, 2010, the Fund, for federal income tax purposes, had a capital loss carryforward of $843,644,167 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. Such capital loss carryforward will expire on September 30, 2011 ($211,449), September 30, 2012 ($1,936,962), September 30, 2013 ($2,604,551), September 30, 2014 ($52,732), September 30, 2015 ($314,591), September 30, 2016 ($48,228,662), September 30, 2017 ($791,986) and September 30, 2018 ($789,503,234).

Additionally, at September 30, 2010, the Fund had net capital losses of $63,068,076, attributable to security transactions incurred after October 31, 2009. These net capital losses are treated as arising on the first day of the Fund’s taxable year ending September 30, 2011.

As of March 31, 2011, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Fund’s federal tax returns filed in the 3-year period ended September 30, 2010 remains subject to examination by the Internal Revenue Service.

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

21

Eaton Vance

National Municipal Income Fund

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

E Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

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

G Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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 Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume 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 Floating Rate Notes Issued in Conjunction with Securities Held — The Fund may invest in inverse floating rate securities, also referred to as residual interest bonds, whereby the Fund may sell a variable or fixed rate bond to a broker for cash. At the same time, the Fund buys a residual interest in the assets and cash flows of a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), set up by the broker, often referred to as an inverse floating rate obligation (Inverse Floater). The broker deposits a bond into the SPV with the same CUSIP number as the bond sold to the broker by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The Inverse Floater held by the Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the broker transfer the Bond held by the SPV to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the broker the par amount due on the Floating Rate Notes and exchange the Inverse Floater for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Fund accounts for the transaction described above as a secured borrowing by including the Bond in its Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in its Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the broker for redemption at par at each reset date. Interest expense related to the Fund’s liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the broker upon the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At March 31, 2011, the amount of the Fund’s Floating Rate Notes outstanding and the related collateral were $743,398,000 and $994,401,649, respectively. The range of interest rates on Floating Rate Notes outstanding at March 31, 2011 was 0.25% to 0.40%. For the six months ended March 31, 2011, the Fund’s average Floating Rate Notes outstanding and the average interest rate including fees were $852,885,445 and 0.85% (annualized), respectively.

The Fund may enter into shortfall and forbearance agreements with the broker by which the Fund agrees to reimburse the broker, in certain circumstances, for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Fund had no shortfalls as of March 31, 2011.

The Fund may also purchase Inverse Floaters from brokers in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to Inverse Floaters purchased in a secondary market transaction are disclosed in the Portfolio of Investments. The Fund’s investment policies and restrictions expressly permit investments in Inverse Floaters. Inverse floating rate securities typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of inverse floating rate securities are generally more volatile than that of a fixed rate bond. The Fund’s investment policies do not allow the Fund to borrow money except as permitted by the 1940 Act. Management believes that the Fund’s restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Fund’s Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Fund’s restrictions apply. Inverse Floaters held by the Fund are securities exempt from registration under Rule 144A of the Securities Act of 1933.

J Financial Futures Contracts — The Fund may enter into financial futures contracts. Upon 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 purchase price (initial margin). Subsequent

22

Eaton Vance

National Municipal Income Fund

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

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.

K Interest Rate Swaps — Pursuant to interest rate swap agreements, the Fund makes periodic payments at a fixed interest rate and, in exchange, receives payments based on the interest rate of a benchmark industry index. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. The value of the swap is determined by changes in the relationship between two rates of interest. The Fund is exposed to credit loss in the event of non-performance by the swap counterparty. Risk may also arise from movements in interest rates.

L When-Issued Securities and Delayed Delivery Transactions — The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

M Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of the Fund is the amount included in the Fund’s Statement of Assets and Liabilities and represents the cash on hand at its custodian and does not include any short-term investments.

N Interim Financial Statements — The interim financial statements relating to March 31, 2011 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 of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders

The net investment income of the Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains (reduced by available capital loss carryforwards, if any), are made at least annually. 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 reinvestment date or, at the election of the shareholder, receive distributions in cash. The Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be 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.

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of Eaton Vance Management (EVM), as compensation for management and investment advisory services rendered to the Fund. The fee is based upon a percentage of average daily net assets plus a percentage of gross income (i.e., income other than gains from the sale of securities) as presented in the following table and is payable monthly.

	Annual Asset			Daily Income
Daily Net Assets	Rate			Rate
Up to $500 million		0.300	%		3.00	%
$500 million up to $1billion		0.275			2.75
$1 billion up to $1.5 billion		0.250			2.50
$1.5 billion up to $2 billion		0.225			2.25
$2 billion up to $3 billion		0.200			2.00
$3 billion and over		0.175			1.75

For the six months ended March 31, 2011, the investment adviser fee amounted to $8,932,315, representing 0.36% (annualized) of the Fund’s average daily net assets.

EVM serves as the administrator of the Fund, but receives no compensation. EVM serves as the sub-transfer agent of the Fund and receives from the transfer agent an aggregate fee based upon the actual expenses incurred by EVM in the performance of these services. For the six months ended March 31, 2011, EVM earned $43,368 in sub-transfer agent fees. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM

23

Eaton Vance

National Municipal Income Fund

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

and the Fund’s principal underwriter, received $248,085 as its portion of the sales charge on sales of Class A shares for the six months ended March 31, 2011. EVD also received distribution and service fees from Class A, Class B and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Except for Trustees of the Fund who are not members of EVM’s or BMR’s organizations, officers and Trustees 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, 2011, 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, 2011 amounted to $4,122,995 for Class A shares. The Fund also has in effect distribution plans for Class B shares (Class B Plan) and Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class B and Class C Plans, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class B and Class C shares for providing ongoing distribution services and facilities to the Fund. The Fund will automatically discontinue payments to EVD during any period in which there are no outstanding Uncovered Distribution Charges, which are equivalent to the sum of (i) 5% and 6.25% of the aggregate amount received by the Fund for Class B and Class C shares sold, respectively, plus (ii) interest calculated by applying the rate of 1% over the prevailing prime rate to the outstanding balance of Uncovered Distribution Charges of EVD of each respective class, reduced by the aggregate amount of contingent deferred sales charges (see Note 5) and amounts theretofore paid or payable to EVD by each respective class. For the six months ended March 31, 2011, the Fund paid or accrued to EVD $530,863 and $4,030,703 for Class B and Class C shares, respectively, representing 0.75% (annualized) of the average daily net assets for Class B and Class C shares. At March 31, 2011, the amounts of Uncovered Distribution Charges of EVD calculated under the Class B and Class C Plans were approximately $6,146,000 and $150,902,000, respectively. Pursuant to the Class B and Class C Plans, the Fund also makes payments of service fees to financial intermediaries and other persons in amounts equal to 0.25% per annum of the 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 Class B and Class C sales commissions and distribution fees and, as such, are not subject to automatic discontinuance when there are no outstanding Uncovered Distribution Charges of EVD. Service fees paid or accrued for the six months ended March 31, 2011 amounted to $176,954 and $1,343,568 for Class B and Class C shares, respectively.

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) generally is imposed on redemptions of Class B shares made within six years of purchase and on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within eighteen 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. The CDSC for Class B shares is imposed at declining rates that begin at 5% in the case of redemptions in the first and second year after purchase, declining one percentage point each subsequent year. Class C shares are subject to a 1% CDSC if redeemed within one year of purchase. No CDSC is levied on shares which have been sold to EVM or its affiliates or to their respective employees or clients and may be waived under certain other limited conditions. CDSCs received on Class B and Class C redemptions are paid to EVD to reduce the amount of Uncovered Distribution Charges calculated under the Fund’s Class B and Class C Plans. CDSCs received on Class B and Class C redemptions when no Uncovered Distribution Charges exist are credited to the Fund. For the six months ended March 31, 2011, the Fund was informed that EVD received approximately $171,000, $227,000 and $94,000 of CDSCs paid by Class A, Class B and Class C shareholders, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $487,089,117 and $1,509,850,256, respectively, for the six months ended March 31, 2011.

24

Eaton Vance

National Municipal Income Fund

March 31, 2011

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, 2011			Year Ended
Class A	(Unaudited)			September 30, 2010
Sales		19,814,550			44,116,690
Issued to shareholders electing to receive payments of distributions in Fund shares		6,861,301			14,662,388
Redemptions		(111,692,179	)		(142,351,480	)
Issued in connection with tax-free reorganizations (see Note 12)		13,852,841			—
Exchange from Class B shares		707,514			1,010,806
Net decrease		(70,455,973	)		(82,561,596	)
	Six Months Ended
	March 31, 2011			Year Ended
Class B	(Unaudited)			September 30, 2010
Sales		347,188			1,255,695
Issued to shareholders electing to receive payments of distributions in Fund shares		234,049			464,294
Redemptions		(2,605,987	)		(2,521,264	)
Issued in connection with tax-free reorganizations (see Note 12)		919,553			—
Exchange to Class A shares		(707,102	)		(1,010,434	)
Net decrease		(1,812,299	)		(1,811,709	)
	Six Months Ended
	March 31, 2011			Year Ended
Class C	(Unaudited)			September 30, 2010
Sales		6,237,205			17,907,249
Issued to shareholders electing to receive payments of distributions in Fund shares		1,711,976			3,574,852
Redemptions		(31,888,187	)		(29,688,905	)
Issued in connection with tax-free reorganizations (see Note 12)		2,010,705			—
Net decrease		(21,928,301	)		(8,206,804	)
	Six Months Ended
	March 31, 2011			Year Ended
Class I	(Unaudited)			September 30, 2010
Sales		42,524,031			47,525,262
Issued to shareholders electing to receive payments of distributions in Fund shares		1,018,690			1,190,019
Redemptions		(22,065,661	)		(18,234,677	)
Net increase		21,477,060			30,480,604

25

Eaton Vance

National Municipal Income Fund

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

8 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2011, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	4,886,374,460
Gross unrealized appreciation	$	66,280,739
Gross unrealized depreciation		(554,991,821	)
Net unrealized depreciation	$	(488,711,082	)

9 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $450 million unsecured line of credit agreement with a group of banks. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. 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, 2011.

10 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 financial 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, 2011 is as follows:

Futures Contracts
									Net
			Aggregate						Unrealized
Expiration Date	Contracts	Position	Cost			Value			Depreciation
6/11	5,000 U.S. 10-Year Treasury Note	Short	$	(593,849,690	)	$	(595,156,250	)	$	(1,306,560	)
6/11	6,000 U.S. 30-Year Treasury Bond	Short		(716,119,628	)		(721,125,000	)		(5,005,372	)
									$	(6,311,932	)

At March 31, 2011, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Fund holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Fund purchases and sells U.S. Treasury futures contracts to hedge against changes in interest rates.

The fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at March 31, 2011 was as follows:

	Fair Value
	Asset Derivative		Liability Derivative
Futures Contracts(1)	$	—	$	(6,311,932	)
Total	$	—	$	(6,311,932	)

⁽¹⁾ Amount represents cumulative unrealized depreciation on futures contracts in the Futures Contracts table above. 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, as applicable.

26

Eaton Vance

National Municipal Income Fund

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended March 31, 2011 was as follows:

	Realized Gain (Loss)		Change in Unrealized
	on Derivatives Recognized		Appreciation (Depreciation) on
Derivative	in Income(1)		Derivatives Recognized in Income(2)
Futures Contracts	$	4,493,762	$	(6,972,475	)

(1)	Statement of Operations location: Net realized gain (loss) – Financial futures contracts.
(2)	Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts.

The average notional amount of futures contracts outstanding during the six months ended March 31, 2011, which is indicative of the volume of this derivative type, was approximately $542,857,000.

11 Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•  Level 1 – quoted prices in active markets for identical investments

•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At March 31, 2011, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2		Level 3		Total
Tax-Exempt Investments	$	—		$	5,141,061,378	$	—	$	5,141,061,378
Total Investments	$	—		$	5,141,061,378	$	—	$	5,141,061,378
Liability Description
Futures Contracts	$	(6,311,932	)	$	—	$	—	$	(6,311,932	)
Total	$	(6,311,932	)	$	—	$	—	$	(6,311,932	)

The Fund held no investments or other financial instruments as of September 30, 2010 whose fair value was determined using Level 3 inputs. At March 31, 2011, the value of investments transferred between Level 1 and Level 2, if any, during the six months then ended was not significant.

12 Reorganizations

As of the close of business on November 5, 2010, the Fund acquired the net assets of Eaton Vance Colorado Municipal Income Fund (Colorado Fund), Eaton Vance Kansas Municipal Income Fund (Kansas Fund), Eaton Vance Louisiana Municipal Income Fund (Louisiana Fund) and Eaton Vance Insured Municipal Income Fund (Insured Municipal Fund) pursuant to a plan of reorganization approved by the shareholders of Colorado Fund, Kansas Fund, Louisiana Fund and Insured Municipal Fund, respectively. The purpose of the transaction was to combine five funds managed by BMR with substantially

27

Eaton Vance

National Municipal Income Fund

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

similar investment objectives and policies. The acquisitions were accomplished by a tax-free exchange of shares of Class A, Class B and Class C of the Fund for shares of Class A, Class B and Class C of Colorado Fund, Kansas Fund, Louisiana Fund and Insured Municipal Fund, respectively, each outstanding on November 5, 2010 as follows:

			Colorado Fund
	Shares of the		Shares
	Fund Issued		Exchanged		Net Assets
Class A		3,247,499		3,558,048	$	31,976,171
Class B		94,115		94,725		926,689
Class C		37,987		38,180		374,031
Total					$	33,276,891

			Kansas Fund
	Shares of the		Shares
	Fund Issued		Exchanged		Net Assets
Class A		2,596,155		2,627,740	$	25,562,779
Class B		158,464		161,804		1,560,296
Class C		491,031		500,782		4,834,892
Total					$	31,957,967

			Louisiana Fund
	Shares of the		Shares
	Fund Issued		Exchanged		Net Assets
Class A		3,349,857		3,470,731	$	32,984,036
Class B		125,510		123,006		1,235,824
Class C		186,853		182,877		1,839,824
Total					$	36,059,684

			Insured Municipal Fund
	Shares of the		Shares
	Fund Issued		Exchanged		Net Assets
Class A		4,659,330		4,490,831	$	45,877,629
Class B		541,464		527,252		5,331,476
Class C		1,294,834		1,260,396		12,749,455
Total					$	63,958,560

The investment portfolios of Colorado Fund, Kansas Fund, Louisiana Fund and Insured Municipal Fund, with a fair value of $30,622,881, $31,607,779, $35,585,159 and $64,165,026, respectively, and identified cost of $29,839,329, $30,716,468, $34,256,112 and $59,929,201, respectively, were the principal assets acquired by the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the identified cost of the investments received from Colorado Fund, Kansas Fund, Louisiana Fund and Insured Municipal Fund were carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The aggregate net assets of the Fund immediately before the acquisition were $5,770,396,398. The net assets of Colorado Fund, Kansas Fund, Louisiana

28

Eaton Vance

National Municipal Income Fund

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

Fund and Insured Municipal Fund at that date of $33,276,891, $31,957,967, $36,059,684 and $63,958,560, respectively, including $3,085,526, $3,215,307, $2,499,092 and $4,257,813 of accumulated net realized losses, respectively, and $783,552, $891,311, $1,329,047 and $4,235,825 of unrealized appreciation, respectively, were combined with those of the Fund, resulting in combined net assets of $5,935,649,500.

Assuming the acquisition had been completed on October 1, 2010, the beginning of the Fund’s annual reporting period, the Fund’s pro forma results of operations for the six months ended March 31, 2011 are as follows:

Net investment income	$	147,962,698
Net realized loss		(118,201,661	)
Net decrease in net assets from operations	$	(646,247,727	)

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Colorado Fund, Kansas Fund, Louisiana Fund and Insured Municipal Fund that have been included in the Fund’s Statement of Operations since November 5, 2010.

In March 2011, the Trustees of the Fund approved an Agreement and Plan of Reorganization whereby the Fund would acquire substantially all the assets and assume substantially all the liabilities of Eaton Vance Michigan Municipal Income Fund and Eaton Vance Rhode Island Municipal Income Fund (collectively, the Acquired Funds) in exchange for shares of the Fund. The proposed reorganization is subject to approval by shareholders of each Acquired Fund.

29

Eaton Vance

National Municipal Income Fund

March 31, 2011

Officers and Trustees

Officers of Eaton Vance National Municipal Income Fund
Thomas M. Metzold President Payson F. Swaffield Vice President Barbara E. Campbell Treasurer	Maureen A. Gemma Vice President, Secretary and Chief Legal Officer Paul M. O’Neil Chief Compliance Officer

Trustees of Eaton Vance National Municipal Income Fund
Ralph F. Verni Chairman Benjamin C. Esty Thomas E. Faust Jr. * Allen R. Freedman	William H. Park Ronald A. Pearlman Helen Frame Peters Lynn A. Stout

* Interested Trustee

30

Eaton Vance

National Municipal Income Fund

March 31, 2011

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (Privacy Policy) with respect to nonpublic personal information about its customers:

•  Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

•  None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.

•  Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

•  We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc. Our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e. fund shares) is held in the name of a third-party financial adviser/ broker-dealer, it is likely that only such adviser’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (the “SEC”) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

31

This Page Intentionally Left Blank

Investment Adviser
Boston Management and Research

Two International Place

Boston, MA 02110

Administrator
Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*
Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian
State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent
BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices
Two International Place

Boston, MA 02110

*  FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

448-5/11 HMSRC

Eaton Vance
Municipals Trust
Semiannual Report
March 31, 2011

California    •     Massachusetts   •     New York    •     Ohio   •    Rhode Island

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 prospectus or summary prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus or summary prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report March 31, 2011

Eaton Vance

Municipal Income Funds

Table of Contents

Performance and Fund Profiles
California	2
Massachusetts	3
New York	4
Ohio	5
Rhode Island	6
Endnotes and Additional Disclosures	7
Fund Expenses	8
Financial Statements	11
Officers and Trustees	70
Important Notices	71

Eaton Vance

California Municipal Income Fund

March 31, 2011

Portfolio Manager Cynthia J. Clemson

Performance¹

	Class A		Class B		Class C			Class I
Symbol	EACAX		EVCAX		ECCAX			EICAX
Inception Dates	5/27/94		12/19/85		8/31/04			3/3/08
% Average Annual Total Returns at net asset value (NAV)
Six Months		-8.79		-9.16		-9.16			-8.66
One Year		-2.96		-3.62		-3.72			-2.70
Five Years		0.83		0.09		0.09			N.A.
10 Years		3.08		2.49		N.A.			N.A.
Since Inception		4.58		4.70		1.23			2.86
% SEC Average Annual Total Returns with maximum sales charge
Six Months		-13.13		-13.61		-10.05			-8.66
One Year		-7.57		-8.24		-4.65			-2.70
Five Years		-0.15		-0.23		0.09			N.A.
10 Years		2.57		2.49		N.A.			N.A.
Since Inception		4.27		4.70		1.23			2.86
% Maximum Sales Charge		4.75		5.00		1.00			N.A.
% Total Annual Operating Expense Ratios2	Class A		Class B		Class C			Class I
		1.00		1.75		1.75			0.75
% Distribution Rates/Yields	Class A		Class B		Class C			Class I
Distribution Rate3		5.03		4.27		4.28			5.28
Taxable-Equivalent Distribution Rate3,4		8.65		7.34		7.36			9.08
SEC 30-day Yield5		4.75		4.23		4.24			5.24
Taxable-Equivalent SEC 30-day Yield4,5		8.17		7.28		7.29			9.01
% RIB Leverage6						12.01
Comparative Performance 9/30/10 - 3/31/117					% Return
Barclays Capital Municipal Bond Index						-3.68	*
Barclays Capital 20 Year Municipal Bond Index						-5.46	*
Lipper California Municipal Debt Funds Classification						-6.44	*
*Source: Lipper.

Fund Profile

Rating Distribution⁸ (% of total investments)

The rating distribution bar chart includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1 to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution as of 3/31/11 is as follows (in %):⁸

AAA	19.2	BBB	6.2
AA	33.8	BB	0.9
A	29.5	Not Rated	10.4

See Endnotes and Additional Disclosures on page 7.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value 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 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 www.eatonvance.com.

2

Eaton Vance

Massachusetts Municipal Income Fund

March 31, 2011

Portfolio Manager Craig R. Brandon, CFA

Performance¹

	Class A		Class C			Class I
Symbol	ETMAX		ECMMX			EIMAX
Inception Dates	12/7/93		5/2/06			6/17/93
% Average Annual Total Returns at NAV
Six Months		-7.32		-7.77			-7.34
One Year		-1.48		-2.22			-1.41
Five Years		1.01		N.A.			1.18
10 Years		3.21		N.A.			3.42
Since Inception		3.87		0.32			4.27
% SEC Average Annual Total Returns with maximum sales charge
Six Months		-11.70		-8.67			-7.34
One Year		-6.20		-3.16			-1.41
Five Years		0.03		N.A.			1.18
10 Years		2.71		N.A.			3.42
Since Inception		3.58		0.32			4.27
% Maximum Sales Charge		4.75		1.00			N.A.
% Total Annual Operating Expense Ratios2	Class A		Class C			Class I
		0.91		1.65			0.70
% Distribution Rates/Yields	Class A		Class C			Class I
Distribution Rate3		5.04		4.29			5.25
Taxable-Equivalent Distribution Rate3,4		8.19		6.97			8.53
SEC 30-day Yield5		4.77		4.26			5.22
Taxable-Equivalent SEC 30-day Yield4,5		7.75		6.92			8.48
% RIB Leverage6				8.92
Comparative Performance 9/30/10 - 3/31/117			% Return
Barclays Capital Municipal Bond Index				-3.68	*
Barclays Capital 20 Year Municipal Bond Index				-5.46	*
Lipper Massachusetts Municipal Debt Funds Classification				-5.60	*
*Source: Lipper.

Fund Profile

Rating Distribution⁸ (% of total investments)

The rating distribution bar chart includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1 to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution as of 3/31/11 is as follows (in %):⁸

AAA	20.3	BBB	8.2
AA	34.7	BB	1.6
A	30.4	Not Rated	4.8

See Endnotes and Additional Disclosures on page 7.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value 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 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 www.eatonvance.com.

3

Eaton Vance

New York Municipal Income Fund

March 31, 2011

Portfolio Manager Craig R. Brandon, CFA

Performance ¹

	Class A		Class B		Class C			Class I
Symbol	ETNYX		EVNYX		ECNYX			EINYX
Inception Dates	4/15/94		8/30/90		9/30/03			3/3/08
% Average Annual Total Returns at NAV
Six Months		-6.79		-7.13		-7.14			-6.60
One Year		-1.89		-2.61		-2.62			-1.70
Five Years		1.44		0.66		0.68			N.A.
10 Years		3.41		2.73		N.A.			N.A.
Since Inception		4.77		4.88		1.44			3.67
% SEC Average Annual Total Returns with maximum sales charge
Six Months		-11.23		-11.67		-8.05			-6.60
One Year		-6.50		-7.28		-3.55			-1.70
Five Years		0.45		0.33		0.68			N.A.
10 Years		2.91		2.73		N.A.			N.A.
Since Inception		4.47		4.88		1.44			3.67
% Maximum Sales Charge		4.75		5.00		1.00			N.A.
% Total Annual Operating Expense Ratios2	Class A		Class B		Class C			Class I
		0.88		1.63		1.63			0.68
% Distribution Rates/Yields	Class A		Class B		Class C			Class I
Distribution Rate3		5.14		4.39		4.39			5.34
Taxable-Equivalent Distribution Rate3,4		8.69		7.42		7.42			9.02
SEC 30-day Yield5		4.98		4.47		4.47			5.43
Taxable-Equivalent SEC 30-day Yield4,5		8.42		7.55		7.55			9.18
% RIB Leverage6						11.84
Comparative Performance 9/30/10 - 3/31/117					% Return
Barclays Capital Municipal Bond Index						-3.68	*
Barclays Capital 20 Year Municipal Bond Index						-5.46	*
Lipper New York Municipal Debt Funds Classification						-5.34	*
*Source: Lipper.

Fund Profile

Rating Distribution⁸ (% of total investments)

The rating distribution bar chart includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1 to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution as of 3/31/11 is as follows (in %):⁸

AAA	9.4	BB	1.4
AA	46.1	CC	0.4
A	24.9	Not Rated	6.9
BBB	10.9

See Endnotes and Additional Disclosures on page 7.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value 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 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 www.eatonvance.com.

4

Eaton Vance

Ohio Municipal Income Fund

March 31, 2011

Portfolio Manager William H. Ahern, Jr., CFA

Performance¹

	Class A		Class C			Class I
Symbol	ETOHX		ECOHX			EIOHX
Inception Dates	12/7/93		2/3/06			8/3/10
% Average Annual Total Returns at NAV
Six Months		-7.48		-7.93			-7.49
One Year		-2.99		-3.83			N.A.
Five Years		2.02		1.26			N.A.
10 Years		3.82		N.A.			N.A.
Since Inception		4.07		1.31			-4.89
% SEC Average Annual Total Returns with maximum sales charge
Six Months		-11.91		-8.84			-7.49
One Year		-7.56		-4.76			N.A.
Five Years		1.04		1.26			N.A.
10 Years		3.32		N.A.			N.A.
Since Inception		3.77		1.31			-4.89
% Maximum Sales Charge		4.75		1.00			N.A.
% Total Annual Operating Expense Ratios2	Class A		Class C			Class I
		0.78		1.53			0.59
% Distribution Rates/Yields	Class A		Class C			Class I
Distribution Rate3		4.60		3.84			4.75
Taxable-Equivalent Distribution Rate3,4		7.55		6.30			7.79
SEC 30-day Yield5		4.42		3.89			4.85
Taxable-Equivalent SEC 30-day Yield4,5		7.25		6.38			7.96
% RIB Leverage6				6.71
Comparative Performance 9/30/10 - 3/31/117			% Return
Barclays Capital Municipal Bond Index				-3.68	*
Barclays Capital 20 Year Municipal Bond Index				-5.46	*
Lipper Ohio Municipal Debt Funds Classification				-4.71	*
*Source: Lipper.

Fund Profile

Rating Distribution⁸ (% of total investments)

The rating distribution bar chart includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1 to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution as of 3/31/11 is as follows (in %):⁸

AAA	17.1	BBB	8.5
AA	49.8	B	1.2
A	17.6	Not Rated	5.8

See Endnotes and Additional Disclosures on page 7.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value 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 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 www.eatonvance.com.

5

Eaton Vance

Rhode Island Municipal Income Fund

March 31, 2011

Portfolio Manager Cynthia J. Clemson

Performance¹

	Class A		Class B		Class C			Class I
Symbol	ETRIX		EVRIX		ECRIX			EIRIX
Inception Dates	12/7/93		6/11/93		3/20/06			8/3/10
% Average Annual Total Returns at NAV
Six Months		-6.17		-6.44		-6.44			-5.90
One Year		-1.41		-2.01		-2.11			N.A.
Five Years		1.22		0.49		0.49			N.A.
10 Years		3.19		2.44		N.A.			N.A.
Since Inception		3.76		3.35		0.41			-3.51
% SEC Average Annual Total Returns with maximum sales charge
Six Months		-10.60		-11.02		-7.35			-5.90
One Year		-6.09		-6.73		-3.06			N.A.
Five Years		0.24		0.16		0.49			N.A.
10 Years		2.69		2.44		N.A.			N.A.
Since Inception		3.46		3.35		0.41			-3.51
% Maximum Sales Charge		4.75		5.00		1.00			N.A.
% Total Annual Operating Expense Ratios2	Class A		Class B		Class C			Class I
		0.76		1.52		1.52			0.57
% Distribution Rates/Yields	Class A		Class B		Class C			Class I
Distribution Rate3		5.05		4.29		4.30			5.08
Taxable-Equivalent Distribution Rate3,4		8.26		7.02		7.04			8.31
SEC 30-day Yield5		4.57		4.04		4.04			5.01
Taxable-Equivalent SEC 30-day Yield4,5		7.48		6.61		6.61			8.20
% RIB Leverage6						4.22
Comparative Performance 9/30/10 - 3/31/117					% Return
Barclays Capital Municipal Bond Index						-3.68	*
Barclays Capital 20 Year Municipal Bond Index						-5.46	*
Lipper Other States Municipal Debt Funds Classification						-4.53	*
*Source: Lipper.

Fund Profile

Rating Distribution⁸ (% of total investments)

The rating distribution bar chart includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1 to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution as of 3/31/11 is as follows (in %):⁸

AAA	6.1	BBB	15.9
AA	46.6	BB	1.2
A	27.8	Not Rated	2.4

See Endnotes and Additional Disclosures on page 7.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value 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 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 www.eatonvance.com.

6

Eaton Vance

Municipal Income Funds

March 31, 2011

Endnotes and Additional Disclosures

1.

Six-month returns are cumulative. All other returns are presented on an average annual basis. Total Returns are shown at NAV and do not include applicable sales charges. If sales charges were deducted, the returns would be lower. SEC Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Total Returns for Class B reflect the applicable contingent deferred sales charges (CDSC) based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% — 5th year; 1% — 6th year. SEC Total Returns for Class C reflect a 1% CDSC for the first year. Class I shares are not subject to a sales charge. Performance reflects the effects of leverage.

2.

Source: Prospectus dated 2/1/11, as supplemented or revised. Expense Ratio includes interest expense (as noted below for indicated Funds) relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions and, as a result, NAV and performance have not been affected by this expense. Interest expense ratios for the Funds were as follows:

California	0.10	%
Massachusetts	0.10	%
New York	0.09	%
Ohio	0.02	%
Rhode Island	0.02	%

3.	Distribution rate is the last regular distribution per share in the period (annualized) divided by the Fund NAV at the end of the period.
4.	Taxable-equivalent figure assumes maximum combined federal and state income tax rates. Lower income tax rates would result in lower tax-equivalent figures. The maximum combined income tax rates were as follows as of 3/31/11:

California	41.86	%
Massachusetts	38.45	%
New York	40.83	%
Ohio	39.06	%
Rhode Island	38.89	%

5.	Fund SEC 30-day yields are calculated by dividing net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result.
6.	The Fund employs leverage through the use of residual interest bond (RIB) financing. Leverage provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of NAV). See “Floating Rate Notes Issued in Conjunction with Securities Held” in Note 1 to the financial statements for more information on RIB investments. RIB leverage represents the amount of Floating Rate Notes outstanding as of 3/31/11 as a percentage of Fund net assets plus Floating Rate Notes. Floating Rate Notes reflect the effect of RIBs purchased in secondary market transactions, if applicable.
7.	It is not possible to invest directly in an Index or a Lipper Classification. Total returns shown for an Index do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in an Index. The Barclays Capital Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. The Barclays Capital 20 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 17-22 years. The Lipper total return is the average total return, at NAV, of funds that are in the Fund’s Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. Index and Lipper returns are available as of month end only.
8.	Rating Distribution is determined by dividing the total market value of Fund issues by its total investments. Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency 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. If securities are rated differently by the rating agencies, the higher rating is applied.

7

Eaton Vance

Municipal Income Funds

March 31, 2011

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, 2010 – March 31, 2011).

Actual Expenses: The first section of each 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 each 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 each 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 each 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 have been higher.

Eaton Vance California Municipal Income Fund

	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period*		Expense
	(10/1/10)		(3/31/11)		(10/1/10 – 3/31/11)		Ratio
Actual
Class A	$	1,000.00	$	912.10	$	4.77		1.00	%
Class B	$	1,000.00	$	908.40	$	8.37		1.76	%
Class C	$	1,000.00	$	908.40	$	8.37		1.76	%
Class I	$	1,000.00	$	913.40	$	3.58		0.75	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.90	$	5.04		1.00	%
Class B	$	1,000.00	$	1,016.20	$	8.85		1.76	%
Class C	$	1,000.00	$	1,016.20	$	8.85		1.76	%
Class I	$	1,000.00	$	1,021.20	$	3.78		0.75	%

*   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, 2010.

8

Eaton Vance

Municipal Income Funds

March 31, 2011

Fund Expenses — continued

Eaton Vance Massachusetts Municipal Income Fund

	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period*		Expense
	(10/1/10)		(3/31/11)		(10/1/10 – 3/31/11)		Ratio
Actual
Class A	$	1,000.00	$	926.80	$	4.23		0.88	%
Class C	$	1,000.00	$	922.30	$	7.81		1.63	%
Class I	$	1,000.00	$	926.60	$	3.27		0.68	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.50	$	4.43		0.88	%
Class C	$	1,000.00	$	1,016.80	$	8.20		1.63	%
Class I	$	1,000.00	$	1,021.50	$	3.43		0.68	%

*   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, 2010.

Eaton Vance New York Municipal Income Fund

	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period*		Expense
	(10/1/10)		(3/31/11)		(10/1/10 – 3/31/11)		Ratio
Actual
Class A	$	1,000.00	$	932.10	$	4.29		0.89	%
Class B	$	1,000.00	$	928.70	$	7.89		1.64	%
Class C	$	1,000.00	$	928.60	$	7.93		1.65	%
Class I	$	1,000.00	$	934.00	$	3.33		0.69	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.50	$	4.48		0.89	%
Class B	$	1,000.00	$	1,016.80	$	8.25		1.64	%
Class C	$	1,000.00	$	1,016.70	$	8.30		1.65	%
Class I	$	1,000.00	$	1,021.50	$	3.48		0.69	%

*   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, 2010.

9

Eaton Vance

Municipal Income Funds

March 31, 2011

Fund Expenses — continued

Eaton Vance Ohio Municipal Income Fund

	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period*		Expense
	(10/1/10)		(3/31/11)		(10/1/10 – 3/31/11)		Ratio
Actual
Class A	$	1,000.00	$	925.20	$	3.84		0.80	%
Class C	$	1,000.00	$	920.70	$	7.42		1.55	%
Class I	$	1,000.00	$	925.10	$	2.93		0.61	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.90	$	4.03		0.80	%
Class C	$	1,000.00	$	1,017.20	$	7.80		1.55	%
Class I	$	1,000.00	$	1,021.90	$	3.07		0.61	%

*   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, 2010.

Eaton Vance Rhode Island Municipal Income Fund

	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period*		Expense
	(10/1/10)		(3/31/11)		(10/1/10 – 3/31/11)		Ratio
Actual
Class A	$	1,000.00	$	938.30	$	3.58		0.74	%
Class B	$	1,000.00	$	935.60	$	7.24		1.50	%
Class C	$	1,000.00	$	935.60	$	7.19		1.49	%
Class I	$	1,000.00	$	941.00	$	2.66		0.55	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.20	$	3.73		0.74	%
Class B	$	1,000.00	$	1,017.50	$	7.54		1.50	%
Class C	$	1,000.00	$	1,017.50	$	7.49		1.49	%
Class I	$	1,000.00	$	1,022.20	$	2.77		0.55	%

*   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, 2010.

10

Eaton Vance

California Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 110.6%
	Principal Amount
Security	(000’s omitted)		Value
Education — 9.7%
California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/38	$	2,500	$	2,374,375
California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30		2,895		2,764,812
California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29		3,500		3,087,140
California Educational Facilities Authority, (Pomona College), 5.00%, 7/1/45(1)		765		736,450
California Educational Facilities Authority, (Santa Clara University), 5.00%, 2/1/40		3,195		3,033,588
California Educational Facilities Authority, (Santa Clara University), 5.25%, 9/1/26		2,500		2,645,275
California Educational Facilities Authority, (University of Southern California), 5.25%, 10/1/39		1,810		1,828,426
			$	16,470,066
Electric Utilities — 4.5%
Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34	$	895	$	922,700
Chula Vista, (San Diego Gas and Electric), (AMT), 5.00%, 12/1/27		2,725		2,645,321
Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/35		2,000		1,900,160
Vernon, Electric System Revenue, 5.125%, 8/1/21		2,170		2,183,454
			$	7,651,635
Escrowed / Prerefunded — 1.8%
San Joaquin Hills Transportation Corridor Agency, Toll Road Bonds, Escrowed to Maturity, 0.00%, 1/1/26	$	5,765	$	3,042,652
			$	3,042,652
General Obligations — 13.9%
California, 5.50%, 11/1/35	$	2,500	$	2,426,150
California, 6.00%, 4/1/38		1,000		1,023,250
Palo Alto, (Election of 2008), 5.00%, 8/1/40		5,200		5,179,824
San Francisco Bay Area Rapid Transit District, (Election of 2004), 4.75%, 8/1/37(2)		9,990		9,632,957
Santa Clara County, (Election of 2008), 5.00%, 8/1/39(1)(2)		5,400		5,315,166
			$	23,577,347
Hospital — 15.6%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32	$	1,465	$	1,425,049
California Health Facilities Financing Authority, (Catholic Healthcare West), 6.00%, 7/1/29		1,855		1,886,145
California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 8/15/34		4,000		3,564,880
California Health Facilities Financing Authority, (Sutter Health), 5.875%, 8/15/31		3,000		3,007,260
California Statewide Communities Development Authority, (Cottage Health System), 5.00%, 11/1/40		1,730		1,454,152
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34		2,000		1,741,200
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36		2,000		1,713,140
California Statewide Communities Development Authority, (Kaiser Permanente), 5.00%, 4/1/19		3,000		3,184,260
California Statewide Communities Development Authority, (Sonoma County Indian Health), 6.40%, 9/1/29		1,500		1,417,890
San Benito Health Care District, 5.40%, 10/1/20		2,345		2,089,161
Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31		1,000		939,650
Washington Township Health Care District, 5.00%, 7/1/37		3,750		3,041,662
Washington Township Health Care District, 5.25%, 7/1/30		1,000		875,650
			$	26,340,099
Housing — 0.9%
Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29	$	1,306	$	1,191,763
Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29		400		358,828
			$	1,550,591
Industrial Development Revenue — 1.1%
California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23	$	265	$	263,410
California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.40%, 4/1/25		1,700		1,652,706
			$	1,916,116
Insured – Education — 1.0%
California Educational Facilities Authority, (Loyola Marymount University), (NPFG), 0.00%, 10/1/20	$	2,000	$	1,149,760
California Educational Facilities Authority, (Loyola Marymount University), (NPFG), 0.00%, 10/1/28		2,000		597,920
			$	1,747,680

See Notes to Financial Statements.

11

Eaton Vance

California Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

	Principal Amount
Security	(000’s omitted)		Value
Insured – Electric Utilities — 3.9%
California Pollution Control Financing Authority, (Pacific Gas and Electric), (NPFG), (AMT), 5.35%, 12/1/16	$	4,775	$	4,880,957
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		2,000		1,765,220
			$	6,646,177
Insured – Escrowed / Prerefunded — 9.1%
California Infrastructure and Economic Development Bank, (Bay Area Toll Bridges), (AMBAC), Prerefunded to 1/1/28, 5.00%, 7/1/33(3)	$	2,500	$	2,837,400
California Infrastructure and Economic Development Bank, (Bay Area Toll Bridges), (FGIC), Prerefunded to 1/1/28, 5.00%, 7/1/29		5,000		5,674,800
Foothill/Eastern Corridor Agency, Toll Road Bonds, (AGM), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/28		15,000		6,900,150
			$	15,412,350
Insured – General Obligations — 3.5%
Los Angeles Unified School District, (Election of 2005), (AGM), 4.75%, 7/1/32(2)	$	6,500	$	5,911,880
			$	5,911,880
Insured – Hospital — 2.9%
California Statewide Communities Development Authority, (Sutter Health), (AGM), 5.75%, 8/15/27(2)	$	4,950	$	4,951,636
			$	4,951,636
Insured – Lease Revenue / Certificates of Participation — 2.5%
Anaheim Public Financing Authority, (Public Improvements), (AGM), 0.00%, 9/1/30	$	9,530	$	2,342,093
Los Angeles County, (Disney Parking), (AMBAC), 0.00%, 9/1/17		2,400		1,797,072
			$	4,139,165
Insured – Special Tax Revenue — 2.0%
Ceres Redevelopment Agency, (Ceres Redevelopment Project Area No. 1), (AMBAC), 4.00%, 11/1/31	$	1,485	$	1,018,903
San Francisco Bay Area Rapid Transportation District, Sales Tax Revenue, (AGM), 4.25%, 7/1/36		2,700		2,318,085
			$	3,336,988
Insured – Transportation — 3.7%
Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/33	$	8,570	$	1,477,725
San Joaquin Hills Transportation Corridor Agency, Toll Road Bonds, (NPFG), 0.00%, 1/15/24		1,800		591,066
San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 5.00%, 3/1/37		2,125		1,866,196
San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47		2,230		2,237,783
			$	6,172,770
Insured – Water and Sewer — 3.7%
Clovis Public Financing Authority, (AMBAC), 4.50%, 8/1/38	$	6,275	$	5,010,399
Los Angeles Department of Water and Power, (NPFG), 3.00%, 7/1/30		1,735		1,278,435
			$	6,288,834
Lease Revenue / Certificates of Participation — 5.0%
Los Angeles County, (Disney Parking), 0.00%, 3/1/17	$	1,750	$	1,341,865
Los Angeles County, (Disney Parking), 0.00%, 3/1/20		3,075		1,866,986
Pasadena Parking Facility, 6.25%, 1/1/18		4,545		5,205,389
			$	8,414,240
Other Revenue — 1.4%
California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37	$	920	$	785,827
Golden State Tobacco Securitization Corp., 5.30%, (0.00% until 12/1/12), 6/1/37		1,655		947,322
Golden State Tobacco Securitization Corp., 5.75%, 6/1/47		1,060		707,974
			$	2,441,123
Senior Living / Life Care — 1.2%
California Statewide Communities Development Authority, (Senior Living – Presbyterian Homes), 4.75%, 11/15/26	$	250	$	213,168
California Statewide Communities Development Authority, (Senior Living – Presbyterian Homes), 4.875%, 11/15/36		1,000		784,990
California Statewide Communities Development Authority, (Senior Living – Presbyterian Homes), 7.25%, 11/15/41		1,000		1,042,110
			$	2,040,268

See Notes to Financial Statements.

12

Eaton Vance

California Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

	Principal Amount
Security	(000’s omitted)		Value
Special Tax Revenue — 10.9%
Bonita Canyon Public Financing Authority, 5.375%, 9/1/28	$	2,000	$	1,841,620
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26		415		323,638
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34		665		462,221
Corona Public Financing Authority, 5.80%, 9/1/20		1,755		1,733,642
Fairfield Improvement Bond Act of 1915, (North Cordelia District), 7.375%, 9/2/18		765		792,456
Lincoln Public Financing Authority, Improvement Bond Act of 1915, (Twelve Bridges), 6.20%, 9/2/25		1,735		1,716,991
Puerto Rico Sales Tax Financing Corp., 0.00%, 8/1/56		15,995		692,903
Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57(1)(2)		4,380		4,088,949
San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, 5.00%, 7/1/28		1,000		1,037,810
Santa Margarita Water District, 6.20%, 9/1/20		1,400		1,403,892
Santaluz Community Facilities District No. 2, 6.20%, 9/1/30		985		979,445
Temecula Unified School District, 5.00%, 9/1/27		350		301,276
Temecula Unified School District, 5.00%, 9/1/37		535		413,796
Torrance Redevelopment Agency, 5.625%, 9/1/28		1,000		828,150
Tustin Community Facilities District, 6.00%, 9/1/37		1,000		893,440
Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23		900		849,213
			$	18,359,442
Transportation — 5.8%
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.25%, 4/1/29	$	4,005	$	4,135,643
Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(1)(2)		3,080		2,902,900
Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30		2,750		2,730,338
			$	9,768,881
Water and Sewer — 6.5%
California Department of Water Resources, 5.00%, 5/1/21	$	1,445	$	1,557,522
California Department of Water Resources, 5.00%, 12/1/29		3,180		3,293,049
East Bay Municipal Utility District, 5.00%, 6/1/30		2,000		2,046,380
Metropolitan Water District of Southern California, 5.00%, 7/1/29		2,500		2,575,625
Metropolitan Water District of Southern California, (Waterworks Revenue Authorization), 4.75%, 7/1/36		1,620		1,558,780
			$	11,031,356
Total Tax-Exempt Investments — 110.6%
(identified cost $194,366,243)			$	187,211,296
Other Assets, Less Liabilities — (10.6)%			$	(17,869,088	)
Net Assets — 100.0%			$	169,342,208

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

AGM	- Assured Guaranty Municipal Corp.
AMBAC	- AMBAC Financial Group, Inc.
AMT	- Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BHAC	- Berkshire Hathaway Assurance Corp.
FGIC	- Financial Guaranty Insurance Company
NPFG	- National Public Finance Guaranty Corp.
RADIAN	- Radian Group, Inc.

The Fund invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2011, 29.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.2% to 14.2% of total investments.

(1)	Security (or a portion thereof) has been pledged as collateral for open swap contracts or inverse floating rate security transactions. The aggregate value of such collateral is $3,037,460.
(2)	Security represents the underlying municipal bond of an inverse floater (see Note 1I).
(3)	Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

See Notes to Financial Statements.

13

Eaton Vance

Massachusetts Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 108.1%
	Principal Amount
Security	(000’s omitted)		Value
Education — 22.0%
Massachusetts Development Finance Agency, (Boston University), 5.45%, 5/15/59	$	3,420	$	3,232,858
Massachusetts Development Finance Agency, (Boston University), 6.00%, 5/15/59		3,930		4,065,742
Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35		1,100		1,080,926
Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38		3,540		3,121,041
Massachusetts Health and Educational Facilities Authority, (Berklee College), 5.00%, 10/1/37		5,800		5,561,736
Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/27		4,000		4,552,360
Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1)		6,000		6,088,080
Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.50%, 7/1/32(2)		8,000		9,104,400
Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38		5,000		5,109,500
			$	41,916,643
Electric Utilities — 3.2%
Massachusetts Development Finance Agency, (Dominion Energy Brayton Point), (AMT), 5.00%, 2/1/36	$	6,715	$	6,085,804
			$	6,085,804
Escrowed / Prerefunded — 2.4%
Massachusetts Turnpike Authority, Escrowed to Maturity, 5.00%, 1/1/20	$	1,500	$	1,739,940
Massachusetts Water Resources Authority, Escrowed to Maturity, 5.25%, 12/1/15		2,540		2,818,816
			$	4,558,756
General Obligations — 4.8%
Newton, 5.00%, 4/1/36	$	4,500	$	4,587,660
Wayland, 5.00%, 2/1/33		1,790		1,869,780
Wayland, 5.00%, 2/1/36		2,680		2,756,380
			$	9,213,820
Hospital — 14.6%
Massachusetts Development Finance Agency, (Tufts Medical Center), 7.25%, 1/1/32	$	1,900	$	1,995,855
Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), 5.75%, 7/1/36		2,000		2,003,700
Massachusetts Health and Educational Facilities Authority, (Berkshire Health System), 6.25%, 10/1/31		1,000		978,540
Massachusetts Health and Educational Facilities Authority, (Children’s Hospital), 5.50%, 12/1/39		1,000		1,001,970
Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37		4,545		4,163,447
Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), 6.00%, 7/1/22		2,055		2,083,935
Massachusetts Health and Educational Facilities Authority, (Jordan Hospital), 6.75%, 10/1/33		3,320		3,032,953
Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 5.125%, 7/1/35		1,645		1,409,831
Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/32(1)		6,800		6,417,092
Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/39		4,305		3,737,902
Massachusetts Health and Educational Facilities Authority, (Winchester Hospital), 5.25%, 7/1/38		1,200		1,056,540
			$	27,881,765
Housing — 7.9%
Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40	$	5,000	$	4,375,050
Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37		3,960		3,646,130
Massachusetts Housing Finance Agency, (AMT), 5.20%, 12/1/37		3,875		3,546,400
Massachusetts Housing Finance Agency, (AMT), 5.30%, 12/1/37		3,750		3,482,400
			$	15,049,980
Industrial Development Revenue — 3.4%
Massachusetts Industrial Finance Agency, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15	$	2,155	$	2,158,276
Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		5,170		4,325,325
			$	6,483,601

See Notes to Financial Statements.

14

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Massachusetts Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

	Principal Amount
Security	(000’s omitted)		Value
Insured – Education — 6.4%
Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/28	$	1,000	$	1,094,930
Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/33		5,000		5,285,500
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1)		5,460		5,707,775
			$	12,088,205
Insured – Escrowed / Prerefunded — 0.1%
Massachusetts Turnpike Authority, (NPFG), Escrowed to Maturity, 5.00%, 1/1/20	$	200	$	231,992
			$	231,992
Insured – Hospital — 0.7%
Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), 5.00%, 11/15/25	$	1,395	$	1,349,397
			$	1,349,397
Insured – Other Revenue — 2.0%
Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42	$	4,000	$	3,787,680
			$	3,787,680
Insured – Special Tax Revenue — 6.2%
Martha’s Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32	$	1,770	$	1,718,298
Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/30		4,955		5,152,407
Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37(1)		5,000		4,931,200
			$	11,801,905
Insured – Student Loan — 3.4%
Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30	$	2,130	$	2,172,408
Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33		5,140		4,353,066
			$	6,525,474
Insured – Transportation — 8.0%
Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/32	$	2,790	$	2,452,577
Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/38		3,435		2,885,915
Massachusetts Turnpike Authority, Metropolitan Highway System, (NPFG), 0.00%, 1/1/22		10,750		6,106,968
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(1)		4,320		3,847,954
			$	15,293,414
Nursing Home — 2.5%
Massachusetts Health and Educational Facilities Authority, (Christopher House), 6.875%, 1/1/29	$	2,145	$	1,949,955
Massachusetts Industrial Finance Agency, (Age Institute of Massachusetts), 8.05%, 11/1/25		2,815		2,815,873
			$	4,765,828
Other Revenue — 1.6%
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/22	$	1,590	$	1,680,169
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/23		1,195		1,248,572
			$	2,928,741
Senior Living / Life Care — 2.0%
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc./Edgecombe), 5.10%, 7/1/29	$	1,400	$	1,155,686
Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.625%, 12/1/30		525		499,490
Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.125%, 11/1/27		615		447,382
Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.20%, 11/1/41		2,465		1,609,571
			$	3,712,129
Solid Waste — 1.7%
Massachusetts Industrial Finance Agency, Resource Recovery, (Ogden Haverhill), (AMT), 5.60%, 12/1/19	$	3,250	$	3,256,273
			$	3,256,273
Special Tax Revenue — 3.3%
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/23	$	6,315	$	3,568,544
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 5.25%, 7/1/31		1,240		1,329,218

See Notes to Financial Statements.

15

Eaton Vance

Massachusetts Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

	Principal Amount
Security	(000’s omitted)		Value
Special Tax Revenue (continued)
Virgin Islands Public Finance Authority, 5.00%, 10/1/39	$	85	$	70,164
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		1,255		1,294,984
			$	6,262,910
Water and Sewer — 11.9%
Boston Industrial Development Authority, (Harbor Electric Energy Co.), (AMT), 7.375%, 5/15/15	$	5,620	$	5,641,862
Massachusetts Water Pollution Abatement Trust, 5.00%, 8/1/32		4,000		4,150,120
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33		2,940		3,159,824
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34		3,205		3,426,978
Massachusetts Water Resources Authority, 4.00%, 8/1/46		5,695		4,546,774
Massachusetts Water Resources Authority, 5.25%, 12/1/15		1,625		1,792,651
			$	22,718,209
Total Tax-Exempt Investments — 108.1%
(identified cost $210,774,832)			$	205,912,526
Other Assets, Less Liabilities — (8.1)%			$	(15,405,242	)
Net Assets — 100.0%			$	190,507,284

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

AGC	- Assured Guaranty Corp.
AMBAC	- AMBAC Financial Group, Inc.
AMT	- Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
CIFG	- CIFG Assurance North America, Inc.
FGIC	- Financial Guaranty Insurance Company
NPFG	- National Public Finance Guaranty Corp.
XLCA	- XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2011, 24.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.9% to 10.0% of total investments.

(1)	Security represents the underlying municipal bond of an inverse floater (see Note 1I).
(2)	Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

See Notes to Financial Statements.

16

Eaton Vance

New York Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 110.3%
	Principal Amount
Security	(000’s omitted)		Value
Cogeneration — 1.2%
Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23	$	4,250	$	3,739,915
			$	3,739,915
Education — 22.4%
Geneva Industrial Development Agency, (Hobart & William Smith Project), 5.375%, 2/1/33	$	1,810	$	1,788,099
New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/34		5,725		5,748,301
New York City Industrial Development Agency, (St. Francis College), 5.00%, 10/1/34		1,055		992,512
New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33		1,790		1,853,993
New York Dormitory Authority, (City University), 6.00%, 7/1/20		5,000		5,683,200
New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38(1)		5,000		5,064,850
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34(2)		10,000		10,090,100
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39		2,500		2,497,925
New York Dormitory Authority, (New York University), 5.25%, 7/1/48		620		600,265
New York Dormitory Authority, (Rochester Institute of Technology), 6.00%, 7/1/33		8,500		8,957,980
New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/25		1,110		1,143,600
New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/31		250		251,060
New York Dormitory Authority, (St. Francis College), 5.00%, 10/1/40		1,500		1,378,890
New York Dormitory Authority, (State University Educational Facilities), 5.50%, 5/15/19		2,000		2,252,120
New York Dormitory Authority, (The New School), 5.50%, 7/1/40		5,500		5,324,770
New York Dormitory Authority, (Vassar College), 4.25%, 7/1/39		2,455		2,118,984
New York Dormitory Authority, (Vassar College), 5.00%, 7/1/46(2)		9,990		9,613,277
Onondaga Civic Development Corp., (Le Moyne College), 5.20%, 7/1/29		970		917,436
Onondaga Civic Development Corp., (Le Moyne College), 5.375%, 7/1/40		2,515		2,335,102
			$	68,612,464
Electric Utilities — 3.8%
Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33	$	2,930	$	3,114,707
New York Energy Research and Development Authority, (Brooklyn Union Gas), (AMT), 6.952%, 7/1/26		5,000		5,005,400
Suffolk County Industrial Development Agency, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27		3,755		3,566,349
			$	11,686,456
General Obligations — 3.5%
New York City, 5.30%, 4/1/27	$	250	$	262,030
New York City, 5.375%, 4/1/36		5,000		5,068,100
New York City, 6.25%, 10/15/28		4,000		4,431,120
Saratoga County, 4.75%, 7/15/37		1,000		968,550
			$	10,729,800
Health Care – Miscellaneous — 0.2%
New York City Industrial Development Agency, (A Very Special Place, Inc.), 5.75%, 1/1/29	$	340	$	269,175
Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, 7.50%, 9/1/15		110		111,399
Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series C, 7.50%, 9/1/15		20		20,254
Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series F, 7.50%, 9/1/15		165		167,099
Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series J, 7.50%, 9/1/15		145		146,844
			$	714,771
Hospital — 14.8%
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/30	$	370	$	369,963
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/40		2,535		2,427,668
Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18		2,790		2,575,310
Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/22		4,250		4,227,177
Nassau County Industrial Development Agency, (North Shore Health System), 5.875%, 11/1/11		150		152,613
New York Dormitory Authority, (Lenox Hill Hospital), 5.50%, 7/1/30		4,575		4,375,759
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 5.00%, 7/1/36(2)		6,750		6,478,447

See Notes to Financial Statements.

17

Eaton Vance

New York Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

	Principal Amount
Security	(000’s omitted)		Value
Hospital (continued)
New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33	$	2,000	$	1,823,760
New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/26		3,500		3,483,095
New York Dormitory Authority, (North Shore Hospital), 5.00%, 11/1/34		3,155		2,947,811
New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37		4,500		4,329,585
New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29		1,420		1,311,867
New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37		2,830		2,573,291
Oneida County Industrial Development Agency, (Elizabeth Medical Center), 5.875%, 12/1/29		2,750		2,409,110
Oneida County Industrial Development Agency, (Elizabeth Medical Center), 6.00%, 12/1/29		1,000		879,950
Suffolk County Industrial Development Agency, (Huntington Hospital), 5.875%, 11/1/32		5,000		5,000,100
			$	45,365,506
Housing — 4.4%
New York City Housing Development Corp., MFMR, (AMT), 4.70%, 11/1/40	$	3,500	$	3,026,345
New York City Housing Development Corp., MFMR, (AMT), 5.05%, 11/1/39		2,000		1,829,400
New York Housing Finance Agency, 5.25%, 11/1/41		2,000		1,955,820
New York Mortgage Agency, (AMT), 5.20%, 10/1/32		3,000		2,880,030
New York Mortgage Agency, (AMT), 5.30%, 4/1/29		2,135		2,100,968
New York Mortgage Agency, (AMT), 5.65%, 4/1/30		1,520		1,520,061
			$	13,312,624
Industrial Development Revenue — 3.2%
New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.50%, 10/1/37	$	4,005	$	3,977,365
Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), 4.875%, 7/1/41		5,000		4,593,100
Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15		1,250		1,265,625
			$	9,836,090
Insured – Education — 2.9%
New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35	$	6,600	$	5,973,924
New York Dormitory Authority, (St. John’s University), (NPFG), 5.25%, 7/1/37		2,250		2,098,328
New York Dormitory Authority, (University of Rochester), (AMBAC), 4.25%, 7/1/39		910		768,677
			$	8,840,929
Insured – Electric Utilities — 1.5%
Long Island Power Authority, (BHAC), 6.00%, 5/1/33	$	4,250	$	4,597,055
			$	4,597,055
Insured – Escrowed / Prerefunded — 3.8%
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/26	$	4,005	$	2,172,953
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/27		4,385		2,245,953
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/30		16,945		7,194,508
			$	11,613,414
Insured – General Obligations — 2.3%
Brentwood Union Free School District, (AGC), 4.75%, 11/15/21	$	1,875	$	2,064,937
Brentwood Union Free School District, (AGC), 4.75%, 11/15/22		2,700		2,945,241
Jamestown, (AMBAC), 7.10%, 3/15/12		675		714,042
Jamestown, (AMBAC), 7.10%, 3/15/13		675		749,567
Jamestown, (AMBAC), 7.10%, 3/15/14		515		593,507
			$	7,067,294
Insured – Lease Revenue / Certificates of Participation — 2.8%
Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47	$	11,700	$	8,664,201
			$	8,664,201
Insured – Other Revenue — 1.7%
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/30	$	10,225	$	3,215,456
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31		2,590		760,268
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/33		4,825		1,246,973
			$	5,222,697

See Notes to Financial Statements.

18

Eaton Vance

New York Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

	Principal Amount
Security	(000’s omitted)		Value
Insured – Special Tax Revenue — 3.2%
New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45	$	3,750	$	3,162,225
New York Urban Development Corp., (FGIC), (NPFG), 5.25%, 3/15/34		1,000		1,005,810
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28		6,750		2,070,967
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34		15,975		2,837,799
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37		4,140		558,859
			$	9,635,660
Insured – Transportation — 2.4%
Metropolitan Transportation Authority, (AGC), 4.50%, 11/15/38	$	2,695	$	2,310,909
Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (NPFG), (AMT), 5.625%, 4/1/29		2,695		2,623,690
Port Authority of New York and New Jersey, (AGC), (AMT), 4.50%, 9/1/35		2,780		2,447,846
			$	7,382,445
Insured – Water and Sewer — 0.7%
Nassau County Industrial Development Agency, (Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35	$	2,535	$	2,137,487
			$	2,137,487
Lease Revenue / Certificates of Participation — 4.0%
New York Urban Development Corp., 5.70%, 4/1/20	$	10,940	$	12,312,095
			$	12,312,095
Other Revenue — 4.7%
Albany Industrial Development Agency, Civic Facility, (Charitable Leadership), 5.75%, 7/1/26	$	2,000	$	1,280,480
Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31		10,395		2,745,943
Brooklyn Arena Local Development Corp., (Barclays Center), 6.25%, 7/15/40		1,260		1,223,636
New York City Cultural Resource Trust, (Museum of Modern Art), 5.00%, 4/1/31		2,710		2,736,152
New York City Transitional Finance Authority, (Building Aid), 4.50%, 1/15/38		3,885		3,430,067
New York City Transitional Finance Authority, (Building Aid), 5.25%, 1/15/39		1,000		997,740
New York City Transitional Finance Authority, (Building Aid), 6.00%, 7/15/33		1,960		2,112,429
			$	14,526,447
Senior Living / Life Care — 0.7%
Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29	$	800	$	686,336
Suffolk County Economic Development Corp., (Peconic Landing at Southold, Inc.), 6.00%, 12/1/40		1,070		988,081
Suffolk County Industrial Development Agency, (Jefferson’s Ferry Project), 5.00%, 11/1/28		670		592,467
			$	2,266,884
Special Tax Revenue — 6.3%
New York City Transitional Finance Authority, Future Tax Revenue, 5.00%, 5/1/36	$	1,605	$	1,574,569
New York City Transitional Finance Authority, Future Tax Revenue, 5.00%, 11/1/39		5,000		4,877,250
New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38		5,500		5,533,605
Puerto Rico Sales Tax Financing Corp., 0.00%, 8/1/56		50,000		2,166,000
Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57		3,275		3,057,376
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		1,890		1,950,216
			$	19,159,016
Transportation — 10.8%
Metropolitan Transportation Authority, 5.00%, 11/15/37	$	2,710	$	2,456,696
Nassau County Bridge Authority, 5.00%, 10/1/40		1,915		1,851,939
Port Authority of New York and New Jersey, 5.00%, 11/15/37(2)		12,000		11,646,960
Port Authority of New York and New Jersey, 6.125%, 6/1/94		2,500		2,816,425
Port Authority of New York and New Jersey, (AMT), 4.75%, 6/15/33		5,780		5,359,679
Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34(2)		9,000		9,098,010
			$	33,229,709
Water and Sewer — 9.0%
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/31	$	585	$	201,591
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/32		585		187,808

See Notes to Financial Statements.

19

Eaton Vance

New York Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

	Principal Amount
Security	(000’s omitted)		Value
Water and Sewer (continued)
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/33	$	335	$	100,902
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/36		585		142,880
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/37		585		134,152
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/38		585		126,226
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/39		585		118,720
New York City Municipal Water Finance Authority, (Water and Sewer System), 5.25%, 6/15/40		1,000		1,002,890
New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40		10		10,569
New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40(2)		3,450		3,646,305
New York Environmental Facilities Corp., 5.00%, 10/15/39		5,910		5,869,871
New York Environmental Facilities Corp., Clean Water and Drinking Water, (Municipal Water Finance), 4.50%, 6/15/36		8,400		7,672,224
New York Environmental Facilities Corp., Clean Water and Drinking Water, (Municipal Water Finance), 5.00%, 6/15/37(2)		8,400		8,368,920
			$	27,583,058
Total Tax-Exempt Investments — 110.3%
(identified cost $349,785,644)			$	338,236,017
Other Assets, Less Liabilities — (10.3)%			$	(31,610,729	)
Net Assets — 100.0%			$	306,625,288

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

AGC	- Assured Guaranty Corp.
AMBAC	- AMBAC Financial Group, Inc.
AMT	- Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BHAC	- Berkshire Hathaway Assurance Corp.
FGIC	- Financial Guaranty Insurance Company
MFMR	- Multi-Family Mortgage Revenue
NPFG	- National Public Finance Guaranty Corp.

The Fund invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2011, 19.3% of total investments are backed by

bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.3% to 7.7% of total investments.

(1)	Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
(2)	Security represents the underlying municipal bond of an inverse floater (see Note 1I).

See Notes to Financial Statements.

20

Eaton Vance

Ohio Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 101.7%
	Principal Amount
Security	(000’s omitted)		Value
Bond Bank — 4.7%
Cleveland-Cuyahoga County Port Authority, (Columbia National), (AMT), 5.00%, 5/15/20	$	590	$	513,176
Cleveland-Cuyahoga County Port Authority, (Fairmount Project), 5.125%, 5/15/25		650		538,772
Ohio Economic Development Commission, (Burrows Paper), (AMT), 7.625%, 6/1/11		30		30,137
Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25		1,440		1,436,256
Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32(1)		7,455		7,131,081
Toledo Lucas County Port Authority, (AMT), 5.125%, 11/15/25		360		367,747
			$	10,017,169
Education — 5.2%
Cuyahoga Community College District, 5.25%, 2/1/29	$	2,500	$	2,590,975
Ohio Higher Educational Facilities Authority, (Case Western Reserve University), 5.00%, 12/1/33		5,000		4,919,700
Ohio Higher Educational Facilities Authority, (Case Western Reserve University), 6.50%, 10/1/20		550		645,711
Ohio Higher Educational Facility Commission, (Kenyon College), 5.00%, 7/1/41		1,000		925,230
Ohio Higher Educational Facility Commission, (Kenyon College), 5.00%, 7/1/44		2,100		1,867,488
			$	10,949,104
Electric Utilities — 1.4%
Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14	$	1,025	$	1,019,332
Puerto Rico Electric Power Authority, 5.00%, 7/1/37		2,290		1,922,821
			$	2,942,153
Escrowed / Prerefunded — 1.1%
Ohio Water Development Authority, (Fresh Water Improvement), Prerefunded to 6/1/14, 5.00%, 12/1/28(2)	$	2,000	$	2,254,880
			$	2,254,880
General Obligations — 1.1%
Butler County, Special Tax Assessment, 5.50%, 12/1/28	$	1,000	$	1,069,850
Highland Local School District, (School Facilities, Construction and Improvement), 5.50%, 12/1/36		1,000		1,037,570
Tuscarawas County, (Public Library Improvement), 6.90%, 12/1/11		130		130,419
			$	2,237,839
Hospital — 9.6%
Franklin County, (Nationwide Children’s Hospital), 5.00%, 11/1/34	$	950	$	870,039
Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26		1,250		1,206,425
Montgomery County, (Catholic Health Initiatives), 5.50%, 5/1/34		1,000		998,650
Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 4.75%, 1/15/46		1,095		850,344
Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 5.25%, 1/15/46		5,000		4,281,050
Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.25%, 1/1/33		4,880		4,756,097
Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.50%, 1/1/39		2,000		1,991,360
Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40		2,900		2,577,404
Richland County Hospital Facilities, (MedCentral Health Systems), 5.25%, 11/15/36		2,075		1,857,581
Richland County Hospital Facilities, (MedCentral Health Systems), 6.375%, 11/15/30		830		836,964
			$	20,225,914
Housing — 0.4%
Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (FNMA), (GNMA), (AMT), 4.75%, 3/1/37	$	1,010	$	893,284
			$	893,284
Industrial Development Revenue — 4.8%
Cleveland Airport, (Continental Airlines), (AMT), 5.375%, 9/15/27	$	3,105	$	2,584,820
Ohio Sewer and Solid Waste Disposal Facilities, (Anheuser-Busch Cos., Inc.), (AMT), 6.00%, 7/1/35		4,000		3,999,760
Ohio Water Development Authority, Solid Waste Disposal, (Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15		825		842,721
Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		3,165		2,647,902
			$	10,075,203

See Notes to Financial Statements.

21

Eaton Vance

Ohio Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

	Principal Amount
Security	(000’s omitted)		Value
Insured – Education — 3.8%
Kent State University, (AGC), 5.00%, 5/1/29	$	2,175	$	2,160,841
Miami University, (AMBAC), 3.25%, 9/1/26		750		619,312
Ohio Higher Educational Facilities Authority, (University of Dayton), (AMBAC), 5.00%, 12/1/30		2,770		2,675,626
University of Cincinnati, (NPFG), 5.00%, 6/1/34		2,700		2,588,976
			$	8,044,755
Insured – Electric Utilities — 10.9%
American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.25%, 2/15/33	$	4,300	$	4,316,942
Cleveland Public Power System, (NPFG), 0.00%, 11/15/27		2,540		974,065
Cleveland Public Power System, (NPFG), 5.00%, 11/15/38		1,550		1,453,001
Hamilton, Electric System Revenue, (AGM), 4.70%, 10/15/25		2,000		2,002,300
Ohio Air Quality Development Authority, (Dayton Power & Light Co.), (BHAC), (FGIC), 4.80%, 1/1/34		5,670		5,358,207
Ohio Air Quality Development Authority, (Ohio Power), (AMBAC), 5.15%, 5/1/26		2,630		2,522,038
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26		3,000		1,287,420
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/27		2,500		1,001,075
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/28		4,750		1,766,288
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35		2,750		2,421,072
			$	23,102,408
Insured – Escrowed / Prerefunded — 3.0%
Cincinnati City School District, (Classroom Facilities Construction & Improvement), (AGM), Prerefunded to 12/1/13, 5.00%, 12/1/31	$	1,000	$	1,108,000
Little Miami School District, (AGM), Prerefunded to 12/1/16, 5.00%, 12/1/34		1,500		1,759,665
Marysville Exempt Village School District, (School Facilities), (NPFG), Prerefunded to 6/1/15, 5.25%, 12/1/30		1,000		1,156,250
Ohio Higher Educational Facilities Authority, (Xavier University), (CIFG), Prerefunded to 5/1/16, 5.00%, 5/1/22		845		978,983
Ohio Higher Educational Facilities Authority, (Xavier University), (CIFG), Prerefunded to 5/1/16, 5.25%, 5/1/21		1,245		1,457,497
			$	6,460,395
Insured – General Obligations — 33.1%
Adams County Local School District, (AGM), 4.25%, 12/1/33	$	1,975	$	1,764,998
Brookfield Local School District, (AGM), 5.25%, 1/15/36		1,300		1,308,372
Canal Winchester Local School District, (NPFG), 0.00%, 12/1/32		2,500		711,650
Cincinnati City School District, (Classroom Facilities Construction & Improvement), (AGM), (FGIC), 5.25%, 12/1/29		10,000		10,684,300
Cincinnati City School District, (Classroom Facilities Construction & Improvement), (AGM), (FGIC), 5.25%, 12/1/30		5,000		5,293,850
Cleveland, (AMBAC), 5.50%, 10/1/23		2,105		2,382,839
Clyde-Green Springs Exempted Village School District, (AGM), 4.50%, 12/1/31		1,510		1,383,266
Columbus School District, (Classroom Facilities Construction & Improvement), (AGM), 4.25%, 12/1/32		890		804,969
Fairview Park, (NPFG), 5.00%, 12/1/25		3,700		3,758,201
Hamilton City School District, (AGM), 4.25%, 12/1/30		3,085		2,655,506
Hamilton City School District, (AGM), 5.00%, 12/1/18		770		838,561
Hilliard School District, (NPFG), 5.00%, 12/1/27		1,090		1,117,206
Kettering City School District, (AGM), 5.25%, 12/1/31		9,705		9,981,787
Mason City School District, (AGM), 5.25%, 12/1/31		3,525		3,855,539
Olentangy Local School District, (AGM), 5.00%, 12/1/21		1,745		1,865,265
Olentangy Local School District, (AGM), 5.00%, 12/1/30		1,255		1,272,307
Painesville City School District, (NPFG), 5.00%, 12/1/24		1,620		1,660,030
Pickerington Local School District, (School Facility Contract), (FGIC), (NPFG), 0.00%, 12/1/16		1,500		1,265,400
Springboro Community City School District, (AGM), 5.25%, 12/1/30		5,000		5,170,900
Springboro Community City School District, (AGM), 5.25%, 12/1/32		5,000		5,067,750
Westerville City School District, (XLCA), 5.00%, 12/1/27		6,705		7,066,467
			$	69,909,163
Insured – Hospital — 3.8%
Butler County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/31	$	3,550	$	3,262,485
Franklin County, (Ohio Health Corp.), (NPFG), 5.00%, 5/15/33		1,270		1,172,439
Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/32		1,555		1,438,375
Lorain County, (Catholic Healthcare Partners), (AGM), Variable Rate, 17.493%, 2/1/29(3)(4)(5)		2,575		2,089,252
			$	7,962,551

See Notes to Financial Statements.

22

Eaton Vance

Ohio Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

	Principal Amount
Security	(000’s omitted)		Value
Insured – Special Tax Revenue — 1.1%
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/29	$	4,760	$	1,327,469
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34		5,000		888,200
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37		590		79,644
			$	2,295,313
Insured – Transportation — 6.4%
Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24	$	7,000	$	7,606,480
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(1)		5,000		4,453,650
Puerto Rico Highway and Transportation Authority, (NPFG), 5.25%, 7/1/32		1,595		1,439,838
			$	13,499,968
Insured – Water and Sewer — 2.3%
Cleveland Waterworks, (NPFG), 5.00%, 1/1/37	$	5,000	$	4,807,150
			$	4,807,150
Lease Revenue / Certificates of Participation — 0.7%
Franklin County Convention Facilities Authority, 5.00%, 12/1/27	$	1,455	$	1,495,987
			$	1,495,987
Other Revenue — 3.4%
Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47	$	2,275	$	1,517,470
Ohio State Building Authority, 5.00%, 10/1/27		1,500		1,527,210
Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27		4,700		4,093,465
			$	7,138,145
Special Tax Revenue — 0.3%
Virgin Islands Public Finance Authority, 6.75%, 10/1/37	$	675	$	696,506
			$	696,506
Water and Sewer — 4.6%
Cincinnati Water System Authority, 4.50%, 12/1/23	$	3,000	$	3,073,410
Cincinnati Water System Authority, 5.00%, 12/1/32		3,850		3,911,908
Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 12/1/28		750		784,567
Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 6/1/30		750		774,173
Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.25%, 6/1/20		1,000		1,153,720
			$	9,697,778
Total Tax-Exempt Investments — 101.7%
(identified cost $223,783,196)			$	214,705,665
Other Assets, Less Liabilities — (1.7)%			$	(3,489,296	)
Net Assets — 100.0%			$	211,216,369

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

AGC	- Assured Guaranty Corp.
AGM	- Assured Guaranty Municipal Corp.
AMBAC	- AMBAC Financial Group, Inc.
AMT	- Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BHAC	- Berkshire Hathaway Assurance Corp.
CIFG	- CIFG Assurance North America, Inc.
FGIC	- Financial Guaranty Insurance Company
FNMA	- Federal National Mortgage Association
GNMA	- Government National Mortgage Association
NPFG	- National Public Finance Guaranty Corp.
XLCA	- XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2011, 63.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.5% to 27.4% of total investments.

(1)	Security represents the underlying municipal bond of an inverse floater (see Note 1I).
(2)	Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
(3)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At March 31, 2011, the aggregate value of these securities is $2,089,252 or 1.0% of the Fund’s net assets.
(4)	Security is subject to a shortfall agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the inverse floater. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $7,725,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater.
(5)	Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2011.

See Notes to Financial Statements.

23

Eaton Vance

Rhode Island Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 102.2%
	Principal Amount
Security	(000’s omitted)		Value
Education — 8.3%
Rhode Island Health and Educational Building Corp., (Brown University), 4.75%, 9/1/37	$	1,500	$	1,441,035
Rhode Island Health and Educational Building Corp., (New England Institute of Technology), 5.125%, 3/1/40		750		703,305
Rhode Island Health and Educational Building Corp., (University of Rhode Island), 6.25%, 9/15/34		1,000		1,048,450
			$	3,192,790
Escrowed / Prerefunded — 2.8%
Rhode Island Health and Educational Building Corp., (Hospital Financing-Lifespan Obligation Group), Prerefunded to 8/15/12, 6.50%, 8/15/32	$	1,000	$	1,079,650
			$	1,079,650
General Obligations — 0.5%
Puerto Rico, 0.00%, 7/1/16	$	225	$	177,712
			$	177,712
Hospital — 3.0%
Fulton County, GA, Development Authority, (Children’s Healthcare of Atlanta), 5.25%, 11/15/39	$	500	$	482,050
Kansas Development Finance Authority, (Adventist Health System), 5.75%, 11/15/38		655		675,141
			$	1,157,191
Housing — 4.8%
Rhode Island Housing and Mortgage Finance Corp., (AMT), 4.90%, 4/1/22	$	900	$	900,297
Rhode Island Housing and Mortgage Finance Corp., (AMT), 4.90%, 10/1/28		1,000		952,550
			$	1,852,847
Industrial Development Revenue — 4.7%
Rhode Island Industrial Facilities Corp., (Waste Management, Inc.), (AMT), 4.625%, 4/1/16	$	750	$	757,163
Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		1,250		1,045,775
			$	1,802,938
Insured – Education — 6.1%
Rhode Island Health and Educational Building Corp., (Bryant College), (AMBAC), 5.00%, 12/1/31	$	1,000	$	963,740
Rhode Island Health and Educational Building Corp., (Rhode Island School of Design), (XLCA), 5.50%, 8/15/35		500		492,705
Rhode Island Health and Educational Building Corp., (State Colleges), (AGM), 5.00%, 9/15/40		1,000		905,890
			$	2,362,335
Insured – Electric Utilities — 3.9%
Puerto Rico Electric Power Authority, (BHAC), (FGIC), (NPFG), 5.25%, 7/1/24	$	250	$	258,558
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		310		291,592
Puerto Rico Electric Power Authority, (NPFG), 5.50%, 7/1/16		865		942,071
			$	1,492,221
Insured – Escrowed / Prerefunded — 0.7%
Rhode Island Depositors Economic Protection Corp., (AGM), Escrowed to Maturity, 5.75%, 8/1/21	$	230	$	277,332
			$	277,332
Insured – General Obligations — 1.6%
North Kingstown, (FGIC), (NPFG), 5.00%, 10/1/25	$	600	$	622,734
			$	622,734
Insured – Hospital — 2.5%
Rhode Island Health and Educational Building Corp., (Rhode Island Hospital), (AGM), 5.00%, 5/15/32	$	1,000	$	942,090
			$	942,090
Insured – Housing — 5.5%
Rhode Island Housing and Mortgage Finance Corp., (Rental Housing Program), (AGM), (AMT), 5.00%, 10/1/48	$	750	$	657,855
Rhode Island Housing and Mortgage Finance Corp., (Rental Housing Program), (AGM), (AMT), 5.25%, 10/1/31		40		36,842
Rhode Island Housing and Mortgage Finance Corp., (Rental Housing Program), (AGM), (AMT), 5.50%, 10/1/49		495		447,094
Rhode Island Housing and Mortgage Finance Corp., (Rental Housing Program), (AGM), (AMT), 5.55%, 10/1/32		1,000		976,700
			$	2,118,491

See Notes to Financial Statements.

24

Eaton Vance

Rhode Island Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

	Principal Amount
Security	(000’s omitted)		Value
Insured – Lease Revenue / Certificates of Participation — 7.1%
Convention Center Authority of Rhode Island, (NPFG), 5.25%, 5/15/15	$	1,770	$	1,858,040
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27		750		870,652
			$	2,728,692
Insured – Other Revenue — 7.8%
Rhode Island Health and Educational Building Corp., (Public Schools), (AGC), 5.00%, 5/15/34	$	915	$	856,623
Rhode Island Health and Educational Building Corp., (Public Schools), (AGC), 5.25%, 5/15/29		750		756,367
Rhode Island Health and Educational Building Corp., (Public Schools), (AGM), 4.75%, 5/15/29		1,000		961,160
Rhode Island Health and Educational Building Corp., (Public Schools), (AMBAC), 5.00%, 5/15/27		500		439,120
			$	3,013,270
Insured – Solid Waste — 1.9%
Rhode Island Resource Recovery Corp., (NPFG), (AMT), 5.00%, 3/1/22	$	750	$	739,860
			$	739,860
Insured – Special Tax Revenue — 8.3%
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28	$	265	$	81,305
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/29		1,425		397,404
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37		1,625		219,359
Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/30		2,000		508,500
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		1,820		90,399
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		785		76,271
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46		630		56,668
Rhode Island Economic Development Corp., (Rhode Island Department of Transportation), Motor Fuel Tax Revenue, (AGC), 5.375%, 6/15/27		750		774,030
Rhode Island Economic Development Corp., (Rhode Island Department of Transportation), Motor Fuel Tax Revenue, (AMBAC), 5.00%, 6/15/26		1,000		984,760
			$	3,188,696
Insured – Student Loan — 3.1%
Rhode Island Student Loan Authority, (AMBAC), (AMT), 4.85%, 12/1/36	$	1,000	$	763,400
Rhode Island Student Loan Authority, (AMBAC), (AMT), 4.90%, 12/1/26		500		431,835
			$	1,195,235
Insured – Transportation — 8.4%
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(1)	$	1,500	$	1,336,095
Rhode Island Economic Development Corp., (Rhode Island Airport Corp.), (AGC), (AMT), 5.25%, 7/1/38		1,000		882,240
Rhode Island Economic Development Corp., (T.F. Green Airport), (AGM), (AMT), 5.00%, 7/1/20		1,000		1,010,970
			$	3,229,305
Insured – Water and Sewer — 3.4%
Narragansett Bay Commission, (NPFG), 5.00%, 8/1/35	$	1,000	$	934,560
Rhode Island Clean Water, Water Pollution Control, (NPFG), 5.40%, 10/1/15(2)		350		378,406
			$	1,312,966
Nursing Home — 2.4%
Rhode Island Health and Educational Building Corp., (Tockwotton Home), 6.25%, 8/15/22	$	1,000	$	914,290
			$	914,290
Other Revenue — 3.2%
Central Falls Detention Facility Corp., 7.25%, 7/15/35	$	250	$	200,600
Rhode Island Health and Educational Building Corp., (Public Schools), 5.00%, 5/15/29		1,000		1,040,900
			$	1,241,500
Special Tax Revenue — 5.9%
Guam, Limited Obligation Bonds, 5.625%, 12/1/29	$	135	$	128,188
Guam, Limited Obligation Bonds, 5.75%, 12/1/34		145		137,286
Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57(1)(3)		1,260		1,176,273
Tiverton, Special Obligation Tax Increment, (Mount Hope Bay Village), 6.875%, 5/1/22		450		415,377
Virgin Islands Public Finance Authority, 5.00%, 10/1/39		100		82,546
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		325		335,354
			$	2,275,024

See Notes to Financial Statements.

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Rhode Island Municipal Income Fund

March 31, 2011

Portfolio of Investments (Unaudited) — continued

	Principal Amount
Security	(000’s omitted)		Value
Transportation — 3.6%
Pennsylvania Turnpike Commission, 5.25%, 6/1/39	$	1,000	$	942,520
Rhode Island Turnpike and Bridge Authority, 5.00%, 12/1/39		500		454,745
			$	1,397,265
Water and Sewer — 2.7%
Rhode Island Clean Water Financing Authority, Water Pollution Control, 5.00%, 10/1/30	$	1,000	$	1,048,310
			$	1,048,310
Total Tax-Exempt Investments — 102.2%
(identified cost $41,760,760)			$	39,362,744
Other Assets, Less Liabilities — (2.2)%			$	(864,978	)
Net Assets — 100.0%			$	38,497,766

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

AGC	- Assured Guaranty Corp.
AGM	- Assured Guaranty Municipal Corp.
AMBAC	- AMBAC Financial Group, Inc.
AMT	- Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BHAC	- Berkshire Hathaway Assurance Corp.
CIFG	- CIFG Assurance North America, Inc.
FGIC	- Financial Guaranty Insurance Company
NPFG	- National Public Finance Guaranty Corp.
XLCA	- XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Rhode Island municipalities. In addition, 16.8% of the Fund’s net assets at March 31, 2011 were invested in municipal obligations issued by Puerto Rico. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at March 31, 2011, 59.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.7% to 15.8% of total investments.

(1)	Security represents the underlying municipal bond of an inverse floater (see Note 1I).
(2)	Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
(3)	Security (or a portion thereof) has been pledged as collateral for inverse floating-rate security transactions. The aggregate value of such collateral is $231,273.

See Notes to Financial Statements.

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Municipal Income Funds

March 31, 2011

Statements of Assets and Liabilities (Unaudited)

	March 31, 2011
Assets	California Fund			Massachusetts Fund			New York Fund
Investments —
Identified cost	$	194,366,243		$	210,774,832		$	349,785,644
Unrealized depreciation		(7,154,947	)		(4,862,306	)		(11,549,627	)
Investments, at value	$	187,211,296		$	205,912,526		$	338,236,017
Cash	$	4,036,986		$	2,673,226		$	6,930,382
Interest receivable		2,239,338			3,182,677			5,226,792
Receivable for investments sold		49,142			547,214			8,998
Receivable for Fund shares sold		52,304			40,131			132,821
Receivable for variation margin on open financial futures contracts		7,500			9,375			25,781
Total assets	$	193,596,566		$	212,365,149		$	350,560,791
Liabilities
Payable for floating rate notes issued	$	23,120,000		$	18,650,000		$	41,185,000
Payable for investments purchased		—			1,987,381			—
Payable for open swap contracts		187,108			99,139			141,457
Payable for Fund shares redeemed		416,434			590,915			1,777,546
Distributions payable		305,536			293,646			424,973
Payable to affiliates:
Investment adviser fee		68,416			68,508			116,379
Distribution and service fees		43,261			42,538			80,807
Interest expense and fees payable		38,413			38,333			103,892
Accrued expenses		75,190			87,405			105,449
Total liabilities	$	24,254,358		$	21,857,865		$	43,935,503
Net Assets	$	169,342,208		$	190,507,284		$	306,625,288
Sources of Net Assets
Paid-in capital	$	198,938,946		$	234,042,879		$	349,832,018
Accumulated net realized loss		(22,775,758	)		(39,108,474	)		(31,790,099	)
Accumulated undistributed net investment income		551,201			613,647			459,104
Net unrealized depreciation		(7,372,181	)		(5,040,768	)		(11,875,735	)
Net Assets	$	169,342,208		$	190,507,284		$	306,625,288
Class A Shares
Net Assets	$	149,372,266		$	158,163,840		$	248,594,299
Shares Outstanding		16,779,178			19,733,274			27,930,690
Net Asset Value and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	8.90		$	8.02		$	8.90
Maximum Offering Price Per Share
(100 ¸ 95.25 of net asset value per share)	$	9.34		$	8.42		$	9.34
Class B Shares
Net Assets	$	2,784,795		$	—		$	9,823,809
Shares Outstanding		338,321			—			1,102,224
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	8.23		$	—		$	8.91
Class C Shares
Net Assets	$	10,178,140		$	18,796,975		$	36,594,307
Shares Outstanding		1,236,399			2,344,008			4,109,476
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	8.23		$	8.02		$	8.90
Class I Shares
Net Assets	$	7,007,007		$	13,546,469		$	11,612,873
Shares Outstanding		786,437			1,690,513			1,304,833
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	8.91		$	8.01		$	8.90

On sales of $25,000 or more, the offering price of Class A shares is reduced.

* Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

See Notes to Financial Statements.

27

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Municipal Income Funds

March 31, 2011

Statements of Assets and Liabilities (Unaudited) — continued

	March 31, 2011
Assets	Ohio Fund			Rhode Island Fund
Investments —
Identified cost	$	223,783,196		$	41,760,760
Unrealized depreciation		(9,077,531	)		(2,398,016	)
Investments, at value	$	214,705,665		$	39,362,744
Cash	$	44,705		$	602,159
Interest receivable		3,307,568			604,755
Receivable for investments sold		1,859,800			—
Receivable for Fund shares sold		48,266			25,001
Receivable for variation margin on open financial futures contracts		6,094			1,500
Total assets	$	219,972,098		$	40,596,159
Liabilities
Payable for floating rate notes issued	$	7,470,000		$	1,695,000
Demand note payable		200,000			—
Payable for open swap contracts		154,353			20,066
Payable for Fund shares redeemed		402,424			256,456
Distributions payable		297,533			72,172
Payable to affiliates:
Investment adviser fee		75,459			7,596
Distribution and service fees		50,540			10,854
Interest expense and fees payable		19,513			3,341
Accrued expenses		85,907			32,908
Total liabilities	$	8,755,729		$	2,098,393
Net Assets	$	211,216,369		$	38,497,766
Sources of Net Assets
Paid-in capital	$	247,656,003		$	45,351,854
Accumulated net realized loss		(27,174,812	)		(4,405,607	)
Accumulated distributions in excess of net investment income		(39,521	)		(24,787	)
Net unrealized depreciation		(9,225,301	)		(2,423,694	)
Net Assets	$	211,216,369		$	38,497,766
Class A Shares
Net Assets	$	186,153,175		$	31,929,256
Shares Outstanding		22,520,400			3,840,341
Net Asset Value and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	8.27		$	8.31
Maximum Offering Price Per Share
(100 ¸ 95.25 of net asset value per share)	$	8.68		$	8.72
Class B Shares
Net Assets	$	—		$	3,633,629
Shares Outstanding		—			427,070
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	—		$	8.51
Class C Shares
Net Assets	$	21,696,763		$	2,861,664
Shares Outstanding		2,626,488			336,187
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	8.26		$	8.51
Class I Shares
Net Assets	$	3,366,431		$	73,217
Shares Outstanding		407,022			8,803
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	8.27		$	8.32

On sales of $25,000 or more, the offering price of Class A shares is reduced.

* Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

See Notes to Financial Statements.

28

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Municipal Income Funds

March 31, 2011

Statements of Operations (Unaudited)

	Six Months Ended March 31, 2011
Investment Income	California Fund			Massachusetts Fund			New York Fund
Interest	$	5,568,832		$	6,151,740		$	9,877,989
Total investment income	$	5,568,832		$	6,151,740		$	9,877,989
Expenses
Investment adviser fee	$	433,298		$	444,535		$	744,614
Distribution and service fees
Class A		201,445			173,205			270,533
Class B		15,229			—			49,290
Class C		56,333			99,029			195,301
Trustees’ fees and expenses		3,181			3,568			5,590
Custodian fee		41,680			47,190			67,555
Transfer and dividend disbursing agent fees		36,358			45,311			81,087
Legal and accounting services		43,859			38,812			42,853
Printing and postage		6,760			7,736			13,885
Registration fees		853			6,251			2,283
Interest expense and fees		114,436			100,932			185,029
Miscellaneous		8,400			10,323			13,861
Total expenses	$	961,832		$	976,892		$	1,671,881
Deduct —
Reduction of custodian fee	$	927		$	601		$	841
Total expense reductions	$	927		$	601		$	841
Net expenses	$	960,905		$	976,291		$	1,671,040
Net investment income	$	4,607,927		$	5,175,449		$	8,206,949
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(3,874,325	)	$	(2,709,192	)	$	(1,673,855	)
Financial futures contracts		386,812			1,272,173			4,036,184
Swap contracts		939,563			886,876			1,265,443
Net realized gain (loss)	$	(2,547,950	)	$	(550,143	)	$	3,627,772
Change in unrealized appreciation (depreciation) —
Investments	$	(19,730,869	)	$	(22,059,428	)	$	(36,713,123	)
Financial futures contracts		(63,163	)		(8,216	)		(401,377	)
Swap contracts		(179,322	)		36,177			51,619
Net change in unrealized appreciation (depreciation)	$	(19,973,354	)	$	(22,031,467	)	$	(37,062,881	)
Net realized and unrealized loss	$	(22,521,304	)	$	(22,581,610	)	$	(33,435,109	)
Net decrease in net assets from operations	$	(17,913,377	)	$	(17,406,161	)	$	(25,228,160	)

See Notes to Financial Statements.

29

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Municipal Income Funds

March 31, 2011

Statements of Operations (Unaudited) — continued

	Six Months Ended March 31, 2011
Investment Income	Ohio Fund			Rhode Island Fund
Interest	$	6,375,086		$	1,193,976
Total investment income	$	6,375,086		$	1,193,976
Expenses
Investment adviser fee	$	505,603		$	54,354
Distribution and service fees
Class A		214,723			35,908
Class B		—			20,744
Class C		124,633			14,626
Trustees’ fees and expenses		4,141			953
Custodian fee		59,772			24,310
Transfer and dividend disbursing agent fees		55,714			9,014
Legal and accounting services		27,842			9,168
Printing and postage		10,049			2,364
Registration fees		5,573			5
Interest expense and fees		38,436			8,161
Miscellaneous		14,042			9,052
Total expenses	$	1,060,528		$	188,659
Deduct —
Reduction of custodian fee	$	939		$	405
Total expense reductions	$	939		$	405
Net expenses	$	1,059,589		$	188,254
Net investment income	$	5,315,497		$	1,005,722
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(2,600,920	)	$	(515,171	)
Financial futures contracts		891,309			(37,106	)
Swap contracts		775,083			179,508
Net realized loss	$	(934,528	)	$	(372,769	)
Change in unrealized appreciation (depreciation) —
Investments	$	(25,502,531	)	$	(3,581,806	)
Financial futures contracts		267,461			4,041
Swap contracts		(147,930	)		7,323
Net change in unrealized appreciation (depreciation)	$	(25,383,000	)	$	(3,570,442	)
Net realized and unrealized loss	$	(26,317,528	)	$	(3,943,211	)
Net decrease in net assets from operations	$	(21,002,031	)	$	(2,937,489	)

See Notes to Financial Statements.

30

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Municipal Income Funds

March 31, 2011

Statements of Changes in Net Assets (Unaudited)

	Six Months Ended March 31, 2011
Increase (Decrease) in Net Assets	California Fund			Massachusetts Fund			New York Fund
From operations —
Net investment income	$	4,607,927		$	5,175,449		$	8,206,949
Net realized gain (loss) from investment transactions, financial futures contracts and swap contracts		(2,547,950	)		(550,143	)		3,627,772
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		(19,973,354	)		(22,031,467	)		(37,062,881	)
Net decrease in net assets from operations	$	(17,913,377	)	$	(17,406,161	)	$	(25,228,160	)
Distributions to shareholders —
From net investment income
Class A	$	(3,939,533	)	$	(4,270,703	)	$	(6,748,519	)
Class B		(63,020	)		—			(219,942	)
Class C		(233,227	)		(435,569	)		(870,180	)
Class I		(191,132	)		(372,574	)		(317,556	)
Total distributions to shareholders	$	(4,426,912	)	$	(5,078,846	)	$	(8,156,197	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	3,133,570		$	4,340,591		$	8,278,564
Class B		232,289			—			576,960
Class C		622,793			1,558,300			2,806,182
Class I		1,218,592			631,087			2,371,426
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,350,488			2,700,978			4,784,407
Class B		27,909			—			114,753
Class C		125,993			284,431			538,147
Class I		24,324			127,590			59,203
Cost of shares redeemed
Class A		(16,628,147	)		(27,134,606	)		(43,174,507	)
Class B		(381,326	)		—			(1,028,941	)
Class C		(2,289,096	)		(3,486,924	)		(9,382,113	)
Class I		(1,613,272	)		(1,473,606	)		(2,961,117	)
Net asset value of shares exchanged
Class A		94,848			—			145,927
Class B		(94,848	)		—			(145,927	)
Net decrease in net assets from Fund share transactions	$	(13,175,883	)	$	(22,452,159	)	$	(37,017,036	)
Net decrease in net assets	$	(35,516,172	)	$	(44,937,166	)	$	(70,401,393	)
Net Assets
At beginning of period	$	204,858,380		$	235,444,450		$	377,026,681
At end of period	$	169,342,208		$	190,507,284		$	306,625,288
Accumulated undistributed net investment income included in net assets
At end of period	$	551,201		$	613,647		$	459,104

See Notes to Financial Statements.

31

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Municipal Income Funds

March 31, 2011

Statements of Changes in Net Assets (Unaudited) — continued

	Six Months Ended March 31, 2011
Increase (Decrease) in Net Assets	Ohio Fund			Rhode Island Fund
From operations —
Net investment income	$	5,315,497		$	1,005,722
Net realized loss from investment transactions, financial futures contracts and swap contracts		(934,528	)		(372,769	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		(25,383,000	)		(3,570,442	)
Net decrease in net assets from operations	$	(21,002,031	)	$	(2,937,489	)
Distributions to shareholders —
From net investment income
Class A	$	(4,773,146	)	$	(853,520	)
Class B		—			(86,925	)
Class C		(484,183	)		(61,926	)
Class I		(8,405	)		(205	)
Total distributions to shareholders	$	(5,265,734	)	$	(1,002,576	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	5,377,227		$	840,562
Class B		—			53,017
Class C		1,197,104			523,237
Class I		3,735,683			72,655
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		3,011,580			496,265
Class B		—			36,394
Class C		306,347			24,782
Cost of shares redeemed
Class A		(46,487,917	)		(7,512,475	)
Class B		—			(226,497	)
Class C		(7,500,837	)		(870,745	)
Class I		(350,756	)		—
Net asset value of shares exchanged
Class A		—			1,101,132
Class B		—			(1,101,132	)
Net decrease in net assets from Fund share transactions	$	(40,711,569	)	$	(6,562,805	)
Net decrease in net assets	$	(66,979,334	)	$	(10,502,870	)
Net Assets
At beginning of period	$	278,195,703		$	49,000,636
At end of period	$	211,216,369		$	38,497,766
Accumulated distributions in excess of net investment income included in net assets
At end of period	$	(39,521	)	$	(24,787	)

See Notes to Financial Statements.

32

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Municipal Income Funds

March 31, 2011

Statements of Changes in Net Assets — continued

	Year Ended September 30, 2010
Increase (Decrease) in Net Assets	California Fund			Massachusetts Fund			New York Fund
From operations —
Net investment income	$	9,727,516		$	11,493,243		$	17,221,569
Net realized gain (loss) from investment transactions, financial futures contracts and swap contracts		325,147			(5,946,402	)		(7,250,145	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		125,594			6,041,718			9,786,686
Net increase in net assets from operations	$	10,178,257		$	11,588,559		$	19,758,110
Distributions to shareholders —
From net investment income
Class A	$	(8,536,458	)	$	(9,238,054	)	$	(14,525,676	)
Class B		(131,389	)		(624,027	)		(433,293	)
Class C		(490,029	)		(797,761	)		(1,768,259	)
Class I		(294,854	)		(658,451	)		(433,585	)
Total distributions to shareholders	$	(9,452,730	)	$	(11,318,293	)	$	(17,160,813	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	7,840,473		$	9,777,157		$	26,366,550
Class B		583,758			189,612			1,704,324
Class C		2,438,649			7,556,854			11,378,545
Class I		6,842,580			5,552,656			12,993,282
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		5,118,447			5,149,085			10,095,421
Class B		62,283			374,564			255,977
Class C		296,750			528,512			1,154,313
Class I		13,015			220,988			47,953
Cost of shares redeemed
Class A		(40,479,728	)		(46,003,526	)		(65,442,475	)
Class B		(532,404	)		(2,544,730	)		(1,418,987	)
Class C		(2,623,478	)		(4,240,421	)		(9,294,102	)
Class I		(1,387,412	)		(1,087,107	)		(1,618,464	)
Net asset value of shares exchanged
Class A		388,198			2,533,540			364,036
Class B		(388,198	)		(2,533,540	)		(364,036	)
Net asset value of shares merged *
Class A		—			18,029,357			—
Class B		—			(18,029,357	)		—
Contingent deferred sales charges
Class B		—			751			—
Net decrease in net assets from Fund share transactions	$	(21,827,067	)	$	(24,525,605	)	$	(13,777,663	)
Net decrease in net assets	$	(21,101,540	)	$	(24,255,339	)	$	(11,180,366	)
Net Assets
At beginning of year	$	225,959,920		$	259,699,789		$	388,207,047
At end of year	$	204,858,380		$	235,444,450		$	377,026,681
Accumulated undistributed net investment income included in net assets
At end of year	$	370,186		$	517,044		$	408,352

* At the close of business on June 11, 2010, Class B shares of Massachusetts Fund merged into Class A shares.

See Notes to Financial Statements.

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Statements of Changes in Net Assets — continued

	Year Ended September 30, 2010
Increase (Decrease) in Net Assets	Ohio Fund			Rhode Island Fund
From operations —
Net investment income	$	11,834,686		$	2,107,194
Net realized loss from investment transactions, financial futures contracts and swap contracts		(3,671,144	)		(404,079	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		3,144,474			714,199
Net increase in net assets from operations	$	11,308,016		$	2,417,314
Distributions to shareholders —
From net investment income
Class A	$	(10,736,805	)	$	(1,707,094	)
Class B		—			(239,466	)
Class C		(1,024,875	)		(140,768	)
Class I		(7	)		(7	)
Total distributions to shareholders	$	(11,761,687	)	$	(2,087,335	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	26,879,812		$	6,121,902
Class B		—			137,906
Class C		5,351,080			698,904
Class I		1,000			1,000
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		6,607,816			1,090,465
Class B		—			156,563
Class C		656,668			91,310
Cost of shares redeemed
Class A		(52,556,716	)		(8,443,817	)
Class B		—			(1,060,395	)
Class C		(4,746,440	)		(1,503,399	)
Net asset value of shares exchanged
Class A		—			2,115,170
Class B		—			(2,115,170	)
Net decrease in net assets from Fund share transactions	$	(17,806,780	)	$	(2,709,561	)
Net decrease in net assets	$	(18,260,451	)	$	(2,379,582	)
Net Assets
At beginning of year	$	296,456,154		$	51,380,218
At end of year	$	278,195,703		$	49,000,636
Accumulated distributions in excess of net investment income included in net assets
At end of year	$	(89,284	)	$	(27,933	)

See Notes to Financial Statements.

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Statements of Cash Flows (Unaudited)

	Six Months Ended March 31, 2011
Cash Flows From Operating Activities	California Fund			Massachusetts Fund			New York Fund
Net decrease in net assets from operations	$	(17,913,377	)	$	(17,406,161	)	$	(25,228,160	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Investments purchased		(37,218,457	)		(20,584,002	)		(16,072,272	)
Investments sold		56,772,426			49,696,622			57,370,120
Net amortization/accretion of premium (discount)		(773,055	)		(349,552	)		(725,547	)
Decrease in interest receivable		309,627			474,954			564,179
Decrease (increase) in receivable for investments sold		106,933			(497,751	)		66,248
Increase in receivable for variation margin on open financial futures contracts		(7,500	)		(3,125	)		(25,781	)
Increase in payable for investments purchased		—			1,987,381			—
Decrease in payable for variation margin on open financial futures contracts		(3,125	)		—			(20,500	)
Increase (decrease) in payable for open swap contracts		179,322			(36,177	)		(51,619	)
Decrease in payable to affiliate for investment adviser fee		(10,338	)		(8,967	)		(8,269	)
Decrease in payable to affiliate for distribution and service fees		(7,476	)		(7,682	)		(15,269	)
Decrease in interest expense and fees payable		(20,056	)		(20,246	)		(20,880	)
Decrease in accrued expenses		(77,058	)		(71,549	)		(99,596	)
Net change in unrealized (appreciation) depreciation from investments		19,730,869			22,059,428			36,713,123
Net realized loss from investments		3,874,325			2,709,192			1,673,855
Net cash provided by operating activities	$	24,943,060		$	37,942,365		$	54,119,632
Cash Flows From Financing Activities
Proceeds from Fund shares sold	$	5,355,441		$	6,664,087		$	14,231,370
Fund shares redeemed		(21,063,756	)		(31,730,917	)		(55,278,750	)
Distributions paid, net of reinvestments		(1,922,310	)		(2,084,561	)		(2,713,915	)
Repayment of secured borrowings		(5,245,000	)		(7,500,000	)		(3,805,000	)
Decrease in demand note payable		—			(700,000	)		—
Net cash used in financing activities	$	(22,875,625	)	$	(35,351,391	)	$	(47,566,295	)
Net increase in cash	$	2,067,435		$	2,590,974		$	6,553,337
Cash at beginning of period	$	1,969,551		$	82,252		$	377,045
Cash at end of period	$	4,036,986		$	2,673,226		$	6,930,382
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of:
Reinvestment of dividends and distributions	$	2,528,714		$	3,112,999		$	5,496,510
Cash paid for interest and fees		134,492			121,178			205,909

See Notes to Financial Statements.

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Financial Highlights

	California Fund — Class A
	Six Months Ended			Year Ended September 30,
	March 31, 2011
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value — Beginning of period	$	10.000		$	9.940		$	9.170		$	10.620		$	11.080		$	10.900
Income (Loss) From Operations
Net investment income(1)	$	0.235		$	0.461		$	0.454		$	0.456		$	0.458		$	0.486
Net realized and unrealized gain (loss)		(1.109	)		0.046			0.757			(1.411	)		(0.280	)		0.181
Total income (loss) from operations	$	(0.874	)	$	0.507		$	1.211		$	(0.955	)	$	0.178		$	0.667
Less Distributions
From net investment income	$	(0.226	)	$	(0.447	)	$	(0.441	)	$	(0.450	)	$	(0.462	)	$	(0.487	)
From net realized gain		—			—			—			(0.045	)		(0.176	)		—
Total distributions	$	(0.226	)	$	(0.447	)	$	(0.441	)	$	(0.495	)	$	(0.638	)	$	(0.487	)
Net asset value — End of period	$	8.900		$	10.000		$	9.940		$	9.170		$	10.620		$	11.080
Total Return(2)		(8.79	)%(3)		5.36	%		13.91	%		(9.32	)%		1.61	%		6.28	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	149,372		$	180,089		$	206,762		$	232,090		$	261,254		$	233,618
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.87	%(4)		0.90	%		0.91	%		0.86	%		0.84	%(5)		0.86	%
Interest and fee expense(6)		0.13	%(4)		0.10	%		0.18	%		0.30	%		0.33	%		0.37	%
Total expenses before custodian fee reduction		1.00	%(4)		1.00	%		1.09	%		1.16	%		1.17	%(5)		1.23	%
Expenses after custodian fee reduction excluding interest and fees		0.87	%(4)		0.90	%		0.91	%		0.84	%		0.82	%(5)		0.85	%
Net investment income		5.09	%(4)		4.76	%		5.14	%		4.47	%		4.22	%		4.45	%
Portfolio Turnover		18	%(3)		17	%		21	%		22	%		41	%		30	%

(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)	Not annualized.
(4)	Annualized.
(5)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.005% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

See Notes to Financial Statements.

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Financial Highlights — continued

	California Fund — Class B
	Six Months Ended			Year Ended September 30,
	March 31, 2011
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value — Beginning of period	$	9.250		$	9.190		$	8.480		$	9.810		$	10.260		$	10.090
Income (Loss) From Operations
Net investment income(1)	$	0.185		$	0.358		$	0.359		$	0.351		$	0.350		$	0.374
Net realized and unrealized gain (loss)		(1.028	)		0.051			0.696			(1.295	)		(0.273	)		0.171
Total income (loss) from operations	$	(0.843	)	$	0.409		$	1.055		$	(0.944	)	$	0.077		$	0.545
Less Distributions
From net investment income	$	(0.177	)	$	(0.349	)	$	(0.345	)	$	(0.341	)	$	(0.351	)	$	(0.375	)
From net realized gain		—			—			—			(0.045	)		(0.176	)		—
Total distributions	$	(0.177	)	$	(0.349	)	$	(0.345	)	$	(0.386	)	$	(0.527	)	$	(0.375	)
Net asset value — End of period	$	8.230		$	9.250		$	9.190		$	8.480		$	9.810		$	10.260
Total Return(2)		(9.16	)%(3)		4.65	%		13.01	%		(9.91	)%		0.73	%		5.52	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,785		$	3,375		$	3,642		$	3,371		$	3,545		$	4,090
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.63	%(4)		1.65	%		1.66	%		1.61	%		1.59	%(5)		1.61	%
Interest and fee expense(6)		0.13	%(4)		0.10	%		0.18	%		0.30	%		0.33	%		0.37	%
Total expenses before custodian fee reduction		1.76	%(4)		1.75	%		1.84	%		1.91	%		1.92	%(5)		1.98	%
Expenses after custodian fee reduction excluding interest and fees		1.63	%(4)		1.65	%		1.66	%		1.59	%		1.57	%(5)		1.60	%
Net investment income		4.34	%(4)		4.00	%		4.39	%		3.72	%		3.48	%		3.70	%
Portfolio Turnover		18	%(3)		17	%		21	%		22	%		41	%		30	%

(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)	Not annualized.
(4)	Annualized.
(5)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.005% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

See Notes to Financial Statements.

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March 31, 2011

Financial Highlights — continued

	California Fund — Class C
	Six Months Ended			Year Ended September 30,
	March 31, 2011
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value — Beginning of period	$	9.250		$	9.190		$	8.480		$	9.810		$	10.250		$	10.090
Income (Loss) From Operations
Net investment income(1)	$	0.186		$	0.359		$	0.359		$	0.351		$	0.348		$	0.366
Net realized and unrealized gain (loss)		(1.029	)		0.050			0.696			(1.295	)		(0.261	)		0.169
Total income (loss) from operations	$	(0.843	)	$	0.409		$	1.055		$	(0.944	)	$	0.087		$	0.535
Less Distributions
From net investment income	$	(0.177	)	$	(0.349	)	$	(0.345	)	$	(0.341	)	$	(0.351	)	$	(0.375	)
From net realized gain		—			—			—			(0.045	)		(0.176	)		—
Total distributions	$	(0.177	)	$	(0.349	)	$	(0.345	)	$	(0.386	)	$	(0.527	)	$	(0.375	)
Net asset value — End of period	$	8.230		$	9.250		$	9.190		$	8.480		$	9.810		$	10.250
Total Return(2)		(9.16	)%(3)		4.65	%		13.01	%		(9.91	)%		0.83	%		5.42	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	10,178		$	13,109		$	12,903		$	15,667		$	11,465		$	4,933
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.63	%(4)		1.65	%		1.66	%		1.61	%		1.59	%(5)		1.61	%
Interest and fee expense(6)		0.13	%(4)		0.10	%		0.18	%		0.30	%		0.33	%		0.37	%
Total expenses before custodian fee reduction		1.76	%(4)		1.75	%		1.84	%		1.91	%		1.92	%(5)		1.98	%
Expenses after custodian fee reduction excluding interest and fees		1.63	%(4)		1.65	%		1.66	%		1.59	%		1.57	%(5)		1.60	%
Net investment income		4.35	%(4)		4.00	%		4.40	%		3.73	%		3.49	%		3.62	%
Portfolio Turnover		18	%(3)		17	%		21	%		22	%		41	%		30	%

(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)	Not annualized.
(4)	Annualized.
(5)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.005% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

See Notes to Financial Statements.

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March 31, 2011

Financial Highlights — continued

	California Fund — Class I
	Six Months Ended			Year Ended September 30,
	March 31, 2011									Period Ended
	(Unaudited)			2010			2009			September 30, 2008(1)
Net asset value — Beginning of period	$	10.010		$	9.950		$	9.170		$	9.530
Income (Loss) From Operations
Net investment income(2)	$	0.246		$	0.486		$	0.481		$	0.277
Net realized and unrealized gain (loss)		(1.109	)		0.045			0.763			(0.362	)
Total income (loss) from operations	$	(0.863	)	$	0.531		$	1.244		$	(0.085	)
Less Distributions
From net investment income	$	(0.237	)	$	(0.471	)	$	(0.464	)	$	(0.275	)
Total distributions	$	(0.237	)	$	(0.471	)	$	(0.464	)	$	(0.275	)
Net asset value — End of period	$	8.910		$	10.010		$	9.950		$	9.170
Total Return(3)		(8.66	)%(4)		5.61	%		14.31	%		(1.08	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	7,007		$	8,286		$	2,653		$	110
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.62	%(5)		0.65	%		0.66	%		0.63	%(5)
Interest and fee expense(6)		0.13	%(5)		0.10	%		0.18	%		0.30	%(5)
Total expenses before custodian fee reduction		0.75	%(5)		0.75	%		0.84	%		0.93	%(5)
Expenses after custodian fee reduction excluding interest and fees		0.62	%(5)		0.65	%		0.66	%		0.60	%(5)
Net investment income		5.33	%(5)		5.01	%		5.35	%		4.79	%(5)
Portfolio Turnover		18	%(4)		17	%		21	%		22	%(7)

(1)	For the period from the start of business, March 3, 2008, to September 30, 2008.
(2)	Computed using average shares outstanding.
(3)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
(4)	Not annualized.
(5)	Annualized.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(7)	For the year ended September 30, 2008.

See Notes to Financial Statements.

39

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March 31, 2011

Financial Highlights — continued

	Massachusetts Fund — Class A
	Six Months Ended			Year Ended September 30,
	March 31, 2011
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value — Beginning of period	$	8.870		$	8.840		$	8.050		$	9.490		$	9.850		$	9.670
Income (Loss) From Operations
Net investment income(1)	$	0.208		$	0.420		$	0.434		$	0.428		$	0.415		$	0.432
Net realized and unrealized gain (loss)		(0.854	)		0.022			0.774			(1.459	)		(0.356	)		0.180
Total income (loss) from operations	$	(0.646	)	$	0.442		$	1.208		$	(1.031	)	$	0.059		$	0.612
Less Distributions
From net investment income	$	(0.204	)	$	(0.412	)	$	(0.418	)	$	(0.409	)	$	(0.419	)	$	(0.432	)
Total distributions	$	(0.204	)	$	(0.412	)	$	(0.418	)	$	(0.409	)	$	(0.419	)	$	(0.432	)
Net asset value — End of period	$	8.020		$	8.870		$	8.840		$	8.050		$	9.490		$	9.850
Total Return(2)		(7.32	)%(3)		5.26	%		15.84	%		(11.19	)%		0.57	%		6.51	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	158,164		$	196,939		$	206,922		$	211,228		$	254,366		$	197,580
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.78	%(4)		0.81	%		0.83	%		0.78	%		0.77	%(5)		0.79	%
Interest and fee expense(6)		0.10	%(4)		0.10	%		0.21	%		0.25	%		0.47	%		0.42	%
Total expenses before custodian fee reduction		0.88	%(4)		0.91	%		1.04	%		1.03	%		1.24	%(5)		1.21	%
Expenses after custodian fee reduction excluding interest and fees		0.78	%(4)		0.81	%		0.83	%		0.77	%		0.76	%(5)		0.77	%
Net investment income		5.03	%(4)		4.87	%		5.59	%		4.73	%		4.26	%		4.48	%
Portfolio Turnover		9	%(3)		12	%		21	%		31	%		65	%		28	%

(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)	Not annualized.
(4)	Annualized.
(5)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.005% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

See Notes to Financial Statements.

40

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March 31, 2011

Financial Highlights — continued

	Massachusetts Fund — Class C
	Six Months Ended			Year Ended September 30,
	March 31, 2011															Period Ended
	(Unaudited)			2010			2009			2008			2007			September 30, 2006(1)
Net asset value — Beginning of period	$	8.880		$	8.850		$	8.050		$	9.500		$	9.850		$	9.610
Income (Loss) From Operations
Net investment income(2)	$	0.177		$	0.354		$	0.376		$	0.361		$	0.342		$	0.136
Net realized and unrealized gain (loss)		(0.864	)		0.026			0.783			(1.473	)		(0.346	)		0.254
Total income (loss) from operations	$	(0.687	)	$	0.380		$	1.159		$	(1.112	)	$	(0.004	)	$	0.390
Less Distributions
From net investment income	$	(0.173	)	$	(0.350	)	$	(0.359	)	$	(0.338	)	$	(0.346	)	$	(0.150	)
Total distributions	$	(0.173	)	$	(0.350	)	$	(0.359	)	$	(0.338	)	$	(0.346	)	$	(0.150	)
Net asset value — End of period	$	8.020		$	8.880		$	8.850		$	8.050		$	9.500		$	9.850
Total Return(3)		(7.77	)%(4)		4.50	%		15.10	%		(11.99	)%		(0.07	)%		4.10	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	18,797		$	22,718		$	18,702		$	17,704		$	17,583		$	2,825
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.53	%(5)		1.55	%		1.58	%		1.54	%		1.51	%(6)		1.54	%(5)
Interest and fee expense(7)		0.10	%(5)		0.10	%		0.21	%		0.25	%		0.47	%		0.42	%(5)
Total expenses before custodian fee reduction		1.63	%(5)		1.65	%		1.79	%		1.79	%		1.98	%(6)		1.96	%(5)
Expenses after custodian fee reduction excluding interest and fees		1.53	%(5)		1.55	%		1.58	%		1.52	%		1.50	%(6)		1.52	%(5)
Net investment income		4.28	%(5)		4.10	%		4.83	%		3.99	%		3.53	%		3.40	%(5)
Portfolio Turnover		9	%(4)		12	%		21	%		31	%		65	%		28	%(8)

(1)	For the period from the start of business, May 2, 2006, to September 30, 2006.
(2)	Computed using average shares outstanding.
(3)	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.
(4)	Not annualized.
(5)	Annualized.
(6)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.005% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
(7)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(8)	For the year ended September 30, 2006.

See Notes to Financial Statements.

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Financial Highlights — continued

	Massachusetts Fund — Class I
	Six Months Ended			Year Ended September 30,
	March 31, 2011
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value — Beginning of period	$	8.870		$	8.840		$	8.050		$	9.490		$	9.850		$	9.670
Income (Loss) From Operations
Net investment income(1)	$	0.216		$	0.436		$	0.450		$	0.446		$	0.435		$	0.453
Net realized and unrealized gain (loss)		(0.864	)		0.023			0.774			(1.458	)		(0.356	)		0.178
Total income (loss) from operations	$	(0.648	)	$	0.459		$	1.224		$	(1.012	)	$	0.079		$	0.631
Less Distributions
From net investment income	$	(0.212	)	$	(0.429	)	$	(0.434	)	$	(0.428	)	$	(0.439	)	$	(0.451	)
Total distributions	$	(0.212	)	$	(0.429	)	$	(0.434	)	$	(0.428	)	$	(0.439	)	$	(0.451	)
Net asset value — End of period	$	8.010		$	8.870		$	8.840		$	8.050		$	9.490		$	9.850
Total Return(2)		(7.34	)%(3)		5.46	%		16.08	%		(11.00	)%		0.77	%		6.72	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	13,546		$	15,788		$	10,926		$	13,042		$	16,730		$	13,227
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.58	%(4)		0.60	%		0.63	%		0.58	%		0.57	%(5)		0.59	%
Interest and fee expense(6)		0.10	%(4)		0.10	%		0.21	%		0.25	%		0.47	%		0.42	%
Total expenses before custodian fee reduction		0.68	%(4)		0.70	%		0.84	%		0.83	%		1.04	%(5)		1.01	%
Expenses after custodian fee reduction excluding interest and fees		0.58	%(4)		0.60	%		0.63	%		0.57	%		0.56	%(5)		0.57	%
Net investment income		5.23	%(4)		5.06	%		5.80	%		4.93	%		4.47	%		4.69	%
Portfolio Turnover		9	%(3)		12	%		21	%		31	%		65	%		28	%

(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)	Not annualized.
(4)	Annualized.
(5)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.005% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

See Notes to Financial Statements.

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Financial Highlights — continued

	New York Fund — Class A
	Six Months Ended			Year Ended September 30,
	March 31, 2011
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value — Beginning of period	$	9.790		$	9.710		$	8.850		$	10.400		$	10.750		$	10.700
Income (Loss) From Operations
Net investment income(1)	$	0.230		$	0.453		$	0.459		$	0.471		$	0.466		$	0.476
Net realized and unrealized gain (loss)		(0.892	)		0.077			0.857			(1.563	)		(0.305	)		0.170
Total income (loss) from operations	$	(0.662	)	$	0.530		$	1.316		$	(1.092	)	$	0.161		$	0.646
Less Distributions
From net investment income	$	(0.228	)	$	(0.450	)	$	(0.456	)	$	(0.458	)	$	(0.458	)	$	(0.473	)
From net realized gain		—			—			—			—			(0.053	)		(0.123	)
Total distributions	$	(0.228	)	$	(0.450	)	$	(0.456	)	$	(0.458	)	$	(0.511	)	$	(0.596	)
Net asset value — End of period	$	8.900		$	9.790		$	9.710		$	8.850		$	10.400		$	10.750
Total Return(2)		(6.79	)%(3)		5.70	%		15.77	%		(10.86	)%		1.50	%		6.29	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	248,594		$	305,437		$	332,257		$	319,101		$	400,671		$	393,479
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.78	%(4)		0.79	%		0.83	%		0.78	%		0.77	%(5)		0.79	%
Interest and fee expense(6)		0.11	%(4)		0.09	%		0.19	%		0.38	%		0.48	%		0.48	%
Total expenses before custodian fee reduction		0.89	%(4)		0.88	%		1.02	%		1.16	%		1.25	%(5)		1.27	%
Expenses after custodian fee reduction excluding interest and fees		0.78	%(4)		0.79	%		0.83	%		0.77	%		0.75	%(5)		0.78	%
Net investment income		5.03	%(4)		4.75	%		5.42	%		4.71	%		4.39	%		4.50	%
Portfolio Turnover		4	%(3)		14	%		44	%		45	%		35	%		34	%

(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)	Not annualized.
(4)	Annualized.
(5)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.005% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

See Notes to Financial Statements.

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March 31, 2011

Financial Highlights — continued

	New York Fund — Class B
	Six Months Ended			Year Ended September 30,
	March 31, 2011
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value — Beginning of period	$	9.800		$	9.730		$	8.870		$	10.420		$	10.760		$	10.700
Income (Loss) From Operations
Net investment income(1)	$	0.196		$	0.381		$	0.396		$	0.397		$	0.386		$	0.396
Net realized and unrealized gain (loss)		(0.892	)		0.072			0.856			(1.566	)		(0.295	)		0.181
Total income (loss) from operations	$	(0.696	)	$	0.453		$	1.252		$	(1.169	)	$	0.091		$	0.577
Less Distributions
From net investment income	$	(0.194	)	$	(0.383	)	$	(0.392	)	$	(0.381	)	$	(0.378	)	$	(0.394	)
From net realized gain		—			—			—			—			(0.053	)		(0.123	)
Total distributions	$	(0.194	)	$	(0.383	)	$	(0.392	)	$	(0.381	)	$	(0.431	)	$	(0.517	)
Net asset value — End of period	$	8.910		$	9.800		$	9.730		$	8.870		$	10.420		$	10.760
Total Return(2)		(7.13	)%(3)		4.84	%		14.87	%		(11.53	)%		0.83	%		5.59	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	9,824		$	11,328		$	11,064		$	10,552		$	11,439		$	9,488
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.53	%(4)		1.54	%		1.58	%		1.53	%		1.51	%(5)		1.54	%
Interest and fee expense(6)		0.11	%(4)		0.09	%		0.19	%		0.38	%		0.48	%		0.48	%
Total expenses before custodian fee reduction		1.64	%(4)		1.63	%		1.77	%		1.91	%		1.99	%(5)		2.02	%
Expenses after custodian fee reduction excluding interest and fees		1.53	%(4)		1.54	%		1.58	%		1.52	%		1.50	%(5)		1.53	%
Net investment income		4.27	%(4)		3.99	%		4.68	%		3.96	%		3.63	%		3.74	%
Portfolio Turnover		4	%(3)		14	%		44	%		45	%		35	%		34	%

(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)	Not annualized.
(4)	Annualized.
(5)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.005% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

See Notes to Financial Statements.

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Municipal Income Funds

March 31, 2011

Financial Highlights — continued

	New York Fund — Class C
	Six Months Ended			Year Ended September 30,
	March 31, 2011
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value — Beginning of period	$	9.790		$	9.720		$	8.860		$	10.400		$	10.750		$	10.700
Income (Loss) From Operations
Net investment income(1)	$	0.196		$	0.381		$	0.395		$	0.396		$	0.383		$	0.391
Net realized and unrealized gain (loss)		(0.892	)		0.072			0.857			(1.556	)		(0.302	)		0.176
Total income (loss) from operations	$	(0.696	)	$	0.453		$	1.252		$	(1.160	)	$	0.081		$	0.567
Less Distributions
From net investment income	$	(0.194	)	$	(0.383	)	$	(0.392	)	$	(0.380	)	$	(0.378	)	$	(0.394	)
From net realized gain		—			—			—			—			(0.053	)		(0.123	)
Total distributions	$	(0.194	)	$	(0.383	)	$	(0.392	)	$	(0.380	)	$	(0.431	)	$	(0.517	)
Net asset value — End of period	$	8.900		$	9.790		$	9.720		$	8.860		$	10.400		$	10.750
Total Return(2)		(7.14	)%(3)		4.84	%		14.88	%		(11.46	)%		0.73	%		5.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	36,594		$	46,852		$	43,214		$	32,684		$	31,131		$	13,889
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.54	%(4)		1.54	%		1.58	%		1.53	%		1.51	%(5)		1.54	%
Interest and fee expense(6)		0.11	%(4)		0.09	%		0.19	%		0.38	%		0.48	%		0.48	%
Total expenses before custodian fee reduction		1.65	%(4)		1.63	%		1.77	%		1.91	%		1.99	%(5)		2.02	%
Expenses after custodian fee reduction excluding interest and fees		1.54	%(4)		1.54	%		1.58	%		1.52	%		1.50	%(5)		1.53	%
Net investment income		4.27	%(4)		3.99	%		4.65	%		3.97	%		3.62	%		3.70	%
Portfolio Turnover		4	%(3)		14	%		44	%		45	%		35	%		34	%

(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)	Not annualized.
(4)	Annualized.
(5)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.005% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

See Notes to Financial Statements.

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March 31, 2011

Financial Highlights — continued

	New York Fund — Class I
	Six Months Ended			Year Ended September 30,
	March 31, 2011									Period Ended
	(Unaudited)			2010			2009			September 30, 2008(1)
Net asset value — Beginning of period	$	9.780		$	9.710		$	8.850		$	9.340
Income (Loss) From Operations
Net investment income(2)	$	0.239		$	0.473		$	0.481		$	0.290
Net realized and unrealized gain (loss)		(0.881	)		0.065			0.852			(0.504	)
Total income (loss) from operations	$	(0.642	)	$	0.538		$	1.333		$	(0.214	)
Less Distributions
From net investment income	$	(0.238	)	$	(0.468	)	$	(0.473	)	$	(0.276	)
Total distributions	$	(0.238	)	$	(0.468	)	$	(0.473	)	$	(0.276	)
Net asset value — End of period	$	8.900		$	9.780		$	9.710		$	8.850
Total Return(3)		(6.60	)%(4)		5.78	%		16.00	%		(2.51	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	11,613		$	13,409		$	1,672		$	227
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.58	%(5)		0.59	%		0.63	%		0.61	%(5)
Interest and fee expense(6)		0.11	%(5)		0.09	%		0.19	%		0.38	%(5)
Total expenses before custodian fee reduction		0.69	%(5)		0.68	%		0.82	%		0.99	%(5)
Expenses after custodian fee reduction excluding interest and fees		0.58	%(5)		0.59	%		0.63	%		0.58	%(5)
Net investment income		5.22	%(5)		4.95	%		5.61	%		5.09	%(5)
Portfolio Turnover		4	%(4)		14	%		44	%		45	%(7)

(1)	For the period from the start of business, March 3, 2008, to September 30, 2008.
(2)	Computed using average shares outstanding.
(3)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
(4)	Not annualized.
(5)	Annualized.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(7)	For the year ended September 30, 2008.

See Notes to Financial Statements.

46

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March 31, 2011

Financial Highlights — continued

	Ohio Fund — Class A
	Six Months Ended			Year Ended September 30,
	March 31, 2011
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value — Beginning of period	$	9.140		$	9.150		$	8.140		$	9.240		$	9.450		$	9.320
Income (Loss) From Operations
Net investment income(1)	$	0.191		$	0.378		$	0.381		$	0.384		$	0.382		$	0.420
Net realized and unrealized gain (loss)		(0.872	)		(0.013	)		1.008			(1.108	)		(0.197	)		0.137
Total income (loss) from operations	$	(0.681	)	$	0.365		$	1.389		$	(0.724	)	$	0.185		$	0.557
Less Distributions
From net investment income	$	(0.189	)	$	(0.375	)	$	(0.379	)	$	(0.376	)	$	(0.395	)	$	(0.427	)
Total distributions	$	(0.189	)	$	(0.375	)	$	(0.379	)	$	(0.376	)	$	(0.395	)	$	(0.427	)
Net asset value — End of period	$	8.270		$	9.140		$	9.150		$	8.140		$	9.240		$	9.450
Total Return(2)		(7.48	)%(3)		4.17	%		17.71	%		(8.09	)%		1.98	%		6.15	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	186,153		$	247,554		$	267,068		$	251,447		$	274,850		$	182,719
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.77	%(4)		0.76	%		0.80	%		0.77	%		0.77	%(5)		0.78	%
Interest and fee expense(6)		0.03	%(4)		0.02	%		0.08	%		0.20	%		0.31	%		0.47	%
Total expenses before custodian fee reduction		0.80	%(4)		0.78	%		0.88	%		0.97	%		1.08	%(5)		1.25	%
Expenses after custodian fee reduction excluding interest and fees		0.77	%(4)		0.76	%		0.80	%		0.75	%		0.74	%(5)		0.75	%
Net investment income		4.50	%(4)		4.23	%		4.66	%		4.28	%		4.09	%		4.53	%
Portfolio Turnover		4	%(3)		6	%		10	%		30	%		39	%		24	%

(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)	Not annualized.
(4)	Annualized.
(5)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.005% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

See Notes to Financial Statements.

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March 31, 2011

Financial Highlights — continued

	Ohio Fund — Class C
	Six Months Ended			Year Ended September 30,
	March 31, 2011															Period Ended
	(Unaudited)			2010			2009			2008			2007			September 30, 2006(1)
Net asset value — Beginning of period	$	9.140		$	9.150		$	8.130		$	9.240		$	9.440		$	9.300
Income (Loss) From Operations
Net investment income(2)	$	0.159		$	0.311		$	0.320		$	0.316		$	0.310		$	0.211
Net realized and unrealized gain (loss)		(0.882	)		(0.011	)		1.017			(1.118	)		(0.186	)		0.160
Total income (loss) from operations	$	(0.723	)	$	0.300		$	1.337		$	(0.802	)	$	0.124		$	0.371
Less Distributions
From net investment income	$	(0.157	)	$	(0.310	)	$	(0.317	)	$	(0.308	)	$	(0.324	)	$	(0.231	)
Total distributions	$	(0.157	)	$	(0.310	)	$	(0.317	)	$	(0.308	)	$	(0.324	)	$	(0.231	)
Net asset value — End of period	$	8.260		$	9.140		$	9.150		$	8.130		$	9.240		$	9.440
Total Return(3)		(7.93	)%(4)		3.42	%		16.98	%		(8.91	)%		1.32	%		4.06	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	21,697		$	30,641		$	29,388		$	30,157		$	30,804		$	8,294
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.52	%(5)		1.51	%		1.55	%		1.52	%		1.52	%(6)		1.53	%(5)
Interest and fee expense(7)		0.03	%(5)		0.02	%		0.08	%		0.20	%		0.31	%		0.47	%(5)
Total expenses before custodian fee reduction		1.55	%(5)		1.53	%		1.63	%		1.72	%		1.83	%(6)		2.00	%(5)
Expenses after custodian fee reduction excluding interest and fees		1.52	%(5)		1.51	%		1.55	%		1.50	%		1.49	%(6)		1.50	%(5)
Net investment income		3.74	%(5)		3.47	%		3.92	%		3.53	%		3.33	%		3.45	%(5)
Portfolio Turnover		4	%(4)		6	%		10	%		30	%		39	%		24	%(8)

(1)	For the period from the start of business, February 3, 2006, to September 30, 2006.
(2)	Computed using average shares outstanding.
(3)	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.
(4)	Not annualized.
(5)	Annualized.
(6)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.005% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
(7)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(8)	For the year ended September 30, 2006.

See Notes to Financial Statements.

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March 31, 2011

Financial Highlights — continued

	Ohio Fund — Class I
	Six Months Ended
	March 31, 2011			Period Ended
	(Unaudited)			September 30, 2010(1)
Net asset value — Beginning of period	$	9.140		$	8.960
Income (Loss) From Operations
Net investment income(2)	$	0.196		$	0.061
Net realized and unrealized gain (loss)		(0.869	)		0.180
Total income (loss) from operations	$	(0.673	)	$	0.241
Less Distributions
From net investment income	$	(0.197	)	$	(0.061	)
Total distributions	$	(0.197	)	$	(0.061	)
Net asset value — End of period	$	8.270		$	9.140
Total Return(3)		(7.49	)%(4)		2.81	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,366		$	1
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.58	%(5)		0.57	%(5)
Interest and fee expense(6)		0.03	%(5)		0.02	%(5)
Total expenses(7)		0.61	%(5)		0.59	%(5)
Net investment income		4.71	%(5)		4.19	%(5)
Portfolio Turnover		4	%(4)		6	%(8)

(1)	For the period from the commencement of operations on August 3, 2010 to September 30, 2010.
(2)	Computed using average shares outstanding.
(3)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
(4)	Not annualized.
(5)	Annualized.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(7)	Excludes the effect of custody fee credits, if any, of less than 0.005%.
(8)	For the year ended September 30, 2010.

See Notes to Financial Statements.

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Municipal Income Funds

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Financial Highlights — continued

	Rhode Island Fund — Class A
	Six Months Ended			Year Ended September 30,
	March 31, 2011
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value — Beginning of period	$	9.070		$	9.000		$	8.380		$	9.640		$	9.860		$	9.760
Income (Loss) From Operations
Net investment income(1)	$	0.204		$	0.389		$	0.392		$	0.411		$	0.411		$	0.423
Net realized and unrealized gain (loss)		(0.761	)		0.066			0.622			(1.265	)		(0.225	)		0.106
Total income (loss) from operations	$	(0.557	)	$	0.455		$	1.014		$	(0.854	)	$	0.186		$	0.529
Less Distributions
From net investment income	$	(0.203	)	$	(0.385	)	$	(0.394	)	$	(0.406	)	$	(0.406	)	$	(0.429	)
Total distributions	$	(0.203	)	$	(0.385	)	$	(0.394	)	$	(0.406	)	$	(0.406	)	$	(0.429	)
Net asset value — End of period	$	8.310		$	9.070		$	9.000		$	8.380		$	9.640		$	9.860
Total Return(2)		(6.17	)%(3)		5.24	%		12.70	%		(9.14	)%		1.91	%		5.56	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	31,929		$	40,266		$	39,064		$	37,003		$	46,764		$	39,291
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.70	%(4)		0.74	%		0.79	%		0.79	%		0.74	%(5)		0.75	%
Interest and fee expense(6)		0.04	%(4)		0.02	%		0.08	%		0.17	%		0.40	%		0.35	%
Total expenses before custodian fee reduction		0.74	%(4)		0.76	%		0.87	%		0.96	%		1.14	%(5)		1.10	%
Expenses after custodian fee reduction excluding interest and fees		0.70	%(4)		0.74	%		0.79	%		0.77	%		0.69	%(5)		0.72	%
Net investment income		4.78	%(4)		4.38	%		4.80	%		4.43	%		4.20	%		4.34	%
Portfolio Turnover		1	%(3)		10	%		27	%		8	%		14	%		19	%

(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)	Not annualized.
(4)	Annualized.
(5)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to 0.01% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

See Notes to Financial Statements.

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Financial Highlights — continued

	Rhode Island Fund — Class B
	Six Months Ended			Year Ended September 30,
	March 31, 2011
	(Unaudited)			2010			2009			2008			2007			2006
Net asset value — Beginning of period	$	9.280		$	9.210		$	8.570		$	9.860		$	10.080		$	9.980
Income (Loss) From Operations
Net investment income(1)	$	0.175		$	0.330		$	0.339		$	0.349		$	0.345		$	0.361
Net realized and unrealized gain (loss)		(0.770	)		0.068			0.640			(1.298	)		(0.224	)		0.103
Total income (loss) from operations	$	(0.595	)	$	0.398		$	0.979		$	(0.949	)	$	0.121		$	0.464
Less Distributions
From net investment income	$	(0.175	)	$	(0.328	)	$	(0.339	)	$	(0.341	)	$	(0.341	)	$	(0.364	)
Total distributions	$	(0.175	)	$	(0.328	)	$	(0.339	)	$	(0.341	)	$	(0.341	)	$	(0.364	)
Net asset value — End of period	$	8.510		$	9.280		$	9.210		$	8.570		$	9.860		$	10.080
Total Return(2)		(6.44	)%(3)		4.46	%		11.92	%		(9.87	)%		1.20	%		4.76	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,634		$	5,272		$	8,157		$	10,286		$	13,989		$	18,564
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.46	%(4)		1.50	%		1.54	%		1.54	%		1.49	%(5)		1.50	%
Interest and fee expense(6)		0.04	%(4)		0.02	%		0.08	%		0.17	%		0.40	%		0.35	%
Total expenses before custodian fee reduction		1.50	%(4)		1.52	%		1.62	%		1.71	%		1.89	%(5)		1.85	%
Expenses after custodian fee reduction excluding interest and fees		1.46	%(4)		1.50	%		1.54	%		1.52	%		1.44	%(5)		1.47	%
Net investment income		4.01	%(4)		3.64	%		4.08	%		3.68	%		3.45	%		3.62	%
Portfolio Turnover		1	%(3)		10	%		27	%		8	%		14	%		19	%

(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)	Not annualized.
(4)	Annualized.
(5)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to 0.01% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

See Notes to Financial Statements.

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Municipal Income Funds

March 31, 2011

Financial Highlights — continued

	Rhode Island Fund — Class C
	Six Months Ended			Year Ended September 30,
	March 31, 2011															Period Ended
	(Unaudited)			2010			2009			2008			2007			September 30, 2006(1)
Net asset value — Beginning of period	$	9.280		$	9.220		$	8.580		$	9.870		$	10.090		$	10.040
Income (Loss) From Operations
Net investment income(2)	$	0.177		$	0.331		$	0.339		$	0.347		$	0.344		$	0.173
Net realized and unrealized gain (loss)		(0.772	)		0.057			0.640			(1.296	)		(0.223	)		0.065
Total income (loss) from operations	$	(0.595	)	$	0.388		$	0.979		$	(0.949	)	$	0.121		$	0.238
Less Distributions
From net investment income	$	(0.175	)	$	(0.328	)	$	(0.339	)	$	(0.341	)	$	(0.341	)	$	(0.188	)
Total distributions	$	(0.175	)	$	(0.328	)	$	(0.339	)	$	(0.341	)	$	(0.341	)	$	(0.188	)
Net asset value — End of period	$	8.510		$	9.280		$	9.220		$	8.580		$	9.870		$	10.090
Total Return(3)		(6.44	)%(4)		4.35	%		11.91	%		(9.85	)%		1.20	%		2.40	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,862		$	3,461		$	4,159		$	3,435		$	3,281		$	428
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.45	%(5)		1.50	%		1.54	%		1.54	%		1.48	%(6)		1.50	%(5)
Interest and fee expense(7)		0.04	%(5)		0.02	%		0.08	%		0.17	%		0.40	%		0.35	%(5)
Total expenses before custodian fee reduction		1.49	%(5)		1.52	%		1.62	%		1.71	%		1.88	%(6)		1.85	%(5)
Expenses after custodian fee reduction excluding interest and fees		1.45	%(5)		1.50	%		1.54	%		1.52	%		1.44	%(6)		1.47	%(5)
Net investment income		4.04	%(5)		3.64	%		4.07	%		3.66	%		3.45	%		3.23	%(5)
Portfolio Turnover		1	%(4)		10	%		27	%		8	%		14	%		19	%(8)

(1)	For the period from the start of business, March 20, 2006, to September 30, 2006.
(2)	Computed using average shares outstanding.
(3)	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.
(4)	Not annualized.
(5)	Annualized.
(6)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to 0.01% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
(7)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(8)	For the year ended September 30, 2006.

See Notes to Financial Statements.

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Municipal Income Funds

March 31, 2011

Financial Highlights — continued

	Rhode Island Fund — Class I
	Six Months Ended
	March 31, 2011			Period Ended
	(Unaudited)			September 30, 2010(1)
Net asset value — Beginning of period	$	9.060		$	8.900
Income (Loss) From Operations
Net investment income(2)	$	0.212		$	0.067
Net realized and unrealized gain (loss)		(0.744	)		0.159
Total income (loss) from operations	$	(0.532	)	$	0.226
Less Distributions
From net investment income	$	(0.208	)	$	(0.066	)
Total distributions	$	(0.208	)	$	(0.066	)
Net asset value — End of period	$	8.320		$	9.060
Total Return(3)		(5.90	)%(4)		2.54	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	73		$	1
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.51	%(5)		0.55	%(5)
Interest and fee expense(6)		0.04	%(5)		0.02	%(5)
Total expenses(7)		0.55	%(5)		0.57	%(5)
Net investment income		5.06	%(5)		4.55	%(5)
Portfolio Turnover		1	%(4)		10	%(8)

(1)	For the period from the commencement of operations on August 3, 2010 to September 30, 2010.
(2)	Computed using average shares outstanding.
(3)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
(4)	Not annualized.
(5)	Annualized.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(7)	Excludes the effect of custody fee credits, if any, of less than 0.005%.
(8)	For the year ended September 30, 2010.

See Notes to Financial Statements.

53

Eaton Vance

Municipal Income Funds

March 31, 2011

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Eaton Vance Municipals 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 Trust presently consists of twenty-four funds, five of which, each non-diversified, are included in these financial statements. They include Eaton Vance California Municipal Income Fund (California Fund), Eaton Vance Massachusetts Municipal Income Fund (Massachusetts Fund), Eaton Vance New York Municipal Income Fund (New York Fund), Eaton Vance Ohio Municipal Income Fund (Ohio Fund), and Eaton Vance Rhode Island Municipal Income Fund (Rhode Island Fund), (each individually referred to as the Fund, and collectively, the Funds). The Funds seek to provide current income exempt from regular federal income tax and from particular state or local income or other taxes. The Funds offer four classes of shares except for the Massachusetts Fund and Ohio Fund, which offer three classes of shares. Shares of Rhode Island Fund are not available to new investors as of the close of business on April 14, 2011 (see Note 12). Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class B and Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class I shares are sold at net asset value and are not subject to a sales charge. Class B shares of each Fund automatically convert to Class A shares eight years after their purchase as described in each Fund’s prospectus. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America.

A Investment Valuation — Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) 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 asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, 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 obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Interest rate swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. 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 a Fund in a manner that most fairly reflects the security’s value, or 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 all 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 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 entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

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

54

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Municipal Income Funds

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

At September 30, 2010, the following Funds, for federal income tax purposes, had capital loss carryforwards which will reduce the respective Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. The amounts and expiration dates of the capital loss carryforwards are as follows:

			Massachusetts						Rhode Island
Expiration Date	California Fund		Fund		New York Fund		Ohio Fund		Fund
September 30, 2011	$	—	$	1,430,573	$	—	$	5,839,721	$	—
September 30, 2012		—		355,911		—		—		—
September 30, 2013		—		1,751,809		—		1,709,089		384,825
September 30, 2015		—		440,164		108,787		—		—
September 30, 2016		658,740		91,224		2,215,774		240,163		71,778
September 30, 2017		7,884,903		9,824,104		2,053,235		5,075,023		1,132,394
September 30, 2018		12,351,723		20,239,992		22,999,420		10,217,857		2,179,505
	$	20,895,366	$	34,133,777	$	27,377,216	$	23,081,853	$	3,768,502

Additionally, at September 30, 2010, Massachusetts Fund, New York Fund, Ohio Fund and Rhode Island Fund had net capital losses of $5,097,546, $6,543,818, $3,441,799 and $406,015, respectively, attributable to security transactions incurred after October 31, 2009. These net capital losses are treated as arising on the first day of the Funds’ taxable year ending September 30, 2011.

As of March 31, 2011, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Funds’ federal tax returns filed in the 3-year period ended September 30, 2010 remains subject to examination by the Internal Revenue Service.

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

E Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Funds. Pursuant to the respective custodian agreements, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance each Fund maintains with SSBT. All credit balances, if any, used to reduce each Fund’s custodian fees are reported as a reduction of expenses in the Statements of Operations.

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

G Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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 Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Funds. 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 the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Fund enters into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Fund that have not yet occurred.

I Floating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in inverse floating rate securities, also referred to as residual interest bonds, whereby a Fund may sell a variable or fixed rate bond to a broker for cash. At the same time, the Fund buys a residual interest in the assets and cash flows of a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), set up by the broker, often referred to as an inverse floating rate obligation (Inverse Floater). The broker deposits a bond into the SPV with the same CUSIP number as the bond sold to the broker by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The Inverse Floater held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the broker transfer the Bond held by the SPV to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the broker the par amount due on the Floating Rate Notes and exchange the Inverse Floater for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of

55

Eaton Vance

Municipal Income Funds

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the broker for redemption at par at each reset date. Interest expense related to the Funds’ liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the broker upon the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At March 31, 2011, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:

			Massachusetts						Rhode Island
	California Fund		Fund		New York Fund		Ohio Fund		Fund
Floating Rate Notes Outstanding	$	23,120,000	$	18,650,000	$	41,185,000	$	7,470,000	$	1,695,000
Interest Rate or Range of Interest Rates (%)		0.25 – 0.35		0.25 – 0.32		0.25 – 0.32		0.30 – 0.35		0.30 – 0.35
Collateral for Floating Rate Notes Outstanding	$	32,803,488	$	26,992,101	$	58,942,019	$	11,584,731	$	2,512,368

For the six months ended March 31, 2011, the Funds’ average Floating Rate Notes outstanding and the average interest rate (annualized) including fees were as follows:

				Massachusetts									Rhode Island
	California Fund			Fund			New York Fund			Ohio Fund			Fund
Average Floating Rate Notes Outstanding	$	26,219,451		$	22,935,714		$	43,896,978		$	7,470,000		$	1,695,000
Average Interest Rate		0.88	%		0.88	%		0.85	%		1.03	%		0.97	%

The Funds may enter into shortfall and forbearance agreements with the broker by which a Fund agrees to reimburse the broker, in certain circumstances, for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of March 31, 2011.

The Funds may also purchase Inverse Floaters from brokers in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to Inverse Floaters purchased in a secondary market transaction are disclosed in the Portfolio of Investments. The Funds’ investment policies and restrictions expressly permit investments in Inverse Floaters. Inverse floating rate securities typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of inverse floating rate securities are generally more volatile than that of a fixed rate bond. The Funds’ investment policies do not allow the Funds to borrow money except as permitted by the 1940 Act. Management believes that the Funds’ restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Funds’ Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Funds’ restrictions apply. Inverse Floaters held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

J Financial Futures Contracts — The Funds may enter into financial futures contracts. Upon entering into a financial futures contract, a Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the purchase price (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.

K Interest Rate Swaps — Pursuant to interest rate swap agreements, a Fund makes periodic payments at a fixed interest rate and, in exchange, receives payments based on the interest rate of a benchmark industry index. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. The value of the swap is determined by changes in the relationship between two rates of interest. A Fund is exposed to credit loss in the event of non-performance by the swap counterparty. Risk may also arise from movements in interest rates.

L When-Issued Securities and Delayed Delivery Transactions — The Funds may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the

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Notes to Financial Statements (Unaudited) — continued

security that will be delivered is fixed. The Funds maintain security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

M Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of a Fund is the amount included in the Fund’s Statement of Assets and Liabilities and represents the cash on hand at its custodian and does not include any short-term investments.

N Interim Financial Statements — The interim financial statements relating to March 31, 2011 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders

The net investment income of each Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains (reduced by available capital loss carryforwards, if any) are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of a Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. The Funds distinguish between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be 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.

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of Eaton Vance Management (EVM), as compensation for management and investment advisory services rendered to each Fund. The fee is based upon a percentage of average daily net assets plus a percentage of gross income (i.e., income other than gains from the sale of securities) as presented in the following table (except for California Fund) and is payable monthly.

	Annual Asset			Daily Income
Daily Net Assets	Rate			Rate
Up to $20 million		0.10	%		1.00	%
$20 million up to $40 million		0.20			2.00
$40 million up to $500 million		0.30			3.00

On average daily net assets of $500 million or more, the rates are reduced. For California Fund, the annual asset rate and daily income rate are 0.30% and 3.00%, respectively, on average daily net assets of up to $500 million and at reduced rates on daily net assets of $500 million or more. For the six months ended March 31, 2011, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

				Massachusetts									Rhode Island
	California Fund			Fund			New York Fund			Ohio Fund			Fund
Investment Adviser Fee	$	433,298		$	444,535		$	744,614		$	505,603		$	54,354
Effective Annual Rate		0.47	%		0.43	%		0.45	%		0.42	%		0.25	%

EVM serves as administrator of each Fund, but receives no compensation. EVM serves as the sub-transfer agent of each Fund and receives from the transfer agent an aggregate fee based upon the actual expenses incurred by EVM in the performance of these services. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also

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Notes to Financial Statements (Unaudited) — continued

received distribution and service fees from Class A, Class B and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM and Class A sales charges that the Funds were informed were received by EVD for the six months ended March 31, 2011 were as follows:

			Massachusetts						Rhode Island
	California Fund		Fund		New York Fund		Ohio Fund		Fund
EVM’s Sub-Transfer Agent Fees	$	2,006	$	2,046	$	3,894	$	3,012	$	460
EVD’s Class A Sales Charges	$	6,803	$	8,520	$	15,577	$	13,682	$	3,416

Except for Trustees of the Funds who are not members of EVM’s or BMR’s organizations, officers and Trustees receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment 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, 2011, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of the above organizations.

4 Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class A Plan provides that each Fund will pay EVD a distribution and service fee not exceeding 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Trustees approved distribution and service fee payments equal to 0.20% (0.25% for California Fund) per annum of each Fund’s average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2011 for Class A shares amounted to the following:

			Massachusetts						Rhode Island
	California Fund		Fund		New York Fund		Ohio Fund		Fund
Class A Distribution and Service Fees	$	201,445	$	173,205	$	270,533	$	214,723	$	35,908

Each Fund also has in effect distribution plans for Class B shares (Class B Plan) and Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class B and Class C Plans, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class B and Class C shares for providing ongoing distribution services and facilities to the respective Funds. Each Fund will automatically discontinue payments to EVD during any period in which there are no outstanding Uncovered Distribution Charges, which are equivalent to the sum of (i) 5% and 6.25% of the aggregate amount received by each Fund for Class B and Class C shares sold, respectively, plus (ii) interest calculated by applying the rate of 1% over the prevailing prime rate to the outstanding balance of Uncovered Distribution Charges of EVD of each respective class, reduced by the aggregate amount of contingent deferred sales charges (see Note 5) and amounts theretofore paid or payable to EVD by each respective class. For the six months ended March 31, 2011, the Funds paid or accrued to EVD the following distribution fees, representing 0.75% (annualized) of the average daily net assets of each Fund’s Class B and Class C shares:

			Massachusetts						Rhode Island
	California Fund		Fund		New York Fund		Ohio Fund		Fund
Class B Distribution Fees	$	11,422	$	—	$	38,913	$	—	$	16,377
Class C Distribution Fees	$	42,250	$	78,181	$	154,185	$	98,394	$	11,547

At March 31, 2011, the amounts of Uncovered Distribution Charges of EVD calculated under the Class B and Class C Plans were approximately as follows:

			Massachusetts						Rhode Island
	California Fund		Fund		New York Fund		Ohio Fund		Fund
Class B	$	20,000	$	—	$	234,000	$	—	$	999,000
Class C	$	1,081,000	$	2,082,000	$	3,307,000	$	2,834,000	$	419,000

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Notes to Financial Statements (Unaudited) — continued

The Class B and Class C Plans also authorize the Funds to make payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of the average daily net assets attributable to that class. The Trustees approved service fee payments equal to 0.20% (0.25% for California Fund) per annum of each Fund’s average daily net assets attributable to Class B and Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class B and Class C sales commissions and distribution fees and, as such, are not subject to automatic discontinuance when there are no outstanding Uncovered Distribution Charges of EVD. Service fees paid or accrued for the six months ended March 31, 2011 amounted to the following:

			Massachusetts						Rhode Island
	California Fund		Fund		New York Fund		Ohio Fund		Fund
Class B Service Fees	$	3,807	$	—	$	10,377	$	—	$	4,367
Class C Service Fees	$	14,083	$	20,848	$	41,116	$	26,239	$	3,079

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) generally is imposed on redemptions of Class B shares made within six years of purchase and on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within eighteen 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. The CDSC for Class B shares is imposed at declining rates that begin at 5% in the case of redemptions in the first and second year after purchase, declining one percentage point each subsequent year. Class C shares are subject to a 1% CDSC if redeemed within one year of purchase. No CDSC is levied on shares which have been sold to EVM or its affiliates or to their respective employees or clients and may be waived under certain other limited conditions. CDSCs received on Class B and Class C redemptions are paid to EVD to reduce the amount of Uncovered Distribution Charges calculated under each Fund’s Class B and Class C Plans. CDSCs received on Class B and Class C redemptions when no Uncovered Distribution Charges exist are credited to each Fund. For the six months ended March 31, 2011, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A, Class B and Class C shareholders:

			Massachusetts						Rhode Island
	California Fund		Fund		New York Fund		Ohio Fund		Fund
Class A	$	9,000	$	2,000	$	1,000	$	7,000	$	14,000
Class B	$	5,000	$	—	$	8,000	$	—	$	1,000
Class C	$	100	$	4,000	$	5,000	$	2,000	$	400

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended March 31, 2011 were as follows:

			Massachusetts						Rhode Island
	California Fund		Fund		New York Fund		Ohio Fund		Fund
Purchases	$	37,218,457	$	20,584,002	$	16,072,272	$	9,583,202	$	491,250
Sales	$	56,772,426	$	49,696,622	$	57,370,120	$	50,956,381	$	6,382,240

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March 31, 2011

Notes to Financial Statements (Unaudited) — continued

7 Shares of Beneficial Interest

Each Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Funds) and classes. Transactions in Fund shares were as follows:

California Fund
	Six Months Ended
	March 31, 2011			Year Ended
Class A	(Unaudited)			September 30, 2010
Sales		333,375			810,155
Issued to shareholders electing to receive payments of distributions in Fund shares		256,054			529,284
Redemptions		(1,822,549	)		(4,184,555	)
Exchange from Class B shares		10,057			40,833
Net decrease		(1,223,063	)		(2,804,283	)
	Six Months Ended
	March 31, 2011			Year Ended
Class B	(Unaudited)			September 30, 2010
Sales		27,087			65,057
Issued to shareholders electing to receive payments of distributions in Fund shares		3,293			6,970
Redemptions		(46,097	)		(59,359	)
Exchange to Class A shares		(10,873	)		(44,074	)
Net decrease		(26,590	)		(31,406	)
	Six Months Ended
	March 31, 2011			Year Ended
Class C	(Unaudited)			September 30, 2010
Sales		73,162			273,557
Issued to shareholders electing to receive payments of distributions in Fund shares		14,834			33,181
Redemptions		(268,655	)		(293,417	)
Net increase (decrease)		(180,659	)		13,321
	Six Months Ended
	March 31, 2011			Year Ended
Class I	(Unaudited)			September 30, 2010
Sales		134,539			702,606
Issued to shareholders electing to receive payments of distributions in Fund shares		2,666			1,327
Redemptions		(178,334	)		(143,130	)
Net increase (decrease)		(41,129	)		560,803

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March 31, 2011

Notes to Financial Statements (Unaudited) — continued

Massachusetts Fund
	Six Months Ended
	March 31, 2011			Year Ended
Class A	(Unaudited)			September 30, 2010
Sales (including merger of Class B shares)		528,599			3,228,985
Issued to shareholders electing to receive payments of distributions in Fund shares		328,644			599,059
Redemptions		(3,318,480	)		(5,341,104	)
Exchange from Class B shares		—			296,118
Net decrease		(2,461,237	)		(1,216,942	)
				Year Ended
Class B				September 30, 2010(1)
Sales					22,135
Issued to shareholders electing to receive payments of distributions in Fund shares					43,901
Redemptions					(297,544	)
Exchange to Class A shares					(295,918	)
Merger to Class A shares					(2,090,215	)
Net decrease					(2,617,641	)
	Six Months Ended
	March 31, 2011			Year Ended
Class C	(Unaudited)			September 30, 2010
Sales		179,418			876,955
Issued to shareholders electing to receive payments of distributions in Fund shares		34,543			61,432
Redemptions		(428,871	)		(493,720	)
Net increase (decrease)		(214,910	)		444,667
	Six Months Ended
	March 31, 2011			Year Ended
Class I	(Unaudited)			September 30, 2010
Sales		76,013			644,609
Issued to shareholders electing to receive payments of distributions in Fund shares		15,545			25,650
Redemptions		(180,663	)		(127,016	)
Net increase (decrease)		(89,105	)		543,243

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March 31, 2011

Notes to Financial Statements (Unaudited) — continued

New York Fund
	Six Months Ended
	March 31, 2011			Year Ended
Class A	(Unaudited)			September 30, 2010
Sales		900,907			2,767,023
Issued to shareholders electing to receive payments of distributions in Fund shares		524,067			1,060,258
Redemptions		(4,723,674	)		(6,868,422	)
Exchange from Class B shares		15,886			38,437
Net decrease		(3,282,814	)		(3,002,704	)
	Six Months Ended
	March 31, 2011			Year Ended
Class B	(Unaudited)			September 30, 2010
Sales		63,160			178,562
Issued to shareholders electing to receive payments of distributions in Fund shares		12,557			26,859
Redemptions		(113,671	)		(148,295	)
Exchange to Class A shares		(15,865	)		(38,388	)
Net increase (decrease)		(53,819	)		18,738
	Six Months Ended
	March 31, 2011			Year Ended
Class C	(Unaudited)			September 30, 2010
Sales		298,097			1,193,568
Issued to shareholders electing to receive payments of distributions in Fund shares		58,919			121,173
Redemptions		(1,032,730	)		(975,512	)
Net increase (decrease)		(675,714	)		339,229
	Six Months Ended
	March 31, 2011			Year Ended
Class I	(Unaudited)			September 30, 2010
Sales		260,412			1,361,227
Issued to shareholders electing to receive payments of distributions in Fund shares		6,484			4,996
Redemptions		(332,474	)		(168,080	)
Net increase (decrease)		(65,578	)		1,198,143

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March 31, 2011

Notes to Financial Statements (Unaudited) — continued

Ohio Fund
	Six Months Ended
	March 31, 2011			Year Ended
Class A	(Unaudited)			September 30, 2010
Sales		627,038			3,011,054
Issued to shareholders electing to receive payments of distributions in Fund shares		355,294			739,318
Redemptions		(5,539,907	)		(5,866,909	)
Net decrease		(4,557,575	)		(2,116,537	)
	Six Months Ended
	March 31, 2011			Year Ended
Class C	(Unaudited)			September 30, 2010
Sales		138,498			598,181
Issued to shareholders electing to receive payments of distributions in Fund shares		36,128			73,490
Redemptions		(901,446	)		(531,674	)
Net increase (decrease)		(726,820	)		139,997
	Six Months Ended
	March 31, 2011			Period Ended
Class I	(Unaudited)			September 30, 2010(2)
Sales		449,003			112
Redemptions		(42,093	)		—
Net increase		406,910			112
Rhode Island Fund
	Six Months Ended
	March 31, 2011			Year Ended
Class A	(Unaudited)			September 30, 2010
Sales		98,008			693,111
Issued to shareholders electing to receive payments of distributions in Fund shares		58,219			123,005
Redemptions		(886,269	)		(953,974	)
Exchange from Class B shares		128,908			238,344
Net increase (decrease)		(601,134	)		100,486

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Notes to Financial Statements (Unaudited) — continued

	Six Months Ended
	March 31, 2011			Year Ended
Class B	(Unaudited)			September 30, 2010
Sales		6,013			15,094
Issued to shareholders electing to receive payments of distributions in Fund shares		4,170			17,289
Redemptions		(25,556	)		(116,956	)
Exchange to Class A shares		(125,875	)		(232,788	)
Net decrease		(141,248	)		(317,361	)
	Six Months Ended
	March 31, 2011			Year Ended
Class C	(Unaudited)			September 30, 2010
Sales		59,769			77,458
Issued to shareholders electing to receive payments of distributions in Fund shares		2,842			10,067
Redemptions		(99,368	)		(165,891	)
Net decrease		(36,757	)		(78,366	)
	Six Months Ended
	March 31, 2011			Period Ended
Class I	(Unaudited)			September 30, 2010(2)
Sales		8,691			112
Net increase		8,691			112

(1)	At the close of business on June 11, 2010, Class B shares of Massachusetts Fund were merged into Class A shares.
(2)	Class I of Ohio Fund and Rhode Island Fund commenced operations on August 3, 2010.

8 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of each Fund at March 31, 2011, as determined on a federal income tax basis, were as follows:

				Massachusetts									Rhode Island
	California Fund			Fund			New York Fund			Ohio Fund			Fund
Aggregate cost	$	170,485,599		$	191,502,337		$	310,148,072		$	216,162,591		$	39,931,241
Gross unrealized appreciation	$	5,477,984		$	4,694,041		$	8,361,073		$	4,257,214		$	670,187
Gross unrealized depreciation		(11,872,287	)		(8,933,852	)		(21,458,128	)		(13,184,140	)		(2,933,684	)
Net unrealized depreciation	$	(6,394,303	)	$	(4,239,811	)	$	(13,097,055	)	$	(8,926,926	)	$	(2,263,497	)

9 Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $450 million unsecured line of credit agreement with a group of banks. Borrowings are made by the Funds solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to each Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter.

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Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. At March 31, 2011, the Ohio Fund had a balance outstanding pursuant to this line of credit of $200,000, at an interest rate of 1.38%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at March 31, 2011. The Fund’s average borrowing or allocated fees during the six months ended March 31, 2011 were not significant.

10 Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and interest rate swaps 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 a 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, 2011 is as follows:

Futures Contracts
										Net
										Unrealized
	Expiration			Aggregate						Appreciation
Fund	Date	Contracts	Position	Cost			Value			(Depreciation)
California	6/11	80 U.S. 10-Year Treasury Note	Short	$	(9,510,970	)	$	(9,522,500	)	$	(11,530	)
	6/11	90 U.S. 30-Year Treasury Bond	Short	$	(10,798,279	)	$	(10,816,875	)	$	(18,596	)
Massachusetts	6/11	100 U.S. 10-Year Treasury Note	Short	$	(11,883,244	)	$	(11,903,125	)	$	(19,881	)
	6/11	75 U.S. 30-Year Treasury Bond	Short	$	(8,954,620	)	$	(9,014,062	)	$	(59,442	)
New York	6/11	275 U.S. 10-Year Treasury Note	Short	$	(32,678,922	)	$	(32,733,593	)	$	(54,671	)
	6/11	164 U.S. 30-Year Treasury Bond	Short	$	(19,580,770	)	$	(19,710,750	)	$	(129,980	)
Ohio	6/11	65 U.S. 10-Year Treasury Note	Short	$	(7,754,840	)	$	(7,737,031	)	$	17,809
	6/11	185 U.S. 30-Year Treasury Bond	Short	$	(22,223,462	)	$	(22,234,688	)	$	(11,226	)
Rhode Island	6/11	16 U.S. 10-Year Treasury Note	Short	$	(1,902,194	)	$	(1,904,500	)	$	(2,306	)
	6/11	16 U.S. 30-Year Treasury Bond	Short	$	(1,919,694	)	$	(1,923,000	)	$	(3,306	)

Interest Rate Swaps
California Fund
			Annual			Floating	Effective Date/
	Notional		Fixed Rate			Rate	Termination	Net Unrealized
Counterparty	Amount		Paid By Fund			Paid To Fund	Date	Depreciation
Bank of America	$	5,212,500		4.524	%	3-month USD-LIBOR-BBA	May 18, 2011/ May 20, 2041	$	(187,108	)
								$	(187,108	)

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Notes to Financial Statements (Unaudited) — continued

Massachusetts Fund
			Annual			Floating	Effective Date/
	Notional		Fixed Rate			Rate	Termination	Net Unrealized
Counterparty	Amount		Paid By Fund			Paid To Fund	Date	Depreciation
JPMorgan Chase & Co.	$	6,237,500		4.425	%	3-month USD-LIBOR-BBA	June 14, 2011/ June 14, 2041	$	(99,139	)
								$	(99,139	)
New York Fund
			Annual			Floating	Effective Date/
	Notional		Fixed Rate			Rate	Termination	Net Unrealized
Counterparty	Amount		Paid By Fund			Paid To Fund	Date	Depreciation
JPMorgan Chase & Co.	$	8,900,000		4.425	%	3-month USD-LIBOR-BBA	June 14, 2011/ June 14, 2041	$	(141,457	)
								$	(141,457	)
Ohio Fund
			Annual			Floating	Effective Date/
	Notional		Fixed Rate			Rate	Termination	Net Unrealized
Counterparty	Amount		Paid By Fund			Paid To Fund	Date	Depreciation
Bank of America	$	4,300,000		4.524	%	3-month USD-LIBOR-BBA	May 18, 2011/ May 20, 2041	$	(154,353	)
								$	(154,353	)
Rhode Island Fund
			Annual			Floating	Effective Date/
	Notional		Fixed Rate			Rate	Termination	Net Unrealized
Counterparty	Amount		Paid By Fund			Paid To Fund	Date	Depreciation
JPMorgan Chase & Co.	$	1,262,500		4.425	%	3-month USD-LIBOR-BBA	June 14, 2011/ June 14, 2041	$	(20,066	)
								$	(20,066	)

The effective date represents the date on which a Fund and the counterparty to the interest rate swap contract begin interest payment accruals.

At March 31, 2011, the Funds had sufficient cash and/or securities to cover commitments under these contracts.

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Funds hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. To hedge against this risk, the Funds enter into interest rate swap contracts. The Funds also purchase and sell U.S. Treasury futures contracts to hedge against changes in interest rates.

The Funds enter into interest rate swap contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in a Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those swaps in a liability position. At March 31, 2011, the fair value of interest rate swaps with credit-related contingent features in a net liability position was equal to the fair value of the liability derivative related to interest rate swaps included in the table below for each respective Fund. The value of securities pledged as collateral, if any, for open interest rate swap contracts at March 31, 2011 is disclosed in a note to each Fund’s Portfolio of Investments.

66

Eaton Vance

Municipal Income Funds

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

The non-exchange traded derivatives in which a Fund invests, including swap contracts, are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. At March 31, 2011, the maximum amount of loss the Funds would incur due to counterparty risk was equal to the fair value of the asset derivative related to interest rate swaps included in the table below for each respective Fund. Counterparties may be required to pledge collateral in the form of cash, U.S. Government securities or highly-rated bonds for the benefit of a Fund if the net amount due from the counterparty with respect to a derivative contract exceeds a certain threshold. The amount of collateral posted by the counterparties with respect to such contracts would reduce the amount of any loss incurred.

The fair values of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at March 31, 2011 were as follows:

				Massachusetts									Rhode Island
	California Fund			Fund			New York Fund			Ohio Fund			Fund
Asset Derivative:
Futures Contracts(1)	$	—		$	—		$	—		$	17,809		$	—
Interest Rate Swaps		—			—			—			—			—
Total	$	—		$	—		$	—		$	17,809		$	—
Liability Derivative:
Futures Contracts(1)	$	(30,126	)	$	(79,323	)	$	(184,651	)	$	(11,226	)	$	(5,612	)
Interest Rate Swaps(2)		(187,108	)		(99,139	)		(141,457	)		(154,353	)		(20,066	)
Total	$	(217,234	)	$	(178,462	)	$	(326,108	)	$	(165,579	)	$	(25,678	)

(1)	Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts in the Futures Contracts table above. 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, as applicable.
(2)	Statement of Assets and Liabilities location: Payable for open swap contracts; Net unrealized depreciation.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended March 31, 2011 was as follows:

				Massachusetts							Rhode Island
	California Fund			Fund		New York Fund			Ohio Fund		Fund
Realized Gain (Loss) on Derivatives Recognized in Income(1)	$	1,326,375		$	2,159,049	$	5,301,627		$	1,666,392	$	142,402
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2)	$	(242,485	)	$	27,961	$	(349,758	)	$	119,531	$	11,364

(1)	Statement of Operations location: Net realized gain (loss) – Financial futures contracts and Swap contracts.
(2)	Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts and Swap contracts.

The average notional amounts of futures contracts and interest rate swaps outstanding during the six months ended March 31, 2011, which are indicative of the volume of these derivative types, were approximately as follows:

			Massachusetts						Rhode Island
	California Fund		Fund		New York Fund		Ohio Fund		Fund
Average Notional Amount:
Futures Contracts	$	9,571,000	$	17,500,000	$	37,557,000	$	19,257,000	$	1,600,000
Interest Rate Swaps	$	5,212,500	$	6,237,500	$	8,900,000	$	4,300,000	$	1,262,500

67

Eaton Vance

Municipal Income Funds

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

11 Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•  Level 1 – quoted prices in active markets for identical investments

•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At March 31, 2011, the hierarchy of inputs used in valuing the Funds’ investments, which are carried at value, were as follows:

California Fund
Asset Description	Level 1			Level 2			Level 3		Total
Tax-Exempt Investments	$	—		$	187,211,296		$	—	$	187,211,296
Total Investments	$	—		$	187,211,296		$	—	$	187,211,296
Liability Description
Futures Contracts	$	(30,126	)	$	—		$	—	$	(30,126	)
Interest Rate Swaps		—			(187,108	)		—		(187,108	)
Total	$	(30,126	)	$	(187,108	)	$	—	$	(217,234	)
Massachusetts Fund
Asset Description	Level 1			Level 2			Level 3		Total
Tax-Exempt Investments	$	—		$	205,912,526		$	—	$	205,912,526
Total Investments	$	—		$	205,912,526		$	—	$	205,912,526
Liability Description
Futures Contracts	$	(79,323	)	$	—		$	—	$	(79,323	)
Interest Rate Swaps		—			(99,139	)		—		(99,139	)
Total	$	(79,323	)	$	(99,139	)	$	—	$	(178,462	)
New York Fund
Asset Description	Level 1			Level 2			Level 3		Total
Tax-Exempt Investments	$	—		$	338,236,017		$	—	$	338,236,017
Total Investments	$	—		$	338,236,017		$	—	$	338,236,017
Liability Description
Futures Contracts	$	(184,651	)	$	—		$	—	$	(184,651	)
Interest Rate Swaps		—			(141,457	)		—		(141,457	)
Total	$	(184,651	)	$	(141,457	)	$	—	$	(326,108	)

68

Eaton Vance

Municipal Income Funds

March 31, 2011

Notes to Financial Statements (Unaudited) — continued

Ohio Fund
Asset Description	Level 1			Level 2			Level 3		Total
Tax-Exempt Investments	$	—		$	214,705,665		$	—	$	214,705,665
Total Investments	$	—		$	214,705,665		$	—	$	214,705,665
Futures Contracts	$	17,809		$	—		$	—	$	17,809
Total	$	17,809		$	214,705,665		$	—	$	214,723,474
Liability Description
Futures Contracts	$	(11,226	)	$	—		$	—	$	(11,226	)
Interest Rate Swaps		—			(154,353	)		—		(154,353	)
Total	$	(11,226	)	$	(154,353	)	$	—	$	(165,579	)
Rhode Island Fund
Asset Description	Level 1			Level 2			Level 3		Total
Tax-Exempt Investments	$	—		$	39,362,744		$	—	$	39,362,744
Total Investments	$	—		$	39,362,744		$	—	$	39,362,744
Liability Description
Futures Contracts	$	(5,612	)	$	—		$	—	$	(5,612	)
Interest Rate Swaps		—			(20,066	)		—		(20,066	)
Total	$	(5,612	)	$	(20,066	)	$	—	$	(25,678	)

The Funds held no investments or other financial instruments as of September 30, 2010 whose fair value was determined using Level 3 inputs. At March 31, 2011, the value of investments transferred between Level 1 and Level 2, if any, during the six months then ended was not significant.

12 Proposed Plan of Reorganization

In March 2011, the Trustees of Rhode Island Fund approved an Agreement and Plan of Reorganization whereby the Eaton Vance National Municipal Income Fund (National Municipal Income Fund) would acquire substantially all the assets and assume substantially all the liabilities of Rhode Island Fund in exchange for shares of National Municipal Income Fund. The proposed reorganization is subject to approval by the shareholders of Rhode Island Fund. After the close of business on April 14, 2011, Rhode Island Fund was closed to new investors.

69

Eaton Vance

Municipal Income Funds

March 31, 2011

Officers and Trustees

Officers of Eaton Vance Municipal Income Funds
Thomas M. Metzold President Payson F. Swaffield Vice President Barbara E. Campbell Treasurer	Maureen A. Gemma Vice President, Secretary and Chief Legal Officer Paul M. O’Neil Chief Compliance Officer

Trustees of Eaton Vance Municipal Income Funds
Ralph F. Verni Chairman Benjamin C. Esty Thomas E. Faust Jr.* Allen R. Freedman	William H. Park Ronald A. Pearlman Helen Frame Peters Lynn A. Stout

* Interested Trustees

70

Eaton Vance

Municipal Income Funds

March 31, 2011

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (Privacy Policy) with respect to nonpublic personal information about its customers:

•  Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

•  None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.

•  Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

•  We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc. Our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (the “SEC”) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

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Investment Adviser
Boston Management and Research

Two International Place

Boston, MA 02110

Administrator
Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*
Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian
State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent
BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

1-800-262-1122

Fund Offices
Two International Place

Boston, MA 02110

*  FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

438-5/11 MUNISRC

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is the Chief Financial Officer of Aveon Group, L.P. (an investment management firm). Previously, he served as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

No Material Changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a)(1)	Registrant’s Code of Ethics — Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Municipals Trust
By:	/s/ Thomas M. MetzoldThomas M. Metzold
	President
Date:	May 13, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Barbara E. CampbellBarbara E. Campbell
	Treasurer
Date:	May 13, 2011
By:	/s/ Thomas M. MetzoldThomas M. Metzold
	President
Date:	May 13, 2011