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, 2009

Date of Reporting Period

Item 1. Reports to Stockholders

IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING

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.

In addition, 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 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. This description is also available on the SEC’s website at www.sec.gov.

Eaton Vance National Municipals Fund as of March 31, 2009

INVESTMENT UPDATE

Economic and Market Conditions

The six-month period ending March 31, 2009, was characterized by continued market and economic upheaval during the first two and a half months of the period, followed by the first sustained municipal bond rally of this bear market from mid-December 2008 through the end of the period. The U.S. economy, as measured by gross domestic product (GDP), contracted sharply in both the fourth quarter of 2008 and the first quarter of 2009 by 6.2% and 6.1%, respectively, according to the U.S. Department of Commerce. The first quarter 2009 figure was a preliminary estimate. Most of the major GDP components contributed to the decline, but a sharp downturn in consumer spending was particularly influential and continued to weigh on the economy in early 2009. While high commodity prices eased since their summertime peaks, consumers continued to pare spending as they remained cautious of what increasingly became a weaker economic environment. Rising unemployment levels, at a five-year high at period end, led to constrained personal consumption and overall economic contraction. The housing market continued to weigh on the economy during the first three months of the period, with new and existing home sales falling hard in the fourth quarter of calendar 2008.

Thomas M. Metzold, CFA
Portfolio Manager

In the first quarter of 2009, the U.S. economy began showing some signs of life. Although most economists forecast anemic growth for the remainder of the year, some of the data turned more positive early on. February was a particularly strong month for economic data: factory orders increased 1.8%; new home sales rose 4.7% — the first increase in seven months; and existing home sales surged 5.1%, the largest monthly gain since 2003. The upturn in the housing market was bolstered by historically low mortgage rates, an $8,000 tax credit for first-time home buyers that was part of President Obama’s stimulus legislation and a plethora of distressed properties on the market.

The capital markets experienced steep declines in the first two and a half months of the period, followed by a welcome rally during the latter three and a half months. The semiannual period was preceded by a number of distressing events in the fall of 2008, resulting in a freefall in both the credit and equity markets. Several calamitous events occurred in September alone, including the federal takeover of federally chartered mortgage giants Fannie Mae and Freddie Mac, the bankruptcy of Lehman Brothers and the announcement by Bank of America that it was acquiring Merrill Lynch. These actions, along with several other corporate shakeups, bank failures and bailouts, drastically redefined the Wall Street landscape.

In response, the U.S. government enacted a number of bold stimulus programs. Last fall, Congress approved a $700 billion program authorizing the federal government to purchase troubled assets from financial institutions, a program that continued to evolve since the bill was enacted into law. On February 17, 2009, President Obama signed a historic $787 billion stimulus program into law and outlined a $50 billion foreclosure rescue plan. Additionally, between September 30, 2008, and December 31, 2008, the U.S. Federal Reserve (the Fed) lowered the federal funds rate to a range of 0.0% to 0.25% from 2.00%. Also during the six-month period, the Fed took extraordinary actions through a variety of innovative lending techniques in an attempt to ease the credit crisis.

Management Discussion

Relative to the Fund’s primary benchmark, the Barclays Capital Municipal Bond Index¹ (the Index) — a broad-based, unmanaged index of municipal bonds — the Fund underperformed for the six months ending March 31, 2009. As a result of an active management style that focuses on income and longer call protection, the Fund generally holds longer-maturity bonds relative to other bond funds and the Index. Much of the Fund’s underperformance occurred in the first three months of the period and, management believes, can be attributed to the continued shift of investors’ capital into shorter-maturity bonds — a result of the broader-

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.

¹ Formerly called Lehman Brothers Municipal Bond Index. It is not possible to invest directly in an Index.

Past performance is no guarantee of future results.

The views expressed throughout this report are those of the portfolio manager and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund. Portfolio information provided in the report may not be representative of the Fund’s current or future investments and may change due to active management.

1

Eaton Vance National Municipals Fund as of March 31, 2009

INVESTMENT UPDATE

based credit crisis — during this period. The move to shorter-term investments was originally driven by uncertainty surrounding financial companies’ exposure to subprime mortgage-backed debt, but it later spread to the muni market when major municipal bond insurers suffered rating downgrades due to their exposure to mortgage-related structured products.

Since mid-December 2008, however, the municipal market rallied considerably, and the Fund outperformed the Index. A number of factors appeared to be at work in the market’s rebound. Municipal demand, while anemic for much of last year, returned in dramatic fashion during the first quarter of 2009. Retail muni investors — those who buy municipal bonds directly or through managed products such as mutual funds — were the predominant force behind the renewed demand. While many retail investors fled the market in 2008 as a result of market volatility and intimidating news reports, the perception of risk began to mitigate during the early stages of the new year. While institutional demand was largely absent during the first quarter — as it was for much of 2008 — retail purchases kept overall demand levels strong.

Against this backdrop, we continue to manage our municipal funds with the same relative value approach that we have traditionally employed, maintaining a long-term perspective when markets exhibit extreme short-term volatility. We believe this approach has provided excellent long-term benefits to our investors over time. Furthermore, we believe that the 138.9% yield ratio of insured municipal bonds to 30-year Treasuries as of March 31, 2009 — as compared with the long-term average of 85%-90% — indicates that there is still relative value in municipal bonds when compared with their taxable counterparts.¹

¹ Source: Bloomberg L.P. Yields are a compilation of a representative variety of general obligations and are not necessarily representative of the Fund’s yield.

2

Eaton Vance National Municipals Fund as of March 31, 2009

PERFORMANCE INFORMATION

Portfolio Manager: Thomas M. Metzold, CFA

Performance1	Class A			Class B			Class C			Class I
Share Class Symbol	EANAX			EVHMX			ECHMX			EIHMX
Average Annual Total Returns (at net asset value)
Six Months		-6.95	%		-7.34	%		-7.34	%		-6.82	%
One Year		-14.72			-15.40			-15.40			-14.48
Five Years		-0.87			-1.57			-1.60			-0.62
Ten Years		2.29			1.69			1.50			N.A.
Life of Fund†		4.50			4.92			2.96			2.95
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		-11.35	%		-11.83	%		-8.24	%		-6.82	%
One Year		-18.80			-19.42			-16.21			-14.48
Five Years		-1.83			-1.89			-1.60			-0.62
Ten Years		1.79			1.69			1.50			N.A.
Life of Fund†		4.16			4.92			2.96			2.95

^† Inception dates: Class A: 4/5/94; Class B: 12/19/85; Class C: 12/3/93; Class I: 7/1/99

Total Annual
Operating Expenses2	Class A			Class B			Class C			Class I
Expense Ratio		1.10	%		1.85	%		1.85	%		0.86	%

Distribution Rates/Yields	Class A			Class B			Class C			Class I
Distribution Rate3		6.63	%		5.85	%		5.85	%		6.89	%
Taxable-Equivalent Distribution Rate3,4		10.20			9.00			9.00			10.60
SEC 30-day Yield5		6.29			5.85			5.85			6.87
Taxable-Equivalent SEC 30-day Yield4,5		9.68			9.00			9.00			10.57

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, the Fund’s current 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.

Index Performance⁶ (Average Annual Total Returns)

	Barclays Capital			Barclays Capital Long (22+)
	Municipal Bond Index			Municipal Bond Index
Six Months		5.00	%		1.63	%
One Year		2.27			-4.50
Five Years		3.21			1.76
Ten Years		4.60			4.00

Lipper Averages⁷ (Average Annual Total Returns)

Lipper General Municipal Debt Funds Classification
Six Months	0.60	%
One Year	-3.31
Five Years	1.23
Ten Years	2.92

¹ Average Annual Total Returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% — 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. Class I shares are offered to certain investors at net asset value. ² Source: Prospectus dated 2/1/09. Includes interest expense of 0.46% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with inverse floater securities transactions by the Fund. The Fund also records offsetting interest income relating to the municipal obligations underlying such transactions, and, as a result, net asset value and performance have not been affected by this expense. ³ The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last distribution per share (annualized) by the net asset value. ⁴ Taxable-equivalent figures assume a maximum 35.00% federal income tax rate. A lower tax rate would result in lower tax-equivalent figures. ⁵ The Fund’s SEC yield is calculated by dividing the 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 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. ⁷ The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper General Municipal Debt Funds Classification contained 246, 240, 205 and 157 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

3

Eaton Vance National Municipals Fund as of March 31, 2009

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments

* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 3/31/09, is as follows, and the average rating is AA-.

AAA	29.8	%
AA	39.2	%
A	17.1	%
BBB	6.9	%
BB	0.2	%
B	2.8	%
Not Rated	4.0	%

Fund Statistics²

• Number of Issues:		332
• Average Maturity:		26.8 years
• Average Effective Maturity:		25.1 years
• Average Call Protection:		11.3 years
• Average Dollar Price:	$	79.47
• TOB Leverage3:		13.8%

1	Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition.
2	Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.
3	See Note 1l to the Fund’s financial statements. Tender option bonds (TOBs) are a form of investment leverage that create an opportunity for increased income but, at the same time, create special risks (including the likelihood of greater volatility of net asset value). TOB leverage represents the amount of TOB Floating Rate Notes outstanding at 3/31/09 as a percentage of the Fund’s net assets plus Floating Rate Notes. Floating Rate Notes reflect the effect of TOBs purchased in secondary market transactions.

4

Eaton Vance National Municipals Fundas of March 31, 2009

FUND EXPENSES

Example: As a shareholder of the Fund, 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 or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund 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, 2008 – March 31, 2009).

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 return of the Fund. 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 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 have been higher.

Eaton Vance National Municipals Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(10/1/08)		(3/31/09)		(10/1/08 – 3/31/09)
Actual
Class A		$1,000.00		$930.50		$5.39
Class B		$1,000.00		$926.60		$8.98
Class C		$1,000.00		$926.60		$8.98
Class I		$1,000.00		$931.80		$4.14
Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,019.30		$5.64
Class B		$1,000.00		$1,015.60		$9.40
Class C		$1,000.00		$1,015.60		$9.40
Class I		$1,000.00		$1,020.60		$4.33

*   Expenses are equal to the Fund’s annualized expense ratio of 1.12% for Class A shares, 1.87% for Class B shares, 1.87% for Class C shares and 0.86% for Class I shares, 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, 2008.

5

Eaton Vance National Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 115.1%
Principal Amount
(000’s omitted)		Security	Value
Cogeneration — 0.8%
$	22,150	Maryland Energy Cogeneration, (AES Warrior Run), (AMT), 7.40%, 9/1/19	$	16,659,014
	6,100	Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13		4,886,466
	21,950	Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19		16,087,155
	2,900	Pennsylvania Economic Development Financing Authority, (Northampton Generating), Junior Liens, (AMT), 6.875%, 1/1/11		1,633,454
	5,000	Pennsylvania Economic Development Financing Authority, (Northampton Generating), Junior Liens, (AMT), 6.95%, 1/1/21		2,752,800
			$	42,018,889
Education — 4.8%
$	15,095	California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39	$	14,528,787
	47,500	Connecticut Health and Educational Facilities Authority, (Yale University), 4.85%, 7/1/37(1)		47,753,460
	3,000	Connecticut Health and Educational Facilities Authority, (Yale University), 4.85%, 7/1/37		3,015,990
	18,410	Connecticut Health and Educational Facilities Authority, (Yale University), 5.00%, 7/1/42(2)		18,631,840
	33,305	Houston, TX, Higher Educational Finance Corp., (Rice University), 4.50%, 11/15/37(3)		30,830,771
	31,200	Houston, TX, Higher Educational Finance Corp., (Rice University), 4.50%, 5/15/42		28,082,496
	6,000	Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1)		6,095,560
	11,100	Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.50%, 11/15/36(2)		11,798,079
	4,750	Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.50%, 7/1/36		5,039,370
	30,000	Missouri Health and Educational Facilities Authority, (Washington University), 5.375%, 3/15/39(2)		31,354,200
	15,265	New York Dormitory Authority, (Vassar College), 4.25%, 7/1/39		12,559,737
	17,000	North Carolina Capital Facilities Finance Agency, (Duke University), 5.00%, 10/1/38		17,106,420
	15,000	North Carolina Capital Facilities Finance Agency, (Duke University), 5.00%, 10/1/38(1)		15,093,975
			$	241,890,685
Electric Utilities — 2.2%
$	9,260	Brazos River Authority, TX, Pollution Control Revenue, (Texas Energy Co.), (AMT), 5.40%, 5/1/29	$	3,719,742
	32,500	Brazos River Authority, TX, Pollution Control Revenue, (Texas Energy Co.), (AMT), 8.25%, 5/1/33		17,609,150
	12,050	Long Island, NY, Electric Power Authority, 5.75%, 4/1/39		12,217,374
	5,000	Matagorda County, TX, Navigation District No. 1, (Reliant Energy), (AMT), 5.95%, 5/1/30		3,861,200
	4,505	Omaha, NE, Public Power District, 5.00%, 2/1/39		4,442,831
	600	Pennsylvania Economic Development Financing Authority, (Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36		510,102
	10,780	San Antonio, TX, (Electric and Gas Systems), 4.75%, 2/1/28		10,620,995
	18,240	San Antonio, TX, (Electric and Gas Systems), 5.00%, 2/1/30		18,252,768
	42,225	San Antonio, TX, (Electric and Gas Systems), 5.00%, 2/1/34		41,748,280
			$	112,982,442
Escrowed/Prerefunded — 0.2%
$	2,400	Bexar County, TX, Health Facilities, (St. Luke’s Lutheran), Escrowed to Maturity, 7.00%, 5/1/21	$	3,133,608
	11,195	Colorado Health Facilities Authority, (Liberty Heights), Escrowed to Maturity, 0.00%, 7/15/22(2)		6,261,140
	1,915	Lackawanna County, PA, Industrial Development Authority, (Edella Street Associates), Prerefunded to 9/1/09, 8.875%, 9/1/14		2,001,826
			$	11,396,574
General Obligations — 13.2%
$	5,570	California, 4.75%, 9/1/35	$	4,659,194
	25,000	California, 6.00%, 4/1/38(4)		25,018,500
	15,905	California, (AMT), 5.05%, 12/1/36		12,652,587
	94,200	Clark County, NV, 5.00%, 6/1/38(1)		88,956,357
	60,945	Florida Board of Education, 5.00%, 6/1/37(1)		59,413,452
	67,710	Judson, TX, Independent School District, 4.50%, 2/1/35		62,825,401
	7,080	Los Angeles, CA, Unified School District, Series D, 5.00%, 1/1/34		6,685,998
	6,245	Los Angeles, CA, Unified School District, Series F, 5.00%, 1/1/34		5,897,466
	36,330	Los Angeles, CA, Unified School District, Series I, 5.00%, 1/1/34		34,308,236

See notes to financial statements

6

Eaton Vance National Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
General Obligations (continued)
$	20,230	Maricopa County, AZ, Community College District, 3.00%, 7/1/23(4)	$	16,329,049
	5,815	Newton, MA, 5.00%, 4/1/33(4)		5,915,309
	5,275	Newton, MA, 5.00%, 4/1/36(4)		5,349,272
	11,480	Newton, MA, 5.00%, 4/1/39(4)		11,632,569
	41,620	Port Authority of Houston, TX, (Harris County), (AMT), 5.625%, 10/1/38(1)		39,917,950
	5	Port Authority of Houston, TX, (Harris County), (AMT), 5.625%, 10/1/38		4,795
	9,515	Salem-Keizer, OR, School District No. 24J, 0.00%, 6/15/21		5,366,841
	15,595	Salem-Keizer, OR, School District No. 24J, 0.00%, 6/15/22		8,262,075
	20,785	Salem-Keizer, OR, School District No. 24J, 0.00%, 6/15/24		9,600,384
	13,210	Salem-Keizer, OR, School District No. 24J, 0.00%, 6/15/25		5,685,980
	13,210	Salem-Keizer, OR, School District No. 24J, 0.00%, 6/15/26		5,334,726
	11,290	Salem-Keizer, OR, School District No. 24J, 0.00%, 6/15/27		4,272,023
	11,180	Salem-Keizer, OR, School District No. 24J, 0.00%, 6/15/28		3,950,900
	8,805	Salem-Keizer, OR, School District No. 24J, 0.00%, 6/15/29		2,918,769
	36,300	San Francisco, CA, Bay Area Rapid Transit District, (Election of 2004), 4.75%, 8/1/37(1)		34,509,321
	10,000	South Carolina, 3.00%, 8/1/22(2)		8,732,600
	100,925	Texas, (Transportation Commission-Mobility Fund), 4.50%, 4/1/32		93,812,815
	115,000	Texas, (Transportation Commission-Mobility Fund), 4.50%, 4/1/33(1)		106,713,100
			$	668,725,669
Health Care-Miscellaneous — 0.1%
$	1,682	Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 5.50%, 12/1/36(5)	$	1,721,311
	1,801	Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 5.875%, 12/1/36(5)		1,844,115
			$	3,565,426
Hospital — 12.2%
$	34,260	Alabama Special Care Facilities Financing Authority, (Ascension Health), 5.00%, 11/15/39(1)	$	31,764,673
	6,065	Brevard County, FL, Health Facilities Authority, (Health First, Inc.), 5.00%, 4/1/36		4,296,203
	18,600	California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32		17,344,128
	49,110	California Health Facilities Financing Authority, (Sutter Health), 5.25%, 11/15/46(1)		43,143,626
	20	California Health Facilities Financing Authority, (Sutter Health), 5.25%, 11/15/46		17,568
	11,000	California Statewide Communities Development Authority, (Huntington Memorial Hospital), 5.00%, 7/1/35		8,834,540
	7,195	California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36		5,929,112
	68,805	California Statewide Communities Development Authority, (Kaiser Permanente), 5.00%, 3/1/41		54,999,965
	59,525	California Statewide Communities Development Authority, (Sutter Health), 5.25%, 11/15/48		51,018,877
	5,095	Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/25		3,613,629
	12,725	Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/35		8,032,020
	14,320	Camden County, NJ, Improvement Authority, (Cooper Health System), 5.25%, 2/15/27		10,197,988
	27,615	Colorado Health Facilities Authority, (Catholic Health Initiatives), 4.50%, 9/1/38		22,164,351
	32,650	Indiana Health and Educational Facilities Authority, (Ascension Health), 5.00%, 11/15/36		29,592,328
	39,025	Maryland Health and Higher Educational Facilities Authority, (MedStar Health), 4.75%, 5/15/42		28,128,440
	2,155	Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38		1,552,009
	20,000	Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46		14,811,800
	24,075	Michigan Hospital Finance Authority, (McLaren Healthcare), 5.00%, 8/1/35		19,445,137
	17,000	Michigan Hospital Finance Authority, (McLaren Healthcare), 5.75%, 5/15/38		15,537,320
	29,745	New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 4.75%, 7/1/28		28,758,953
	54,300	New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 5.00%, 7/1/36(1)		51,961,570
	12,795	New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37		8,472,977
	7,085	Ohio Higher Educational Facility Commission, (Cleveland Clinic Health), 5.50%, 1/1/43		6,998,634
	4,000	Oneida County, NY, Industrial Development Agency, (Elizabeth Medical Center), 6.00%, 12/1/29		2,716,720
	41,400	Orange County, FL, Health Facilities Authority, (Orlando Regional Medical Center), 5.375%, 10/1/41		32,577,246
	849	Osceola County, FL, Industrial Development Authority, Community Provider Pooled Loan, 7.75%, 7/1/17		777,209

See notes to financial statements

7

Eaton Vance National Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Hospital (continued)
$	2,000	South Carolina Jobs - Economic Development Authority, (Kershaw County Medical Center Project), 6.00%, 9/15/38	$	1,605,080
	63,000	South Miami, FL, Health Facilities Authority, (Baptist Health), 5.00%, 8/15/37(1)		52,561,530
	75,000	South Miami, FL, Health Facilities Authority, (Baptist Health), 5.00%, 8/15/42(1)		60,991,125
	2,500	West Orange, FL, Health Care District, 5.80%, 2/1/31		2,099,325
			$	619,944,083
Housing — 4.4%
$	6,720	Arkansas Development Finance Authority, MFMR, (Park Apartments), (AMT), 5.95%, 12/1/28	$	4,146,173
	22,350	California Housing Finance Agency, (AMT), 4.75%, 8/1/42		15,525,204
	7,064	California Housing Finance Agency, (AMT), Variable Rate, 23.769%, 8/1/38(5)(6)(7)		1,048,651
	16,000	Charter Mac Equity Trust, TN, 6.625%, 6/30/09(5)		16,117,920
	8,540	Lake Creek, CO, (Affordable Housing Corp.), 6.25%, 12/1/23		7,232,611
	14,570	New Hampshire Housing Finance Authority, Multi-Family Housing, (AMT), 6.20%, 7/1/36		10,231,345
	27,380	New Jersey Housing and Mortgage Finance Agency, Single Family Housing, (AMT), 4.625%, 10/1/27		23,316,261
	10,640	Texas Student Housing Corp., (University of Northern Texas), 6.85%, 7/1/31		7,315,106
	37,680	Virginia Housing Development Authority, (AMT), 4.90%, 1/1/33		33,870,552
	23,335	Virginia Housing Development Authority, (AMT), 5.20%, 10/1/26(1)		22,403,000
	6,940	Virginia Housing Development Authority, (AMT), Variable Rate, 22.454%, 10/1/35(5)(6)(7)		4,778,537
	53,420	Virginia Housing Development Authority, Series A, (AMT), 5.10%, 10/1/35(3)		49,065,202
	30,150	Virginia Housing Development Authority, Series A1, (AMT), 5.10%, 10/1/35		27,692,172
			$	222,742,734
Industrial Development Revenue — 8.6%
$	6,620	Austin, TX, (CargoPort Development LLC), (AMT), 8.30%, 10/1/21	$	5,967,996
	2,155	Broward County, FL, (Lynxs CargoPort), (AMT), 6.75%, 6/1/19		1,764,492
	2,250	Calhoun County, AR, Solid Waste Disposal Revenue, (Georgia-Pacific Corp.), (AMT), 6.375%, 11/1/26		1,411,628
	2,460	Capital Trust Agency, FL, (Fort Lauderdale Project), (AMT), 5.75%, 1/1/32		1,607,733
	4,000	Courtland, AL, Solid Waste Disposal, (Champion International Corp.), (AMT), 6.70%, 11/1/29		2,747,760
	15,325	Denver, CO, City and County Special Facilities, (United Airlines), (AMT), 5.25%, 10/1/32		6,906,364	��
	37,970	Denver, CO, City and County Special Facilities, (United Airlines), (AMT), 5.75%, 10/1/32		18,156,495
	5,495	Hardeman County, TN, (Correctional Facilities Corp.), 7.75%, 8/1/17		4,983,855
	40,000	Houston, TX, Airport System, (Continental Airlines), (AMT), 6.75%, 7/1/29		24,520,000
	125,600	Liberty Development Corp., NY, (Goldman Sachs Group, Inc.), 5.25%, 10/1/35		104,614,752
	66,485	Liberty Development Corp., NY, (Goldman Sachs Group, Inc.), 5.50%, 10/1/37		56,725,002
	10,805	McMinn County, TN, (Calhoun Newsprint - Bowater, Inc.), (AMT), 7.40%, 12/1/22		1,943,171
	10,000	Michigan Strategic Fund, (S.D. Warren), Series A, (AMT), 7.375%, 1/15/22		7,575,200
	15,000	Michigan Strategic Fund, (S.D. Warren), Series B, (AMT), 7.375%, 1/15/22		11,362,800
	3,500	Michigan Strategic Fund, (S.D. Warren), Series C, (AMT), 7.375%, 1/15/22		2,651,320
	5,025	New Jersey Economic Development Authority, (American Airlines, Inc.), (AMT), 7.10%, 11/1/31		1,855,230
	18,820	New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29		10,709,333
	4,950	New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00%, 6/1/33		3,780,463
	4,000	New York, NY, Industrial Development Agency, (American Airlines, Inc. - JFK International Airport), (AMT), 7.50%, 8/1/16		3,164,400
	36,000	New York, NY, Industrial Development Agency, (American Airlines, Inc. - JFK International Airport), (AMT), 7.625%, 8/1/25		25,182,360
	3,000	New York, NY, Industrial Development Agency, (American Airlines, Inc. - JFK International Airport), (AMT), 7.75%, 8/1/31		2,046,600
	10,000	New York, NY, Industrial Development Agency, (American Airlines, Inc. - JFK International Airport), (AMT), 8.00%, 8/1/12		8,546,000
	8,000	New York, NY, Industrial Development Agency, (American Airlines, Inc. - JFK International Airport), (AMT), 8.00%, 8/1/28		5,695,520
	12,500	New York, NY, Industrial Development Agency, (American Airlines, Inc. - JFK International Airport), (AMT), 8.50%, 8/1/28		9,439,125
	5,000	Skowhegan, ME, (S.D. Warren), (AMT), 6.65%, 10/15/15		4,422,700
	159,640	St. John Baptist Parish, LA, (Marathon Oil Corp.), 5.125%, 6/1/37		111,834,206
			$	439,614,505

See notes to financial statements

8

Eaton Vance National Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Education — 1.1%
$	3,610	Alabama State Board of Education, (Jefferson State Community College), (NPFG), 4.625%, 10/1/32	$	3,246,654
	41,120	Baldwin County, AL, Board of Education, (AMBAC), 4.50%, 7/1/37		35,624,723
	9,145	Broward County, FL, Educational Facilities Authority, (Nova Southeastern University), (AGC), 4.50%, 4/1/36		7,963,740
	8,560	Massachusetts Development Finance Agency, (Boston University), (AMBAC), 5.00%, 10/1/39		7,628,158
			$	54,463,275
Insured-Electric Utilities — 3.8%
$	11,200	California Pollution Control Financing Authority, (Pacific Gas and Electric Co.), Series B (FGIC), (AMT), 4.75%, 12/1/23	$	9,244,256
	35,000	California Pollution Control Financing Authority, (Pacific Gas and Electric Co.), Series D (FGIC), (AMT), 4.75%, 12/1/23		28,888,300
	55,925	Hawaii Department of Budget and Finance, (Hawaiian Electric Company), (FGIC), (AMT), 4.60%, 5/1/26		36,881,978
	40,660	Long Island, NY, Power Authority, (BHAC), 5.50%, 5/1/33		42,713,330
	15,580	Los Angeles, CA, Department of Water and Power, (FSA), 4.625%, 7/1/37		13,913,563
	38,190	Matagorda County, TX, Navigation District No. 1, (AEP Texas Central Co.), (NPFG), (AMT), 5.20%, 5/1/30		29,121,021
	6,615	Missouri Joint Municipal Electric Utility Commission, (AMBAC), (BHAC), 4.50%, 1/1/37		6,130,385
	20,960	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30		17,644,128
	11,200	Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26		9,759,456
			$	194,296,417
Insured-General Obligations — 7.8%
$	40,000	California, (AGC), 5.00%, 11/1/37(1)	$	35,916,800
	8,485	California, (FSA), 3.25%, 12/1/28		5,848,795
	50,985	Detroit, MI, City School District, (FSA), 5.25%, 5/1/32(8)		46,385,133
	99,875	District of Columbia, (FGIC), (NPFG), 4.50%, 6/1/37		84,452,302
	78,490	District of Columbia, (FGIC), (NPFG), 4.75%, 6/1/33		70,957,315
	12,250	Frisco, TX, Independent School District, (FSA), 3.75%, 8/15/38		9,407,632
	4,425	Geary County, KS, Unified School District #475, (NPFG), 3.00%, 9/1/26		3,252,021
	51,625	Los Angeles, CA, Unified School District, (Election of 2005), (FSA), 4.75%, 7/1/32(1)		46,953,454
	10,000	Montgomery County, TX, (Municipal Utility District No. 46 Waterworks and Sewer), (AMBAC), 4.00%, 3/1/30		8,063,600
	10,655	San Juan, CA, Unified School District, (FSA), 0.00%, 8/1/24		4,371,214
	89,460	Texas, (Transportation Commission-Mobility Fund), (FGIC), (NPFG), 4.50%, 4/1/35		82,017,823
			$	397,626,089
Insured-Hospital — 1.4%
$	5,000	California Statewide Communities Development Authority, (Catholic Healthcare West), (AGC), 5.25%, 7/1/41	$	4,486,950
	6,340	Maryland Health and Higher Educational Facilities Authority, (LifeBridge Health), (AGC), 4.75%, 7/1/42(1)		5,334,159
	35	Maryland Health and Higher Educational Facilities Authority, (LifeBridge Health), (AGC), 4.75%, 7/1/42		29,446
	38,800	Maryland Health and Higher Educational Facilities Authority, (LifeBridge Health), (AGC), 4.75%, 7/1/47(1)		32,179,556
	14,575	Maryland Health and Higher Educational Facilities Authority, (Medlantic/Helix Issue), (AMBAC), 5.25%, 8/15/38		12,290,806
	3,145	New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), (AGC), 5.00%, 7/1/38		3,027,880
	13	Osceola County, FL, Industrial Development Authority, Community Provider Pooled Loan-93 Program, (FSA), 7.75%, 7/1/10		13,069
	9,010	Sarasota County, FL, Public Hospital Board, (Sarasota Memorial Hospital), (NPFG), 5.50%, 7/1/28		7,579,122
	5,000	Wisconsin Health and Educational Facilities Authority, (Ministry Health Care), (NPFG), 5.125%, 2/15/22		4,664,250
			$	69,605,238
Insured-Housing — 0.2%
$	3,000	Florida Housing Finance Authority, (Brittany of Rosemont), (AMBAC), (AMT), 6.875%, 8/1/26	$	3,002,670
	10,000	Rhode Island Housing and Mortgage Finance Corp., (Rental Housing Program), (FSA), (AMT), 5.50%, 10/1/49		9,242,700
			$	12,245,370

See notes to financial statements

9

Eaton Vance National Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Lease Revenue/Certificates of Participation — 1.4%
$	77,995	Hudson, NY, Infrastructure Corp., (NPFG), 4.50%, 2/15/47	$	57,876,190
	7,580	Jackson County, MO, (Harry S. Truman Sports Complex), (AMBAC), 4.50%, 12/1/31		6,683,816
	3,935	Western Regional Jail Authority, VA, (NPFG), 4.25%, 6/1/34		3,370,524
	3,645	Western Regional Jail Authority, VA, (NPFG), 4.25%, 6/1/39		3,066,393
			$	70,996,923
Insured-Other Revenue — 4.8%
$	115,505	Golden State Tobacco Securitization Corp., CA, (Tobacco Settlement Revenue), (AGC), 5.00%, 6/1/45	$	101,109,612
	68,155	Harris County-Houston, TX, Sports Authority, (NPFG), 0.00%, 11/15/34		9,269,762
	25,000	Harris County-Houston, TX, Sports Authority, (NPFG), 0.00%, 11/15/41		1,788,750
	1,710	Kentucky Economic Development Finance Authority, (Louisville Arena Project), (AGC), 6.00%, 12/1/33		1,738,745
	15,195	Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AGC), 4.50%, 1/1/39		13,446,207
	11,725	New York, NY, Industrial Development Agency, (Queens Baseball Stadium), (AGC), 6.375%, 1/1/39		12,628,529
	6,085	New York, NY, Industrial Development Agency, (Queens Baseball Stadium), (AGC), 6.50%, 1/1/46		6,565,046
	50,000	New York, NY, Industrial Development Agency, (Yankee Stadium), (AGC), 7.00%, 3/1/49		55,691,500
	54,375	New York, NY, Industrial Development Agency, (Yankee Stadium), (NPFG), 4.75%, 3/1/46		39,701,362
			$	241,939,513
Insured-Ports — 0.5%
$	36,915	Alabama State Dock Authority, (NPFG), (AMT), 4.50%, 10/1/36	$	26,421,173
			$	26,421,173
Insured-Special Tax Revenue — 7.1%
$	13,305	Illinois Sports Facility Authority, (AMBAC), 0.00%, 6/15/23	$	6,109,922
	31,010	Illinois Sports Facility Authority, (AMBAC), 0.00%, 6/15/24		13,261,737
	9,500	Illinois Sports Facility Authority, (AMBAC), 0.00%, 6/15/25		3,755,255
	20,795	Louisiana Gas and Fuels Tax, (FGIC), (FSA), 5.00%, 5/1/41		20,243,309
	43,225	Louisiana Gas and Fuels Tax, (FGIC), (NPFG), 4.50%, 5/1/41		37,874,610
	2,970	Massachusetts Bay Transportation Authority, Revenue Assessment, (NPFG), 4.00%, 7/1/33		2,427,975
	10,000	Massachusetts, Special Obligation, (FGIC), (NPFG), 5.50%, 1/1/29		10,180,600
	6,000	Massachusetts, Special Obligation, (FGIC), (NPFG), 5.50%, 1/1/30		6,073,800
	14,715	Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), (NPFG), 0.00%, 12/15/24		6,540,523
	106,655	Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), (NPFG), 0.00%, 12/15/32		26,999,713
	1,575	Miami-Dade County, FL, Special Obligation, (NPFG), 0.00%, 10/1/36		197,568
	6,630	Miami-Dade County, FL, Special Obligation, (NPFG), 0.00%, 10/1/37		769,345
	5,000	Miami-Dade County, FL, Special Obligation, (NPFG), 0.00%, 10/1/38		533,700
	10,000	Miami-Dade County, FL, Special Obligation, (NPFG), 0.00%, 10/1/39		987,100
	10,055	Miami-Dade County, FL, Special Obligation, (NPFG), 0.00%, 10/1/40		917,217
	37,180	New York, NY, Transitional Finance Authority, (FGIC), (NPFG), 4.25%, 1/15/34		30,476,818
	29,200	New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45		23,179,252
	16,245	New York Urban Development Corp., Personal Income Tax, (NPFG), 4.50%, 3/15/37		14,375,688
	745	Opa-Locka, FL, Capital Improvement, (FGIC), (NPFG), 7.00%, 1/1/14		748,055
	1,699,600	Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54		61,695,480
	156,320	Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44		13,687,379
	310,060	Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45		25,207,878
	247,755	Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46		18,608,878
	9,185	Regional Transportation Authority, LA, (FGIC), (NPFG), 0.00%, 12/1/15		6,281,713
	9,500	Regional Transportation Authority, LA, (FGIC), (NPFG), 0.00%, 12/1/21		4,122,810
	31,935	San Jose, CA, Redevelopment Agency, (Merged Area), (XLCA), 4.25%, 8/1/36		20,795,433
	4,140	Sunrise, FL, Public Facilities, (NPFG), 0.00%, 10/1/16		2,953,683
			$	359,005,441

See notes to financial statements

10

Eaton Vance National Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Student Loan — 2.4%
$	76,340	Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30	$	75,206,351
	10,000	Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/27		7,990,200
	50,190	Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33		36,819,886
			$	120,016,437
Insured-Transportation — 9.1%
$	10,000	Chicago, IL, (O’Hare International Airport), (AMBAC), (AMT), 5.375%, 1/1/32	$	8,608,500
	44,295	Chicago, IL, (O’Hare International Airport), (FSA), 4.50%, 1/1/38		38,296,571
	11,975	Chicago, IL, (O’Hare International Airport), (FSA), (AMT), 5.25%, 1/1/30		10,915,931
	69,995	Clark County, NV, Airport Authority, (FGIC), (NPFG), 5.00%, 7/1/36		62,454,439
	13,335	E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37		1,148,277
	22,385	E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/38		1,760,356
	10,000	Indiana Finance Authority, Highway Revenue, (FGIC), (NPFG), 4.50%, 6/1/27		9,350,400
	23,720	Maryland Transportation Authority, (FSA), 4.50%, 7/1/41		21,821,689
	7,620	Miami-Dade County, FL, Aviation Revenue, (Miami International Airport), (AGC), (CIFG), (AMT), 5.00%, 10/1/38		6,433,718
	52,480	Miami-Dade County, FL, Aviation Revenue, (Miami International Airport), (FSA), (AMT), 5.25%, 10/1/41(8)		45,721,101
	40,395	Minneapolis and St. Paul, MN, Metropolitan Airport Commission, (AMBAC), 4.50%, 1/1/32(8)		35,279,781
	79,880	New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 4.75%, 12/15/37		75,111,164
	104,265	North Texas Tollway Authority, (AGC), 0.00%, 1/1/33		24,063,319
	58,690	North Texas Tollway Authority, (AGC), 0.00%, 1/1/42		38,088,636
	26,945	Port Authority of New York and New Jersey, (AGC), (AMT), 4.50%, 9/1/35		21,144,550
	20,995	Port Authority of New York and New Jersey, (FSA), (AMT), 4.25%, 12/1/32		15,821,832
	13,925	Port Authority of New York and New Jersey, (FSA), (AMT), 4.50%, 12/1/36		10,937,948
	4,960	South Carolina Transportation Infrastructure Bank, (AMBAC), (XLCA), 4.50%, 10/1/32		4,345,704
	15,270	Tampa-Hillsborough County, FL, Expressway Authority, (AMBAC), 4.00%, 7/1/34		11,901,744
	49,500	Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/22		21,065,715
			$	464,271,375
Insured-Water and Sewer — 3.7%
$	10,445	Castaic Lake, CA, Water Agency Certificates of Participation, (Water System Improvements), (AMBAC), 0.00%, 8/1/21	$	5,801,466
	7,015	East Baton Rouge, LA, Sewer Commission, (FSA), 4.50%, 2/1/31		6,466,708
	5,000	East Baton Rouge, LA, Sewer Commission, (FSA), 4.50%, 2/1/36		4,529,850
	54,835	Louisville and Jefferson County, KY, Metropolitan Sewer District and Drainage System, (AGC), 4.25%, 5/15/38		46,827,445
	860	Miami Beach, FL, Storm Water, (FGIC), (NPFG), 5.375%, 9/1/30		831,826
	58,235	New York, NY, Municipal Finance Authority, (BHAC), (FSA), 4.25%, 6/15/39(2)		49,519,550
	34,770	New York, NY, Municipal Finance Authority, (FGIC), (NPFG), 4.50%, 6/15/39		29,905,677
	33,025	New York, NY, Municipal Finance Authority, (FSA), 4.50%, 6/15/39		28,938,817
	1,880	Pearland, TX, Waterworks and Sewer Systems, (FSA), 4.50%, 9/1/34		1,708,055
	20,535	Spartanburg, SC, Sanitation Sewer District, (NPFG), 4.00%, 3/1/40		15,588,940
			$	190,118,334
Lease Revenue/Certificates of Participation — 1.6%
$	38,660	Mohave County, AZ, Industrial Development Authority, (Mohave Prison LLC), 8.00%, 5/1/25	$	40,075,729
	51,105	New York, NY, Transitional Finance Authority, (Building Aid), 4.50%, 1/15/38		42,107,965
			$	82,183,694
Nursing Home — 0.8%
$	9,030	Hillsborough County, FL, Industrial Development Authority, (Tampa Bay Retirement Center), 7.50%, 6/1/25	$	7,573,281
	12,315	Massachusetts Industrial Finance Agency, (Age Institute of Massachusetts), 8.05%, 11/1/25		11,086,825
	11,015	Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25		8,026,300

See notes to financial statements

11

Eaton Vance National Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Nursing Home (continued)
$	10,045	Montgomery County, PA, Industrial Development Authority, (Advancement of Geriatric Health Care Institute), 8.375%, 7/1/23	$	9,099,062
	3,500	Orange County, FL, Health Facilities Authority, (Westminster Community Care), 6.60%, 4/1/24		2,875,250
	3,500	Orange County, FL, Health Facilities Authority, (Westminster Community Care), 6.75%, 4/1/34		2,621,850
	1,990	Westmoreland County, PA, Industrial Development Authority, (Highland Health Systems, Inc.), 9.25%, 6/1/22		1,676,436
			$	42,959,004
Other Revenue — 6.4%
$	762,795	Buckeye Tobacco Settlement Financing Authority, OH, 0.00%, 6/1/47	$	10,846,945
	125,230	Golden State Tobacco Securitization Corp., CA, 5.00%, 6/1/45		91,774,805
	33,100	Golden State Tobacco Securitization Corp., CA, 5.75%, 6/1/47		18,585,650
	10,000	Main Street National Gas, Inc., GA, 5.50%, 9/15/28		6,224,200
	40,855	Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48		23,072,453
	27,650	Michigan Tobacco Settlement Finance Authority, 6.875%, 6/1/42		18,140,335
	12,000	Non-Profit Preferred Funding Trust, Various States, 4.47%, 9/15/37(5)		7,632,240
	19,000	Non-Profit Preferred Funding Trust, Various States, 4.72%, 9/15/37(5)		11,614,510
	21,350	Northern Tobacco Securitization Corp., AK, 0.00%, 6/1/46		410,347
	20,625	Salt Verde, AZ, Financial Corp., Senior Gas Revenue, 5.00%, 12/1/37		12,149,569
	1,000	Seminole Tribe of Florida, 5.25%, 10/1/27(5)		678,940
	2,100	Seminole Tribe of Florida, 5.75%, 10/1/22(5)		1,616,937
	23,300	Silicon Valley Tobacco Securitization Authority, CA, 0.00%, 6/1/36		1,490,734
	15,000	Silicon Valley Tobacco Securitization Authority, CA, 0.00%, 6/1/41		561,150
	27,555	Silicon Valley Tobacco Securitization Authority, CA, Class A, 0.00%, 6/1/47		558,540
	14,000	Silicon Valley Tobacco Securitization Authority, CA, Class B, 0.00%, 6/1/47		278,740
	5,000	Tennessee Energy Acquisition Corp., Gas Revenue, 5.00%, 2/1/20		3,783,450
	9,750	Tennessee Energy Acquisition Corp., Gas Revenue, 5.00%, 2/1/22		7,128,908
	86,665	Texas Municipal Gas Acquisition and Supply Corp., 5.625%, 12/15/17		65,155,614
	16,925	Texas Municipal Gas Acquisition and Supply Corp., 6.25%, 12/15/26		11,863,409
	37,685	Tobacco Settlement Financing Corp., NJ, 5.00%, 6/1/41		19,330,144
	102,710	Tobacco Settlement Financing Corp., VA, 0.00%, 6/1/47		1,840,563
	13,070	Tobacco Settlement Financing Corp., VA, 5.00%, 6/1/47		6,649,493
	1,925	Tobacco Settlement Management Authority, SC, Escrowed to Maturity, 6.375%, 5/15/30		2,255,176
	2,690	Willacy County, TX, Local Government Corp., 6.00%, 9/1/10		2,602,817
			$	326,245,669
Pooled Loans — 0.5%
$	25,530	Rickenbacker Port Authority, OH, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32(1)	$	25,578,507
			$	25,578,507
Senior Living/Life Care — 0.7%
$	6,035	Arizona Health Facilities Authority, (Care Institute, Inc. - Mesa), 7.625%, 1/1/26(9)	$	4,055,037
	275	Kansas City, MO, Industrial Development Authority, (Kingswood United Methodist Manor), 5.375%, 11/15/09		274,038
	9,345	New Jersey Economic Development Authority, (Forsgate), (AMT), 8.625%, 6/1/25(10)		6,380,018
	16,435	North Miami, FL, Health Care Facilities Authority, (Imperial Club), 6.125%, 1/1/42		9,190,123
	1,750	Plantation Health Facilities Authority, FL, (Covenant Village of Florida), 5.125%, 12/1/22		1,367,380
	7,915	Roseville, MN, Elder Care Facility, (Care Institute, Inc. - Roseville), 7.75%, 11/1/23(9)		5,479,080
	12,140	St. Paul, MN, Housing and Redevelopment Authority, (Care Institute, Inc. - Highland), 8.75%, 11/1/24(9)		9,129,280
			$	35,874,956
Special Tax Revenue — 1.9%
$	230	Covington Park, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/21	$	212,936
	1,180	Covington Park, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/31		929,321
	435	Dupree Lakes, FL, Community Development District, 5.00%, 11/1/10		301,159
	530	Dupree Lakes, FL, Community Development District, 5.00%, 5/1/12		333,211
	985	Dupree Lakes, FL, Community Development District, 5.375%, 5/1/37		569,547
	940	Fishhawk, FL, Community Development District, 6.125%, 5/1/34		710,828

See notes to financial statements

12

Eaton Vance National Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Special Tax Revenue (continued)
$	225	Gateway Services, FL, Community Development District, (Special Assessment), 6.50%, 5/1/33	$	178,063
	645	Heritage Harbor South, FL, Community Development District, (Capital Improvements), 6.20%, 5/1/35		528,481
	465	Heritage Harbor South, FL, Community Development District, (Capital Improvements), 6.50%, 5/1/34		401,779
	1,225	Heritage Springs, FL, Community Development District, 5.25%, 5/1/26		919,166
	180	Longleaf, FL, Community Development District, 6.20%, 5/1/09		175,356
	28,830	Massachusetts Bay Transportation Authority, 5.25%, 7/1/34		29,485,017
	5,280	New Jersey Economic Development Authority, (Cigarette Tax), 5.50%, 6/15/24		4,133,818
	10,000	New Jersey Economic Development Authority, (Cigarette Tax), 5.75%, 6/15/29		7,615,900
	1,550	New Jersey Economic Development Authority, (Cigarette Tax), 5.75%, 6/15/34		1,132,337
	880	New River, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/13		365,517
	360	New River, FL, Community Development District, (Capital Improvements), 5.35%, 5/1/38		144,022
	1,195	North Springs, FL, Improvement District, (Heron Bay), 5.20%, 5/1/27		719,868
	463,895	Puerto Rico Sales Tax Financing, 0.00%, 8/1/56		14,547,747
	6,065	Puerto Rico Sales Tax Financing, 5.25%, 8/1/57		4,981,002
	2,230	River Hall, FL, Community Development District, (Capital Improvements), 5.45%, 5/1/36		1,263,406
	15,780	Scottsdale, AZ, (Municipal Property Corp.), 4.50%, 7/1/32		14,992,736
	945	Southern Hills Plantation I, FL, Community Development District, 5.80%, 5/1/35		574,229
	1,670	Sterling Hill, FL, Community Development District, 6.20%, 5/1/35		1,307,460
	2,065	Tisons Landing, FL, Community Development District, 5.625%, 5/1/37(11)		720,809
	6,110	University Square, FL, Community Development District, 6.75%, 5/1/20		5,792,769
	400	West Palm Beach, FL, Community Redevelopment Agency, (Northwood Pleasant Community), 5.00%, 3/1/29		315,444
	2,870	West Palm Beach, FL, Community Redevelopment Agency, (Northwood Pleasant Community), 5.00%, 3/1/35		2,127,761
			$	95,479,689
Transportation — 7.8%
$	2,385	Florida Mid-Bay Bridge Authority, 6.10%, 10/1/22	$	1,991,714
	3,025	Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/27		3,032,018
	4,445	Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.25%, 7/15/24		4,627,201
	7,225	Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.25%, 7/15/25		7,471,156
	6,425	Metropolitan Transportation Authority, NY, 4.50%, 11/15/37		5,303,580
	84,000	Metropolitan Transportation Authority, NY, 4.50%, 11/15/38		69,037,080
	14,750	Metropolitan Transportation Authority, NY, 6.25%, 11/15/23		15,964,367
	170,330	New Jersey Transportation Trust Fund Authority, (Transportation System), 0.00%, 12/15/35		32,923,086
	91,425	New Jersey Transportation Trust Fund Authority, (Transportation System), 0.00%, 12/15/36		16,527,811
	168,580	New Jersey Transportation Trust Fund Authority, (Transportation System), 0.00%, 12/15/38		26,704,758
	66,265	North Texas Tollway Authority, 5.75%, 1/1/38		58,656,453
	3,270	Port Authority of New York and New Jersey, (AMT), 4.75%, 12/1/34		2,742,385
	101,490	Port Authority of New York and New Jersey, (AMT), 4.75%, 4/15/37(1)		83,900,430
	28,890	Port Authority of New York and New Jersey, (AMT), 5.25%, 9/15/23(1)		28,929,194
	38,980	Triborough Bridge and Tunnel Authority, NY, 5.25%, 11/15/34(1)		39,506,815
			$	397,318,048
Water and Sewer — 5.6%
$	17,550	Broward County, FL, Water and Sewer Utilities Revenue, 5.25%, 10/1/34	$	17,288,154
	27,660	Massachusetts Water Resources Authority, 4.00%, 8/1/46		21,116,750
	34,800	Metropolitan Water District of Southern California, (Waterworks Revenue Authorization), 5.00%, 7/1/37(1)		34,177,602
	11,690	New York, NY, Municipal Water Finance Authority, (Water and Sewer System), 4.25%, 6/15/33		9,875,361
	14,450	New York, NY, Municipal Water Finance Authority (Water and Sewer System), 4.50%, 6/15/32		12,972,632
	7,605	New York, NY, Municipal Water Finance Authority (Water and Sewer System), 4.50%, 6/15/38		6,574,370
	17,880	New York, NY, Municipal Water Finance Authority, (Water and Sewer System), 4.75%, 6/15/33(1)		16,638,592
	103,270	New York, NY, Municipal Water Finance Authority, (Water and Sewer System), 4.75%, 6/15/33		96,098,931

See notes to financial statements

13

Eaton Vance National Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Water and Sewer (continued)
$	42,030	New York, NY, Municipal Water Finance Authority (Water and Sewer System), 5.75%, 6/15/40	$	44,345,433
	26,960	Upper Occoquan, VA, Sewer Authority, 4.50%, 7/1/38		24,589,677
			$	283,677,502
Total Tax-Exempt Investments — 115.1%
(identified cost $6,963,157,300)			$	5,853,203,661
Other Assets, Less Liabilities — (15.1)%			$	(769,315,732	)
Net Assets — 100.0%			$	5,083,887,929

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.

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MFMR - Multi-Family Mortgage Revenue

NPFG - National Public Finance Guaranty Corp.

XLCA - XL Capital Assurance, Inc.

At March 31, 2009, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

New York	24.5%
Texas	17.0%
California	15.0%
Others, representing less than 10% individually	58.6%

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, 2009, 37.6% 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 13.4% of total investments.

(1)	Security represents the underlying municipal bond of a tender option bond trust (see Note 1I).
(2)	Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
(3)	Security (or a portion thereof) has been segregated to cover payable for when-issued securities.
(4)	When-issued security.
(5)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2009, the aggregate value of these securities is $47,053,161 or 0.9% of the Fund’s net assets.
(6)	Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2009.
(7)	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 aggregate maximum potential amount of payments the Fund could ultimately be required to make under the agreements is $56,016,000. However, such shortfall payments would be reduced by the proceeds from the sale of the securities underlying the inverse floaters.
(8)	Security (or a portion thereof) has been pledged as collateral for open swap contracts or inverse floating-rate security transactions.
(9)	Security is in default with respect to scheduled principal payments.
(10)	Security is in default and is making only partial interest payments.
(11)	Defaulted bond.

See notes to financial statements

14

Eaton Vance National Municipals Fundas of March 31, 2009

FINANCIAL STATEMENTS (Unaudited)

Statement of Assets and Liabilities

As of March 31, 2009
Assets
Investments, at value (identified cost, $6,963,157,300)	$	5,853,203,661
Cash		9,587,604
Interest receivable		99,264,960
Receivable for investments sold		5,099,670
Receivable for Fund shares sold		15,556,255
Total assets	$	5,982,712,150
Liabilities
Payable for floating rate notes issued	$	755,219,000
Demand note payable		36,100,000
Payable for when-issued securities		63,760,608
Payable for variation margin on open financial futures contracts		7,500,000
Payable for open swap contracts		5,559,009
Payable for Fund shares redeemed		12,430,273
Distributions payable		11,276,238
Payable to affiliates:
Investment adviser fee		1,638,216
Distribution and service fees		1,800,969
Interest expense and fees payable		2,839,351
Accrued expenses		700,557
Total liabilities	$	898,824,221
Net Assets	$	5,083,887,929
Sources of Net Assets
Paid-in capital	$	6,958,712,348
Accumulated net realized loss		(729,046,824	)
Accumulated undistributed net investment income		4,923,003
Net unrealized depreciation		(1,150,700,598	)
Net Assets	$	5,083,887,929
Class A Shares
Net Assets	$	3,733,968,006
Shares Outstanding		458,162,746
Net Asset Value and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	8.15
Maximum Offering Price Per Share
(100 ¸ 95.25 of net asset value per share)	$	8.56
Class B Shares
Net Assets	$	138,721,679
Shares Outstanding		17,012,131
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	8.15
Class C Shares
Net Assets	$	1,039,878,717
Shares Outstanding		127,523,757
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	8.15
Class I Shares
Net Assets	$	171,319,527
Shares Outstanding		21,018,364
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	8.15

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.

Statement of Operations

For the Six Months Ended
March 31, 2009
Investment Income
Interest	$	186,042,692
Total investment income	$	186,042,692
Expenses
Investment adviser fee	$	9,115,759
Distribution and service fees
Class A		4,616,651
Class B		651,645
Class C		4,982,238
Trustees’ fees and expenses		25,250
Custodian fee		455,559
Transfer and dividend disbursing agent fees		1,081,874
Legal and accounting services		76,877
Printing and postage		213,934
Registration fees		160,995
Interest expense and fees		9,226,028
Miscellaneous		270,139
Total expenses	$	30,876,949
Deduct —
Reduction of custodian fee	$	33,567
Total expense reductions	$	33,567
Net expenses	$	30,843,382
Net investment income	$	155,199,310
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(255,908,037	)
Financial futures contracts		(232,004,010	)
Net realized loss	$	(487,912,047	)
Change in unrealized appreciation (depreciation) —
Investments	$	(20,097,840	)
Financial futures contracts		(44,216,547	)
Swap contracts		(5,684,145	)
Net change in unrealized appreciation (depreciation)	$	(69,998,532	)
Net realized and unrealized loss	$	(557,910,579	)
Net decrease in net assets from operations	$	(402,711,269	)

See notes to financial statements

15

Eaton Vance National Municipals Fundas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Statements of Changes in Net Assets

	Six Months Ended
Increase (Decrease)	March 31, 2009			Year Ended
in Net Assets	(Unaudited)			September 30, 2008
From operations —
Net investment income	$	155,199,310		$	296,135,842
Net realized loss from investment transactions, financial futures contracts and swap contracts		(487,912,047	)		(253,787,793	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		(69,998,532	)		(1,164,084,764	)
Net decrease in net assets from operations	$	(402,711,269	)	$	(1,121,736,715	)
Distributions to shareholders —
From net investment income
Class A	$	(120,015,389	)	$	(226,429,897	)
Class B		(3,843,536	)		(6,823,386	)
Class C		(29,245,383	)		(53,946,313	)
Class I		(5,430,292	)		(7,612,886	)
Total distributions to shareholders	$	(158,534,600	)	$	(294,812,482	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	712,487,249		$	1,799,648,475
Class B		16,811,214			31,126,752
Class C		193,957,792			500,609,186
Class I		169,420,433			149,872,335
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		71,865,934			140,212,806
Class B		2,171,090			3,925,847
Class C		16,295,700			29,833,080
Class I		3,930,202			5,730,011
Cost of shares redeemed
Class A		(766,474,644	)		(1,555,404,030	)
Class B		(17,176,030	)		(30,916,238	)
Class C		(197,805,004	)		(422,628,598	)
Class I		(131,384,529	)		(115,212,306	)
Issued in connection with tax-free reorganization (see Note 13)
Class A		139,258,179			—
Class B		14,756,605			—
Class C		3,063,562			—
Net asset value of shares exchanged
Class A		2,050,519			2,213,067
Class B		(2,050,519	)		(2,213,067	)
Net increase in net assets from Fund share transactions	$	231,177,753		$	536,797,320
Net decrease in net assets	$	(330,068,116	)	$	(879,751,877	)
	Six Months Ended
	March 31, 2009			Year Ended
Net Assets	(Unaudited)			September 30, 2008
At beginning of period	$	5,413,956,045		$	6,293,707,922
At end of period	$	5,083,887,929		$	5,413,956,045
Accumulated undistributed net investment income included in net assets
At end of period	$	4,923,003		$	8,258,293

See notes to financial statements

16

Eaton Vance National Municipals Fundas of March 31, 2009

FINANCIAL STATEMENTS (Unaudited) CONT’D

Statement of Cash Flows

Cash Flows From	For the Six Months Ended
Operating Activities	March 31, 2009
Net decrease in net assets from operations	$	(402,711,269	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by (used in) operating activities:
Investments purchased		(1,228,119,005	)
Investments sold		1,652,031,217
Net accretion/amortization of premium (discount)		(18,479,946	)
Decrease in interest receivable		7,518,520
Decrease in receivable for investments sold		10,737,753
Decrease in receivable for variation margin on open financial futures contracts		74,375,000
Decrease in receivable for open swaps contracts		125,136
Decrease in payable for investments purchased		(11,875,858	)
Increase in payable for when-issued securities		38,224,437
Increase in payable for variation margin on open financial futures contracts		7,498,197
Increase in payable for open swap contracts		5,559,009
Decrease in payable for closed swap contracts		(329,881	)
Increase in payable to affiliate for investment adviser fee		20,339
Increase in payable to affiliate for distribution and service fees		35,026
Decrease in interest expense and fees payable		(5,381,886	)
Decrease in accrued expenses		(207,634	)
Net change in unrealized (appreciation) depreciation from investments		20,097,840
Net realized loss on investments		255,908,037
Cash acquired in connection with tax-free reorganization (see Note 13)		5,595,396
Net cash provided by operating activities	$	410,620,428
Cash Flows From Financing Activities
Proceeds from Fund shares sold	$	1,093,791,746
Fund shares redeemed		(1,130,374,972	)
Cash distributions paid, net of reinvestments		(63,086,013	)
Proceeds from secured borrowings		197,697,000
Repayment of secured borrowings		(396,337,000	)
Decrease in demand note payable		(102,700,000	)
Decrease in due to custodian		(23,585	)
Net cash used in financing activities	$	(401,032,824	)
Net increase in cash	$	9,587,604
Cash at beginning of period	$	—
Cash at end of period	$	9,587,604
Supplemental disclosure of cash flow information
Noncash financing activities not included herein consist of:
Reinvestment of dividends and distributions	$	94,262,926
Issuance of Fund shares in connection with tax-free reorganization (see Note 13)	$	157,078,346
Noncash operating activities not included herein consist of:
Acquisition of net assets in connection with tax-free reorganization (see Note 13), less cash acquired	$	151,482,950

See notes to financial statements

17

Eaton Vance National Municipals Fundas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Class A
	Six Months Ended			Year Ended September 30,
	March 31, 2009
	(Unaudited)			2008			2007			2006			2005			2004
Net asset value — Beginning of period	$	9.060		$	11.490		$	11.780		$	11.270		$	10.920		$	10.840
Income (loss) from operations
Net investment income(1)	$	0.265		$	0.533		$	0.521		$	0.565		$	0.574		$	0.654
Net realized and unrealized gain (loss)		(0.904	)		(2.431	)		(0.290	)		0.478			0.355			0.079
Total income (loss) from operations	$	(0.639	)	$	(1.898	)	$	0.231		$	1.043		$	0.929		$	0.733
Less distributions
From net investment income	$	(0.271	)	$	(0.532	)	$	(0.521	)	$	(0.533	)	$	(0.579	)	$	(0.653	)
Total distributions	$	(0.271	)	$	(0.532	)	$	(0.521	)	$	(0.533	)	$	(0.579	)	$	(0.653	)
Net asset value — End of period	$	8.150		$	9.060		$	11.490		$	11.780		$	11.270		$	10.920
Total Return(2)		(6.95	)%(8)		(17.03	)%		1.95	%		9.50	%		8.69	%		6.94	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,733,968		$	3,987,956		$	4,647,177		$	3,259,363		$	2,147,435		$	1,769,191
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.74	%(3)		0.64	%		0.64	%(4)		0.72	%		0.77	%(5)		0.79	%(5)
Interest and fee expense(6)		0.38	%(3)		0.46	%		0.62	%		0.61	%		0.44	%(5)		0.33	%(5)
Total expenses before custodian fee reduction		1.12	%(3)		1.10	%		1.26	%(4)		1.33	%		1.21	%(5)		1.12	%(5)
Expenses after custodian fee reduction excluding interest and fees		0.73	%(3)		0.63	%		0.63	%(4)		0.71	%		0.76	%(5)		0.79	%(5)
Net investment income		6.63	%(3)		5.00	%		4.44	%		4.93	%		5.14	%		6.05	%
Portfolio Turnover of the Portfolio(7)		—			—			—			—			—			9	%
Portfolio Turnover of the Fund		21	%(8)		64	%		65	%		58	%		54	%		—

(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)	Annualized.
(4)	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.
(5)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(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)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(8)	Not annualized.

See notes to financial statements

18

Eaton Vance National Municipals Fundas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Class B
	Six Months Ended			Year Ended September 30,
	March 31, 2009
	(Unaudited)			2008			2007			2006			2005			2004
Net asset value — Beginning of period	$	9.060		$	11.490		$	11.780		$	11.270		$	10.920		$	10.850
Income (loss) from operations
Net investment income(1)	$	0.235		$	0.454		$	0.434		$	0.478		$	0.482		$	0.598
Net realized and unrealized gain (loss)		(0.907	)		(2.435	)		(0.290	)		0.480			0.364			0.063
Total income (loss) from operations	$	(0.672	)	$	(1.981	)	$	0.144		$	0.958		$	0.846		$	0.661
Less distributions
From net investment income	$	(0.238	)	$	(0.449	)	$	(0.434	)	$	(0.448	)	$	(0.496	)	$	(0.595	)
Total distributions	$	(0.238	)	$	(0.449	)	$	(0.434	)	$	(0.448	)	$	(0.496	)	$	(0.595	)
Contigent deferred sales charges	$	—		$	—		$	—		$	—		$	—		$	0.004
Net asset value — End of period	$	8.150		$	9.060		$	11.490		$	11.780		$	11.270		$	10.920
Total Return(2)		(7.34	)%(9)		(17.69	)%		1.20	%		8.69	%		8.15	%(3)		6.25	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	138,722		$	138,052		$	173,176		$	140,593		$	83,629		$	29,577
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.49	%(4)		1.39	%		1.39	%(5)		1.47	%		1.52	%(6)		1.17	%(6)
Interest and fee expense(7)		0.38	%(4)		0.46	%		0.62	%		0.61	%		0.44	%(6)		0.33	%(6)
Total expenses before custodian fee reduction		1.87	%(4)		1.85	%		2.01	%(5)		2.08	%		1.96	%(6)		1.50	%(6)
Expenses after custodian fee reduction excluding interest and fees		1.48	%(4)		1.38	%		1.38	%(5)		1.46	%		1.51	%(6)		1.17	%(6)
Net investment income		5.89	%(4)		4.25	%		3.69	%		4.17	%		4.30	%		5.44	%
Portfolio Turnover of the Portfolio(8)		—			—			—			—			—			9	%
Portfolio Turnover of the Fund		21	%(9)		64	%		65	%		58	%		54	%		—

(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)	Total return reflects an increase of 0.19% due to a change in the timing of the payment and reinvestment of distributions.
(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)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(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)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(9)	Not annualized.

See notes to financial statements

19

Eaton Vance National Municipals Fundas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Class C
	Six Months Ended			Year Ended September 30,
	March 31, 2009
	(Unaudited)			2008			2007			2006			2005			2004
Net asset value — Beginning of period	$	9.060		$	11.490		$	11.780		$	11.270		$	10.920		$	10.840
Income (loss) from operations
Net investment income(1)	$	0.235		$	0.453		$	0.431		$	0.480		$	0.486		$	0.565
Net realized and unrealized gain (loss)		(0.907	)		(2.434	)		(0.287	)		0.478			0.360			0.087
Total income (loss) from operations	$	(0.672	)	$	(1.981	)	$	0.144		$	0.958		$	0.846		$	0.652
Less distributions
From net investment income	$	(0.238	)	$	(0.449	)	$	(0.434	)	$	(0.448	)	$	(0.496	)	$	(0.572	)
Total distributions	$	(0.238	)	$	(0.449	)	$	(0.434	)	$	(0.448	)	$	(0.496	)	$	(0.572	)
Net asset value — End of period	$	8.150		$	9.060		$	11.490		$	11.780		$	11.270		$	10.920
Total Return(2)		(7.34	)%(9)		(17.69	)%		1.20	%		8.69	%		7.99	%(3)		6.15	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,039,879		$	1,143,256		$	1,334,054		$	783,143		$	388,276		$	224,955
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.49	%(4)		1.39	%		1.39	%(5)		1.47	%		1.52	%(6)		1.53	%(6)
Interest and fee expense(7)		0.38	%(4)		0.46	%		0.62	%		0.61	%		0.44	%(6)		0.33	%(6)
Total expenses before custodian fee reduction		1.87	%(4)		1.85	%		2.01	%(5)		2.08	%		1.96	%(6)		1.86	%(6)
Expenses after custodian fee reduction excluding interest and fees		1.48	%(4)		1.38	%		1.38	%(5)		1.46	%		1.51	%(6)		1.53	%(6)
Net investment income		5.87	%(4)		4.25	%		3.68	%		4.18	%		4.35	%		5.19	%
Portfolio Turnover of the Portfolio(8)		—			—			—			—			—			9	%
Portfolio Turnover of the Fund		21	%(9)		64	%		65	%		58	%		54	%		—

(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)	Total return reflects an increase of 0.10% due to a change in the timing of the payment and reinvestment of distributions.
(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)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(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)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(9)	Not annualized.

See notes to financial statements

20

Eaton Vance National Municipals Fundas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Class I
	Six Months Ended			Year Ended September 30,
	March 31, 2009
	(Unaudited)			2008			2007			2006			2005			2004
Net asset value — Beginning of period	$	9.060		$	11.490		$	11.780		$	11.270		$	10.920		$	10.850
Income (loss) from operations
Net investment income(1)	$	0.277		$	0.559		$	0.549		$	0.601		$	0.590		$	0.673
Net realized and unrealized gain (loss)		(0.904	)		(2.429	)		(0.289	)		0.471			0.368			0.078
Total income (loss) from operations	$	(0.627	)	$	(1.870	)	$	0.260		$	1.072		$	0.958		$	0.751
Less distributions
From net investment income	$	(0.283	)	$	(0.560	)	$	(0.550	)	$	(0.562	)	$	(0.608	)	$	(0.681	)
Total distributions	$	(0.283	)	$	(0.560	)	$	(0.550	)	$	(0.562	)	$	(0.608	)	$	(0.681	)
Net asset value — End of period	$	8.150		$	9.060		$	11.490		$	11.780		$	11.270		$	10.920
Total Return(2)		(6.82	)%(8)		(16.81	)%		2.20	%		9.77	%		8.92	%		7.17	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	171,320		$	144,692		$	139,301		$	82,723		$	15,208		$	5,400
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.48	%(3)		0.40	%		0.39	%(4)		0.47	%		0.52	%(5)		0.53	%(5)
Interest and fee expense(6)		0.38	%(3)		0.46	%		0.62	%		0.61	%		0.44	%(5)		0.33	%(5)
Total expenses before custodian fee reduction		0.86	%(3)		0.86	%		1.01	%(4)		1.08	%		0.96	%(5)		0.86	%(5)
Expenses after custodian fee reduction excluding interest and fees		0.47	%(3)		0.39	%		0.38	%(4)		0.46	%		0.51	%(5)		0.53	%(5)
Net investment income		6.87	%(3)		5.26	%		4.68	%		5.22	%		5.27	%		6.18	%
Portfolio Turnover of the Portfolio(7)		—			—			—			—			—			9	%
Portfolio Turnover of the Fund		21	%(8)		64	%		65	%		58	%		54	%		—

(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)	Annualized.
(4)	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.
(5)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(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)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(8)	Not annualized.

See notes to financial statements

21

Eaton Vance National Municipals Fundas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1Significant Accounting Policies

Eaton Vance National Municipals 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.

AInvestment Valuation — Municipal bonds and taxable obligations, if any, are generally valued on the basis of valuations furnished by a pricing vendor, as derived from such vendor’s pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, benchmark curves or information pertaining to the issuer. The pricing vendor may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Financial futures contracts and options on financial futures contracts listed on commodity exchanges are valued based on the closing price on the primary exchange on which such contracts trade. Interest rate swaps are normally valued using valuations provided by a pricing vendor. Such vendor 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 curves provided by electronic data services or by broker/dealers. Short-term obligations, maturing in sixty days or less, are valued at amortized cost, which approximates market value. 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 companies, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

BInvestment 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.

CFederal 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, 2008, the Fund, for federal income tax purposes, had a capital loss carryforward of $43,287,232 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, 2013 ($2,604,551) and September 30, 2016 ($40,682,681).

22

Eaton Vance National Municipals Fundas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

Additionally, at September 30, 2008, the Fund had net capital losses of $200,943,434 attributable to security transactions incurred after October 31, 2007. These net capital losses are treated as arising on the first day of the Fund’s taxable year ending September 30, 2009.

As of March 31, 2009, 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, 2008 remains subject to examination by the Internal Revenue Service.

DExpenses — 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.

EExpense 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.

FLegal 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.

GUse 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.

HIndemnifications — 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, and shareholders are indemnified against personal liability for the obligations of the Trust.

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.

IFloating Rate Notes Issued in Conjunction with Securities Held — The Fund may invest in inverse floating rate securities, also referred to as tender option bonds (TOBs), whereby the Fund may sell a 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 fixed rate bond into the SPV with the same CUSIP number as the fixed rate bond sold to the broker by the Fund, and which may have been, but is not required to be, the fixed rate bond purchased from the Fund (the Fixed Rate 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 tender their notes at par, and (2) to have the broker transfer the Fixed Rate Bond held by the SPV to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would pay the broker the par amount due on the Floating Rate Notes and exchange the Inverse Floater for the underlying Fixed Rate Bond. Pursuant to Financial Accounting Standards Board (FASB) Statement No. 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities” (FAS 140), the Fund accounts for the transaction described above as a secured borrowing by including the Fixed Rate 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, 2009, the amount of the Fund’s Floating Rate Notes outstanding and the related collateral were $755,219,000 and $1,010,393,808, respectively. The range of interest rates on the Floating Rate Notes outstanding at March 31, 2009 was 0.42% to 0.84%.

23

Eaton Vance National Municipals Fundas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

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 Fixed Rate 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, 2009.

The Fund may also purchase Inverse Floaters from brokers in a secondary market transaction without first owning the underlying fixed rate 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 for purposes of making investments. 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.

JFinancial Futures Contracts — The Fund may enter into financial futures contracts. The Fund’s investment in financial futures contracts is designed for hedging against changes in interest rates or as a substitute for the purchase of securities. 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 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. In entering such contracts, the Fund bears the risk if the counterparties do not perform under the contracts’ terms.

KInterest Rate Swaps — The Fund may enter into interest rate swap agreements to enhance return, to hedge against fluctuations in securities prices or interest rates, or as substitution for the purchase or sale of securities. Pursuant to these 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.

LWhen-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.

MStatement 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.

NInterim Financial Statements — The interim financial statements relating to March 31, 2009 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.

2Distributions 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

24

Eaton Vance National Municipals Fundas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

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.

3Investment 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		Daily
Daily Net Assets	Asset Rate		Income Rate
Up to $500 million		0.300%		3.00%
$500 million up to $1 billion		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, 2009, the investment adviser fee amounted to $9,115,759, representing 0.38% (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, 2009, EVM earned $56,437 in sub-transfer agent fees. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $230,157 as its portion of the sales charge on sales of Class A shares for the six months ended March 31, 2009. 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, 2009, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4Distribution 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. The Class A Plan provides that the Fund will pay 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, 2009 amounted to $4,616,651 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. The Class B and Class C Plans require the Fund to pay 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, 2009, the Fund paid or accrued to EVD $483,760 and $3,695,473 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, 2009, the amounts of Uncovered Distribution Charges of EVD calculated under the Class B and Class C Plans were approximately $5,424,000 and $138,735,000, respectively. The Class B and Class C Plans also authorize the Fund to make payments of service fees to EVD, investment dealers and other persons in amounts not exceeding 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the 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

25

Eaton Vance National Municipals Fundas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

for the six months ended March 31, 2009 amounted to $167,885 and $1,286,765 for Class B and Class C shares, respectively.

5Contingent 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, 2009, the Fund was informed that EVD received approximately $319,000, $276,000 and $206,000 of CDSCs paid by Class A, Class B and Class C shareholders, respectively.

6Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $1,228,119,005 and $1,652,031,217, respectively, for the six months ended March 31, 2009.

7Shares 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, 2009			Year Ended
Class A	(Unaudited)			September 30, 2008
Sales		89,509,770			168,275,901
Issued to shareholders electing to receive payments of distributions in Fund shares		8,980,347			13,453,410
Redemptions		(98,151,702	)		(146,252,881	)
Issued in connection with tax-free reorganization (see Note 13)		17,340,079			—
Exchange from Class B shares		257,128			213,680
Net increase		17,935,622			35,690,110
	Six Months Ended
	March 31, 2009			Year Ended
Class B	(Unaudited)			September 30, 2008
Sales		2,092,146			2,916,826
Issued to shareholders electing to receive payments of distributions in Fund shares		271,498			376,514
Redemptions		(2,169,465	)		(2,920,149	)
Issued in connection with tax-free reorganization (see Note 13)		1,836,952			—
Exchange to Class A shares		(256,753	)		(213,441	)
Net increase		1,774,378			159,750
	Six Months Ended
	March 31, 2009			Year Ended
Class C	(Unaudited)			September 30, 2008
Sales		24,256,039			46,817,579
Issued to shareholders electing to receive payments of distributions in Fund shares		2,035,659			2,864,292
Redemptions		(25,340,923	)		(39,640,879	)
Issued in connection with tax-free reorganization (see Note 13)		381,353			—
Net increase		1,332,128			10,040,992
	Six Months Ended
	March 31, 2009			Year Ended
Class I	(Unaudited)			September 30, 2008
Sales		20,832,850			14,223,878
Issued to shareholders electing to receive payments of distributions in Fund shares		488,734			551,703
Redemptions		(16,273,493	)		(10,928,779	)
Net increase		5,048,091			3,846,802

26

Eaton Vance National Municipals Fundas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

8Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2009, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	6,139,391,150
Gross unrealized appreciation	$	3,748,423
Gross unrealized depreciation		(1,045,154,912	)
Net unrealized depreciation	$	(1,041,406,489	)

9Line 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. At March 31, 2009, the Fund had a balance credit outstanding pursuant to this line of credit of $36,100,000, at an interest rate of 0.80%. The Fund did not have any significant borrowings or allocated fees during the six months ended March 31, 2009.

10Financial 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 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 the Fund has in particular classes of financial instruments and does 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 outstanding at March 31, 2009 is as follows:

Futures Contracts
									Net
Expiration			Aggregate						Unrealized
Date	Contracts	Position	Cost			Value			Depreciation
6/09	10,000 U.S. Treasury Bond	Short	$	(1,261,843,300	)	$	(1,297,031,250	)	$	(35,187,950	)

Interest Rate Swaps
			Annual
			Fixed
			Rate	Floating		Net
	Notional		Paid By	Rate Paid	Effective Date/	Unrealized
Counterparty	Amount		Fund	To Fund	Termination Date	Depreciation
JPMorgan Chase Co.	$	20,075,000	4.743%	3-month USD-LIBOR-BBA	September 14, 2009/ September 14, 2039	$	(5,559,009	)

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

At March 31, 2009, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

11Fair Value Measurements

The Fund adopted FASB Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, effective October 1, 2008. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, 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)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

		Investments in		Other Financial
	Valuation Inputs	Securities		Instruments*
Level 1	Quoted Prices	$	—	$	(35,187,950	)
Level 2	Other Significant Observable Inputs		5,853,203,661		(5,559,009	)
Level 3	Significant Unobservable Inputs		—		—
Total		$	5,853,203,661	$	(40,746,959	)

* Other financial instruments are futures and swap contracts not reflected in the Portfolio of Investments, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund held no investments or other financial instruments as of September 30, 2008 whose fair value was determined using Level 3 inputs.

27

Eaton Vance National Municipals Fundas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

12Recently Issued Accounting Pronouncement

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161 (FAS 161), “Disclosures about Derivative Instruments and Hedging Activities”. FAS 161 requires enhanced disclosures about an entity’s derivative and hedging activities, including qualitative disclosures about the objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative instruments. FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. Management is currently evaluating the impact the adoption of FAS 161 will have on the Fund’s financial statement disclosures.

13Reorganization

As of the close of business on November 21, 2008, the Fund acquired the net assets of Eaton Vance Florida Plus Municipals Fund (Florida Plus Fund) pursuant to a plan of reorganization approved by the shareholders of Florida Plus Fund. The acquisition was accomplished by a tax-free exchange of 17,340,079 shares of Class A of the Fund (valued at $139,258,179) for the 17,188,093 shares of Class A of Florida Plus Fund, 1,836,952 shares of Class B of the Fund (valued at $14,756,605) for the 1,775,751 shares of Class B of Florida Plus Fund, and 381,353 shares of Class C of the Fund (valued at $3,063,562) for the 368,500 shares of Class C of Florida Plus Fund, each outstanding on November 21, 2008. The aggregate net assets of the Fund immediately before the acquisition were $4,679,552,499. The net assets of Florida Plus Fund at that date of $157,078,346, including $29,659,755 of unrealized depreciation, were combined with those of the Fund, resulting in combined net assets of $4,836,630,845.

14Subsequent Event — Proposed Plan of Reorganization

On April 27, 2009, the Trustees of the Trust 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 Hawaii Municipals Fund, Eaton Vance Mississippi Municipals Fund and Eaton Vance West Virginia Municipals Fund (collectively, the Acquired Funds) in exchange for shares of the Fund. The proposed reorganization is subject to approval by the shareholders of each Acquired Fund.

28

Eaton Vance National Municipals Fund

SPECIAL MEETING OF SHAREHOLDERS (Unaudited)

The Fund held a Special Meeting of Shareholders on November 14, 2008 to elect Trustees. The results of the vote were as follows:

	Number of Shares
Nominee for Trustee	For		Withheld
Benjamin C. Esty		529,504,149		13,858,547
Thomas E. Faust Jr.		529,370,520		13,992,176
Allen R. Freedman		529,263,064		14,099,633
William H. Park		529,570,409		13,792,287
Ronald A. Pearlman		529,385,872		13,976,825
Helen Frame Peters		529,784,845		13,577,851
Heidi L. Steiger		529,441,021		13,921,675
Lynn A. Stout		529,533,328		13,829,369
Ralph F. Verni		529,561,271		13,801,426

29

Eaton Vance National Municipals Fund

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 21, 2008, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board (formerly the Special Committee), which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held in February, March and April 2008. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

•  An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

•  An independent report comparing each fund’s total expense ratio and its components to comparable funds;

•  An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

•  Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;

•  Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;

•  Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management

•  Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;

•  Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through “soft dollar” benefits received in connection with the funds’ brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;

•  Data relating to portfolio turnover rates of each fund;

•  The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

Information about each Adviser

•  Reports detailing the financial results and condition of each adviser;

•  Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

•  Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

•  Copies of or descriptions of each adviser’s proxy voting policies and procedures;

•  Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

•  Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

Other Relevant Information

•  Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

•  Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

•  The terms of each advisory agreement.

30

Eaton Vance National Municipals Fund

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT’D

In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2008, the Board met eleven times and the Contract Review Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met twelve, seven and five times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund’s investment objective. The Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee are newly established and did not meet during the twelve-month period ended April 30, 2008.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuance of the investment advisory agreement of the Eaton Vance National Municipals Fund (the “Fund”) with Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.

Nature, Extent and Quality of Services

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

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds. Specifically, the Board considered the Adviser’s large municipal bond team, which includes portfolio managers and credit specialists who provide services to the Fund. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds, including the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

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

31

Eaton Vance National Municipals Fund

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT’D

Fund Performance

The Board compared the Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three-, five- and ten- year periods ended September 30, 2007 for the Fund. On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by the Fund (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fee and total expense ratio for the year ended September 30, 2007, as compared to a group of similarly managed funds selected by an independent data provider. The Board considered the fact that the Adviser had waived fees and/or paid expenses for the Fund.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded with respect to the Fund that the management fees charged to the Fund for advisory and related services and the total expense ratio of the Fund are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser and, if applicable, its affiliates in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser in connection with its relationship with the Fund.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the Adviser’s profitability may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and the Fund. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, can be expected to cause the Adviser and its affiliates and the Fund to continue to share such benefits equitably.

32

Eaton Vance National Municipals Fund

OFFICERS AND TRUSTEES

Officers
Robert B. MacIntosh
President

William H. Ahern, Jr.
Vice President

Craig R. Brandon
Vice President

Cynthia J. Clemson
Vice President

Thomas M. Metzold
Vice President

Adam A. Weigold
Vice President

Barbara E. Campbell
Treasurer

Maureen A. Gemma
Secretary and Chief Legal Officer

Paul M. O’Neil
Chief Compliance Officer Trustees
Ralph F. Verni
Chairman

Benjamin C. Esty

Thomas E. Faust Jr.

Allen R. Freedman

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Heidi L. Steiger

Lynn A. Stout

33

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Investment Adviser of Eaton Vance National Municipals Fund

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance National Municipals Fund

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

PNC Global Investment Servicing

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Eaton Vance Municipals Trust

Two International Place

Boston, MA 02110

This report must be preceded or accompanied by a current prospectus. Before investing, investors should consider carefully the Fund’s investment objective(s), risks, and charges and expenses. The Fund’s current prospectus contains this and other information about the Fund and is available through your financial advisor. Please read the prospectus carefully before you invest or send money. For further information please call 1-800-262-1122.

448-5/09 HMSRC

IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING

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.

In addition, 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 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 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC’s website at www.sec.gov.

Eaton Vance Municipals Funds as of March 31, 2009

TABLE OF CONTENTS

Investment Update	2
Performance Information and Portfolio Composition
California	4
Massachusetts	6
Mississippi	8
New York	10
Ohio	12
Rhode Island	14
West Virginia	16
Fund Expenses	18
Financial Statements	22
Special Meeting of Shareholders	88
Board of Trustees’ Annual Approval of the Investment Advisory Agreements	91
Officers and Trustees	94

1

Eaton Vance Municipals Funds as of March 31, 2009

INVESTMENT UPDATE

Economic and Market Conditions

The six-month period ending March 31, 2009, was characterized by continued market and economic upheaval during the first two and a half months of the period, followed by the first sustained municipal bond rally of this bear market from mid-December 2008 through the end of the period. The U.S. economy, as measured by gross domestic product (GDP), contracted sharply in both the fourth quarter of 2008 and the first quarter of 2009 by 6.2% and 6.1%, respectively, according to the U.S. Department of Commerce. The first quarter 2009 figure was a preliminary estimate. Most of the major GDP components contributed to the decline, but a sharp downturn in consumer spending was particularly influential and continued to weigh on the economy in early 2009. While high commodity prices eased since their summertime peaks, consumers continued to pare spending as they remained cautious of what increasingly became a weaker economic environment. Rising unemployment levels, at a five-year high at period end, led to constrained personal consumption and overall economic contraction. The housing market continued to weigh on the economy during the first three months of the period, with new and existing home sales falling hard in the fourth quarter of calendar 2008.

In the first quarter of 2009, the U.S. economy began showing some signs of life. Although most economists forecast anemic growth for the remainder of the year, some of the data turned more positive early on. February was a particularly strong month for economic data: factory orders increased 1.8%; new home sales rose 4.7% — the first increase in seven months; and existing home sales surged 5.1%, the largest monthly gain since 2003. The upturn in the housing market was bolstered by historically low mortgage rates, an $8,000 tax credit for first-time home buyers that was part of President Obama’s stimulus legislation, and a plethora of distressed properties on the market.

The capital markets experienced steep declines in the first two and a half months of the period, followed by a welcome rally during the latter three and a half months. The semiannual period was preceded by a number of distressing events in the fall of 2008, resulting in a freefall in both the credit and equity markets.

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.

Several calamitous events occurred in September alone, including the federal takeover of federally chartered mortgage giants Fannie Mae and Freddie Mac, the bankruptcy of Lehman Brothers and the announcement by Bank of America that it was acquiring Merrill Lynch. These actions, along with several other corporate shakeups, bank failures and bailouts, drastically redefined the Wall Street landscape.

In response, the U.S. government enacted a number of bold stimulus programs. Last fall, Congress approved a $700 billion program authorizing the federal government to purchase troubled assets from financial institutions, a program that continued to evolve since the bill was enacted into law. On February 17, 2009, President Obama signed a historic $787 billion stimulus program into law and outlined a $50 billion foreclosure rescue plan. Additionally, between September 30, 2008, and December 31, 2008, the U.S. Federal Reserve (the Fed) lowered the federal funds rate to a range of 0.0% to 0.25% from 2.00%. Also during the six-month period, the Fed took extraordinary actions through a variety of innovative lending techniques in an attempt to ease the credit crisis.

Management Discussion

Relative to the Funds’ primary benchmark, the Barclays Capital Municipal Bond Index¹ (the Index) — a broad-based, unmanaged index of municipal bonds — the Funds underperformed for the six months ending March 31, 2009. As a result of an active management style that focuses on income and longer call protection, the Funds generally hold longer-maturity bonds relative to other bond funds and the Index. Much of their underperformance occurred in the first three months of the period and, management believes, can be attributed to the continued shift of investors’ capital into shorter-maturity bonds — a result of the broader-based credit crisis — during this period. The move to shorter-term investments was originally driven by uncertainty surrounding financial companies’ exposure to subprime mortgage-backed debt, but it later spread to the muni market when major municipal bond insurers suffered rating downgrades due to their

1	Formerly called Lehman Brothers Municipal Bond Index. It is not possible to invest directly in an Index.
	Past performance is no guarantee of future results.

The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund. Portfolio information provided in the report may not be representative of the Funds’ current or future investments and may change due to active management.

2

Eaton Vance Municipals Funds as of March 31, 2009

INVESTMENT UPDATE

exposure to mortgage-related structured products.

Since mid-December 2008, however, the municipal market rallied considerably, and the Funds outperformed the Index. A number of factors appeared to be at work in the market’s rebound. Municipal demand, while anemic for much of last year, returned in dramatic fashion during the first quarter of 2009. Retail muni investors — those who buy municipal bonds directly or through managed products such as mutual funds — were the predominant force behind the renewed demand. While many retail investors fled the market in 2008 as a result of market volatility and intimidating news reports, the perception of risk began to mitigate during the early stages of the new year. While institutional demand was largely absent during the first quarter — as it was for much of 2008 — retail purchases kept overall demand levels strong.

Against this backdrop, we continue to manage our municipal funds with the same relative value approach that we have traditionally employed, maintaining a long-term perspective when markets exhibit extreme short-term volatility. We believe this approach has provided excellent long-term benefits to our investors over time. Furthermore, we believe that the 138.9% yield ratio of insured municipal bonds to 30-year Treasuries as of March 31, 2009 — as compared with the long-term average of 85%-90% — indicates that there is still relative value in municipal bonds when compared with their taxable counterparts.¹

¹ Source: Bloomberg L.P. Yields are a compilation of a representative variety of general obligations and are not necessarily representative of a Fund’s yield.

3

Eaton Vance California Municipals Fund as of March 31, 2009

PERFORMANCE INFORMATION

Portfolio Manager: Cynthia J. Clemson

Performance1	Class A			Class B			Class C			Class I
Share Class Symbol	EACAX			EVCAX			ECCAX			EICAX
Average Annual Total Returns (at net asset value)
Six Months		-3.21	%		-3.59	%		-3.59	%		-2.97	%
One Year		-8.11			-8.78			-8.78			-7.86
Five Years		0.25			-0.44			N.A.			N.A.
Ten Years		2.55			2.09			N.A.			N.A.
Life of Fund†		4.34			4.63			-0.61			-3.74
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		-7.84	%		-8.31	%		-4.54	%		-2.97	%
One Year		-12.45			-13.16			-9.65			-7.86
Five Years		-0.73			-0.77			N.A.			N.A.
Ten Years		2.05			2.09			N.A.			N.A.
Life of Fund†		4.00			4.63			-0.61			-3.74

^† Inception dates: Class A: 5/27/94; Class B: 12/19/85; Class C: 8/31/04; Class I: 3/3/08

Total Annual
Operating Expenses2	Class A			Class B			Class C			Class I
Expense Ratio		1.16	%		1.91	%		1.91	%		0.93	%

Distribution Rates/Yields	Class A			Class B			Class C			Class I
Distribution Rate3		5.09	%		4.33	%		4.33	%		5.35	%
Taxable-Equivalent Distribution Rate3,4		8.63			7.35			7.35			9.08
SEC 30-day Yield5		4.53			4.01			4.00			5.01
Taxable-Equivalent SEC 30-day Yield4,5		7.68			6.80			6.79			8.50

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, the Fund’s current 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.

Index Performance⁶ (Average Annual Total Returns)

	Barclays Capital			Barclays Capital Long (22+)
	Municipal Bond Index			Municipal Bond Index
Six Months		5.00	%		1.63	%
One Year		2.27			-4.50
Five Years		3.21			1.76
Ten Years		4.60			4.00

Lipper Averages⁷ (Average Annual Total Returns)

Lipper California Municipal Debt Funds Classification
Six Months	-1.45	%
One Year	-5.26
Five Years	0.97
Ten Years	2.87

1	Average Annual Total Returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% — 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. Class I shares are offered to certain investors at net asset value.
2	Source: Prospectus dated 2/1/09. Includes interest expense of 0.30% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with inverse floater securities transactions by the Fund. The Fund also records offsetting interest income relating to the municipal obligations underlying such transactions, and, as a result, net asset value and performance have not been affected by this expense.
3	The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last distribution per share (annualized) by the net asset value.
4	Taxable-equivalent figures assume a maximum 41.05% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures.
5	The Fund’s SEC yield is calculated by dividing the 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	It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only.
7	The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper California Municipal Debt Funds Classification contained 123, 121, 101 and 72 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

4

Eaton Vance California Municipals Fund as of March 31, 2009

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments

^* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 3/31/09, is as follows, and the average rating is AA-.

AAA	33.9	%
AA	21.6	%
A	30.8	%
BBB	5.6	%
Not Rated	8.1	%

Fund Statistics²

• Number of Issues:		88
• Average Maturity:	19.6 years
• Average Effective Maturity:	18.3 years
• Average Call Protection:	8.2 years
• Average Dollar Price:	$	87.91
• TOB Leverage3:		8.1	%

1	Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition.
2	Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.
3	See Note 1l to the Fund’s financial statements. Tender option bonds (TOBs) are a form of investment leverage that create an opportunity for increased income but, at the same time, create special risks (including the likelihood of greater volatility of net asset value). TOB leverage represents the amount of TOB Floating Rate Notes outstanding at 3/31/09 as a percentage of the Fund’s net assets plus Floating Rate Notes.

5

Eaton Vance Massachusetts Municipals Fund as of March 31, 2009

PERFORMANCE INFORMATION

Portfolio Manager: Robert B. MacIntosh, CFA

Performance1	Class A			Class B			Class C			Class I
Share Class Symbol	ETMAX			EVMAX			ECMMX			EIMAX
Average Annual Total Returns (at net asset value)
Six Months		-3.35	%		-3.61	%		-3.61	%		-3.25	%
One Year		-8.35			-8.96			-9.07			-8.15
Five Years		-0.46			-1.17			N.A.			-0.21
Ten Years		2.42			1.66			N.A.			2.62
Life of Fund†		3.33			3.85			-4.20			3.77
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		-7.93	%		-8.32	%		-4.55	%		-3.25	%
One Year		-12.67			-13.32			-9.94			-8.15
Five Years		-1.43			-1.50			N.A.			-0.21
Ten Years		1.92			1.66			N.A.			2.62
Life of Fund†		3.00			3.85			-4.20			3.77

^† Inception dates: Class A: 12/7/93; Class B: 4/18/91; Class C: 5/2/06; Class I: 6/17/93

Total Annual
Operating Expenses2	Class A			Class B			Class C			Class I
Expense Ratio		1.03	%		1.78	%		1.79	%		0.83	%

Distribution Rates/Yields	Class A			Class B			Class C			Class I
Distribution Rate3		5.44	%		4.67	%		4.67	%		5.65	%
Taxable-Equivalent Distribution Rate3,4		8.84			7.59			7.59			9.18
SEC 30-day Yield5		5.44			4.95			4.95			5.91
Taxable-Equivalent SEC 30-day Yield4,5		8.84			8.04			8.04			9.60

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, the Fund’s current 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.

Index Performance⁶ (Average Annual Total Returns)

	Barclays Capital			Barclays Capital Long (22+)
	Municipal Bond Index			Municipal Bond Index
Six Months		5.00	%		1.63	%
One Year		2.27			-4.50
Five Years		3.21			1.76
Ten Years		4.60			4.00

Lipper Averages⁷ (Average Annual Total Returns)

Lipper Massachusetts Municipal Debt Funds Classification
Six Months	0.71	%
One Year	-2.95
Five Years	1.85
Ten Years	3.42

1	Average Annual Total Returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% — 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. Class I shares are offered to certain investors at net asset value.
2	Source: Prospectus dated 2/1/09. Includes interest expense of 0.25% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with inverse floater securities transactions by the Fund. The Fund also records offsetting interest income relating to the municipal obligations underlying such transactions, and, as a result, net asset value and performance have not been affected by this expense.
3	The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last distribution per share (annualized) by the net asset value.
4	Taxable-equivalent figures assume a maximum 38.45% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures.
5	The Fund’s SEC yield is calculated by dividing the 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	It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only.
7	The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Massachusetts Municipal Debt Funds Classification contained 45, 44, 38 and 32 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

6

Eaton Vance Massachusetts Municipals Fund as of March 31, 2009

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments

^* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 3/31/09, is as follows, and the average rating is AA-.

AAA	17.5	%
AA	41.7	%
A	29.0	%
BBB	6.9	%
Not Rated	4.9	%

Fund Statistics²

• Number of Issues:		63
• Average Maturity:	24.7 years
• Average Effective Maturity:	22.8 years
• Average Call Protection:	11.4 years
• Average Dollar Price:	$	86.98
• TOB Leverage3:		12.4	%

1	Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition.
2	Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.
3	See Note 1l to the Fund’s financial statements. Tender option bonds (TOBs) are a form of investment leverage that create an opportunity for increased income but, at the same time, create special risks (including the likelihood of greater volatility of net asset value). TOB leverage represents the amount of TOB Floating Rate Notes outstanding at 3/31/09 as a percentage of the Fund’s net assets plus Floating Rate Notes.

7

Eaton Vance Mississippi Municipals Fund as of March 31, 2009

PERFORMANCE INFORMATION

Portfolio Manager: Craig R. Brandon, CFA

Performance1	Class A			Class B			Class C
Share Class Symbol	ETMSX			EVMSX			EMSCX
Average Annual Total Returns (at net asset value)
Six Months		-2.04	%		-2.44	%		-2.44	%
One Year		-5.67			-6.40			-6.40
Five Years		0.99			0.25			N.A.
Ten Years		2.89			2.13			N.A.
Life of Fund†		3.58			3.16			-6.38
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		-6.69	%		-7.21	%		-3.39	%
One Year		-10.18			-10.90			-7.30
Five Years		0.01			-0.09			N.A.
Ten Years		2.39			2.13			N.A.
Life of Fund†		3.25			3.16			-6.38

^† Inception dates: Class A: 12/7/93; Class B: 6/11/93; Class C: 12/4/07

Total Annual
Operating Expenses2	Class A			Class B			Class C
Expense Ratio		1.04	%		1.79	%		1.80	%

Distribution Rates/Yields	Class A			Class B		Class C
Distribution Rate3		4.90	%		4.14		4.14	%
Taxable-Equivalent Distribution Rate3,4		7.94			6.70		6.70
SEC 30-day Yield5		4.11			3.55		3.56
Taxable-Equivalent SEC 30-day Yield4,5		6.66			5.75		5.77

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, the Fund’s current 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.

Index Performance⁶ (Average Annual Total Returns)

	Barclays Capital			Barclays Capital Long (22+)
	Municipal Bond Index			Municipal Bond Index
Six Months		5.00	%		1.63	%
One Year		2.27			-4.50
Five Years		3.21			1.76
Ten Years		4.60			4.00

Lipper Averages⁷ (Average Annual Total Returns)

Lipper Other States Municipal Debt Funds Classification
Six Months	2.08	%
One Year	-1.36
Five Years	1.76
Ten Years	3.15

1	Average Annual Total Returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% — 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year.
2	Source: Prospectus dated 2/1/09. Includes interest expense of 0.12% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with inverse floater securities transactions by the Fund. The Fund also records offsetting interest income relating to the municipal obligations underlying such transactions, and, as a result, net asset value and performance have not been affected by this expense.
3	The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last distribution per share (annualized) by the net asset value.
4	Taxable-equivalent figures assume a maximum 38.25% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures.
5	The Fund’s SEC yield is calculated by dividing the 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	It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only.
7	The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification contained 151, 151, 133 and 114 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

8

Eaton Vance Mississippi Municipals Fund as of March 31, 2009

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments

^* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 3/31/09, is as follows, and the average rating is AA-.

AAA	26.5	%
AA	33.6	%
A	19.4	%
BBB	16.2	%
Not Rated	4.3	%

Fund Statistics²

• Number of Issues:		45
• Average Maturity:	18.1 years
• Average Effective Maturity:	14.5 years
• Average Call Protection:	7.1 years
• Average Dollar Price:	$	92.81
• TOB Leverage3:		1.1	%

1	Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition.
2	Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.
3	See Note 1l to the Fund’s financial statements. Tender option bonds (TOBs) are a form of investment leverage that create an opportunity for increased income but, at the same time, create special risks (including the likelihood of greater volatility of net asset value). TOB leverage represents the amount of TOB Floating Rate Notes outstanding at 3/31/09 as a percentage of the Fund’s net assets plus Floating Rate Notes.

9

Eaton Vance New York Municipals Fund as of March 31, 2009

PERFORMANCE INFORMATION

Portfolio Manager: Craig R. Brandon, CFA

Performance1	Class A			Class B			Class C			Class I
Share Class Symbol	ETNYX			EVNYX			ECNYX			EINYX
Average Annual Total Returns (at net asset value)
Six Months		-5.25	%		-5.74	%		-5.63	%		-5.27	%
One Year		-10.94			-11.73			-11.55			-10.87
Five Years		-0.77			-1.45			-1.48			N.A.
Ten Years		2.53			1.85			N.A.			N.A.
Life of Fund†		4.12			4.45			-1.13			-7.12
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		-9.74	%		-10.34	%		-6.55	%		-5.27	%
One Year		-15.16			-15.95			-12.39			-10.87
Five Years		-1.74			-1.77			-1.48			N.A.
Ten Years		2.03			1.85			N.A.			N.A.
Life of Fund†		3.78			4.45			-1.13			-7.12

^† Inception dates: Class A: 4/15/94; Class B: 8/30/90; Class C: 9/30/03; Class I: 3/3/08

Total Annual
Operating Expenses2	Class A			Class B			Class C			Class I
Expense Ratio		1.16	%		1.91	%		1.91	%		0.99	%

Distribution Rates/Yields	Class A			Class B			Class C			Class I
Distribution Rate3		5.64	%		4.85	%		4.85	%		5.84	%
Taxable-Equivalent Distribution Rate3,4		9.31			8.01			8.01			9.64
SEC 30-day Yield5		5.10			4.60			4.59			5.56
Taxable-Equivalent SEC 30-day Yield4,5		8.42			7.60			7.58			9.18

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, the Fund’s current 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.

Index Performance⁶ (Average Annual Total Returns)

	Barclays Capital			Barclays Capital Long (22+)
	Municipal Bond Index			Municipal Bond Index
Six Months		5.00	%		1.63	%
One Year		2.27			-4.50
Five Years		3.21			1.76
Ten Years		4.60			4.00

Lipper Averages⁷ (Average Annual Total Returns)

Lipper New York Municipal Debt Funds Classification
Six Months	1.03	%
One Year	-2.73
Five Years	1.46
Ten Years	3.10

1	Average Annual Total Returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% — 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. Class I shares are offered to certain investors at net asset value.
2	Source: Prospectus dated 2/1/09. Includes interest expense of 0.38% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with inverse floater securities transactions by the Fund. The Fund also records offsetting interest income relating to the municipal obligations underlying such transactions, and, as a result, net asset value and performance have not been affected by this expense.
3	The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last distribution per share (annualized) by the net asset value.
4	Taxable-equivalent figures assume a maximum 39.45% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures.
5	The Fund’s SEC yield is calculated by dividing the 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	It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only.
7	The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New York Municipal Debt Funds Classification contained 98, 97, 90 and 70 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

10

Eaton Vance New York Municipals Fund as of March 31, 2009

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments

^* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 3/31/09, is as follows, and the average rating is A+.

AAA	13.1	%
AA	46.3	%
A	24.1	%
BBB	8.8	%
BB	2.0	%
B	1.8	%
Not Rated	3.9	%

Fund Statistics²

• Number of Issues:		105
• Average Maturity:	25.4 years
• Average Effective Maturity:	22.0 years
• Average Call Protection:	10.3 years
• Average Dollar Price:	$	86.84
• TOB Leverage3:		10.5	%

1	Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition.
2	Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.
3	See Note 1l to the Fund’s financial statements. Tender option bonds (TOBs) are a form of investment leverage that create an opportunity for increased income but, at the same time, create special risks (including the likelihood of greater volatility of net asset value). TOB leverage represents the amount of TOB Floating Rate Notes outstanding at 3/31/09 as a percentage of the Fund’s net assets plus Floating Rate Notes.

11

Eaton Vance Ohio Municipals Fund as of March 31, 2009

PERFORMANCE INFORMATION

Portfolio Manager: William A. Ahern, Jr., CFA

Performance1	Class A			Class C
Share Class Symbol	ETOHX			ECOHX
Average Annual Total Returns (at net asset value)
Six Months		1.05	%		0.53	%
One Year		-3.73			-4.71
Five Years		1.58			N.A.
Ten Years		3.22			N.A.
Life of Fund†		3.82			-1.11
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		-3.80	%		-0.45	%
One Year		-8.35			-5.63
Five Years		0.59			N.A.
Ten Years		2.72			N.A.
Life of Fund†		3.49			-1.11

^† Inception dates: Class A: 12/7/93; Class C: 2/3/06

Total Annual
Operating Expenses2	Class A			Class C
Expense Ratio		0.97	%		1.72	%

Distribution Rates/Yields	Class A			Class C
Distribution Rate3		4.74	%		4.01	%
Taxable-Equivalent Distribution Rate3,4		7.75			6.56
SEC 30-day Yield5		4.33			3.79
Taxable-Equivalent SEC 30-day Yield4,5		7.08			6.20

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, the Fund’s current 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.

Index Performance⁶ (Average Annual Total Returns)

	Barclays Capital			Barclays Capital Long (22+)
	Municipal Bond Index			Municipal Bond Index
Six Months		5.00	%		1.63	%
One Year		2.27			-4.50
Five Years		3.21			1.76
Ten Years		4.60			4.00

Lipper Averages⁷ (Average Annual Total Returns)

Lipper Ohio Municipal Debt Funds Classification
Six Months	2.30	%
One Year	-1.27
Five Years	2.26
Ten Years	3.52

1	Average Annual Total Returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charge (CDSC) for Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year.
2	Source: Prospectus dated 2/1/09. Includes interest expense of 0.20% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with inverse floater securities transactions by the Fund. The Fund also records offsetting interest income relating to the municipal obligations underlying such transactions, and, as a result, net asset value and performance have not been affected by this expense.
3	The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last distribution per share (annualized) by the net asset value.
4	Taxable-equivalent figures assume a maximum 38.85% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures.
5	The Fund’s SEC yield is calculated by dividing the 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	It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only.
7	The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Ohio Municipal Debt Funds Classification contained 41, 40, 34 and 29 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

12

Eaton Vance Ohio Municipals Fund as of March 31, 2009

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments

^* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 3/31/09, is as follows, and the average rating is AA.

AAA	40.2	%
AA	34.4	%
A	15.4	%
BBB	3.3	%
B	0.8	%
Not Rated	5.9	%

Fund Statistics²

• Number of Issues:		112
• Average Maturity:	21.4 years
• Average Effective Maturity:	18.4 years
• Average Call Protection:	10.7 years
• Average Dollar Price:	$	94.95
• TOB Leverage3:		5.3	%

1	Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition.
2	Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.
3	See Note 1l to the Fund’s financial statements. Tender option bonds (TOBs) are a form of investment leverage that create an opportunity for increased income but, at the same time, create special risks (including the likelihood of greater volatility of net asset value). TOB leverage represents the amount of TOB Floating Rate Notes outstanding at 3/31/09 as a percentage of the Fund’s net assets plus Floating Rate Notes.

13

Eaton Vance Rhode Island Municipals Fund as of March 31, 2009

PERFORMANCE INFORMATION

Portfolio Manager: Robert B. MacIntosh, CFA

Performance1	Class A			Class B			Class C
Share Class Symbol	ETRIX			EVRIX			ERICX
Average Annual Total Returns (at net asset value)
Six Months		-1.82	%		-2.12	%		-2.12	%
One Year		-7.01			-7.72			-7.71
Five Years		0.26			-0.48			N.A.
Ten Years		2.78			2.03			N.A.
Life of Fund†		3.41			3.05			-2.91
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		-6.50	%		-6.91	%		-3.07	%
One Year		-11.42			-12.15			-8.59
Five Years		-0.71			-0.81			N.A.
Ten Years		2.28			2.03			N.A.
Life of Fund†		3.08			3.05			-2.91

^† Inception dates: Class A: 12/7/93; Class B: 6/11/93; Class C: 3/20/06

Total Annual
Operating Expenses2	Class A			Class B			Class C
Expense Ratio		0.96	%		1.71	%		1.71	%

Distribution Rates/Yields	Class A			Class B			Class C
Distribution Rate3		4.98	%		4.23	%		4.22	%
Taxable-Equivalent Distribution Rate3,4		8.50			7.22			7.21
SEC 30-day Yield5		4.47			3.94			3.95
Taxable-Equivalent SEC 30-day Yield4,5		7.63			6.73			6.75

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, the Fund’s current 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.

Index Performance⁶ (Average Annual Total Returns)

	Barclays Capital			Barclays Capital Long (22+)
	Municipal Bond Index			Municipal Bond Index
Six Months		5.00	%		1.63	%
One Year		2.27			-4.50
Five Years		3.21			1.76
Ten Years		4.60			4.00

Lipper Averages⁷ (Average Annual Total Returns)

Lipper Other States Municipal Debt Funds Classification
Six Months	2.08	%
One Year	-1.36
Five Years	1.76
Ten Years	3.15

1	Average Annual Total Returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% — 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year.
2	Source: Prospectus dated 2/1/09. Includes interest expense of 0.17% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with inverse floater securities transactions by the Fund. The Fund also records offsetting interest income relating to the municipal obligations underlying such transactions, and, as a result, net asset value and performance have not been affected by this expense.
3	The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last distribution per share (annualized) by the net asset value.
4	Taxable-equivalent figures assume a maximum 41.44% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures.
5	The Fund’s SEC yield is calculated by dividing the 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	It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only.
7	The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification contained 151, 151, 133 and 114 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

14

Eaton Vance Rhode Island Municipals Fund as of March 31, 2009

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments

^* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 3/31/09, is as follows, and the average rating is AA-.

AAA	25.5	%
AA	34.9	%
A	25.5	%
BBB	10.1	%
Not Rated	4.0	%

Fund Statistics²

• Number of Issues:		60
• Average Maturity:	19.6 years
• Average Effective Maturity:	17.9 years
• Average Call Protection:	6.9 years
• Average Dollar Price:	$	92.63
• TOB Leverage3:		3.0	%

1	Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition.
2	Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.
3	See Note 1l to the Fund’s financial statements. Tender option bonds (TOBs) are a form of investment leverage that create an opportunity for increased income but, at the same time, create special risks (including the likelihood of greater volatility of net asset value). TOB leverage represents the amount of TOB Floating Rate Notes outstanding at 3/31/09 as a percentage of the Fund’s net assets plus Floating Rate Notes.

15

Eaton Vance West Virginia Municipals Fund as of March 31, 2009

PERFORMANCE INFORMATION

Portfolio Manager: Adam A. Weigold, CFA

Performance1	Class A			Class B			Class C
Share Class Symbol	ETWVX			EVWVX			ECWVX
Average Annual Total Returns (at net asset value)
Six Months		-3.26	%		-3.55	%		-3.42	%
One Year		-8.74			-9.35			-9.23
Five Years		-0.76			-1.45			N.A.
Ten Years		2.15			1.40			N.A.
Life of Fund†		3.15			2.69			-10.80
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		-7.86	%		-8.27	%		-4.37	%
One Year		-13.04			-13.71			-10.10
Five Years		-1.72			-1.78			N.A.
Ten Years		1.65			1.40			N.A.
Life of Fund†		2.82			2.69			-10.80

^† Inception dates: Class A: 12/13/93; Class B: 6/11/93; Class C: 12/4/07

Total Annual
Operating Expenses2	Class A			Class B			Class C
Expense Ratio		0.93	%		1.68	%		1.69	%

Distribution Rates/Yields	Class A			Class B			Class C
Distribution Rate3		5.01	%		4.24	%		4.24	%
Taxable-Equivalent Distribution Rate3,4		8.24			6.98			6.98
SEC 30-day Yield5		4.71			4.20			4.18
Taxable-Equivalent SEC 30-day Yield4,5		7.75			6.91			6.88

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, the Fund’s current 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.

Index Performance⁶ (Average Annual Total Returns)

	Barclays Capital			Barclays Capital Long (22+)
	Municipal Bond Index			Municipal Bond Index
Six Months		5.00	%		1.63	%
One Year		2.27			-4.50
Five Years		3.21			1.76
Ten Years		4.60			4.00

Lipper Averages⁷ (Average Annual Total Returns)

Lipper Other States Municipal Debt Funds Classification
Six Months	2.08	%
One Year	-1.36
Five Years	1.76
Ten Years	3.15

1	Average Annual Total Returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% — 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year.
2	Source: Prospectus dated 2/1/09. Includes interest expense of 0.14% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with inverse floater securities transactions by the Fund. The Fund also records offsetting interest income relating to the municipal obligations underlying such transactions, and, as a result, net asset value and performance have not been affected by this expense.
3	The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last distribution per share (annualized) by the net asset value.
4	Taxable-equivalent figures assume a maximum 39.23% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures.
5	The Fund’s SEC yield is calculated by dividing the 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	It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only.
7	The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification contained 151, 151, 133 and 114 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

16

Eaton Vance West Virginia Municipals Fund as of March 31, 2009

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments

^* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 3/31/09, is as follows, and the average rating is AA-.

AAA	28.9	%
AA	28.1	%
A	30.3	%
BBB	12.0	%
Not Rated	0.7	%

Fund Statistics²

• Number of Issues:		49
• Average Maturity:	21.1 years
• Average Effective Maturity:	20.5 years
• Average Call Protection:	8.7 years
• Average Dollar Price:	$	82.72
• TOB Leverage3:		1.4	%

1	Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition.
2	Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.
3	See Note 1l to the Fund’s financial statements. Tender option bonds (TOBs) are a form of investment leverage that create an opportunity for increased income but, at the same time, create special risks (including the likelihood of greater volatility of net asset value). TOB leverage represents the amount of TOB Floating Rate Notes outstanding at 3/31/09 as a percentage of the Fund’s net assets plus Floating Rate Notes.

17

Eaton Vance Municipals Fundsas of March 31, 2009

FUND EXPENSES

Example: As a shareholder of a Fund, 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 or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund 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, 2008 – March 31, 2009).

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 return of the Fund. 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 Municipals Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(10/1/08)		(3/31/09)		(10/1/08 – 3/31/09)
Actual
Class A		$1,000.00		$967.90		$5.84
Class B		$1,000.00		$964.10		$9.50
Class C		$1,000.00		$964.10		$9.55
Class I		$1,000.00		$970.30		$4.62
Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,019.00		$5.99
Class B		$1,000.00		$1,015.30		$9.75
Class C		$1,000.00		$1,015.20		$9.80
Class I		$1,000.00		$1,020.20		$4.73

*   Expenses are equal to the Fund’s annualized expense ratio of 1.19% for Class A shares, 1.94% for Class B shares, 1.95% for Class C shares and 0.94% for Class I shares, 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, 2008.

18

Eaton Vance Municipals Fundsas of March 31, 2009

FUND EXPENSES CONT’D

Eaton Vance Massachusetts Municipals Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(10/1/08)		(3/31/09)		(10/1/08 – 3/31/09)
Actual
Class A		$1,000.00		$966.50		$5.69
Class B		$1,000.00		$963.90		$9.35
Class C		$1,000.00		$963.90		$9.35
Class I		$1,000.00		$967.50		$4.71
Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,019.10		$5.84
Class B		$1,000.00		$1,015.40		$9.60
Class C		$1,000.00		$1,015.40		$9.60
Class I		$1,000.00		$1,020.10		$4.83

*   Expenses are equal to the Fund’s annualized expense ratio of 1.16% for Class A shares, 1.91% for Class B shares, 1.91% for Class C shares and 0.96% for Class I shares, 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, 2008.

Eaton Vance Mississippi Municipals Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(10/1/08)		(3/31/09)		(10/1/08 – 3/31/09)
Actual
Class A		$1,000.00		$979.60		$5.13
Class B		$1,000.00		$975.60		$8.77
Class C		$1,000.00		$975.60		$8.77
Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,019.70		$5.24
Class B		$1,000.00		$1,016.10		$8.95
Class C		$1,000.00		$1,016.10		$8.95

*   Expenses are equal to the Fund’s annualized expense ratio of 1.04% for Class A shares, 1.78% for Class B shares and 1.78% for Class C shares, 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, 2008.

19

Eaton Vance Municipals Fundsas of March 31, 2009

FUND EXPENSES CONT’D

Eaton Vance New York Municipals Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(10/1/08)		(3/31/09)		(10/1/08 – 3/31/09)
Actual
Class A		$1,000.00		$947.50		$5.63
Class B		$1,000.00		$942.60		$9.25
Class C		$1,000.00		$943.70		$9.26
Class I		$1,000.00		$947.30		$4.85
Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,019.10		$5.84
Class B		$1,000.00		$1,015.40		$9.60
Class C		$1,000.00		$1,015.40		$9.60
Class I		$1,000.00		$1,019.90		$5.04

*   Expenses are equal to the Fund’s annualized expense ratio of 1.16% for Class A shares, 1.91% for Class B shares, 1.91% for Class C shares and 1.00% for Class I shares, 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, 2008.

Eaton Vance Ohio Municipals Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(10/1/08)		(3/31/09)		(10/1/08 – 3/31/09)
Actual
Class A		$1,000.00		$1,010.50		$4.76
Class C		$1,000.00		$1,005.30		$8.55
Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,020.20		$4.78
Class C		$1,000.00		$1,016.40		$8.60

*   Expenses are equal to the Fund’s annualized expense ratio of 0.95% for Class A shares and 1.71% for Class C shares, 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, 2008.

20

Eaton Vance Municipals Fundsas of March 31, 2009

FUND EXPENSES CONT’D

Eaton Vance Rhode Island Municipals Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(10/1/08)		(3/31/09)		(10/1/08 – 3/31/09)
Actual
Class A		$1,000.00		$981.80		$4.55
Class B		$1,000.00		$978.80		$8.24
Class C		$1,000.00		$978.80		$8.24
Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,020.30		$4.63
Class B		$1,000.00		$1,016.60		$8.40
Class C		$1,000.00		$1,016.60		$8.40

*   Expenses are equal to the Fund’s annualized expense ratio of 0.92% for Class A shares, 1.67% for Class B shares and 1.67% for Class C shares, 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, 2008.

Eaton Vance West Virginia Municipals Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(10/1/08)		(3/31/09)		(10/1/08 – 3/31/09)
Actual
Class A		$1,000.00		$967.40		$4.37
Class B		$1,000.00		$964.50		$8.03
Class C		$1,000.00		$965.80		$8.09
Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,020.50		$4.48
Class B		$1,000.00		$1,016.80		$8.25
Class C		$1,000.00		$1,016.70		$8.30

*   Expenses are equal to the Fund’s annualized expense ratio of 0.89% for Class A shares, 1.64% for Class B shares and 1.65% for Class C shares, 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, 2008.

21

Eaton Vance California Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 108.8%
Principal Amount
(000’s omitted)		Security	Value
Education — 4.4%
$	3,500	California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29	$	2,673,720
	2,500	California Educational Facilities Authority, (Santa Clara University), 5.25%, 9/1/26		2,566,125
	4,000	California Educational Facilities Authority, (Stanford University), 5.25%, 12/1/32(1)		4,068,480
			$	9,308,325
Electric Utilities — 2.0%
$	2,725	Chula Vista, (San Diego Gas), (AMT), 5.00%, 12/1/27	$	2,339,113
	1,815	Los Angeles Department of Water and Power, 5.25%, 7/1/38		1,812,150
			$	4,151,263
Escrowed / Prerefunded — 9.2%
$	1,000	Sacramento County, Single Family, (GNMA), (AMT), Escrowed to Maturity, 8.25%, 1/1/21	$	1,388,140
	11,285	Sacramento County, Single Family, (GNMA), (AMT), Escrowed to Maturity, 8.50%, 11/1/16(2)		15,531,094
	5,765	San Joaquin Hills Transportation Corridor Agency, Toll Road Bonds, Escrowed to Maturity, 0.00%, 1/1/26		2,647,634
			$	19,566,868
General Obligations — 7.6%
$	1,000	California, 6.00%, 4/1/38(3)	$	1,000,740
	2,400	California, (AMT), 5.05%, 12/1/36		1,909,224
	3,895	Los Angeles Unified School District, 5.00%, 1/1/34		3,678,243
	9,990	San Francisco Bay Area Rapid Transit District, (Election of 2004), 4.75%, 8/1/37(4)		9,497,194
			$	16,085,401
Hospital — 17.6%
$	1,000	California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 7/1/23	$	944,750
	5,600	California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 11/15/34		4,639,824
	4,000	California Health Facilities Financing Authority, (Marshall Medical Center), 5.00%, 11/1/33		3,293,640
	5,910	California Health Facilities Financing Authority, (Sutter Health), 5.25%, 11/15/46(4)		5,191,994
	10	California Health Facilities Financing Authority, (Sutter Health), 5.25%, 11/15/46		8,784
	2,250	California Infrastructure and Economic Development Bank, (Kaiser Hospital), 5.50%, 8/1/31		2,023,155
	6,500	California Statewide Communities Development Authority, (Huntington Memorial Hospital), 5.00%, 7/1/35		5,220,410
	2,500	California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34		2,073,025
	2,500	California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36		2,060,150
	1,850	California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32		1,661,022
	1,500	California Statewide Communities Development Authority, (Sonoma County Indian Health), 6.40%, 9/1/29		1,257,060
	2,700	San Benito Health Care District, 5.40%, 10/1/20		2,035,638
	1,000	Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31		902,820
	1,650	Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34		1,033,461
	1,250	Washington Health Care Facilities Authority, (Providence Health Care), 5.25%, 7/1/29		1,069,663
	5,000	Washington Township Health Care District, 5.00%, 7/1/37		3,878,650
			$	37,294,046
Housing — 1.6%
$	3,000	California Housing Finance Agency, (AMT), 4.75%, 8/1/42	$	2,083,920
	1,361	Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29		1,051,989
	412	Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29		316,358
			$	3,452,267
Industrial Development Revenue — 1.9%
$	2,750	California Pollution Control Financing Authority, (Browning Ferris Industries), (AMT), 5.80%, 12/1/16	$	2,525,105
	1,700	California Pollution Control Financing Authority, (Solid Waste Disposal), (AMT), 5.40%, 4/1/25		1,429,836
			$	3,954,941
Insured-Electric Utilities — 6.3%
$	5,000	California Pollution Control Financing Authority, (Pacific Gas and Electric), (NPFG), (AMT), 5.35%, 12/1/16	$	4,850,200
	5,000	Northern California Power Agency, (Hydroelectric), (NPFG), 5.125%, 7/1/23		5,049,350

See notes to financial statements

22

Eaton Vance California Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Electric Utilities (continued)
$	2,000	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34	$	1,645,780
	2,250	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35		1,839,645
			$	13,384,975
Insured-Escrowed / Prerefunded — 6.8%
$	2,500	California Infrastructure and Economic Development, (Bay Area Toll Bridges), (AMBAC), Prerefunded to 1/1/28, 5.00%, 7/1/33	$	2,766,200
	5,000	California Infrastructure and Economic Development, (Bay Area Toll Bridges), (FGIC), Prerefunded to 1/1/28, 5.00%, 7/1/29(5)		5,532,400
	15,000	Foothill/Eastern Corridor Agency, Toll Road Bonds, (FSA), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/28		6,107,550
			$	14,406,150
Insured-General Obligations — 5.3%
$	2,000	Allan Hancock, (Joint Community College), (FSA), 4.375%, 8/1/31	$	1,684,620
	2,500	California, (AGC), 4.50%, 8/1/30		2,165,250
	6,500	Los Angeles Unified School District, (Election of 2005), (FSA), 4.75%, 7/1/32(4)		5,911,815
	2,285	Merced Unified School District, (FGIC), (NPFG), 0.00%, 8/1/19		1,354,114
			$	11,115,799
Insured-Hospital — 3.4%
$	2,550	California Statewide Communities Development Authority, (Children’s Hospital Los Angeles), (NPFG), 5.25%, 8/15/29	$	2,252,899
	4,920	California Statewide Communities Development Authority, (Sutter Health), (FSA), 5.75%, 8/15/27(4)		4,992,521
			$	7,245,420
Insured-Lease Revenue / Certificates of Participation — 4.8%
$	11,280	Anaheim Public Financing Authority, (Public Improvements), (FSA), 0.00%, 9/1/30	$	2,896,366
	5,000	Los Angeles County, (Disney Parking), (AMBAC), 0.00%, 9/1/17		3,611,400
	5,370	Los Angeles County, (Disney Parking), (AMBAC), 0.00%, 3/1/18		3,730,968
			$	10,238,734
Insured-Other Revenue — 2.0%
$	2,745	Golden State Tobacco Securitization Corp., (AGC), 5.00%, 6/1/45	$	2,402,891
	2,000	Golden State Tobacco Securitization Corp., (AGC), (FGIC), 5.00%, 6/1/38		1,768,380
			$	4,171,271
Insured-Special Tax Revenue — 3.7%
$	2,565	Ceres Redevelopment Agency, (Ceres Redevelopment Project Area No. 1), (AMBAC), 4.00%, 11/1/31	$	1,714,113
	2,740	Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/27		2,396,349
	4,540	San Francisco Bay Area Rapid Transportation District, Sales Tax Revenue, (FSA), 4.25%, 7/1/36		3,627,006
			$	7,737,468
Insured-Transportation — 1.2%
$	9,420	Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/33	$	1,994,497
	1,800	San Joaquin Hills Transportation Corridor Agency, Toll Road Bonds, (NPFG), 0.00%, 1/15/24		584,676
			$	2,579,173
Insured-Water and Sewer — 8.6%
$	8,000	Clovis Public Financing Authority, Wastewater Revenue, (AMBAC), 4.50%, 8/1/38	$	6,252,080
	5,125	Los Angeles Department of Water and Power, (FSA), 4.75%, 7/1/36		4,710,234
	1,680	Los Angeles Department of Water and Power, (NPFG), 3.00%, 7/1/30		1,131,513
	6,000	San Diego County Water Authority, (FGIC), 5.681%, 4/22/09		6,017,520
			$	18,111,347
Lease Revenue / Certificates of Participation — 8.7%
$	5,115	Los Angeles County, (Disney Parking), 0.00%, 3/1/16	$	3,707,352
	1,925	Los Angeles County, (Disney Parking), 0.00%, 3/1/17		1,303,283
	3,100	Los Angeles County, (Disney Parking), 0.00%, 3/1/20		1,677,534
	5,630	Pasadena Parking Facility, 6.25%, 1/1/18		6,488,800
	5,000	Sacramento City Financing Authority, 5.40%, 11/1/20		5,281,300
			$	18,458,269

See notes to financial statements

23

Eaton Vance California Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Other Revenue — 1.3%
$	615	California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32	$	569,164
	920	California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37		835,516
	2,410	Golden State Tobacco Securitization Corp., 5.75%, 6/1/47		1,353,215
			$	2,757,895
Senior Living / Life Care — 0.4%
$	250	California Statewide Communities Development Authority, (Senior Living — Presbyterian Homes), 4.75%, 11/15/26	$	173,453
	1,000	California Statewide Communities Development Authority, (Senior Living — Presbyterian Homes), 4.875%, 11/15/36		620,930
			$	794,383
Special Tax Revenue — 8.5%
$	2,500	Bonita Canyon Public Financing Authority, 5.375%, 9/1/28	$	1,816,575
	415	Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26		291,915
	665	Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34		421,470
	1,810	Corona Public Financing Authority, 5.80%, 9/1/20		1,577,234
	985	Fairfield Improvement Bond Act of 1915, (North Cordelia District), 7.375%, 9/2/18		997,431
	1,750	Lincoln Public Financing Authority, Improvement Bond Act of 1915, (Twelve Bridges), 6.20%, 9/2/25		1,495,235
	1,430	Moreno Valley Unified School District, 5.95%, 9/1/34		1,056,670
	6,405	Puerto Rico Sales Tax Financing, 5.25%, 8/1/57		5,260,234
	1,400	Santa Margarita Water District, 6.20%, 9/1/20		1,332,352
	1,000	Santaluz Community Facilities District No. 2, 6.20%, 9/1/30		812,060
	350	Temecula Unified School District, 5.00%, 9/1/27		244,097
	535	Temecula Unified School District, 5.00%, 9/1/37		333,985
	1,000	Torrance Redevelopment Agency, 5.625%, 9/1/28		746,400
	1,000	Tustin Community Facilities District, 6.00%, 9/1/37		797,760
	900	Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23		726,543
			$	17,909,961
Transportation — 1.2%
$	2,750	Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30(5)	$	2,457,895
			$	2,457,895
Water and Sewer — 2.3%
$	3,160	California Department of Water Resources, 5.00%, 12/1/29	$	3,185,470
	1,740	Metropolitan Water District of Southern California, (Waterworks Revenue Authorization), 4.75%, 7/1/36(4)		1,643,421
			$	4,828,891
Total Tax-Exempt Investments — 108.8%
(identified cost $245,435,256)			$	230,010,742
Other Assets, Less Liabilities — (8.8)%			$	(18,635,221	)
Net Assets — 100.0%			$	211,375,521

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.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

GNMA - Government National Mortgage Association

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, 2009, 38.7% 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 2.7% to 13.0% of total investments.

(1)	Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
(2)	Security (or a portion thereof) has been segregated to cover payable for when-issued securities.
(3)	When-issued security.
(4)	Security represents the underlying municipal bond of a tender option bond trust (see Note 1I).
(5)	Security (or a portion thereof) has been pledged as collateral for open swap contracts or inverse floating-rate security transactions.

See notes to financial statements

24

Eaton Vance Massachusetts Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 112.0%
Principal Amount
(000’s omitted)		Security	Value
Education — 26.6%
$	15,000	Massachusetts Development Finance Agency, (Boston College), 5.00%, 7/1/42(1)	$	14,254,350
	4,500	Massachusetts Development Finance Agency, (Boston University), 5.45%, 5/15/59		4,161,600
	3,930	Massachusetts Development Finance Agency, (Boston University), 6.00%, 5/15/59		3,970,518
	5,075	Massachusetts Development Finance Agency, (Dexter School), 5.00%, 5/1/37		4,477,064
	1,000	Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33		916,900
	3,500	Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38		2,609,040
	1,000	Massachusetts Development Finance Agency, (Wheeler School), 6.50%, 12/1/29		891,810
	8,260	Massachusetts Health and Educational Facilities Authority, (Berklee College), 5.00%, 10/1/37		7,019,596
	6,000	Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1)		6,095,560
	8,000	Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.50%, 7/1/32(2)		8,886,560
	5,000	Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38(3)		5,119,850
	1,450	Massachusetts Industrial Finance Agency, (St. John’s High School, Inc.), 5.35%, 6/1/28		1,234,066
			$	59,636,914
Electric Utilities — 2.9%
$	8,715	Massachusetts Development Finance Agency, (Dominion Energy Brayton Point), (AMT), 5.00%, 2/1/36	$	6,429,927
			$	6,429,927
Escrowed / Prerefunded — 3.8%
$	5,000	Massachusetts Turnpike Authority, Escrowed to Maturity, 5.00%, 1/1/20	$	5,736,450
	2,540	Massachusetts Water Resources Authority, Escrowed to Maturity, 5.25%, 12/1/15		2,892,273
			$	8,628,723
General Obligations — 2.0%
$	4,500	Newton, 5.00%, 4/1/36(4)	$	4,563,360
			$	4,563,360
Hospital — 10.5%
$	1,000	Massachusetts Health and Educational Facilities Authority, (Berkshire Health System), 6.25%, 10/1/31	$	822,720
	2,425	Massachusetts Health and Educational Facilities Authority, (Beth Israel Deaconess Medical Center, Inc.), 5.125%, 7/1/38		1,787,492
	1,135	Massachusetts Health and Educational Facilities Authority, (Central New England Health Systems), 6.125%, 8/1/13		1,134,954
	7,170	Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37		6,418,369
	2,055	Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), 6.00%, 7/1/22		2,095,093
	11,820	Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/32(1)		11,242,416
	35	Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.75%, 7/1/32		35,001
			$	23,536,045
Housing — 6.8%
$	2,000	Massachusetts Housing Finance Agency, (AMT), 4.65%, 12/1/36	$	1,639,840
	5,000	Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40		4,169,900
	3,960	Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37		3,514,183
	3,875	Massachusetts Housing Finance Agency, (AMT), 5.20%, 12/1/37		3,491,879
	2,750	Massachusetts Housing Finance Agency, (AMT), 5.30%, 12/1/37		2,446,730
			$	15,262,532
Industrial Development Revenue — 2.3%
$	2,155	Massachusetts Industrial Finance Agency, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15	$	2,155,022
	5,170	Virgin Islands Public Financing Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		3,136,897
			$	5,291,919
Insured-Education — 7.1%
$	2,500	Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/28	$	2,585,050
	5,000	Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/33		5,045,800

See notes to financial statements

25

Eaton Vance Massachusetts Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Education (continued)
$	5,460	Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1)	$	5,662,293
	2,800	Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33		2,659,916
			$	15,953,059
Insured-Escrowed / Prerefunded — 0.1%
$	200	Massachusetts Turnpike Authority, (NPFG), Escrowed to Maturity, 5.00%, 1/1/20	$	227,790
			$	227,790
Insured-Hospital — 0.9%
$	1,950	Massachusetts Health and Educational Facilities Authority, (The Medical Center of Central Massachusetts), (AMBAC), Variable Rate, 11.35%, 6/23/22(5)	$	1,956,923
			$	1,956,923
Insured-Lease Revenue / Certificates of Participation — 2.9%
$	7,500	Massachusetts Development Finance Agency, (NPFG), 5.125%, 2/1/34	$	6,450,600
			$	6,450,600
Insured-Other Revenue — 5.9%
$	13,530	Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42	$	13,332,327
	25	Massachusetts Health and Educational Facilities Authority, (Capital Assets), (NPFG), 7.20%, 7/1/09		25,104
			$	13,357,431
Insured-Special Tax Revenue — 7.5%
$	3,390	Martha’s Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32	$	3,326,132
	1,000	Martha’s Vineyard Land Bank, (AMBAC), 5.00%, 5/1/34		976,210
	7,500	Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/30		7,592,250
	5,000	Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37		4,925,150
			$	16,819,742
Insured-Student Loan — 4.4%
$	3,000	Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30	$	2,955,450
	9,330	Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33(6)		6,844,581
			$	9,800,031
Insured-Transportation — 12.5%
$	4,810	Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/32	$	3,920,727
	10,000	Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/38		7,905,300
	19,000	Massachusetts Turnpike Authority, (NPFG), 0.00%, 1/1/28		6,421,620
	10,750	Massachusetts Turnpike Authority, Metropolitan Highway System, (NPFG), 0.00%, 1/1/22		5,593,548
	4,320	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(1)		4,170,074
			$	28,011,269
Nursing Home — 2.0%
$	2,265	Massachusetts Health and Educational Facilities Authority, (Christopher House), 6.875%, 1/1/29	$	1,776,258
	3,000	Massachusetts Industrial Finance Agency, (Age Institute of Massachusetts), 8.05%, 11/1/25		2,700,810
			$	4,477,068
Senior Living / Life Care — 2.3%
$	1,250	Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc./Edgecombe), 5.10%, 7/1/29	$	848,363
	615	Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.125%, 11/1/27		390,427
	2,465	Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.20%, 11/1/41		1,335,931
	4,650	Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.75%, 11/15/42		2,556,663
			$	5,131,384
Solid Waste — 1.1%
$	3,250	Massachusetts Industrial Finance Agency, Resource Recovery, (Ogden Haverhill), (AMT), 5.60%, 12/1/19	$	2,570,880
			$	2,570,880

See notes to financial statements

26

Eaton Vance Massachusetts Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Special Tax Revenue — 2.9%
$	6,450	Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/23	$	3,150,889
	3,335	Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31		922,528
	10,395	Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34		2,355,923
			$	6,429,340
Water and Sewer — 7.5%
$	7,260	Boston Industrial Development Authority, (Harbor Electric Energy Co.), (AMT), 7.375%, 5/15/15	$	7,277,859
	10,000	Massachusetts Water Resources Authority, 4.00%, 8/1/46(3)		7,634,400
	1,625	Massachusetts Water Resources Authority, 5.25%, 12/1/15		1,830,774
			$	16,743,033
Total Tax-Exempt Investments — 112.0%
(identified cost $275,152,734)			$	251,277,970
Other Assets, Less Liabilities — (12.0)%			$	(26,972,315	)
Net Assets — 100.0%			$	224,305,655

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, 2009, 36.8% 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 1.7% to 15.2% of total investments.

(1)	Security represents the underlying municipal bond of a tender option bond trust (see Note 1I).
(2)	Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
(3)	Security (or a portion thereof) has been pledged as collateral for open swap contracts or inverse floating-rate security transactions.
(4)	When-issued security.
(5)	Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2009.
(6)	Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

See notes to financial statements

27

Eaton Vance Mississippi Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 100.9%
Principal Amount
(000’s omitted)		Security	Value
Education — 3.3%
$	500	University Educational Building Corp., (Residential College), 5.00%, 10/1/33	$	493,050
			$	493,050
Escrowed / Prerefunded — 8.4%
$	1,500	Mississippi Housing Finance Corp., Single Family, Escrowed to Maturity, 0.00%, 6/1/15(1)	$	1,249,125
			$	1,249,125
General Obligations — 3.9%
$	285	Mississippi, 4.75%, 1/1/27	$	285,755
	300	Mississippi, 4.75%, 1/1/28		298,872
			$	584,627
Hospital — 5.6%
$	500	Mississippi Hospital Equipment and Facilities Authority, (Baptist Health System), 5.00%, 8/15/29	$	408,865
	600	Mississippi Hospital Equipment and Facilities Authority, (South Central Regional Medical Center), 5.25%, 12/1/31		419,232
			$	828,097
Industrial Development Revenue — 6.3%
$	200	Lowndes County, (Weyerhaeuser), 6.80%, 4/1/22	$	158,718
	175	Mississippi Business Finance Corp., (Air Cargo), (AMT), 7.25%, 7/1/34		131,057
	500	Mississippi Business Finance Corp., (Northrop Grumman Ship System), 4.55%, 12/1/28		394,420
	300	Warren County, (International Paper), (AMT), 6.70%, 8/1/18		245,733
			$	929,928
Insured-Bond Bank — 2.4%
$	435	Mississippi Development Bank, (Capital Projects), (AMBAC), 5.00%, 7/1/24	$	353,490
			$	353,490
Insured-Electric Utilities — 5.8%
$	750	Mississippi Development Bank, (Municipal Energy), (XLCA), 5.00%, 3/1/41	$	562,613
	300	Puerto Rico Electric Power Authority, (NPFG), 5.50%, 7/1/16		297,852
			$	860,465
Insured-Escrowed / Prerefunded — 12.4%
$	750	Jackson State University Educational Building Corp., (FGIC), Prerefunded to 3/1/14, 5.00%, 3/1/29	$	853,792
	150	Puerto Rico, (FSA), Prerefunded to 7/1/11, 5.125%, 7/1/30		164,066
	250	Puerto Rico Electric Power Authority, (FSA), Prerefunded to 7/1/10, 5.25%, 7/1/29(2)		267,524
	500	Southern Mississippi University Educational Building Corp., (AMBAC), Prerefunded to 3/1/11, 5.00%, 3/1/21		543,195
			$	1,828,577
Insured-General Obligations — 14.2%
$	500	Hinds County, (NPFG), 6.25%, 3/1/11	$	547,135
	400	Mississippi Development Bank, (FSA), 4.50%, 10/1/36		354,108
	200	Mississippi Development Bank, (Gulf Coast College District), (XLCA), 4.25%, 1/1/24		182,512
	500	Mississippi Development Bank, (Hinds Community College District), (AGC), 5.375%, 10/1/33		505,800
	500	Mississippi Development Bank, (Jackson Public School District), (FSA), 5.375%, 4/1/28		512,000
			$	2,101,555
Insured-Hospital — 10.3%
$	750	Gulfport, (Gulfport Memorial Hospital), (NPFG), 6.20%, 7/1/18	$	750,045
	285	Hinds County, (Mississippi Methodist Hospital), (AMBAC), 5.60%, 5/1/12		299,452
	610	Mississippi Development Bank, (Covington County Hospital), (AMBAC), 5.00%, 7/1/31		475,068
			$	1,524,565
Insured-Lease Revenue / Certificates of Participation — 7.0%
$	250	Mississippi Development Bank, (Capital Projects & Equipment), (FSA), 5.00%, 7/1/28	$	248,758
	250	Mississippi Development Bank, (Capital Projects & Equipment), (FSA), 5.25%, 7/1/26		256,030

See notes to financial statements

28

Eaton Vance Mississippi Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Lease Revenue / Certificates of Participation (continued)
$	250	Mississippi Development Bank, Special Obligation Bond, (Harrison County Project), (AGC), 4.75%, 10/1/28	$	251,852
	250	Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27		274,217
			$	1,030,857
Insured-Special Tax Revenue — 0.5%
$	735	Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54	$	26,680
	135	Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44		11,821
	270	Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45		21,951
	215	Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46		16,149
			$	76,601
Insured-Transportation — 6.0%
$	500	Jackson Municipal Airport Authority, (AMBAC), 5.00%, 10/1/31	$	477,260
	500	Puerto Rico Highway and Transportation Authority, (NPFG), 5.25%, 7/1/32		405,075
			$	882,335
Insured-Water and Sewer — 7.0%
$	300	Gautier Utility District, (FGIC), (NPFG), 5.125%, 3/1/19	$	303,507
	250	Jackson Water and Sewer System, (FSA), 4.75%, 9/1/24		249,637
	250	Mississippi Development Bank, (Combined Water & Sewer System), (FSA), 5.00%, 9/1/29		247,465
	250	Mississippi Development Bank, (Desoto County Regional Utility Authority), (AMBAC), 5.00%, 7/1/32		238,098
			$	1,038,707
Nursing Home — 1.4%
$	280	Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25	$	204,028
			$	204,028
Other Revenue — 0.5%
$	3,110	Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	51,813
	2,195	Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55		17,472
			$	69,285
Special Tax Revenue — 2.7%
$	485	Puerto Rico Sales Tax Financing, 5.25%, 8/1/57	$	398,316
			$	398,316
Water and Sewer — 3.2%
$	250	Mississippi Development Bank, (Desoto County Regional Utility Authority), 5.25%, 7/1/28	$	240,317
	250	Mississippi Development Bank, (Desoto County Regional Utility Authority), 5.25%, 7/1/31		234,098
			$	474,415
Total Tax-Exempt Investments — 100.9%
(identified cost $16,083,781)			$	14,928,023
Other Assets, Less Liabilities — (0.9)%			$	(137,268	)
Net Assets — 100.0%			$	14,790,755

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.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

NPFG - National Public Finance Guaranty Corp.

XLCA - XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Mississippi municipalities. In addition, 13.2% of the Fund’s net assets at March 31, 2009 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, 2009, 65.0% 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 5.0% to 18.0% of total investments.

(1)	Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
(2)	Security represents the underlying municipal bond of a tender option bond trust (see Note 1I).

See notes to financial statements

29

Eaton Vance New York Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 111.3%
Principal Amount
(000’s omitted)		Security	Value
Cogeneration — 0.9%
$	4,250	Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23	$	2,989,025
			$	2,989,025
Education — 18.1%
$	1,810	Geneva Industrial Development Agency, (Hobart & William Smith Project), 5.375%, 2/1/33	$	1,696,748
	3,200	Hempstead Industrial Development Agency, (Adelphi University), 4.50%, 10/1/24		2,928,192
	1,900	New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/34(1)		1,897,169
	2,110	New York City Industrial Development Agency, (St. Francis College), 5.00%, 10/1/34		1,777,021
	8,500	New York Dormitory Authority, (City University), 6.00%, 7/1/20		9,395,135
	1,660	New York Dormitory Authority, (City University), 7.50%, 7/1/10		1,716,988
	5,000	New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38(2)		5,088,600
	10,000	New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38(3)		10,177,200
	8,500	New York Dormitory Authority, (Rochester Institute of Technology), 6.00%, 7/1/33		8,847,820
	2,000	New York Dormitory Authority, (State University Educational Facilities), 5.50%, 5/15/19		2,265,420
	2,650	New York Dormitory Authority, (Vassar College), 4.25%, 7/1/39		2,180,367
	10,000	New York Dormitory Authority, (Vassar College), 5.00%, 7/1/46		9,421,200
			$	57,391,860
Electric Utilities — 3.8%
$	2,930	Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33	$	3,037,473
	5,000	New York State Energy Research and Development Authority, (Brooklyn Union Gas), 6.952%, 7/1/26		5,003,250
	4,800	Suffolk County Industrial Development Agency, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27		3,886,224
			$	11,926,947
General Obligations — 3.5%
$	4,000	New York City, 6.25%, 10/15/28	$	4,331,360
	650	Southampton, 3.50%, 12/15/20		654,258
	1,000	Southampton, 3.75%, 12/15/21		1,015,230
	1,000	Southampton, 4.00%, 12/15/22		1,025,650
	800	Southampton, 4.00%, 12/15/25		783,712
	1,050	Southampton, 4.00%, 12/15/26		1,007,779
	1,100	Southampton, 4.25%, 12/15/27		1,080,288
	1,100	Southampton, 4.25%, 12/15/28		1,059,652
			$	10,957,929
Health Care-Miscellaneous — 0.2%
$	340	New York City Industrial Development Agency, (A Very Special Place, Inc.), 5.75%, 1/1/29	$	237,174
	110	Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, 7.50%, 9/1/15		107,218
	55	Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series C, 7.50%, 9/1/15		53,609
	165	Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series F, 7.50%, 9/1/15		160,827
	145	Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series J, 7.50%, 9/1/15		141,333
			$	700,161
Hospital — 12.3%
$	925	Chautauqua County Industrial Development Agency, (Women’s Christian Association), 6.35%, 11/15/17	$	790,958
	3,065	Chautauqua County Industrial Development Agency, (Women’s Christian Association), 6.40%, 11/15/29		2,163,247
	3,000	Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18		2,419,080
	4,250	Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/22		3,550,025
	430	Nassau County Industrial Development Agency, (North Shore Health System), 5.875%, 11/1/11		446,310
	4,500	New York Dormitory Authority, (Lenox Hill Hospital), 5.50%, 7/1/30		3,170,115
	3,305	New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 4.75%, 7/1/28		3,195,439
	6,750	New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 5.00%, 7/1/36(3)		6,459,311
	2,000	New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33		1,361,660
	3,155	New York Dormitory Authority, (North Shore Hospital), 5.00%, 11/1/34		2,663,357
	4,500	New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37		2,979,945
	1,420	New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29		1,059,334

See notes to financial statements

30

Eaton Vance New York Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Hospital (continued)
$	2,830	New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37	$	2,019,969
	2,750	Oneida County Industrial Development Agency, (Elizabeth Medical Center), 5.875%, 12/1/29		1,859,880
	1,000	Oneida County Industrial Development Agency, (Elizabeth Medical Center), 6.00%, 12/1/29		679,180
	5,000	Suffolk County Industrial Development Agency, (Huntington Hospital), 5.875%, 11/1/32		4,176,700
			$	38,994,510
Housing — 2.3%
$	3,500	New York City Housing Development Corp., (Multi-Family Housing), (AMT), 4.70%, 11/1/40(4)	$	2,835,630
	2,000	New York City Housing Development Corp., (Multi-Family Housing), (AMT), 5.05%, 11/1/39		1,768,120
	3,000	New York Mortgage Agency, (AMT), 5.20%, 10/1/32(4)		2,759,820
			$	7,363,570
Industrial Development Revenue — 8.1%
$	3,405	Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35	$	2,836,093
	4,825	Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35(3)		4,019,128
	4,600	Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.50%, 10/1/37		3,924,720
	3,500	New York Industrial Development Agency, (American Airlines, Inc. - JFK International Airport), (AMT), 8.00%, 8/1/12		2,991,100
	11,000	Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), 4.875%, 7/1/41		9,188,630
	1,960	Onondaga County Industrial Development Agency, (Senior Air Cargo), (AMT), 6.125%, 1/1/32		1,383,544
	1,440	Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15		1,441,109
			$	25,784,324
Insured-Education — 2.3%
$	6,705	New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35(5)	$	5,694,422
	2,135	New York Dormitory Authority, (University of Rochester), (AMBAC), 4.25%, 7/1/39		1,694,016
			$	7,388,438
Insured-Electric Utilities — 6.0%
$	4,250	Long Island Power Authority, (BHAC), 6.00%, 5/1/33	$	4,660,848
	5,580	New York Power Authority, (NPFG), 4.50%, 11/15/47		4,827,146
	4,330	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		3,563,114
	7,065	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35		5,776,485
			$	18,827,593
Insured-Escrowed / Prerefunded — 1.9%
$	16,945	New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/30	$	6,107,825
			$	6,107,825
Insured-General Obligations — 2.5%
$	2,575	Brentwood Union Free School District, (AGC), 4.75%, 11/15/21	$	2,761,224
	2,700	Brentwood Union Free School District, (AGC), 4.75%, 11/15/22		2,851,227
	675	Jamestown, (AMBAC), 7.10%, 3/15/12		779,288
	675	Jamestown, (AMBAC), 7.10%, 3/15/13		795,062
	515	Jamestown, (AMBAC), 7.10%, 3/15/14		616,980
			$	7,803,781
Insured-Lease Revenue / Certificates of Participation — 3.9%
$	15,325	Hudson Infrastructure Corp., (NPFG), 4.50%, 2/15/47	$	11,371,916
	1,085	Puerto Rico Public Buildings Authority, (CIFG), 5.25%, 7/1/36		924,952
			$	12,296,868
Insured-Other Revenue — 3.5%
$	1,450	New York City Cultural Resource Trust, (American Museum of Natural History), (NPFG), 5.00%, 7/1/44	$	1,365,407
	240	New York City Industrial Development Agency, (Queens Baseball Stadium), (AMBAC), 5.00%, 1/1/31		198,612
	4,225	New York City Industrial Development Agency, (Queens Baseball Stadium), (AMBAC), 5.00%, 1/1/36		3,380,634
	2,055	New York City Industrial Development Agency, (Queens Baseball Stadium), (AMBAC), 5.00%, 1/1/39		1,624,354

See notes to financial statements

31

Eaton Vance New York Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Other Revenue (continued)
$	10,225	New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/30	$	2,666,578
	2,590	New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31		629,396
	5,000	New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/33		1,062,950
			$	10,927,931
Insured-Special Tax Revenue — 4.0%
$	3,750	New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45	$	2,976,788
	4,970	New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 5.00%, 11/15/44		4,142,793
	1,000	New York Urban Development Corp., (FGIC), (NPFG), 5.25%, 3/15/34		1,005,600
	6,750	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28		1,608,525
	16,200	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34		2,316,600
	4,140	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37		473,450
			$	12,523,756
Insured-Transportation — 2.2%
$	3,500	Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (NPFG), (AMT), 5.625%, 4/1/29	$	3,040,240
	5,080	Port Authority of New York and New Jersey, (AGC), (AMT), 4.50%, 9/1/35		3,986,428
			$	7,026,668
Insured-Water and Sewer — 1.1%
$	2,535	Nassau County Industrial Development Agency, (Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35	$	2,061,513
	1,505	New York City Municipal Water Finance Authority, (Water and Sewer System), (FSA), 4.50%, 6/15/39		1,318,786
			$	3,380,299
Lease Revenue / Certificates of Participation — 6.2%
$	9,045	New York City Transitional Finance Authority, (Building Aid), 4.50%, 1/15/38	$	7,452,628
	10,940	New York Urban Development Corp., 5.70%, 4/1/20		12,287,589
			$	19,740,217
Other Revenue — 0.5%
$	2,000	Albany Industrial Development Agency, Civic Facility, (Charitable Leadership), 5.75%, 7/1/26	$	1,445,980
			$	1,445,980
Senior Living / Life Care — 0.8%
$	800	Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29	$	588,176
	2,900	Suffolk County Industrial Development Agency, (Jefferson’s Ferry Project), 5.00%, 11/1/28		2,054,128
			$	2,642,304
Special Tax Revenue — 4.9%
$	5,500	New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38	$	5,525,245
	50,000	Puerto Rico Sales Tax Financing, 0.00%, 8/1/56		1,568,000
	10,415	Puerto Rico Sales Tax Financing, 5.25%, 8/1/57		8,553,527
			$	15,646,772
Transportation — 13.0%
$	7,425	Metropolitan Transportation Authority, 4.50%, 11/15/37	$	6,129,041
	6,500	Metropolitan Transportation Authority, 4.50%, 11/15/38		5,342,155
	12,000	Port Authority of New York and New Jersey, 5.00%, 11/15/37(3)		11,837,640
	2,500	Port Authority of New York and New Jersey, 6.125%, 6/1/94		2,712,900
	7,100	Port Authority of New York and New Jersey, (AMT), 4.75%, 6/15/33		5,910,679
	9,000	Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34		9,121,590
			$	41,054,005
Water and Sewer — 9.3%
$	6,000	New York Environmental Facilities Corp., Clean Water, 4.75%, 6/15/32	$	5,622,720
	12,420	New York Environmental Facilities Corp., Clean Water, (Municipal Water Finance), 4.50%, 6/15/36(3)		11,012,607
	8,400	New York Environmental Facilities Corp., Clean Water, (Municipal Water Finance), 5.00%, 6/15/37(3)		8,374,128

See notes to financial statements

32

Eaton Vance New York Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Water and Sewer (continued)
$	955	New York Municipal Water Finance Authority, 4.50%, 6/15/32	$	857,361
	3,460	New York Municipal Water Finance Authority, 5.75%, 6/15/40		3,650,611
			$	29,517,427
Total Tax-Exempt Investments — 111.3%
(identified cost $391,349,423)			$	352,438,190
Other Assets, Less Liabilities — (11.3)%			$	(35,754,314	)
Net Assets — 100.0%			$	316,683,876

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.

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

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, 2009, 24.5% 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 10.5% of total investments.

(1)	When-issued security.
(2)	Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
(3)	Security represents the underlying municipal bond of a tender option bond trust (see Note 1I).
(4)	Security (or a portion thereof) has been pledged as collateral for open swap contracts.
(5)	Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

See notes to financial statements

33

Eaton Vance Ohio Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 100.1%
Principal Amount
(000’s omitted)		Security	Value
Cogeneration — 0.5%
$	1,805	Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT), 5.875%, 9/1/20	$	1,405,878
			$	1,405,878
Education — 2.0%
$	5,000	Ohio Higher Educational Facilities Authority, (Case Western Reserve University), 5.00%, 12/1/33	$	4,781,250
	550	Ohio Higher Educational Facilities Authority, (Case Western Reserve University), 6.50%, 10/1/20		645,860
			$	5,427,110
Electric Utilities — 0.5%
$	1,450	Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14	$	1,405,920
			$	1,405,920
Escrowed / Prerefunded — 4.8%
$	1,050	North Canton Health Care Facilities, (St. Luke Lutheran), (GNMA), Prerefunded to 3/20/11, 6.10%, 9/20/16	$	1,150,811
	6,455	North Canton Health Care Facilities, (St. Luke Lutheran), (GNMA), Prerefunded to 3/20/11, 9.55%, 3/20/32		7,707,270
	2,000	Ohio Water Development Authority, (Fresh Water Improvement), Prerefunded to 6/1/14, 5.00%, 12/1/28		2,289,580
	1,670	Richland County Hospital Facilities, (Medcentral Health Systems), Prerefunded to 11/15/10, 6.375%, 11/15/30		1,827,915
			$	12,975,576
General Obligations — 0.9%
$	1,000	Butler County, Special Tax Assessment, 5.50%, 12/1/28	$	1,061,510
	1,000	Highland Local School District, School Facilities, Construction and Improvement, 5.50%, 12/1/36		1,034,780
	370	Tuscarawas County, Public Library Improvement, 6.90%, 12/1/11		370,451
			$	2,466,741
Hospital — 7.0%
$	500	Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.00%, 8/15/36	$	354,835
	2,350	Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.25%, 8/15/46		1,676,349
	3,000	Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.625%, 8/15/32		2,418,840
	1,250	Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26		981,688
	2,000	Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 4.75%, 1/15/36		1,379,720
	2,500	Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 4.75%, 1/15/46		1,645,225
	5,000	Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 5.25%, 1/15/46		3,703,150
	3,380	Ohio Higher Educational Facility Commission, (Cleveland Clinic Health), 5.25%, 1/1/33		3,299,049
	3,500	Richland County Hospital Facilities, (Medcentral Health Systems), 5.25%, 11/15/36		2,760,835
	830	Richland County Hospital Facilities, (Medcentral Health Systems), 6.375%, 11/15/30		797,970
			$	19,017,661
Housing — 0.6%
$	2,000	Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (FNMA), (GNMA), (AMT), 4.75%, 3/1/37	$	1,682,180
			$	1,682,180
Industrial Development Revenue — 4.4%
$	4,235	Cleveland Airport, (Continental Airlines), (AMT), 5.375%, 9/15/27	$	2,175,731
	2,890	Dayton Special Facilities Revenue, (Emery Air Freight), 5.625%, 2/1/18		2,907,918
	1,000	Ohio Pollution Control, (Standard Oil), 6.75%, 12/1/15		1,158,890
	4,000	Ohio Sewer and Solid Waste Disposal Facilities, (Anheuser-Busch Cos., Inc.), (AMT), 6.00%, 7/1/35		3,249,280
	825	Ohio Water Development Authority, Solid Waste Disposal, (Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15		736,527
	3,165	Virgin Islands Public Financing Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		1,920,364
			$	12,148,710

See notes to financial statements

34

Eaton Vance Ohio Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Education — 6.2%
$	945	Miami University, (AMBAC), 3.25%, 9/1/26	$	712,861
	6,330	Ohio Higher Educational Facilities Authority, (University of Dayton), (AMBAC), 5.00%, 12/1/30		6,070,850
	10,700	University of Cincinnati, (NPFG), 5.00%, 6/1/34		10,099,944
			$	16,883,655
Insured-Electric Utilities — 10.0%
$	4,300	American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.25%, 2/15/33	$	4,270,803
	2,540	Cleveland Public Power System, (NPFG), 0.00%, 11/15/27		888,314
	2,000	Cleveland Public Power System, (NPFG), 5.00%, 11/15/38		1,871,100
	2,000	Cuyahoga County Utility Systems, (Medical Center Co.), (NPFG), (AMT), 6.10%, 8/15/15		2,000,620
	2,000	Hamilton, Electric System Revenue, (FSA), 4.70%, 10/15/25		1,964,320
	6,320	Ohio Air Quality Development Authority, (Dayton Power & Light Co.), (BHAC), (FGIC), 4.80%, 1/1/34(1)		6,132,486
	5,080	Ohio Air Quality Development Authority, (Ohio Power), (AMBAC), 5.15%, 5/1/26		4,572,000
	3,000	Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26		1,038,060
	2,500	Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/27		803,900
	4,750	Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/28		1,423,052
	2,750	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35		2,248,455
			$	27,213,110
Insured-Escrowed / Prerefunded — 3.2%
$	1,500	Amherst School District, (FGIC), Prerefunded to 12/1/11, 5.00%, 12/1/26	$	1,652,085
	1,000	Cincinnati City School District, (Classroom Facilities Construction & Improvement), (FSA), Prerefunded to 12/1/13, 5.00%, 12/1/31		1,144,620
	495	Cuyahoga County Hospital, (Cleveland Clinic), (NPFG), Escrowed to Maturity, 5.125%, 1/1/29		501,464
	1,500	Little Miami School District, (FSA), Prerefunded to 12/1/16, 5.00%, 12/1/34		1,756,680
	1,000	Marysville Exempt Village School District, (School Facilities), (NPFG), Prerefunded to 6/1/15, 5.25%, 12/1/30		1,169,740
	845	Ohio Higher Educational Facilities Authority, (Xavier University), (CIFG), Prerefunded to 5/1/16, 5.00%, 5/1/22		967,466
	1,245	Ohio Higher Educational Facilities Authority, (Xavier University), (CIFG), Prerefunded to 5/1/16, 5.25%, 5/1/21		1,445,358
			$	8,637,413
Insured-General Obligations — 32.6%
$	2,000	Adams County Local School District, (FSA), 4.25%, 12/1/33	$	1,749,580
	1,300	Brookfield Local School District, (FSA), 5.25%, 1/15/36		1,314,482
	2,500	Canal Winchester Local School District, (NPFG), 0.00%, 12/1/32		598,600
	10,000	Cincinnati City School District, (Classroom Facilities Construction & Improvement), (FGIC), (FSA), 5.25%, 12/1/29		10,694,000
	5,000	Cincinnati City School District, (Classroom Facilities Construction & Improvement), (FGIC), (FSA), 5.25%, 12/1/30		5,321,600
	1,000	Cincinnati City School District, (Classroom Facilities Construction & Improvement), (FSA), 5.00%, 12/1/21		1,079,540
	2,155	Cleveland, (AMBAC), 5.50%, 10/1/23		2,327,702
	1,550	Clyde-Green Springs Exempted Village School District, (FSA), 4.50%, 12/1/31		1,421,877
	5,000	Columbus School District, (Classroom Facilities Construction & Improvement), (FSA), 4.25%, 12/1/32		4,445,850
	3,700	Fairview Park, (NPFG), 5.00%, 12/1/25		3,716,391
	3,085	Hamilton City School District, (FSA), 4.25%, 12/1/30		2,770,237
	770	Hamilton City School District, (FSA), 5.00%, 12/1/18		867,059
	1,090	Hilliard School District, (NPFG), 5.00%, 12/1/27		1,105,173
	1,965	Lakewood City School District, (FSA), 4.50%, 12/1/26		1,969,087
	9,605	Maderia City School District, (FSA), 5.25%, 12/1/32		10,127,704
	3,525	Mason City School District, (FSA), 5.25%, 12/1/31		3,727,370
	1,750	Mount Healthy City School District, (FSA), 5.00%, 12/1/31		1,721,895
	3,500	Mount Healthy City School District, (FSA), 5.00%, 12/1/35		3,409,245
	1,745	Olentangy Local School District, (FSA), 5.00%, 12/1/21		1,881,442
	5,255	Olentangy Local School District, (FSA), 5.00%, 12/1/30		5,327,309
	550	Orrville City School District, (AMBAC), 5.25%, 12/1/35		551,859

See notes to financial statements

35

Eaton Vance Ohio Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-General Obligations (continued)
$	1,620	Painesville City School District, (NPFG), 5.00%, 12/1/24	$	1,637,269
	3,270	Pickerington Local School District, (NPFG), 4.25%, 12/1/34		2,836,529
	1,500	Pickerington Local School District, (School Facility Contract), (FGIC), (NPFG), 0.00%, 12/1/16		1,128,120
	5,000	Springboro Community City School District, (FSA), 5.25%, 12/1/30		5,252,250
	5,000	Springboro Community City School District, (FSA), 5.25%, 12/1/32		5,272,100
	6,705	Westerville City School District, (XLCA), 5.00%, 12/1/27		6,794,176
			$	89,048,446
Insured-Hospital — 3.7%
$	5,000	Butler County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/31(2)	$	3,827,550
	500	Cuyahoga County, (Cleveland Clinic), (NPFG), 5.125%, 1/1/29		469,235
	1,300	Franklin County, (Ohio Health Corp.), (NPFG), 5.00%, 5/15/33		1,160,341
	2,785	Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/32		2,418,605
	2,575	Lorain County, (Catholic Healthcare Partners), (FSA), Variable Rate, 16.658%, 2/1/29(3)(4)(5)		2,333,877
			$	10,209,608
Insured-Special Tax Revenue — 1.5%
$	510	Hamilton County, Sales Tax Revenue, (AMBAC), 5.25%, 12/1/32	$	474,713
	4,760	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/29		1,032,349
	5,000	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34		715,000
	590	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37		67,472
	1,970	Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/27		1,722,923
			$	4,012,457
Insured-Transportation — 6.4%
$	7,000	Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24	$	7,841,680
	5,000	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(6)		4,826,475
	6,000	Puerto Rico Highway and Transportation Authority, (NPFG), 5.25%, 7/1/32		4,860,900
			$	17,529,055
Insured-Water and Sewer — 3.2%
$	5,000	Cleveland Waterworks, (NPFG), 5.00%, 1/1/37	$	4,911,250
	3,500	Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/47		3,028,830
	810	Toledo Waterworks, (NPFG), 5.00%, 11/15/25		793,832
			$	8,733,912
Lease Revenue / Certificates of Participation — 0.5%
$	1,455	Franklin County Convention Facilities Authority, 5.00%, 12/1/27	$	1,484,653
			$	1,484,653
Nursing Home — 0.4%
$	1,045	Cuyahoga County Health Care Facilities, (Maple Care Center), (GNMA), (AMT), 8.00%, 8/20/16	$	1,097,449
			$	1,097,449
Other Revenue — 2.3%
$	23,090	Buckeye Tobacco Settlement Financing Authority, 0.00%, 6/1/47	$	328,340
	2,275	Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47		1,214,304
	1,500	Ohio State Building Authority, 5.00%, 10/1/27		1,525,995
	4,700	Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27		3,338,457
			$	6,407,096
Pooled Loans — 3.9%
$	715	Cleveland-Cuyahoga County Port Authority, (Columbia National), (AMT), 5.00%, 5/15/20	$	567,181
	705	Cleveland-Cuyahoga County Port Authority, (Fairmount Project), 5.125%, 5/15/25		528,828
	150	Ohio Economic Development Commission, (Burrows Paper), (AMT), 7.625%, 6/1/11		150,456
	1,440	Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25		1,456,891
	240	Ohio Economic Development Commission, (Progress Plastic Products), (AMT), 7.80%, 12/1/09		241,094
	7,455	Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32(6)		7,469,165
	400	Toledo Lucas County Port Authority, (AMT), 5.125%, 11/15/25		286,828
			$	10,700,443

See notes to financial statements

36

Eaton Vance Ohio Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Special Tax Revenue — 2.1%
$	1,875	Cleveland-Cuyahoga County Port Authority, 7.00%, 12/1/18	$	1,790,681
	2,500	Cuyahoga Community College District, 5.25%, 2/1/29(7)		2,481,550
	1,385	Cuyahoga County Economic Development, (Shaker Square), 6.75%, 12/1/30		1,418,129
			$	5,690,360
Water and Sewer — 3.4%
$	3,000	Cincinnati Water System Authority, 4.50%, 12/1/23	$	3,074,550
	3,850	Cincinnati Water System Authority, 5.00%, 12/1/32		3,873,947
	1,000	Ohio Water Development Authority, Water Pollution Control, (Fresh Water Quality), 4.50%, 12/1/20		1,056,530
	1,000	Ohio Water Development Authority, Water Pollution Control, (Fresh Water Quality), 5.25%, 6/1/20		1,161,260
			$	9,166,287
Total Tax-Exempt Investments — 100.1%
(identified cost $294,853,087)			$	273,343,720
Other Assets, Less Liabilities — (0.1)%			$	(221,341	)
Net Assets — 100.0%			$	273,122,379

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.

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

FNMA - Federal National Mortgage Association

FSA - Financial Security Assurance, Inc.

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, 2009, 66.7% 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 27.6% of total investments.

(1)	Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
(2)	Security (or a portion thereof) has been segregated to cover payable for when-issued securities.
(3)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2009, the aggregate value of these securities is $2,333,877 or 0.9% 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, 2009.
(6)	Security represents the underlying municipal bond of a tender option bond trust (see Note 1I).
(7)	When-issued security.

See notes to financial statements

37

Eaton Vance Rhode Island Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 101.2%
Principal Amount
(000’s omitted)		Security	Value
Education — 8.6%
$	500	Rhode Island Health and Educational Building Corp., (Brown University), 4.75%, 9/1/33	$	490,765
	2,105	Rhode Island Health and Educational Building Corp., (Brown University), 4.75%, 9/1/37		2,041,050
	500	Rhode Island Health and Educational Building Corp., (Higher Education Facilities-Salve Regina University), 5.125%, 3/15/32		388,235
	1,000	Rhode Island Health and Educational Building Corp., (University of Rhode Island), 6.25%, 9/15/34		984,940
			$	3,904,990
Electric Utilities — 0.6%
$	310	Puerto Rico Electric Power Authority, 5.00%, 7/1/25	$	264,563
			$	264,563
Escrowed / Prerefunded — 2.6%
$	1,000	Rhode Island Health and Educational Building Corp., (Hospital Financing-Lifespan Obligation Group), Prerefunded to 8/15/12, 6.50%, 8/15/32	$	1,155,750
			$	1,155,750
General Obligations — 0.3%
$	225	Puerto Rico, 0.00%, 7/1/16	$	145,746
			$	145,746
Housing — 3.9%
$	900	Rhode Island Housing and Mortgage Finance Corp., (AMT), 4.90%, 4/1/22	$	872,235
	1,000	Rhode Island Housing and Mortgage Finance Corp., (AMT), 4.90%, 10/1/28		905,470
			$	1,777,705
Industrial Development Revenue — 3.6%
$	1,000	Rhode Island Industrial Facilities Corp., (Waste Management, Inc.), (AMT), 4.625%, 4/1/16	$	866,560
	1,250	Virgin Islands Public Financing Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		758,438
			$	1,624,998
Insured-Education — 12.2%
$	1,645	Rhode Island Health and Educational Building Corp., (Bryant College), (AMBAC), 5.00%, 12/1/31	$	1,569,774
	1,000	Rhode Island Health and Educational Building Corp., (Higher Education Facilities-University of Rhode Island), (AMBAC), 5.00%, 9/15/30		959,320
	500	Rhode Island Health and Educational Building Corp., (Public Schools), (AMBAC), 5.00%, 5/15/27		492,940
	1,000	Rhode Island Health and Educational Building Corp., (Public Schools), (FSA), 4.75%, 5/15/29		943,020
	1,600	Rhode Island Health and Educational Building Corp., (Rhode Island School of Design), (NPFG), 5.00%, 6/1/31		1,527,680
			$	5,492,734
Insured-Electric Utilities — 4.6%
$	250	Puerto Rico Electric Power Authority, (BHAC), (FGIC), (NPFG), 5.25%, 7/1/24(1)	$	263,435
	1,000	Puerto Rico Electric Power Authority, (NPFG), 5.00%, 7/1/20		904,490
	900	Puerto Rico Electric Power Authority, (NPFG), 5.50%, 7/1/16		893,556
			$	2,061,481
Insured-Escrowed / Prerefunded — 5.5%
$	1,000	Puerto Rico Electric Power Authority, (FSA), Prerefunded to 7/1/10, 5.25%, 7/1/29(2)	$	1,069,064
	230	Rhode Island Depositors Economic Protection Corp., (FSA), Escrowed to Maturity, 5.75%, 8/1/21		276,644
	1,000	Rhode Island Depositors Economic Protection Corp., (NPFG), Escrowed to Maturity, 5.80%, 8/1/12		1,144,720
			$	2,490,428
Insured-General Obligations — 7.7%
$	600	North Kingstown, (FGIC), (NPFG), 5.00%, 10/1/25	$	621,258
	600	Rhode Island and Providence Plantations, (FSA), 4.75%, 8/1/26		611,124
	1,850	Rhode Island and Providence Plantations, (NPFG), 5.00%, 11/15/25		1,924,906
	325	Warwick, (AMBAC), 5.00%, 7/15/21		335,004
			$	3,492,292
Insured-Hospital — 4.5%
$	2,250	Rhode Island Health and Educational Building Corp., (Rhode Island Hospital), (FSA), 5.00%, 5/15/32	$	2,032,830
			$	2,032,830

See notes to financial statements

38

Eaton Vance Rhode Island Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Housing — 5.6%
$	1,000	Rhode Island Housing and Mortgage Finance Corp., (Rental Housing Program), (FSA), (AMT), 5.00%, 10/1/48	$	776,340
	400	Rhode Island Housing and Mortgage Finance Corp., (Rental Housing Program), (FSA), (AMT), 5.25%, 10/1/31		360,488
	500	Rhode Island Housing and Mortgage Finance Corp., (Rental Housing Program), (FSA), (AMT), 5.50%, 10/1/49		462,135
	1,000	Rhode Island Housing and Mortgage Finance Corp., (Rental Housing Program), (FSA), (AMT), 5.55%, 10/1/32		934,160
			$	2,533,123
Insured-Lease Revenue / Certificates of Participation — 5.1%
$	680	Providence Redevelopment Agency, (Public Safety Building), (AMBAC), 5.00%, 4/1/25	$	608,104
	1,000	Providence Redevelopment Agency, (Public Safety Building), (AMBAC), 5.00%, 4/1/28		860,120
	750	Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27		822,652
			$	2,290,876
Insured-Pooled Loans — 2.5%
$	1,000	Rhode Island Student Loan Authority, (AMBAC), (AMT), 4.85%, 12/1/36	$	728,050
	500	Rhode Island Student Loan Authority, (AMBAC), (AMT), 4.90%, 12/1/26		412,970
			$	1,141,020
Insured-Solid Waste — 1.5%
$	750	Rhode Island Resource Recovery Corp., (NPFG), (AMT), 5.00%, 3/1/22	$	680,513
			$	680,513
Insured-Special Tax Revenue — 11.8%
$	2,300	Convention Center Authority of Rhode Island, (NPFG), 5.25%, 5/15/15(3)	$	2,484,322
	265	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28		63,150
	1,425	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/29		309,054
	1,625	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37		185,835
	2,000	Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/30		394,560
	2,145	Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54		77,863
	395	Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44		34,586
	785	Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45		63,821
	630	Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46		47,319
	750	Rhode Island Economic Development Corp., (Rhode Island Department of Transportation), Motor Fuel Tax Revenue, (AGC), 5.375%, 6/15/27(4)		744,345
	1,000	Rhode Island Economic Development Corp., (Rhode Island Department of Transportation), Motor Fuel Tax Revenue, (AMBAC), 5.00%, 6/15/26		941,570
			$	5,346,425
Insured-Transportation — 7.2%
$	1,500	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(2)	$	1,447,942
	1,000	Rhode Island Economic Development Corp., (Rhode Island Airport Corp.), (CIFG), 5.00%, 7/1/31		825,750
	1,000	Rhode Island Economic Development Corp., (T.F. Green Airport), (FSA), (AMT), 5.00%, 7/1/20		956,770
			$	3,230,462
Insured-Water and Sewer — 4.0%
$	1,500	Narragansett Bay Commission, (NPFG), 5.00%, 8/1/35	$	1,412,085
	350	Rhode Island Clean Water, Water Pollution Control, (NPFG), 5.40%, 10/1/15		384,394
			$	1,796,479
Nursing Home — 5.3%
$	500	Rhode Island Health and Educational Building Corp., (Roger Williams Realty), 6.50%, 8/1/29	$	505,805
	1,275	Rhode Island Health and Educational Building Corp., (Steere House), 5.80%, 7/1/20		1,076,393
	1,000	Rhode Island Health and Educational Building Corp., (Tockwotton Home), 6.25%, 8/15/22		804,050
			$	2,386,248
Other Revenue — 0.5%
$	250	Central Falls Detention Facility, 7.25%, 7/15/35	$	170,203
	7,125	Tobacco Settlement Financing Corp., 0.00%, 6/1/52		72,390
			$	242,593

See notes to financial statements

39

Eaton Vance Rhode Island Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Special Tax Revenue — 3.6%
$	1,410	Puerto Rico Sales Tax Financing, 5.25%, 8/1/57	$	1,157,991
	500	Tiverton, Obligation Tax Increment, (Mount Hope Bay Village), 6.875%, 5/1/22		445,630
			$	1,603,621
Total Tax-Exempt Investments — 101.2%
(identified cost $50,445,428)			$	45,694,877
Other Assets, Less Liabilities — (1.2)%			$	(525,243	)
Net Assets — 100.0%			$	45,169,634

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.

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

NPFG - National Public Finance Guaranty Corp.

The Fund invests primarily in debt securities issued by Rhode Island municipalities. In addition, 18.0% of the Fund’s net assets at March 31, 2009 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, 2009, 71.3% 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 0.6% to 27.1% of total investments.

(1)	Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
(2)	Security represents the underlying municipal bond of a tender option bond trust (see Note 1I).
(3)	Security (or a portion thereof) has been segregated to cover payable for when-issued securities.
(4)	When-issued security.

See notes to financial statements

40

Eaton Vance West Virginia Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 99.4%
Principal Amount
(000’s omitted)		Security	Value
Education — 2.4%
$	750	Shepherd College Board of Governors, 5.125%, 12/1/33	$	646,200
			$	646,200
Electric Utilities — 3.6%
$	500	Harrison County Commission, (Allegheny Energy), (AMT), 5.50%, 10/15/37	$	367,590
	500	Mason County, PCR, (Appalachian Power Co.), 5.50%, 10/1/22		472,015
	150	Puerto Rico Electric Power Authority, 5.00%, 7/1/25		128,015
			$	967,620
Escrowed / Prerefunded — 11.1%
$	2,500	Kanawha-Putnam, Single Family, Escrowed to Maturity, 0.00%, 12/1/16(1)	$	1,939,175
	820	West Virginia Health Facilities Authority, (Charleston Area Medical Center), Escrowed to Maturity, 6.50%, 9/1/23		1,010,404
			$	2,949,579
Hospital — 1.5%
$	500	Monongalia County Building Commission, (Monongalia General Hospital), 5.25%, 7/1/25	$	402,305
			$	402,305
Housing — 8.3%
$	500	West Virginia Housing Development Fund, (AMT), 4.50%, 11/1/25	$	434,220
	800	West Virginia Housing Development Fund, (AMT), 4.625%, 11/1/32		663,856
	1,190	West Virginia Housing Development Fund, (AMT), 5.10%, 11/1/27		1,101,048
			$	2,199,124
Industrial Development Revenue — 2.3%
$	1,000	Virgin Islands Public Financing Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22	$	606,750
			$	606,750
Insured-Education — 10.4%
$	750	Fairmont College, Student Activity Revenue, (FGIC), (NPFG), 5.00%, 6/1/32	$	681,990
	750	Shepherd University Board of Governors, (Wellness Center Project), (NPFG), 4.50%, 6/1/37		645,075
	500	West Virginia Higher Education Policy Commission, (FGIC), (NPFG), 5.00%, 4/1/29		483,435
	500	West Virginia University, (FGIC), (NPFG), 4.75%, 10/1/35		453,175
	500	West Virginia University, (NPFG), 5.25%, 4/1/28		501,195
			$	2,764,870
Insured-Electric Utilities — 8.9%
$	250	Pleasants County, PCR, (Potomac Edison), (AMBAC), (NPFG), (AMT), 5.50%, 4/1/29	$	196,140
	1,000	Pleasants County, PCR, (West Pennsylvania), (AMBAC), (AMT), 5.50%, 4/1/29		784,560
	130	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30		109,434
	80	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		65,831
	450	Puerto Rico Electric Power Authority, (NPFG), 5.50%, 7/1/16		446,778
	1,000	West Virginia Economic Development Authority, (Ohio Power Co.), (AMBAC), (AMT), 4.90%, 6/1/37		777,390
			$	2,380,133
Insured-General Obligations — 14.0%
$	1,000	Monongalia County Board of Education, (NPFG), 5.00%, 5/1/33	$	993,030
	250	Ohio County Board of Education, (NPFG), 5.125%, 6/1/18		254,428
	1,700	West Virginia, (FGIC), (NPFG), 0.00%, 11/1/19		1,099,067
	1,000	West Virginia, (FGIC), (NPFG), 0.00%, 11/1/21		569,120
	2,000	West Virginia, (FGIC), (NPFG), 0.00%, 11/1/26		815,160
			$	3,730,805
Insured-Hospital — 3.7%
$	995	West Virginia Health Facilities Authority, (West Virginia University Medical Corp.), (NPFG), 6.10%, 1/1/18	$	995,388
			$	995,388
Insured-Lease Revenue / Certificates of Participation — 1.7%
$	500	West Virginia Economic Development Authority, (West Virginia University), (AMBAC), 5.00%, 7/15/31	$	456,100
			$	456,100

See notes to financial statements

41

Eaton Vance West Virginia Municipals Fundas of March 31, 2009

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Special Tax Revenue — 3.6%
$	3,780	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/29	$	819,806
	1,225	Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54		44,467
	225	Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/44		19,701
	445	Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/45		36,179
	355	Puerto Rico Sales Tax Financing, (NPFG), 0.00%, 8/1/46		26,664
			$	946,817
Insured-Transportation — 3.7%
$	740	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(2)	$	714,318
	250	West Virginia Parkways, Economic Development and Tourism Authority, (FGIC), (NPFG), 5.25%, 5/15/19		269,953
			$	984,271
Insured-Water and Sewer — 17.4%
$	500	Martinsburg Water and Sewer, (NPFG), 5.00%, 9/1/31	$	446,700
	750	West Virginia Water Development Authority, (AMBAC), 5.00%, 10/1/28		729,067
	500	West Virginia Water Development Authority, (Loan Program II), (AMBAC), 5.00%, 11/1/33		481,490
	500	West Virginia Water Development Authority, (Loan Program III), (AMBAC), (AMT), 5.65%, 7/1/40		446,215
	500	West Virginia Water Development Authority, (Loan Program IV), (AMBAC), 4.75%, 11/1/35		458,345
	750	West Virginia Water Development Authority, (Loan Program IV), (FSA), 5.00%, 11/1/44		707,265
	1,000	West Virginia Water Development Authority, (West Virginia Infrastructure Jobs Program), (FSA), 4.75%, 10/1/45		896,840
	500	Wheeling Waterworks and Sewer System, (FSA), 4.75%, 6/1/36		463,315
			$	4,629,237
Other Revenue — 2.1%
$	3,690	Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	61,475
	500	West Virginia School Building Authority, 5.00%, 7/1/28		505,870
			$	567,345
Senior Living / Life Care — 0.7%
$	300	West Virginia Economic Development Authority, (Edgewood Summit, Inc.), 5.50%, 11/1/29	$	188,655
			$	188,655
Special Tax Revenue — 4.0%
$	12,500	Puerto Rico Sales Tax Financing, 0.00%, 8/1/56	$	392,000
	815	Puerto Rico Sales Tax Financing, 5.25%, 8/1/57		669,335
			$	1,061,335
Total Tax-Exempt Investments — 99.4%
(identified cost $29,983,746)			$	26,476,534
Other Assets, Less Liabilities — 0.6%			$	157,787
Net Assets — 100.0%			$	26,634,321

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

FSA - Financial Security Assurance, Inc.

NPFG - National Public Finance Guaranty Corp.

PCR - Pollution Control Revenue

The Fund invests primarily in debt securities issued by West Virginia municipalities. In addition, 13.3% of the Fund’s net assets at March 31, 2009 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, 2009, 63.8% 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 2.7% to 34.4% of total investments.

(1)	Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
(2)	Security represents the underlying municipal bond of a tender option bond trust (see Note 1I).

See notes to financial statements

42

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS (Unaudited)

Statements of Assets and Liabilities

As of March 31, 2009	California Fund			Massachusetts Fund			Mississippi Fund			New York Fund
Assets
Investments —
Identified cost	$	245,435,256		$	275,152,734		$	16,083,781		$	391,349,423
Unrealized depreciation		(15,424,514	)		(23,874,764	)		(1,155,758	)		(38,911,233	)
Investments, at value	$	230,010,742		$	251,277,970		$	14,928,023		$	352,438,190
Cash	$	39,465		$	1,314,949		$	84,651		$	35,182
Interest receivable		3,062,118			3,858,624			193,863			5,695,516
Receivable for investments sold		1,934,221			5,066,824			155,093			3,431,599
Receivable for Fund shares sold		410,438			316,704			50,551			298,241
Total assets	$	235,456,984		$	261,835,071		$	15,412,181		$	361,898,728
Liabilities
Payable for floating rate notes issued	$	18,720,000		$	29,915,000		$	165,000		$	37,150,000
Demand note payable		1,700,000			—			300,000			1,700,000
Payable for when-issued securities		986,637			4,572,110			—			1,875,927
Payable for variation margin on open financial futures contracts		167,250			217,187			12,750			546,000
Payable for open swap contracts		1,646,324			1,727,239			83,074			2,464,517
Payable for Fund shares redeemed		192,054			271,686			9,475			452,104
Distributions payable		402,223			488,908			18,667			536,211
Payable to affiliates:
Investment adviser fee		88,722			88,593			2,034			165,332
Distribution and service fees		54,027			59,842			3,809			79,952
Interest expense and fees payable		38,059			97,415			303			131,063
Accrued expenses		86,167			91,436			26,314			113,746
Total liabilities	$	24,081,463		$	37,529,416		$	621,426		$	45,214,852
Net Assets	$	211,375,521		$	224,305,655		$	14,790,755		$	316,683,876
Sources of Net Assets
Paid-in capital	$	249,548,485		$	283,801,018		$	16,572,757		$	390,498,178
Accumulated net realized loss		(20,272,230	)		(33,402,814	)		(494,953	)		(31,253,906	)
Accumulated undistributed (distributions in excess of) net investment income		(45,129	)		538,133			(12,829	)		330,777
Net unrealized depreciation		(17,855,605	)		(26,630,682	)		(1,274,220	)		(42,891,173	)
Net Assets	$	211,375,521		$	224,305,655		$	14,790,755		$	316,683,876
Class A Shares
Net Assets	$	194,842,522		$	177,872,380		$	12,792,399		$	275,360,553
Shares Outstanding		22,520,962			23,491,448			1,553,021			33,802,771
Net Asset Value and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	8.65		$	7.57		$	8.24		$	8.15
Maximum Offering Price Per Share
(100 ¸ 95.25 of net asset value per share)	$	9.08		$	7.95		$	8.65		$	8.56
Class B Shares
Net Assets	$	3,158,166		$	22,433,718		$	1,688,720		$	9,227,960
Shares Outstanding		394,654			2,960,730			200,388			1,130,605
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	8.00		$	7.58		$	8.43		$	8.16
Class C Shares
Net Assets	$	11,338,183		$	14,047,843		$	309,636		$	31,187,508
Shares Outstanding		1,416,774			1,853,528			36,712			3,824,156
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	8.00		$	7.58		$	8.43		$	8.16
Class I Shares
Net Assets	$	2,036,650		$	9,951,714		$	—		$	907,855
Shares Outstanding		235,219			1,314,628			—			111,517
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	8.66		$	7.57		$	—		$	8.14

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

43

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS (Unaudited) CONT’D

Statements of Assets and Liabilities

As of March 31, 2009	Ohio Fund			Rhode Island Fund			West Virginia Fund
Assets
Investments —
Identified cost	$	294,853,087		$	50,445,428		$	29,983,746
Unrealized depreciation		(21,509,367	)		(4,750,551	)		(3,507,212	)
Investments, at value	$	273,343,720		$	45,694,877		$	26,476,534
Cash	$	3,895,214		$	761,124		$	246,601
Interest receivable		4,164,911			690,929			410,816
Receivable for investments sold		3,913,848			771,027			58,266
Receivable for Fund shares sold		226,522			10,359			7,878
Total assets	$	285,544,215		$	47,928,316		$	27,200,095
Liabilities
Payable for floating rate notes issued	$	7,470,000		$	1,415,000		$	370,000
Payable for when-issued securities		2,457,475			739,230			—
Payable for variation margin on open financial futures contracts		218,813			7,750			52,500
Payable for open swap contracts		81,733			349,601			44,036
Payable for Fund shares redeemed		1,455,560			98,790			9,544
Distributions payable		408,984			75,231			43,905
Payable to affiliates:
Investment adviser fee		132,792			13,493			5,986
Distribution and service fees		63,980			15,094			7,208
Interest expense and fees payable		36,091			7,279			2,906
Accrued expenses		96,408			37,214			29,689
Total liabilities	$	12,421,836		$	2,758,682		$	565,774
Net Assets	$	273,122,379		$	45,169,634		$	26,634,321
Sources of Net Assets
Paid-in capital	$	319,714,590		$	53,934,447		$	33,161,618
Accumulated net realized loss		(24,188,366	)		(3,583,518	)		(2,728,788	)
Accumulated distributions in excess of net investment income		(92,071	)		(44,215	)		(33,735	)
Net unrealized depreciation		(22,311,774	)		(5,137,080	)		(3,764,774	)
Net Assets	$	273,122,379		$	45,169,634		$	26,634,321
Class A Shares
Net Assets	$	246,946,389		$	33,584,063		$	22,416,637
Shares Outstanding		30,768,389			4,186,126			2,894,504
Net Asset Value and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	8.03		$	8.02		$	7.74
Maximum Offering Price Per Share
(100 ¸ 95.25 of net asset value per share)	$	8.43		$	8.42		$	8.13
Class B Shares
Net Assets	$	—		$	8,362,068		$	3,788,203
Shares Outstanding		—			1,018,319			479,447
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	—		$	8.21		$	7.90
Class C Shares
Net Assets	$	26,175,990		$	3,223,503		$	429,481
Shares Outstanding		3,261,736			392,272			54,256
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	8.03		$	8.22		$	7.92

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

44

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS (Unaudited) CONT’D

Statements of Operations

For the Six Months Ended March 31, 2009	California Fund			Massachusetts Fund			Mississippi Fund			New York Fund
Investment Income
Interest	$	6,996,329		$	7,999,720		$	446,611		$	10,818,491
Total investment income	$	6,996,329		$	7,999,720		$	446,611		$	10,818,491
Expenses
Investment adviser fee	$	531,985		$	529,313		$	11,710		$	764,579
Distribution and service fees
Class A		262,513			180,219			12,590			275,615
Class B		15,301			111,958			8,798			43,765
Class C		61,269			69,195			1,259			141,156
Trustees’ fees and expenses		4,748			4,929			562			6,654
Custodian fee		84,786			97,195			16,721			119,387
Transfer and dividend disbursing agent fees		46,668			50,450			3,986			85,151
Legal and accounting services		32,678			30,105			17,238			41,716
Printing and postage		12,603			15,055			2,187			22,932
Registration fees		2,899			4,080			136			1,488
Interest expense and fees		281,147			349,891			2,018			465,431
Miscellaneous		17,440			17,697			6,752			1,592
Total expenses	$	1,354,037		$	1,460,087		$	83,957		$	1,969,466
Deduct —
Reduction of custodian fee	$	1,718		$	2,614		$	422		$	10,103
Total expense reductions	$	1,718		$	2,614		$	422		$	10,103
Net expenses	$	1,352,319		$	1,457,473		$	83,535		$	1,959,363
Net investment income	$	5,644,010		$	6,542,247		$	363,076		$	8,859,128
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(4,908,530	)	$	(2,414,184	)	$	(13,730	)	$	(4,478,302	)
Financial futures contracts		(4,198,566	)		(9,332,025	)		(209,418	)		(8,968,006	)
Swap contracts		(4,445,615	)		(5,763,327	)		(77,345	)		(7,931,898	)
Net realized loss	$	(13,552,711	)	$	(17,509,536	)	$	(300,493	)	$	(21,378,206	)
Change in unrealized appreciation (depreciation) —
Investments	$	1,319,690		$	3,431,057		$	(290,380	)	$	(3,814,421	)
Financial futures contracts		(934,319	)		(1,373,448	)		(43,563	)		(1,865,502	)
Swap contracts		(1,764,111	)		(1,858,222	)		(86,826	)		(2,659,751	)
Net change in unrealized appreciation (depreciation)	$	(1,378,740	)	$	199,387		$	(420,769	)	$	(8,339,674	)
Net realized and unrealized loss	$	(14,931,451	)	$	(17,310,149	)	$	(721,262	)	$	(29,717,880	)
Net decrease in net assets from operations	$	(9,287,441	)	$	(10,767,902	)	$	(358,186	)	$	(20,858,752	)

See notes to financial statements

45

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS (Unaudited) CONT’D

Statements of Operations

For the Six Months Ended March 31, 2009	Ohio Fund			Rhode Island Fund			West Virginia Fund
Investment Income
Interest	$	7,939,794		$	1,339,261		$	811,090
Total investment income	$	7,939,794		$	1,339,261		$	811,090
Expenses
Investment adviser fee	$	630,891		$	62,276		$	27,864
Distribution and service fees
Class A		237,877			32,508			22,220
Class B		7,897			41,482			18,153
Class C		125,350			15,750			1,985
Trustees’ fees and expenses		6,021			1,173			798
Custodian fee		105,442			24,844			16,300
Transfer and dividend disbursing agent fees		63,962			11,422			7,205
Legal and accounting services		24,011			19,764			17,320
Printing and postage		18,532			3,902			3,226
Registration fees		602			137			563
Interest expense and fees		161,374			27,386			9,905
Miscellaneous		19,721			9,948			8,626
Total expenses	$	1,401,680		$	250,592		$	134,165
Deduct —
Reduction of custodian fee	$	4,062		$	879		$	409
Total expense reductions	$	4,062		$	879		$	409
Net expenses	$	1,397,618		$	249,713		$	133,756
Net investment income	$	6,542,176		$	1,089,548		$	677,334
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(3,301,729	)	$	(770,435	)	$	(38,178	)
Financial futures contracts		(6,626,229	)		(293,319	)		(808,189	)
Swap contracts		(1,110,652	)		(1,193,399	)		(639,858	)
Net realized loss	$	(11,038,610	)	$	(2,257,153	)	$	(1,486,225	)
Change in unrealized appreciation (depreciation) —
Investments	$	6,754,026		$	466,213		$	87,208
Financial futures contracts		(994,348	)		(48,420	)		(237,869	)
Swap contracts		(105,650	)		(376,635	)		(58,041	)
Net change in unrealized appreciation (depreciation)	$	5,654,028		$	41,158		$	(208,702	)
Net realized and unrealized loss	$	(5,384,582	)	$	(2,215,995	)	$	(1,694,927	)
Net increase (decrease) in net assets from operations	$	1,157,594		$	(1,126,447	)	$	(1,017,593	)

See notes to financial statements

46

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS (Unaudited) CONT’D

Statements of Changes in Net Assets

For the Six Months Ended March 31, 2009
Increase (Decrease) in Net Assets	California Fund			Massachusetts Fund			Mississippi Fund			New York Fund
From operations —
Net investment income	$	5,644,010		$	6,542,247		$	363,076		$	8,859,128
Net realized loss from investment transactions, financial futures contracts and swap contracts		(13,552,711	)		(17,509,536	)		(300,493	)		(21,378,206	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		(1,378,740	)		199,387			(420,769	)		(8,339,674	)
Net decrease in net assets from operations	$	(9,287,441	)	$	(10,767,902	)	$	(358,186	)	$	(20,858,752	)
Distributions to shareholders —
From net investment income
Class A	$	(5,216,652	)	$	(4,968,202	)	$	(310,620	)	$	(7,881,441	)
Class B		(65,835	)		(554,498	)		(38,399	)		(225,372	)
Class C		(263,988	)		(343,093	)		(5,505	)		(726,049	)
Class I		(28,564	)		(316,421	)		—			(17,808	)
Total distributions to shareholders	$	(5,575,039	)	$	(6,182,214	)	$	(354,524	)	$	(8,850,670	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	11,410,600		$	9,875,972		$	671,374		$	16,334,346
Class B		459,033			752,658			28,578			1,017,814
Class C		1,243,507			1,352,805			81,381			5,689,841
Class I		1,790,136			625			—			695,000
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,945,655			2,616,179			206,327			5,050,958
Class B		35,612			292,978			23,280			132,446
Class C		157,684			241,931			5,315			451,713
Class I		13,333			113,934			—			10,385
Cost of shares redeemed
Class A		(37,770,606	)		(34,245,258	)		(1,145,484	)		(38,872,303	)
Class B		(434,298	)		(2,970,450	)		(155,352	)		(1,570,593	)
Class C		(4,822,382	)		(4,019,471	)		(73,545	)		(4,996,777	)
Class I		(28,045	)		(2,399,653	)		—			(113,788	)
Net asset value of shares exchanged
Class A		74,712			1,570,383			144,555			47,693
Class B		(74,712	)		(1,570,383	)		(144,555	)		(47,693	)
Net decrease in net assets from Fund share transactions	$	(24,999,771	)	$	(28,387,750	)	$	(358,126	)	$	(16,170,958	)
Net decrease in net assets	$	(39,862,251	)	$	(45,337,866	)	$	(1,070,836	)	$	(45,880,380	)
Net Assets
At beginning of period	$	251,237,772		$	269,643,521		$	15,861,591		$	362,564,256
At end of period	$	211,375,521		$	224,305,655		$	14,790,755		$	316,683,876
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of period	$	(45,129	)	$	538,133		$	(12,829	)	$	330,777

See notes to financial statements

47

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS (Unaudited) CONT’D

Statements of Changes in Net Assets

For the Six Months Ended March 31, 2009
Increase (Decrease) in Net Assets	Ohio Fund			Rhode Island Fund			West Virginia Fund
From operations —
Net investment income	$	6,542,176		$	1,089,548		$	677,334
Net realized loss from investment transactions, financial futures contracts and swap contracts		(11,038,610	)		(2,257,153	)		(1,486,225	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		5,654,028			41,158			(208,702	)
Net increase (decrease) in net assets from operations	$	1,157,594		$	(1,126,447	)	$	(1,017,593	)
Distributions to shareholders —
From net investment income
Class A	$	(5,828,354	)	$	(835,516	)	$	(576,905	)
Class B		(188,122	)		(188,957	)		(83,116	)
Class C		(540,003	)		(71,834	)		(9,106	)
Total distributions to shareholders	$	(6,556,479	)	$	(1,096,307	)	$	(669,127	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	10,444,088		$	2,657,117		$	1,369,151
Class B		46,908			79,821			152,773
Class C		3,368,513			478,797			62,559
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		3,607,384			458,867			352,529
Class B		93,398			120,495			50,687
Class C		328,865			52,065			5,667
Cost of shares redeemed
Class A		(35,510,182	)		(5,483,445	)		(2,380,569	)
Class B		(819,720	)		(1,074,690	)		(475,948	)
Class C		(7,153,553	)		(620,768	)		(128,210	)
Net asset value of shares exchanged
Class A		234,527			546,328			84,969
Class B		(234,527	)		(546,328	)		(84,969	)
Net asset value of shares merged*
Class A		19,344,200			—			—
Class B		(19,344,200	)		—			—
Contingent deferred sales charges
Class B		19,600			—			—
Net decrease in net assets from Fund share transactions	$	(25,574,699	)	$	(3,331,741	)	$	(991,361	)
Net decrease in net assets	$	(30,973,584	)	$	(5,554,495	)	$	(2,678,081	)
Net Assets
At beginning of period	$	304,095,963		$	50,724,129		$	29,312,402
At end of period	$	273,122,379		$	45,169,634		$	26,634,321
Accumulated distributions in excess of net investment income included in net assets
At end of period	$	(92,071	)	$	(44,215	)	$	(33,735	)

*  At the close of business on December 5, 2008, Class B shares of Ohio Fund merged into Class A shares.

See notes to financial statements

48

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Statements of Changes in Net Assets

For the Year Ended September 30, 2008
Increase (Decrease) in Net Assets	California Fund			Massachusetts Fund			Mississippi Fund			New York Fund
From operations —
Net investment income	$	12,160,877		$	13,981,935		$	730,320		$	19,604,224
Net realized loss from investment transactions, financial futures contracts and swap contracts		(6,882,794	)		(11,290,641	)		(170,769	)		(9,639,854	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		(31,475,311	)		(37,690,973	)		(1,552,841	)		(55,950,866	)
Net decrease in net assets from operations	$	(26,197,228	)	$	(34,999,679	)	$	(993,290	)	$	(45,986,496	)
Distributions to shareholders —
From net investment income
Class A	$	(11,317,850	)	$	(10,624,759	)	$	(647,954	)	$	(17,295,468	)
Class B		(127,378	)		(1,311,580	)		(84,520	)		(435,238	)
Class C		(551,306	)		(699,394	)		(3,370	)		(1,301,740	)
Class I		(1,582	)		(700,094	)		—			(5,121	)
From net realized gain
Class A		(1,142,220	)		—			—			—
Class B		(16,429	)		—			—			—
Class C		(65,286	)		—			—			—
Total distributions to shareholders	$	(13,222,051	)	$	(13,335,827	)	$	(735,844	)	$	(19,037,567	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	52,980,639		$	53,510,916		$	2,260,152		$	59,662,903
Class B		903,630			1,368,038			13,388			2,829,000
Class C		10,208,105			9,123,977			337,000			14,283,038
Class I		120,418			3,658,400			—			256,000
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		7,423,423			6,086,513			389,708			11,184,943
Class B		80,827			710,758			47,128			253,652
Class C		330,263			520,819			3,349			802,031
Class I		—			250,756			—			—
Cost of shares redeemed
Class A		(53,120,642	)		(68,882,872	)		(2,321,804	)		(95,295,731	)
Class B		(517,012	)		(6,209,744	)		(399,454	)		(1,707,654	)
Class C		(4,016,459	)		(6,498,778	)		—			(7,920,238	)
Class I		—			(5,276,645	)		—			—
Net asset value of shares exchanged
Class A		135,399			3,781,166			27,441			446,097
Class B		(135,399	)		(3,781,166	)		(27,441	)		(446,097	)
Net increase (decrease) in net assets from Fund share transactions	$	14,393,192		$	(11,637,862	)	$	329,467		$	(15,652,056	)
Net decrease in net assets	$	(25,026,087	)	$	(59,973,368	)	$	(1,399,667	)	$	(80,676,119	)
Net Assets
At beginning of year	$	276,263,859		$	329,616,889		$	17,261,258		$	443,240,375
At end of year	$	251,237,772		$	269,643,521		$	15,861,591		$	362,564,256
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of year	$	(114,100	)	$	178,100		$	(21,381	)	$	322,319

See notes to financial statements

49

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Statements of Changes in Net Assets

For the Year Ended September 30, 2008
Increase (Decrease) in Net Assets	Ohio Fund			Rhode Island Fund			West Virginia Fund
From operations —
Net investment income	$	13,844,687		$	2,459,445		$	1,382,700
Net realized loss from investment transactions, financial futures contracts and swap contracts		(4,362,900	)		(996,310	)		(786,612	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		(37,423,577	)		(6,889,245	)		(4,474,894	)
Net decrease in net assets from operations	$	(27,941,790	)	$	(5,426,110	)	$	(3,878,806	)
Distributions to shareholders —
From net investment income
Class A	$	(11,466,752	)	$	(1,856,445	)	$	(1,161,456	)
Class B		(957,567	)		(444,142	)		(191,617	)
Class C		(1,134,763	)		(123,792	)		(6,306	)
Total distributions to shareholders	$	(13,559,082	)	$	(2,424,379	)	$	(1,359,379	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	56,112,576		$	6,766,671		$	4,966,368
Class B		2,452,417			663,756			171,746
Class C		13,283,265			2,046,626			576,067
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		6,899,390			1,019,072			706,849
Class B		540,824			276,511			119,727
Class C		684,218			81,188			5,130
Cost of shares redeemed
Class A		(54,729,986	)		(12,683,592	)		(2,942,572	)
Class B		(3,426,072	)		(2,148,735	)		(805,056	)
Class C		(10,514,925	)		(1,480,220	)		—
Net asset value of shares exchanged
Class A		2,565,740			856,081			295,080
Class B		(2,565,740	)		(856,081	)		(295,080	)
Contingent deferred sales charges
Class B		15,400			—			—
Net increase (decrease) in net assets from Fund share transactions	$	11,317,107		$	(5,458,723	)	$	2,798,259
Net decrease in net assets	$	(30,183,765	)	$	(13,309,212	)	$	(2,439,926	)
Net Assets
At beginning of year	$	334,279,728		$	64,033,341		$	31,752,328
At end of year	$	304,095,963		$	50,724,129		$	29,312,402
Accumulated distributions in excess of net investment income included in net assets
At end of year	$	(77,768	)	$	(37,456	)	$	(41,942	)

See notes to financial statements

50

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS (Unaudited) CONT’D

Statements of Cash Flows

For the Six Months Ended March 31, 2009
Cash Flows From Operating Activities	Massachusetts Fund			New York Fund
Net decrease in net assets from operations	$	(10,767,902	)	$	(20,858,752	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by (used in) operating activities:
Investments purchased		(53,539,327	)		(108,591,421	)
Investments sold		97,117,714			158,139,001
Decrease in short-term investments, net		2,295,000			—
Net accretion/amortization of premium (discount)		(792,294	)		(572,653	)
Decrease in interest receivable		487,559			1,634,953
Increase in receivable for investments sold		(4,442,958	)		(376,061	)
Decrease in receivable for variation margin on open financial futures contracts		1,593,750			1,933,750
Decrease in receivable for open swap contracts		130,983			195,234
Decrease in payable for investments purchased		—			(453,519	)
Increase in payable for when-issued securities		4,572,110			1,875,927
Increase in payable for variation margin on open financial futures contracts		217,187			546,000
Increase in payable for open swap contracts		1,727,239			2,464,517
Decrease in payable for closed swap contracts		(102,497	)		(146,249	)
Increase (decrease) in payable to affiliate for investment adviser fee		(16,017	)		14,881
Decrease in payable to affiliate for distribution and service fees		(14,574	)		(13,394	)
Decrease in interest expense and fees payable		(182,458	)		(337,173	)
Decrease in accrued expenses		(57,480	)		(65,013	)
Net change in unrealized (appreciation) depreciation from investments		(3,431,057	)		3,814,421
Net realized loss from investments		2,414,184			4,478,302
Net cash provided by operating activities	$	37,209,162		$	43,682,751
Cash Flows From Financing Activities
Proceeds from Fund shares sold	$	11,970,668		$	23,582,736
Fund shares redeemed		(44,048,460	)		(46,869,364	)
Cash distributions paid, net of reinvestments		(2,922,236	)		(3,195,779	)
Proceeds from secured borrowings		7,420,000			12,615,000
Repayment of secured borrowings		(7,470,000	)		(28,695,000	)
Decrease in demand note payable		(800,000	)		(1,100,000	)
Decrease in due to custodian		(44,185	)		—
Net cash used in financing activities	$	(35,894,213	)	$	(43,662,407	)
Net increase in cash	$	1,314,949		$	20,344
Cash at beginning of period	$	—		$	14,838
Cash at end of period	$	1,314,949		$	35,182
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of:	$	3,265,022		$	5,645,502

See notes to financial statements

51

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	California Fund — Class A
	Six Months Ended
	March 31, 2009			Year Ended September 30,
	(Unaudited)			2008			2007			2006			2005			2004
Net asset value — Beginning of period	$	9.170		$	10.620		$	11.080		$	10.900		$	10.860		$	10.920
Income (loss) from operations
Net investment income(1)	$	0.224		$	0.456		$	0.458		$	0.486		$	0.515		$	0.548
Net realized and unrealized gain (loss)		(0.524	)		(1.411	)		(0.280	)		0.181			0.037			(0.078	)
Total income (loss) from operations	$	(0.300	)	$	(0.955	)	$	0.178		$	0.667		$	0.552		$	0.470
Less distributions
From net investment income	$	(0.220	)	$	(0.450	)	$	(0.462	)	$	(0.487	)	$	(0.512	)	$	(0.530	)
From net realized gain		—			(0.045	)		(0.176	)		—			—			—
Total distributions	$	(0.220	)	$	(0.495	)	$	(0.638	)	$	(0.487	)	$	(0.512	)	$	(0.530	)
Net asset value — End of period	$	8.650		$	9.170		$	10.620		$	11.080		$	10.900		$	10.860
Total Return(2)		(3.21	)%(8)		(9.32	)%		1.61	%		6.28	%		5.18	%		4.42	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	194,843		$	232,090		$	261,254		$	233,618		$	223,528		$	227,878
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.93	%(3)		0.86	%		0.84	%(4)		0.86	%		0.88	%(5)		0.90	%(5)
Interest and fee expense(6)		0.26	%(3)		0.30	%		0.33	%		0.37	%		0.23	%(5)		0.15	%(5)
Total expenses before custodian fee reduction		1.19	%(3)		1.16	%		1.17	%(4)		1.23	%		1.11	%(5)		1.05	%(5)	��
Expenses after custodian fee reduction excluding interest and fees		0.93	%(3)		0.84	%		0.82	%(4)		0.85	%		0.87	%(5)		0.90	%(5)
Net investment income		5.24	%(3)		4.47	%		4.22	%		4.45	%		4.71	%		5.09	%
Portfolio Turnover of the Portfolio(7)		—			—			—			—			—			18	%
Portfolio Turnover of the Fund		10	%(8)		22	%		41	%		30	%		23	%		—

(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)	Annualized.
(4)	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.
(5)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(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)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(8)	Not annualized.

See notes to financial statements

52

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	California Fund — Class B
	Six Months Ended
	March 31, 2009			Year Ended September 30,
	(Unaudited)			2008			2007			2006			2005			2004
Net asset value — Beginning of period	$	8.480		$	9.810		$	10.260		$	10.090		$	10.060		$	10.110
Income (loss) from operations
Net investment income(1)	$	0.177		$	0.351		$	0.350		$	0.374		$	0.399		$	0.483
Net realized and unrealized gain (loss)		(0.485	)		(1.295	)		(0.273	)		0.171			0.030			(0.083	)
Total income (loss) from operations	$	(0.308	)	$	(0.944	)	$	0.077		$	0.545		$	0.429		$	0.400
Less distributions
From net investment income	$	(0.172	)	$	(0.341	)	$	(0.351	)	$	(0.375	)	$	(0.399	)	$	(0.455	)
From net realized gain		—			(0.045	)		(0.176	)		—			—			—
Total distributions	$	(0.172	)	$	(0.386	)	$	(0.527	)	$	(0.375	)	$	(0.399	)	$	(0.455	)
Contigent deferred sales charges	$	—		$	—		$	—		$	—		$	���		$	0.005
Net asset value — End of period	$	8.000		$	8.480		$	9.810		$	10.260		$	10.090		$	10.060
Total Return(2)		(3.59	)%(9)		(9.91	)%		0.73	%		5.52	%		4.50	%(3)		4.14	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,158		$	3,371		$	3,545		$	4,090		$	3,655		$	1,983
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.68	%(4)		1.61	%		1.59	%(5)		1.61	%		1.63	%(6)		1.10	%(6)
Interest and fee expense(7)		0.26	%(4)		0.30	%		0.33	%		0.37	%		0.23	%(6)		0.15	%(6)
Total expenses before custodian fee reduction		1.94	%(4)		1.91	%		1.92	%(5)		1.98	%		1.86	%(6)		1.25	%(6)
Expenses after custodian fee reduction excluding interest and fees		1.68	%(4)		1.59	%		1.57	%(5)		1.60	%		1.62	%(6)		1.10	%(6)
Net investment income		4.48	%(4)		3.72	%		3.48	%		3.70	%		3.94	%		4.75	%
Portfolio Turnover of the Portfolio(8)		—			—			—			—			—			18	%
Portfolio Turnover of the Fund		10	%(9)		22	%		41	%		30	%		23	%		—

(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)	Total return reflects an increase of 0.17% due to a change in the timing of the payment and reinvestment of distributions.
(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)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(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)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(9)	Not annualized.

See notes to financial statements

53

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	California Fund — Class C
	Six Months Ended															Period Ended
	March 31, 2009			Year Ended September 30,												September 30,
	(Unaudited)			2008			2007			2006			2005			2004(1)
Net asset value — Beginning of period	$	8.480		$	9.810		$	10.250		$	10.090		$	10.060		$	10.000
Income (loss) from operations
Net investment income(2)	$	0.177		$	0.351		$	0.348		$	0.366		$	0.384		$	0.033
Net realized and unrealized gain (loss)		(0.485	)		(1.295	)		(0.261	)		0.169			0.045			0.062
Total income (loss) from operations	$	(0.308	)	$	(0.944	)	$	0.087		$	0.535		$	0.429		$	0.095
Less distributions
From net investment income	$	(0.172	)	$	(0.341	)	$	(0.351	)	$	(0.375	)	$	(0.399	)	$	(0.035	)
From net realized gain		—			(0.045	)		(0.176	)		—			—			—
Total distributions	$	(0.172	)	$	(0.386	)	$	(0.527	)	$	(0.375	)	$	(0.399	)	$	(0.035	)
Net asset value — End of period	$	8.000		$	8.480		$	9.810		$	10.250		$	10.090		$	10.060
Total Return(3)		(3.59	)%(10)		(9.91	)%		0.83	%		5.42	%		4.42	%(4)		0.86	%(10)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	11,338		$	15,667		$	11,465		$	4,933		$	1,725		$	96
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.69	%(5)		1.61	%		1.59	%(6)		1.61	%		1.63	%(7)		1.65	%(5)(7)
Interest and fee expense(8)		0.26	%(5)		0.30	%		0.33	%		0.37	%		0.23	%(7)		0.15	%(5)(7)
Total expenses before custodian fee reduction		1.95	%(5)		1.91	%		1.92	%(6)		1.98	%		1.86	%(7)		1.80	%(5)(7)
Expenses after custodian fee reduction excluding interest and fees		1.69	%(5)		1.59	%		1.57	%(6)		1.60	%		1.62	%(7)		1.65	%(5)(7)
Net investment income		4.49	%(5)		3.73	%		3.49	%		3.62	%		3.78	%		4.24	%(5)
Portfolio Turnover of the Portfolio(9)		—			—			—			—			—			18	%
Portfolio Turnover of the Fund		10	%(10)		22	%		41	%		30	%		23	%		—

(1)	For the period from the start of business, August 31, 2004, to September 30, 2004.
(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)	Total return reflects an increase of 0.09% due to a change in the timing of the payment and reinvestment of distributions.
(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)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(8)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(9)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(10)	Not annualized.

See notes to financial statements

54

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	California Fund — Class I
	Six Months Ended			Period Ended
	March 31, 2009			September 30,
	(Unaudited)			2008(1)
Net asset value — Beginning of period	$	9.170		$	9.530
Income (loss) from operations
Net investment income(2)	$	0.231		$	0.277
Net realized and unrealized loss		(0.509	)		(0.362	)
Total loss from operations	$	(0.278	)	$	(0.085	)
Less distributions
From net investment income	$	(0.232	)	$	(0.275	)
Total distributions	$	(0.232	)	$	(0.275	)
Net asset value — End of period	$	8.660		$	9.170
Total Return(3)		(2.97	)%(7)		(1.08	)%(7)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,037		$	110
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.68	%(4)		0.63	%(4)
Interest and fee expense(5)		0.26	%(4)		0.30	%(4)
Total expenses before custodian fee reduction		0.94	%(4)		0.93	%(4)
Expenses after custodian fee reduction excluding interest and fees		0.68	%(4)		0.60	%(4)
Net investment income		5.35	%(4)		4.79	%(4)
Portfolio Turnover		10	%(7)		22	%(6)

(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)	Annualized.
(5)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(6)	For the Fund’s year ended September 30, 2008.
(7)	Not annualized.

See notes to financial statements

55

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Massachusetts Fund — Class A
	Six Months Ended
	March 31, 2009			Year Ended September 30,
	(Unaudited)			2008			2007			2006			2005			2004
Net asset value — Beginning of period	$	8.050		$	9.490		$	9.850		$	9.670		$	9.660		$	9.680
Income (loss) from operations
Net investment income(1)	$	0.217		$	0.428		$	0.415		$	0.432		$	0.449		$	0.484
Net realized and unrealized gain (loss)		(0.492	)		(1.459	)		(0.356	)		0.180			0.017			(0.020	)
Total income (loss) from operations	$	(0.275	)	$	(1.031	)	$	0.059		$	0.612		$	0.466		$	0.464
Less distributions
From net investment income	$	(0.205	)	$	(0.409	)	$	(0.419	)	$	(0.432	)	$	(0.456	)	$	(0.484	)
Total distributions	$	(0.205	)	$	(0.409	)	$	(0.419	)	$	(0.432	)	$	(0.456	)	$	(0.484	)
Net asset value — End of period	$	7.570		$	8.050		$	9.490		$	9.850		$	9.670		$	9.660
Total Return(2)		(3.35	)%(8)		(11.19	)%		0.57	%		6.51	%		4.90	%		4.92	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	177,872		$	211,228		$	254,366		$	197,580		$	156,382		$	143,086
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.85	%(5)		0.78	%		0.77	%(3)		0.79	%		0.79	%(3)(4)		0.81	%(4)
Interest and fee expense(6)		0.31	%(5)		0.25	%		0.47	%		0.42	%		0.28	%(4)		0.11	%(4)
Total expenses before custodian fee reduction		1.16	%(5)		1.03	%		1.24	%(3)		1.21	%		1.07	%(3)(4)		0.92	%(4)
Expenses after custodian fee reduction excluding interest and fees		0.85	%(5)		0.77	%		0.76	%(3)		0.77	%		0.78	%(3)(4)		0.81	%(4)
Net investment income		5.82	%(5)		4.73	%		4.26	%		4.48	%		4.62	%		5.05	%
Portfolio Turnover of the Portfolio(7)		—			—			—			—			—			27	%
Portfolio Turnover of the Fund		20	%(8)		31	%		65	%		28	%		15	%		—

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.
(3)	The investment adviser was allocated a portion of the Fund’s operating expenses or reduced its investment adviser fee (equal to less than 0.005% of average daily net assets for the years ended September 30, 2007 and 2005). Absent this allocation or reduction, total return would be lower.
(4)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(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)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(8)	Not annualized.

See notes to financial statements

56

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Massachusetts Fund — Class B
	Six Months Ended
	March 31, 2009			Year Ended September 30,
	(Unaudited)			2008			2007			2006			2005			2004
Net asset value — Beginning of period	$	8.050		$	9.500		$	9.850		$	9.670		$	9.650		$	9.680
Income (loss) from operations
Net investment income(1)	$	0.189		$	0.360		$	0.343		$	0.362		$	0.378		$	0.414
Net realized and unrealized gain (loss)		(0.484	)		(1.472	)		(0.347	)		0.179			0.026			(0.031	)
Total income (loss) from operations	$	(0.295	)	$	(1.112	)	$	(0.004	)	$	0.541		$	0.404		$	0.383
Less distributions
From net investment income	$	(0.175	)	$	(0.338	)	$	(0.346	)	$	(0.361	)	$	(0.384	)	$	(0.413	)
Total distributions	$	(0.175	)	$	(0.338	)	$	(0.346	)	$	(0.361	)	$	(0.384	)	$	(0.413	)
Net asset value — End of period	$	7.580		$	8.050		$	9.500		$	9.850		$	9.670		$	9.650
Total Return(2)		(3.61	)%(9)		(11.99	)%		(0.07	)%		5.73	%		4.39	%(3)		4.07	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	22,434		$	27,670		$	40,938		$	48,991		$	54,708		$	59,036
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.60	%(6)		1.53	%		1.52	%(4)		1.54	%		1.54	%(4)(5)		1.56	%(5)
Interest and fee expense(7)		0.31	%(6)		0.25	%		0.47	%		0.42	%		0.28	%(5)		0.11	%(5)
Total expenses before custodian fee reduction		1.91	%(6)		1.78	%		1.99	%(4)		1.96	%		1.82	%(4)(5)		1.67	%(5)
Expenses after custodian fee reduction excluding interest and fees		1.60	%(6)		1.52	%		1.51	%(4)		1.52	%		1.53	%(4)(5)		1.56	%(5)
Net investment income		5.08	%(6)		3.98	%		3.52	%		3.75	%		3.88	%		4.26	%
Portfolio Turnover of the Portfolio(8)		—			—			—			—			—			27	%
Portfolio Turnover of the Fund		20	%(9)		31	%		65	%		28	%		15	%		—

(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)	Total return reflects an increase of 0.16% due to a change in the timing of the payment and reinvestment of distributions.
(4)	The investment adviser was allocated a portion of the Fund’s operating expenses or reduced its investment adviser fee (equal to less than 0.005% of average daily net assets for the years ended September 30, 2007 and 2005). Absent this allocation or reduction, total return would be lower.
(5)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(6)	Annualized.
(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)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(9)	Not annualized.

See notes to financial statements

57

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Massachusetts Fund — Class C
	Six Months Ended			Year Ended September 30,						Period Ended
	March 31, 2009									September 30,
	(Unaudited)			2008			2007			2006(1)
Net asset value — Beginning of period	$	8.050		$	9.500		$	9.850		$	9.610
Income (loss) from operations
Net investment income(2)	$	0.189		$	0.361		$	0.342		$	0.136
Net realized and unrealized gain (loss)		(0.484	)		(1.473	)		(0.346	)		0.254
Total income (loss) from operations	$	(0.295	)	$	(1.112	)	$	(0.004	)	$	0.390
Less distributions
From net investment income	$	(0.175	)	$	(0.338	)	$	(0.346	)	$	(0.150	)
Total distributions	$	(0.175	)	$	(0.338	)	$	(0.346	)	$	(0.150	)
Net asset value — End of period	$	7.580		$	8.050		$	9.500		$	9.850
Total Return(3)		(3.61	)%(8)		(11.99	)%		(0.07	)%		4.10	%(8)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	14,048		$	17,704		$	17,583		$	2,825
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.60	%(5)		1.54	%		1.51	%(4)		1.54	%(5)
Interest and fee expense(6)		0.31	%(5)		0.25	%		0.47	%		0.42	%(5)
Total expenses before custodian fee reduction		1.91	%(5)		1.79	%		1.98	%(4)		1.96	%(5)
Expenses after custodian fee reduction excluding interest and fees		1.60	%(5)		1.52	%		1.50	%(4)		1.52	%(5)
Net investment income		5.09	%(5)		3.99	%		3.53	%		3.40	%(5)
Portfolio Turnover		20	%(8)		31	%		65	%		28	%(7)

(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)	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.
(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 Fund’s year ended September 30, 2006.
(8)	Not annualized.

See notes to financial statements

58

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Massachusetts Fund — Class I
	Six Months Ended
	March 31, 2009			Year Ended September 30,
	(Unaudited)			2008			2007			2006			2005			2004
Net asset value — Beginning of period	$	8.050		$	9.490		$	9.850		$	9.670		$	9.650		$	9.680
Income (loss) from operations
Net investment income(1)	$	0.224		$	0.446		$	0.435		$	0.453		$	0.468		$	0.504
Net realized and unrealized gain (loss)		(0.491	)		(1.458	)		(0.356	)		0.178			0.027			(0.031	)
Total income (loss) from operations	$	(0.267	)	$	(1.012	)	$	0.079		$	0.631		$	0.495		$	0.473
Less distributions
From net investment income	$	(0.213	)	$	(0.428	)	$	(0.439	)	$	(0.451	)	$	(0.475	)	$	(0.503	)
Total distributions	$	(0.213	)	$	(0.428	)	$	(0.439	)	$	(0.451	)	$	(0.475	)	$	(0.503	)
Net asset value — End of period	$	7.570		$	8.050		$	9.490		$	9.850		$	9.670		$	9.650
Total Return(2)		(3.25	)%(9)		(11.00	)%		0.77	%		6.72	%		5.43	%(3)		5.04	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	9,952		$	13,042		$	16,730		$	13,227		$	11,701		$	8,321
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.65	%(6)		0.58	%		0.57	%(4)		0.59	%		0.59	%(4)(5)		0.61	%(5)
Interest and fee expense(7)		0.31	%(6)		0.25	%		0.47	%		0.42	%		0.28	%(5)		0.11	%(5)
Total expenses before custodian fee reduction		0.96	%(6)		0.83	%		1.04	%(4)		1.01	%		0.87	%(4)(5)		0.72	%(5)
Expenses after custodian fee reduction excluding interest and fees		0.65	%(6)		0.57	%		0.56	%(4)		0.57	%		0.58	%(4)(5)		0.61	%(5)
Net investment income		6.02	%(6)		4.93	%		4.47	%		4.69	%		4.81	%		5.23	%
Portfolio Turnover of the Portfolio(8)		—			—			—			—			—			27	%
Portfolio Turnover of the Fund		20	%(9)		31	%		65	%		28	%		15	%		—

(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)	Total return reflects an increase of 0.20% due to a change in the timing of the payment and reinvestment of distributions.
(4)	The investment adviser was allocated a portion of the Fund’s operating expenses or reduced its investment adviser fee (equal to less than 0.005% of average daily net assets for the years ended September 30, 2007 and 2005). Absent this allocation or reduction, total return would be lower.
(5)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(6)	Annualized.
(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)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(9)	Not annualized.

See notes to financial statements

59

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Mississippi Fund — Class A
	Six Months Ended
	March 31, 2009			Year Ended September 30,
	(Unaudited)			2008			2007			2006			2005			2004
Net asset value — Beginning of period	$	8.620		$	9.540		$	9.690		$	9.610		$	9.720		$	9.840
Income (loss) from operations
Net investment income(1)	$	0.205		$	0.397		$	0.410		$	0.417		$	0.428		$	0.455
Net realized and unrealized gain (loss)		(0.384	)		(0.917	)		(0.155	)		0.075			(0.099	)		(0.116	)
Total income (loss) from operations	$	(0.179	)	$	(0.520	)	$	0.255		$	0.492		$	0.329		$	0.339
Less distributions
From net investment income	$	(0.201	)	$	(0.400	)	$	(0.405	)	$	(0.412	)	$	(0.439	)	$	(0.459	)
Total distributions	$	(0.201	)	$	(0.400	)	$	(0.405	)	$	(0.412	)	$	(0.439	)	$	(0.459	)
Net asset value — End of period	$	8.240		$	8.620		$	9.540		$	9.690		$	9.610		$	9.720
Total Return(2)		(2.04	)%(8)		(5.64	)%		2.67	%		5.26	%		3.44	%		3.54	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	12,792		$	13,510		$	14,635		$	15,154		$	12,901		$	11,379
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.01	%(3)		0.92	%		0.81	%(4)		0.81	%		0.86	%(5)		0.84	%(5)
Interest and fee expense(6)		0.03	%(3)		0.12	%		0.26	%		0.19	%		0.12	%(5)		0.06	%(5)
Total expenses before custodian fee reduction		1.04	%(3)		1.04	%		1.07	%(4)		1.00	%		0.98	%(5)		0.90	%(5)
Expenses after custodian fee reduction excluding interest and fees		1.00	%(3)		0.90	%		0.79	%(4)		0.78	%		0.84	%(5)		0.83	%(5)
Net investment income		5.05	%(3)		4.26	%		4.26	%		4.34	%		4.41	%		4.70	%
Portfolio Turnover of the Portfolio(7)		—			—			—			—			—			15	%
Portfolio Turnover of the Fund		11	%(8)		23	%		16	%		22	%		21	%		—

(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)	Annualized.
(4)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to 0.02% of average daily net assets for the year ended September 30, 2007). Absent this allocation, total return would be lower.
(5)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(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)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(8)	Not annualized.

See notes to financial statements

60

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Mississippi Fund — Class B
	Six Months Ended
	March 31, 2009			Year Ended September 30,
	(Unaudited)			2008			2007			2006			2005			2004
Net asset value — Beginning of period	$	8.820		$	9.760		$	9.910		$	9.830		$	9.940		$	10.060
Income (loss) from operations
Net investment income(1)	$	0.179		$	0.335		$	0.345		$	0.354		$	0.365		$	0.393
Net realized and unrealized gain (loss)		(0.397	)		(0.940	)		(0.155	)		0.073			(0.100	)		(0.119	)
Total income (loss) from operations	$	(0.218	)	$	(0.605	)	$	0.190		$	0.427		$	0.265		$	0.274
Less distributions
From net investment income	$	(0.172	)	$	(0.335	)	$	(0.340	)	$	(0.347	)	$	(0.375	)	$	(0.394	)
Total distributions	$	(0.172	)	$	(0.335	)	$	(0.340	)	$	(0.347	)	$	(0.375	)	$	(0.394	)
Net asset value — End of period	$	8.430		$	8.820		$	9.760		$	9.910		$	9.830		$	9.940
Total Return(2)		(2.44	)%(9)		(6.37	)%		1.94	%		4.44	%		2.86	%(3)		2.79	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,689		$	2,035		$	2,626		$	4,077		$	5,291		$	6,013
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.75	%(4)		1.67	%		1.56	%(6)		1.56	%		1.61	%(5)		1.59	%(5)
Interest and fee expense(7)		0.03	%(4)		0.12	%		0.26	%		0.19	%		0.12	%(5)		0.06	%(5)
Total expenses before custodian fee reduction		1.78	%(4)		1.79	%		1.82	%(6)		1.75	%		1.73	%(5)		1.65	%(5)
Expenses after custodian fee reduction excluding interest and fees		1.75	%(4)		1.65	%		1.54	%(6)		1.53	%		1.59	%(5)		1.58	%(5)
Net investment income		4.30	%(4)		3.51	%		3.50	%		3.61	%		3.68	%		3.93	%
Portfolio Turnover of the Portfolio(8)		—			—			—			—			—			15	%
Portfolio Turnover of the Fund		11	%(9)		23	%		16	%		22	%		21	%		—

(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)	Total return reflects an increase of 0.16% due to a change in the timing of the payment and reinvestment of distributions.
(4)	Annualized.
(5)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(6)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to 0.02% 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)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(9)	Not annualized.

See notes to financial statements

61

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Mississippi Fund — Class C
	Six Months Ended			Period Ended
	March 31, 2009			September 30,
	(Unaudited)			2008(1)
Net asset value — Beginning of period	$	8.820		$	9.670
Income (loss) from operations
Net investment income(2)	$	0.180		$	0.276
Net realized and unrealized loss		(0.398	)		(0.850	)
Total loss from operations	$	(0.218	)	$	(0.574	)
Less distributions
From net investment income	$	(0.172	)	$	(0.276	)
Total distributions	$	(0.172	)	$	(0.276	)
Net asset value — End of period	$	8.430		$	8.820
Total Return(3)		(2.44	)%(7)		(6.07	)%(7)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	310		$	318
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.75	%(4)		1.68	%(4)
Interest and fee expense(5)		0.03	%(4)		0.12	%(4)
Total expenses before custodian fee reduction		1.78	%(4)		1.80	%(4)
Expenses after custodian fee reduction excluding interest and fees		1.75	%(4)		1.66	%(4)
Net investment income		4.32	%(4)		3.57	%(4)
Portfolio Turnover		11	%(7)		23	%(6)

(1)	For the period from the start of business, December 4, 2007, 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 and do not reflect the effect of sales charges.
(4)	Annualized.
(5)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(6)	For the Fund’s year ended September 30, 2008.
(7)	Not annualized.

See notes to financial statements

62

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	New York Fund — Class A
	Six Months Ended
	March 31, 2009			Year Ended September 30,
	(Unaudited)			2008			2007			2006			2005			2004
Net asset value — Beginning of period	$	8.850		$	10.400		$	10.750		$	10.700		$	10.800		$	10.920
Income (loss) from operations
Net investment income(1)	$	0.229		$	0.471		$	0.466		$	0.476		$	0.502		$	0.542
Net realized and unrealized gain (loss)		(0.700	)		(1.563	)		(0.305	)		0.170			(0.090	)		(0.049	)
Total income (loss) from operations	$	(0.471	)	$	(1.092	)	$	0.161		$	0.646		$	0.412		$	0.493
Less distributions
From net investment income	$	(0.229	)	$	(0.458	)	$	(0.458	)	$	(0.473	)	$	(0.512	)	$	(0.587	)
From net realized gain		—			—			(0.053	)		(0.123	)		—			(0.026	)
Total distributions	$	(0.229	)	$	(0.458	)	$	(0.511	)	$	(0.596	)	$	(0.512	)	$	(0.613	)
Net asset value — End of period	$	8.150		$	8.850		$	10.400		$	10.750		$	10.700		$	10.800
Total Return(2)		(5.25	)%(8)		(10.86	)%		1.50	%		6.29	%		3.88	%		4.66	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	275,361		$	319,101		$	400,671		$	393,479		$	357,652		$	335,153
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.86	%(3)		0.78	%		0.77	%(4)		0.79	%		0.80	%(5)		0.82	%(5)
Interest and fee expense(6)		0.30	%(3)		0.38	%		0.48	%		0.48	%		0.35	%(5)		0.19	%(5)
Total expenses before custodian fee reduction		1.16	%(3)		1.16	%		1.25	%(4)		1.27	%		1.15	%(5)		1.01	%(5)
Expenses after custodian fee reduction excluding interest and fees		0.86	%(3)		0.77	%		0.75	%(4)		0.78	%		0.79	%(5)		0.82	%(5)
Net investment income		5.72	%(3)		4.71	%		4.39	%		4.50	%		4.65	%		5.07	%
Portfolio Turnover of the Portfolio(7)		—			—			—			—			—			26	%
Portfolio Turnover of the Fund		30	%(8)		45	%		35	%		34	%		45	%		—

(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)	Annualized.
(4)	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.
(5)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(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)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(8)	Not annualized.

See notes to financial statements

63

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	New York Fund — Class B
	Six Months Ended
	March 31, 2009			Year Ended September 30,
	(Unaudited)			2008			2007			2006			2005			2004
Net asset value — Beginning of period	$	8.870		$	10.420		$	10.760		$	10.700		$	10.800		$	10.910
Income (loss) from operations
Net investment income(1)	$	0.200		$	0.397		$	0.386		$	0.396		$	0.415		$	0.533
Net realized and unrealized gain (loss)		(0.714	)		(1.566	)		(0.295	)		0.181			(0.083	)		(0.084	)
Total income (loss) from operations	$	(0.514	)	$	(1.169	)	$	0.091		$	0.577		$	0.332		$	0.449
Less distributions
From net investment income	$	(0.196	)	$	(0.381	)	$	(0.378	)	$	(0.394	)	$	(0.432	)	$	(0.540	)
From net realized gain		—			—			(0.053	)		(0.123	)		—			(0.024	)
Total distributions	$	(0.196	)	$	(0.381	)	$	(0.431	)	$	(0.517	)	$	(0.432	)	$	(0.564	)
Contigent deferred sales charges	$	—		$	—		$	—		$	—		$	—		$	0.005
Net asset value — End of period	$	8.160		$	8.870		$	10.420		$	10.760		$	10.700		$	10.800
Total Return(2)		(5.74	)%(9)		(11.53	)%		0.83	%		5.59	%		3.27	%(3)		4.28	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	9,228		$	10,552		$	11,439		$	9,488		$	6,189		$	2,984
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.61	%(4)		1.53	%		1.51	%(5)		1.54	%		1.55	%(6)		0.93	% (6)
Interest and fee expense(7)		0.30	%(4)		0.38	%		0.48	%		0.48	%		0.35	%(6)		0.19	%(6)
Total expenses before custodian fee reduction		1.91	%(4)		1.91	%		1.99	%(5)		2.02	%		1.90	%(6)		1.12	%(6)
Expenses after custodian fee reduction excluding interest and fees		1.61	%(4)		1.52	%		1.50	%(5)		1.53	%		1.54	%(6)		0.93	%(6)
Net investment income		4.97	%(4)		3.96	%		3.63	%		3.74	%		3.84	%		4.86	%
Portfolio Turnover of the Portfolio(8)		—			—			—			—			—			26	%
Portfolio Turnover of the Fund		30	% (9)		45	%		35	%		34	%		45	%		—

(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)	Total return reflects an increase of 0.16% due to a change in the timing of the payment and reinvestment of distributions.
(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)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(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)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(9)	Not annualized.

See notes to financial statements

64

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	New York Fund — Class C
	Six Months Ended
	March 31, 2009			Year Ended September 30,
	(Unaudited)			2008			2007			2006			2005			2004
Net asset value — Beginning of period	$	8.860		$	10.400		$	10.750		$	10.700		$	10.800		$	11.070
Income (loss) from operations
Net investment income(1)	$	0.199		$	0.396		$	0.383		$	0.391		$	0.408		$	0.448
Net realized and unrealized gain (loss)		(0.703	)		(1.556	)		(0.302	)		0.176			(0.077	)		(0.222	)
Total income (loss) from operations	$	(0.504	)	$	(1.160	)	$	0.081		$	0.567		$	0.331		$	0.226
Less distributions
From net investment income	$	(0.196	)	$	(0.380	)	$	(0.378	)	$	(0.394	)	$	(0.431	)	$	(0.467	)
From net realized gain		—			—			(0.053	)		(0.123	)		—			(0.029	)
Total distributions	$	(0.196	)	$	(0.380	)	$	(0.431	)	$	(0.517	)	$	(0.431	)	$	(0.496	)
Net asset value — End of period	$	8.160		$	8.860		$	10.400		$	10.750		$	10.700		$	10.800
Total Return(2)		(5.63	)%(9)		(11.46	)%		0.73	%		5.50	%		3.20	%(3)		1.99	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	31,188		$	32,684		$	31,131		$	13,889		$	4,702		$	940
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.61	%(4)		1.53	%		1.51	%(5)		1.54	%		1.54	%(6)		1.56	%(6)
Interest and fee expense(7)		0.30	%(4)		0.38	%		0.48	%		0.48	%		0.35	%(6)		0.19	%(6)
Total expenses before custodian fee reduction		1.91	%(4)		1.91	%		1.99	%(5)		2.02	%		1.89	%(6)		1.75	%(6)
Expenses after custodian fee reduction excluding interest and fees		1.61	%(4)		1.52	%		1.50	%(5)		1.53	%		1.53	%(6)		1.56	%(6)
Net investment income		4.97	%(4)		3.97	%		3.62	%		3.70	%		3.78	%		4.17	%
Portfolio Turnover of the Portfolio(8)		—			—			—			—			—			26	%
Portfolio Turnover of the Fund		30	%(9)		45	%		35	%		34	%		45	%		—

(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)	Total return reflects an increase of 0.09% due to a change in the timing of the payment and reinvestment of distributions.
(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)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(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)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(9)	Not annualized.

See notes to financial statements

65

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	New York Fund — Class I
	Six Months Ended			Period Ended
	March 31, 2009			September 30,
	(Unaudited)			2008(1)
Net asset value — Beginning of period	$	8.850		$	9.340
Income (loss) from operations
Net investment income(2)	$	0.236		$	0.290
Net realized and unrealized loss		(0.709	)		(0.504	)
Total loss from operations	$	(0.473	)	$	(0.214	)
Less distributions
From net investment income	$	(0.237	)	$	(0.276	)
Total distributions	$	(0.237	)	$	(0.276	)
Net asset value — End of period	$	8.140		$	8.850
Total Return(3)		(5.27	)%(7)		(2.51	)%(7)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	908		$	227
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.70	%(4)		0.61	%(4)
Interest and fee expense(5)		0.30	%(4)		0.38	%(4)
Total expenses before custodian fee reduction		1.00	%(4)		0.99	%(4)
Expenses after custodian fee reduction excluding interest and fees		0.70	%(4)		0.58	%(4)
Net investment income		5.93	%(4)		5.09	%(4)
Portfolio Turnover		30	%(7)		45	%(6)

(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)	Annualized.
(5)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(6)	For the Fund’s year ended September 30, 2008.
(7)	Not annualized.

See notes to financial statements

66

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Ohio Fund — Class A
	Six Months Ended
	March 31, 2009			Year Ended September 30,
	(Unaudited)			2008			2007			2006			2005			2004
Net asset value — Beginning of period	$	8.140		$	9.240		$	9.450		$	9.320		$	9.180		$	9.230
Income (loss) from operations
Net investment income(1)	$	0.190		$	0.384		$	0.382		$	0.420		$	0.464		$	0.491
Net realized and unrealized gain (loss)		(0.110	)		(1.108	)		(0.197	)		0.137			0.142			(0.034	)
Total income (loss) from operations	$	0.080		$	(0.724	)	$	0.185		$	0.557		$	0.606		$	0.457
Less distributions
From net investment income	$	(0.190	)	$	(0.376	)	$	(0.395	)	$	(0.427	)	$	(0.466	)	$	(0.507	)
Total distributions	$	(0.190	)	$	(0.376	)	$	(0.395	)	$	(0.427	)	$	(0.466	)	$	(0.507	)
Net asset value — End of period	$	8.030		$	8.140		$	9.240		$	9.450		$	9.320		$	9.180
Total Return(2)		1.05	%(8)		(8.09	)%		1.98	%		6.15	%		6.71	%		5.07	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	246,946		$	251,447		$	274,850		$	182,719		$	140,355		$	126,212
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.83	%(3)		0.77	%		0.77	%(4)		0.78	%		0.82	%(5)		0.85	%(5)
Interest and fee expense(6)		0.12	%(3)		0.20	%		0.31	%		0.47	%		0.35	%(5)		0.25	%(5)
Total expenses before custodian fee reduction		0.95	%(3)		0.97	%		1.08	%(4)		1.25	%		1.17	%(5)		1.10	%(5)
Expenses after custodian fee reduction excluding interest and fees		0.83	%(3)		0.75	%		0.74	%(4)		0.75	%		0.81	%(5)		0.85	%(5)
Net investment income		4.84	%(3)		4.28	%		4.09	%		4.53	%		4.97	%		5.38	%
Portfolio Turnover of the Portfolio(7)		—			—			—			—			—			9	%
Portfolio Turnover of the Fund		7	%(8)		30	%		39	%		24	%		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)	Annualized.
(4)	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.
(5)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(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)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(8)	Not annualized.

See notes to financial statements

67

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Ohio Fund — Class C
	Six Months Ended			Year Ended September 30,						Period Ended
	March 31, 2009									September 30,
	(Unaudited)			2008			2007			2006(1)
Net asset value — Beginning of period	$	8.130		$	9.240		$	9.440		$	9.300
Income (loss) from operations
Net investment income(2)	$	0.160		$	0.316		$	0.310		$	0.211
Net realized and unrealized gain (loss)		(0.101	)		(1.118	)		(0.186	)		0.160
Total income (loss) from operations	$	0.059		$	(0.802	)	$	0.124		$	0.371
Less distributions
From net investment income	$	(0.159	)	$	(0.308	)	$	(0.324	)	$	(0.231	)
Total distributions	$	(0.159	)	$	(0.308	)	$	(0.324	)	$	(0.231	)
Net asset value — End of period	$	8.030		$	8.130		$	9.240		$	9.440
Total Return(3)		0.53	%(8)		(8.91	)%		1.32	%		4.06	%(8)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	26,176		$	30,157		$	30,804		$	8,294
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.59	%(4)		1.52	%		1.52	%(5)		1.53	%(4)
Interest and fee expense(6)		0.12	%(4)		0.20	%		0.31	%		0.47	%(4)
Total expenses before custodian fee reduction		1.71	%(4)		1.72	%		1.83	%(5)		2.00	%(4)
Expenses after custodian fee reduction excluding interest and fees		1.58	%(4)		1.50	%		1.49	%(5)		1.50	%(4)
Net investment income		4.10	%(4)		3.53	%		3.33	%		3.45	%(4)
Portfolio Turnover		7	%(8)		30	%		39	%		24	%(7)

(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)	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).
(7)	For the Fund’s year ended September 30, 2006.
(8)	Not annualized.

See notes to financial statements

68

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Rhode Island Fund — Class A
	Six Months Ended
	March 31, 2009			Year Ended September 30,
	(Unaudited)			2008			2007			2006			2005			2004
Net asset value — Beginning of period	$	8.380		$	9.640		$	9.860		$	9.760		$	9.780		$	9.760
Income (loss) from operations
Net investment income(1)	$	0.199		$	0.411		$	0.411		$	0.423		$	0.441		$	0.462
Net realized and unrealized gain (loss)		(0.358	)		(1.265	)		(0.225	)		0.106			(0.014	)		0.028
Total income (loss) from operations	$	(0.159	)	$	(0.854	)	$	0.186		$	0.529		$	0.427		$	0.490
Less distributions
From net investment income	$	(0.201	)	$	(0.406	)	$	(0.406	)	$	(0.429	)	$	(0.447	)	$	(0.470	)
Total distributions	$	(0.201	)	$	(0.406	)	$	(0.406	)	$	(0.429	)	$	(0.447	)	$	(0.470	)
Net asset value — End of period	$	8.020		$	8.380		$	9.640		$	9.860		$	9.760		$	9.780
Total Return(2)		(1.82	)%(8)		(9.14	)%		1.91	%		5.56	%		4.44	%		5.13	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	33,584		$	37,003		$	46,764		$	39,291		$	29,745		$	26,558
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.80	%(5)		0.79	%		0.74	%(3)		0.75	%		0.77	%(4)		0.77	%(4)
Interest and fee expense(6)		0.12	%(5)		0.17	%		0.40	%		0.35	%		0.18	%(4)		0.10	%(4)
Total expenses before custodian fee reduction		0.92	%(5)		0.96	%		1.14	%(3)		1.10	%		0.95	%(4)		0.87	%(4)
Expenses after custodian fee reduction excluding interest and fees		0.80	%(5)		0.77	%		0.69	%(3)		0.72	%		0.75	%(4)		0.77	%(4)
Net investment income		5.09	%(5)		4.43	%		4.20	%		4.34	%		4.49	%		4.74	%
Portfolio Turnover of the Portfolio(7)		—			—			—			—			—			16	%
Portfolio Turnover of the Fund		14	%(8)		8	%		14	%		19	%		15	%		—

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.
(3)	The investment adviser 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.
(4)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(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)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(8)	Not annualized.

See notes to financial statements

69

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Rhode Island Fund — Class B
	Six Months Ended
	March 31, 2009			Year Ended September 30,
	(Unaudited)			2008			2007			2006			2005			2004
Net asset value — Beginning of period	$	8.570		$	9.860		$	10.080		$	9.980		$	10.000		$	9.990
Income (loss) from operations
Net investment income(1)	$	0.174		$	0.349		$	0.345		$	0.361		$	0.377		$	0.401
Net realized and unrealized gain (loss)		(0.361	)		(1.298	)		(0.224	)		0.103			(0.015	)		0.016
Total income (loss) from operations	$	(0.187	)	$	(0.949	)	$	0.121		$	0.464		$	0.362		$	0.417
��
Less distributions
From net investment income	$	(0.173	)	$	(0.341	)	$	(0.341	)	$	(0.364	)	$	(0.382	)	$	(0.407	)
Total distributions	$	(0.173	)	$	(0.341	)	$	(0.341	)	$	(0.364	)	$	(0.382	)	$	(0.407	)
Net asset value — End of period	$	8.210		$	8.570		$	9.860		$	10.080		$	9.980		$	10.000
Total Return(2)		(2.12	)%(9)		(9.87	)%		1.20	%		4.76	%		3.83	%(3)		4.25	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	8,362		$	10,286		$	13,989		$	18,564		$	22,793		$	25,084
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.55	%(6)		1.54	%		1.49	%(4)		1.50	%		1.52	%(5)		1.52	%(5)
Interest and fee expense(7)		0.12	%(6)		0.17	%		0.40	%		0.35	%		0.18	%(5)		0.10	%(5)
Total expenses before custodian fee reduction		1.67	%(6)		1.71	%		1.89	%(4)		1.85	%		1.70	%(5)		1.62	%(5)
Expenses after custodian fee reduction excluding interest and fees		1.55	%(6)		1.52	%		1.44	%(4)		1.47	%		1.50	%(5)		1.52	%(5)
Net investment income		4.36	%(6)		3.68	%		3.45	%		3.62	%		3.76	%		4.00	%
Portfolio Turnover of the Portfolio(8)		—			—			—			—			—			16	%
Portfolio Turnover of the Fund		14	%(9)		8	%		14	%		19	%		15	%		—

(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)	Total return reflects an increase of 0.15% due to a change in the timing of payment and reinvestment of distributions.
(4)	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.
(5)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(6)	Annualized.
(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)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(9)	Not annualized.

See notes to financial statements

70

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Rhode Island Fund — Class C
	Six Months Ended			Year Ended September 30,						Period Ended
	March 31, 2009									September 30,
	(Unaudited)			2008			2007			2006(1)
Net asset value — Beginning of period	$	8.580		$	9.870		$	10.090		$	10.040
Income (loss) from operations
Net investment income(2)	$	0.175		$	0.347		$	0.344		$	0.173
Net realized and unrealized gain (loss)		(0.362	)		(1.296	)		(0.223	)		0.065
Total income (loss) from operations	$	(0.187	)	$	(0.949	)	$	0.121		$	0.238
Less distributions
From net investment income	$	(0.173	)	$	(0.341	)	$	(0.341	)	$	(0.188	)
Total distributions	$	(0.173	)	$	(0.341	)	$	(0.341	)	$	(0.188	)
Net asset value — End of period	$	8.220		$	8.580		$	9.870		$	10.090
Total Return(3)		(2.12	)%(8)		(9.85	)%		1.20	%		2.40	%(8)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,224		$	3,435		$	3,281		$	428
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.55	%(4)		1.54	%		1.48	%(5)		1.50	%(4)
Interest and fee expense(6)		0.12	%(4)		0.17	%		0.40	%		0.35	%(4)
Total expenses before custodian fee reduction		1.67	%(4)		1.71	%		1.88	%(5)		1.85	%(4)
Expenses after custodian fee reduction excluding interest and fees		1.55	%(4)		1.52	%		1.44	%(5)		1.47	%(4)
Net investment income		4.36	%(4)		3.66	%		3.45	%		3.23	%(4)
Portfolio Turnover		14	%(8)		8	%		14	%		19	%(7)

(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)	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).
(7)	For the Fund’s year ended September 30, 2006.
(8)	Not annualized.

See notes to financial statements

71

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	West Virginia Fund — Class A
	Six Months Ended
	March 31, 2009			Year Ended September 30,
	(Unaudited)			2008			2007			2006			2005			2004
Net asset value — Beginning of period	$	8.210		$	9.690		$	9.870		$	9.750		$	9.810		$	9.880
Income (loss) from operations
Net investment income(1)	$	0.199		$	0.405		$	0.402		$	0.415		$	0.434		$	0.462
Net realized and unrealized gain (loss)		(0.472	)		(1.485	)		(0.181	)		0.110			(0.053	)		(0.081	)
Total income (loss) from operations	$	(0.273	)	$	(1.080	)	$	0.221		$	0.525		$	0.381		$	0.381
Less distributions
From net investment income	$	(0.197	)	$	(0.400	)	$	(0.401	)	$	(0.405	)	$	(0.441	)	$	(0.451	)
Total distributions	$	(0.197	)	$	(0.400	)	$	(0.401	)	$	(0.405	)	$	(0.441	)	$	(0.451	)
Net asset value — End of period	$	7.740		$	8.210		$	9.690		$	9.870		$	9.750		$	9.810
Total Return(2)		(3.26	)%(8)		(11.46	)%		2.26	%		5.53	%		3.95	%		3.94	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	22,417		$	24,379		$	25,703		$	22,812		$	21,249		$	18,670
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.82	%(4)		0.79	%		0.75	%(3)		0.75	%		0.79	%(5)		0.79	%(5)
Interest and fee expense(6)		0.07	%(4)		0.14	%		0.25	%		0.18	%		0.06	%(5)		0.03	%(5)
Total expenses before custodian fee reduction		0.89	%(4)		0.93	%		1.00	%(3)		0.93	%		0.85	%(5)		0.82	%(5)
Expenses after custodian fee reduction excluding interest and fees		0.82	%(4)		0.77	%		0.71	%(3)		0.72	%		0.78	%(5)		0.78	%(5)
Net investment income		5.24	%(4)		4.40	%		4.10	%		4.26	%		4.42	%		4.73	%
Portfolio Turnover of the Portfolio(7)		—			—			—			—			—			12	%
Portfolio Turnover of the Fund		5	%(8)		15	%		31	%		20	%		21	%		—

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.
(3)	The investment adviser 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.
(4)	Annualized.
(5)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(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)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(8)	Not annualized.

See notes to financial statements

72

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	West Virginia Fund — Class B
	Six Months Ended
	March 31, 2009			Year Ended September 30,
	(Unaudited)			2008			2007			2006			2005			2004
Net asset value — Beginning of period	$	8.370		$	9.870		$	10.060		$	9.930		$	10.000		$	10.080
Income (loss) from operations
Net investment income(1)	$	0.174		$	0.345		$	0.335		$	0.350		$	0.378		$	0.395
Net realized and unrealized gain (loss)		(0.476	)		(1.513	)		(0.191	)		0.118			(0.073	)		(0.087	)
Total income (loss) from operations	$	(0.302	)	$	(1.168	)	$	0.144		$	0.468		$	0.305		$	0.308
Less distributions
From net investment income	$	(0.168	)	$	(0.332	)	$	(0.334	)	$	(0.338	)	$	(0.375	)	$	(0.388	)
Total distributions	$	(0.168	)	$	(0.332	)	$	(0.334	)	$	(0.338	)	$	(0.375	)	$	(0.388	)
Net asset value — End of period	$	7.900		$	8.370		$	9.870		$	10.060		$	9.930		$	10.000
Total Return(2)		(3.55	)%(9)		(12.10	)%		1.43	%		4.82	%		3.26	%(3)		3.09	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,788		$	4,406		$	6,049		$	7,002		$	8,287		$	8,550
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.57	%(4)		1.54	%		1.49	%(5)		1.50	%		1.54	%(6)		1.55	%(6)
Interest and fee expense(7)		0.07	%(4)		0.14	%		0.25	%		0.18	%		0.06	%(6)		0.03	%(6)
Total expenses before custodian fee reduction		1.64	%(4)		1.68	%		1.74	%(5)		1.68	%		1.60	%(6)		1.58	%(6)
Expenses after custodian fee reduction excluding interest and fees		1.57	%(4)		1.52	%		1.46	%(5)		1.47	%		1.53	%(6)		1.54	%(6)
Net investment income		4.49	%(4)		3.67	%		3.35	%		3.53	%		3.78	%		3.91	%
Portfolio Turnover of the Portfolio(8)		—			—			—			—			—			12	%
Portfolio Turnover of the Fund		5	%(9)		15	%		31	%		20	%		21	%		—

(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)	Total return reflects an increase of 0.16% due to a change in the timing of the payment and reinvestment of distributions.
(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)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(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)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.
(9)	Not annualized.

See notes to financial statements

73

Eaton Vance Municipals Fundsas of March 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	West Virginia Fund — Class C
	Six Months Ended			Period Ended
	March 31, 2009			September 30,
	(Unaudited)			2008(1)
Net asset value — Beginning of period	$	8.390		$	9.700
Income (loss) from operations
Net investment income(2)	$	0.174		$	0.280
Net realized and unrealized loss		(0.475	)		(1.316	)
Total loss from operations	$	(0.301	)	$	(1.036	)
Less distributions
From net investment income	$	(0.169	)	$	(0.274	)
Total distributions	$	(0.169	)	$	(0.274	)
Net asset value — End of period	$	7.920		$	8.390
Total Return(3)		(3.42	)%(7)		(10.99	)%(7)
			��
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	429		$	527
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.58	%(4)		1.55	%(4)
Interest and fee expense(5)		0.07	%(4)		0.14	%(4)
Total expenses before custodian fee reduction		1.65	%(4)		1.69	%(4)
Expenses after custodian fee reduction excluding interest and fees		1.57	%(4)		1.53	%(4)
Net investment income		4.50	%(4)		3.71	%(4)
Portfolio Turnover		5	%(7)		15	%(6)

(1)	For the period from the start of business, December 4, 2007, 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 and do not reflect the effect of sales charges.
(4)	Annualized.
(5)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(6)	For the Fund’s year ended September 30, 2008.
(7)	Not annualized.

See notes to financial statements

74

Eaton Vance Municipals Fundsas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1Significant 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-seven funds, seven of which, each non-diversified, are included in these financial statements. They include Eaton Vance California Municipals Fund (California Fund), Eaton Vance Massachusetts Municipals Fund (Massachusetts Fund), Eaton Vance Mississippi Municipals Fund (Mississippi Fund), Eaton Vance New York Municipals Fund (New York Fund), Eaton Vance Ohio Municipals Fund (Ohio Fund), Eaton Vance Rhode Island Municipals Fund (Rhode Island Fund) and Eaton Vance West Virginia Municipals Fund (West Virginia 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 Ohio Fund offers two classes of shares. The Mississippi Fund, Rhode Island Fund and West Virginia Fund offer three classes of shares. The California Fund, Massachusetts Fund and New York Fund offer 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 of each Fund automatically convert to Class A shares eight years after their purchase as described in each Fund’s prospectus. The Ohio Fund previously offered Class B shares. Such offering was discontinued during the six months ended March 31, 2009. At the close of business on December 5, 2008, the Ohio Fund’s Class B shares were merged into Class A shares. 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.

AInvestment Valuation — Municipal bonds and taxable obligations, if any, are generally valued on the basis of valuations furnished by a pricing vendor, as derived from such vendor’s pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, benchmark curves or information pertaining to the issuer. The pricing vendor may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Financial futures contracts and options on financial futures contracts listed on commodity exchanges are valued based on the closing price on the primary exchange on which such contracts trade. Interest rate swaps are normally valued using valuations provided by a pricing vendor. Such vendor 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 curves provided by electronic data services or by broker/dealers. Short-term obligations, maturing in sixty days or less, are valued at amortized cost, which approximates market value. 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 companies, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

BInvestment 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.

CFederal 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

75

Eaton Vance Municipals Fundsas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

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.

At September 30, 2008, 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:

Fund	Amount		Expiration Date
California	$	658,740		September 30, 2016
Massachusetts		856,779		September 30, 2010
		1,430,573		September 30, 2011
		355,911		September 30, 2012
		1,751,809		September 30, 2013
		440,164		September 30, 2015
		91,224		September 30, 2016
Mississippi		178,181		September 30, 2013
New York		108,787		September 30, 2015
		2,215,774		September 30, 2016
Ohio		5,839,721		September 30, 2011
		1,709,089		September 30, 2013
		240,163		September 30, 2016
Rhode Island		384,825		September 30, 2013
		71,778		September 30, 2016
West Virginia		529,815		September 30, 2013
		33,749		September 30, 2016

Additionally, at September 30, 2008, the California Fund, Massachusetts Fund, Mississippi Fund, New York Fund, Ohio Fund, Rhode Island Fund and West Virginia Fund had net capital losses of $6,350,688, $11,921,921, $123,229, $6,686,305, $4,726,863, $972,642 and $764,838, respectively, attributable to security transactions incurred after October 31, 2007. These net capital losses are treated as arising on the first day of the Funds’ taxable year ending September 30, 2009.

As of March 31, 2009, 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, 2008 remains subject to examination by the Internal Revenue Service.

DExpenses — 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.

EExpense 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.

FLegal 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.

GUse 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.

HIndemnifications — 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, and shareholders are indemnified against personal liability for the obligations of the Trust. 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.

IFloating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in inverse floating rate securities, also referred to as tender option bonds (TOBs), whereby a Fund may sell a 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 fixed rate bond into the SPV with the same CUSIP number as the fixed rate bond sold to the

76

Eaton Vance Municipals Fundsas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

broker by the Fund, and which may have been, but is not required to be, the fixed rate bond purchased from the Fund (the Fixed Rate 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 tender their notes at par, and (2) to have the broker transfer the Fixed Rate Bond held by the SPV to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would pay the broker the par amount due on the Floating Rate Notes and exchange the Inverse Floater for the underlying Fixed Rate Bond. Pursuant to Financial Accounting Standards Board (FASB) Statement No. 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities” (FAS 140), the Funds account for the transaction described above as a secured borrowing by including the Fixed Rate 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, 2009, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:

			Interest Rate
			or Range of	Collateral for
	Floating Rate		Interest	Floating Rate
Fund	Notes Outstanding		Rates (%)	Notes Outstanding
California	$	18,720,000	0.42 – 0.79	$	27,236,945
Massachusetts		29,915,000	0.44 – 1.97		41,424,693
Mississippi		165,000	0.47		267,524
New York		37,150,000	0.44 – 0.54		51,880,014
Ohio		7,470,000	0.84 – 1.97		12,295,640
Rhode Island		1,415,000	0.47 – 1.97		2,517,006
West Virginia		370,000	1.97		714,318

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 Fixed Rate 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, 2009.

The Funds may also purchase Inverse Floaters from brokers in a secondary market transaction without first owning the underlying fixed rate 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 for purposes of making investments. 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’ Statements 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.

JFinancial Futures Contracts — The Funds may enter into financial futures contracts. The Funds’ investment in financial futures contracts is designed for hedging against changes in interest rates or as a substitute for the purchase of securities. 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. In entering such contracts, the Fund bears the risk if the counterparties do not perform under the contracts’ terms.

KInterest Rate Swaps — The Funds may enter into interest rate swap agreements to enhance return, to hedge

77

Eaton Vance Municipals Fundsas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

against fluctuations in securities prices or interest rates, or as substitution for the purchase or sale of securities. Pursuant to these 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.

LWhen-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 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.

MStatement 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.

NInterim Financial Statements — The interim financial statements relating to March 31, 2009 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 of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2Distributions 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.

3Investment 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			Daily
Daily Net Assets	Asset Rate			Income 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 further 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 as daily net assets exceed that level.

For the six months ended March 31, 2009, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

	Investment		Effective
Fund	Adviser Fee		Annual Rate
California	$	531,985		0.49	%
Massachusetts		529,313		0.46
Mississippi		11,710		0.16
New York		764,579		0.49
Ohio		630,891		0.47
Rhode Island		62,276		0.28
West Virginia		27,864		0.21

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

78

Eaton Vance Municipals Fundsas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

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 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, 2009 were as follows:

	EVM’s
	Sub-Transfer		EVD’s Class A
Fund	Agent Fees		Sales Charges
California	$	2,369	$	7,632
Massachusetts		3,037		5,069
Mississippi		217		788
New York		4,402		9,958
Ohio		3,536		13,442
Rhode Island		679		562
West Virginia		462		3,550

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, 2009, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of the above organizations.

4Distribution 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, 2009 for Class A shares amounted to the following:

	Class A
	Distribution and
Fund	Service Fees
California	$	262,513
Massachusetts		180,219
Mississippi		12,590
New York		275,615
Ohio		237,877
Rhode Island		32,508
West Virginia		22,220

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. The Class B and Class C Plans require each Fund to pay 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. Such payments were discontinued during the six months ended March 31, 2009 with respect to Class B of the Ohio Fund. For the six months ended March 31, 2009, the Funds paid or accrued to EVD the following distribution fees, representing 0.75% (annualized) (0.00% for Class B of Ohio Fund) of the average daily net assets of each Fund’s Class B and Class C shares:

	Class B		Class C
	Distribution		Distribution
Fund	Fees		Fees
California	$	11,363	$	45,431
Massachusetts		88,388		54,627
Mississippi		6,946		994
New York		34,551		111,439
Ohio		—		98,960
Rhode Island		32,749		12,434
West Virginia		14,331		1,567

79

Eaton Vance Municipals Fundsas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

At March 31, 2009, the amounts of Uncovered Distribution Charges of EVD calculated under the Class B and Class C Plans were approximately as follows:

Fund	Class B		Class C
California	$	41,000	$	974,000
Massachusetts		118,000		1,586,000
Mississippi		487,000		176,000
New York		298,000		2,570,000
Ohio		—		2,652,000
Rhode Island		1,009,000		338,000
West Virginia		544,000		36,000

The Class B and Class C Plans also authorize the Funds to make payments of service fees to EVD, investment dealers 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, 2009 amounted to the following:

	Class B		Class C
Fund	Service Fees		Service Fees
California	$	3,938	$	15,838
Massachusetts		23,570		14,568
Mississippi		1,852		265
New York		9,214		29,717
Ohio		7,897		26,390
Rhode Island		8,733		3,316
West Virginia		3,822		418

5Contingent 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, 2009, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A, Class B and Class C shareholders:

Fund	Class A		Class B			Class C
California	$	17,700	$	4,000		$	3,800
Massachusetts		7,900		18,400			100
Mississippi		—		1,400			12,100
New York		23,900		15,400			7,400
Ohio		1,400		20,200	*		10,800
Rhode Island		—		4,200			—
West Virginia		—		5,900			800

* Includes $19,600 that was paid directly to the Ohio Fund for days when no Uncovered Distribution Charges existed.

6Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended March 31, 2009 were as follows:

Fund	Purchases		Sales
California	$	25,327,410	$	67,400,246
Massachusetts		53,539,327		97,117,714
Mississippi		1,680,836		2,362,052
New York		108,591,421		158,139,001
Ohio		19,199,453		67,100,018
Rhode Island		6,531,668		12,560,973
West Virginia		1,292,397		4,582,106

7Shares of Beneficial Interest

Each Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of

80

Eaton Vance Municipals Fundsas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

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			Year Ended
	March 31, 2009			September 30,
Class A	(Unaudited)			2008
Sales		1,345,634			5,220,517
Issued to shareholders electing to receive payments of distributions in Fund shares		344,578			659,341
Redemptions		(4,492,680	)		(5,188,449	)
Exchange from Class B shares		9,313			13,119
Net increase (decrease)		(2,793,155	)		704,528
	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class B	(Unaudited)			2008
Sales		57,558			98,168
Issued to shareholders electing to receive payments of distributions in Fund shares		4,500			7,565
Redemptions		(55,101	)		(55,072	)
Exchange to Class A shares		(10,047	)		(14,175	)
Net increase (decrease)		(3,090	)		36,486
	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class C	(Unaudited)			2008
Sales		162,244			1,074,117
Issued to shareholders electing to receive payments of distributions in Fund shares		19,939			31,914
Redemptions		(613,614	)		(425,937	)
Net increase (decrease)		(431,431	)		680,094
	Six Months Ended			Period Ended
	March 31, 2009			September 30,
Class I	(Unaudited)			2008(1)
Sales		224,939			11,954
Issued to shareholders electing to receive payments of distributions in Fund shares		1,521			—
Redemptions		(3,195	)		—
Net increase		223,265			11,954

Massachusetts Fund
	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class A	(Unaudited)			2008
Sales		1,327,402			5,897,217
Issued to shareholders electing to receive payments of distributions in Fund shares		350,188			683,855
Redemptions		(4,639,014	)		(7,552,500	)
Exchange from Class B shares		213,632			420,940
Net decrease		(2,747,792	)		(550,488	)
	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class B	(Unaudited)			2008
Sales		104,645			152,143
Issued to shareholders electing to receive payments of distributions in Fund shares		39,201			79,716
Redemptions		(405,672	)		(686,781	)
Exchange to Class A shares		(213,335	)		(420,602	)
Net decrease		(475,161	)		(875,524	)
	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class C	(Unaudited)			2008
Sales		181,654			1,008,665
Issued to shareholders electing to receive payments of distributions in Fund shares		32,362			58,616
Redemptions		(558,399	)		(720,885	)
Net increase (decrease)		(344,383	)		346,396
	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class I	(Unaudited)			2008
Sales		89			405,080
Issued to shareholders electing to receive payments of distributions in Fund shares		15,267			28,146
Redemptions		(321,239	)		(575,063	)
Net decrease		(305,883	)		(141,837	)

81

Eaton Vance Municipals Fundsas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

Mississippi Fund
	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class A	(Unaudited)			2008
Sales		83,771			240,019
Issued to shareholders electing to receive payments of distributions in Fund shares		25,241			42,283
Redemptions		(140,546	)		(251,947	)
Exchange from Class B shares		17,743			2,964
Net increase (decrease)		(13,791	)		33,319
	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class B	(Unaudited)			2008
Sales		3,421			1,417
Issued to shareholders electing to receive payments of distributions in Fund shares		2,786			4,994
Redemptions		(19,164	)		(41,999	)
Exchange to Class A shares		(17,324	)		(2,790	)
Net decrease		(30,281	)		(38,378	)
	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class C	(Unaudited)			2008(2)
Sales		9,672			35,631
Issued to shareholders electing to receive payments of distributions in Fund shares		635			363
Redemptions		(9,589	)		—
Net increase		718			35,994

New York Fund
	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class A	(Unaudited)			2008
Sales		2,032,880			5,931,789
Issued to shareholders electing to receive payments of distributions in Fund shares		629,200			1,137,373
Redemptions		(4,915,069	)		(9,590,648	)
Exchange from Class B shares		5,933			44,390
Net decrease		(2,247,056	)		(2,477,096	)
	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class B	(Unaudited)			2008
Sales		129,553			282,478
Issued to shareholders electing to receive payments of distributions in Fund shares		16,458			25,764
Redemptions		(199,107	)		(172,850	)
Exchange to Class A shares		(5,922	)		(43,770	)
Net increase (decrease)		(59,018	)		91,622
	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class C	(Unaudited)			2008
Sales		714,649			1,417,434
Issued to shareholders electing to receive payments of distributions in Fund shares		56,161			81,642
Redemptions		(636,601	)		(801,497	)
Net increase		134,209			697,579
	Six Months Ended			Period Ended
	March 31, 2009			September 30,
Class I	(Unaudited)			2008(1)
Sales		98,164			25,658
Issued to shareholders electing to receive payments of distributions in Fund shares		1,293			—
Redemptions		(13,598	)		—
Net increase		85,859			25,658

Ohio Fund
	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class A	(Unaudited)			2008
Sales		1,332,001			6,212,155
Issued to shareholders electing to receive payments of distributions in Fund shares		457,569			779,095
Redemptions		(4,601,763	)		(6,115,039	)
Exchange from Class B shares		30,123			286,336
Merger from Class B shares		2,646,264			—
Net increase (decrease)		(135,806	)		1,162,547

82

Eaton Vance Municipals Fundsas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

Ohio Fund (continued)

	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class B	(Unaudited)(3)			2008
Sales		5,928			274,278
Issued to shareholders electing to receive payments of distributions in Fund shares		11,970			61,104
Redemptions		(108,141	)		(383,224	)
Exchange to Class A shares		(30,112	)		(286,159	)
Merger to Class A shares		(2,644,707	)		—
Net decrease		(2,765,062	)		(334,001	)
	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class C	(Unaudited)			2008
Sales		435,370			1,470,539
Issued to shareholders electing to receive payments of distributions in Fund shares		41,782			77,319
Redemptions		(923,191	)		(1,175,394	)
Net increase (decrease)		(446,039	)		372,464

Rhode Island Fund
	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class A	(Unaudited)			2008
Sales		332,775			726,760
Issued to shareholders electing to receive payments of distributions in Fund shares		58,405			111,167
Redemptions		(692,627	)		(1,364,044	)
Exchange from Class B shares		70,672			93,644
Net decrease		(230,775	)		(432,473	)
	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class B	(Unaudited)			2008
Sales		9,898			70,249
Issued to shareholders electing to receive payments of distributions in Fund shares		14,997			29,495
Redemptions		(137,451	)		(226,423	)
Exchange to Class A shares		(69,003	)		(91,505	)
Net decrease		(181,559	)		(218,184	)
	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class C	(Unaudited)			2008
Sales		61,098			213,957
Issued to shareholders electing to receive payments of distributions in Fund shares		6,471			8,704
Redemptions		(75,762	)		(154,564	)
Net increase (decrease)		(8,193	)		68,097

West Virginia Fund
	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class A	(Unaudited)			2008
Sales		177,080			534,730
Issued to shareholders electing to receive payments of distributions in Fund shares		46,343			77,996
Redemptions		(310,159	)		(327,600	)
Exchange from Class B shares		11,046			31,662
Net increase (decrease)		(75,690	)		316,788
	Six Months Ended			Year Ended
	March 31, 2009			September 30,
Class B	(Unaudited)			2008
Sales		19,592			18,381
Issued to shareholders electing to receive payments of distributions in Fund shares		6,524			12,928
Redemptions		(62,260	)		(86,523	)
Exchange to Class A shares		(10,821	)		(31,061	)
Net decrease		(46,965	)		(86,275	)
	Six Months Ended			Period Ended
	March 31, 2009			September 30,
Class C	(Unaudited)			2008(2)
Sales		7,917			62,225
Issued to shareholders electing to receive payments of distributions in Fund shares		727			571
Redemptions		(17,184	)		—
Net increase (decrease)		(8,540	)		62,796

(1)	Class I of the California Fund and New York Fund commenced operations on March 3, 2008.
(2)	Class C of the Mississippi Fund and West Virginia Fund commenced operations on December 4, 2007.
(3)	Offering of Class B shares of the Ohio Fund was discontinued during the six months ended March 31, 2009 (see Note 1).

83

Eaton Vance Municipals Fundsas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

8Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of each Fund at March 31, 2009, as determined on a federal income tax basis, were as follows:

California Fund
Aggregate Cost	$	225,790,595
Gross unrealized appreciation	$	9,801,398
Gross unrealized depreciation		(24,301,251	)
Net unrealized depreciation	$	(14,499,853	)
Massachusetts Fund
Aggregate Cost	$	243,525,622
Gross unrealized appreciation	$	4,843,293
Gross unrealized depreciation		(27,005,945	)
Net unrealized depreciation	$	(22,162,652	)
Mississippi Fund
Aggregate Cost	$	15,776,454
Gross unrealized appreciation	$	674,899
Gross unrealized depreciation		(1,688,330	)
Net unrealized depreciation	$	(1,013,431	)
New York Fund
Aggregate Cost	$	352,996,521
Gross unrealized appreciation	$	7,076,316
Gross unrealized depreciation		(44,784,647	)
Net unrealized depreciation	$	(37,708,331	)
Ohio Fund
Aggregate Cost	$	287,762,888
Gross unrealized appreciation	$	5,297,166
Gross unrealized depreciation		(27,186,334	)
Net unrealized depreciation	$	(21,889,168	)
Rhode Island Fund
Aggregate Cost	$	48,867,353
Gross unrealized appreciation	$	801,418
Gross unrealized depreciation		(5,388,894	)
Net unrealized depreciation	$	(4,587,476	)
West Virginia Fund
Aggregate Cost	$	29,444,510
Gross unrealized appreciation	$	736,347
Gross unrealized depreciation		(4,074,323	)
Net unrealized depreciation	$	(3,337,976	)

9Line 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. As of March 31, 2009, the California Fund, Mississippi Fund and New York Fund had a balance outstanding pursuant to this line of credit of $1,700,000, $300,000 and $1,700,000, respectively, at an interest rate of 0.80%. The Funds’ average borrowings or allocated fees during the six months ended March 31, 2009 were not significant.

10Financial 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 does 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.

84

Eaton Vance Municipals Fundsas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

A summary of obligations under these financial instruments outstanding at March 31, 2009 is as follows:

Futures Contracts
										Net
	Expiration			Aggregate						Unrealized
Fund	Date	Contracts	Position	Cost			Value			Depreciation
California	6/09	223 U.S. Treasury Bond	Short	$	(28,139,030	)	$	(28,923,797	)	$	(784,767	)
Massachusetts	6/09	200 U.S. Treasury Bond	Short	$	(25,330,544	)	$	(25,940,625	)	$	(610,081	)
	6/09	215 U.S. Treasury Note	Short	$	(26,258,199	)	$	(26,676,797	)	$	(418,598	)
Mississippi	6/09	17 U.S. Treasury Bond	Short	$	(2,169,565	)	$	(2,204,953	)	$	(35,388	)
New York	6/09	728 U.S. Treasury Bond	Short	$	(92,908,452	)	$	(94,423,875	)	$	(1,515,423	)
Ohio	6/09	248 U.S. Treasury Bond	Short	$	(31,650,132	)	$	(32,166,375	)	$	(516,243	)
	6/09	105 U.S. Treasury Note	Short	$	(12,823,772	)	$	(13,028,203	)	$	(204,431	)
Rhode Island	6/09	7 U.S. Treasury Bond	Short	$	(886,570	)	$	(907,922	)	$	(21,352	)
	6/09	8 U.S. Treasury Note	Short	$	(977,049	)	$	(992,625	)	$	(15,576	)
West Virginia	6/09	70 U.S. Treasury Bond	Short	$	(8,865,693	)	$	(9,079,219	)	$	(213,526	)

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
JPMorgan Chase Co.	$	5,587,500	4.743%	3-month USD-LIBOR-BBA	September 14, 2009/ September 14, 2039	$	(1,547,246	)
Merrill Lynch Capital Services, Inc.		5,212,500	3.394	3-month USD-LIBOR-BBA	September 24, 2009/ September 24, 2039		(99,078	)
						$	(1,646,324	)
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	4.743%	3-month USD-LIBOR-BBA	September 14, 2009/ September 14, 2039	$	(1,727,239	)
						$	(1,727,239	)
Mississippi 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.	$	300,000	4.743%	3-month USD-LIBOR-BBA	September 14, 2009/ September 14, 2039	$	(83,074	)
						$	(83,074	)
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	4.743%	3-month USD-LIBOR-BBA	September 14, 2009/ September 14, 2039	$	(2,464,517	)
						$	(2,464,517	)
Ohio Fund
			Annual	Floating	Effective Date/
	Notional		Fixed Rate	Rate	Termination	Net Unrealized
Counterparty	Amount		Paid By Fund	Paid To Fund	Date	Depreciation
Merrill Lynch Capital Services, Inc.	$	4,300,000	3.394%	3-month USD-LIBOR-BBA	September 24, 2009/ September 24, 2039	$	(81,733	)
						$	(81,733	)
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	4.743%	3-month USD-LIBOR-BBA	September 14, 2009/ September 14, 2039	$	(349,601	)
						$	(349,601	)
West Virginia Fund
			Annual	Floating	Effective Date/	Net Unrealized
	Notional		Fixed Rate	Rate	Termination	Appreciation
Counterparty	Amount		Paid By Fund	Paid To Fund	Date	(Depreciation)
JPMorgan Chase Co.	$	637,500	4.743%	3-month USD-LIBOR-BBA	September 14, 2009/ September 14, 2039	$	(176,531	)
Merrill Lynch Capital Services, Inc.		1,250,000	2.721	3-month USD-LIBOR-BBA	July 15, 2009/ July 15, 2039		132,495
						$	(44,036	)

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, 2009, the Funds had sufficient cash and/or securities to cover commitments under these contracts.

11Fair Value Measurements

The Funds adopted FASB Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, effective October 1, 2008. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, 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

85

Eaton Vance Municipals Fundsas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

•  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)

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, 2009, the inputs used in valuing the Funds’ investments, which are carried at value, were as follows:

California Fund
		Investments in		Other Financial
	Valuation Inputs	Securities		Instruments*
Level 1	Quoted Prices	$	—	$	(784,767	)
Level 2	Other Significant Observable Inputs		230,010,742		(1,646,324	)
Level 3	Significant Unobservable Inputs		—		—
Total		$	230,010,742	$	(2,431,091	)

Massachusetts Fund
		Investments in		Other Financial
	Valuation Inputs	Securities		Instruments*
Level 1	Quoted Prices	$	—	$	(1,028,679	)
Level 2	Other Significant Observable Inputs		251,277,970		(1,727,239	)
Level 3	Significant Unobservable Inputs		—		—
Total		$	251,277,970	$	(2,755,918	)

Mississippi Fund
		Investments in		Other Financial
	Valuation Inputs	Securities		Instruments*
Level 1	Quoted Prices	$	—	$	(35,388	)
Level 2	Other Significant Observable Inputs		14,928,023		(83,074	)
Level 3	Significant Unobservable Inputs		—		—
Total		$	14,928,023	$	(118,462	)

New York Fund
		Investments in		Other Financial
	Valuation Inputs	Securities		Instruments*
Level 1	Quoted Prices	$	—	$	(1,515,423	)
Level 2	Other Significant Observable Inputs		352,438,190		(2,464,517	)
Level 3	Significant Unobservable Inputs		—		—
Total		$	352,438,190	$	(3,979,940	)

Ohio Fund
		Investments in		Other Financial
	Valuation Inputs	Securities		Instruments*
Level 1	Quoted Prices	$	—	$	(720,674	)
Level 2	Other Significant Observable Inputs		273,343,720		(81,733	)
Level 3	Significant Unobservable Inputs		—		—
Total		$	273,343,720	$	(802,407	)

Rhode Island Fund
		Investments in		Other Financial
	Valuation Inputs	Securities		Instruments*
Level 1	Quoted Prices	$	—	$	(36,928	)
Level 2	Other Significant Observable Inputs		45,694,877		(349,601	)
Level 3	Significant Unobservable Inputs		—		—
Total		$	45,694,877	$	(386,529	)

West Virginia Fund
		Investments in		Other Financial
	Valuation Inputs	Securities		Instruments*
Level 1	Quoted Prices	$	—	$	(213,526	)
Level 2	Other Significant Observable Inputs		26,476,534		(44,036	)
Level 3	Significant Unobservable Inputs		—		—
Total		$	26,476,534	$	(257,562	)

* Other financial instruments are futures and swap contracts not reflected in the Portfolio of Investments, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Funds held no investments or other financial instruments as of September 30, 2008 whose fair value was determined using Level 3 inputs.

12Recently Issued Accounting Pronouncement

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161 (FAS 161), “Disclosures about Derivative Instruments and Hedging Activities”. FAS 161 requires enhanced disclosures about an entity’s derivative and hedging activities, including qualitative disclosures about the objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative instruments. FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. Management is currently evaluating the impact the adoption of FAS 161 will have on the Funds’ financial statement disclosures.

86

Eaton Vance Municipals Fundsas of March 31, 2009

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

13Subsequent Event — Proposed Plan of Reorganization

On April 27, 2009, the Trustees of the Trust approved an Agreement and Plan of Reorganization whereby the Eaton Vance National Municipals Fund (the National Fund) would acquire substantially all the assets and assume substantially all the liabilities of the Mississippi Fund and West Virginia Fund in exchange for shares of the National Fund. The proposed reorganization is subject to approval by the shareholders of the Mississippi Fund and West Virginia Fund.

87

Eaton Vance Municipals Funds

SPECIAL MEETING OF SHAREHOLDERS (Unaudited)

Eaton Vance California Municipals Fund

The Fund held a Special Meeting of Shareholders on November 14, 2008 to elect Trustees. The results of the vote were as follows:

	Number of Shares
Nominee for Trustee	For		Withheld
Benjamin C. Esty		21,176,433		836,988
Thomas E. Faust Jr.		21,172,535		840,886
Allen R. Freedman		21,172,535		840,886
William H. Park		21,172,535		840,886
Ronald A. Pearlman		21,175,265		838,156
Helen Frame Peters		21,174,961		838,459
Heidi L. Steiger		21,178,557		834,864
Lynn A. Stout		21,178,557		834,864
Ralph F. Verni		21,176,433		836,988

Eaton Vance Massachusetts Municipals Fund

The Fund held a Special Meeting of Shareholders on November 14, 2008 to elect Trustees. The results of the vote were as follows:

	Number of Shares
Nominee for Trustee	For		Withheld
Benjamin C. Esty		28,638,367		382,692
Thomas E. Faust Jr.		28,638,367		382,692
Allen R. Freedman		28,638,367		382,692
William H. Park		28,634,679		386,380
Ronald A. Pearlman		28,638,367		382,692
Helen Frame Peters		28,641,677		379,382
Heidi L. Steiger		28,638,533		382,526
Lynn A. Stout		28,641,677		379,382
Ralph F. Verni		28,638,367		382,692

Eaton Vance Mississippi Municipals Fund

The Fund held a Special Meeting of Shareholders on November 14, 2008 to elect Trustees. The results of the vote were as follows:

	Number of Shares
Nominee for Trustee	For		Withheld
Benjamin C. Esty		1,182,464		73,672
Thomas E. Faust Jr.		1,183,632		72,504
Allen R. Freedman		1,185,176		70,960
William H. Park		1,185,176		70,960
Ronald A. Pearlman		1,185,176		70,960
Helen Frame Peters		1,182,464		73,672
Heidi L. Steiger		1,182,464		73,672
Lynn A. Stout		1,182,464		73,672
Ralph F. Verni		1,183,632		72,504

88

Eaton Vance Municipals Funds

SPECIAL MEETING OF SHAREHOLDERS (Unaudited) CONT’D

Eaton Vance New York Municipals Fund

The Fund held a Special Meeting of Shareholders on November 14, 2008 to elect Trustees. The results of the vote were as follows:

	Number of Shares
Nominee for Trustee	For		Withheld
Benjamin C. Esty		31,930,295		1,102,722
Thomas E. Faust Jr.		31,903,530		1,129,487
Allen R. Freedman		31,919,767		1,113,250
William H. Park		31,928,163		1,104,854
Ronald A. Pearlman		31,922,087		1,110,930
Helen Frame Peters		31,937,665		1,095,352
Heidi L. Steiger		31,936,382		1,096,635
Lynn A. Stout		31,938,702		1,094,315
Ralph F. Verni		31,955,131		1,077,886

Eaton Vance Ohio Municipals Fund

The Fund held a Special Meeting of Shareholders on November 14, 2008 to elect Trustees. The results of the vote were as follows:

	Number of Shares
Nominee for Trustee	For		Withheld
Benjamin C. Esty		33,939,461		471,446
Thomas E. Faust Jr.		33,928,619		482,288
Allen R. Freedman		33,932,648		478,258
William H. Park		33,938,463		472,444
Ronald A. Pearlman		33,919,695		491,212
Helen Frame Peters		33,928,426		482,480
Heidi L. Steiger		33,939,085		471,822
Lynn A. Stout		33,943,974		466,932
Ralph F. Verni		33,933,985		476,922

Eaton Vance Rhode Island Municipals Fund

The Fund held a Special Meeting of Shareholders on November 14, 2008 to elect Trustees. The results of the vote were as follows:

	Number of Shares
Nominee for Trustee	For		Withheld
Benjamin C. Esty		5,117,155		43,780
Thomas E. Faust Jr.		5,117,155		43,780
Allen R. Freedman		5,097,994		62,940
William H. Park		5,114,764		46,171
Ronald A. Pearlman		5,097,994		62,940
Helen Frame Peters		5,117,155		43,780
Heidi L. Steiger		5,114,764		46,171
Lynn A. Stout		5,117,155		43,780
Ralph F. Verni		5,097,994		62,940

89

Eaton Vance Municipals Funds

SPECIAL MEETING OF SHAREHOLDERS (Unaudited) CONT’D

Eaton Vance West Virginia Municipals Fund

The Fund held a Special Meeting of Shareholders on November 14, 2008 to elect Trustees. The results of the vote were as follows:

	Number of Shares
Nominee for Trustee	For		Withheld
Benjamin C. Esty		3,090,152		5,101
Thomas E. Faust Jr.		3,090,152		5,101
Allen R. Freedman		3,090,152		5,101
William H. Park		3,090,152		5,101
Ronald A. Pearlman		3,090,152		5,101
Helen Frame Peters		3,090,152		5,101
Heidi L. Steiger		3,090,152		5,101
Lynn A. Stout		3,084,906		10,347
Ralph F. Verni		3,090,152		5,101

90

Eaton Vance Municipals Funds

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 21, 2008, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board (formerly the Special Committee), which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held in February, March and April 2008. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

•  An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

•  An independent report comparing each fund’s total expense ratio and its components to comparable funds;

•  An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

•  Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;

•  Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;

•  Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management

•  Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;

•  Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through “soft dollar” benefits received in connection with the funds’ brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;

•  Data relating to portfolio turnover rates of each fund;

•  The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

Information about each Adviser

•  Reports detailing the financial results and condition of each adviser;

•  Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

•  Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

•  Copies of or descriptions of each adviser’s proxy voting policies and procedures;

•  Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

•  Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

Other Relevant Information

•  Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

•  Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

•  The terms of each advisory agreement.

91

Eaton Vance Municipals Funds

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONT’D

In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2008, the Board met eleven times and the Contract Review Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met twelve, seven and five times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund’s investment objective. The Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee are newly established and did not meet during the twelve-month period ended April 30, 2008.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuance of the investment advisory agreements of the following funds:

•  Eaton Vance California Municipals Fund

•  Eaton Vance Massachusetts Municipals Fund

•  Eaton Vance Mississippi Municipals Fund

•  Eaton Vance New York Municipals Fund

•  Eaton Vance Ohio Municipals Fund

•  Eaton Vance Rhode Island Municipals Fund

•  Eaton Vance West Virginia Municipals Fund

(the “Funds”), each with Boston Management and Research (the “Adviser”), including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to each agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the advisory agreement for each Fund.

Nature, Extent and Quality of Services

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

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by each Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Funds, and recent changes in the identity of such personnel. In particular, the Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds. Specifically, the Board considered the Adviser’s large municipal bond team, which includes portfolio managers and credit specialists who provide services to the Funds. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to each Fund by senior management.

The Board also reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio

92

Eaton Vance Municipals Funds

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONT’D

holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission.

The Board also considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds, including the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

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

Fund Performance

The Board compared each Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2007 for each Fund in operation over such periods. On the basis of the foregoing and other relevant information, the Board concluded that the performance of each Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by each Fund (referred to as “management fees”). As part of its review, the Board considered each Fund’s management fee and total expense ratio for the year ended September 30, 2007, as compared to a group of similarly managed funds selected by an independent data provider. The Board considered that the Adviser had waived fees and/or paid expenses for each Fund.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded with respect to each Fund that the management fee charged to the Fund for advisory and related services and the total expense ratio of the Fund are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser and, if applicable, its affiliates in providing investment advisory and administrative services to each Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with their relationship with the Funds.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and each Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of each Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates and each Fund. The Board also concluded that, assuming reasonably foreseeable increases in the assets of each Fund, the structure of each advisory fee, which includes breakpoints at several asset levels, can be expected to cause the Adviser and its affiliates and the Fund to continue to share such benefits equitably.

93

Eaton Vance Municipals Funds

OFFICERS AND TRUSTEES

Officers
Robert B. MacIntosh
President

William H. Ahern, Jr.
Vice President

Craig R. Brandon
Vice President

Cynthia J. Clemson
Vice President

Thomas M. Metzold
Vice President

Adam A. Weigold
Vice President

Barbara E. Campbell
Treasurer

Maureen A. Gemma
Secretary and Chief Legal Officer

Paul M. O’Neil
Chief Compliance Officer Trustees
Ralph F. Verni
Chairman

Benjamin C. Esty

Thomas E. Faust Jr.

Allen R. Freedman

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Heidi L. Steiger

Lynn A. Stout

94

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Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Fund 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

PNC Global Investment Servicing

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Eaton Vance Municipals Trust

Two International Place

Boston, MA 02110

This report must be preceded or accompanied by a current prospectus. Before investing, investors should consider carefully a Fund’s investment objective(s), risks, and charges and expenses. The Funds’ current prospectus contains this and other information about the Funds and is available through your financial advisor. Please read the prospectus carefully before you invest or send money. For further information please call 1-800-262-1122.

438-5/09 MUNISRC

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.

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 Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (“UAM”) (a holding company owning institutional investment management firms).

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 required in this filing.

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

Not required in this filing.

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

Not required in this filing.

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/ Robert B. MacIntosh
	Robert B. MacIntosh
	President

Date: May 12, 2009

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. Campbell
	Barbara E. Campbell
	Treasurer

Date: May 12, 2009

By:	/s/ Robert B. MacIntosh
	Robert B. MacIntosh
	President

Date: May 12, 2009