Eaton Vance Municipals Trust NCSRS 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)

The Eaton Vance Building, 255 State Street, Boston, Massachusetts					02109
(Address of principal executive offices)					(Zip code)

Maureen A. Gemma The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant’s telephone number, including area code:				(617) 482-8260

Date of fiscal year end:	September 30

Date of reporting period:		March 31, 2008

Item 1. Reports to Stockholders

Semiannual Report March 31, 2008

EATON VANCE
NATIONAL
MUNICIPALS
FUND

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, 2008

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

Eaton Vance National Municipals Fund (the “Fund”) is designed to provide current income exempt from regular federal income tax. The Fund invests primarily in investment-grade municipal obligations but also invests in lower-rated municipal obligations.

Economic and Market Conditions

Economic growth in the first quarter of 2008 measured 0.6%, according to preliminary Commerce Department data reported in April 2008, following the 0.6% growth rate achieved in the fourth quarter 2007. The housing sector continued to struggle in the first quarter due to market concerns related to subprime mortgages. Although the weaker dollar was having a beneficial effect on export- related industries, tourism, and U.S.-based multinational companies, consumers started to curtail spending, as food and energy costs continued to climb, according to Commerce Department data, and consumer confidence levels fell to 25-year lows, according to University of Michigan data.

On March 16, 2008, the Federal Reserve (the “Fed”) took extraordinary actions to support orderly market functioning after it learned that Bear Stearns faced a liquidity crisis which could have triggered a wider market crisis. In addition to approving a financing arrangement to support JPMorgan Chase’s acquisition of Bear Stearns, the Fed created a new lending facility that expanded the potential collateral it would accept from member banks and extended the new lending facility to securities firms. The Fed also lowered the Discount Rate, the rate at which it will lend to these firms, to 3.25% from 3.50%. Two days later, on March 18, 2008, at a regularly scheduled meeting of the Federal Open Market Committee, the Fed lowered the Federal Funds Rate by 75 basis points to 2.25% from 3.00% and further lowered the Discount Rate to 2.50%. The Federal Funds Rate has been lowered by a total of 300 basis points (3.00%) since September 18, 2007, from 5.25%, and the Discount Rate has been lowered by a total of 375 basis points (3.75%) since August 17, 2007, from 6.25%. Management believes that all of these actions were aimed at providing market liquidity during this period of extreme uncertainty and tight credit conditions that first surfaced in August 2007.

Management Discussion

The Fund invests primarily in bonds with stated maturities of 10 years or longer at the time of investment, as longer-maturity bonds historically have provided greater tax-exempt income for investors than shorter-maturity bonds.

The Fund underperformed its benchmark, the Lehman Brothers Municipal Bond Index – a broad-based, unmanaged index of municipal bonds – for the six months ended March 31, 2008.(1) Management believes that much of the underperformance can be attributed to the broader-based credit crisis that has shaken the fixed-income markets since August 2007, which led investors to move their capital into the Treasury market, particularly in shorter-maturity bonds. This move was originally driven by uncertainty surrounding financial companies’ exposure to mortgage-backed collateralized debt obligations (CDOs). More recently, the municipal bond market has been impacted by the downgrade of major municipal bond insurers due to their exposure to mortgage-related CDO debt. As a result of an active management style that focuses on income and longer call protection, the Fund generally holds longer- duration bonds. Although the municipal bond market stabilized and Fund performance improved during March 2008, management believes that investors’ flight – from September 2007 through February 2008 – to shorter-maturity uninsured bonds from longer-maturity insured bonds resulted in the Fund’s relative underperformance for the period.

The ratio of yields on current coupon AAA-rated insured bonds to the yield on 30-year Treasury bonds was 116% as of March 31, 2008, with many individual bonds trading higher than 116%.(2) Management believes that this was the result of dislocation in the fixed-income marketplace caused by fears of subprime contagion, insurance companies’ mark-to-market risks and the decentralized nature of the municipal marketplace. Historically, this is a rare occurrence in the municipal bond market and is generally considered a signal that municipal bonds are significantly undervalued compared to Treasuries.

With this backdrop, management continues to manage all of its municipal funds with the same relative value approach that it has 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.

(1)	It is not possible to invest directly in an Index. The Index’s total return does not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index.
(2)	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.
	Past performance is no guarantee of future results.

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.

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.

Eaton Vance National Municipals Fund as of March 31, 2008

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Fund performance(1)	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	-9.48	%	-9.84	%	-9.84	%	-9.36	%
One Year	-10.54		-11.23		-11.23		-10.31
Five Years	4.83		4.18		4.08		5.09
Ten Years	4.32		3.71		3.53		N.A.
Life of Fund^†	6.03		5.94		4.38		5.16

SEC Average Annual Total Returns (including sales charge or applicable CDSC)

Six Months	-13.76	%	-14.25	%	-10.72	%	-9.36	%
One Year	-14.77		-15.49		-12.08		-10.31
Five Years	3.81		3.85		4.08		5.09
Ten Years	3.81		3.71		3.53		N.A.
Life of Fund^†	5.66		5.94		4.38		5.16

^†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 Expenses(2)	Class A		Class B		Class C		Class I

Expense Ratio	1.26	%	2.01	%	2.01	%	1.01	%

Distribution Rates/Yields	Class A		Class B		Class C		Class I

Distribution Rate(3)	5.23	%	4.42	%	4.42	%	5.51	%
Taxable-Equivalent Dist. Rate(3),(4)	8.05		6.80		6.80		8.48
SEC 30-day Yield(5)	5.08		4.59		4.59		5.59
Taxable-Equivalent SEC 30-day Yield(4),(5)	7.82		7.06		7.06		8.60

Index Performance(6)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns
Six Months	0.7 5	%
One Year	1.90
Five Years	3.92
Ten Years	4.99

Lipper Averages(7)

Lipper General Municipal Debt Funds Classification – Average Annual Total Returns
Six Months	-1.01	%
One Year	-0.84
Five Years	3.07
Ten Years	3.83

Portfolio Manager: Thomas M. Metzold, CFA

Rating Distribution*(8)

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 March 31, 2008, is as follows, and the average rating is AA:

AAA	56.6	%
AA	15.6	%
A	12.8	%
BBB	7.0	%
BB	0.3	%
B	3.5	%
CCC	0.2	%
Non-Rated	4.0	%

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.

(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 not subject to a sales charge.

(2) Source: Prospectus dated 2/1/08. Includes interest expense of 0.62% 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 figure assumes 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 Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. 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 243, 235, 212 and 147 funds for the 6-month, 1-year, 5-year and 10-year periods, respectively. Lipper Averages are available as of month end only.

(8) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund.

Fund Statistics(1)

·	Number of Issues:	263
·	Average Maturity:	27.4 years
·	Average Effective Maturity:	25.7 years
·	Average Call Protection:	11.2 years
·	Average Dollar Price:	$86.83

(1) 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.

Morningstar Ratings^TM

NATIONAL MUNICIPALS FUND – CLASS A	OVERALL	3-YEAR	5-YEAR	10-YEAR

	****	*	*****	****
Load waived	****	***	*****	****
MUNI NATIONAL LONG CATEGORY	252 FUNDS	252 FUNDS	248 FUNDS	197 FUNDS

Based on risk-adjusted returns. Eaton Vance offers other mutual funds that are not listed here and that do not have similar performance records.

The Overall Morningstar Rating^TM for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating^TM metrics.

©2008 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating^TM based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund’s monthly performance after adjusting for sales loads (except for load-waived A shares), redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars; the next 22.5% receive 4 stars; the next 35% receive 3 stars; the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front-end sales load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

As interest rates rise, the value of fixed-income securities is likely to decrease. Fluctuations in the value of securities may not affect interest income on existing securities, but will be reflected in the Fund’s net asset value. A portion of income may be subject to federal alternative minimum tax. Please see the Fund’s prospectus for more information. Consult your tax/legal advisor before making any tax-related investment decisions.

Eaton Vance National Municipals Fund as of March 31, 2008

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, 2007 – March 31, 2008).

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 the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Eaton Vance National Municipals Fund

	Beginning Account Value (10/1/07)		Ending Account Value (3/31/08)		Expenses Paid During Period* (10/1/07 – 3/31/08)
Actual
Class A	$	1,000.00	$	905.20	$	5.43
Class B	$	1,000.00	$	901.60	$	8.99
Class C	$	1,000.00	$	901.60	$	8.99
Class I	$	1,000.00	$	906.40	$	4.24
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.30	$	5.76
Class B	$	1,000.00	$	1,015.60	$	9.52
Class C	$	1,000.00	$	1,015.60	$	9.52
Class I	$	1,000.00	$	1,020.60	$	4.50

* Expenses are equal to the Fund's annualized expense ratio of 1.14% for Class A shares, 1.89% for Class B shares, 1.89% for Class C shares and 0.89% for Class I shares, multiplied by the average account value over the period, multiplied by 183/366 (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, 2007.

Eaton Vance National Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 113.2%
Principal Amount (000's omitted)		Security	Value
Cogeneration — 1.0%
$	22,150	Maryland Energy Cogeneration, (AES Warrior Run), (AMT), 7.40%, 9/1/19	$	21,298,997
	6,100	Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13		6,181,313
	21,950	Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19		21,952,634
	3,500	Pennsylvania Economic Development Financing Authority, (Northampton Generating), Junior Liens, (AMT), 6.875%, 1/1/11		3,427,130
	5,000	Pennsylvania Economic Development Financing Authority, (Northampton Generating), Junior Liens, (AMT), 6.95%, 1/1/21		4,647,500
			$	57,507,574
Education — 2.1%
$	35,055	Houston, TX, Higher Education Finance Corp., (Rice University), 4.50%, 11/15/37	$	32,329,123
	31,200	Houston, TX, Higher Education Finance Corp., (Rice University), 4.50%, 5/15/42		28,368,288
	48,590	New Jersey Educational Facilities Authority, (Princeton University), 4.50%, 7/1/37⁽¹⁾		46,677,984
	15,265	New York Dormitory Authority, (Vassar College), 4.25%, 7/1/39		13,311,538
			$	120,686,933
Electric Utilities — 1.6%
$	13,000	Brazos River Authority, TX, (Reliant Energy, Inc.), 7.75%, 12/1/18	$	13,270,660
	9,260	Brazos River Authority, TX, PCR, (Texas Energy Co.), (AMT), 5.40%, 5/1/29		7,293,361
	2,000	Matagorda County, TX, Navigation District No.1, (Reliant Energy), 8.00%, 5/1/29		2,041,960
	5,000	Matagorda County, TX, Navigation District No.1, (Reliant Energy), (AMT), 5.95%, 5/1/30		4,608,850
	8,000	North Carolina Municipal Power Agency, (Catawba), 6.50%, 1/1/20		8,418,560
	57,290	Salt River Project, AZ, Agricultural Improvements and Power District, 5.00%, 1/1/38		57,548,951
			$	93,182,342
Escrowed / Prerefunded — 2.3%
$	3,000	ABAG Finance Authority, CA, (Civic Center Drive Apartments), (AMT), Prerefunded to 9/1/09, 6.375%, 9/1/32	$	3,209,910
	2,400	Bexar County, TX, Health Facilities, (St. Luke's Lutheran), Escrowed to Maturity, 7.00%, 5/1/21		3,030,696

Principal Amount (000's omitted)		Security	Value
Escrowed / Prerefunded (continued)
$	11,195	Colorado Health Facilities Authority, (Liberty Heights), Escrowed to Maturity, 0.00%, 7/15/22	$	5,574,326
	125,645	Dawson Ridge, CO, Metropolitan District #1, Escrowed to Maturity, 0.00%, 10/1/22		61,921,625
	101,555	Illinois Development Finance Authority, (Regency Park), Escrowed to Maturity, 0.00%, 7/15/23		47,445,480
	5,690	Louisiana Public Facilities Authority, (Southern Baptist Hospitals, Inc.), Escrowed to Maturity, 8.00%, 5/15/12		6,279,768
	5,675	Maricopa County, AZ, Industrial Development Authority, (Place Five and The Greenery), Escrowed to Maturity, 6.625%, 1/1/27		6,213,387
			$	133,675,192
General Obligations — 7.1%
$	24,680	California, 4.75%, 9/1/35	$	23,272,006
	10,925	California, 5.25%, 2/1/30		11,026,056
	9,875	California, 5.50%, 11/1/33		10,085,041
	16,060	California, (AMT), 5.05%, 12/1/36		14,572,041
	12,189	Florida Board of Public Education, Variable Rate, 15.672%, 6/1/37^(2)(3)(4)		12,426,076
	87,410	Judson, TX, Independent School District, 4.50%, 2/1/35		79,914,592
	4,665	New York, NY, 5.25%, 6/1/28⁽¹⁾		4,725,660
	22,500	San Francisco, CA, Bay Area Rapid Transit District, 4.75%, 8/1/37		22,010,625
	10,750	South Carolina, 3.00%, 8/1/21		9,237,797
	10,000	South Carolina, 3.00%, 8/1/22		8,408,800
	121,025	Texas (Transportation Commission-Mobility Fund), 4.50%, 4/1/32		112,942,950
	115,000	Texas (Transportation Commission-Mobility Fund), 4.50%, 4/1/33⁽¹⁾		107,313,400
			$	415,935,044
Health Care-Miscellaneous — 0.1%
$	1,817	Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 5.50%, 12/1/36⁽²⁾	$	1,862,045
	1,946	Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 5.875%, 12/1/36⁽²⁾		1,994,953
			$	3,856,998

See notes to financial statements
5

Eaton Vance National Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Hospital — 11.3%
$	34,260	Alabama Special Care Facilities Financing Authority, (Ascension Health), 5.00%, 11/15/39⁽¹⁾	$	33,025,841
	6,980	Brevard County, FL, Health Facilities Authority, (Health First, Inc.), 5.00%, 4/1/36		6,363,945
	48,940	California Health Facilities Financing Authority, (Sutter Health), 5.25%, 11/15/46		47,274,082
	13,000	California Statewide Communities Development Authority, (Huntington Memorial Hospital), 5.00%, 7/1/35		12,261,340
	17,295	California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36		16,271,482
	78,345	California Statewide Communities Development Authority, (Kaiser Permanente), 5.00%, 3/1/41		72,134,592
	7,100	Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/25		6,550,886
	12,725	Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/35		10,885,983
	14,320	Camden County, NJ, Improvement Authority, (Cooper Health System), 5.25%, 2/15/27		13,344,951
	27,615	Colorado Health Facilities Authority, (Catholic Health Initiatives), 4.50%, 9/1/38		24,637,827
	9,500	Erie County, OH, Hospital Facilities, (Firelands Regional Medical Center), 5.25%, 8/15/46		8,805,645
	16,775	Highlands County, FL, Health Facilities Authority, (Adventist Health System), 5.00%, 11/15/35		15,389,553
	67,700	Indiana Health and Educational Facilities Authority, (Ascension Health), 5.00%, 11/15/36⁽¹⁾		65,301,727
	39,025	Maryland Health and Higher Educational Facilities Authority, (Medstar Health), 4.75%, 5/15/42		31,667,617
	10,000	Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46		9,378,100
	24,600	Michigan Hospital Finance Authority, (McLaren Healthcare), 5.00%, 8/1/35		22,544,916
	44,055	New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 4.75%, 7/1/28⁽¹⁾		43,320,603
	12,795	New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37		11,988,915
	4,000	Oneida County, NY, Industrial Development Agency, (Elizabeth Medical Center), 6.00%, 12/1/29		3,775,480
	25,000	Rochester, MN, Health Care Facilities, (Mayo Clinic), 5.50%, 11/15/27⁽¹⁾		25,296,625
	63,000	South Miami, FL, Health Facilities Authority, (Baptist Health), 5.00%, 8/15/37⁽¹⁾		59,838,975
	205	South Miami, FL, Health Facilities Authority, (Baptist Health), 5.00%, 8/15/37		194,711
	75,000	South Miami, FL, Health Facilities Authority, (Baptist Health), 5.00%, 8/15/42⁽¹⁾		70,330,500
	725	South Miami, FL, Health Facilities Authority, (Baptist Health), 5.00%, 8/15/42		679,854
	52,400	Tarrant County, TX, Cultural Education Facilities Finance Corp., (Texas Health Resources), 5.00%, 2/15/36		49,755,896
			$	661,020,046

Principal Amount (000's omitted)		Security	Value
Housing — 4.6%
$	6,890	Arkansas Development Finance Authority, MFMR, (Park Apartments), (AMT), 5.95%, 12/1/28	$	5,232,748
	7,610	California Department of Veterans Affairs, Home Purchase Revenue, 5.20%, 12/1/28		7,610,685
	16,000	Charter Mac Equity Trust, TN, (AMT), 6.625%, 6/30/09⁽²⁾		16,664,480
	8,520	Georgia Housing and Finance Authority, Single Family Housing, (AMT), 5.20%, 12/1/32		8,077,471
	8,845	Lake Creek, CO, (Affordable Housing Corp.), 6.25%, 12/1/23		8,961,754
	9,000	Minnesota Housing Finance Agency, (AMT), 5.25%, 7/1/33		8,414,910
	14,750	New Hampshire Housing Finance Authority, Multi-family Housing, (AMT), 6.20%, 7/1/36		14,217,820
	27,380	New Jersey Housing and Mortgage Finance Agency, Single Family Housing, (AMT), 4.625%, 10/1/27		23,652,213
	11,750	New Jersey Housing and Mortgage Finance Agency, Single Family Housing, (AMT), 4.95%, 10/1/32		10,694,967
	10,640	Texas Student Housing Corp., (University of Northern Texas), 6.85%, 7/1/31		9,380,862
	50,780	Virginia Housing Development Authority, 4.90%, 1/1/33		45,545,598
	23,335	Virginia Housing Development Authority, 5.20%, 10/1/26⁽¹⁾		22,846,832
	65,720	Virginia Housing Development Authority, Series A, (AMT), 5.10%, 10/1/35		60,106,855
	20,000	Virginia Housing Development Authority, Series A1, (AMT), 5.10%, 10/1/35		18,500,000
	6,940	Virginia Housing Development Authority, Variable Rate, 17.518%, 10/1/35^(2)(3)(4)		5,383,705
			$	259,290,900
Industrial Development Revenue — 12.1%
$	6,850	Austin, TX, (Cargoport Development LLC), (AMT), 8.30%, 10/1/21	$	7,228,462
	10,260	Bedford County, VA, Industrial Development Authority, (Nekoosa Packaging), (AMT), 6.55%, 12/1/25		9,262,010
	2,250	Calhoun County, AR, Solid Waste Disposal Revenue, (Georgia-Pacific Corp.), (AMT), 6.375%, 11/1/26		1,986,975
	6,050	Carbon County, UT, (Laidlaw Environmental), (AMT), 7.50%, 2/1/10		6,069,420
	4,000	Courtland, AL, Solid Waste Disposal, (Champion International Corp.), (AMT), 6.70%, 11/1/29		4,028,080
	29,090	Denver, CO, City and County Special Facilities, (United Airlines), (AMT), 5.25%, 10/1/32		22,049,929
	23,590	Denver, CO, City and County Special Facilities, (United Airlines), (AMT), 5.75%, 10/1/32		19,205,563
	3,500	Effingham County, GA, Industrial Development Authority, PCR, (Georgia Pacific Corp.), 6.50%, 6/1/31		3,119,375

See notes to financial statements
6

Eaton Vance National Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Industrial Development Revenue (continued)
$	13,290	Effingham County, GA, Solid Waste Disposal, (Fort James Project), (AMT), 5.625%, 7/1/18	$	11,618,517
	5,905	Hardeman County, TN, (Correctional Facilities Corp.), 7.75%, 8/1/17		5,947,693
	30,000	Houston, TX, Airport System, (Continental Airlines), (AMT), 6.75%, 7/1/29		28,459,800
	42,000	Liberty Development Corp., NY, (Goldman Sachs Group, Inc.), 5.25%, 10/1/35⁽¹⁾		42,552,720
	53,450	Liberty Development Corp., NY, (Goldman Sachs Group, Inc.), 5.25%, 10/1/35⁽¹⁾		54,153,402
	98,100	Liberty Development Corp., NY, (Goldman Sachs Group, Inc.), 5.25%, 10/1/35⁽¹⁾		99,390,996
	100,730	Liberty Development Corp., NY, (Goldman Sachs Group, Inc.), 5.50%, 10/1/37⁽⁵⁾		105,733,259
	10,505	McMinn County, TN, (Calhoun Newsprint - Bowater, Inc.), (AMT), 7.40%, 12/1/22		6,273,691
	10,000	Michigan Strategic Fund, (S.D. Warren), (AMT), Series A, 7.375%, 1/15/22		10,039,100
	15,000	Michigan Strategic Fund, (S.D. Warren), (AMT), Series B, 7.375%, 1/15/22		15,058,500
	3,500	Michigan Strategic Fund, (S.D. Warren), (AMT), Series C, 7.375%, 1/15/22		3,513,650
	5,025	New Jersey Economic Development Authority, (American Airlines), (AMT), 7.10%, 11/1/31		4,073,918
	18,820	New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29		16,647,231
	4,950	New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00%, 6/1/33		5,323,626
	7,000	New York, NY, Industrial Development Agency, (American Airlines, Inc. - JFK International Airport), (AMT), 7.50%, 8/1/16		7,061,390
	29,000	New York, NY, Industrial Development Agency, (American Airlines, Inc. - JFK International Airport), (AMT), 7.625%, 8/1/25		29,555,350
	15,000	New York, NY, Industrial Development Agency, (American Airlines, Inc. - JFK International Airport), (AMT), 7.75%, 8/1/31		15,476,100
	10,000	New York, NY, Industrial Development Agency, (American Airlines, Inc. - JFK International Airport), (AMT), 8.00%, 8/1/12		10,346,100
	12,500	New York, NY, Industrial Development Agency, (JFK International Airport), (AMT), 8.50%, 8/1/28		13,159,625
	5,000	Skowhegan, ME, (S.D. Warren), (AMT), 6.65%, 10/15/15		5,029,800
	160,425	St. John Baptist Parish, LA, (Marathon Oil Corp.), 5.125%, 6/1/37		141,687,360
			$	704,051,642
Insured-Education — 1.8%
$	4,905	Alabama State Board of Education , (Jefferson State Community College), (MBIA), 4.625%, 10/1/32	$	4,594,219

Principal Amount (000's omitted)		Security	Value
Insured-Education (continued)
$	43,060	Baldwin County, AL, Board of Education, (AMBAC), 4.50%, 7/1/37	$	39,580,752
	9,395	Broward County, FL, Educational Facilities Authority, (Nova Southeastern University), (AGC), 4.50%, 4/1/36		8,494,771
	8,900	Pennsylvania Higher Educational Facilities Authority, (Temple University), (MBIA), 4.50%, 4/1/36		8,170,556
	19,775	University of California, (MBIA), 4.75%, 5/15/33		19,153,670
	3,020	University of California, (MBIA), 4.75%, 5/15/37		2,913,666
	21,185	University of Vermont and State Agricultural College, (AMBAC), 5.00%, 10/1/43		20,876,758
			$	103,784,392
Insured-Electric Utilities — 3.8%
$	7,500	Burlington, KS, PCR, (Kansas Gas & Electric Co.), (MBIA), 5.30%, 6/1/31	$	7,542,525
	55,925	Hawaii Department of Budget and Finance, (Hawaiian Electric Company), (FGIC), (AMT), 4.60%, 5/1/26		49,393,519
	20,000	Los Angeles, CA, Department of Water and Power, (FSA), 4.625%, 7/1/37		18,852,400
	38,190	Matagorda County ,TX, Navigation District No.1, (AEP Texas Central Co.), (MBIA), 5.20%, 5/1/30		36,312,198
	76,895	Missouri Joint Municipal Electric Utility Commission, (AMBAC), 4.50%, 1/1/37		70,402,755
	21,010	Puerto Rico Electric Power Authority, (FGIC), 5.25%, 7/1/30		20,470,253
	18,000	Sacramento, CA, Municipal Electric Utility District, (FSA), 5.00%, 8/15/28⁽¹⁾		18,132,420
			$	221,106,070
Insured-Escrowed / Prerefunded — 2.1%
$	18,450	California Infrastructure and Economic Development, (Bay Area Toll Bridges), (AMBAC), Prerefunded to 1/1/28, 5.00%, 7/1/33⁽¹⁾	$	19,119,551
	78,360	California Infrastructure and Economic Development, (Bay Area Toll Bridges), (AMBAC), Prerefunded to 1/1/28, 5.00%, 7/1/36⁽¹⁾		81,203,684
	19,000	Massachusetts Turnpike Authority, (FGIC), Escrowed to Maturity, 5.00%, 1/1/20⁽¹⁾		20,397,355
			$	120,720,590
Insured-General Obligations — 9.2%
$	40,000	California, (AGC), 5.00%, 11/1/37⁽¹⁾	$	40,043,200
	12,000	California, (MBIA), 4.75%, 3/1/31		11,688,840
	50,985	Detroit, MI, School District, (FSA), 5.25%, 5/1/32		54,011,470
	99,875	District of Columbia, (FGIC), 4.50%, 6/1/37		88,883,756
	78,665	District of Columbia, (FGIC), 4.75%, 6/1/33		73,408,605

See notes to financial statements
7

Eaton Vance National Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-General Obligations (continued)
$	20,275	Florida Board of Education, Capital Outlay, (Public Education), (MBIA), 4.75%, 6/1/37	$	19,232,054
	12,250	Frisco, TX, Independent School District, (FSA), 3.75%, 8/15/38		9,614,413
	4,450	Geary County, KS, Unified School District #475, (MBIA), 3.00%, 9/1/26		3,324,773
	51,625	Los Angeles, CA, Unified School District, (Election of 2005), (FSA), 4.75%, 7/1/32⁽¹⁾		50,422,964
	10,000	Montgomery County, TX, (Municipal Utility District No. 46 Waterworks and Sewer), (AMBAC), 4.00%, 3/1/30		8,487,600
	5,545	Norwin, PA, School District, (FSA), 3.25%, 4/1/27		4,263,107
	32,340	Puerto Rico, (AGC), 5.50%, 7/1/29⁽¹⁾		34,439,189
	62,345	Texas (Transportation Commission-Mobility Fund), (FGIC), 4.50%, 4/1/28		58,922,260
	89,615	Texas (Transportation Commission-Mobility Fund), (FGIC), 4.50%, 4/1/35		82,642,057
			$	539,384,288
Insured-Hospital — 1.4%
$	5,670	Maryland Health and Higher Educational Facilities Authority, (Lifebridge Health), (AGC), 4.75%, 7/1/38	$	5,398,804
	50	Maryland Health and Higher Educational Facilities Authority, (Lifebridge Health), (AGC), 4.75%, 7/1/47		46,688
	38,800	Maryland Health and Higher Educational Facilities Authority, (Lifebridge Health), (AGC), 4.75%, 7/1/47⁽¹⁾		36,230,858
	15,210	Maryland Health and Higher Educational Facilities Authority, (Medlantic/Helix Issue), (AMBAC), 5.25%, 8/15/38		15,049,535
	6,490	New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/31⁽⁶⁾		6,548,605
	13,160	New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36⁽⁶⁾		13,278,835
	5,000	Wisconsin Health and Educational Facilities Authority, (Ministry Health Care), (MBIA), 5.125%, 2/15/22		5,084,750
			$	81,638,075
Insured-Housing — 0.2%
$	10,000	Rhode Island Housing and Mortgage Finance Corp., (Rental Housing Program), (FSA), (AMT), 5.50%, 10/1/49	$	9,382,700
			$	9,382,700
Insured-Industrial Devlopment Revenue — 0.2%
$	14,010	Clark County, NV, Industrial Development, (Southwest Gas Corp.), (FGIC), (AMT), 5.00%, 12/1/33	$	11,721,747
			$	11,721,747

Principal Amount (000's omitted)		Security	Value
Insured-Lease Revenue / Certificates of Participation — 1.7%
$	72,195	Hudson, NY, Infrastructure Corp., (MBIA), 4.50%, 2/15/47	$	65,267,168
	19,405	Jackson County, MO, (Harry S. Truman Sports Complex), (AMBAC), 4.50%, 12/1/31		18,028,215
	10,000	Orange County, VA, Economic Development Authority, (Various Projects), (AGC), 4.50%, 2/1/34		9,050,100
	4,035	Western Regional Jail Authority, VA, (MBIA), 4.25%, 6/1/34		3,530,706
	3,945	Western Regional Jail Authority, VA, (MBIA), 4.25%, 6/1/39		3,405,403
			$	99,281,592
Insured-Other Revenue — 3.2%
$	115,985	Golden State Tobacco Securitization Corp., CA, (AGC), 5.00%, 6/1/45	$	112,548,364
	68,155	Harris County-Houston, TX, Sports Authority, (MBIA), 0.00%, 11/15/34		12,971,260
	25,000	Harris County-Houston, TX, Sports Authority, (MBIA), 0.00%, 11/15/41		2,938,750
	5,775	New York, NY, Industrial Development Agency, (Queens Baseball Stadium), (AMBAC), 4.75%, 1/1/42		5,411,002
	55,475	New York, NY, Industrial Development Agency, (Yankee Stadium), (MBIA), 4.75%, 3/1/46		51,956,776
			$	185,826,152
Insured-Ports — 0.6%
$	37,015	Alabama State Dock Authority, (MBIA), (AMT), 4.50%, 10/1/36	$	32,834,896
			$	32,834,896
Insured-Special Tax Revenue — 10.4%
$	13,305	Illinois Sports Facility Authority, (AMBAC), 0.00%, 6/15/23	$	5,979,267
	31,010	Illinois Sports Facility Authority, (AMBAC), 0.00%, 6/15/24		13,035,364
	10,000	Illinois Sports Facility Authority, (AMBAC), 0.00%, 6/15/25		3,925,100
	43,225	Louisiana Gas and Fuels Tax, (FGIC), 4.50%, 5/1/41		38,363,917
	14,500	Louisiana Gas and Fuels Tax, (FGIC), 5.00%, 5/1/41		14,155,625
	42,615	Louisiana Gas and Fuels Tax, (FGIC), (FSA), 5.00%, 5/1/41		42,069,528
	72,275	Louisiana Gas and Fuels Tax, (FSA), 4.75%, 5/1/39		68,564,402
	61,695	Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), (MBIA), 0.00%, 12/15/31		16,851,989
	106,655	Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), (MBIA), 0.00%, 12/15/32		27,514,857

See notes to financial statements
8

Eaton Vance National Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Special Tax Revenue (continued)
$	38,635	New York, NY, Transitional Finance Authority, (FGIC), 4.25%, 1/15/34	$	33,506,590
	18,500	New York, NY, Transitional Finance Authority, (FGIC), (FSA), 5.00%, 7/15/31		18,616,365
	29,200	New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45		27,687,148
	36,510	New York Urban Development Corp., Personal Income Tax, (MBIA), 4.50%, 3/15/37		34,316,114
	1,756,680	Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54		115,747,645
	156,320	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44		18,769,342
	310,060	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45		35,092,591
	247,755	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46		26,410,683
	9,185	Regional Transportation Authority, LA, (FGIC), 0.00%, 12/1/15		6,391,015
	9,500	Regional Transportation Authority, LA, (FGIC), 0.00%, 12/1/21		4,592,395
	31,935	San Jose Redevelopment Agency, CA, (Merged Area), (XLCA), 4.25%, 8/1/36		27,002,320
	27,285	Utah Transportation Authority, Sales Tax Revenue, (FSA), 4.75%, 6/15/32⁽⁶⁾		26,630,979
			$	605,223,236
Insured-Student Loan — 0.7%
$	50,190	Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33	$	43,751,627
			$	43,751,627
Insured-Transportation — 13.0%
$	10,000	Chicago, IL, (O'Hare International Airport), (AMBAC), (AMT), 5.375%, 1/1/32	$	9,604,100
	42,895	Chicago, IL, (O'Hare International Airport), (FSA), 4.50%, 1/1/38		38,694,722
	73,355	Clark County, NV, Airport Authority, (FGIC), 5.00%, 7/1/36⁽⁷⁾		70,559,441
	10,000	E-470 Public Highway Authority, CO, (MBIA), 0.00%, 9/1/37		1,678,400
	25,720	E-470 Public Highway Authority, CO, (MBIA), 0.00%, 9/1/38		4,050,900
	75,300	Indianapolis, IN, Local Public Improvement Bond Bank, (Indianapolis Airport Authority), (AMBAC), (AMT), 5.00%, 1/1/36		68,184,150
	40,525	Maryland Transportation Authority, (FSA), 4.50%, 7/1/41		37,131,842
	56,100	Metropolitan Atlanta Rapid Transit Authority, GA, (FSA), 5.00%, 7/1/34⁽¹⁾		56,384,708

Principal Amount (000's omitted)		Security	Value
Insured-Transportation (continued)
$	145,280	Minneapolis and St. Paul, MN, Metropolitan Airport Commission, (AMBAC), 4.50%, 1/1/32	$	133,346,701
	97,790	New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 4.75%, 12/15/37		95,052,858
	69,740	Orlando and Orange County, FL, Expressway Authority, (FSA), 4.50%, 7/1/35		63,610,551
	26,945	Port Authority of New York and New Jersey, (AGC), (AMT), 4.50%, 9/1/35		23,564,750
	20,995	Port Authority of New York and New Jersey, (FSA), (AMT), 4.25%, 12/1/32		17,520,747
	16,175	Port Authority of New York and New Jersey, (FSA), (AMT), 4.50%, 12/1/36		14,105,732
	80,255	Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/36		82,527,822
	10,000	San Francisco, CA, City and County Airport Commission, International Airport Revenue, (FGIC), (AMT), 5.00%, 5/1/30		9,138,100
	15,270	Tampa-Hillsborough County, FL, Expressway Authority, (AMBAC), 4.00%, 7/1/34		12,680,055
	50,000	Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/22		23,183,000
			$	761,018,579
Insured-Water and Sewer — 5.7%
$	11,915	Atlanta, GA, Water and Wastewater, (FGIC), 5.00%, 11/1/38	$	11,533,839
	80,800	Birmingham, AL, Waterworks and Sewer Board, (AMBAC), 4.50%, 1/1/39		73,775,248
	29,335	Birmingham, AL, Waterworks and Sewer Board, (AMBAC), 4.50%, 1/1/43		26,534,388
	10,445	Castaic Lake, CA, Water Agency Certificates of Participation, (Water System Improvements), (AMBAC), 0.00%, 8/1/21		5,288,617
	22,160	East Baton Rouge, LA, Sewer Commission, (FSA), 4.50%, 2/1/31		20,583,316
	11,900	East Baton Rouge, LA, Sewer Commission, (FSA), 4.50%, 2/1/36		10,910,039
	3,010	Fort Lauderdale, FL, Water and Sewer, (MBIA), 4.25%, 9/1/33		2,605,336
	55,055	Honolulu, HI, City and County Wastewater System, (MBIA), 4.50%, 7/1/37		50,214,564
	2,915	Los Angeles, CA, Wastewater System, (MBIA), 4.50%, 6/1/29		2,737,418
	35,770	New York, NY, Municipal Finance Authority, (FGIC), 4.50%, 6/15/39		32,772,116
	58,235	New York, NY, Municipal Finance Authority, (FSA), 4.25%, 6/15/39		50,877,590
	31,360	San Francisco, CA, City and County Public Utilities Commission, Water Revenue, (FSA), 4.25%, 11/1/33		27,843,917

See notes to financial statements
9

Eaton Vance National Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Water and Sewer (continued)
$	20,805	Spartanburg, SC, Sanitation Sewer District, (MBIA), 4.00%, 3/1/40	$	16,991,444
			$	332,667,832
Nursing Home — 0.9%
$	4,455	Delaware County, PA, Industrial Development Authority, (Care Institute, Inc.), 9.00%, 8/1/31⁽⁸⁾	$	3,366,955
	9,270	Hillsborough County, FL, Industrial Development Authority, (Tampa Bay Retirement Center), 7.50%, 6/1/25		9,313,754
	2,150	Lackawanna County, PA, Industrial Development Authority, (Edella Street Associates), 8.875%, 9/1/14		2,152,666
	12,650	Massachusetts Industrial Finance Agency, (Age Institute of Massachusetts), 8.05%, 11/1/25		12,750,441
	11,315	Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25		10,568,323
	10,375	Montgomery, PA, Industrial Development Authority, (Advancement of Geriatric Health Care Institute), 8.375%, 7/1/23		10,385,583
	3,500	Orange County, FL, Health Facilities Authority, (Westminster Community Care), 6.75%, 4/1/34		3,541,020
	2,060	Westmoreland, PA, (Highland Health Systems, Inc.), 9.25%, 6/1/22		2,063,440
			$	54,142,182
Other Revenue — 7.1%
$	679,295	Buckeye Tobacco Settlement Financing Authority, OH, 0.00%, 6/1/47	$	37,001,199
	125,230	Golden State Tobacco Securitization Corp., CA, 5.00%, 6/1/45		112,277,461
	46,455	Golden State Tobacco Securitization Corp., CA, 5.75%, 6/1/47		41,172,137
	10,000	Main Street National Gas Inc., GA, 5.50%, 9/15/28		8,949,600
	26,540	Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48		24,336,649
	12,000	Non-Profit Preferred Funding Trust, Various States, 4.47%, 9/15/37⁽²⁾		11,594,160
	19,000	Non-Profit Preferred Funding Trust, Various States, 4.72%, 9/15/37⁽²⁾		17,989,390
	21,350	Northern Tobacco Securitization Corp., AK, 0.00%, 6/1/46		1,353,163
	23,300	Silicon Valley Tobacco Securitization Authority, CA, 0.00%, 6/1/36		3,117,540
	15,000	Silicon Valley Tobacco Securitization Authority, CA, 0.00%, 6/1/41		1,404,450
	27,555	Silicon Valley Tobacco Securitization Authority, CA, Class A, 0.00%, 6/1/47		1,674,517
	14,000	Silicon Valley Tobacco Securitization Authority, CA, Class B, 0.00%, 6/1/47		774,060

Principal Amount (000's omitted)		Security	Value
Other Revenue (continued)
$	115,000	Texas Municipal Gas Acquisition and Supply Corp., Variable Rate, 2.426%, 12/15/17	$	92,000,000
	37,685	Tobacco Settlement Financing Corp., NJ, 4.75%, 6/1/34		29,875,161
	102,710	Tobacco Settlement Financing Corp., VA, 0.00%, 6/1/47		6,384,454
	18,360	Tobacco Settlement Financing Corp., VA, Prerefunded to 6/1/15, 5.625%, 6/1/37⁽¹⁾		20,636,150
	3,745	Willacy County, TX, Local Government Corp., 6.00%, 9/1/10		3,732,155
	1,225	Willacy County, TX, Local Government Corp., Escrowed to Maturity, 6.00%, 3/1/09		1,267,422
			$	415,539,668
Pooled Loans — 0.4%
$	25,530	Rickenbacker Port Authority, OH, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32⁽¹⁾	$	25,923,587
			$	25,923,587
Senior Living / Life Care — 0.9%
$	9,260	Albuquerque, NM, Retirement Facilities, (La Vida Liena Retirement Center), 6.60%, 12/15/28	$	9,220,552
	6,035	Arizona Health Facilities Authority, (Care Institute, Inc. - Mesa), 7.625%, 1/1/26⁽⁹⁾		5,509,714
	600	Kansas City, MO, Industrial Development Authority, (Kingswood United Methodist Manor), 5.375%, 11/15/09		588,864
	9,345	New Jersey Economic Development Authority, (Forsgate), (AMT), 8.625%, 6/1/25⁽⁹⁾		8,246,682
	12,495	North Miami, FL, Health Care Facilities Authority, (Imperial Club), 6.125%, 1/1/42		11,172,779
	7,915	Roseville, MN, Elder Care Facility, (Care Institute, Inc. - Roseville), 7.75%, 11/1/23⁽⁹⁾		6,976,598
	12,140	St. Paul, MN, Housing and Redevelopment Authority, (Care Institute, Inc. - Highland), 8.75%, 11/1/24⁽⁹⁾		11,250,745
			$	52,965,934
Special Tax Revenue — 0.8%
$	6,000	New Jersey Economic Development Authority, (Cigarette Tax), 5.50%, 6/15/24	$	5,781,480
	10,000	New Jersey Economic Development Authority, (Cigarette Tax), 5.75%, 6/15/29		9,807,000
	1,815	New Jersey Economic Development Authority, (Cigarette Tax), 5.75%, 6/15/34		1,732,236
	463,895	Puerto Rico Sales Tax Financing, 0.00%, 8/1/56		25,393,612
	3,840	University Square, FL, Community Development District, 6.75%, 5/1/20		3,908,390
			$	46,622,718

See notes to financial statements
10

Eaton Vance National Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Transportation — 3.3%
$	6,525	Metropolitan Transportation Authority, NY, 4.50%, 11/15/37	$	5,902,058
	88,000	Metropolitan Transportation Authority, NY, 4.50%, 11/15/38		79,479,840
	11,350	Metropolitan Transportation Authority, NY, 5.00%, 11/15/37		11,159,774
	4,615	Port Authority of New York and New Jersey, (AMT), 4.75%, 12/1/34		4,181,836
	101,500	Port Authority of New York and New Jersey, (AMT), 4.75%, 4/15/37⁽¹⁾		91,333,760
			$	192,057,268
Water and Sewer — 3.6%
$	27,660	Massachusetts Water Resources Authority, 4.00%, 8/1/46	$	22,136,575
	34,800	Metropolitan Water District of Southern California, (Waterworks Revenue Authorization), 5.00%, 7/1/37⁽¹⁾		35,079,618
	11,690	New York, NY, Municipal Water Finance Authority, (Water and Sewer System), 4.25%, 6/15/33		10,358,158
	121,150	New York, NY, Municipal Water Finance Authority, (Water and Sewer System), 4.75%, 6/15/33⁽¹⁾		117,167,073
	30,320	Upper Occoquan, VA, Sewer Authority, 4.50%, 7/1/38		27,746,135
			$	212,487,559
Total Tax-Exempt Investments (identified cost $7,019,414,176)			$	6,603,287,363
Auction-Rate Securities — 2.0%
Principal Amount (000's omitted)		Security	Value
$	20,775	Austin, TX, Airport System, (FSA), Variable Rate, 9.50%, 11/15/25⁽¹⁰⁾	$	20,775,000
	15,000	Colorado Health Facilities Authority, (Poudre Valley Health Care, Inc.), (FSA), Variable Rate, 10.255%, 3/1/40⁽¹⁰⁾		15,000,000
	10,025	New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), Variable Rate, 6.73%, 10/1/25⁽¹⁰⁾		10,025,000
	14,580	New York, NY, Housing Development Corp., (Multi-Family Housing), Variable Rate, (AMT), 7.94%, 11/1/40⁽¹⁰⁾		14,580,000
	39,000	Pennsylvania Housing Finance Agency, (AMT), Variable Rate, 12.00%, 10/1/34⁽¹⁰⁾		38,927,027
	15,825	South Carolina Jobs Economic Development Authority, (Palmetto Health), Variable Rate, 9.50%, 8/1/26⁽¹⁰⁾		15,825,000
Total Auction-Rate Securities (identified cost $115,132,027)			$	115,132,027

	Value
Total Investments — 115.2% (identified cost $7,134,546,203)	$	6,718,419,390
Other Assets, Less Liabilities — (15.2)%	$	(888,332,931	)
Net Assets — 100.0%	$	5,830,086,459

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.

MBIA - Municipal Bond Insurance Association

MFMR - Multi-Family Mortgage Revenue

PCR - Pollution Control Revenue

XLCA - XL Capital Assurance, Inc.

At March 31, 2008, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows:

New York	20.0	%
California	15.4	%
Texas	14.4	%
Others, representing less than 10% individually	65.4	%

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, 2008, 47.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.4% to 13.9% of total investments.

⁽¹⁾Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund.

⁽²⁾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, 2008, the aggregate value of the securities is $67,914,809 or 1.2% of the Fund's net assets.

⁽³⁾Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2008.

⁽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.

⁽⁵⁾Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

⁽⁶⁾When-issued security.

⁽⁷⁾Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

⁽⁸⁾ Defaulted bond.

⁽⁹⁾Security is in default with respect to scheduled principal payments.

⁽¹⁰⁾Security subject to redemption at each auction date. The stated interest rate represents the rate in effect at March 31, 2008.

See notes to financial statements
11

Eaton Vance National Municipals Fund as of March 31, 2008

FINANCIAL STATEMENTS (Unaudited)

Statement of Assets and Liabilities

As of March 31, 2008

Assets
Investments, at value (identified cost, $7,134,546,203)	$	6,718,419,390
Cash		103,436,832
Receivable for investments sold		77,798,752
Receivable for Fund shares sold		28,388,463
Interest receivable		96,434,739
Total assets	$	7,024,478,176
Liabilities
Payable for floating rate notes issued	$	988,275,000
Payable for investments purchased		95,426,745
Payable for when-issued securities		45,760,573
Payable for Fund shares redeemed		18,628,976
Payable for open interest rate swap contracts		17,042,990
Dividends payable		9,555,169
Interest expense and fees payable		8,608,953
Payable for daily variation margin on open financial futures contracts		6,640,750
Payable to affiliate for distribution and service fees		2,035,943
Payable to affiliate for investment adviser fee		1,625,419
Payable to affiliate for Trustees' fees		1,918
Accrued expenses		789,281
Total liabilities	$	1,194,391,717
Net assets	$	5,830,086,459
Sources of Net Assets
Paid-in capital	$	6,441,849,507
Accumulated net realized loss (computed on the basis of identified cost)		(89,595,281	)
Accumulated undistributed net investment income		9,663,261
Net unrealized depreciation (computed on the basis of identified cost)		(531,831,028	)
Total	$	5,830,086,459
Class A Shares
Net Assets	$	4,344,624,516
Shares Outstanding		428,017,537
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$	10.15
Maximum Offering Price Per Share (100 ÷ 95.25 of $10.15)	$	10.66
Class B Shares
Net Assets	$	153,492,109
Shares Outstanding		15,121,837
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding)	$	10.15
Class C Shares
Net Assets	$	1,201,550,433
Shares Outstanding		118,375,043
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding)	$	10.15
Class I Shares
Net Assets	$	130,419,401
Shares Outstanding		12,845,969
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$	10.15
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, 2008

Investment Income
Interest	$	180,775,538
Total investment income	$	180,775,538
Expenses
Investment adviser fee	$	9,741,701
Trustees' fees and expenses		17,791
Distribution and service fees Class A		5,607,815
Class B		828,571
Class C		6,348,745
Interest expense and fees		14,988,099
Transfer and dividend disbursing agent fees		1,064,275
Custodian fee		453,367
Registration fees		266,464
Printing and postage		151,158
Legal and accounting services		77,871
Miscellaneous		153,714
Total expenses	$	39,699,571
Deduct — Reduction of custodian fee	$	218,344
Total expense reductions	$	218,344
Net expenses	$	39,481,227
Net investment income	$	141,294,311
Realized and Unrealized Gain (Loss)
Net realized loss Investment (identified cost basis)	$	(2,481,408	)
Financial futures contracts		(86,419,217	)
Interest rate swap contracts		(12,824,672	)
Net realized loss	$	(101,725,297	)
Change in unrealized appreciation (depreciation) — Investments (identified cost basis)	$	(522,079,696	)
Financial futures contracts		(103,083,546	)
Interest rate swap contracts		(19,710,239	)
Net change in unrealized appreciation (depreciation)	$	(644,873,481	)
Net realized and unrealized loss	$	(746,598,778	)
Net decrease in net assets from operations	$	(605,304,467	)

See notes to financial statements
12

Eaton Vance National Municipals Fund as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
From operations — Net investment income	$	141,294,311		$	236,752,107
Net realized loss from investment transactions, financial futures contracts and interest rate swap contracts		(101,725,297	)		(10,149,772	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and interest rate swap contracts		(644,873,481	)		(168,688,560	)
Net increase (decrease) in net assets from operations	$	(605,304,467	)	$	57,913,775
Distributions to shareholders — From net investment income Class A	$	(107,102,194	)	$	(182,156,469	)
Class B		(3,309,652	)		(6,042,672	)
Class C		(25,352,204	)		(41,801,397	)
Class I		(3,330,123	)		(6,290,466	)
Total distributions to shareholders	$	(139,094,173	)	$	(236,291,004	)
Transactions in shares of beneficial interest — Proceeds from sale of shares Class A	$	1,103,895,290		$	2,233,505,164
Class B		17,097,173			56,490,915
Class C		277,837,421			766,113,589
Class I		70,662,021			153,566,977
Net asset value of shares issued to shareholders in payment of distributions declared Class A		66,369,029			111,268,215
Class B		1,900,292			3,456,739
Class C		14,027,638			23,191,417
Class I		2,398,747			5,032,964
Cost of shares redeemed Class A		(922,126,821	)		(830,456,403	)
Class B		(17,489,481	)		(20,291,846	)
Class C		(267,985,733	)		(199,151,037	)
Class I		(65,808,399	)		(96,464,039	)
Net asset value of shares exchanged Class A		993,828			2,291,497
Class B		(993,828	)		(2,291,497	)
Net increase in net assets from Fund share transactions	$	280,777,177		$	2,206,262,655
Net increase (decrease) in net assets	$	(463,621,463	)	$	2,027,885,426

Net Assets	Six Months Ended March 31, 2008 (Unaudited)		Year Ended September 30, 2007
At beginning of period	$	6,293,707,922	$	4,265,822,496
At end of period	$	5,830,086,459	$	6,293,707,922
Accumulated undistributed net investment income included in net assets
At end of period	$	9,663,261	$	7,463,123

See notes to financial statements
13

Eaton Vance National Municipals Fund as of March 31, 2008

FINANCIAL STATEMENTS (Unaudited) CONT'D

Statement of Cash Flows

Cash Flows From Operating Activities	For the Six Months Ended March 31, 2008
Net decrease in net assets from operations	$	(605,304,467	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by (used in) operating activities:
Investments purchased		(2,968,332,184	)
Investments sold		2,838,008,071
Increase in short-term investments, net		(97,007,027	)
Net amortization of premium (discount)		(18,028,499	)
Increase in interest receivable		(15,411,184	)
Incerase in payable for investments purchased		64,821,389
Increase in receivable for investments sold		(13,706,646	)
Decrease in receivable for open interest rate swaps contracts		2,777,133
Increase in payable for daily variation margin on open financial futures contracts		6,640,750
Increase in payable for open interest rate swap contracts		16,933,106
Decrease in payable for closed interest rate swap contracts		(5,991,117	)
Increase in payable to affiliate for investment adviser fee		31,604
Decrease in payable to affiliate for distribution and service fees		(2,109,212	)
Increase in payable to affiliate for Trustees' fees		1,918
Increase in payable for when-issued securities		10,338,747
Increase in accrued expenses		56,330
Increase in interest expense and fees payable		14,196
Net change in unrealized (appreciation) depreciation on investments		522,079,696
Net realized (gain) loss on investments		2,481,408
Net cash used in operating activities	$	(261,705,988	)
Cash Flows From Financing Activities
Proceeds from shares sold	$	1,463,404,102
Shares redeemed		(1,270,049,643	)
Cash distributions paid net of reinvestments		(53,406,649	)
Proceeds from secured borrowings		517,150,000
Repayment of secured borrowings		(292,765,950	)
Net cash provided by financing activities	$	364,331,860
Net increase in cash	$	102,625,872
Cash at beginning of period	$	810,960
Cash at end of period	$	103,436,832
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of:	$	84,695,706

See notes to financial statements
14

Eaton Vance National Municipals Fund as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Class A
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	11.490		$	11.780		$	11.270		$	10.920		$	10.840		$	10.920
Income (loss) from operations
Net investment income	$	0.266		$	0.521		$	0.565		$	0.574		$	0.654		$	0.666
Net realized and unrealized gain (loss)		(1.344	)		(0.290	)		0.478			0.355			0.079			(0.105	)
Total income (loss) from operations	$	(1.078	)	$	0.231		$	1.043		$	0.929		$	0.733		$	0.561
Less distributions
From net investment income	$	(0.262	)	$	(0.521	)	$	(0.533	)	$	(0.579	)	$	(0.653	)	$	(0.641	)
Total distributions	$	(0.262	)	$	(0.521	)	$	(0.533	)	$	(0.579	)	$	(0.653	)	$	(0.641	)
Net asset value — End of period	$	10.150		$	11.490		$	11.780		$	11.270		$	10.920		$	10.840
Total Return⁽²⁾		(9.48	)%⁽⁸⁾		1.95	%		9.50	%		8.69	%		6.94	%		5.46	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	4,344,625		$	4,647,177		$	3,259,363		$	2,147,435		$	1,769,191		$	236,885
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.64	%⁽³⁾		0.64	%⁽⁴⁾		0.72	%		0.77	%⁽⁵⁾		0.79	%⁽⁵⁾		0.78	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.50	%⁽³⁾		0.62	%		0.61	%		0.44	%⁽⁵⁾		0.33	%⁽⁵⁾		0.27	%⁽⁵⁾
Total expenses before custodian fee reduction		1.14	%⁽³⁾		1.26	%⁽⁴⁾		1.33	%		1.21	%⁽⁵⁾		1.12	%⁽⁵⁾		1.05	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.64	%⁽³⁾		0.63	%⁽⁴⁾		0.71	%		0.76	%⁽⁵⁾		0.79	%⁽⁵⁾		0.78	%⁽⁵⁾
Net investment income		4.84	%⁽³⁾		4.44	%		4.93	%		5.14	%		6.05	%		6.29	%
Portfolio Turnover of the Portfolio⁽⁷⁾		—			—			—			—			9	%		22	%
Portfolio Turnover of the Fund		41	%		65	%		58	%		54	%		—			—

⁽¹⁾ Net investment income per share was 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 Portfolio's allocated expenses while the Fund was making investments directly into the Portfolio.

⁽⁶⁾ Interest and fee expense primarily 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
15

Eaton Vance National Municipals Fund as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Class B
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	11.490		$	11.780		$	11.270		$	10.920		$	10.850		$	10.920
Income (loss) from operations
Net investment income	$	0.225		$	0.434		$	0.478		$	0.482		$	0.598		$	0.622
Net realized and unrealized gain (loss)		(1.346	)		(0.290	)		0.480			0.364			0.063			(0.097	)
Total income (loss) from operations	$	(1.121	)	$	0.144		$	0.958		$	0.846		$	0.661		$	0.525
Less distributions
From net investment income	$	(0.219	)	$	(0.434	)	$	(0.448	)	$	(0.496	)	$	(0.595	)	$	(0.601	)
Total distributions	$	(0.219	)	$	(0.434	)	$	(0.448	)	$	(0.496	)	$	(0.595	)	$	(0.601	)
Contingent deferred sales charges	$	—		$	—		$	—		$	—		$	0.004		$	0.006
Net asset value — End of period	$	10.150		$	11.490		$	11.780		$	11.270		$	10.920		$	10.850
Total Return⁽²⁾		(9.84	)%⁽⁹⁾		1.20	%		8.69	%		8.15	%⁽³⁾		6.25	%		5.17	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	153,492		$	173,176		$	140,593		$	83,629		$	29,577	��	$	1,553,297
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.39	%⁽⁴⁾		1.39	%⁽⁵⁾		1.47	%		1.52	%⁽⁶⁾		1.17	%⁽⁶⁾		1.20	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.50	%⁽⁴⁾		0.62	%		0.61	%		0.44	%⁽⁶⁾		0.33	%⁽⁶⁾		0.27	%⁽⁶⁾
Total expenses before custodian fee reduction		1.89	%⁽⁴⁾		2.01	%⁽⁵⁾		2.08	%		1.96	%⁽⁶⁾		1.50	%⁽⁶⁾		1.47	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		1.39	%⁽⁴⁾		1.38	%⁽⁵⁾		1.46	%		1.51	%⁽⁶⁾		1.17	%⁽⁶⁾		1.20	%⁽⁶⁾
Net investment income		4.09	%⁽⁴⁾		3.69	%		4.17	%		4.30	%		5.44	%		5.88	%
Portfolio Turnover of the Portfolio⁽⁸⁾		—			—			—			—			9	%		22	%
Portfolio Turnover of the Fund		41	%		65	%		58	%		54	%		—			—

⁽¹⁾ Net investment income per share was 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 0.19% 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 Portfolio's allocated expenses while the Fund was making investments directly into the Portfolio.

⁽⁷⁾ Interest and fee expense primarily 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
16

Eaton Vance National Municipals Fund as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Class C
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	11.490		$	11.780		$	11.270		$	10.920		$	10.840		$	10.920
Income (loss) from operations
Net investment income	$	0.224		$	0.431		$	0.480		$	0.486		$	0.565		$	0.587
Net realized and unrealized gain (loss)		(1.345	)		(0.287	)		0.478			0.360			0.087			(0.101	)
Total income (loss) from operations	$	(1.121	)	$	0.144		$	0.958		$	0.846		$	0.652		$	0.486
Less distributions
From net investment income	$	(0.219	)	$	(0.434	)	$	(0.448	)	$	(0.496	)	$	(0.572	)	$	(0.566	)
Total distributions	$	(0.219	)	$	(0.434	)	$	(0.448	)	$	(0.496	)	$	(0.572	)	$	(0.566	)
Net asset value — End of period	$	10.150		$	11.490		$	11.780		$	11.270		$	10.920		$	10.840
Total Return⁽²⁾		(9.84	)%⁽⁹⁾		1.20	%		8.69	%		7.99	%⁽³⁾		6.15	%		4.71	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,201,550		$	1,334,054		$	783,143		$	388,276		$	224,955		$	200,310
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.39	%⁽⁴⁾		1.39	%⁽⁵⁾		1.47	%		1.52	%⁽⁶⁾		1.53	%⁽⁶⁾		1.53	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.50	%⁽⁴⁾		0.62	%		0.61	%		0.44	%⁽⁶⁾		0.33	%⁽⁶⁾		0.27	%⁽⁶⁾
Total expenses before custodian fee reduction		1.89	%⁽⁴⁾		2.01	%⁽⁵⁾		2.08	%		1.96	%⁽⁶⁾		1.86	%⁽⁶⁾		1.80	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		1.39	%⁽⁴⁾		1.38	%⁽⁵⁾		1.46	%		1.51	%⁽⁶⁾		1.53	%⁽⁶⁾		1.53	%⁽⁶⁾
Net investment income		4.09	%⁽⁴⁾		3.68	%		4.18	%		4.35	%		5.19	%		5.54	%
Portfolio Turnover of the Portfolio⁽⁸⁾		—			—			—			—			9	%		22	%
Portfolio Turnover of the Fund		41	%		65	%		58	%		54	%		—			—

⁽¹⁾ Net investment income per share was 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 0.10% due to a change in the timing of the payment and reinvestment of distributions.

⁽⁴⁾ Annualized.

⁽⁶⁾ Includes the Fund's share of the Portfolio's allocated expenses while the Fund was making investments directly into the Portfolio.

⁽⁷⁾ Interest and fee expense primarily 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
17

Eaton Vance National Municipals Fund as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Class I
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	11.490		$	11.780		$	11.270		$	10.920		$	10.850		$	10.910
Income (loss) from operations
Net investment income	$	0.279		$	0.549		$	0.601		$	0.590		$	0.673		$	0.693
Net realized and unrealized gain (loss)		(1.342	)		(0.289	)		0.471			0.368			0.078			(0.088	)
Total income (loss) from operations	$	(1.063	)	$	0.260		$	1.072		$	0.958		$	0.751		$	0.605
Less distributions
From net investment income	$	(0.277	)	$	(0.550	)	$	(0.562	)	$	(0.608	)	$	(0.681	)	$	(0.665	)
Total distributions	$	(0.277	)	$	(0.550	)	$	(0.562	)	$	(0.608	)	$	(0.681	)	$	(0.665	)
Net asset value — End of period	$	10.150		$	11.490		$	11.780		$	11.270		$	10.920		$	10.850
Total Return⁽²⁾		(9.36	)%⁽⁸⁾		2.20	%		9.77	%		8.92	%		7.17	%		5.84	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	130,419		$	139,301		$	82,723		$	15,208		$	5,400		$	2,414
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.39	%⁽³⁾		0.39	%⁽⁴⁾		0.47	%		0.52	%⁽⁵⁾		0.53	%⁽⁵⁾		0.53	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.50	%⁽³⁾		0.62	%		0.61	%		0.44	%⁽⁵⁾		0.33	%⁽⁵⁾		0.27	%⁽⁵⁾
Total expenses before custodian fee reduction		0.89	%⁽³⁾		1.01	%⁽⁴⁾		1.08	%		0.96	%⁽⁵⁾		0.86	%⁽⁵⁾		0.80	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.39	%⁽³⁾		0.38	%⁽⁴⁾		0.46	%		0.51	%⁽⁵⁾		0.53	%⁽⁵⁾		0.53	%⁽⁵⁾
Net investment income		5.09	%⁽³⁾		4.68	%		5.22	%		5.27	%		6.18	%		6.54	%
Portfolio Turnover of the Portfolio⁽⁷⁾		—			—			—			—			9	%		22	%
Portfolio Turnover of the Fund		41	%		65	%		58	%		54	%		—			—

⁽¹⁾ Net investment income per share was 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.

⁽⁵⁾ Includes the Fund's share of the Portfolio's allocated expenses while the Fund was making investments directly into the Portfolio.

⁽⁶⁾ Interest and fee expense primarily 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 Fund as of March 31, 2008

NOTES TO FINANCIAL STATEMENT (Unaudited)

1 Significant 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.

A Investment Valuation — Municipal bonds and taxable obligations, if any, are generally valued on the basis of valuations furnished by a pricing service. Financial futures contracts and options on financial futures contracts listed on commodity exchanges are valued at closing settlement prices. Interest rate swaps are generally valued on the basis of valuations furnished by a pricing service. 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, and investments for which the price of a security is not believed to represent its fair market value, are valued a t fair value using methods determined in good faith by or at the direction of the Trustees.

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

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

At September 30, 2007, the Fund, for federal income tax purposes, had a capital loss carryforward of $2,604,551 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.

In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109". FIN 48 clarifies the accounting for uncertainty in income taxes recognized in accordance with FASB Statement No. 109, "Accounting for Income Taxes". This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. FIN 48 is effective on the last business day of the first required financial reporting period for fiscal years beginning after December 15, 2006. Management has concluded that as of March 31, 2008, there are 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, 2007 remains subject to examination by the Internal Revenue Service.

Eaton Vance National Municipals Fund as of March 31, 2008

NOTES TO FINANCIAL STATEMENT (Unaudited) CONT'D

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

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

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

G Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H Indemnifications — Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund, 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.

I Floating Rate Notes Issued in Conjunction with Securities Held — The Fund may invest in inverse floating rate securities, 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, t he 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 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 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 collapsing the SPV. 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. At March 31, 2008, the amount of the Fund's Floating Rate Notes outstanding and the related collateral were $988,330,000 and $1,321,344,382, respectively. The range of interest rates on the Floating Rate Notes outstanding at March 31, 2008 was 2.14% to 2.29%.

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. 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 borrowings do not apply to the secured borrowings deemed to have occurred for accounting purposes pursuant to FAS 140, which is distinct from a legal borrowing of the Fund to which the policies apply. Inverse Floaters held by the Fund are securities exempt from registration under Rule 144A of the Securities Act of 1933.

Eaton Vance National Municipals Fund as of March 31, 2008

NOTES TO FINANCIAL STATEMENT (Unaudited) CONT'D

J Financial 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 p urchase 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.

K Interest 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-performanc e by the swap counterparty. Risk may also arise from movements in interest rates.

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

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

N Interim Financial Statements — The interim financial statements relating to March 31, 2008 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund's management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders

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

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of Eaton Vance Management (EVM), as compensation for management and investment advisory services rendered to the Fund. The fee is based upon a percentage of average daily net assets plus a percentage of gross income (i.e., income other than gains from the sale of securities) and is payable monthly. For the six months ended March 31, 2008, the advisory fee amounted to $9,741,701, representing 0.32% (annualized) of the Fund's average daily net assets.

Eaton Vance National Municipals Fund as of March 31, 2008

NOTES TO FINANCIAL STATEMENT (Unaudited) CONT'D

EVM serves as the administrator to 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, 2008, EVM earned $54,701 in sub-transfer agent fees. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), the Fund's principal underwriter and an affiliate of EVM, received $356,725 as its portion of the sales charge on sales of Class A shares for the six months ended March 31, 2008. EVD also receives 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, 2008, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. 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, 2008 amounted to $5,607,815 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 a nd 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, 2008, the Fund paid or accrued to EVD $621,428 and $4,761,559 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, 2008, the amounts of Uncovered Distribution Charges of EVD calculated under the Class B and Class C Plans were approximately $5,789,000 and $120,457,000, 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 for six months ended March 31, 2008 amounted to $207,143 and $1,587,186 for Class B and Class C shares, respectively.

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) generally is imposed on redemptions of Class B shares made within six years of purchase and on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within eighteen months of purchase (depending on the circumstances of purchase) or a 1% or 0.50% CDSC if redeemed within one year or two years, respectively, on purchases through the Eaton Vance Supplemental Retirement Account. 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 gains 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 redee med 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

Eaton Vance National Municipals Fund as of March 31, 2008

NOTES TO FINANCIAL STATEMENT (Unaudited) CONT'D

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, 2008, the Fund was informed that EVD received approximately $674,000, $326,000 and $381,000 of CDSCs paid by Class A, Class B and Class C shareholders, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $2,968,332,184 and $2,838,008,071, respectively, for the six months ended March 31, 2008.

7 Shares of Beneficial Interest

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

Class A	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		101,475,516			189,691,358
Issued to shareholders electing to receive payments of distributions in Fund shares		6,194,750			9,476,225
Redemptions		(84,284,250	)		(71,518,537	)
Exchange from Class B shares		94,507			194,923
Net increase		23,480,523			127,843,969
Class B	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		1,568,411			4,783,820
Issued to shareholders electing to receive payments of distributions in Fund shares		177,356			294,204
Redemptions		(1,607,566	)		(1,741,522	)
Exchange to Class A shares		(94,367	)		(194,824	)
Net increase		43,834			3,141,678

Class C	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		25,495,581			64,875,259
Issued to shareholders electing to receive payments of distributions in Fund shares		1,309,422			1,976,652
Redemptions		(24,580,597	)		(17,186,330	)
Net increase		2,224,406			49,665,581
Class I	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		6,519,093			13,051,397
Issued to shareholders electing to receive payments of distributions in Fund shares		223,854			428,041
Redemptions		(6,020,449	)		(8,376,899	)
Net increase		722,498			5,102,539

8 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2008, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	6,130,193,196
Gross unrealized appreciation	$	57,450,702
Gross unrealized depreciation		(457,499,508	)
Net unrealized depreciation	$	(400,048,806	)

9 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $200 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 0.07% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. The Fund did not have any significant borrowings or allocated fees during the six months ended March 31, 2008.

Eaton Vance National Municipals Fund as of March 31, 2008

NOTES TO FINANCIAL STATEMENT (Unaudited) CONT'D

10 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to various market risks. 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 at March 31, 2008 is as follows:

Futures Contracts
Expiration Date		Contracts	Position	Aggregate Cost			Value			Net Unrealized Depreciation
	06/08	25,000 U.S. Treasury Bond	Short	$	(2,871,260,775	)	$	(2,969,922,000	)	$	(98,661,225	)

Interest Rate Swaps

Counterparty	Notional Amount		Annual Fixed Rate Paid By Fund			Floating Rate Paid To Fund	Effective Date/ Termination Date	Net Unrealized Depreciation
Lehman Brothers, Inc.	$	40,150,000		4.985	%	3-month USD-LIBOR-BBA	September 28, 2008/ September 28, 2038	$	(1,763,991	)
Merrill Lynch Capital Services, Inc.		100,000,000		4.9025	%	3-month USD-LIBOR-BBA	July 9, 2008/ July 9, 2038		(3,609,978	)
Morgan Stanley Capital Services, Inc.		100,000,000		5.428	%	3-month USD-LIBOR-BBA	September 10, 2008/ September 10, 2038		(11,669,021	)
								$	(17,042,990	)

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, 2008, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

11 Recently Issued Accounting Pronouncements

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements". FAS 157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. FAS 157 is effective for fiscal years beginning after November 15, 2007. As of March 31, 2008, management does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements; however, additional disclosures may be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements on changes in net assets for the period.

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.

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 23, 2007, 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 Special Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Special Committee reviewed information furnished for a series of meetings of the Special Committee held in February, March and April 2007. 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;

• 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.

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 Special 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, 2007, the Board met ten times and the Special Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met twelve, fourteen and eight 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.

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 Special Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Special 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 Special 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 Special 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 Special Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Special Committee as well as the factors considered and conclusions reached by the Special Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the 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, including recent changes to 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 30-person municipal bond team, which includes six portfolio managers and nine 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 ret ain 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 and the National Association of Securities Dealers.

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.

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, 2006 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, 2006, as compared to a group of similarly managed funds selected by an independent data provider.

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 conclude d 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.

Eaton Vance National Municipals Fund

INVESTMENT MANAGEMENT

Eaton Vance National Municipals Fund

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 and Portfolio Manager Adam A. Weigold Vice President Barbara E. Campbell Treasurer Maureen A. Gemma Secretary Paul M. O'Neil Chief Compliance Officer John E. Pelletier Chief Legal Officer				Trustees Ralph F. Verni Chairman Benjamin C. Esty Thomas E. Faust Jr. Allen R. Freedman William H. Park Ronald A. Pearlman Norton H. Reamer Heidi L. Steiger Lynn A. Stout

Investment Adviser
Boston Management and Research

The Eaton Vance Building
255 State Street
Boston, MA 02109

Administrator
Eaton Vance Management

The Eaton Vance Building
255 State Street
Boston, MA 02109

Principal Underwriter
Eaton Vance Distributors, Inc.

The Eaton Vance Building
255 State Street
Boston, MA 02109
(617) 482-8260

Custodian
State Street Bank and Trust Company

200 Clarendon Street
Boston, MA 02116

Transfer Agent
PFPC Inc.

Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122

Eaton Vance National Municipals Fund
The Eaton Vance Building
255 State Street
Boston, MA 02109

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 1-800-225-6265.

448-5/08 HMSRC

Semiannual Report March 31, 2008

EATON VANCE
MUNICIPALS
TRUST

California

Florida Plus

Massachusetts

Mississippi

New York

Ohio

Rhode Island

West Virginia

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

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

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.

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.

Eaton Vance Municipals Funds as of March 31, 2008

TABLE OF CONTENTS

Investment Update	2

Morningstar Ratings^TM	3

Performance Information and Portfolio Composition
California	4
Florida Plus	5
Massachusetts	6
Mississippi	7
New York	8
Ohio	9
Rhode Island	10
West Virginia	11

Fund Expenses	12

Financial Statements	18

Board of Trustees’ Annual Approval of the Investment Advisory Agreements	92

Investment Management	95

Eaton Vance Municipals Funds as of March 31, 2008

INVESTMENT UPDATE

The investment objective of each Eaton Vance Municipals Fund (the “Funds”) is to provide current income exempt from regular federal income tax and particular state or local income or other taxes, as applicable. The Funds primarily invest in investment-grade municipal obligations but may also invest in lower-rated obligations.

Economic and Market Conditions

Economic growth in the first quarter of 2008 measured 0.6%, according to preliminary Commerce Department data reported in April 2008, following the 0.6% growth rate achieved in the fourth quarter 2007. The housing sector continued to struggle in the first quarter due to market concerns related to subprime mortgages. Although the weaker dollar was having a beneficial effect on export-related industries, tourism, and U.S.-based multinational companies, consumers started to curtail spending as food and energy costs continued to climb, according to the U.S. Commerce Department, and consumer confidence levels fell to 25-year lows, according to University of Michigan data.

On March 16, 2008, the Federal Reserve (the “Fed”) took extraordinary actions to support orderly market functioning after it learned that Bear Stearns faced a liquidity crisis which could have triggered a wider market crisis. In addition to approving a financing arrangement to support JPMorgan Chase’s acquisition of Bear Stearns, the Fed created a new lending facility that expanded the potential collateral it would accept from member banks and extended the new lending facility to securities firms. The Fed also lowered the Discount Rate, the rate at which it will lend to these firms, to 3.25% from 3.50% Two days later, on March 18, 2008, at a regularly scheduled meeting of the Federal Open Market Committee, the Fed lowered the Federal Funds Rate by 75 basis points to 2.25% from 3.00% and further lowered the Discount Rate to 2.50%. The Federal Funds Rate has been lowered by a total of 300 basis points (3.00%) since September 18, 2007, from 5.25%, and the Discount Rate has been lowered by a total of 375 basis points (3.75%) since August 17, 2007, from 6.25% Management believes that all of these actions were aimed at providing market liquidity during this period of extreme uncertainty and tight credit conditions that first surfaced in August 2007.

Management Discussion

The Funds invest primarily in bonds with stated maturities of 10 years or longer at the time of investment, as longer-maturity bonds historically have provided greater tax-exempt income for investors than shorter-maturity bonds.

The Funds underperformed their benchmark, the Lehman Brothers Municipal Bond Index – a broad-based, unmanaged index of municipal bonds – for the six months ended March 31, 2008.(1) Management believes that much of the underperformance can be attributed to the broader-based credit crisis that has shaken the fixed-income markets since August 2007, which led investors to move their capital into the Treasury market, particularly in shorter-maturity bonds. This move was originally driven by uncertainty surrounding financial companies’ exposure to mortgage-backed collateralized debt obligations (CDOs). More recently, the municipal bond market has been impacted by the downgrade of major municipal bond insurers due to their exposure to mortgage-related CDO debt. As a result of an active management style that focuses on income and longer call protection, the Funds generally hold longer-duration bonds. Although the municipal bond market stabilized and Fund performance improved during March 2008, management believes that investors’ flight – from September 2007 through February 2008 – to shorter-maturity uninsured bonds from longer-maturity insured bonds resulted in the Funds’ relative underperformance for the period.

	(1)	It is not possible to invest directly in an Index. The Index’s total return does not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index.
	(2)	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. 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.

Eaton Vance Municipals Funds as of March 31, 2008

MORNINGSTAR RATINGS^TM

As of March 31, 2008

FUND	OVERALL	3-YEAR	5-YEAR	10-YEAR

CALIFORNIA MUNICIPALS FUND – CLASS A	**	**	**	***
Load waived	***	***	***	***
MUNI CALIFORNIA LONG CATEGORY	155 FUNDS	155 FUNDS	149 FUNDS	119 FUNDS
FLORIDA PLUS MUNICIPALS FUND – CLASS A	**	**	**	**
Load waived	***	***	***	***
MUNI FLORIDA CATEGORY	40 FUNDS	40 FUNDS	40 FUNDS	37 FUNDS
MASSACHUSETTS MUNICIPALS FUND – CLASS A	**	*	**	***
Load waived	***	**	***	***
MUNI MASSACHUSETTS CATEGORY	77 FUNDS	77 FUNDS	75 FUNDS	62 FUNDS
MISSISSIPPI MUNICIPALS FUND – CLASS A	***	**	**	***
Load waived	****	****	****	****
MUNI SINGLE STATE LONG CATEGORY	339 FUNDS	339 FUNDS	335 FUNDS	294 FUNDS
NEW YORK MUNICIPALS FUND – CLASS A	**	*	**	***
Load waived	***	***	***	****
MUNI NEW YORK LONG CATEGORY	113 FUNDS	113 FUNDS	112 FUNDS	90 FUNDS
OHIO MUNICIPALS FUND – CLASS A	****	**	****	****
Load waived	****	***	*****	****
MUNI OHIO CATEGORY	71 FUNDS	71 FUNDS	69 FUNDS	58 FUNDS
RHODE ISLAND MUNICIPALS FUND – CLASS A	***	**	***	***
Load waived	****	***	****	*****
MUNI SINGLE STATE LONG CATEGORY	339 FUNDS	339 FUNDS	335 FUNDS	294 FUNDS
WEST VIRGINIA MUNICIPALS FUND – CLASS A	**	*	*	**
Load waived	***	**	**	***
MUNI SINGLE STATE LONG CATEGORY	339 FUNDS	339 FUNDS	335 FUNDS	294 FUNDS

Based on risk-adjusted returns. Eaton Vance offers other mutual funds that are not listed here and that do not have similar performance records.

The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating™ metrics.

©2008 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund’s monthly performance after adjusting for sales loads (except for load-waived A shares), redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars; the next 22.5% receive 4 stars; the next 35% receive 3 stars; the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

As interest rates rise, the value of fixed-income securities is likely to decrease. Fluctuations in the value of securities may not affect interest income on existing securities, but will be reflected in the Funds’ net asset values. A portion of income may be subject to federal alternative minimum tax. Please see the Funds’ prospectus for more information. Consult your tax/legal advisor before making any tax-related investment decisions.

For information regarding each Fund’s performance, please refer to pages titled “Performance Information and Portfolio Composition” contained in this report.

Eaton Vance California Municipals Fund as of March 31, 2008

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Fund Performance(1)	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	-4.48	%	-4.79	%	-4.79	%	N.A.
One Year	-5.03		-5.71		-5.72		N.A.
Five Years	2.93		2.33		N.A.		N.A.
Ten Years	3.98		3.53		N.A.		N.A.
Life of Fund†	5.30		5.27		1.79		4.17	%††

SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months	-9.02	%	-9.44	%	-5.72	%	N.A.
One Year	-9.51		-10.24		-6.62		N.A.
Five Years	1.93		2.00		N.A.		N.A.
Ten Years	3.48		3.53		N.A.		N.A.
Life of Fund†	4.93		5.27		1.79		4.17	%††

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

†† Returns are cumulative since inception of the share class.

Total Annual

Operating Expenses(2)

Class A

Class B

Class C

Class I

Expense Ratio

1.17

1.92

0.92

Distribution Rates/Yields	Class A		Class B		Class C		Class I

Distribution Rate(3)	4.55	%	3.73	%	3.73	%	4.79	%
Taxable-Equivalent Distribution Rate(3),(4)	7.72		6.33		6.33		8.13
SEC 30-day Yield(5)	4.46		3.94		3.94		N.A.
Taxable-Equivalent SEC 30-day Yield(4),(5)	7.57		6.68		6.68		N.A.

Index Performance(6)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns
Six Months	0.75	%
One Year	1.90
Five Years	3.92
Ten Years	4.99

Lipper Averages(7)

Lipper California Municipal Debt Funds Classification – Average Annual Total Returns
Six Months	-1.91	%
One Year	-2.16
Five Years	3.12
Ten Years	3.97

Portfolio Manager: Cynthia J. Clemson

Rating Distribution*(8)

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 11 to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at March 31, 2008, is as follows, and the average rating is AA:

AAA	55.5	%
AA	8.2	%
A	24.3	%
BBB	3.8	%
BB	0.9	%
Not Rated	7.3	%

Fund Statistics(9)

	·	Number of Issues:	101
	·	Average Maturity:	20.8		years
	·	Average Effective Maturity:	18.1		years
	·	Average Call Protection:	9.0		years
	·	Average Dollar Price:	$	94.34

(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 not subject to a sales charge. (2) Source: Prospectus dated 12/1/07. Includes interest expense of 0.33% 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 obligation 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 taxable-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 Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. 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 122, 118, 102 and 73 funds for the 6-month, 1-year, 5-year and 10-year periods, respectively. Lipper Averages are available as of month end only. (8) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. (9) 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.

Eaton Vance Florida Plus Municipals Fund as of March 31, 2008

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Fund Performance(1)	Class A		Class B		Class C
Share Class Symbol	ETFLX		EVFLX		ECFLX

Average Annual Total Returns (at net asset value)
Six Months	-5.89	%	-6.33	%	-6.33	%
One Year	-6.05		-6.79		-6.79
Five Years	2.82		2.06		N.A.
Ten Years	3.97		3.19		N.A.
Life of Fund†	5.14		5.03		-0.92

SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months	-10.38	%	-10.92	%	-7.25	%
One Year	-10.50		-11.27		-7.68
Five Years	1.81		1.73		N.A.
Ten Years	3.46		3.19		N.A.
Life of Fund†	4.78		5.03		-0.92

† Inception date: Class A: 4/5/94; Class B: 8/28/90; Class C: 3/13/06

Total Annual

Operating Expenses(2)

Class A

Class B

Class C

Expense Ratio

1.34

2.09

Distribution Rates/Yields	Class A		Class B		Class C

Distribution Rate(3)	5.02	%	4.21	%	4.21	%
Taxable-Equivalent Distribution Rate(3),(4)	7.72		6.48		6.48
SEC 30-day Yield(5)	4.38		3.85		3.84
Taxable-Equivalent SEC 30-day Yield(4),(5)	6.74		5.92		5.91

Index Performance(6)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns
Six Months	0.75	%
One Year	1.90
Five Years	3.92
Ten Years	4.99

Lipper Averages(7)

Lipper Florida Municipal Debt Funds Classification – Average Annual Total Returns
Six Months	-1.31	%
One Year	-0.99
Five Years	3.15
Ten Years	3.97

Portfolio Manager: Cynthia J. Clemson

Rating Distribution*(8)

By total investments

AAA	58.2	%
AA	7.4	%
A	14.1	%
BBB	4.2	%
Not Rated	16.1	%

Fund Statistics(9)

	·	Number of Issues:	94
	·	Average Maturity:	23.5		years
	·	Average Effective Maturity:	19.3		years
	·	Average Call Protection:	9.1		years
	·	Average Dollar Price:	$	91.49

(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 12/1/07. Includes interest expense of 0.55% 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 obligation 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 tax rate. A lower tax rate would result in lower taxable-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 Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. 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 Florida Municipal Debt Funds Classification contained 27, 27, 24 and 21 funds for the 6-month, 1-year, 5-year and 10-year periods, respectively. Lipper Averages are available as of month end only. (8) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. (9) 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.

Eaton Vance Massachusetts Municipals Fund as of March 31, 2008

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Fund Performance(1)	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	-6.34	%	-6.81	%	-6.71	%	-6.25	%
One Year	-7.80		-8.52		-8.41		-7.61
Five Years	2.45		1.71		N.A.		2.69
Ten Years	3.81		3.04		N.A.		4.02
Life of Fund†	4.20		4.66		-1.56		4.63

SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months	-10.76	%	-11.39	%	-7.62	%	-6.25	%
One Year	-12.17		-12.93		-9.30		-7.61
Five Years	1.46		1.37		N.A.		2.69
Ten Years	3.30		3.04		N.A.		4.02
Life of Fund†	3.84		4.66		-1.56		4.63

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

Total Annual Operating Expenses(2)	Class A		Class B		Class C		Class I

Expense Ratio	1.24	%	1.99	%	1.98	%	1.04	%

Distribution Rates/Yields	Class A		Class B		Class C		Class I

Distribution Rate(3)	4.68	%	3.86	%	3.85	%	4.90	%
Taxable-Equivalent Distribution Rate(3),(4)	7.60		6.27		6.26		7.96
SEC 30-day Yield(5)	4.24		3.71		3.71		4.66
Taxable-Equivalent SEC 30-day Yield(4),(5)	6.89		6.03		6.03		7.57

Index Performance(6)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns
Six Months	0.75	%
One Year	1.90
Five Years	3.92
Ten Years	4.99

Lipper Averages(7)

Lipper Massachusetts Municipal Debt Funds Classification – Average Annual Total Returns
Six Months	-0.81	%
One Year	-0.39
Five Years	3.09
Ten Years	4.01

Portfolio Manager: Robert B. MacIntosh, CFA

Rating Distribution*(8)

By total investments

AAA	50.7	%
AA	19.4	%
A	19.6	%
BBB	4.9	%
Not Rated	5.4	%

Fund Statistics(9)

	·	Number of Issues:	75
	·	Average Maturity:	23.6		years
	·	Average Effective Maturity:	21.1		years
	·	Average Call Protection:	11.3		years
	·	Average Dollar Price:	$	92.78

(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 not subject to a sales charge. (2) Source: Prospectus dated 12/1/07. Includes interest expense of 0.47% 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 obligation 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 taxable-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 Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. 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 52, 52, 46 and 40 funds for the 6-month, 1-year, 5-year and 10-year periods, respectively. Lipper Averages are available as of month end only. (8) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. (9) 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.

Eaton Vance Mississippi Municipals Fund as of March 31, 2008

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Fund Performance(1)	Class A		Class B		Class C
Share class Symbol	ETMSX		EVMSX		EMSCX

Average Annual Total Returns (at net asset value)
Six Months	-2.01	%	-2.40	%	N.A.
one Year	-1.48		-2.21		N.A.
Five Years	2.97		2.22		N.A.
Ten Years	4.00		3.22		N.A.
Life of Fund†	4.26		3.84		-2.09	%††

Sec Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months	-6.71	%	-7.20	%	N.A.
one Year	-6.13		-6.93		N.A.
Five Years	1.98		1.88		N.A.
Ten Years	3.49		3.22		N.A.
Life of Fund†	3.90		3.84		-3.05	%††

† Inception date: class a: 12/7/93; class B: 6/11/93; class c: 12/4/07

†† returns are cumulative since inception of the share class.

Total Annual

Operating Expenses(2)

Class A

Class B

Class C

Expense Ratio

1.07

1.82

Distribution Rates/Yields	Class A		Class B		Class C

Distribution Rate(3)	4.37	%	3.58	%	3.58	%
Taxable-Equivalent Distribution Rate(3),(4)	7.08		5.80		5.80
SEC 30-day Yield(5)	3.77		3.21		3.03
Taxable-Equivalent SEC 30-day Yield(4),(5)	6.11		5.20		4.91

Index Performance(6)

Lehman Brothers Municipal Bond Index – average annual Total returns
Six Months	0.75	%
one Year	1.90
Five Years	3.92
Ten Years	4.99

Lipper Averages(7)

Lipper other States Municipal debt Funds classification – average annual Total returns
Six Months	-0.74	%
one Year	-0.10
Five Years	2.86
Ten Years	3.75

Portfolio Manager: Craig R. Brandon, CFA

*Rating Distribution(8)**

By total investments

AAA	65.1	%
AA	4.9	%
A	15.4	%
BBB	10.6	%
BB	0.4	%
Not Rated	3.6	%

Fund Statistics(9)

· Number of Issues:	51
· Average Maturity:	18.1		years
· Average Effective Maturity:	13.8		years
· Average Call Protection:	7.0		years
· Average Dollar Price:	$	96.76

(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 12/1/07. Includes interest expense of 0.24% 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 obligation 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 taxable-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 Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. 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 74, 74, 71 and 52 funds for the 6-month, 1-year, 5-year and 10-year periods, respectively. Lipper Averages are available as of month end only. (8) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. (9) 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.

Eaton Vance New York Municipals Fund as of March 31, 2008

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Fund Performance(1)	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	-5.16	%	-5.52	%	-5.54	%	N.A.
One Year	-5.80		-6.51		-6.62		N.A.
Five Years	2.85		2.27		N.A.		N.A.
Ten Years	4.28		3.61		N.A.		N.A.
Life of Fund†	5.29		5.46		1.34		3.61	%††

Sec Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months	-9.68	%	-10.16	%	-6.47	%	N.A.
One Year	-10.24		-11.02		-7.52		N.A.
Five Years	1.85		1.94		N.A.		N.A.
Ten Years	3.78		3.61		N.A.		N.A.
Life of Fund†	4.93		5.46		1.34		3.61	%††

†Inception date: Class a: 4/15/94; class B: 8/30/90; class c: 9/30/03; class I: 3/3/08

††Returns are cumulative since inception of the share class.

Total annual

operating expenses(2)

Class A

Class B

Class C

Class I

Expense Ratio

1.25

1.99

1.05

Distribution Rates/Yields	Class A		Class B		Class C		Class I

Distribution Rate(3)	4.74	%	3.92	%	3.92	%	4.93	%
Taxable-Equivalent Distribution Rate(3),(4)	7.83		6.47		6.47		8.14
SEC 30-day Yield(5)	4.25		3.72		3.72		N.A.
Taxable-Equivalent SEC 30-day Yield(4),(5)	7.02		6.14		6.14		N.A.

Index Performance(6)

Lehman Brothers Municipal Bond Index – average annual Total returns
Six Months	0.75	%
One Year	1.90
Five Years	3.92
Ten Years	4.99

Lipper Averages(7)

Lipper New York Municipal debt Funds classification – average annual Total returns
Six Months	-0.73	%
one Year	-0.45
Five Years	3.14
Ten Years	3.96

Portfolio Manager: Craig R. Brandon, CFA

*Rating Distribution(8)**

By total investments

AAA	31.1	%
AA	42.4	%
A	15.6	%
BBB	4.3	%
BB	0.5	%
B	1.3	%
Not Rated	4.8	%

Fund Statistics(9)

· Number of Issues:	93
· Average Maturity:	23.6		years
· Average Effective Maturity:	21.4		years
· Average Call Protection:	10.8		years
· Average Dollar Price:	$	97.68

(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 not subject to a sales charge. (2) Source: Prospectus dated 12/1/07. Includes interest expense of 0.48% 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 obligation 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 taxable-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 Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. 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 100, 99, 93 and 69 funds for the 6-month, 1-year, 5-year and 10-year periods, respectively. Lipper Averages are available as of month end only. (8) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. (9) 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.

Eaton Vance Ohio Municipals Fund as of March 31, 2008

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Fund Performance(1)	Class A				Class B				Class C
Share class Symbol	ETOHX				EVOHX				ECOHX

Average Annual Total Returns (at net asset value)
Six Months	-3.53		%		-3.90			%	-3.90	%
One Year	-3.71				-4.44				-4.33
Five Years	4.00				3.22				N.A.
Ten Years	4.12				3.35				N.A.
Life of Fund†	4.37				4.87				0.61

Sec Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		-8.10		%		-8.62	%		-4.84	%
one Year		-8.27				-9.06			-5.26
Five Years		3.00				2.88			N.A.
Ten Years		3.62				3.35			N.A.
Life of Fund†		4.02				4.87			0.61

† Inception date: class a: 12/7/93; class B: 4/18/91; class c: 2/3/06

Total annual

Operating Expenses(2)

Class A

Class B

Class C

Expense Ratio

1.08

1.83

Distribution Rates/Yields	Class A		Class B		Class C

Distribution Rate(3)	4.30	%	3.51	%	3.51	%
Taxable-equivalent distribution rate(3),(4)	7.08		5.78		5.78
Sec 30-day Yield(5)	3.87		3.32		3.32
Taxable-equivalent Sec 30-day Yield(4),(5)	6.37		5.47		5.47

Index Performance(6)

Lehman Brothers Municipal Bond Index – average annual Total returns
Six Months	0.75	%
one Year	1.90
Five Years	3.92
Ten Years	4.99

Lipper Averages(7)

Lipper ohio Municipal debt Funds classification – average annual Total returns
Six Months	-0.71	%
one Year	-0.16
Five Years	3.05
Ten Years	3.94

Portfolio Manager: William H Ahern, CFA

Rating Distribution*(8)

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 11 to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at March 31, 2008, is as follows, and the average rating is AA+:

AAA	67.3	%
AA	10.7	%
A	12.8	%
BBB	2.2	%
B	1.2	%
Not Rated	5.8	%

Fund Statistics(9)

· Number of Issues:	124
· Average Maturity:	21.9		years
· Average Effective Maturity:	16.4		years
· Average Call Protection:	10.5		years
· Average Dollar Price:	$	99.21

(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 12/1/07. Includes interest expense of 0.31% 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 obligation 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 39.26% combined federal and state income tax rate. A lower tax rate would result in lower taxable-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 Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. 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 43, 43, 38 and 32 funds for the 6-month, 1-year, 5-year and 10-year periods, respectively. Lipper Averages are available as of month end only. (8) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. (9) Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 11 to the Fund’s financial statements.

Eaton Vance Rhode Island Municipals Fund as of March 31, 2008

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Fund Performance(1)	Class A		Class B		Class C
Share Class Symbol	ETRIX		EVRIX		ERICX

Average Annual Total Returns (at net asset value)
Six Months	-4.06	%	-4.40	%	-4.39	%
One Year	-3.96		-4.71		-4.61
Five Years	2.96		2.24		N.A.
Ten Years	4.03		3.27		N.A.
Life of Fund†	4.18		3.82		-0.45

Sec Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months	-8.61	%	-9.09	%	-5.33	%
One Year	-8.52		-9.32		-5.53
Five Years	1.96		1.90		N.A.
Ten Years	3.52		3.27		N.A.
Life of Fund†	3.82		3.82		-0.45	%

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

Total Annual
Operating Expenses(2)	Class A		Class B		Class C

Expense Ratio	1.14	%	1.89	%	1.88	%

Distribution Rates/Yields	Class A		Class B		Class C

Distribution Rate(3)	4.50	%	3.69	%	3.69	%
Taxable-Equivalent Distribution Rate(3),(4)	7.68		6.30		6.30
SEC 30-day Yield(5)	4.30		3.76		3.76
Taxable-Equivalent Sec 30-day Yield(4),(5)	7.34		6.42		6.42

Index Performance(6)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns
Six Months	0.75	%
One Year	1.90
Five Years	3.92
Ten Years	4.99

Lipper Averages(7)

Lipper other States Municipal debt Funds Classification – Average Annual Total Returns
Six Months	-0.74	%
one Year	-0.10
Five Years	2.86
Ten Years	3.75

Portfolio Manager: Robert B. MacIntosh, CFA

*Rating Distribution(8)**

By total investments

AAA	68.6	%
AA	12.9	%
A	8.6	%
BBB	6.6	%
Not Rated	3.3	%

Fund Statistics(9)

· Number of Issues:	71
· Average Maturity:	20.5		years
· Average Effective Maturity:	15.1		years
· Average Call Protection:	7.4		years
· Average Dollar Price:	$	97.25

(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 12/1/07. Includes interest expense of 0.40% 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 obligation 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 taxable-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 Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. 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 74, 74, 71 and 52 funds for the 6-month, 1-year, 5-year and 10-year periods, respectively. Lipper Averages are available as of month end only. (8) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. (9) 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.

Eaton Vance West Virginia Municipals Fund as of March 31, 2008

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Fund Performance(1)	Class A		Class B		Class C
Share Class Symbol	ETWVX		EVWVX		ECWVX

Average Annual Total Returns (at net asset value)
Six Months	-6.14	%	-6.47	%	N.A.
One Year	-6.23		-6.88		N.A.
Five Years	2.21		1.46		N.A.
Ten Years	3.57		2.79		N.A.
Life of Fund†	4.04		3.56		-5.29	%††

SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months	-10.57	%	-11.07	%	N.A.
One Year	-10.65		-11.37		N.A.
Five Years	1.23		1.12		N.A.
Ten Years	3.06		2.79		N.A.
Life of Fund†	3.68		3.56	%	-6.23	%††

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

†† Returns are cumulative since inception of the share class.

Total Annual Operating Expenses(2)	Class A		Class B		Class C

Expense Ratio	1.00	%	1.74	%	1.74	%

Distribution Rates/Yields	Class A		Class B		Class C

Distribution Rate(3)	4.49	%	3.66	%	3.66	%
Taxable-Equivalent Distribution Rate(3),(4)	7.39		6.02		6.02
SEC 30-day Yield(5)	4.22		3.69		3.74
Taxable-Equivalent SEC 30-day Yield(5),(6)	6.94		6.07		6.15

Index Performance(6)

Lehman Brothers Municipal Bond Index – Average Annual Total Returns
Six Months	0.75	%
One Year	1.90
Five Years	3.92
Ten Years	4.99

Lipper Averages(7)

Lipper Other States Municipal Debt Funds Classification – Average Annual Total Returns
Six Months	-0.74	%
One Year	-0.10
Five Years	2.86
Ten Years	3.75

Portfolio Manager: Adam A.Weigold, CFA

*Rating Distribution(8)**

By total investments

The rating distribution presented above includes the rating of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 11 to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at March 31, 2008, is as follows, and the average rating is AA+:

AAA	66.3	%
AA	4.2	%
A	21.9	%
BBB	6.2	%
Not Rated	1.4	%

Fund Statistics(9)

· Number of Issues:	49
· Average Maturity:	22.8		years
· Average Effective Maturity:	19.6		years
· Average Call Protection:	8.8		years
· Average Dollar Price:	$	90.61

(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 12/1/07. 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 obligation 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 taxable-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 Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. 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 74, 74, 71 and 52 funds for the 6-month, 1-year, 5-year and 10-year periods, respectively. Lipper Averages are available as of month end only. (8) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. (9) 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.

Eaton Vance Municipals Funds as of March 31, 2008

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, 2007 – March 31, 2008).

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 (10/1/07)		Ending Account Value (3/31/08)		Expenses Paid During Period (10/1/07 – 3/31/08)
Actual*
Class A	$	1,000.00	$	955.20	$	5.72
Class B	$	1,000.00	$	952.10	$	9.37
Class C	$	1,000.00	$	952.10	$	9.37
Class I	$	1,000.00	$	1,041.70	$	0.74
Hypothetical**
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.20	$	5.91
Class B	$	1,000.00	$	1,015.40	$	9.67
Class C	$	1,000.00	$	1,015.40	$	9.67
Class I	$	1,000.00	$	1,020.40	$	4.65

* Class I had not commenced operations as of October 1, 2007. Actual expenses are equal to the Fund's annualized expense ratio of 1.17% for Class A shares, 1.92% for Class B shares, 1.92% for Class C shares and 0.92% for Class I shares, multiplied by the average account value over the period, multiplied by 183/366 for Class A, Class B and Class C (to reflect the one-half year period) and by 29/366 for Class I (to reflect the period from commencement of operations on March 3, 2008 to March 31, 2008). 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, 2007 (February 29, 2008 for Class I).

** Hypothetical expenses are equal to the Fund's annualized expense ratio of 1.17% for Class A shares, 1.92% for Class B shares, 1.92% for Class C shares and 0.92% for Class I shares multiplied by the average account value over the period, multiplied by 183/366 (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, 2007.

Eaton Vance Municipals Funds as of March 31, 2008

FUND EXPENSES CONT'D

Eaton Vance Florida Plus Municipals Fund

	Beginning Account Value (10/1/07)		Ending Account Value (3/31/08)		Expenses Paid During Period* (10/1/07 – 3/31/08)
Actual
Class A	$	1,000.00	$	941.10	$	6.21
Class B	$	1,000.00	$	936.70	$	9.83
Class C	$	1,000.00	$	936.70	$	9.83
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.60	$	6.46
Class B	$	1,000.00	$	1,014.90	$	10.23
Class C	$	1,000.00	$	1,014.90	$	10.23

* Expenses are equal to the Fund's annualized expense ratio of 1.28% for Class A shares, 2.03% for Class B shares and 2.03% for Class C shares, multiplied by the average account value over the period, multiplied by 183/366 (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, 2007.

Eaton Vance Massachusetts Municipals Fund

	Beginning Account Value (10/1/07)		Ending Account Value (3/31/08)		Expenses Paid During Period* (10/1/07 – 3/31/08)
Actual
Class A	$	1,000.00	$	936.60	$	4.84
Class B	$	1,000.00	$	931.90	$	8.45
Class C	$	1,000.00	$	932.90	$	8.46
Class I	$	1,000.00	$	937.50	$	3.88
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.00	$	5.05
Class B	$	1,000.00	$	1,016.30	$	8.82
Class C	$	1,000.00	$	1,016.30	$	8.82
Class I	$	1,000.00	$	1,021.00	$	4.04

* Expenses are equal to the Fund's annualized expense ratio of 1.00% for Class A shares, 1.75% for Class B shares, 1.75% for Class C shares and 0.80% for Class I shares, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the next asset value per share determined at the close of business on September 30, 2007.

Eaton Vance Municipals Funds as of March 31, 2008

FUND EXPENSES CONT'D

Eaton Vance Mississippi Municipals Fund

	Beginning Account Value (10/1/07)		Ending Account Value (3/31/08)		Expenses Paid During Period (10/1/07 – 3/31/08)
Actual*
Class A	$	1,000.00	$	979.90	$	5.00
Class B	$	1,000.00	$	976.00	$	8.69
Class C	$	1,000.00	$	979.10	$	5.66
Hypothetical**
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.00	$	5.10
Class B	$	1,000.00	$	1,016.20	$	8.87
Class C	$	1,000.00	$	1,016.20	$	8.87

* Class C had not commenced operations as of October 1, 2007. Actual expenses are equal to the Fund's annualized expense ratio of 1.01% for Class A shares, 1.76% for Class B shares and 1.76% for Class C shares, multiplied by the average account value over the period, multiplied by 183/366 for Class A and Class B (to reflect the one-half year period) and by 119/366 for Class C (to reflect the period from commencement of operations on December 4, 2007 to March 31, 2008). 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, 2007 (December 3, 2007 for Class C).

** Hypothetical expenses are equal to the Fund's annualized expense ratio of 1.01% for Class A shares, 1.76% for Class B shares and 1.76% for Class C shares, multiplied by the average account value over the period, multiplied by 183/366 (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, 2007.

Eaton Vance Municipals Funds as of March 31, 2008

FUND EXPENSES CONT'D

Eaton Vance New York Municipals Fund

	Beginning Account Value (10/1/07)		Ending Account Value (3/31/08)		Expenses Paid During Period (10/1/07 – 3/31/08)
Actual*
Class A	$	1,000.00	$	948.40	$	5.75
Class B	$	1,000.00	$	944.80	$	9.38
Class C	$	1,000.00	$	944.60	$	9.38
Class I	$	1,000.00	$	1,036.10	$	0.79
Hypothetical**
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.10	$	5.96
Class B	$	1,000.00	$	1,015.40	$	9.72
Class C	$	1,000.00	$	1,015.40	$	9.72
Class I	$	1,000.00	$	1,010.05	$	4.95

* Class I had not commenced operations as of October 1, 2007. Actual expenses are equal to the Fund's annualized expense ratio of 1.18% for Class A shares, 1.93% for Class B shares, 1.93% for Class C shares and 0.98% for Class I shares, multiplied by the average account value over the period, multiplied by 183/366 for Class A, Class B and Class C (to reflect the one-half year period) and by 29/366 for Class I (to reflect the period from commencement of operations on March 3, 2008 to March 31, 2008). 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, 2007 (February 29, 2008 for Class I).

** Hypothetical expenses are equal to the Fund's annualized expense ratio of 1.18% for Class A shares, 1.93% for Class B shares, 1.93% for Class C shares and 0.98% for Class I shares, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset per share determined at the close of business on September 30, 2007.

Eaton Vance Municipals Funds as of March 31, 2008

FUND EXPENSES CONT'D

Eaton Vance Ohio Municipals Fund

	Beginning Account Value (10/1/07)		Ending Account Value (3/31/08)		Expenses Paid During Period* (10/1/07 – 3/31/08)
Actual
Class A	$	1,000.00	$	964.70	$	4.91
Class B	$	1,000.00	$	961.00	$	8.58
Class C	$	1,000.00	$	961.00	$	8.58
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.00	$	5.05
Class B	$	1,000.00	$	1,016.30	$	8.82
Class C	$	1,000.00	$	1,016.30	$	8.82

* Expenses are equal to the Fund's annualized expense ratio of 1.00% for Class A shares, 1.75% for Class B shares and 1.75% for Class C shares, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset per share determined at the close of business on September 30, 2007.

Eaton Vance Rhode Island Municipals Fund

	Beginning Account Value (10/1/07)		Ending Account Value (3/31/08)		Expenses Paid During Period* (10/1/07 – 3/31/08)
Actual
Class A	$	1,000.00	$	959.40	$	4.60
Class B	$	1,000.00	$	956.00	$	8.26
Class C	$	1,000.00	$	956.10	$	8.26
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.30	$	4.75
Class B	$	1,000.00	$	1,016.60	$	8.52
Class C	$	1,000.00	$	1,016.60	$	8.52

* Expenses are equal to the Fund's annualized expense ratio of 0.94% for Class A shares, 1.69% for Class B shares and 1.69% for Class C shares, multiplied by the average account value over the period, multiplied by 183/366 (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, 2007.

Eaton Vance Municipals Funds as of March 31, 2008

FUND EXPENSES CONT'D

Eaton Vance West Virginia Municipals Fund

	Beginning Account Value (10/1/07)		Ending Account Value (3/31/08)		Expenses Paid During Period (10/1/07 – 3/31/08)
Actual*
Class A	$	1,000.00	$	938.60	$	4.70
Class B	$	1,000.00	$	935.30	$	8.32
Class C	$	1,000.00	$	947.10	$	5.44
Hypothetical**
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.20	$	4.90
Class B	$	1,000.00	$	1,016.40	$	8.67
Class C	$	1,000.00	$	1,016.40	$	8.67

* Class C had not commenced operations as of October 1, 2007. Actual expenses are equal to the Fund's annualized expense ratio of 0.97% for Class A shares, 1.72% for Class B shares and 1.72% for Class C shares, multiplied by the average account value over the period, multiplied by 183/366 for Class A and Class B (to reflect the one-half year period) and by 119/366 for Class C (to reflect the period from commencement of operations on December 4, 2007 to March 31, 2008). 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, 2007 (December 3, 2007 for Class C).

** Hypothetical expenses are equal to the Fund's annualized expense ratio of 0.97% for Class A shares, 1.72% for Class B shares and 1.75% for Class C shares, multiplied by the average account value over the period, multiplied by 183/366 (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, 2007.

Eaton Vance California Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 110.0%

Principal Amount (000's omitted)		Security	Value
Education — 3.6%
$	3,500	California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29	$	3,182,445
	2,500	California Educational Facilities Authority, (Santa Clara University), 5.25%, 9/1/26		2,563,625
	4,000	California Educational Facilities Authority, (Stanford University), 5.25%, 12/1/32		4,050,840
			$	9,796,910
Electric Utilities — 1.1%
$	3,000	Chula Vista, (San Diego Gas), (AMT), 5.00%, 12/1/27	$	2,834,640
			$	2,834,640
Escrowed / Prerefunded — 7.3%
$	1,000	Sacramento County, Single Family, (GNMA), (AMT), Escrowed to Maturity, 8.25%, 1/1/21	$	1,360,480
	11,285	Sacramento County, Single Family, (GNMA), (AMT), Escrowed to Maturity, 8.50%, 11/1/16		15,210,149
	5,765	San Joaquin Hills Transportation Corridor Agency, Toll Road Bonds, Escrowed to Maturity, 0.00%, 1/1/26		2,374,603
	625	Santa Margarita Water District, Prerefunded to 9/1/09, 6.20%, 9/1/20		674,731
			$	19,619,963
General Obligations — 7.8%
$	2,250	California, 4.75%, 6/1/35	$	2,122,132
	4,000	California, 5.50%, 3/1/27		4,161,040
	2,500	California, 5.50%, 11/1/33		2,553,175
	2,600	California, (AMT), 5.05%, 12/1/36		2,359,110
	10,000	San Francisco Bay Area Rapid Transit District, (Election of 2004), 4.75%, 8/1/37		9,782,500
			$	20,977,957
Hospital — 15.9%
$	1,000	California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 7/1/23	$	1,010,790
	5,600	California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 11/15/34		5,258,960
	2,900	California Health Facilities Financing Authority, (Kaiser Permanente), 5.00%, 4/1/37		2,689,054
	4,000	California Health Facilities Financing Authority, (Marshall Medical Center), 5.00%, 11/1/33		3,733,680
	1,480	California Health Facilities Financing Authority, (Sutter Health), Variable Rate, 13.52%, 11/15/46⁽¹⁾⁽²⁾		1,278,631

Principal Amount (000's omitted)		Security	Value
Hospital (continued)
$	2,250	California Infrastructure and Economic Development Bank, (Kaiser Hospital), 5.50%, 8/1/31	$	2,259,607
	6,500	California Statewide Communities Development Authority, (Huntington Memorial Hospital), 5.00%, 7/1/35		6,130,670
	2,500	California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34		2,363,450
	2,500	California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36		2,352,050
	1,700	California Statewide Communities Development Authority, (Kaiser Permanente), 5.00%, 3/1/41		1,565,241
	1,850	California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32		1,861,063
	1,500	California Statewide Communities Development Authority, (Sonoma County Indian Health), 6.40%, 9/1/29		1,527,165
	2,700	San Benito Health Care District, 5.40%, 10/1/20		2,569,212
	1,000	Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31		997,320
	1,650	Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34		1,485,676
	5,000	Washington Township Health Care District, 5.00%, 7/1/37		4,634,600
	1,250	Washington Township Health Care District, 5.25%, 7/1/29		1,234,912
			$	42,952,081
Housing — 0.7%
$	1,384	Commerce (Hermitage III Senior Apartments), 6.50%, 12/1/29	$	1,400,796
	417	Commerce (Hermitage III Senior Apartments), 6.85%, 12/1/29		418,099
			$	1,818,895
Industrial Development Revenue — 1.5%
$	2,750	California Pollution Control Financing Authority, (Browning Ferris Industries), (AMT), 5.80%, 12/1/16	$	2,565,860
	1,700	California Pollution Control Financing Authority, (Solid Waste Disposal), (AMT), 5.40%, 4/1/25		1,552,508
			$	4,118,368
Insured-Electric Utilities — 10.4%
$	4,815	Anaheim Public Financing Authority, (Electric System Distribution Facilities), (MBIA), 4.50%, 10/1/32	$	4,420,411
	5,000	California Pollution Control Financing Authority, Pollution Control Revenue, (Pacific Gas and Electric), (MBIA), (AMT), 5.35%, 12/1/16		5,203,600
	9,000	Northern California Power Agency, (Hydroelectric), (MBIA), 5.125%, 7/1/23⁽³⁾		9,099,960

See notes to financial statements
18

Eaton Vance California Municipals Fund as of March 31, 2008

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), 5.25%, 7/1/34	$	1,922,740
	2,250	Puerto Rico Electric Power Authority, (FGIC), 5.25%, 7/1/35		2,158,582
	7,070	Southern California Public Power Authority, (Transmission Project), (MBIA), 0.00%, 7/1/15		5,254,707
			$	28,060,000
Insured-Escrowed / Prerefunded — 5.5%
$	2,500	California Infrastructure and Economic Development, (Bay Area Toll Bridges), (AMBAC), Prerefunded to 1/1/28, 5.00%, 7/1/33⁽⁴⁾	$	2,590,725
	5,000	California Infrastructure and Economic Development, (Bay Area Toll Bridges), (FGIC), Prerefunded to 1/1/28, 5.00%, 7/1/29		5,181,450
	15,000	Foothill/Eastern Corridor Agency, Toll Road Bonds, (FSA), Escrowed to Maturity, 0.00%, 1/1/28		5,484,150
	1,500	Puerto Rico Electric Power Authority, (FSA), Prerefunded to 7/1/10, 5.25%, 7/1/29⁽³⁾		1,612,570
			$	14,868,895
Insured-General Obligations — 8.0%
$	2,000	Allan Hancock, (Joint Community College), (FSA), 4.375%, 8/1/31	$	1,828,080
	3,500	California, (AGC), 4.50%, 8/1/30		3,256,610
	6,500	Los Angeles Unified School District, (Election of 2005), (FSA), 4.75%, 7/1/32⁽³⁾		6,348,654
	2,285	Merced Unified School District, (FGIC), 0.00%, 8/1/19		1,299,845
	3,300	Puerto Rico, (FSA), Variable Rate, 8.62%, 7/1/27⁽¹⁾⁽²⁾		3,866,313
	4,500	San Diego Unified School District, (MBIA), 5.50%, 7/1/24⁽³⁾		4,970,565
			$	21,570,067
Insured-Hospital — 2.8%
$	2,550	California Statewide Communities Development Authority, (Children's Hospital Los Angeles), (MBIA), 5.25%, 8/15/29	$	2,566,269
	4,920	California Statewide Communities Development Authority, (Sutter Health), (FSA), 5.75%, 8/15/27⁽³⁾		5,090,904
			$	7,657,173
Insured-Lease Revenue / Certificates of Participation — 4.8%
$	6,500	Anaheim Public Financing Authority, (Public Improvements), (FSA), 0.00%, 9/1/22	$	3,096,600
	11,280	Anaheim Public Financing Authority, (Public Improvements), (FSA), 0.00%, 9/1/30		3,214,010

Principal Amount (000's omitted)		Security	Value
Insured-Lease Revenue / Certificates of Participation (continued)
$	5,000	Los Angeles County, (Disney Parking), (AMBAC), 0.00%, 9/1/17	$	3,268,700
	5,370	Los Angeles County, (Disney Parking), (AMBAC), 0.00%, 3/1/18		3,385,033
			$	12,964,343
Insured-Other Revenue — 2.1%
$	2,750	Golden State Tobacco Securitization Corp., (AGC), 5.00%, 6/1/45	$	2,668,517
	3,145	Golden State Tobacco Securitization Corp., (FGIC), 5.00%, 6/1/38		2,962,936
			$	5,631,453
Insured-Special Tax Revenue — 4.2%
$	2,565	Ceres Redevelopment Agency, (Ceres Redevelopment Project Area No. 1), (AMBAC), 4.00%, 11/1/31	$	2,118,382
	5,000	Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/27		5,243,000
	4,540	San Francisco Bay Area Rapid Transportation District, Sales Tax Revenue, (FSA), 4.25%, 7/1/36		3,913,208
			$	11,274,590
Insured-Transportation — 4.8%
$	9,420	Alameda Corridor Transportation Authority, (MBIA), 0.00%, 10/1/33	$	2,169,426
	4,320	Los Angeles County Metropolitan Transportation Authority, (AMBAC), 5.00%, 7/1/23⁽³⁾		4,368,470
	40	Puerto Rico Highway and Transportation Authority, (FSA), 5.25%, 7/1/32		41,279
	5,460	Puerto Rico Highway and Transportation Authority, (FSA), 5.25%, 7/1/32⁽³⁾		5,634,611
	1,800	San Joaquin Hills Transportation Corridor Agency, Toll Road Bonds, (MBIA), 0.00%, 1/15/24		720,936
			$	12,934,722
Insured-Water and Sewer — 9.3%
$	1,750	Calleguas Las Virgenes Public Financing Authority, (Municipal Water District), (MBIA), 4.25%, 7/1/32	$	1,552,233
	8,000	Clovis Public Financing Authority, Wastewater Revenue, (AMBAC), 4.50%, 8/1/38		7,251,200
	6,225	Los Angeles Department of Water and Power, (FSA), 4.75%, 7/1/36		6,045,471
	1,680	Los Angeles Department of Water and Power, (MBIA), 3.00%, 7/1/30		1,211,952
	4,800	San Diego County Water Authority, (FGIC), 5.542%, 4/22/09		4,989,360

See notes to financial statements
19

Eaton Vance California Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Water and Sewer (continued)
$	600	San Diego County Water Authority, (FGIC), Variable Rate, 9.681%, 4/22/09⁽⁵⁾	$	647,340
	4,135	San Francisco City and County Public Utilities Commission, (FSA), 4.25%, 11/1/33		3,671,384
			$	25,368,940
Lease Revenue / Certificates of Participation — 9.0%
$	5,000	California Public Works, (University of California), 5.25%, 6/1/20	$	5,434,150
	5,115	Los Angeles County, (Disney Parking), 0.00%, 3/1/16		3,521,319
	1,925	Los Angeles County, (Disney Parking), 0.00%, 3/1/17		1,247,997
	3,100	Los Angeles County, (Disney Parking), 0.00%, 3/1/20		1,656,640
	6,090	Pasadena Parking Facility, 6.25%, 1/1/18		6,963,489
	5,000	Sacramento City Financing Authority, 5.40%, 11/1/20		5,423,050
			$	24,246,645
Other Revenue — 2.1%
$	615	California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32	$	594,072
	920	California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37		884,203
	2,410	Golden State Tobacco Securitization Corp., 5.75%, 6/1/47		2,135,935
	2,100	Puerto Rico Infrastructure Financing Authority, 5.50%, 10/1/34		2,182,068
			$	5,796,278
Senior Living / Life Care — 0.4%
$	250	California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 4.75%, 11/15/26	$	221,373
	1,000	California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 4.875%, 11/15/36		842,180
			$	1,063,553
Special Tax Revenue — 8.1%
$	2,500	Bonita Canyon Public Financing Authority, 5.375%, 9/1/28	$	2,335,450
	415	Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26		356,460
	665	Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34		541,609
	1,810	Corona Public Financing Authority, 5.80%, 9/1/20		1,790,199
	985	Fairfield Improvement Bond Act of 1915, (North Cordelia District), 7.375%, 9/2/18		1,022,420

Principal Amount (000's omitted)		Security	Value
Special Tax Revenue (continued)
$	2,110	Lincoln Public Financing Authority, Improvement Bond Act of 1915, (Twelve Bridges), 6.20%, 9/2/25	$	2,132,134
	1,430	Moreno Valley Unified School District, 5.95%, 9/1/34		1,338,923
	6,475	Puerto Rico Sales Tax Financing, 5.25%, 8/1/57		6,035,348
	1,675	Santa Margarita Water District, 6.20%, 9/1/20		1,713,425
	1,000	Santaluz Community Facilities District No. 2, 6.20%, 9/1/30		1,000,830
	350	Temecula Unified School District, 5.00%, 9/1/27		308,879
	535	Temecula Unified School District, 5.00%, 9/1/37		448,293
	1,000	Torrance Redevelopment Agency, 5.625%, 9/1/28		916,030
	1,000	Tustin Community Facilities District, 6.00%, 9/1/37		937,830
	900	Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23		892,980
			$	21,770,810
Water and Sewer — 0.6%
$	1,740	Metropolitan Water District of Southern California (Waterworks Revenue Authorization), 4.75%, 7/1/36⁽³⁾	$	1,702,808
			$	1,702,808
Total Tax-Exempt Investments — 110.0% (identified cost $294,822,793)			$	297,029,091
Other Assets, Less Liabilities — (10.0)%			$	(26,965,520	)
Net Assets — 100.0%			$	270,063,571

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 (Ginnie Mae)

MBIA - Municipal Bond Insurance Association

See notes to financial statements
20

Eaton Vance California Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

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, 2008, 47.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.0% to 16.8% of total investments.

⁽¹⁾ 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, 2008, the aggregate value of the securities is $5,144,944 or 1.9% of the Fund's net assets.

⁽²⁾ Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2008.

⁽³⁾ Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund.

⁽⁴⁾ Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

⁽⁵⁾ Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2008.

See notes to financial statements
21

Eaton Vance Florida Plus Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 108.0%
Principal Amount (000's omitted)		Security	Value
Electric Utilities — 0.6%
$	1,150	Salt River Project, AZ, Agricultural Improvements and Power District, 5.00%, 1/1/38	$	1,155,198
			$	1,155,198
Escrowed / Prerefunded — 1.7%
$	615	Florida Mid-Bay Bridge Authority, Escrowed to Maturity, 6.10%, 10/1/22	$	698,523
	1,675	Florida Mid-Bay Bridge Authority, Escrowed to Maturity, 6.875%, 10/1/22		2,070,166
	605	Vista Lakes Community Development District, Prerefunded to 5/1/10, 7.20%, 5/1/32		659,759
			$	3,428,448
Health Care-Miscellaneous — 0.5%
$	1,003	Osceola County Industrial Development Authority, Community Provider Pooled Loan, 7.75%, 7/1/17	$	1,003,391
			$	1,003,391
Hospital — 5.7%
$	1,150	California Health Facilities Financing Authority, (Kaiser Permanente), 5.00%, 4/1/37	$	1,066,349
	1,450	Massachusetts Health and Educational Facilities Authority, (Partners Healthcare Systems), 5.00%, 7/1/32		1,443,837
	2,500	Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38		2,286,450
	3,170	Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/32		3,053,249
	1,235	South Miami Health Facilities Authority, (Baptist Health), 5.00%, 8/15/42		1,158,097
	2,500	West Orange Health Care District, 5.80%, 2/1/31		2,525,400
			$	11,533,382
Housing — 2.8%
$	1,515	Capital Trust Agency, (Atlantic Housing Foundation), 5.30%, 7/1/35	$	1,302,097
	1,720	Florida Capital Projects Finance Authority, Student Housing Revenue, (Florida University), Prerefunded to 8/15/10, 7.75%, 8/15/20		1,925,557
	410	Florida Housing Finance Authority, (AMT), 6.35%, 7/1/28		415,781
	65	Florida Housing Finance Authority, (FHA), 6.35%, 6/1/14		65,112

Principal Amount (000's omitted)		Security	Value
Housing (continued)
$	1,680	Massachusetts Housing Finance Agency, (AMT), 5.30%, 12/1/37	$	1,559,359
	485	Orange County Housing Finance Authority, (AMT), 6.60%, 4/1/28		489,132
			$	5,757,038
Industrial Development Revenue — 5.8%
$	2,314	Broward County, (Lynxs Cargoport), (AMT), 6.75%, 6/1/19	$	2,248,730
	2,460	Capital Trust Agency, (Fort Lauderdale Project), (AMT), 5.75%, 1/1/32		2,246,866
	5,000	Liberty Development Corp., NY, (Goldman Sachs Group, Inc.), 5.25%, 10/1/35⁽¹⁾		5,065,800
	2,400	St. John Baptist Parish, LA, (Marathon Oil Corp.), 5.125%, 6/1/37		2,119,680
			$	11,681,076
Insured-Education — 1.9%
$	3,800	University of Vermont and State Agricultural College, (MBIA), 5.00%, 10/1/40	$	3,750,676
			$	3,750,676
Insured-Electric Utilities — 0.6%
$	1,350	Puerto Rico Electric Power Authority, (FGIC), 5.25%, 7/1/34	$	1,297,849
			$	1,297,849
Insured-Escrowed / Prerefunded — 4.2%
$	7,830	Orange County Tourist Development Tax, (AMBAC), Prerefunded to 4/1/12, 5.125%, 10/1/30⁽¹⁾	$	8,491,244
			$	8,491,244
Insured-General Obligations — 9.2%
$	1,035	King County, WA, Public Hospital District No. 1, (AGC), 5.00%, 12/1/37	$	1,025,447
	2,065	Monroe Township, NJ, Board of Education, Middlesex County, (AGC), 4.75%, 3/1/38		2,003,938
	6,545	Portage, MI, Public Schools, (FSA), 5.00%, 5/1/31		6,580,801
	1,660	Port Arthur, TX, Independent School District, (AGC), 4.75%, 2/15/38		1,590,927
	2,700	Puerto Rico, (MBIA), 5.50%, 7/1/20		2,884,923
	10,655	San Juan, CA, Unified School District, (FSA), 0.00%, 8/1/24		4,534,129
			$	18,620,165

See notes to financial statements
22

Eaton Vance Florida Plus Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Health Care-Miscellaneous — 0.0%
$	19	Osceola County Industrial Development Authority, Community Provider Pooled Loan-93 Program, (FSA), 7.75%, 7/1/10	$	19,244
			$	19,244
Insured-Hospital — 8.3%
$	965	Maryland Health and Higher Educational Facilities Authority, (Lifebridge Health), (AGC), 4.75%, 7/1/38	$	918,844
	35	Maryland Health and Higher Educational Facilities Authority, (Lifebridge Health), (AGC), 4.75%, 7/1/42		32,970
	6,340	Maryland Health and Higher Educational Facilities Authority, (Lifebridge Health), (AGC), 4.75%, 7/1/42⁽¹⁾		5,972,312
	9,560	Sarasota County Public Hospital Board, (Sarasota Memorial Hospital), (MBIA), 5.50%, 7/1/28		9,842,880
			$	16,767,006
Insured-Housing — 1.5%
$	3,000	Florida Housing Finance Authority, (Brittany of Rosemont), (AMBAC), (AMT), 6.875%, 8/1/26	$	3,002,610
			$	3,002,610
Insured-Lease Revenue / Certificates of Participation — 3.1%
$	3,300	Puerto Rico Public Finance Corp., (AMBAC), 5.125%, 6/1/24	$	3,421,308
	2,775	Scago, SC, Educational Facility Corp., Pickens School District, (FSA), 5.00%, 12/1/24		2,819,705
			$	6,241,013
Insured-Special Tax Revenue — 13.9%
$	5,895	Baton Rouge, LA, Public Improvement, (FSA), 4.25%, 8/1/32	$	5,185,714
	1,535	Louisiana Gas and Fuels Tax, (FGIC), (FSA), 5.00%, 5/1/41		1,515,352
	3,910	Massachusetts Bay Transportation Authority, Revenue Assessment, (MBIA), 4.00%, 7/1/33		3,278,457
	14,715	Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), (MBIA), 0.00%, 12/15/24		6,131,152
	1,575	Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/36		300,904
	6,630	Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/37		1,192,074
	5,000	Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/38		846,200
	10,000	Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/39		1,590,800
	10,055	Miami-Dade County, Special Obligation, (MBIA), 0.00%, 10/1/40		1,504,127

Principal Amount (000's omitted)		Security	Value
Insured-Special Tax Revenue (continued)
$	870	Opa-Locka Sales Tax, (FGIC), 7.00%, 1/1/14	$	873,132
	4,000	Sunrise Public Facilities, (MBIA), 0.00%, 10/1/15		2,937,960
	4,140	Sunrise Public Facilities, (MBIA), 0.00%, 10/1/16		2,876,969
			$	28,232,841
Insured-Transportation — 18.2%
$	4,405	Central Puget Sound Regional Transportation Authority, WA, Sales Revenue, (FSA), 5.00%, 11/1/34	$	4,424,778
	1,400	Chicago, IL, (O'Hare International Airport), (FSA), 4.50%, 1/1/38		1,262,912
	2,070	Chicago, IL, (O'Hare International Airport), (FSA), 5.00%, 1/1/38⁽²⁾		2,050,853
	1,075	Florida Turnpike Authority, (FSA), 4.50%, 7/1/28		1,014,822
	8,580	Florida Turnpike Authority, Water & Sewer Revenue, (Department of Transportation), (FGIC), 4.50%, 7/1/27		8,093,514
	2,050	Metropolitan Atlanta Rapid Transit Authority, GA, (FSA), 5.00%, 7/1/34		2,060,393
	7,680	Miami-Dade County, Aviation Revenue, (Miami International Airport), (CIFG), (AMT), 5.00%, 10/1/38		7,179,648
	2,000	Orlando and Orange County Expressway Authority, (FGIC), 8.25%, 7/1/14		2,535,420
	2,615	Port Authority of New York and New Jersey, (FSA), 5.00%, 8/15/33		2,642,144
	1,100	Port Palm Beach District, (Public Improvements), (XLCA), 0.00%, 9/1/22		526,262
	1,100	Port Palm Beach District, (Public Improvements), (XLCA), 0.00%, 9/1/23		492,569
	4,500	Puerto Rico Highway and Transportation Authority, (AMBAC), 5.25%, 7/1/38		4,520,025
			$	36,803,340
Insured-Water and Sewer — 8.3%
$	7,190	Austin, TX, Water and Wastewater System, (FSA), 5.00%, 11/15/34	$	7,199,563
	860	Miami Beach, Storm Water, (FGIC), 5.375%, 9/1/30		867,559
	2,200	Pearland, TX, Waterworks and Sewer Systems, (FSA), 4.50%, 9/1/34		2,018,786
	2,600	Tampa Bay Water Utility System, (FGIC), 4.75%, 10/1/27⁽¹⁾		2,538,826
	4,150	Tampa Bay Water Utility System, (FGIC), Prerefunded to 10/1/08, 4.75%, 10/1/27⁽¹⁾		4,252,112
			$	16,876,846
Nursing Home — 1.7%
$	3,500	Orange County Health Facilities Authority, (Westminster Community Care), 6.60%, 4/1/24	$	3,528,595
			$	3,528,595

See notes to financial statements
23

Eaton Vance Florida Plus Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Senior Living / Life Care — 2.6%
$	4,070	North Miami Health Care Facilities Authority, (Imperial Club), 6.125%, 1/1/42	$	3,639,313
	1,750	Plantation Health Facilities Authority, (Covenant Village of Florida), 5.125%, 12/1/22		1,696,363
			$	5,335,676
Special Tax Revenue — 13.5%
$	245	Covington Park Community Development District, (Capital Improvements), 5.00%, 5/1/21	$	245,568
	1,185	Covington Park Community Development District, (Capital Improvements), 5.00%, 5/1/31		1,115,381
	515	Dupree Lakes Community Development District, 5.00%, 11/1/10		497,166
	530	Dupree Lakes Community Development District, 5.00%, 5/1/12		495,820
	1,015	Dupree Lakes Community Development District, 5.375%, 5/1/37		800,236
	955	Fishhawk Community Development District, 6.125%, 5/1/34		915,425
	230	Gateway Services Community Development District, 6.50%, 5/1/33		233,961
	655	Heritage Harbor South Community Development District, (Capital Improvements), 6.20%, 5/1/35		646,917
	475	Heritage Harbor South Community Development District, (Capital Improvements), 6.50%, 5/1/34		478,871
	1,275	Heritage Springs Community Development District, 5.25%, 5/1/26		1,184,220
	1,100	Lexington Oaks Community Development District, 7.20%, 5/1/30		1,111,869
	180	Longleaf Community Development District, 6.20%, 5/1/09		179,867
	880	New River Community Development District, (Capital Improvements), 5.00%, 5/1/13		804,866
	360	New River Community Development District, (Capital Improvements), 5.35%, 5/1/38		277,240
	1,230	North Springs Improvement District, (Heron Bay), 5.20%, 5/1/27		933,545
	6,065	Puerto Rico Sales Tax Financing, 5.25%, 8/1/57		5,653,187
	2,270	River Hall Community Development District, (Capital Improvements), 5.45%, 5/1/36		1,790,417
	970	Southern Hills Plantation I Community Development District, 5.80%, 5/1/35		855,482
	1,670	Sterling Hill Community Development District, 6.20%, 5/1/35		1,658,844
	2,500	Tisons Landing Community Development District, 5.625%, 5/1/37		2,011,375
	2,635	University Square Community Development District, 6.75%, 5/1/20		2,681,929

Principal Amount (000's omitted)		Security	Value
Special Tax Revenue (continued)
$	400	West Palm Beach Community Redevelopment Agency, (Northwood Pleasant Community), 5.00%, 3/1/29	$	355,944
	2,870	West Palm Beach Community Redevelopment Agency, (Northwood Pleasant Community), 5.00%, 3/1/35		2,480,398
			$	27,408,528
Transportation — 3.9%
$	2,385	Florida Mid-Bay Bridge Authority, 6.10%, 10/1/22	$	2,413,620
	6,000	Metropolitan Transportation Authority, NY, 4.50%, 11/15/38		5,419,080
			$	7,832,700
Total Tax-Exempt Investments — 108.0% (identified cost $222,371,346)			$	218,766,866
Other Assets, Less Liabilities — (8.0)%			$	(16,140,804	)
Net Assets — 100.0%			$	202,626,062

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

FHA - Federal Housing Administration

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

At March 31, 2008, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows:

Florida	54.7	%

Others, representing less than 10% individually	53.3	%

The Fund invests primarily in debt securities issued by Florida and other state 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, 2008, 64.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 19.8% of total investments.

⁽¹⁾ Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund.

⁽²⁾ Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

See notes to financial statements
24

Eaton Vance Massachusetts Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 105.4%
Principal Amount (000's omitted)		Security	Value
Education — 15.9%
$	5,000	Massachusetts Development Finance Agency, (Boston College), Variable Rate, 9.331%, 7/1/42⁽¹⁾⁽²⁾	$	4,781,300
	5,500	Massachusetts Development Finance Agency, (Boston University), 5.45%, 5/15/59		5,177,040
	4,000	Massachusetts Development Finance Agency, (Boston University), 6.00%, 5/15/59		4,101,200
	7,500	Massachusetts Development Finance Agency, (Dexter School), 5.00%, 5/1/37		7,287,000
	1,000	Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33		974,680
	5,000	Massachusetts Development Finance Agency, (Smith College), 5.00%, 7/1/35		4,999,600
	1,000	Massachusetts Development Finance Agency, (Wheeler School), 6.50%, 12/1/29		1,013,890
	10,000	Massachusetts Health and Educational Facilities Authority, (Berklee College), 5.00%, 10/1/37		9,656,100
	1,700	Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.125%, 7/15/37		1,706,035
	4,000	Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.25%, 7/1/33⁽³⁾		4,267,560
	2,000	Massachusetts Industrial Finance Agency, (St. John's High School, Inc.), 5.35%, 6/1/28		1,936,580
			$	45,900,985
Electric Utilities — 6.3%
$	8,715	Massachusetts Development Finance Agency, (Dominion Energy Brayton Point), (AMT), 5.00%, 2/1/36	$	7,659,178
	3,000	Puerto Rico Electric Power Authority, Series N, 0.00%, 7/1/17		1,954,710
	13,230	Puerto Rico Electric Power Authority, Series O, 0.00%, 7/1/17		8,620,271
			$	18,234,159
Escrowed / Prerefunded — 8.6%
$	545	Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), Prerefunded to 1/1/12, 6.00%, 7/1/22	$	609,795
	20,000	Massachusetts Turnpike Authority, Escrowed to Maturity, 5.00%, 1/1/20		21,470,600
	2,540	Massachusetts Water Resources Authority, Escrowed to Maturity, 5.25%, 12/1/15		2,756,433
			$	24,836,828

Principal Amount (000's omitted)		Security	Value
Hospital — 8.6%
$	1,000	Massachusetts Health and Educational Facilities Authority, (Berkshire Health System), 6.25%, 10/1/31	$	1,026,720
	1,320	Massachusetts Health and Educational Facilities Authority, (Central New England Health Systems), 6.125%, 8/1/13		1,322,152
	2,055	Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), 6.00%, 7/1/22		2,157,175
	11,820	Massachusetts Health and Educational Facilities Authority, (Partners Healthcare Systems), 5.00%, 7/1/32⁽⁴⁾		11,769,824
	35	Massachusetts Health and Educational Facilities Authority, (Partners Healthcare Systems), 5.75%, 7/1/32		35,892
	9,000	Massachusetts Industrial Finance Agency, (Biomedical Research Corp.), 0.00%, 8/1/09		8,691,480
			$	25,003,243
Housing — 4.7%
$	2,000	Massachusetts Housing Finance Agency, (AMT), 4.65%, 12/1/36	$	1,698,020
	5,000	Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40		4,323,800
	1,350	Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28		1,256,134
	4,000	Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37		3,626,360
	2,750	Massachusetts Housing Finance Agency, (AMT), 5.30%, 12/1/37		2,552,523
			$	13,456,837
Industrial Development Revenue — 2.3%
$	2,155	Massachusetts Industrial Finance Agency, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15	$	2,159,396
	5,170	Virgin Islands Public Financing Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		4,403,806
			$	6,563,202
Insured-Education — 11.3%
$	8,555	Massachusetts College Building Authority, (XLCA), 0.00%, 5/1/22	$	4,163,205
	2,500	Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/28		2,633,050
	5,000	Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/33		5,325,150
	6,000	Massachusetts Development Finance Agency, (Boston University), (XLCA), 5.375%, 5/15/39		6,044,220
	5,460	Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32⁽⁴⁾		5,762,357
	2,800	Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33		2,734,704

See notes to financial statements
25

Eaton Vance Massachusetts Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Education (continued)
$	2,000	Massachusetts Development Finance Agency, (Massachusetts College of Pharmacy), (AGC), 5.00%, 7/1/37	$	1,981,620
	1,000	Massachusetts Development Finance Agency, (Merrimack College), (MBIA), 5.20%, 7/1/32		956,130
	3,120	Massachusetts Development Finance Agency, (Simmons College), (XLCA), 5.25%, 10/1/33		3,083,278
			$	32,683,714
Insured-Escrowed / Prerefunded — 3.1%
$	200	Massachusetts Turnpike Authority, (MBIA), Escrowed to Maturity, 5.00%, 1/1/20	$	214,706
	6,000	Puerto Rico Electric Power Authority, (FSA), Prerefunded to 7/1/10, 5.25%, 7/1/29⁽⁴⁾		6,450,280
	1,995	Puerto Rico Highway and Transportation Authority, (MBIA), Prerefunded to 7/1/16, 5.00%, 7/1/36⁽⁴⁾		2,213,000
			$	8,877,986
Insured-General Obligations — 0.6%
$	500	Plymouth, (MBIA), 5.25%, 10/15/20	$	522,235
	1,200	Puerto Rico, (MBIA), 5.50%, 7/1/20		1,282,188
			$	1,804,423
Insured-Hospital — 0.8%
$	2,250	Massachusetts Health and Educational Facilities Authority, (The Medical Center of Central Massachusetts), (AMBAC), Variable Rate, 7.22%, 6/23/22⁽⁵⁾	$	2,330,325
			$	2,330,325
Insured-Lease Revenue / Certificates of Participation — 3.2%
$	7,500	Massachusetts Development Finance Agency, (MBIA), 5.125%, 2/1/34	$	7,409,475
	1,800	Puerto Rico Public Finance Corp., (AMBAC), 5.125%, 6/1/24		1,866,168
			$	9,275,643
Insured-Other Revenue — 3.4%
$	8,680	Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42	$	9,735,314
	40	Massachusetts Health and Educational Facilities Authority, (Capital Assets), (MBIA), 7.20%, 7/1/09		40,150
			$	9,775,464

Principal Amount (000's omitted)		Security	Value
Insured-Special Tax Revenue — 4.6%
$	1,000	Martha's Vineyard Land Bank, (AMBAC), 5.00%, 5/1/29	$	1,008,830
	4,620	Martha's Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32		4,621,847
	7,500	Massachusetts Special Obligation, Dedicated Tax Revenue, (FGIC), 5.50%, 1/1/30		7,780,425
			$	13,411,102
Insured-Student Loan — 1.6%
$	5,190	Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33	$	4,524,227
			$	4,524,227
Insured-Transportation — 12.3%
$	5,000	Massachusetts Port Authority, (Bosfuel Project), (FGIC), (AMT), 5.00%, 7/1/32	$	4,518,350
	10,000	Massachusetts Port Authority, (Bosfuel Project), (FGIC), (AMT), 5.00%, 7/1/38		8,877,400
	19,000	Massachusetts Turnpike Authority, (MBIA), 0.00%, 1/1/28		6,481,850
	10,750	Massachusetts Turnpike Authority, Metropolitan Highway System, (MBIA), 0.00%, 1/1/22		5,357,155
	4,320	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽⁴⁾		4,451,133
	5,825	Puerto Rico Highway and Transportation Authority, (AMBAC), 5.25%, 7/1/38		5,850,922
			$	35,536,810
Nursing Home — 1.9%
$	2,320	Massachusetts Health and Educational Facilities Authority, (Christopher House), 6.875%, 1/1/29	$	2,281,952
	3,080	Massachusetts Industrial Finance Agency, (Age Institute of Massachusetts), 8.05%, 11/1/25		3,104,455
			$	5,386,407
Other Revenue — 1.6%
$	4,455	Puerto Rico Infrastructure Financing Authority, 5.50%, 10/1/34⁽⁴⁾	$	4,629,087
			$	4,629,087
Senior Living / Life Care — 2.5%
$	1,250	Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc./Edgecombe), 5.10%, 7/1/29	$	1,098,063
	615	Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.125%, 11/1/27		508,882

See notes to financial statements
26

Eaton Vance Massachusetts Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Senior Living / Life Care (continued)
$	2,190	Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.20%, 11/1/41	$	1,709,558
	4,650	Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.75%, 11/15/42		4,002,488
			$	7,318,991
Solid Waste — 1.1%
$	3,250	Massachusetts Industrial Finance Agency, Resource Recovery, (Ogden Haverhill), (AMT), 5.60%, 12/1/19	$	3,242,298
			$	3,242,298
Special Tax Revenue — 4.8%
$	10,395	Massachusetts Bay Transportation Authority, 0.00%, 7/1/34	$	2,344,280
	7,500	Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/22		3,576,825
	3,335	Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31		897,515
	7,690	Puerto Rico Sales Tax Financing, 5.25%, 8/1/57		7,167,849
			$	13,986,469
Water and Sewer — 6.2%
$	8,080	Boston Industrial Development Authority, (Harbor Electric Energy Co.), (AMT), 7.375%, 5/15/15	$	8,158,699
	10,000	Massachusetts Water Resources Authority, 4.00%, 8/1/46		8,003,100
	1,625	Massachusetts Water Resources Authority, 5.25%, 12/1/15		1,763,141
			$	17,924,940
Total Tax-Exempt Investments (identified cost $311,366,135)			$	304,703,140
Short-Term Investments — 1.8%
Principal Amount (000's omitted)		Description	Value
$	5,230	Massachusetts Development Finance Agency, (Wentworth Institute), (AMBAC), (SPA: State Street Bank and Trust Co.), Variable Rate, 6.25%, 10/1/30⁽⁶⁾	$	5,230,000
Total Short-Term Investments (identified cost $5,230,000)			$	5,230,000

	Value
Total Investments — 107.2% (identified cost $316,596,135)	$	309,933,140
Other Assets, Less Liabilities — (7.2)%	$	(20,891,787	)
Net Assets— 100.0%	$	289,041,353

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.

MBIA - Municipal Bond Insurance Association

SPA - Standby Bond Purchase Agreement

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, 2008, 39.8% 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 1.4% to 13.2% of total investments.

⁽¹⁾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, 2008, the aggregate value of the securities is $4,781,300 or 1.7% of the Fund's net assets.

⁽²⁾Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2008.

⁽³⁾ Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

⁽⁴⁾ Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund.

⁽⁵⁾ Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2008.

⁽⁶⁾ Variable rate demand obligation. The stated interest rate represents the rate in effect at March 31, 2008.

See notes to financial statements
27

Eaton Vance Mississippi Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 98.3%
Principal Amount (000's omitted)		Security	Value
Electric Utilities — 2.3%
$	250	Mississippi Business Finance Corp., (System Energy Resources, Inc.), 5.90%, 5/1/22	$	246,347
	50	Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 10.00%, 7/1/25⁽¹⁾⁽²⁾		47,185
	150	Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 10.00%, 7/1/37⁽¹⁾⁽²⁾		119,278
			$	412,810
Escrowed / Prerefunded — 10.8%
$	2,500	Mississippi Housing Finance Corp., Single Family, Escrowed to Maturity, 0.00%, 6/1/15	$	1,900,300
			$	1,900,300
General Obligations — 3.3%
$	285	Mississippi, 4.75%, 1/1/27	$	282,882
	300	Mississippi, 4.75%, 1/1/28		296,946
			$	579,828
Hospital — 5.8%
$	500	Mississippi Hospital Equipment and Facilities Authority, (Baptist Health System), 5.00%, 8/15/29	$	480,300
	600	Mississippi Hospital Equipment and Facilities Authority, (South Central Regional Medical Center), 5.25%, 12/1/31		532,398
			$	1,012,698
Industrial Development Revenue — 6.4%
$	200	Lowndes County, (Weyerhaeuser), 6.80%, 4/1/22	$	208,360
	175	Mississippi Business Finance Corp., (Air Cargo), (AMT), 7.25%, 7/1/34		175,789
	500	Mississippi Business Finance Corp., (Northrop Grumman Ship System), 4.55%, 12/1/28		432,685
	300	Warren County, (International Paper), (AMT), 6.70%, 8/1/18		309,588
			$	1,126,422
Insured-Bond Bank — 2.5%
$	435	Mississippi Development Bank, (Capital Projects), (AMBAC), 5.00%, 7/1/24	$	431,620
			$	431,620

Principal Amount (000's omitted)		Security	Value
Insured-Education — 3.1%
$	500	Mississippi State University Educational Building Corp., Facilities Renovation, (MBIA), 5.25%, 8/1/17	$	551,985
			$	551,985
Insured-Electric Utilities — 5.7%
$	750	Mississippi Development Bank, (Municipal Energy), (XLCA), 5.00%, 3/1/41	$	675,097
	300	Puerto Rico Electric Power Authority, (MBIA), 5.50%, 7/1/16⁽³⁾		328,908
			$	1,004,005
Insured-Escrowed / Prerefunded — 13.3%
$	750	Jackson State University Educational Building Corp., (FGIC), Prerefunded to 3/1/14, 5.00%, 3/1/29	$	825,112
	250	Mississippi Development Bank, (Waste Water Treatment), (FSA), Prerefunded to 2/1/13, 5.00%, 2/1/28		273,155
	250	Mississippi Hospital Equipment and Facilities Authority, (Forrest County General Hospital), (FSA), Prerefunded to 1/1/11, 5.50%, 1/1/27		270,917
	150	Puerto Rico, (FSA), Prerefunded to 7/1/11, 5.125%, 7/1/30		161,700
	250	Puerto Rico Electric Power Authority, (FSA), Prerefunded to 7/1/10, 5.25%, 7/1/29⁽³⁾		269,137
	500	Southern Mississippi University Educational Building Corp., (AMBAC), Prerefunded to 3/1/11, 5.00%, 3/1/21		538,695
			$	2,338,716
Insured-General Obligations — 10.3%
$	500	Hinds County, (MBIA), 6.25%, 3/1/11	$	549,850
	250	Mississippi, (FSA), 5.25%, 11/1/21⁽³⁾		275,880
	200	Mississippi Development Bank, (Gulf Coast College District), (XLCA), 4.25%, 1/1/24		184,180
	500	Mississippi Development Bank, (Public Improvements), (FSA), 4.50%, 10/1/36		451,020
	100	Puerto Rico, (FSA), 5.125%, 7/1/30		100,393
	220	Puerto Rico, (FSA), Variable Rate, 8.62%, 7/1/27⁽¹⁾⁽²⁾		257,754
			$	1,819,077
Insured-Hospital — 9.9%
$	750	Gulfport, (Gulfport Memorial Hospital), (MBIA), 6.20%, 7/1/18	$	752,130
	380	Hinds County, (Mississippi Methodist Hospital), (AMBAC), 5.60%, 5/1/12⁽⁴⁾		398,742
	610	Mississippi Development Bank, (Covington County Hospital), (AMBAC), 5.00%, 7/1/31		600,069
			$	1,750,941

See notes to financial statements
28

Eaton Vance Mississippi Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Lease Revenue / Certificates of Participation — 2.9%
$	250	Mississippi Development Bank, (Capital Projects & Equipment), (FSA), 5.00%, 7/1/28	$	252,378
	250	Mississippi Development Bank, (Capital Projects & Equipment), (FSA), 5.25%, 7/1/26		258,965
			$	511,343
Insured-Special Tax Revenue — 0.7%
$	735	Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54	$	48,429
	135	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44		16,209
	270	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45		30,559
	215	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46		22,919
			$	118,116
Insured-Transportation — 5.2%
$	500	Jackson Municipal Airport Authority, (AMBAC), 5.00%, 10/1/31	$	487,850
	250	Mississippi Development Bank, (Mississippi Highway Construction), (FGIC), 5.00%, 1/1/25		251,118
	175	Puerto Rico Highway and Transportation Authority, (AMBAC), 5.25%, 7/1/38		175,779
			$	914,747
Insured-Water and Sewer — 8.5%
$	300	Gautier Utility District, (FGIC), 5.125%, 3/1/19	$	310,407
	250	Jackson Water and Sewer System, (FSA), 4.75%, 9/1/24		251,233
	435	Mississippi Development Bank, (Combined Water & Sewer System), (AMBAC), 5.00%, 7/1/23		438,371
	250	Mississippi Development Bank, (Combined Water & Sewer System), (FSA), 5.00%, 9/1/29		251,078
	250	Mississippi Development Bank, (Desoto County Regional Utility Authority), (AMBAC), 5.00%, 7/1/32		250,165
			$	1,501,254
Nursing Home — 1.5%
$	290	Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25	$	270,863
			$	270,863
Other Revenue — 0.7%
$	1,200	Children's Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	60,000
	2,195	Children's Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55		65,609
			$	125,609

Principal Amount (000's omitted)		Security	Value
Special Tax Revenue — 2.6%
$	485	Puerto Rico Sales Tax Financing, 5.25%, 8/1/57	$	452,069
			$	452,069
Water and Sewer — 2.8%
$	250	Mississippi Development Bank, (Desoto County Regional Utility Authority), 5.25%, 7/1/28	$	249,978
	250	Mississippi Development Bank, (Desoto County Regional Utility Authority), 5.25%, 7/1/31		248,650
			$	498,628
Total Tax-Exempt Investments — 98.3% (identified cost $17,191,393)			$	17,321,031
Other Assets, Less Liabilities — 1.7%			$	291,590
Net Assets — 100.0%			$	17,612,621

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.

DRIVERS - Derivative Inverse Tax-Exempt Receipts

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Mississippi 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, 2008, 63.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 5.0% to 19.5% of total investments.

⁽²⁾ Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2008.

⁽³⁾ Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund.

⁽⁴⁾ Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

See notes to financial statements
29

Eaton Vance New York Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 109.2%
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	$	3,760,655
			$	3,760,655
Education — 19.0%
$	3,200	Hempstead Industrial Development Agency, (Adelphi University), 4.50%, 10/1/24	$	3,014,112
	2,110	New York City Industrial Development Agency, (St. Francis College), 5.00%, 10/1/34		1,994,625
	8,500	New York Dormitory Authority, (City University), 6.00%, 7/1/20		9,704,620
	2,400	New York Dormitory Authority, (City University), 7.50%, 7/1/10		2,539,584
	9,850	New York Dormitory Authority, (State University Educational Facilities), 5.25%, 5/15/15		10,791,364
	18,775	New York Dormitory Authority, (State University Educational Facilities), 5.25%, 5/15/19⁽¹⁾		20,653,626
	14,680	New York Dormitory Authority, (State University Educational Facilities), 5.25%, 5/15/21		15,315,350
	2,000	New York Dormitory Authority, (State University Educational Facilities), 5.50%, 5/15/19		2,214,960
	2,650	New York Dormitory Authority, (Vassar College), 4.25%, 7/1/39		2,310,879
	10,000	New York Dormitory Authority, (Vassar College), 5.00%, 7/1/46		9,881,500
			$	78,420,620
Electric Utilities — 2.7%
$	1,500	Long Island Power Authority, Electric System Revenue, 5.00%, 9/1/24	$	1,508,415
	5,000	New York State Energy Research and Development Authority, (Brooklyn Union Gas), 6.952%, 7/1/26		5,077,750
	4,900	Suffolk County Industrial Development Agency, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27		4,655,980
			$	11,242,145
Escrowed / Prerefunded — 2.7%
$	1,495	New York Dormitory Authority, (City University), Escrowed to Maturity, 7.00%, 7/1/09	$	1,544,499
	8,905	Triborough Bridge and Tunnel Authority, Escrowed to Maturity, 5.50%, 1/1/17		9,796,123
			$	11,340,622

Principal Amount (000's omitted)		Security	Value
General Obligations — 2.0%
$	2,250	New York City, 5.25%, 8/15/26	$	2,293,763
	5,755	New York City, 5.25%, 9/15/33		5,811,859
			$	8,105,622
Health Care-Miscellaneous — 0.2%
$	340	New York City Industrial Development Agency, (A Very Special Place, Inc.), 5.75%, 1/1/29	$	302,848
	110	Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, 7.50%, 9/1/15		113,454
	70	Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series C, 7.50%, 9/1/15		72,198
	165	Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series F, 7.50%, 9/1/15		170,181
	145	Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series J, 7.50%, 9/1/15		149,553
			$	808,234
Hospital — 10.1%
$	995	Chautauqua County Industrial Development Agency, (Women's Christian Association), 6.35%, 11/15/17	$	1,005,109
	3,070	Chautauqua County Industrial Development Agency, (Women's Christian Association), 6.40%, 11/15/29		2,975,843
	3,000	Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18		2,948,040
	4,250	Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/22		4,118,633
	560	Nassau County Industrial Development Agency, (North Shore Health System), 5.875%, 11/1/11		585,099
	4,500	New York Dormitory Authority, (Lenox Hill Hospital), 5.50%, 7/1/30		4,202,685
	11,490	New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 4.75%, 7/1/28⁽²⁾		11,298,463
	2,000	New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33		1,854,920
	4,500	New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37		4,216,500
	2,750	Oneida County Industrial Development Agency, (Elizabeth Medical Center), 5.875%, 12/1/29		2,596,495
	1,000	Oneida County Industrial Development Agency, (Elizabeth Medical Center), 6.00%, 12/1/29		943,870
	5,000	Suffolk County Industrial Development Agency, (Huntington Hospital), 5.875%, 11/1/32		5,025,600
			$	41,771,257

See notes to financial statements
30

Eaton Vance New York Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Housing — 5.9%
$	3,445	New York City Housing Development Corp., (Linden Boulevard Apartments), (FNMA), (AMT), 4.75%, 1/15/39	$	2,990,191
	10,350	New York City Housing Development Corp., (Multi-Family Housing), 4.95%, 11/1/33		10,057,095
	3,500	New York City Housing Development Corp., (Multi-Family Housing), (AMT), 4.70%, 11/1/40		3,087,735
	5,730	New York City Housing Development Corp., (Multi-Family Housing), (AMT), 5.00%, 11/1/24		5,517,131
	3,000	New York Mortgage Agency, (AMT), 5.20%, 10/1/32		2,864,160
			$	24,516,312
Industrial Development Revenue — 8.5%
$	2,785	Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35	$	2,821,623
	7,995	Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35⁽²⁾		8,100,214
	6,750	Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.50%, 10/1/37		7,085,273
	3,500	New York City Industrial Development Agency, (American, Inc. - JFK International Airport), (AMT), 8.00%, 8/1/12		3,621,135
	10,500	Onondaga County Industrial Development Agency, (Anheuser-Busch), 4.875%, 7/1/41		9,751,035
	1,965	Onondaga County Industrial Development Agency, (Senior Air Cargo), (AMT), 6.125%, 1/1/32		1,922,694
	1,520	Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15		1,567,120
			$	34,869,094
Insured-Education — 2.2%
$	2,135	New York Dormitory Authority, (University of Rochester), (AMBAC), 4.25%, 7/1/39	$	1,848,889
	7,205	New York Dormitory Authority, (Yeshiva University), (AMBAC), 5.50%, 7/1/35		7,407,749
			$	9,256,638
Insured-Electric Utilities — 4.8%
$	5,580	New York Power Authority, (MBIA), 4.50%, 11/15/47	$	5,045,659
	8,350	Puerto Rico Electric Power Authority, (FGIC), 5.25%, 7/1/34		8,027,440
	7,065	Puerto Rico Electric Power Authority, (FGIC), 5.25%, 7/1/35		6,777,949
			$	19,851,048

Principal Amount (000's omitted)		Security	Value
Insured-Escrowed / Prerefunded — 1.8%
$	16,945	New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (MBIA), Escrowed to Maturity, 0.00%, 7/1/30	$	5,419,011
	1,500	Puerto Rico Electric Power Authority, (FSA), DRIVERS, Prerefunded to 7/1/10, Variable Rate, 10.80%, 7/1/29⁽³⁾⁽⁴⁾		1,837,710
			$	7,256,721
Insured-General Obligations — 0.7%
$	700	Jamestown, (AMBAC), 7.10%, 3/15/11	$	787,983
	675	Jamestown, (AMBAC), 7.10%, 3/15/12		785,018
	675	Jamestown, (AMBAC), 7.10%, 3/15/13		800,145
	515	Jamestown, (AMBAC), 7.10%, 3/15/14		622,027
			$	2,995,173
Insured-Lease Revenue / Certificates of Participation — 5.1%
$	6,250	Hudson Yards Infrastructure Corp., (FGIC), 5.00%, 2/15/47	$	6,044,938
	15,325	Hudson Yards Infrastructure Corp., (MBIA), 4.50%, 2/15/47		13,854,413
	1,085	Puerto Rico Public Buildings Authority, (CIFG), 5.25%, 7/1/36		1,037,260
			$	20,936,611
Insured-Other Revenue — 1.7%
$	4,000	New York City Cultural Resource Trust, (American Museum of Natural History), (MBIA), 5.00%, 7/1/44	$	3,966,560
	1,740	New York City Industrial Development Agency, (Queens Baseball Stadium), (AMBAC), 4.75%, 1/1/42		1,630,328
	1,500	New York City Industrial Development Agency, (Yankee Stadium), (MBIA), 4.75%, 3/1/46		1,404,870
			$	7,001,758
Insured-Solid Waste — 0.7%
$	3,015	Islip Resource Recovery Agency, (AMBAC), 6.50%, 7/1/09	$	3,061,341
			$	3,061,341
Insured-Special Tax Revenue — 3.6%
$	3,850	New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45	$	3,650,532
	5,000	New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 5.00%, 11/15/44		4,922,050

See notes to financial statements
31

Eaton Vance New York Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Special Tax Revenue (continued)
$	6,750	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28	$	2,041,740
	16,200	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34		3,386,124
	4,140	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37		714,398
			$	14,714,844
Insured-Transportation — 7.2%
$	3,500	Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (MBIA), (AMT), 5.625%, 4/1/29	$	3,515,785
	5,080	Port Authority of New York and New Jersey, (AGC), (AMT), 4.50%, 9/1/35		4,442,714
	9,000	Port Authority of New York and New Jersey, (FSA), 5.00%, 8/15/33		9,093,420
	6,970	Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/34		7,170,945
	40	Puerto Rico Highway and Transportation Authority, (FSA), 5.25%, 7/1/32		41,279
	5,460	Puerto Rico Highway and Transportation Authority, (FSA), 5.25%, 7/1/32⁽²⁾		5,634,611
			$	29,898,754
Insured-Water and Sewer — 0.6%
$	2,535	Nassau County Industrial Development Agency, (Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35	$	2,335,470
			$	2,335,470
Lease Revenue / Certificates of Participation — 7.7%
$	27,940	New York Urban Development Corp., 5.70%, 4/1/20	$	31,593,993
			$	31,593,993
Other Revenue — 4.0%
$	2,000	Albany Industrial Development Agency Civic Facility, (Charitable Leadership), 5.75%, 7/1/26	$	1,874,260
	3,770	New York City Industrial Development Agency, (YMCA of Greater New York), 5.00%, 8/1/36		3,599,483
	10,500	Puerto Rico Infrastructure Financing Authority, 5.50%, 10/1/32⁽²⁾		10,874,430
			$	16,348,173

Principal Amount (000's omitted)		Security	Value
Senior Living / Life Care — 0.3%
$	800	Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29	$	773,864
	550	Suffolk County Industrial Development Agency, (Jefferson's Ferry Project), 5.00%, 11/1/28		487,234
			$	1,261,098
Special Tax Revenue — 3.0%
$	50,000	Puerto Rico Sales Tax Financing, 0.00%, 8/1/56	$	2,737,000
	10,520	Puerto Rico Sales Tax Financing, 5.25%, 8/1/57		9,805,692
			$	12,542,692
Transportation — 10.7%
$	7,525	Metropolitan Transportation Authority, 4.50%, 11/15/37	$	6,806,588
	6,500	Metropolitan Transportation Authority, 4.50%, 11/15/38		5,870,670
	12,000	Port Authority of New York and New Jersey, 5.00%, 11/15/37⁽²⁾		11,985,420
	2,500	Port Authority of New York and New Jersey, 6.125%, 6/1/94		2,770,875
	7,600	Port Authority of New York and New Jersey, (AMT), 4.75%, 6/15/33		6,942,904
	10,000	Triborough Bridge and Tunnel Authority, 5.00%, 11/15/37		9,984,100
			$	44,360,557
Water and Sewer — 3.1%
$	1,150	New York State Environmental Facilities Corp., Clean Water, (Municipal Water Finance), Series A, 4.50%, 6/15/36	$	1,070,052
	12,420	New York State Environmental Facilities Corp., Clean Water, (Municipal Water Finance), Series B, 4.50%, 6/15/36⁽²⁾		11,556,685
			$	12,626,737
Total Tax-Exempt Investments — 109.2% (identified cost $452,400,457)			$	450,876,169
Other Assets, Less Liabilities — (9.2)%			$	(38,128,846	)
Net Assets — 100.0%			$	412,747,323

See notes to financial statements
32

Eaton Vance New York Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

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.

DRIVERS - Derivative Inverse Tax-Exempt Receipts

FGIC - Financial Guaranty Insurance Company

FNMA - Federal National Mortgage Association (Fannie Mae)

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

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, 2008, 26.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.2% to 7.5% 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 obligation of an inverse floating rate obligation held by the Fund.

⁽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, 2008, the aggregate value of the securities is $1,837,710 or 0.4% of the Fund's net assets.

⁽⁴⁾ Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2008.

See notes to financial statements
33

Eaton Vance Ohio Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 103.0%
Principal Amount (000's omitted)		Security	Value
Cogeneration — 0.6%
$	1,905	Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT), 5.875%, 9/1/20	$	1,805,254
			$	1,805,254
Education — 0.2%
$	550	Ohio Higher Educational Facilities Authority, (Case Western Reserve University), 6.50%, 10/1/20	$	656,216
			$	656,216
Electric Utilities — 0.6%
$	1,640	Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14	$	1,682,788
	125	Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 10.00%, 7/1/25⁽¹⁾⁽²⁾		117,964
	375	Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 10.00%, 7/1/37⁽¹⁾⁽²⁾		298,196
			$	2,098,948
Escrowed / Prerefunded — 6.9%
$	1,960	Highland County, (Joint Township Hospital District), Prerefunded to 12/1/09, 6.75%, 12/1/29	$	2,135,420
	1,155	North Canton Health Care Facilities, (St. Luke Lutheran), (GNMA), Prerefunded to 3/20/11, 6.10%, 9/20/16		1,259,320
	6,455	North Canton Health Care Facilities, (St. Luke Lutheran), (GNMA), Prerefunded to 3/20/11, 9.55%, 3/20/32		7,887,945
	2,500	Ohio Higher Educational Facilities Authority, (Case Western Reserve University), Prerefunded to 10/1/12, 5.50%, 10/1/21		2,773,500
	2,000	Ohio Water Development Authority, (Fresh Water Improvement), Prerefunded to 6/1/14, 5.00%, 12/1/28		2,209,120
	4,250	Parma, (Parma Community General Hospital Association), Prerefunded to 11/1/08, 5.375%, 11/1/29		4,380,560
	1,670	Richland County Hospital Facilities, (Medcentral Health Systems), Prerefunded to 11/15/10, 6.375%, 11/15/30		1,844,799
			$	22,490,664
General Obligations — 0.2%
$	480	Tuscarawas County Public Library Improvement, 6.90%, 12/1/11	$	481,214
			$	481,214

Principal Amount (000's omitted)		Security	Value
Hospital — 6.3%
$	1,350	Cuyahoga County, (Cleveland Clinic Health System), 5.50%, 1/1/29	$	1,365,187
	500	Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.00%, 8/15/36		454,940
	2,350	Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.25%, 8/15/46		2,178,238
	3,000	Erie County Hospital Facilities, (Firelands Regional Medical Center), 5.625%, 8/15/32		3,005,970
	1,250	Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26		1,201,888
	2,000	Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 4.75%, 1/15/36		1,701,940
	2,500	Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 4.75%, 1/15/46		2,060,200
	5,000	Ohio Higher Educational Facilities Authority, (University Hospital Health Systems, Inc.), 5.25%, 1/15/46		4,530,750
	3,500	Richland County Hospital Facilities, (Medcentral Health Systems), 5.25%, 11/15/36		3,214,225
	830	Richland County Hospital Facilities, (Medcentral Health Systems), 6.375%, 11/15/30		853,414
			$	20,566,752
Housing — 0.0%
$	90	Ohio Housing Finance Agency, (Residential Mortgage Backed Securities), (AMT), 5.00%, 9/1/36	$	80,832
			$	80,832
Industrial Development Revenue — 4.6%
$	3,970	Cleveland Airport, (Continental Airlines), (AMT), 5.375%, 9/15/27	$	3,122,008
	2,890	Dayton Special Facilities Revenue, (Emery Air Freight), 5.625%, 2/1/18		2,951,124
	1,000	Ohio Pollution Control, (Standard Oil), 6.75%, 12/1/15		1,188,320
	4,000	Ohio Sewer and Solid Waste Disposal Facilities, (Anheuser Busch), (AMT), 6.00%, 7/1/35		4,094,440
	825	Ohio Water Development Authority, Solid Waste Disposal, (Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15		755,007
	3,165	Virgin Islands Public Financing Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		2,695,947
			$	14,806,846
Insured-Education — 7.6%
$	945	Miami University, (AMBAC), 3.25%, 9/1/26	$	744,414
	8,080	Ohio Higher Educational Facilities Authority, (University of Dayton), (AMBAC), 5.00%, 12/1/30		8,096,322

See notes to financial statements
34

Eaton Vance Ohio Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Education (continued)
$	1,340	University of Akron, (FGIC), 4.75%, 1/1/26	$	1,288,584
	4,000	University of Cincinnati, (FGIC), 5.00%, 6/1/31		3,924,400
	10,700	University of Cincinnati, (MBIA), 5.00%, 6/1/34		10,668,328
			$	24,722,048
Insured-Electric Utilities — 7.4%
$	2,000	Cuyahoga County Utility Systems, (Medical Center Co.), (MBIA), (AMT), 6.10%, 8/15/15	$	2,008,600
	2,000	Hamilton, Electric System Revenue, (FSA), 4.70%, 10/15/25		1,997,600
	9,500	Ohio Air Quality Development Authority, (Dayton Power & Light Co.), (FGIC), 4.80%, 1/1/34		8,773,440
	5,080	Ohio Air Quality Development Authority, (Ohio Power), (AMBAC), 5.15%, 5/1/26		5,108,499
	3,000	Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/26		1,091,100
	2,500	Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/27		851,375
	4,750	Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/28		1,519,050
	2,750	Puerto Rico Electric Power Authority, (FGIC), 5.25%, 7/1/35		2,638,268
			$	23,987,932
Insured-Escrowed / Prerefunded — 5.8%
$	1,500	Amherst School District, (FGIC), Prerefunded to 12/1/11, 5.00%, 12/1/26	$	1,622,610
	1,250	Athens City School District, (FSA), Prerefunded to 12/1/10, 6.00%, 12/1/24		1,375,813
	1,000	Cincinnati City School District, (Classroom Facilities Construction & Improvement), (FSA), Prerefunded to 12/1/13, 5.00%, 12/1/31		1,102,210
	495	Cuyahoga County Hospital, (Cleveland Clinic), (MBIA), Escrowed to Maturity, 5.125%, 1/1/29		495,658
	2,390	Hamilton County, Sales Tax Revenue, (AMBAC), Prerefunded to 12/1/10, 5.25%, 12/1/32		2,562,152
	2,490	Hamilton County, Sales Tax Revenue, (MBIA), Prerefunded to 6/1/08, 5.00%, 12/1/27		2,527,151
	1,475	Lima City School District, (AMBAC), Prerefunded to 12/1/10, 6.00%, 12/1/22		1,638,917
	1,500	Little Miami School District, (FSA), Prerefunded to 12/1/16, 5.00%, 12/1/34		1,670,085
	3,000	Marysville Exempt Village School District, (School Facilities), (MBIA), Prerefunded to 6/1/15, 5.25%, 12/1/30		3,365,850
	1,300	Minerva Local School District, (Classroom Facility), (MBIA), Prerefunded to 12/1/12, 5.30%, 12/1/29		1,436,825
	1,000	Springfield City School District, (Clark County), (FGIC), Prerefunded to 12/1/11, 5.20%, 12/1/23		1,107,600
			$	18,904,871

Principal Amount (000's omitted)		Security	Value
Insured-General Obligations — 31.2%
$	2,000	Adams County Local School District, (FSA), 4.25%, 12/1/33	$	1,771,140
	2,500	Canal Winchester Local School District, (MBIA), 0.00%, 12/1/32		644,775
	10,000	Cincinnati City School District, (Classroom Facilities Construction & Improvement), (FGIC), (FSA), 5.25%, 12/1/29		10,545,800
	5,000	Cincinnati City School District, (Classroom Facilities Construction & Improvement), (FGIC), (FSA), 5.25%, 12/1/30		5,301,300
	1,000	Cincinnati City School District, (Classroom Facilities Construction & Improvement), (FSA), 5.00%, 12/1/21		1,072,890
	2,155	Cleveland, (AMBAC), 5.50%, 10/1/23		2,383,452
	1,000	Cleveland, (FGIC), 4.75%, 11/15/27		962,870
	5,000	Columbus School District, (Classroom Facilities Construction & Improvement), (FSA), 4.25%, 12/1/32		4,445,550
	4,000	Fairview Park, (MBIA), 5.00%, 12/1/25		4,081,400
	3,085	Hamilton City School District, (FSA), 4.25%, 12/1/30		2,742,442
	1,120	Hamilton City School District, (FSA), 5.00%, 12/1/18		1,217,104
	2,890	Hilliard School District, (MBIA), 5.00%, 12/1/27		2,930,402
	1,180	Lake County, (MBIA), 5.00%, 12/1/25		1,202,691
	1,965	Lakewood City School District, (FSA), 4.50%, 12/1/26		1,911,631
	5,500	Lakota Ohio Local School District, (FSA), 5.00%, 12/1/29		5,562,480
	9,605	Maderia City School District, (FSA), 5.25%, 12/1/32		10,182,164
	3,505	Mahoning County, (FSA), 5.00%, 12/1/27		3,561,185
	3,525	Mason City School District, (FSA), 5.25%, 12/1/31		3,737,346
	1,750	Mount Healthy City School District, (FSA), 5.00%, 12/1/31		1,758,190
	4,000	Mount Healthy City School District, (FSA), 5.00%, 12/1/35		4,006,040
	3,695	Olentangy School District, (FSA), 5.00%, 12/1/21		3,887,177
	1,000	Orrville City School District, (AMBAC), 5.25%, 12/1/35		1,015,840
	1,000	Painesville City School District, (MBIA), 4.75%, 12/1/32		959,250
	1,620	Painesville City School District, (MBIA), 5.00%, 12/1/24		1,646,714
	3,400	Pickerington Local School District, (MBIA), 4.25%, 12/1/34		2,972,110
	1,500	Pickerington Local School District, (School Facility Contract), (FGIC), 0.00%, 12/1/16		1,020,930
	1,000	South-Western City School District, (FSA), 4.25%, 12/1/26		915,180
	2,000	Springboro Community City School District, (FSA), 5.25%, 12/1/30		2,123,380
	5,000	Springboro Community City School District, (FSA), 5.25%, 12/1/32		5,300,450
	5,000	Trotwood-Madison City School District, (School Improvements), (FSA), 4.50%, 12/1/30		4,656,500
	6,705	Westerville City School District, (XLCA), 5.00%, 12/1/27		6,754,818
			$	101,273,201

See notes to financial statements
35

Eaton Vance Ohio Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Hospital — 3.2%
$	1,000	Akron, Bath, Copley, Joint Township Hospital District, (Children's Hospital Medical Center), (FSA), 5.25%, 11/15/25	$	1,015,000
	5,000	Butler County, (Cincinnati Children's Hospital), (FGIC), 5.00%, 5/15/31		4,801,100
	500	Cuyahoga County, (Cleveland Clinic), (MBIA), 5.125%, 1/1/29		500,665
	1,300	Franklin County, (Ohio Health Corp.), (MBIA), 5.00%, 5/15/33		1,269,034
	2,785	Hamilton County, (Cincinnati Children's Hospital), (FGIC), 5.00%, 5/15/32		2,664,521
			$	10,250,320
Insured-Lease Revenue / Certificates of Participation — 0.7%
$	845	Ohio Higher Educational Facilities Authority, (Xavier University), (CIFG), 5.00%, 5/1/22	$	846,631
	1,245	Ohio Higher Educational Facilities Authority, (Xavier University), (CIFG), 5.25%, 5/1/21		1,273,498
			$	2,120,129
Insured-Special Tax Revenue — 2.1%
$	610	Hamilton County, Sales Tax Revenue, (AMBAC), 5.25%, 12/1/32	$	610,854
	4,760	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/29		1,350,793
	5,000	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34		1,045,100
	590	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37		101,810
	3,600	Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/27		3,774,960
			$	6,883,517
Insured-Transportation — 10.3%
$	1,765	Butler County Transportation Improvement District, (XLCA), 4.75%, 12/1/25	$	1,725,658
	5,000	Cleveland Airport, (FSA), 5.00%, 1/1/24		5,073,950
	7,000	Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/24⁽³⁾		7,629,300
	5,000	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽⁴⁾		5,151,775
	2,500	Puerto Rico Highway and Transportation Authority, (FSA), 5.25%, 7/1/22		2,684,575
	65	Puerto Rico Highway and Transportation Authority, (FSA), 5.25%, 7/1/32		67,078

Principal Amount (000's omitted)		Security	Value
Insured-Transportation (continued)
$	4,700	Puerto Rico Highway and Transportation Authority, (FSA), 5.25%, 7/1/32⁽⁴⁾	$	4,850,306
	6,000	Puerto Rico Highway and Transportation Authority, (MBIA), 5.25%, 7/1/32		6,057,120
			$	33,239,762
Insured-Water and Sewer — 2.8%
$	5,000	Cleveland Waterworks, (MBIA), 5.00%, 1/1/37	$	4,992,050
	3,500	Marysville Wastewater Treatment System, (XLCA), 4.75%, 12/1/47		3,107,580
	1,060	Toledo Waterworks, (MBIA), 5.00%, 11/15/25		1,073,345
			$	9,172,975
Nursing Home — 0.4%
$	1,150	Cuyahoga County Health Care Facilities, (Maple Care Center), (GNMA), (AMT), 8.00%, 8/20/16	$	1,226,602
			$	1,226,602
Other Revenue — 5.3%
$	23,090	Buckeye Tobacco Settlement Financing Authority, 0.00%, 6/1/47	$	1,257,712
	2,275	Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47		2,013,284
	9,000	Puerto Rico Infrastructure Financing Authority, 5.50%, 10/1/32⁽⁴⁾		9,320,940
	4,700	Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27		4,458,514
			$	17,050,450
Pooled Loans — 3.5%
$	740	Cleveland-Cuyahoga County Port Authority, (Columbia National), (AMT), 5.00%, 5/15/20	$	687,393
	715	Cleveland-Cuyahoga County Port Authority, (Fairmount Project), 5.125%, 5/15/25		639,417
	200	Ohio Economic Development Commission, (Burrows Paper), (AMT), 7.625%, 6/1/11		200,812
	1,440	Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25		1,435,579
	465	Ohio Economic Development Commission, (Progress Plastic Products), (AMT), 7.80%, 12/1/09		466,953
	7,455	Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32⁽⁴⁾		7,569,931
	415	Toledo Lucas County, Port Authority Development, (AMT), 5.125%, 11/15/25		370,408
			$	11,370,493

See notes to financial statements
36

Eaton Vance Ohio Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Special Tax Revenue — 1.1%
$	2,000	Cleveland-Cuyahoga County Port Authority, 7.00%, 12/1/18	$	2,123,080
	1,395	Cuyahoga County Economic Development, (Shaker Square), 6.75%, 12/1/30		1,517,607
			$	3,640,687
Water and Sewer — 2.2%
$	3,000	Cincinnati Water System Authority, 4.50%, 12/1/23	$	2,983,170
	4,000	Cincinnati Water System Authority, 5.00%, 12/1/32		4,011,880
			$	6,995,050
Total Tax-Exempt Investments — 103.0% (identified cost $339,674,010)			$	333,824,763
Other Assets, Less Liabilities — (3.0)%			$	(9,684,930	)
Net Assets — 100.0%			$	324,139,833

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.

DRIVERS - Derivative Inverse Tax-Exempt Receipts

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

GNMA - Government National Mortgage Association (Ginnie Mae)

MBIA - Municipal Bond Insurance Association

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, 2008, 69.1% 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 1.5% to 28.3% of total investments.

⁽²⁾ Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2008.

⁽³⁾ Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

⁽⁴⁾ Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund.

See notes to financial statements
37

Eaton Vance Rhode Island Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 105.2%
Principal Amount (000's omitted)		Security	Value
Education — 6.1%
$	500	Rhode Island Health and Educational Building Corp., (Brown University), 4.75%, 9/1/33	$	490,570
	2,105	Rhode Island Health and Educational Building Corp., (Brown University), 4.75%, 9/1/37		2,055,996
	400	Rhode Island Health and Educational Building Corp., (Higher Education Facility-Brown University), 5.00%, 9/1/23		409,444
	500	Rhode Island Health and Educational Building Corp., (Higher Education Facility-Salve Regina University), 5.125%, 3/15/32		472,645
			$	3,428,655
Electric Utilities — 0.9%
$	150	Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 10.00%, 7/1/25⁽¹⁾⁽²⁾	$	141,556
	450	Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 10.00%, 7/1/37⁽¹⁾⁽²⁾		357,835
			$	499,391
Escrowed / Prerefunded — 2.0%
$	1,000	Rhode Island Health and Educational Building Corp., (Hospital Financing-Lifespan Obligation Group), Prerefunded to 8/15/12, 6.50%, 8/15/32	$	1,141,620
			$	1,141,620
General Obligations — 0.3%
$	225	Puerto Rico, 0.00%, 7/1/16	$	155,045
			$	155,045
Hospital — 0.9%
$	500	Rhode Island Health and Educational Building Corp., (Newport Hospital), 5.30%, 7/1/29	$	492,995
			$	492,995
Housing — 3.1%
$	900	Rhode Island Housing and Mortgage Finance Corp., (AMT), 4.90%, 4/1/22	$	870,345
	1,000	Rhode Island Housing and Mortgage Finance Corp., (AMT), 4.90%, 10/1/28		913,360
			$	1,783,705

Principal Amount (000's omitted)		Security	Value
Industrial Development Revenue — 3.6%
$	1,000	Rhode Island Industrial Facilities Corp., (Waste Management, Inc.), (AMT), 4.625%, 4/1/16	$	975,840
	1,250	Virgin Islands Public Financing Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		1,064,750
			$	2,040,590
Insured-Education — 15.3%
$	2,145	Rhode Island Health and Educational Building Corp., (Bryant College), (AMBAC), 5.00%, 12/1/31	$	2,145,558
	900	Rhode Island Health and Educational Building Corp., (Higher Education Facilities-Rhode Island School of Design), (XLCA), 5.00%, 8/15/23		893,277
	1,000	Rhode Island Health and Educational Building Corp., (Higher Education Facilities-University of Rhode Island), (AMBAC), 5.00%, 9/15/30		1,001,830
	1,000	Rhode Island Health and Educational Building Corp., (Johnson and Wales University), (MBIA), 5.00%, 4/1/29		998,710
	1,000	Rhode Island Health and Educational Building Corp., (Providence College), (XLCA), 5.00%, 11/1/24		983,360
	500	Rhode Island Health and Educational Building Corp., (Public Schools), (AMBAC), 5.00%, 5/15/27		502,885
	1,600	Rhode Island Health and Educational Building Corp., (Rhode Island School of Design), (MBIA), 5.00%, 6/1/31		1,591,200
	500	Rhode Island Health and Educational Building Corp., (Roger Williams College), (AMBAC), 5.00%, 11/15/24		502,530
			$	8,619,350
Insured-Electric Utilities — 2.9%
$	975	Puerto Rico Electric Power Authority, (MBIA), 0.00%, 7/1/17	$	634,140
	900	Puerto Rico Electric Power Authority, (MBIA), 5.50%, 7/1/16⁽³⁾		986,724
			$	1,620,864
Insured-Escrowed / Prerefunded — 7.8%
$	500	North Kingstown, (FGIC), Prerefunded to 10/1/09, 5.875%, 10/1/25	$	534,000
	1,000	Puerto Rico Electric Power Authority, (FSA), Prerefunded to 7/1/10, 5.25%, 7/1/29⁽³⁾		1,075,422
	230	Rhode Island Depositors Economic Protection Corp., (FSA), Escrowed to Maturity, 5.75%, 8/1/21		265,972
	500	Rhode Island Depositors Economic Protection Corp., (MBIA), Escrowed to Maturity, 5.80%, 8/1/09		526,340
	1,000	Rhode Island Depositors Economic Protection Corp., (MBIA), Escrowed to Maturity, 5.80%, 8/1/12		1,118,680
	800	Rhode Island Health and Educational Building Corp., (University of Rhode Island), (AMBAC), Prerefunded to 9/15/10, 5.70%, 9/15/30		869,864
			$	4,390,278

See notes to financial statements
38

Eaton Vance Rhode Island Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-General Obligations — 7.6%
$	600	North Kingstown, (FGIC), 5.00%, 10/1/25	$	612,030
	500	Puerto Rico, (FSA), Variable Rate, 8.62%, 7/1/27⁽¹⁾⁽²⁾		585,805
	600	Rhode Island and Providence Plantations, (FSA), 4.75%, 8/1/26		601,194
	1,850	Rhode Island and Providence Plantations, (MBIA), 5.00%, 11/15/25		1,892,827
	575	Warwick, (AMBAC), 5.00%, 7/15/21		589,691
			$	4,281,547
Insured-Hospital — 7.3%
$	1,900	Rhode Island Health and Educational Building Corp., (Lifespan), (MBIA), 5.25%, 5/15/26	$	1,906,441
	2,250	Rhode Island Health and Educational Building Corp., (Rhode Island Hospital), (FSA), 5.00%, 5/15/32		2,212,718
			$	4,119,159
Insured-Housing — 4.8%
$	1,000	Rhode Island Housing and Mortgage Finance Corp., (Rental Housing Program), (FSA), (AMT), 5.00%, 10/1/48	$	873,040
	400	Rhode Island Housing and Mortgage Finance Corp., (Rental Housing Program), (FSA), (AMT), 5.25%, 10/1/31		379,328
	500	Rhode Island Housing and Mortgage Finance Corp., (Rental Housing Program), (FSA), (AMT), 5.50%, 10/1/49		469,135
	1,000	Rhode Island Housing and Mortgage Finance Corp., (Rental Housing Program), (FSA), (AMT), 5.55%, 10/1/32		983,690
			$	2,705,193
Insured-Lease Revenue / Certificates of Participation — 3.0%
$	680	Providence Redevelopment Agency, (Public Safety Building), (AMBAC), 5.00%, 4/1/25	$	686,392
	1,000	Providence Redevelopment Agency, (Public Safety Building), (AMBAC), 5.00%, 4/1/28		1,002,930
			$	1,689,322
Insured-Pooled Loans — 2.5%
$	1,000	Rhode Island Student Loan Authority, (AMBAC), (AMT), 4.85%, 12/1/36	$	911,920
	500	Rhode Island Student Loan Authority, (AMBAC), (AMT), 4.90%, 12/1/26		487,430
			$	1,399,350

Principal Amount (000's omitted)		Security	Value
Insured-Solid Waste — 1.3%
$	750	Rhode Island Resource Recovery Corp., (MBIA), (AMT), 5.00%, 3/1/22	$	733,785
			$	733,785
Insured-Special Tax Revenue — 9.1%
$	2,300	Convention Center Authority of Rhode Island, (MBIA), 5.25%, 5/15/15	$	2,459,919
	265	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28		80,157
	1,425	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/29		404,387
	1,625	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37		280,410
	2,000	Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/30		535,360
	2,145	Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54		141,334
	395	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44		47,428
	785	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45		88,846
	630	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46		67,158
	1,000	Rhode Island Economic Development Corp., (Rhode Island Department of Transportation), Motor Fuel Tax Revenue, (AMBAC), 5.00%, 6/15/26		1,005,950
			$	5,110,949
Insured-Transportation — 10.7%
$	1,500	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽³⁾	$	1,545,533
	1,000	Puerto Rico Highway and Transportation Authority, (AMBAC), 5.25%, 7/1/38		1,004,450
	1,500	Puerto Rico Highway and Transportation Authority, (FSA), 5.25%, 7/1/33		1,544,595
	1,000	Rhode Island Economic Development Corp., (Rhode Island Airport Corp.), (CIFG), 5.00%, 7/1/31⁽⁴⁾		944,770
	1,000	Rhode Island Economic Development Corp., (T.F. Green Airport), (FSA), (AMT), 5.00%, 7/1/20		1,003,380
			$	6,042,728
Insured-Water and Sewer — 4.2%
$	1,000	Narragansett Bay Commission, (MBIA), 5.00%, 8/1/27	$	1,006,640
	1,000	Narragansett Bay Commission, (MBIA), 5.00%, 8/1/28		1,004,810
	350	Rhode Island Clean Water, Water Pollution Control, (MBIA), 5.40%, 10/1/15		377,976
			$	2,389,426

See notes to financial statements
39

Eaton Vance Rhode Island Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Nursing Home — 4.8%
$	500	Rhode Island Health and Educational Building Corp., (Roger Williams Realty), 6.50%, 8/1/29	$	524,050
	1,275	Rhode Island Health and Educational Building Corp., (Steere House), 5.80%, 7/1/20		1,213,379
	1,000	Rhode Island Health and Educational Building Corp., (Tockwotton Home), 6.25%, 8/15/22		969,980
			$	2,707,409
Other Revenue — 3.8%
$	250	Central Falls Detention Facility Revenue, 7.25%, 7/15/35	$	257,260
	1,545	Puerto Rico Infrastructure Financing Authority, 5.50%, 10/1/32⁽³⁾		1,600,094
	7,125	Tobacco Settlement Financing Corp., 0.00%, 6/1/52		280,512
			$	2,137,866
Special Tax Revenue — 3.2%
$	1,410	Puerto Rico Sales Tax Financing, 5.25%, 8/1/57	$	1,314,261
	500	Tiverton, Obligation Tax Increment, (Mount Hope Bay Village), 6.875%, 5/1/22		520,365
			$	1,834,626
Total Tax-Exempt Investments — 105.2% (identified cost $60,528,173)			$	59,323,853
Other Assets, Less Liabilities — (5.2)%			$	(2,955,561	)
Net Assets — 100.0%			$	56,368,292

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.

DRIVERS - Derivative Inverse Tax-Exempt Receipts

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Rhode Island 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, 2008, 72.7% 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 2.6% to 26.0% of total investments.

⁽²⁾ Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2008.

⁽³⁾ Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund.

⁽⁴⁾ Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

See notes to financial statements
40

Eaton Vance West Virginia Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 98.1%
Principal Amount (000's omitted)		Security	Value
Education — 2.4%
$	750	Shepherd College Board of Governors, 5.125%, 12/1/33	$	755,385
			$	755,385
Electric Utilities — 3.6%
$	500	Harrison County Commission, (Allegheny Energy), (AMT), 5.50%, 10/15/37	$	460,100
	500	Mason County, PCR, (Appalachian Power Co.), 5.50%, 10/1/22		491,430
	50	Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 10.00%, 7/1/25⁽¹⁾⁽²⁾		47,185
	150	Puerto Rico Electric Power Authority, DRIVERS, Variable Rate, 10.00%, 7/1/37⁽¹⁾⁽²⁾		119,278
			$	1,117,993
Escrowed / Prerefunded — 12.6%
$	2,500	Kanawha-Putnam, Single Family, Escrowed to Maturity, 0.00%, 12/1/16	$	1,763,300
	1,820	West Virginia Health Facilities Authority, (Charleston Area Medical Center), Escrowed to Maturity, 6.50%, 9/1/23		2,142,213
			$	3,905,513
Housing — 5.8%
$	800	West Virginia Housing Development Fund, (AMT), 4.625%, 11/1/32	$	695,544
	1,190	West Virginia Housing Development Fund, (AMT), 5.10%, 11/1/27		1,121,063
			$	1,816,607
Industrial Development Revenue — 2.7%
$	1,000	Virgin Islands Public Financing Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22	$	851,800
			$	851,800
Insured-Education — 9.0%
$	750	Fairmont College, Student Activity Revenue, (FGIC), 5.00%, 6/1/32	$	735,510
	750	Shepherd University Board of Governors, (Wellness Center Project), (MBIA), 4.50%, 6/1/37		676,777
	455	West Virginia Higher Education Interim Governing Board, (Marshall University), (FGIC), 5.00%, 5/1/31		443,425
	500	West Virginia Higher Education Policy Commission, (FGIC), 5.00%, 4/1/29		492,965
	500	West Virginia University, (FGIC), 4.75%, 10/1/35		465,895
			$	2,814,572

Principal Amount (000's omitted)		Security	Value
Insured-Electric Utilities — 8.5%
$	250	Pleasants County, PCR, (Potomac Edison), (AMBAC), (AMT), 5.50%, 4/1/29	$	250,702
	1,000	Pleasants County, PCR, (West Pennsylvania), (AMBAC), (AMT), 5.50%, 4/1/29⁽³⁾		1,001,680
	450	Puerto Rico Electric Power Authority, (MBIA), 5.50%, 7/1/16⁽⁴⁾		493,362
	1,000	West Virginia Economic Development Authority, (Ohio Power Co.), (AMBAC), (AMT), 4.90%, 6/1/37		885,530
			$	2,631,274
Insured-Escrowed / Prerefunded — 1.6%
$	500	Harrison County Building Commission, (Maplewood Retirement), (AMBAC), Prerefunded to 4/1/08, 5.25%, 4/1/28	$	510,000
			$	510,000
Insured-General Obligations — 8.9%
$	1,000	Monongalia County Board of Education, (MBIA), 5.00%, 5/1/33	$	998,540
	250	Ohio County Board of Education, (MBIA), 5.125%, 6/1/18		255,540
	190	Puerto Rico, (FSA), 5.125%, 7/1/30		190,747
	300	Puerto Rico, (FSA), Variable Rate, 8.62%, 7/1/27⁽¹⁾⁽²⁾		351,483
	1,700	West Virginia, (FGIC), 0.00%, 11/1/19		963,781
			$	2,760,091
Insured-Hospital — 5.3%
$	500	Randolph County Commission Health System, (Davis Health System, Inc.), (FSA), 5.20%, 11/1/21	$	514,605
	1,100	West Virginia Health Facilities Authority, (West Virginia University Medical Corp.), (MBIA), 6.10%, 1/1/18		1,140,535
			$	1,655,140
Insured-Lease Revenue / Certificates of Participation — 3.2%
$	500	West Virginia Economic Development Authority, (Correctional Juvenile and Public), (MBIA), 5.00%, 6/1/26	$	502,450
	500	West Virginia Economic Development Authority, (West Virginia University), (AMBAC), 5.00%, 7/15/31		497,240
			$	999,690
Insured-Special Tax Revenue — 4.1%
$	3,780	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/29	$	1,072,688
	1,225	Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54		80,715
	225	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44		27,016
	445	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45		50,365
	355	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46		37,843
			$	1,268,627

See notes to financial statements
41

Eaton Vance West Virginia Municipals Fund as of March 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount (000's omitted)		Security	Value
Insured-Transportation — 3.3%
$	740	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽⁴⁾	$	762,463
	250	West Virginia Parkways, Economic Development and Tourism Authority, (FGIC), 5.25%, 5/15/19		273,193
			$	1,035,656
Insured-Water and Sewer — 20.4%
$	500	Crab Orchard-MacArthur, Public Service District Sewer System, (AMBAC), 5.50%, 10/1/25	$	505,000
	500	Martinsburg Water and Sewer, (MBIA), 5.00%, 9/1/31		493,860
	750	West Virginia Water Development Authority, (AMBAC), 5.00%, 10/1/28		752,063
	500	West Virginia Water Development Authority, (Loan Program II), (AMBAC), 5.00%, 11/1/33		497,120
	500	West Virginia Water Development Authority, (Loan Program II), (FGIC), 5.00%, 11/1/33		488,685
	500	West Virginia Water Development Authority, (Loan Program III), (AMBAC), (AMT), 5.65%, 7/1/40		495,480
	500	West Virginia Water Development Authority, (Loan Program IV), (AMBAC), 4.75%, 11/1/35		474,220
	750	West Virginia Water Development Authority, (Loan Program IV), (FSA), 5.00%, 11/1/44		741,270
	1,000	West Virginia Water Development Authority, (West Virginia Infrastructure Jobs Program), (FSA), 4.75%, 10/1/45		943,350
	1,000	Wheeling Waterworks and Sewer System, (FSA), 4.75%, 6/1/36		958,010
			$	6,349,058
Lease Revenue / Certificates of Participation — 1.3%
$	400	West Virginia Economic Development Authority, (State Office Building), 5.00%, 10/1/26	$	396,664
			$	396,664
Senior Living / Life Care — 0.8%
$	300	West Virginia Economic Development Authority, (Edgewood Summit, Inc.), 5.50%, 11/1/29	$	256,926
			$	256,926
Special Tax Revenue — 4.6%
$	12,500	Puerto Rico Sales Tax Financing, 0.00%, 8/1/56	$	684,250
	815	Puerto Rico Sales Tax Financing, 5.25%, 8/1/57		759,662
			$	1,443,912
Total Tax-Exempt Investments (identified cost $31,652,258)			$	30,568,908

Auction-Rate Securities — 1.6%
Principal Amount (000's omitted)		Description	Value
$	500	West Virginia Hospital Finance Authority, (Cabell Huntington Hospital), Variable Rate, 9.77%, 1/1/34⁽⁵⁾	$	500,000
Total Auction-Rate Securities (identified cost $500,000)			$	500,000
Total Investments — 99.7% (identified cost $32,152,258)			$	31,068,908
Other Assets, Less Liabilities — 0.3%			$	79,152
Net Assets — 100.0%			$	31,148,060

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.

DRIVERS - Derivative Inverse Tax-Exempt Receipts

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

PCR - Pollution Control Revenue

The Fund invests primarily in debt securities issued by West Virginia 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, 2008, 64.5% 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 2.5% to 22.6% of total investments.

⁽²⁾ Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at March 31, 2008.

⁽³⁾ Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

⁽⁴⁾ Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund.

⁽⁵⁾ Security subject to redemption at each auction date. The stated interest rate represents the rate in effect at March 31, 2008.

See notes to financial statements
42

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS (Unaudited)

Statements of Assets and Liabilities

As of March 31, 2008

	California Fund			Florida Plus Fund			Massachusetts Fund			Mississippi Fund
Assets
Investments —
Identified cost	$	294,822,793		$	222,371,346		$	316,596,135		$	17,191,393
Unrealized appreciation (depreciation)		2,206,298			(3,604,480	)		(6,662,995	)		129,638
Investments, at value	$	297,029,091		$	218,766,866		$	309,933,140		$	17,321,031
Cash	$	—		$	68,988		$	1,274,842		$	106,344
Receivable for investments sold		—			220,000			49,413			708,161
Receivable for Fund shares sold		214,994			2,303			641,326			876
Interest receivable		3,863,515			3,285,023			4,201,850			198,521
Total assets	$	301,107,600		$	222,343,180		$	316,100,571		$	18,334,933
Liabilities
Payable for floating rate notes issued	$	26,760,000		$	17,350,000		$	24,045,000		$	530,000
Interest expense and fees payable		151,690			184,758			145,353			4,906
Payable for Fund shares redeemed		766,088			272,434			555,766			46,519
Payable for daily variation margin on open financial futures contracts		82,611			64,548			159,378			2,125
Demand note payable		1,200,000			—			—			—
Dividends payable		427,311			377,774			465,184			25,077
Payable for open interest rate swap contracts		1,293,233			1,246,674			1,431,383			77,836
Due to custodian		80,803			—			—			—
Payable to affiliate for Trustees' fees		944			2,010			1,077			11
Payable to affiliate for investment adviser fee		106,117			75,803			106,310			2,297
Payable to affiliate for distribution and service fees		69,585			49,834			79,989			4,482
Accrued expenses		105,647			93,283			69,778			29,059
Total liabilities	$	31,044,029		$	19,717,118		$	27,059,218		$	722,312
Net Assets	$	270,063,571		$	202,626,062		$	289,041,353		$	17,612,621
Sources of Net Assets
Paid-in capital	$	273,732,310		$	208,233,631		$	310,010,300		$	17,712,476
Accumulated net realized loss (computed on the basis of identified cost)		(3,214,054	)		(968,884	)		(10,158,009	)		(94,063	)
Accumulated undistributed (distributions in excess of) net investment income		(144,527	)		1,168,235			(169,144	)		(23,628	)
Net unrealized appreciation (depreciation) (computed on the basis of identified cost)		(310,158	)		(5,806,920	)		(10,641,794	)		17,836
Net Assets	$	270,063,571		$	202,626,062		$	289,041,353		$	17,612,621
Class A Shares
Net Assets	$	250,408,537		$	178,635,729		$	222,564,187		$	15,297,647
Shares Outstanding		25,339,596			18,377,076			25,604,363			1,671,894
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$	9.88		$	9.72		$	8.69		$	9.15
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share)	$	10.37		$	10.20		$	9.12		$	9.61
Class B Shares
Net Assets	$	3,407,621		$	20,270,481		$	33,964,194		$	2,313,998
Shares Outstanding		373,082			2,034,559			3,906,617			247,269
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding)	$	9.13		$	9.96		$	8.69		$	9.36
Class C Shares
Net Assets	$	16,237,039		$	3,719,852		$	18,650,010		$	976
Shares Outstanding		1,777,806			373,304			2,144,738			104
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding)	$	9.13		$	9.96		$	8.70		$	9.36
Class I Shares
Net Assets	$	10,374		$	—		$	13,862,962		$	—
Shares Outstanding		1,049			—			1,595,253			—
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$	9.89		$	—		$	8.69		$	—

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

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

See notes to financial statements
43

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS (Unaudited) CONT'D

Statements of Assets and Liabilities

As of March 31, 2008

	New York Fund			Ohio Fund			Rhode Island Fund			West Virginia Fund
Assets
Investments —
Identified cost	$	452,400,457		$	339,674,010		$	60,528,173		$	32,152,258
Unrealized depreciation		(1,524,288	)		(5,849,247	)		(1,204,320	)		(1,083,350	)
Investments, at value	$	450,876,169		$	333,824,763		$	59,323,853		$	31,068,908
Cash	$	1,702,961		$	4,532,140		$	657,538		$	327,185
Receivable for investments sold		66,065			89,858			—			—
Receivable for Fund shares sold		725,302			600,504			8,662			405,891
Interest receivable		6,922,276			5,035,791			889,523			476,570
Total assets	$	460,292,773		$	344,083,056		$	60,879,576		$	32,278,554
Liabilities
Payable for floating rate notes issued	$	42,400,000		$	18,245,000		$	3,420,000		$	855,000
Interest expense and fees payable		405,764			175,081			34,986			6,583
Payable for Fund shares redeemed		1,099,519			503,293			599,416			11,454
Payable for daily variation margin on open financial futures contracts		146,097			124,049			5,313			13,282
Dividends payable		583,159			442,894			85,301			40,599
Payable for open interest rate swap contracts		2,524,965			155,229			296,762			153,652
Payable to affiliate for Trustees' fees		1,209			198			369			110
Payable to affiliate for investment adviser fee		153,304			117,707			14,268			5,381
Payable to affiliate for distribution and service fees		97,808			92,054			19,402			8,517
Accrued expenses		133,625			87,718			35,467			35,916
Total liabilities	$	47,545,450		$	19,943,223		$	4,511,284		$	1,130,494
Net Assets	$	412,747,323		$	324,139,833		$	56,368,292		$	31,148,060
Sources of Net Assets
Paid-in capital	$	424,567,761		$	342,992,628		$	58,821,611		$	33,463,391
Accumulated net realized loss (computed on the basis of identified cost)		(5,448,270	)		(10,939,959	)		(831,123	)		(865,397	)
Accumulated undistributed (distributions in excess of) net investment income		12,214			(228,152	)		(36,200	)		(16,272	)
Net unrealized depreciation (computed on the basis of identified cost)		(6,384,382	)		(7,684,684	)		(1,585,996	)		(1,433,662	)
Net Assets	$	412,747,323		$	324,139,833		$	56,368,292		$	31,148,060
Class A Shares
Net Assets	$	368,201,284		$	265,312,519		$	41,027,780		$	25,872,627
Shares Outstanding		38,207,142			30,388,201			4,532,365			2,907,700
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$	9.64		$	8.73		$	9.05		$	8.90
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share)	$	10.12		$	9.17		$	9.50		$	9.34
Class B Shares
Net Assets	$	11,073,115		$	26,170,292		$	12,006,237		$	5,250,028
Shares Outstanding		1,146,852			2,998,943			1,296,418			578,807
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding)	$	9.66		$	8.73		$	9.26		$	9.07
Class C Shares
Net Assets	$	33,462,609		$	32,657,022		$	3,334,275		$	25,405
Shares Outstanding		3,470,685			3,741,933			359,817			2,799
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding)	$	9.64		$	8.73		$	9.27		$	9.08
Class I Shares
Net Assets	$	10,315		$	—		$	—		$	—
Shares Outstanding		1,071			—			—			—
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$	9.64		$	—		$	—		$	—

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

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

See notes to financial statements
44

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS (Unaudited) CONT'D

Statements of Operations

For the Six Months Ended March 31, 2008

	California Fund			Florida Plus Fund			Massachusetts Fund			Mississippi Fund
Investment Income
Interest	$	7,554,599		$	6,815,423		$	8,594,334		$	462,636
Total investment income	$	7,554,599		$	6,815,423		$	8,594,334		$	462,636
Expenses
Investment adviser fee	$	625,194		$	485,066		$	664,317		$	13,307
Trustees' fees and expenses		8,999			9,000			10,198			100
Distribution and service fees
Class A		322,451			200,939			238,909			15,157
Class B		17,596			110,452			179,740			11,956
Class C		70,395			17,343			88,065			3
Legal and accounting services		33,067			33,164			32,370			16,137
Printing and postage		11,346			12,261			11,640			2,928
Custodian fee		119,452			68,958			45,064			16,284
Interest expense and fees		415,553			545,420			382,943			13,694
Transfer and dividend disbursing agent fees		40,599			47,249			67,792			4,326
Registration fees		2,847			7,075			11,552			549
Miscellaneous		9,600			18,453			12,289			4,491
Total expenses	$	1,677,099		$	1,555,380		$	1,744,879		$	98,932
Deduct —
Reduction of custodian fee	$	32,114		$	12,484		$	18,070		$	3,405
Total expense reductions	$	32,114		$	12,484		$	18,070		$	3,405
Net expenses	$	1,644,985		$	1,542,896		$	1,726,809		$	95,527
Net investment income	$	5,909,614		$	5,272,527		$	6,867,525		$	367,109
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (identified cost basis)	$	(813,272	)	$	5,828,489		$	(1,097,949	)	$	13,120
Financial futures contracts		(684,704	)		(1,013,370	)		(2,059,928	)		(31,439	)
Interest rate swap contracts		(1,736,284	)		(1,614,383	)		(2,298,258	)		(53,036	)
Net realized gain (loss)	$	(3,234,260	)	$	3,200,736		$	(5,456,135	)	$	(71,355	)
Change in unrealized appreciation (depreciation) —
Investments (identified cost basis)	$	(12,629,864	)	$	(19,393,080	)	$	(17,167,542	)	$	(550,752	)
Financial futures contracts		(1,331,178	)		(1,066,923	)		(2,843,659	)		(37,048	)
Interest rate swap contracts		(1,347,562	)		(1,303,098	)		(1,491,497	)		(93,754	)
Net change in unrealized appreciation (depreciation)	$	(15,308,604	)	$	(21,763,101	)	$	(21,502,698	)	$	(681,554	)
Net realized and unrealized loss	$	(18,542,864	)	$	(18,562,365	)	$	(26,958,833	)	$	(752,909	)
Net decrease in net assets from operations	$	(12,633,250	)	$	(13,289,838	)	$	(20,091,308	)	$	(385,800	)

See notes to financial statements
45

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS (Unaudited) CONT'D

Statements of Operations

For the Six Months Ended March 31, 2008

	New York Fund			Ohio Fund			Rhode Island Fund			West Virginia Fund
Investment Income
Interest	$	12,527,658		$	8,691,805		$	1,599,025		$	855,620
Total investment income	$	12,527,658		$	8,691,805		$	1,599,025		$	855,620
Expenses
Investment adviser fee	$	950,846		$	706,628		$	91,424		$	33,209
Trustees' fees and expenses		11,397			9,320			3,806			999
Distribution and service fees
Class A		388,827			275,340			44,034			26,385
Class B		54,383			132,359			61,891			27,150
Class C		154,792			155,749			16,049			23
Legal and accounting services		35,041			28,428			19,292			16,908
Printing and postage		20,130			16,470			4,209			3,477
Custodian fee		145,567			76,352			25,603			19,342
Interest expense and fees		844,961			426,869			57,876			35,493
Transfer and dividend disbursing agent fees		88,611			71,768			13,198			8,313
Registration fees		6,562			6,039			549			1,464
Miscellaneous		13,794			3,421			6,925			4,550
Total expenses	$	2,714,911		$	1,908,743		$	344,856		$	177,313
Deduct —
Reduction of custodian fee	$	56,653		$	32,915		$	3,425		$	3,283
Total expense reductions	$	56,653		$	32,915		$	3,425		$	3,283
Net expenses	$	2,658,258		$	1,875,828		$	341,431		$	174,030
Net investment income	$	9,869,400		$	6,815,977		$	1,257,594		$	681,590
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (identified cost basis)	$	(144,755	)	$	(800,009	)	$	63,104		$	(145,918	)
Financial futures contracts		(2,161,466	)		(983,750	)		(87,387	)		(32,417	)
Interest rate swap contracts		(2,945,496	)		(349,862	)		(464,934	)		(203,028	)
Net realized loss	$	(5,251,717	)	$	(2,133,621	)	$	(489,217	)	$	(381,363	)
Change in unrealized appreciation (depreciation) —
Investments (identified cost basis)	$	(22,305,359	)	$	(15,322,250	)	$	(2,886,034	)	$	(1,982,953	)
Financial futures contracts		(2,547,018	)		(1,640,671	)		(101,500	)		(209,099	)
Interest rate swap contracts		(2,931,372	)		(179,538	)		(309,469	)		(160,432	)
Net change in unrealized appreciation (depreciation)	$	(27,783,749	)	$	(17,142,459	)	$	(3,297,003	)	$	(2,352,484	)
Net realized and unrealized loss	$	(33,035,466	)	$	(19,276,080	)	$	(3,786,220	)	$	(2,733,847	)
Net decrease in net assets from operations	$	(23,166,066	)	$	(12,460,103	)	$	(2,528,626	)	$	(2,052,257	)

See notes to financial statements
46

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS (Unaudited) CONT'D

Statements of Changes in Net Assets

For the Six Months Ended March 31, 2008

Increase (Decrease) in Net Assets	California Fund			Florida Plus Fund			Massachusetts Fund			Mississippi Fund
From operations —
Net investment income	$	5,909,614		$	5,272,527		$	6,867,525		$	367,109
Net realized gain (loss) from investment transactions, financial futures contracts and interest rate swap contracts		(3,234,260	)		3,200,736			(5,456,135	)		(71,355	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and interest rate swap contracts		(15,308,604	)		(21,763,101	)		(21,502,698	)		(681,554	)
Net decrease in net assets from operations	$	(12,633,250	)	$	(13,289,838	)	$	(20,091,308	)	$	(385,800	)
Distributions to shareholders —
From net investment income
Class A	$	(5,606,804	)	$	(4,773,207	)	$	(5,291,557	)	$	(322,234	)
Class B		(62,643	)		(462,155	)		(690,248	)		(43,818	)
Class C		(250,864	)		(72,316	)		(338,045	)		(11	)
Class I		(39	)		—			(348,048	)		—
From net realized gain
Class A		(1,142,220	)		—			—			—
Class B		(16,429	)		—			—			—
Class C		(65,285	)		—			—			—
Total distributions to shareholders	$	(7,144,284	)	$	(5,307,678	)	$	(6,667,898	)	$	(366,063	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	35,854,978		$	11,529,893		$	27,741,452		$	1,961,477
Class B		397,548			331,990			1,004,874			6,873
Class C		7,848,619			1,658,543			5,383,103			1,000
Class I		10,000			—			2,105,293			—
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		4,086,289			2,723,786			3,073,111			188,363
Class B		44,292			210,810			377,151			23,812
Class C		162,438			31,479			252,902			8
Class I		—			—			147,858			—
Cost of shares redeemed
Class A		(32,436,098	)		(32,910,014	)		(43,928,149	)		(853,466	)
Class B		(263,670	)		(3,437,816	)		(3,230,458	)		(224,841	)
Class C		(2,127,150	)		(610,034	)		(2,919,421	)		—
Class I		—			—			(3,824,046	)		—
Net asset value of shares exchanged
Class A		72,812			780,968			1,880,238			16,591
Class B		(72,812	)		(780,968	)		(1,880,238	)		(16,591	)
Net increase (decrease) in net assets from Fund share transactions	$	13,577,246		$	(20,471,363	)	$	(13,816,330	)	$	1,103,226
Net increase (decrease) in net assets	$	(6,200,288	)	$	(39,068,879	)	$	(40,575,536	)	$	351,363
Net Assets
At beginning of period	$	276,263,859		$	241,694,941		$	329,616,889		$	17,261,258
At end of period	$	270,063,571		$	202,626,062		$	289,041,353		$	17,612,621
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of period	$	(144,527	)	$	1,168,235		$	(169,144	)	$	(23,628	)

See notes to financial statements
47

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS (Unaudited) CONT'D

Statements of Changes in Net Assets

For the Six Months Ended March 31, 2008

Increase (Decrease) in Net Assets	New York Fund			Ohio Fund			Rhode Island Fund			West Virginia Fund
From operations —
Net investment income	$	9,869,400		$	6,815,977		$	1,257,594		$	681,590
Net realized loss from investment transactions, financial futures contracts and interest rate swap contracts		(5,251,717	)		(2,133,621	)		(489,217	)		(381,363	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and interest rate swap contracts		(27,783,749	)		(17,142,459	)		(3,297,003	)		(2,352,484	)
Net decrease in net assets from operations	$	(23,166,066	)	$	(12,460,103	)	$	(2,528,626	)	$	(2,052,257	)
Distributions to shareholders —
From net investment income
Class A	$	(8,754,214	)	$	(5,678,677	)	$	(944,616	)	$	(561,491	)
Class B		(213,333	)		(469,365	)		(229,263	)		(99,107	)
Class C		(605,968	)		(552,196	)		(59,244	)		(84	)
Class I		(40	)		—			—			—
Total distributions to shareholders	$	(9,573,555	)	$	(6,700,238	)	$	(1,233,123	)	$	(660,682	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	36,523,730		$	36,646,133		$	3,292,942		$	2,910,923
Class B		1,480,402			1,437,562			441,086			94,001
Class C		9,179,741			8,910,576			1,037,085			25,388
Class I		10,000			—			—			—
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		5,538,338			3,449,096			527,422			353,183
Class B		123,972			265,230			142,427			63,312
Class C		379,960			335,221			35,363			82
Cost of shares redeemed
Class A		(45,423,667	)		(34,505,012	)		(7,137,267	)		(1,070,396	)
Class B		(916,072	)		(2,013,282	)		(1,434,897	)		(267,822	)
Class C		(4,649,835	)		(5,505,078	)		(807,461	)		—
Net asset value of shares exchanged
Class A		188,496			597,744			324,681			214,979
Class B		(188,496	)		(597,744	)		(324,681	)		(214,979	)
Net increase (decrease) in net assets from Fund share transactions	$	2,246,569		$	9,020,446		$	(3,903,300	)	$	2,108,671
Net decrease in net assets	$	(30,493,052	)	$	(10,139,895	)	$	(7,665,049	)	$	(604,268	)
Net Assets
At beginning of period	$	443,240,375		$	334,279,728		$	64,033,341		$	31,752,328
At end of period	$	412,747,323		$	324,139,833		$	56,368,292		$	31,148,060
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of period	$	12,214		$	(228,152	)	$	(36,200	)	$	(16,272	)

See notes to financial statements
48

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Statements of Changes in Net Assets

For the Year Ended September 30, 2007

Increase (Decrease) in Net Assets	California Fund			Florida Plus Fund			Massachusetts Fund			Mississippi Fund
From operations —
Net investment income	$	11,127,342		$	11,234,864		$	12,269,263		$	759,281
Net realized gain (loss) from investment transactions, financial futures contracts and interest rate swap contracts		6,505			1,049,878			(1,826,325	)		62,554
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and interest rate swap contracts		(7,592,254	)		(6,773,947	)		(9,643,689	)		(358,208	)
Net increase in net assets from operations	$	3,541,593		$	5,510,795		$	799,249		$	463,627
Distributions to shareholders —
From net investment income
Class A	$	(10,752,456	)	$	(9,892,502	)	$	(9,655,558	)	$	(628,731	)
Class B		(139,379	)		(1,137,775	)		(1,592,447	)		(121,144	)
Class C		(291,031	)		(66,730	)		(393,866	)		—
Class I		—			—			(703,704	)		—
From net realized gain
Class A		(3,830,123	)		—			—			—
Class B		(70,687	)		—			—			—
Class C		(112,357	)		—			—			—
Total distributions to shareholders	$	(15,196,033	)	$	(11,097,007	)	$	(12,345,575	)	$	(749,875	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	68,842,124		$	22,292,525		$	103,672,116		$	1,728,072
Class B		809,294			851,620			2,051,364			157,031
Class C		7,725,735			2,693,182			16,773,647			—
Class I		—			—			5,509,026			—
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		8,872,948			5,717,536			5,578,575			313,821
Class B		114,296			509,741			872,130			60,929
Class C		269,209			35,217			311,249			—
Class I		—			—			235,829			—
Cost of shares redeemed
Class A		(39,036,247	)		(36,483,021	)		(46,985,170	)		(3,290,329	)
Class B		(1,231,031	)		(6,589,466	)		(6,168,857	)		(653,035	)
Class C		(1,089,114	)		(366,929	)		(1,704,313	)		—
Class I		—			—			(1,605,947	)		—
Net asset value of shares exchanged
Class A		57,762			4,295,445			3,211,515			968,803
Class B		(57,762	)		(4,295,445	)		(3,211,515	)		(968,803	)
Net increase (decrease) in net assets from Fund share transactions	$	45,277,214		$	(11,339,595	)	$	78,539,649		$	(1,683,511	)
Net increase (decrease) in net assets	$	33,622,774		$	(16,925,807	)	$	66,993,323		$	(1,969,759	)
Net Assets
At beginning of year	$	242,641,085		$	258,620,748		$	262,623,566		$	19,231,017
At end of year	$	276,263,859		$	241,694,941		$	329,616,889		$	17,261,258
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of year	$	(133,791	)	$	1,203,386		$	(368,771	)	$	(24,674	)

See notes to financial statements
49

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Statements of Changes in Net Assets

For the Year Ended September 30, 2007

Increase (Decrease) in Net Assets	New York Fund			Ohio Fund			Rhode Island Fund			West Virginia Fund
From operations —
Net investment income	$	19,011,407		$	11,277,109		$	2,451,384		$	1,235,379
Net realized gain (loss) from investment transactions, financial futures contracts and interest rate swap contracts		(3,181,642	)		59,135			110,981			216,316
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and interest rate swap contracts		(9,935,973	)		(6,989,638	)		(1,565,427	)		(835,533	)
Net increase in net assets from operations	$	5,893,792		$	4,346,606		$	996,938		$	616,162
Distributions to shareholders —
From net investment income
Class A	$	(17,487,881	)	$	(9,757,050	)	$	(1,801,325	)	$	(1,014,607	)
Class B		(385,335	)		(1,078,423	)		(552,760	)		(216,052	)
Class C		(806,831	)		(710,718	)		(66,047	)		—
From net realized gain
Class A		(1,982,516	)		—			—			—
Class B		(52,351	)		—			—			—
Class C		(90,494	)		—			—			—
Total distributions to shareholders	$	(20,805,408	)	$	(11,546,191	)	$	(2,420,132	)	$	(1,230,659	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	63,737,160		$	115,781,671		$	10,575,470		$	5,313,235
Class B		3,819,176			3,632,785			830,770			205,869
Class C		21,240,503			25,568,762			2,981,442			—
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		12,340,891			5,860,186			1,024,106			624,413
Class B		262,890			591,771			341,201			134,979
Class C		580,446			447,894			34,387			—
Cost of shares redeemed
Class A		(55,937,002	)		(27,447,237	)		(5,935,326	)		(2,977,867	)
Class B		(1,051,209	)		(3,594,864	)		(2,578,607	)		(747,361	)
Class C		(3,696,268	)		(2,886,677	)		(100,177	)		—
Net asset value of shares exchanged
Class A		707,926			3,825,140			2,830,959			435,798
Class B		(707,926	)		(3,825,140	)		(2,830,959	)		(435,798	)
Net increase in net assets from Fund share transactions	$	41,296,587		$	117,954,291		$	7,173,266		$	2,553,268
Net increase in net assets	$	26,384,971		$	110,754,706		$	5,750,072		$	1,938,771
Net Assets
At beginning of year	$	416,855,404		$	223,525,022		$	58,283,269		$	29,813,557
At end of year	$	443,240,375		$	334,279,728		$	64,033,341		$	31,752,328
Accumulated distributions in excess of net investment income included in net assets
At end of year	$	(283,613	)	$	(343,891	)	$	(60,671	)	$	(37,180	)

See notes to financial statements
50

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS (Unaudited) CONT'D

Statements of Cash Flows

For the Six Months Ended March 31, 2008

Cash Flows From Operating Activities	Florida Plus Fund			New York Fund
Net decrease in net assets from operations	$	(13,289,838	)	$	(23,166,066	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by (used in) operating activities:
Investments purchased		(96,621,651	)		(129,761,767	)
Investments sold		141,127,022			146,965,723
Net amortization of premium (discount)		(797,895	)		(514,835	)
Decrease in interest receivable		1,627,594			280,670
Increase in receivable for investments sold		(140,000	)		(66,065	)
Decrease in receivable for open interest rate swap contracts		83,861			455,123
Decrease in other assets		—			56,296
Increase in payable for daily variation margin on open financial futures contracts		64,548			146,097
Increase in payable for open interest rate swap contracts		1,219,237			2,476,249
Decrease in payable for closed interest rate swap contracts		(602,107	)		(1,048,446	)
Decrease in payable to affiliate for investment adviser fee		(8,537	)		(4,057	)
Decrease in payable to affiliate for distribution and service fees		(90,936	)		(139,702	)
Increase in payable to affiliate for Trustees' fees		2,010			1,209
Decrease in accrued expenses		(18,689	)		(1,733	)
Decrease in interest expense and fees payable		(546,963	)		(276,855	)
Net change in unrealized (appreciation) depreciation on investments		19,393,080			22,305,359
Net realized (gain) loss on investments		(5,828,489	)		144,755
Net cash provided by operating activities	$	45,572,247		$	17,851,955
Cash Flows From Financing Activities
Proceeds from shares sold	$	13,606,891		$	47,052,837
Shares redeemed		(37,098,819	)		(50,399,666	)
Cash distributions paid net of reinvestments		(2,349,287	)		(3,523,668	)
Proceeds from secured borrowings		8,755,000			22,410,000
Repayment of secured borrowings		(29,150,000	)		(32,373,000	)
Net cash used in financing activities	$	(46,236,215	)	$	(16,833,497	)
Net Increase (decrease) in cash	$	(663,968	)	$	1,018,458
Cash at beginning of period	$	732,956		$	684,503
Cash at end of period	$	68,988		$	1,702,961
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of:	$	2,966,075		$	6,042,270

See notes to financial statements
51

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	California Fund — Class A
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	10.620		$	11.080		$	10.900		$	10.860		$	10.920		$	11.250
Income (loss) from operations
Net investment income	$	0.225		$	0.458		$	0.486		$	0.515		$	0.548		$	0.542
Net realized and unrealized gain (loss)		(0.695	)		(0.280	)		0.181			0.037			(0.078	)		(0.342	)
Total income (loss) from operations	$	(0.470	)	$	0.178		$	0.667		$	0.552		$	0.470		$	0.200
Less distributions
From net investment income	$	(0.225	)	$	(0.462	)	$	(0.487	)	$	(0.512	)	$	(0.530	)	$	(0.530	)
From net realized gain		(0.045	)		(0.176	)		—			—			—			—
Total distributions	$	(0.270	)	$	(0.638	)	$	(0.487	)	$	(0.512	)	$	(0.530	)	$	(0.530	)
Net asset value — End of period	$	9.880		$	10.620		$	11.080		$	10.900		$	10.860		$	10.920
Total Return⁽²⁾		(4.48	)%⁽⁸⁾		1.61	%		6.28	%		5.18	%		4.42	%		1.89	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	250,409		$	261,254		$	233,618		$	223,528		$	227,878		$	34,753
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.87	%⁽³⁾		0.84	%⁽⁴⁾		0.86	%		0.88	%⁽⁵⁾		0.90	%⁽⁵⁾		0.88	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.30	%⁽³⁾		0.33	%		0.37	%		0.23	%⁽⁵⁾		0.15	%⁽⁵⁾		0.12	%⁽⁵⁾
Total expenses before custodian fee reduction		1.17	%⁽³⁾		1.17	%⁽⁴⁾		1.23	%		1.11	%⁽⁵⁾		1.05	%⁽⁵⁾		1.00	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.84	%⁽³⁾		0.82	%⁽⁴⁾		0.85	%		0.87	%⁽⁵⁾		0.90	%⁽⁵⁾		0.87	%⁽⁵⁾
Net investment income		4.34	%⁽³⁾		4.22	%		4.45	%		4.71	%		5.09	%		4.97	%
Portfolio Turnover of the Portfolio⁽⁷⁾		—			—			—			—			18	%		21	%
Portfolio Turnover of the Fund		13	%		41	%		30	%		23	%		—			—

⁽¹⁾ Net investment income per share was 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.

⁽⁵⁾ Includes the Fund's share of its 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 Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	California Fund — Class B
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	9.810		$	10.260		$	10.090		$	10.060		$	10.110		$	10.400
Income (loss) from operations
Net investment income	$	0.172		$	0.350		$	0.374		$	0.399		$	0.483		$	0.481
Net realized and unrealized gain (loss)		(0.636	)		(0.273	)		0.171			0.030			(0.083	)		(0.317	)
Total income (loss) from operations	$	(0.464	)	$	0.077		$	0.545		$	0.429		$	0.400		$	0.164
Less distributions
From net investment income	$	(0.171	)	$	(0.351	)	$	(0.375	)	$	(0.399	)	$	(0.455	)	$	(0.459	)
From net realized gain		(0.045	)		(0.176	)		—			—			—			—
Total distributions	$	(0.216	)	$	(0.527	)	$	(0.375	)	$	(0.399	)	$	(0.455	)	$	(0.459	)
Contigent deferred sales charges	$	—		$	—		$	—		$	—		$	0.005		$	0.005
Net asset value — End of period	$	9.130		$	9.810		$	10.260		$	10.090		$	10.060		$	10.110
Total Return⁽²⁾		(4.79	)%⁽⁹⁾		0.73	%		5.52	%		4.50	%⁽³⁾		4.14	%		1.73	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	3,408		$	3,545		$	4,090		$	3,655		$	1,983		$	212,145
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.62	%⁽⁴⁾		1.59	%⁽⁵⁾		1.61	%		1.63	%⁽⁶⁾		1.10	%⁽⁶⁾		1.09	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.30	%⁽⁴⁾		0.33	%		0.37	%		0.23	%⁽⁶⁾		0.15	%⁽⁶⁾		0.12	%⁽⁶⁾
Total expenses before custodian fee reduction		1.92	%⁽⁴⁾		1.92	%⁽⁵⁾		1.98	%		1.86	%⁽⁶⁾		1.25	%⁽⁶⁾		1.21	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		1.59	%⁽⁴⁾		1.57	%⁽⁵⁾		1.60	%		1.62	%⁽⁶⁾		1.10	%⁽⁶⁾		1.08	%⁽⁶⁾
Net investment income		3.59	%⁽⁴⁾		3.48	%		3.70	%		3.94	%		4.75	%		4.79	%
Portfolio Turnover of the Portfolio⁽⁸⁾		—			—			—			—			18	%		21	%
Portfolio Turnover of the Fund		13	%		41	%		30	%		23	%		—			—

⁽¹⁾ Net investment income per share was 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 0.17% 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 its 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 Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	California Fund — Class C
	Six Months Ended March 31, 2008			Year Ended September 30,						Period Ended September 30,
(Unaudited)⁽¹⁾	2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾⁽²⁾
Net asset value — Beginning of period $9.810	$	10.250		$	10.090		$	10.060		$	10.000
Income (loss) from operations
Net investment income $0.171	$	0.348		$	0.366		$	0.384		$	0.033
Net realized and unrealized gain (loss) (0.635)		(0.261	)		0.169			0.045			0.062
Total income (loss) from operations $(0.464)	$	0.087		$	0.535		$	0.429		$	0.095
Less distributions
From net investment income $(0.171)	$	(0.351	)	$	(0.375	)	$	(0.399	)	$	(0.035	)
From net realized gain (0.045)		(0.176	)		—			—			—
Total distributions $(0.216)	$	(0.527	)	$	(0.375	)	$	(0.399	)	$	(0.035	)
Net asset value — End of period $9.130	$	9.810		$	10.250		$	10.090		$	10.060
Total Return⁽³⁾ (4.79)%⁽¹⁰⁾		0.83	%		5.42	%		4.42	%⁽⁴⁾		0.86	%⁽¹⁰⁾
Ratios/Supplemental Data
Net assets, end of period (000's omitted) $16,237	$	11,465		$	4,933		$	1,725		$	96
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees 1.62%⁽⁵⁾		1.59	%⁽⁶⁾		1.61	%		1.63	%⁽⁷⁾		1.65	%⁽⁵⁾⁽⁷⁾
Interest and fee expense⁽⁸⁾ 0.30%⁽⁵⁾		0.33	%		0.37	%		0.23	%⁽⁷⁾		0.15	%⁽⁵⁾⁽⁷⁾
Total expenses before custodian fee reduction 1.92%⁽⁵⁾		1.92	%⁽⁶⁾		1.98	%		1.86	%⁽⁷⁾		1.80	%⁽⁵⁾⁽⁷⁾
Expenses after custodian fee reduction excluding interest and fees 1.59%⁽⁵⁾		1.57	%⁽⁶⁾		1.60	%		1.62	%⁽⁷⁾		1.65	%⁽⁵⁾⁽⁷⁾
Net investment income 3.58%⁽⁵⁾		3.49	%		3.62	%		3.78	%		4.24	%⁽⁵⁾
Portfolio Turnover of the Portfolio⁽⁹⁾ —		—			—			—			18	%
Portfolio Turnover of the Fund 13%		41	%		30	%		23	%		—

⁽¹⁾Net investment income per share was computed using average shares outstanding.

⁽²⁾For the period from the start of business, August 31, 2004, to September 30, 2004.

⁽³⁾Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽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 its 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 Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	California Fund — Class I
	Period Ended March 31, 2008 (Unaudited)
Net asset value — Beginning of period	$	9.530	⁽¹⁾⁽²⁾
Income (loss) from operations
Net investment income	$	0.038
Net realized and unrealized gain		0.360
Total income from operations	$	0.398
Less distributions
From net investment income	$	(0.038	)
Total distributions	$	(0.038	)
Net asset value — End of period	$	9.890
Total Return⁽³⁾		4.17	%⁽⁷⁾
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	10
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.62	%⁽⁴⁾
Interest and fee expense⁽⁵⁾		0.30	%⁽⁴⁾
Total expenses before custodian fee reduction		0.92	%⁽⁴⁾
Expenses after custodian fee reduction excluding interest and fees		0.59	%⁽⁴⁾
Net investment income		4.59	%⁽⁴⁾
Portfolio Turnover		13	%⁽⁶⁾

⁽¹⁾ Net investment income per share was computed using average shares outstanding.

⁽²⁾ For the period from the start of business, March 3, 2008, to March 31, 2008.

⁽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 six months ended March 31, 2008.

⁽⁷⁾Not annualized.

See notes to financial statements
55

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Florida Plus Fund — Class A
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	10.580		$	10.820		$	10.640		$	10.580		$	10.680		$	10.940
Income (loss) from operations
Net investment income	$	0.243		$	0.486		$	0.490		$	0.506		$	0.536		$	0.548
Net realized and unrealized gain (loss)		(0.859	)		(0.246	)		0.174			0.065			(0.098	)		(0.259	)
Total income (loss) from operations	$	(0.616	)	$	0.240		$	0.664		$	0.571		$	0.438		$	0.289
Less distributions
From net investment income	$	(0.244	)	$	(0.480	)	$	(0.484	)	$	(0.511	)	$	(0.538	)	$	(0.549	)
Total distributions	$	(0.244	)	$	(0.480	)	$	(0.484	)	$	(0.511	)	$	(0.538	)	$	(0.549	)
Net asset value — End of period	$	9.720		$	10.580		$	10.820		$	10.640		$	10.580		$	10.680
Total Return⁽²⁾		(5.89	)%⁽⁸⁾		2.23	%		6.40	%		5.50	%		4.18	%		2.76	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	178,636		$	212,898		$	222,008		$	196,300		$	193,379		$	25,996
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.80	%⁽³⁾		0.79	%⁽⁴⁾		0.79	%		0.82	%⁽⁵⁾		0.82	%⁽⁵⁾		0.79	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.48	%⁽³⁾		0.55	%		0.44	%		0.26	%⁽⁵⁾		0.13	%⁽⁵⁾		0.20	%⁽⁵⁾
Total expenses before custodian fee reduction		1.28	%⁽³⁾		1.34	%⁽⁴⁾		1.23	%		1.08	%⁽⁵⁾		0.95	%⁽⁵⁾		0.99	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.79	%⁽³⁾		0.78	%⁽⁴⁾		0.78	%		0.81	%⁽⁵⁾		0.82	%⁽⁵⁾		0.78	%⁽⁵⁾
Net investment income		4.72	%⁽³⁾		4.51	%		4.59	%		4.75	%		5.09	%		5.12	%
Portfolio Turnover of the Portfolio⁽⁷⁾		—			—			—			—			9	%		23	%
Portfolio Turnover of the Fund		38	%		19	%		42	%		16	%		—			—

⁽¹⁾Net investment income per share was 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 its 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
56

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Florida Plus Fund — Class B
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	10.850		$	11.090		$	10.910		$	10.840		$	10.950		$	11.220
Income (loss) from operations
Net investment income	$	0.209		$	0.416		$	0.421		$	0.437		$	0.469		$	0.482
Net realized and unrealized gain (loss)		(0.890	)		(0.247	)		0.172			0.075			(0.110	)		(0.272	)
Total income (loss) from operations	$	(0.681	)	$	0.169		$	0.593		$	0.512		$	0.359		$	0.210
Less distributions
From net investment income	$	(0.209	)	$	(0.409	)	$	(0.413	)	$	(0.442	)	$	(0.469	)	$	(0.480	)
Total distributions	$	(0.209	)	$	(0.409	)	$	(0.413	)	$	(0.442	)	$	(0.469	)	$	(0.480	)
Net asset value — End of period	$	9.960		$	10.850		$	11.090		$	10.910		$	10.840		$	10.950
Total Return⁽²⁾		(6.33	)%⁽⁹⁾		1.53	%		5.55	%		4.98	%⁽³⁾		3.34	%		1.93	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	20,270		$	25,845		$	35,969		$	42,074		$	51,162		$	236,914
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.55	%⁽⁴⁾		1.54	%⁽⁵⁾		1.54	%		1.57	%⁽⁶⁾		1.57	%⁽⁶⁾		1.54	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.48	%⁽⁴⁾		0.55	%		0.44	%		0.26	%⁽⁶⁾		0.13	%⁽⁶⁾		0.20	%⁽⁶⁾
Total expenses before custodian fee reduction		2.03	%⁽⁴⁾		2.09	%⁽⁵⁾		1.98	%		1.83	%⁽⁶⁾		1.70	%⁽⁶⁾		1.74	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		1.54	%⁽⁴⁾		1.53	%⁽⁵⁾		1.53	%		1.56	%⁽⁶⁾		1.57	%⁽⁶⁾		1.53	%⁽⁶⁾
Net investment income		3.97	%⁽⁴⁾		3.76	%		3.85	%		4.01	%		4.26	%		4.39	%
Portfolio Turnover of the Portfolio⁽⁸⁾		—			—			—			—			9	%		23	%
Portfolio Turnover of the Fund		38	%		19	%		42	%		16	%		—			—

⁽¹⁾ Net investment income per share was 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 0.17% 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 its 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
57

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Florida Plus Fund — Class C
	Six Months Ended March 31, 2008 (Unaudited)⁽¹⁾			Year Ended September 30, 2007⁽¹⁾			Period Ended September 30, 2006⁽¹⁾⁽²⁾
Net asset value — Beginning of period	$	10.850		$	11.080		$	10.970
Income (loss) from operations
Net investment income	$	0.208		$	0.416		$	0.215
Net realized and unrealized gain (loss)		(0.889	)		(0.237	)		0.118
Total income (loss) from operations	$	(0.681	)	$	0.179		$	0.333
Less distributions
From net investment income	$	(0.209	)	$	(0.409	)	$	(0.223	)
Total distributions	$	(0.209	)	$	(0.409	)	$	(0.223	)
Net asset value — End of period	$	9.960		$	10.850		$	11.080
Total Return⁽³⁾		(6.33	)%⁽⁸⁾		1.62	%		3.08	%⁽⁸⁾
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	3,720		$	2,952		$	643
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.55	%⁽⁴⁾		1.54	%⁽⁵⁾		1.54	%⁽⁴⁾
Interest and fee expense⁽⁶⁾		0.48	%⁽⁴⁾		0.55	%		0.44	%⁽⁴⁾
Total expenses before custodian fee reduction		2.03	%⁽⁴⁾		2.09	%⁽⁵⁾		1.98	%⁽⁴⁾
Expenses after custodian fee reduction excluding interest and fees		1.54	%⁽⁴⁾		1.53	%⁽⁵⁾		1.53	%⁽⁴⁾
Net investment income		3.95	%⁽⁴⁾		3.78	%		3.53	%⁽⁴⁾
Portfolio Turnover		38	%		19	%		42	%⁽⁷⁾

⁽¹⁾ Net investment income per share was computed using average shares outstanding.

⁽²⁾ For the period from the start of business, March 13, 2006, to September 30, 2006.

⁽³⁾Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾ Annualized.

⁽⁶⁾ Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

⁽⁷⁾ For the year ended September 30, 2006.

⁽⁸⁾ Not annualized.

See notes to financial statements
58

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Massachusetts Fund — Class A
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	9.490		$	9.850		$	9.670		$	9.660		$	9.680		$	9.850
Income (loss) from operations
Net investment income	$	0.210		$	0.415		$	0.432		$	0.449		$	0.484		$	0.492
Net realized and unrealized gain (loss)		(0.806	)		(0.356	)		0.180			0.017			(0.020	)		(0.180	)
Total income (loss) from operations	$	(0.596	)	$	0.059		$	0.612		$	0.466		$	0.464		$	0.312
Less distributions
From net investment income	$	(0.204	)	$	(0.419	)	$	(0.432	)	$	(0.456	)	$	(0.484	)	$	(0.482	)
Total distributions	$	(0.204	)	$	(0.419	)	$	(0.432	)	$	(0.456	)	$	(0.484	)	$	(0.482	)
Net asset value — End of period	$	8.690		$	9.490		$	9.850		$	9.670		$	9.660		$	9.680
Total Return⁽²⁾		(6.34	)%⁽⁸⁾		0.57	%		6.51	%		4.90	%		4.92	%		3.29	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	222,564		$	254,366		$	197,580		$	156,382		$	143,086		$	41,413
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.75	%⁽³⁾		0.77	%⁽⁴⁾		0.79	%		0.79	%⁽⁴⁾⁽⁵⁾		0.81	%⁽⁵⁾		0.81	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.25	%⁽³⁾		0.47	%		0.42	%		0.28	%⁽⁵⁾		0.11	%⁽⁵⁾		0.10	%⁽⁵⁾
Total expenses before custodian fee reduction		1.00	%⁽³⁾		1.24	%⁽⁴⁾		1.21	%		1.07	%⁽⁴⁾⁽⁵⁾		0.92	%⁽⁵⁾		0.91	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.74	%⁽³⁾		0.76	%⁽⁴⁾		0.77	%		0.78	%⁽⁴⁾⁽⁵⁾		0.81	%⁽⁵⁾		0.80	%⁽⁵⁾
Net investment income		4.56	%⁽³⁾		4.26	%		4.48	%		4.62	%		5.05	%		5.09	%
Portfolio Turnover of the Portfolio⁽⁷⁾		—			—			—			—			27	%		16	%
Portfolio Turnover of the Fund		6	%		65	%		28	%		15	%		—			—

⁽¹⁾ Net investment income per share was 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 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, total return would be lower.

⁽⁵⁾ Includes the Fund's share of its 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
59

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Massachusetts Fund — Class B
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	9.500		$	9.850		$	9.670		$	9.650		$	9.680		$	9.860
Income (loss) from operations
Net investment income	$	0.176		$	0.343		$	0.362		$	0.378		$	0.414		$	0.421
Net realized and unrealized gain (loss)		(0.818	)		(0.347	)		0.179			0.026			(0.031	)		(0.188	)
Total income (loss) from operations	$	(0.642	)	$	(0.004	)	$	0.541		$	0.404		$	0.383		$	0.233
Less distributions
From net investment income	$	(0.168	)	$	(0.346	)	$	(0.361	)	$	(0.384	)	$	(0.413	)	$	(0.413	)
Total distributions	$	(0.168	)	$	(0.346	)	$	(0.361	)	$	(0.384	)	$	(0.413	)	$	(0.413	)
Net asset value — End of period	$	8.690		$	9.500		$	9.850		$	9.670		$	9.650		$	9.680
Total Return⁽²⁾		(6.81	)%⁽⁹⁾		(0.07	)%		5.73	%		4.39	%⁽³⁾		4.07	%		2.43	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	33,964		$	40,938		$	48,991		$	54,708		$	59,036		$	160,416
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.50	%⁽⁴⁾		1.52	%⁽⁵⁾		1.54	%		1.54	%⁽⁵⁾⁽⁶⁾		1.56	%⁽⁶⁾		1.56	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.25	%⁽⁴⁾		0.47	%		0.42	%		0.28	%⁽⁶⁾		0.11	%⁽⁶⁾		0.10	%⁽⁶⁾
Total expenses before custodian fee reduction		1.75	%⁽⁴⁾		1.99	%⁽⁵⁾		1.96	%		1.82	%⁽⁵⁾⁽⁶⁾		1.67	%⁽⁶⁾		1.66	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		1.49	%⁽⁴⁾		1.51	%⁽⁵⁾		1.52	%		1.53	%⁽⁵⁾⁽⁶⁾		1.56	%⁽⁶⁾		1.55	%⁽⁶⁾
Net investment income		3.81	%⁽⁴⁾		3.52	%		3.75	%		3.88	%		4.26	%		4.35	%
Portfolio Turnover of the Portfolio⁽⁸⁾		—			—			—			—			27	%		16	%
Portfolio Turnover of the Fund		6	%		65	%		28	%		15	%		—			—

⁽¹⁾ Net investment income per share was 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 0.16% 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 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, total return would be lower.

⁽⁶⁾ Includes the Fund's share of its 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
60

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Massachusetts Fund — Class C
	Six Months Ended March 31, 2008 (Unaudited)⁽¹⁾			Year Ended September 30, 2007⁽¹⁾			Period Ended September 30, 2006⁽¹⁾⁽²⁾
Net asset value — Beginning of period	$	9.500		$	9.850		$	9.610
Income (loss) from operations
Net investment income	$	0.176		$	0.342		$	0.136
Net realized and unrealized gain (loss)		(0.808	)		(0.346	)		0.254
Total income (loss) from operations	$	(0.632	)	$	(0.004	)	$	0.390
Less distributions
From net investment income	$	(0.168	)	$	(0.346	)	$	(0.150	)
Total distributions	$	(0.168	)	$	(0.346	)	$	(0.150	)
Net asset value — End of period	$	8.700		$	9.500		$	9.850
Total Return⁽³⁾		(6.71	)%⁽⁸⁾		(0.07	)%		4.10	%⁽⁸⁾
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	18,650		$	17,583		$	2,825
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.50	%⁽⁴⁾		1.51	%⁽⁵⁾		1.54	%⁽⁴⁾
Interest and fee expense⁽⁶⁾		0.25	%⁽⁴⁾		0.47	%		0.42	%⁽⁴⁾
Total expenses before custodian fee reduction		1.75	%⁽⁴⁾		1.98	%⁽⁵⁾		1.96	%⁽⁴⁾
Expenses after custodian fee reduction excluding interest and fees		1.49	%⁽⁴⁾		1.50	%⁽⁵⁾		1.52	%⁽⁴⁾
Net investment income		3.81	%⁽⁴⁾		3.53	%		3.40	%⁽⁴⁾
Portfolio Turnover of the Fund		6	%		65	%		28	%⁽⁷⁾

⁽¹⁾ Net investment income per share was computed using average shares outstanding.

⁽²⁾ For the period from the start of business, May 2, 2006, to September 30, 2006.

⁽³⁾Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾ Annualized.

⁽⁶⁾ Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

⁽⁷⁾ For the year ended September 30, 2006.

⁽⁸⁾ Not annualized.

See notes to financial statements
61

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Massachusetts Fund — Class I
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	9.490		$	9.850		$	9.670		$	9.650		$	9.680		$	9.840
Income (loss) from operations
Net investment income	$	0.219		$	0.435		$	0.453		$	0.468		$	0.504		$	0.512
Net realized and unrealized gain (loss)		(0.805	)		(0.356	)		0.178			0.027			(0.031	)		(0.172	)
Total income (loss) from operations	$	(0.586	)	$	0.079		$	0.631		$	0.495		$	0.473		$	0.340
Less distributions
From net investment income	$	(0.214	)	$	(0.439	)	$	(0.451	)	$	(0.475	)	$	(0.503	)	$	(0.500	)
Total distributions	$	(0.214	)	$	(0.439	)	$	(0.451	)	$	(0.475	)	$	(0.503	)	$	(0.500	)
Net asset value — End of period	$	8.690		$	9.490		$	9.850		$	9.670		$	9.650		$	9.680
Total Return⁽²⁾		(6.25	)%⁽⁹⁾		0.77	%		6.72	%		5.43	%⁽³⁾		5.04	%		3.51	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	13,863		$	16,730		$	13,227		$	11,701		$	8,321		$	7,608
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.55	%⁽⁴⁾		0.57	%⁽⁵⁾		0.59	%		0.59	%⁽⁵⁾⁽⁶⁾		0.61	%⁽⁶⁾		0.61	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.25	%⁽⁴⁾		0.47	%		0.42	%		0.28	%⁽⁶⁾		0.11	%⁽⁶⁾		0.10	%⁽⁶⁾
Total expenses before custodian fee reduction		0.80	%⁽⁴⁾		1.04	%⁽⁵⁾		1.01	%		0.87	%⁽⁵⁾⁽⁶⁾		0.72	%⁽⁶⁾		0.71	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		0.54	%⁽⁴⁾		0.56	%⁽⁵⁾		0.57	%		0.58	%⁽⁵⁾⁽⁶⁾		0.61	%⁽⁶⁾		0.60	%⁽⁶⁾
Net investment income		4.75	%⁽⁴⁾		4.47	%		4.69	%		4.81	%		5.23	%		5.29	%
Portfolio Turnover of the Portfolio⁽⁸⁾		—			—			—			—			27	%		16	%
Portfolio Turnover of the Fund		6	%		65	%		28	%		15	%		—			—

⁽¹⁾ Net investment income per share was 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⁾Annualized.

⁽⁶⁾ Includes the Fund's share of its 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
62

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Mississippi Fund — Class A
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	9.540		$	9.690		$	9.610		$	9.720		$	9.840		$	10.000
Income (loss) from operations
Net investment income	$	0.201		$	0.410		$	0.417		$	0.428		$	0.455		$	0.473
Net realized and unrealized gain (loss)		(0.391	)		(0.155	)		0.075			(0.099	)		(0.116	)		(0.163	)
Total income (loss) from operations	$	(0.190	)	$	0.255		$	0.492		$	0.329		$	0.339		$	0.310
Less distributions
From net investment income	$	(0.200	)	$	(0.405	)	$	(0.412	)	$	(0.439	)	$	(0.459	)	$	(0.470	)
Total distributions	$	(0.200	)	$	(0.405	)	$	(0.412	)	$	(0.439	)	$	(0.459	)	$	(0.470	)
Net asset value — End of period	$	9.150		$	9.540		$	9.690		$	9.610		$	9.720		$	9.840
Total Return⁽²⁾		(2.01	)%⁽⁸⁾		2.67	%		5.26	%		3.44	%		3.54	%		3.21	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	15,298		$	14,635		$	15,154		$	12,901		$	11,379		$	2,727
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.86	%⁽³⁾		0.81	%⁽⁴⁾		0.81	%		0.86	%⁽⁵⁾		0.84	%⁽⁵⁾		0.81	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.15	%⁽³⁾		0.26	%		0.19	%		0.12	%⁽⁵⁾		0.06	%⁽⁵⁾		0.03	%⁽⁵⁾
Total expenses before custodian fee reduction		1.01	%⁽³⁾		1.07	%⁽⁴⁾		1.00	%		0.98	%⁽⁵⁾		0.90	%⁽⁵⁾		0.84	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.82	%⁽³⁾		0.79	%⁽⁴⁾		0.78	%		0.84	%⁽⁵⁾		0.83	%⁽⁵⁾		0.79	%⁽⁵⁾
Net investment income		4.26	%⁽³⁾		4.26	%		4.34	%		4.41	%		4.70	%		4.81	%
Portfolio Turnover of the Portfolio⁽⁷⁾		—			—			—			—			15	%		11	%
Portfolio Turnover of the Fund		10	%		16	%		22	%		21	%		—			—

⁽¹⁾Net investment income per share was 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 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 its 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 Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Mississippi Fund — Class B
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	9.760		$	9.910		$	9.830		$	9.940		$	10.060		$	10.220
Income (loss) from operations
Net investment income	$	0.169		$	0.345		$	0.354		$	0.365		$	0.393		$	0.409
Net realized and unrealized gain (loss)		(0.401	)		(0.155	)		0.073			(0.100	)		(0.119	)		(0.163	)
Total income (loss) from operations	$	(0.232	)	$	0.190		$	0.427		$	0.265		$	0.274		$	0.246
Less distributions
From net investment income	$	(0.168	)	$	(0.340	)	$	(0.347	)	$	(0.375	)	$	(0.394	)	$	(0.406	)
Total distributions	$	(0.168	)	$	(0.340	)	$	(0.347	)	$	(0.375	)	$	(0.394	)	$	(0.406	)
Net asset value — End of period	$	9.360		$	9.760		$	9.910		$	9.830		$	9.940		$	10.060
Total Return⁽²⁾		(2.40	)%⁽⁹⁾		1.94	%		4.44	%		2.86	%⁽³⁾		2.79	%		2.47	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	2,314		$	2,626		$	4,077		$	5,291		$	6,013		$	15,018
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.61	%⁽⁴⁾		1.56	%⁽⁵⁾		1.56	%		1.61	%⁽⁶⁾		1.59	%⁽⁶⁾		1.56	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.15	%⁽⁴⁾		0.26	%		0.19	%		0.12	%⁽⁶⁾		0.06	%⁽⁶⁾		0.03	%⁽⁶⁾
Total expenses before custodian fee reduction		1.76	%⁽⁴⁾		1.82	%⁽⁵⁾		1.75	%		1.73	%⁽⁶⁾		1.65	%⁽⁶⁾		1.59	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		1.57	%⁽⁴⁾		1.54	%⁽⁵⁾		1.53	%		1.59	%⁽⁶⁾		1.58	%⁽⁶⁾		1.54	%⁽⁶⁾
Net investment income		3.51	%⁽⁴⁾		3.50	%		3.61	%		3.68	%		3.93	%		4.07	%
Portfolio Turnover of the Portfolio⁽⁸⁾		—			—			—			—			15	%		11	%
Portfolio Turnover of the Fund		10	%		16	%		22	%		21	%		—			—

⁽¹⁾Net investment income per share was 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 0.16% 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 0.02% 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 its 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 Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Mississippi Fund — Class C
	Period Ended March 31, 2008 (Unaudited)⁽¹⁾⁽²⁾
Net asset value — Beginning of period	$	9.670
Income (loss) from operations
Net investment income	$	0.110
Net realized and unrealized loss		(0.311	)
Total loss from operations	$	(0.201	)
Less distributions
From net investment income	$	(0.109	)
Total distributions	$	(0.109	)
Net asset value — End of period	$	9.360
Total Return⁽³⁾		(2.09	)%⁽⁷⁾
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.61	%⁽⁴⁾
Interest and fee expense⁽⁵⁾		0.15	%⁽⁴⁾
Total expenses before custodian fee reduction		1.76	%⁽⁴⁾
Expenses after custodian fee reduction excluding interest and fees		1.57	%⁽⁴⁾
Net investment income		3.53	%⁽⁴⁾
Portfolio Turnover		10	%⁽⁴⁾

⁽¹⁾Net investment income per share was computed using average shares outstanding.

⁽²⁾For the period from the start of business, December 4, 2007, to March 31, 2008.

⁽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 six months ended March 31, 2008.

⁽⁷⁾Not annualized.

See notes to financial statements
65

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	New York Fund — Class A
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	10.400		$	10.750		$	10.700		$	10.800		$	10.920		$	11.070
Income (loss) from operations
Net investment income	$	0.235		$	0.466		$	0.476		$	0.502		$	0.542		$	0.539
Net realized and unrealized gain (loss)		(0.766	)		(0.305	)		0.170			(0.090	)		(0.049	)		(0.165	)
Total income (loss) from operations	$	(0.531	)	$	0.161		$	0.646		$	0.412		$	0.493		$	0.374
Less distributions
From net investment income	$	(0.229	)	$	(0.458	)	$	(0.473	)	$	(0.512	)	$	(0.587	)	$	(0.518	)
From net realized gain		—			(0.053	)		(0.123	)		—			(0.026	)		(0.006	)
Total distributions	$	(0.229	)	$	(0.511	)	$	(0.596	)	$	(0.512	)	$	(0.613	)	$	(0.524	)
Net asset value — End of period	$	9.640		$	10.400		$	10.750		$	10.700		$	10.800		$	10.920
Total Return⁽²⁾		(5.16	)%⁽⁸⁾		1.50	%		6.29	%		3.88	%		4.66	%		3.54	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	368,201		$	400,671		$	393,479		$	357,652		$	335,153		$	42,481
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.79	%⁽³⁾		0.77	%⁽⁴⁾		0.79	%		0.80	%⁽⁵⁾		0.82	%⁽⁵⁾		0.80	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.39	%⁽³⁾		0.48	%		0.48	%		0.35	%⁽⁵⁾		0.19	%⁽⁵⁾		0.09	%⁽⁵⁾
Total expenses before custodian fee reduction		1.18	%⁽³⁾		1.25	%⁽⁴⁾		1.27	%		1.15	%⁽⁵⁾		1.01	%⁽⁵⁾		0.89	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.76	%⁽³⁾		0.75	%⁽⁴⁾		0.78	%		0.79	%⁽⁵⁾		0.82	%⁽⁵⁾		0.80	%⁽⁵⁾
Net investment income		4.64	%⁽³⁾		4.39	%		4.50	%		4.65	%		5.07	%		4.99	%
Portfolio Turnover of the Portfolio⁽⁷⁾		—			—			—			—			26	%		19	%
Portfolio Turnover of the Fund		27	%		35	%		34	%		45	%		—			—

⁽¹⁾ Net investment income per share was 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.

⁽⁵⁾ Includes the Fund's share of its 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
66

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	New York Fund — Class B
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	10.420		$	10.760		$	10.700		$	10.800		$	10.910		$	11.050
Income (loss) from operations
Net investment income	$	0.198		$	0.386		$	0.396		$	0.415		$	0.533		$	0.494
Net realized and unrealized gain (loss)		(0.768	)		(0.295	)		0.181			(0.083	)		(0.084	)		(0.169	)
Total income (loss) from operations	$	(0.570	)	$	0.091		$	0.577		$	0.332		$	0.449		$	0.325
Less distributions
From net investment income	$	(0.190	)	$	(0.378	)	$	(0.394	)	$	(0.432	)	$	(0.540	)	$	(0.463	)
From net realized gain		—			(0.053	)		(0.123	)		—			(0.024	)		(0.006	)
Total distributions	$	(0.190	)	$	(0.431	)	$	(0.517	)	$	(0.432	)	$	(0.564	)	$	(0.469	)
Contigent deferred sales charges	$	—		$	—		$	—		$	—		$	0.005		$	0.004
Net asset value — End of period	$	9.660		$	10.420		$	10.760		$	10.700		$	10.800		$	10.910
Total Return⁽²⁾		(5.52	)%⁽⁹⁾		0.83	%		5.59	%		3.27	%⁽³⁾		4.28	%		3.08	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	11,073		$	11,439		$	9,488		$	6,189		$	2,984		$	307,299
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.54	%⁽⁴⁾		1.51	%⁽⁵⁾		1.54	%		1.55	%⁽⁶⁾		0.93	%⁽⁶⁾		1.23	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.39	%⁽⁴⁾		0.48	%		0.48	%		0.35	%⁽⁶⁾		0.19	%⁽⁶⁾		0.09	%⁽⁶⁾
Total expenses before custodian fee reduction		1.93	%⁽⁴⁾		1.99	%⁽⁵⁾		2.02	%		1.90	%⁽⁶⁾		1.12	%⁽⁶⁾		1.32	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		1.51	%⁽⁴⁾		1.50	%⁽⁵⁾		1.53	%		1.54	%⁽⁶⁾		0.93	%⁽⁶⁾		1.23	%⁽⁶⁾
Net investment income		3.89	%⁽⁴⁾		3.63	%		3.74	%		3.84	%		4.86	%		4.58	%
Portfolio Turnover of the Portfolio⁽⁸⁾		—			—			—			—			26	%		19	%
Portfolio Turnover of the Fund		27	%		35	%		34	%		45	%		—			—

⁽¹⁾ Net investment income per share was 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 0.16% due to a change in the timing of the payment and reinvestment of distributions.

⁽⁴⁾ Annualized.

⁽⁶⁾ Includes the Fund's share of its 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
67

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	New York Fund — Class C
	Six Months Ended March 31, 2008						Year Ended September 30,						Period Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾⁽²⁾
Net asset value — Beginning of period	$	10.400		$	10.750		$	10.700		$	10.800		$	11.070		$	11.020
Income (loss) from operations
Net investment income	$	0.197		$	0.383		$	0.391		$	0.408		$	0.448		$	0.002
Net realized and unrealized gain (loss)		(0.768	)		(0.302	)		0.176			(0.077	)		(0.222	)		0.049
Total income (loss) from operations	$	(0.571	)	$	0.081		$	0.567		$	0.331		$	0.226		$	0.051
Less distributions
From net investment income	$	(0.189	)	$	(0.378	)	$	(0.394	)	$	(0.431	)	$	(0.467	)	$	(0.001	)
From net realized gain		—			(0.053	)		(0.123	)		—			(0.029	)		—
Total distributions	$	(0.189	)	$	(0.431	)	$	(0.517	)	$	(0.431	)	$	(0.496	)	$	(0.001	)
Net asset value — End of period	$	9.640		$	10.400		$	10.750		$	10.700		$	10.800		$	11.070
Total Return⁽³⁾		(5.54	)%⁽¹⁰⁾		0.73	%		5.50	%		3.20	%⁽⁴⁾		1.99	%		0.50	%⁽¹⁰⁾
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	33,463		$	31,131		$	13,889		$	4,702		$	940		$	11
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.54	%⁽⁵⁾		1.51	%⁽⁶⁾		1.54	%		1.54	%⁽⁷⁾		1.56	%⁽⁷⁾		1.89	%⁽⁵⁾⁽⁷⁾
Interest and fee expense⁽⁸⁾		0.39	%⁽⁵⁾		0.48	%		0.48	%		0.35	%⁽⁷⁾		0.19	%⁽⁷⁾		0.09	%⁽⁵⁾⁽⁷⁾
Total expenses before custodian fee reduction		1.93	%⁽⁵⁾		1.99	%⁽⁶⁾		2.02	%		1.89	%⁽⁷⁾		1.75	%⁽⁷⁾		1.98	%⁽⁵⁾⁽⁷⁾
Expenses after custodian fee reduction excluding interest and fees		1.51	%⁽⁵⁾		1.50	%⁽⁶⁾		1.53	%		1.53	%⁽⁷⁾		1.56	%⁽⁷⁾		1.89	%⁽⁵⁾⁽⁷⁾
Net investment income		3.89	%⁽⁵⁾		3.62	%		3.70	%		3.78	%		4.17	%		6.41	%⁽⁵⁾
Portfolio Turnover of the Portfolio⁽⁹⁾		—			—			—			—			26	%		19	%
Portfolio Turnover of the Fund		27	%		35	%		34	%		45	%		—			—

⁽¹⁾ Net investment income per share was computed using average shares outstanding.

⁽²⁾ Class C commenced operations on September 30, 2003.

⁽³⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽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 its 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
68

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	New York Fund — Class I
	Period Ended March 31, 2008 (Unaudited)⁽¹⁾⁽²⁾
Net asset value — Beginning of period	$	9.340
Income (loss) from operations
Net investment income	$	0.037
Net realized and unrealized gain		0.301
Total income from operations	$	0.338
Less distributions
From net investment income	$	(0.038	)
Total distributions	$	(0.038	)
Net asset value — End of period	$	9.640
Total Return⁽³⁾		3.61	%⁽⁷⁾
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	10
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.59	%⁽⁴⁾
Interest and fee expense⁽⁵⁾		0.39	%⁽⁴⁾
Total expenses before custodian fee reduction		0.98	%⁽⁴⁾
Expenses after custodian fee reduction excluding interest and fees		0.56	%⁽⁴⁾
Net investment income		4.84	%⁽⁴⁾
Portfolio Turnover		27	%⁽⁶⁾

⁽¹⁾ Net investment income per share was computed using average shares outstanding.

⁽²⁾ For the period from the start of business, March 3, 2008, to March 31, 2008.

⁽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 six months ended March 31, 2008.

⁽⁷⁾ Not annualized.

See notes to financial statements
69

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Ohio Fund — Class A
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	9.240		$	9.450		$	9.320		$	9.180		$	9.230		$	9.290
Income (loss) from operations
Net investment income	$	0.191		$	0.382		$	0.420		$	0.464		$	0.491		$	0.499
Net realized and unrealized gain (loss)		(0.513	)		(0.197	)		0.137			0.142			(0.034	)		(0.077	)
Total income (loss) from operations	$	(0.322	)	$	0.185		$	0.557		$	0.606		$	0.457		$	0.422
Less distributions
From net investment income	$	(0.188	)	$	(0.395	)	$	(0.427	)	$	(0.466	)	$	(0.507	)	$	(0.482	)
Total distributions	$	(0.188	)	$	(0.395	)	$	(0.427	)	$	(0.466	)	$	(0.507	)	$	(0.482	)
Net asset value — End of period	$	8.730		$	9.240		$	9.450		$	9.320		$	9.180		$	9.230
Total Return⁽²⁾		(3.53	)%⁽⁸⁾		1.98	%		6.15	%		6.71	%		5.07	%		4.73	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	265,313		$	274,850		$	182,719		$	140,355		$	126,212		$	15,612
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.75	%⁽³⁾		0.77	%⁽⁴⁾		0.78	%		0.82	%⁽⁵⁾		0.85	%⁽⁵⁾		0.81	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.25	%⁽³⁾		0.31	%		0.47	%		0.35	%⁽⁵⁾		0.25	%⁽⁵⁾		0.25	%⁽⁵⁾
Total expenses before custodian fee reduction		1.00	%⁽³⁾		1.08	%⁽⁴⁾		1.25	%		1.17	%⁽⁵⁾		1.10	%⁽⁵⁾		1.06	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.73	%⁽³⁾		0.74	%⁽⁴⁾		0.75	%		0.81	%⁽⁵⁾		0.85	%⁽⁵⁾		0.80	%⁽⁵⁾
Net investment income		4.19	%⁽³⁾		4.09	%		4.53	%		4.97	%		5.38	%		5.46	%
Portfolio Turnover of the Portfolio⁽⁷⁾		—			—			—			—			9	%		15	%
Portfolio Turnover of the Fund		19	%		39	%		24	%		28	%		—			—

⁽¹⁾ Net investment income per share was 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.

⁽⁵⁾ Includes the Fund's share of its 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
70

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Ohio Fund — Class B
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	9.240		$	9.440		$	9.320		$	9.180		$	9.240		$	9.290
Income (loss) from operations
Net investment income	$	0.157		$	0.315		$	0.353		$	0.394		$	0.423		$	0.433
Net realized and unrealized gain (loss)		(0.514	)		(0.191	)		0.124			0.143			(0.046	)		(0.068	)
Total income (loss) from operations	$	(0.357	)	$	0.124		$	0.477		$	0.537		$	0.377		$	0.365
Less distributions
From net investment income	$	(0.153	)	$	(0.324	)	$	(0.357	)	$	(0.397	)	$	(0.437	)	$	(0.415	)
Total distributions	$	(0.153	)	$	(0.324	)	$	(0.357	)	$	(0.397	)	$	(0.437	)	$	(0.415	)
Net asset value — End of period	$	8.730		$	9.240		$	9.440		$	9.320		$	9.180		$	9.240
Total Return⁽²⁾		(3.90	)%⁽⁹⁾		1.32	%		5.25	%		6.14	%⁽³⁾		4.14	%		4.01	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	26,170		$	28,626		$	32,512		$	34,257		$	36,545		$	157,077
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.50	%⁽⁴⁾		1.52	%⁽⁵⁾		1.53	%		1.57	%⁽⁶⁾		1.60	%⁽⁶⁾		1.56	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.25	%⁽⁴⁾		0.31	%		0.47	%		0.35	%⁽⁶⁾		0.25	%⁽⁶⁾		0.25	%⁽⁶⁾
Total expenses before custodian fee reduction		1.75	%⁽⁴⁾		1.83	%⁽⁵⁾		2.00	%		1.92	%⁽⁶⁾		1.85	%⁽⁶⁾		1.81	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		1.48	%⁽⁴⁾		1.49	%⁽⁵⁾		1.50	%		1.56	%⁽⁶⁾		1.60	%⁽⁶⁾		1.55	%⁽⁶⁾
Net investment income		3.45	%⁽⁴⁾		3.36	%		3.80	%		4.23	%		4.56	%		4.73	%
Portfolio Turnover of the Portfolio⁽⁸⁾		—			—			—			—			9	%		15	%
Portfolio Turnover of the Fund		19	%		39	%		24	%		28	%		—			—

⁽¹⁾ Net investment income per share was 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 0.18% due to a change in the timing of the payment and reinvestment of distributions.

⁽⁴⁾ Annualized.

⁽⁶⁾ Includes the Fund's share of its 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
71

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Ohio Fund — Class C
	Six Months Ended March 31, 2008 (Unaudited)⁽¹⁾			Year Ended September 30, 2007⁽¹⁾			Period Ended September 30, 2006⁽¹⁾⁽²⁾
Net asset value — Beginning of period	$	9.240		$	9.440		$	9.300
Income (loss) from operations
Net investment income	$	0.156		$	0.310		$	0.211
Net realized and unrealized gain (loss)		(0.513	)		(0.186	)		0.160
Total income (loss) from operations	$	(0.357	)	$	0.124		$	0.371
Less distributions
From net investment income	$	(0.153	)	$	(0.324	)	$	(0.231	)
Total distributions	$	(0.153	)	$	(0.324	)	$	(0.231	)
Net asset value — End of period	$	8.730		$	9.240		$	9.440
Total Return⁽³⁾		(3.90	)%⁽⁸⁾		1.32	%		4.06	%⁽⁸⁾
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	32,657		$	30,804		$	8,294
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.50	%⁽⁴⁾		1.52	%⁽⁵⁾		1.53	%⁽⁴⁾
Interest and fee expense⁽⁶⁾		0.25	%⁽⁴⁾		0.31	%		0.47	%⁽⁴⁾
Total expenses before custodian fee reduction		1.75	%⁽⁴⁾		1.83	%⁽⁵⁾		2.00	%⁽⁴⁾
Expenses after custodian fee reduction excluding interest and fees		1.48	%⁽⁴⁾		1.49	%⁽⁵⁾		1.50	%⁽⁴⁾
Net investment income		3.44	%⁽⁴⁾		3.33	%		3.45	%⁽⁴⁾
Portfolio Turnover		19	%		39	%		24	%⁽⁷⁾

⁽¹⁾ Net investment income per share was computed using average shares outstanding.

⁽²⁾ For the period from the start of business, February 3, 2006, to September 30, 2006.

⁽³⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾ Annualized.

⁽⁶⁾ Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).

⁽⁷⁾ For the year ended September 30, 2006.

⁽⁸⁾ Not annualized.

See notes to financial statements
72

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Rhode Island Fund — Class A
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	9.640		$	9.860		$	9.760		$	9.780		$	9.760		$	10.010
Income (loss) from operations
Net investment income	$	0.206		$	0.411		$	0.423		$	0.441		$	0.462		$	0.472
Net realized and unrealized gain (loss)		(0.593	)		(0.225	)		0.106			(0.014	)		0.028			(0.253	)
Total income (loss) from operations	$	(0.387	)	$	0.186		$	0.529		$	0.427		$	0.490		$	0.219
Less distributions
From net investment income	$	(0.203	)	$	(0.406	)	$	(0.429	)	$	(0.447	)	$	(0.470	)	$	(0.469	)
Total distributions	$	(0.203	)	$	(0.406	)	$	(0.429	)	$	(0.447	)	$	(0.470	)	$	(0.469	)
Net asset value — End of period	$	9.050		$	9.640		$	9.860		$	9.760		$	9.780		$	9.760
Total Return⁽²⁾		(4.06	)%⁽⁸⁾		1.91	%		5.56	%		4.44	%		5.13	%		2.29	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	41,028		$	46,764		$	39,291		$	29,745		$	26,558		$	11,701
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.75	%⁽³⁾		0.74	%⁽⁴⁾		0.75	%		0.77	%⁽⁵⁾		0.77	%⁽⁵⁾		0.74	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.19	%⁽³⁾		0.40	%		0.35	%		0.18	%⁽⁵⁾		0.10	%⁽⁵⁾		0.09	%⁽⁵⁾
Total expenses before custodian fee reduction		0.94	%⁽³⁾		1.14	%⁽⁴⁾		1.10	%		0.95	%⁽⁵⁾		0.87	%⁽⁵⁾		0.83	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.74	%⁽³⁾		0.69	%⁽⁴⁾		0.72	%		0.75	%⁽⁵⁾		0.77	%⁽⁵⁾		0.73	%⁽⁵⁾
Net investment income		4.37	%⁽³⁾		4.20	%		4.34	%		4.49	%		4.74	%		4.82	%
Portfolio Turnover of the Portfolio⁽⁷⁾		—			—			—			—			16	%		19	%
Portfolio Turnover of the Fund		1	%		14	%		19	%		15	%		—			—

⁽¹⁾ Net investment income per share was 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 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 its 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
73

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Rhode Island Fund — Class B
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	9.860		$	10.080		$	9.980		$	10.000		$	9.990		$	10.250
Income (loss) from operations
Net investment income	$	0.175		$	0.345		$	0.361		$	0.377		$	0.401		$	0.409
Net realized and unrealized gain (loss)		(0.605	)		(0.224	)		0.103			(0.015	)		0.016			(0.262	)
Total income (loss) from operations	$	(0.430	)	$	0.121		$	0.464		$	0.362		$	0.417		$	0.147
Less distributions
From net investment income	$	(0.170	)	$	(0.341	)	$	(0.364	)	$	(0.382	)	$	(0.407	)	$	(0.407	)
Total distributions	$	(0.170	)	$	(0.341	)	$	(0.364	)	$	(0.382	)	$	(0.407	)	$	(0.407	)
Net asset value — End of period	$	9.260		$	9.860		$	10.080		$	9.980		$	10.000		$	9.990
Total Return⁽²⁾		(4.40	)%⁽⁹⁾		1.20	%		4.76	%		3.83	%⁽³⁾		4.25	%		1.48	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	12,006		$	13,989		$	18,564		$	22,793		$	25,084		$	42,930
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.50	%⁽⁴⁾		1.49	%⁽⁵⁾		1.50	%		1.52	%⁽⁶⁾		1.52	%⁽⁶⁾		1.49	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.19	%⁽⁴⁾		0.40	%		0.35	%		0.18	%⁽⁶⁾		0.10	%⁽⁶⁾		0.09	%⁽⁶⁾
Total expenses before custodian fee reduction		1.69	%⁽⁴⁾		1.89	%⁽⁵⁾		1.85	%		1.70	%⁽⁶⁾		1.62	%⁽⁶⁾		1.58	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		1.49	%⁽⁴⁾		1.44	%⁽⁵⁾		1.47	%		1.50	%⁽⁶⁾		1.52	%⁽⁶⁾		1.48	%⁽⁶⁾
Net investment income		3.62	%⁽⁴⁾		3.45	%		3.62	%		3.76	%		4.00	%		4.08	%
Portfolio Turnover of the Portfolio⁽⁸⁾		—			—			—			—			16	%		19	%
Portfolio Turnover of the Fund		1	%		14	%		19	%		15	%		—			—

⁽¹⁾ Net investment income per share was 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 0.15% 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 its 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
74

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	Rhode Island Fund — Class C
	Six Months Ended March 31, 2008 (Unaudited)⁽¹⁾			Year Ended September 30, 2007⁽¹⁾			Period Ended September 30, 2006⁽¹⁾⁽²⁾
Net asset value — Beginning of period	$	9.870		$	10.090		$	10.040
Income (loss) from operations
Net investment income	$	0.174		$	0.344		$	0.173
Net realized and unrealized gain (loss)		(0.604	)		(0.223	)		0.065
Total income (loss) from operations	$	(0.430	)	$	0.121		$	0.238
Less distributions
From net investment income	$	(0.170	)	$	(0.341	)	$	(0.188	)
Total distributions	$	(0.170	)	$	(0.341	)	$	(0.188	)
Net asset value — End of period	$	9.270		$	9.870		$	10.090
Total Return⁽³⁾		(4.39	)%⁽⁸⁾		1.20	%		2.40	%⁽⁸⁾
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	3,334		$	3,281		$	428
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.50	%⁽⁴⁾		1.48	%⁽⁵⁾		1.50	%⁽⁴⁾
Interest and fee expense⁽⁶⁾		0.19	%⁽⁴⁾		0.40	%		0.35	%⁽⁴⁾
Total expenses before custodian fee reduction		1.69	%⁽⁴⁾		1.88	%⁽⁵⁾		1.85	%⁽⁴⁾
Expenses after custodian fee reduction excluding interest and fees		1.49	%⁽⁴⁾		1.44	%⁽⁵⁾		1.47	%⁽⁴⁾
Net investment income		3.60	%⁽⁴⁾		3.45	%		3.23	%⁽⁴⁾
Portfolio Turnover		1	%		14	%		19	%⁽⁷⁾

⁽¹⁾ Net investment income per share was computed using average shares outstanding.

⁽²⁾ For the period from the start of business, March 20, 2006, to September 30, 2006.

⁽³⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾ Annualized.

⁽⁶⁾ Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (See Note 1I).

⁽⁷⁾ For the year ended September 30, 2006.

⁽⁸⁾ Not annualized.

See notes to financial statements
75

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	West Virginia Fund — Class A
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	9.690		$	9.870		$	9.750		$	9.810		$	9.880		$	10.130
Income (loss) from operations
Net investment income	$	0.206		$	0.402		$	0.415		$	0.434		$	0.462		$	0.468
Net realized and unrealized gain (loss)		(0.796	)		(0.181	)		0.110			(0.053	)		(0.081	)		(0.253	)
Total income (loss) from operations	$	(0.590	)	$	0.221		$	0.525		$	0.381		$	0.381		$	0.215
Less distributions
From net investment income	$	(0.200	)	$	(0.401	)	$	(0.405	)	$	(0.441	)	$	(0.451	)	$	(0.465	)
Total distributions	$	(0.200	)	$	(0.401	)	$	(0.405	)	$	(0.441	)	$	(0.451	)	$	(0.465	)
Net asset value — End of period	$	8.900		$	9.690		$	9.870		$	9.750		$	9.810		$	9.880
Total Return⁽²⁾		(6.14	)%⁽⁸⁾		2.26	%		5.53	%		3.95	%		3.94	%		2.23	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	25,873		$	25,703		$	22,812		$	21,249		$	18,670		$	3,522
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		0.75	%⁽³⁾		0.75	%⁽⁴⁾		0.75	%		0.79	%⁽⁵⁾		0.79	%⁽⁵⁾		0.73	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.22	%⁽³⁾		0.25	%		0.18	%		0.06	%⁽⁵⁾		0.03	%⁽⁵⁾		0.04	%⁽⁵⁾
Total expenses before custodian fee reduction		0.97	%⁽³⁾		1.00	%⁽⁴⁾		0.93	%		0.85	%⁽⁵⁾		0.82	%⁽⁵⁾		0.77	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.73	%⁽³⁾		0.71	%⁽⁴⁾		0.72	%		0.78	%⁽⁵⁾		0.78	%⁽⁵⁾		0.71	%⁽⁵⁾
Net investment income		4.38	%⁽³⁾		4.10	%		4.26	%		4.42	%		4.73	%		4.74	%
Portfolio Turnover of the Portfolio⁽⁷⁾		—			—			—			—			12	%		21	%
Portfolio Turnover of the Fund		4	%		31	%		20	%		21	%		—			—

⁽¹⁾ Net investment income per share was 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.

⁽⁵⁾ Includes the Fund's share of its 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
76

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	West Virginia Fund — Class B
	Six Months Ended March 31, 2008			Year Ended September 30,
	(Unaudited)⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾			2005⁽¹⁾			2004⁽¹⁾			2003⁽¹⁾
Net asset value — Beginning of period	$	9.870		$	10.060		$	9.930		$	10.000		$	10.080		$	10.340
Income (loss) from operations
Net investment income	$	0.174		$	0.335		$	0.350		$	0.378		$	0.395		$	0.402
Net realized and unrealized gain (loss)		(0.808	)		(0.191	)		0.118			(0.073	)		(0.087	)		(0.261	)
Total income (loss) from operations	$	(0.634	)	$	0.144		$	0.468		$	0.305		$	0.308		$	0.141
Less distributions
From net investment income	$	(0.166	)	$	(0.334	)	$	(0.338	)	$	(0.375	)	$	(0.388	)	$	(0.401	)
Total distributions	$	(0.166	)	$	(0.334	)	$	(0.338	)	$	(0.375	)	$	(0.388	)	$	(0.401	)
Net asset value — End of period	$	9.070		$	9.870		$	10.060		$	9.930		$	10.000		$	10.080
Total Return⁽²⁾		(6.47	)%⁽⁹⁾		1.43	%		4.82	%		3.26	%⁽³⁾		3.09	%		1.41	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	5,250		$	6,049		$	7,002		$	8,287		$	8,550		$	23,634
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.50	%⁽⁴⁾		1.49	%⁽⁵⁾		1.50	%		1.54	%⁽⁶⁾		1.55	%⁽⁶⁾		1.48	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.22	%⁽⁴⁾		0.25	%		0.18	%		0.06	%⁽⁶⁾		0.03	%⁽⁶⁾		0.04	%⁽⁶⁾
Total expenses before custodian fee reduction		1.72	%⁽⁴⁾		1.74	%⁽⁵⁾		1.68	%		1.60	%⁽⁶⁾		1.58	%⁽⁶⁾		1.52	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		1.48	%⁽⁴⁾		1.46	%⁽⁵⁾		1.47	%		1.53	%⁽⁶⁾		1.54	%⁽⁶⁾		1.46	%⁽⁶⁾
Net investment income		3.63	%⁽⁴⁾		3.35	%		3.53	%		3.78	%		3.91	%		3.99	%
Portfolio Turnover of the Portfolio⁽⁸⁾		—			—			—			—			12	%		21	%
Portfolio Turnover of the Fund		4	%		31	%		20	%		21	%		—			—

⁽¹⁾ Net investment income per share was 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 0.16% due to a change in the timing of the payment and reinvestment of distributions.

⁽⁴⁾ Annualized.

⁽⁶⁾ Includes the Fund's share of its 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
77

Eaton Vance Municipals Funds as of March 31, 2008

FINANCIAL STATEMENTS CONT'D

Financial Highlights

	West Virginia Fund — Class C
	Period Ended March 31, 2008 (Unaudited)⁽¹⁾⁽²⁾
Net asset value — Beginning of period	$	9.700
Income (loss) from operations
Net investment income	$	0.122
Net realized and unrealized loss		(0.634	)
Total loss from operations	$	(0.512	)
Less distributions
From net investment income	$	(0.108	)
Total distributions	$	(0.108	)
Net asset value — End of period	$	9.080
Total Return⁽³⁾		(5.29	)%⁽⁷⁾
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	25
Ratios (As a percentage of average daily net assets):
Expenses excluding interest and fees		1.50	%⁽⁴⁾
Interest and fee expense⁽⁵⁾		0.22	%⁽⁴⁾
Total expenses before custodian fee reduction		1.72	%⁽⁴⁾
Expenses after custodian fee reduction excluding interest and fees		1.48	%⁽⁴⁾
Net investment income		4.10	%⁽⁴⁾
Portfolio Turnover		4	%⁽⁶⁾

⁽¹⁾ Net investment income per share was computed using average shares outstanding.

⁽²⁾ For the period from the start of business, December 4, 2007, to March 31, 2008.

⁽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 six months ended March 31, 2008.

⁽⁷⁾ Not annualized.

See notes to financial statements
78

Eaton Vance Municipals Funds as of March 31, 2008

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1 Significant Accounting Policies

Eaton Vance Municipals Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Trust presently consists of twenty-eight funds, eight of which, each non-diversified, are included in these financial statements. They include Eaton Vance California Municipals Fund (California Fund), Eaton Vance Florida Plus Municipals Fund (formerly, Eaton Vance Florida Municipals Fund) (Florida Plus 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, as applicable. The Florida Plus Fund, Mississippi Fund, Ohio 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. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

A Investment Valuation — Municipal bonds and taxable obligations, if any, are generally valued on the basis of valuations furnished by a pricing service. Financial futures contracts and options on financial futures contracts listed on commodity exchanges are valued at closing settlement prices. Interest rate swaps are generally valued on the basis of valuations furnished by a pricing service. 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, and investments for which the price of a security is not believed to represent its fair market value, are valued at fair value using methods determined in good faith by or at the directi on of the Trustees.

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

At September 30, 2007, the following Funds, for federal income tax purposes, had capital loss carryforwards which will reduce each 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

Eaton Vance Municipals Funds as of March 31, 2008

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

federal income or excise tax. The amounts and expiration dates of the capital loss carryforwards are as follows:

Fund	Amount		Expiration Date
Florida Plus	$	4,180,059	September 30, 2013

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

Mississippi		198,316	September 30, 2013

New York		108,787	September 30, 2015

Ohio		5,839,721	September 30, 2011

		1,709,089	September 30, 2013

Rhode Island		384,824	September 30, 2013

West Virginia		529,815	September 30, 2013

Additionally, at September 30, 2007, the New York Fund had net capital losses of $625,132 attributable to security transactions incurred after October 31, 2006. These net capital losses are treated as arising on the first day of the Fund's taxable year ending September 30, 2008.

In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109". FIN 48 clarifies the accounting for uncertainty in income taxes recognized in accordance with FASB Statement No. 109, "Accounting for Income Taxes". This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. FIN 48 is effective on the last business day of the first required financial reporting period for fiscal years beginning after December 15, 2006. Management has concluded that as of March 31, 2008, there are 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, 2007 remains subject to examination by the Internal Revenue Service.

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

H Indemnifications — Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Funds, 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.

I Floating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in inverse floating rate securities, 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,

Eaton Vance Municipals Funds as of March 31, 2008

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

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 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 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 transf er the Fixed Rate Bond held by the SPV to the Fund, thereby collapsing the SPV. 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. At March 31, 2008, the amounts of the Funds' Floating Rate Notes and related interest rates and collateral were as follows:

Fund	Floating Rate Notes Outstanding		Interest Rate or Range of Interest Rates (%)		Collateral for Floating Rate Notes Outstanding
California	$	26,760,000		2.08 – 2.68	$	38,828,542
Florida Plus		17,350,000		2.14 – 2.29		26,320,294
Massachusetts		24,045,000		2.17 – 2.70		35,275,681
Mississippi		530,000		2.21 – 2.29		873,925
New York		42,400,000		2.14 – 2.41		59,449,823
Ohio		18,245,000		2.17 – 2.41		26,892,952
Rhode Island		3,420,000		2.17 – 2.29		5,207,773
West Virginia		855,000		2.17 – 2.29		1,255,825

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. The Funds' investment policies do not allow the Funds to borrow money for purposes of making investments. Management believes that the Funds' restrictions on borrowings do not apply to the secured borrowings deemed to have occurred for accounting purposes pursuant to FAS 140, which is distinct from a legal borrowing of the Funds to which the policies apply. Inverse Floaters held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

J Financial Futures Contracts — The Funds may enter into financial futures contracts. 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 contract s. 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.

K Interest Rate Swaps — A 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, 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 rat es.

Eaton Vance Municipals Funds as of March 31, 2008

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

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

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

N Interim Financial Statements — The interim financial statements relating to March 31, 2008 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.

2 Distributions to Shareholders

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

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of Eaton Vance Management (EVM), as compensation for management and investment advisory services rendered to each Fund. The fee is based upon a percentage of average daily net assets plus a percentage of gross income (i.e., income other than gains from the sale of securities) and is payable monthly. For the six months ended March 31, 2008, adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

Fund	Investment Adviser Fee		Effective Annual Rate
California	$	625,194		0.45	%
Florida Plus		485,066		0.43
Massachusetts		664,317		0.43
Mississippi		13,307		0.15
New York		950,846		0.44
Ohio		706,628		0.42
Rhode Island		91,424		0.30
West Virginia		33,209		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 EVM in the performance of these services. Eaton Vance Distributors, Inc. (EVD), the Funds' principal underwriter and an affiliate of EVM, receives a portion of the sales charge on sales of Class A shares of the Funds. EVD also receives 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, 2008 were as follows:

Fund	EVM's Sub-Transfer Agent Fees		EVD's Class A Sales Charges
California	$	2,378	$	12,743
Florida Plus		2,405		5,246
Massachusetts		3,429		14,244
Mississippi		255		263
New York		4,553		16,566

Eaton Vance Municipals Funds as of March 31, 2008

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

Fund	EVM's Sub-Transfer Agent Fees		EVD's Class A Sales Charges
Ohio	$	3,864	$	35,124
Rhode Island		762		3,249
West Virginia		488		3,625

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, 2008, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of the above organizations.

4 Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class A Plan provides that each Fund will pay EVD a distribution and service fee not exceeding 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Trustees approved distribution and service fee payments equal to 0.20% (0.25% for California Fund) per annum of each Fund's average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2008 for Class A shares amounted to the following:

Fund	Class A Distribution and Service Fees
California	$	322,451
Florida Plus		200,939
Massachusetts		238,909
Mississippi		15,157
New York		388,827
Ohio		275,340
Rhode Island		44,034
West Virginia		26,385

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. For the six months en ded March 31, 2008, the Funds paid or accrued to EVD the following distribution fees, representing 0.75% (annualized) of the average daily net assets of each Fund's Class B and Class C shares:

Fund	Class B Distribution Fees		Class C Distribution Fees
California	$	13,197	$	52,796
Florida Plus		87,199		13,692
Massachusetts		141,900		69,525
Mississippi		9,439		2
New York		42,934		122,204
Ohio		104,494		122,960
Rhode Island		48,861		12,670
West Virginia		21,434		18

At March 31, 2008, 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	$	44,000	$	874,000
Florida Plus		556,000		227,000
Massachusetts		328,000		1,366,000
Mississippi		503,000		100
New York		352,000		2,239,000
Ohio		7,000		2,415,000
Rhode Island		1,029,000		266,000
West Virginia		548,000		1,600

The Class B and Class C Plans also authorize the Funds to make payments of service fees to EVD, investment

Eaton Vance Municipals Funds as of March 31, 2008

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

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, 2008 amounted to the following:

Fund	Class B Service Fees		Class C Service Fees
California	$	4,399	$	17,599
Florida Plus		23,253		3,651
Massachusetts		37,840		18,540
Mississippi		2,517		1
New York		11,449		32,588
Ohio		27,865		32,789
Rhode Island		13,030		3,379
West Virginia		5,716		5

5 Contingent Deferred Sales Charges

Fund	Class A		Class B		Class C
California	$	34,800	$	1,500	$	900
Florida Plus		—		42,800		100
Massachusetts		42,500		24,800		4,600
Mississippi		—		2,000		—
New York		8,500		19,000		3,900
Ohio		6,000		24,000		5,700
Rhode Island		18,800		12,000		1,700
West Virginia		—		4,000		—

6 Purchase and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended March 31, 2008 were as follows:

Fund	Purchases		Sales
California	$	51,156,949	$	39,627,034
Florida Plus		96,621,651		141,127,022
Massachusetts		19,762,414		36,869,684
Mississippi		1,831,045		1,934,825
New York		129,761,767		146,965,723
Ohio		66,272,871		71,836,015
Rhode Island		495,905		5,304,636
West Virginia		1,218,042		1,860,739

7 Shares of Beneficial Interest

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

California Fund
Class A	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		3,446,232			6,320,582
Issued to shareholders electing to receive payments of distributions in Fund shares		398,697			816,466
Redemptions		(3,121,811	)		(3,617,907	)
Exchange from Class B shares		6,889			5,405
Net increase		730,007			3,524,546

Eaton Vance Municipals Funds as of March 31, 2008

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

California Fund (continued)
Class B	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		42,455			80,771
Issued to shareholders electing to receive payments of distributions in Fund shares		4,670			11,353
Redemptions		(27,856	)		(123,820	)
Exchange to Class A shares		(7,445	)		(5,842	)
Net increase (decrease)		11,824			(37,538	)
Class C	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		815,495			769,547
Issued to shareholders electing to receive payments of distributions in Fund shares		17,188			26,830
Redemptions		(222,988	)		(109,387	)
Net increase		609,695			686,990

Class I	Period Ended March 31, 2008 (Unaudited)⁽¹⁾
Sales		1,049
Net increase		1,049

Florida Plus Fund
Class A	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		1,117,894			2,063,137
Issued to shareholders electing to receive payments of distributions in Fund shares		268,992			531,195
Redemptions		(3,199,845	)		(3,399,643	)
Exchange from Class B shares		76,049			397,602
Net decrease		(1,736,910	)		(407,709	)

Class B	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		31,192			77,019
Issued to shareholders electing to receive payments of distributions in Fund shares		20,334			46,163
Redemptions		(325,444	)		(597,112	)
Exchange to Class A shares		(74,189	)		(387,879	)
Net decrease		(348,107	)		(861,809	)
Class C	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		155,103			244,226
Issued to shareholders electing to receive payments of distributions in Fund shares		3,043			3,206
Redemptions		(56,914	)		(33,403	)
Net increase		101,232			214,029
Massachusetts Fund
Class A	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		2,999,384			10,627,746
Issued to shareholders electing to receive payments of distributions in Fund shares		339,245			573,319
Redemptions		(4,729,727	)		(4,794,400	)
Exchange from Class B shares		205,733			328,056
Net increase (decrease)		(1,185,365	)		6,734,721
Class B	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		111,561			209,906
Issued to shareholders electing to receive payments of distributions in Fund shares		41,616			89,323
Redemptions		(352,366	)		(632,614	)
Exchange to Class A shares		(205,609	)		(328,043	)
Net decrease		(404,798	)		(661,428	)

Eaton Vance Municipals Funds as of March 31, 2008

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

Massachusetts Fund (continued)
Class C	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		582,585			1,710,911
Issued to shareholders electing to receive payments of distributions in Fund shares		27,975			32,159
Redemptions		(317,337	)		(178,505	)
Net increase		293,223			1,564,565
Class I	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		227,136			557,977
Issued to shareholders electing to receive payments of distributions in Fund shares		16,355			24,293
Redemptions		(410,586	)		(162,657	)
Net increase (decrease)		(167,095	)		419,613
Mississippi Fund
Class A	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		207,656			179,598
Issued to shareholders electing to receive payments of distributions in Fund shares		20,212			32,600
Redemptions		(91,204	)		(342,866	)
Exchange from Class B shares		1,737			100,556
Net increase (decrease)		138,401			(30,112	)
Class B	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		719			15,944
Issued to shareholders electing to receive payments of distributions in Fund shares		2,494			6,178
Redemptions		(23,291	)		(66,234	)
Exchange to Class A shares		(1,700	)		(98,224	)
Net decrease		(21,778	)		(142,336	)

Class C	Period Ended March 31, 2008 (Unaudited)⁽²⁾
Sales		103
Issued to shareholders electing to receive payments of distributions in Fund shares		1
Net increase		104

New York Fund
Class A	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		3,585,924			5,983,066
Issued to shareholders electing to receive payments of distributions in Fund shares		554,823			1,159,942
Redemptions		(4,478,969	)		(5,297,544	)
Exchange from Class B shares		18,441			66,596
Net increase (decrease)		(319,781	)		1,912,060
Class B	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		145,694			357,406
Issued to shareholders electing to receive payments of distributions in Fund shares		12,400			24,667
Redemptions		(90,857	)		(99,087	)
Exchange to Class A shares		(18,386	)		(66,449	)
Net increase		48,851			216,537
Class C	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		900,552			1,995,542
Issued to shareholders electing to receive payments of distributions in Fund shares		38,080			54,744
Redemptions		(460,315	)		(349,920	)
Net increase		478,317			1,700,366

Class I	Period Ended March 31, 2008 (Unaudited)⁽³⁾
Sales		1,071
Net increase		1,071

Eaton Vance Municipals Funds as of March 31, 2008

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

Ohio Fund
Class A	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		4,020,370			12,315,012
Issued to shareholders electing to receive payments of distributions in Fund shares		384,246			625,675
Redemptions		(3,822,947	)		(2,943,015	)
Exchange from Class B shares		64,884			408,584
Net increase		646,553			10,406,256
Class B	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		158,605			386,530
Issued to shareholders electing to receive payments of distributions in Fund shares		29,551			63,054
Redemptions		(223,413	)		(384,207	)
Exchange to Class A shares		(64,863	)		(408,603	)
Net decrease		(100,120	)		(343,226	)
Class C	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		978,133			2,722,016
Issued to shareholders electing to receive payments of distributions in Fund shares		37,377			48,003
Redemptions		(608,888	)		(313,379	)
Net increase		406,622			2,456,640
Rhode Island Fund
Class A	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		347,234			1,080,629
Issued to shareholders electing to receive payments of distributions in Fund shares		56,624			104,753
Redemptions		(755,650	)		(610,471	)
Exchange from Class B shares		34,783			288,787
Net increase (decrease)		(317,009	)		863,698

Class B	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		46,261			82,892
Issued to shareholders electing to receive payments of distributions in Fund shares		14,940			34,062
Redemptions		(148,842	)		(257,356	)
Exchange to Class A shares		(34,003	)		(282,319	)
Net decrease		(121,644	)		(422,721	)
Class C	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		107,249			296,468
Issued to shareholders electing to receive payments of distributions in Fund shares		3,717			3,460
Redemptions		(83,517	)		(9,991	)
Net increase		27,449			289,937
West Virginia Fund
Class A	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		308,480			540,963
Issued to shareholders electing to receive payments of distributions in Fund shares		38,261			63,524
Redemptions		(115,240	)		(306,467	)
Exchange from Class B shares		22,793			44,047
Net increase		254,294			342,067
Class B	Six Months Ended March 31, 2008 (Unaudited)			Year Ended September 30, 2007
Sales		9,828			20,491
Issued to shareholders electing to receive payments of distributions in Fund shares		6,718			13,462
Redemptions		(28,062	)		(74,169	)
Exchange to Class A shares		(22,364	)		(43,214	)
Net decrease		(33,880	)		(83,430	)

Eaton Vance Municipals Funds as of March 31, 2008

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

West Virginia Fund (continued)

Class C	Period Ended March 31, 2008 (Unaudited)⁽⁴⁾
Sales		2,790
Issued to shareholders electing to receive payments of distributions in Fund shares		9
Net increase		2,799

⁽¹⁾ Class I of California Fund commenced operations on March 3, 2008.

⁽²⁾ Class C of Mississippi Fund commenced operations on December 4, 2007.

⁽³⁾ Class I of New York Fund commenced operations on March 3, 2008.

⁽⁴⁾ Class C of West Virginia Fund commenced operations on December 4, 2007.

8 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of each Fund at March 31, 2008, as determined on a federal income tax basis, were as follows:

California Fund
Aggregate Cost	$	267,883,485
Gross unrealized appreciation	$	11,484,013
Gross unrealized depreciation		(9,098,407	)
Net unrealized appreciation	$	2,385,606
Florida Plus Fund
Aggregate Cost	$	204,274,084
Gross unrealized appreciation	$	5,014,243
Gross unrealized depreciation		(7,871,461	)
Net unrealized depreciation	$	(2,857,218	)
Massachusetts Fund
Aggregate Cost	$	291,024,633
Gross unrealized appreciation	$	8,902,985
Gross unrealized depreciation		(14,039,478	)
Net unrealized depreciation	$	(5,136,493	)

Mississippi Fund
Aggregate Cost	$	16,490,889
Gross unrealized appreciation	$	894,140
Gross unrealized depreciation		(593,998	)
Net unrealized appreciation	$	300,142
New York Fund
Aggregate Cost	$	409,398,011
Gross unrealized appreciation	$	17,313,235
Gross unrealized depreciation		(18,235,077	)
Net unrealized depreciation	$	(921,842	)
Ohio Fund
Aggregate Cost	$	322,090,590
Gross unrealized appreciation	$	7,123,646
Gross unrealized depreciation		(13,634,473	)
Net unrealized depreciation	$	(6,510,827	)
Rhode Island Fund
Aggregate Cost	$	57,090,012
Gross unrealized appreciation	$	1,462,540
Gross unrealized depreciation		(2,648,699	)
Net unrealized depreciation	$	(1,186,159	)
West Virginia Fund
Aggregate Cost	$	31,249,852
Gross unrealized appreciation	$	859,252
Gross unrealized depreciation		(1,895,196	)
Net unrealized depreciation	$	(1,035,944	)

9 Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $200 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 0.07% on the daily unused portion of the line of credit is allocated

Eaton Vance Municipals Funds as of March 31, 2008

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

among the participating portfolios and funds at the end of each quarter.

At March 31, 2008, the California Fund had a balance outstanding pursuant to this line of credit of $1,200,000. The Funds did not have any significant borrowings or allocated fees during the six months ended March 31, 2008.

10 Overdraft Advances

Pursuant to the respective custodian agreements, SSBT may, in its discretion, advance funds to the Funds to make properly authorized payments. When such payments result in an overdraft, the Funds are obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, a rate above the Federal Funds rate). This obligation is payable on demand to SSBT. SSBT has a lien on a Fund's assets to the extent of any overdraft. At March 31, 2008, the California Fund had a payment due to SSBT pursuant to the foregoing arrangement of $80,803.

11 Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities to assist in managing exposure to various market risks. 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.

A summary of obligations under these financial instruments at March 31, 2008 is as follows:

Futures Contracts

Fund	Expiration Date	Contracts	Position	Aggregate Cost			Value	Net Unrealized Depreciation
California	06/08	311 U.S. Treasury Bond	Short	$	(35,722,607	)	$(36,945,830)	$(1,223,223)
Florida Plus	06/08	243 U.S. Treasury Bond	Short	$(27,911,876)			$(28,867,642)	$(955,766)
Massachusetts	06/08	600 U.S. Treasury Bond	Short	$(68,730,712)			$(71,278,128)	$(2,547,416)
Mississippi	06/08	8 U.S. Treasury Bond	Short	$(916,409)			$(950,375)	$(33,966)
New York	06/08	550 U.S. Treasury Bond	Short	$(63,003,153)			$(65,338,282)	$(2,335,129)
Ohio	06/08	467 U.S. Treasury Bond	Short	$(53,797,935)			$(55,478,143)	$(1,680,208)
Rhode Island	06/08	20 U.S. Treasury Bond	Short	$(2,291,024)			$(2,375,938)	$(84,914)
West Virginia	06/08	50 U.S. Treasury Bond	Short	$(5,743,184)			$(5,939,844)	$(196,660)

Interest Rate Swaps

California Fund

Counterparty	Notional Amount		Annual Fixed Rate Paid By Fund			Floating Rate Paid To Fund	Effective Date/ Termination Date	Net Unrealized Depreciation
Lehman Brothers, Inc.	$	11,175,000		4.985	%	USD-LIBOR-BBA	3-month September 28, 2038	$	(490,974	)
Merrill Lynch Capital Services, Inc.		10,425,000		4.9025	%	3-month USD-LIBOR-BBA	July 9, 2008/ July 9, 2038		(376,340	)
Morgan Stanley Capital Services, Inc.		3,650,000		5.428	%	3-month USD-LIBOR-BBA	September 10, 2008/ September 10, 2038		(425,919	)
								$	(1,293,233	)

Eaton Vance Municipals Funds as of March 31, 2008

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

Florida Plus Fund

Counterparty	Notional Amount		Annual Fixed Rate Paid By Fund			Floating Rate Paid To Fund	Effective Date/ Termination Date	Net Unrealized Depreciation
Lehman Brothers, Inc.	$	10,025,000		4.985	%	3-month USD-LIBOR-BBA	September 28, 2008/ September 28, 2038	$	(440,448	)
Merrill Lynch Capital Services, Inc.		10,050,000		4.9025	%	3-month USD-LIBOR-BBA	July 9, 2008/ July 9, 2038		(362,803	)
Morgan Stanley Capital Services, Inc.		3,800,000		5.428	%	3-month USD-LIBOR-BBA	September 10, 2008/ September 10, 2038		(443,423	)
								$	(1,246,674	)

Massachusetts Fund

Counterparty	Notional Amount		Annual Fixed Rate Paid By Fund			Floating Rate Paid To Fund	Effective Date/ Termination Date	Net Unrealized Depreciation
Lehman Brothers, Inc.	$	12,475,000		4.985	%	3-month USD-LIBOR-BBA	September 28, 2008/ September 28, 2038	$	(548,089	)
Merrill Lynch Capital Services, Inc.		11,700,000		4.9025	%	3-month USD-LIBOR-BBA	July 9, 2008/ July 9, 2038		(422,368	)
Morgan Stanley Capital Services, Inc.		3,950,000		5.428	%	3-month USD-LIBOR-BBA	September 10, 2008/ September 10, 2038		(460,926	)
								$	(1,431,383	)

Mississippi Fund

Counterparty	Notional Amount		Annual Fixed Rate Paid By Fund			Floating Rate Paid To Fund	Effective Date/ Termination Date	Net Unrealized Depreciation
Lehman Brothers, Inc.	$	600,000		4.985	%	3-month USD-LIBOR-BBA	September 28, 2008/ September 28, 2038	$	(26,361	)
Morgan Stanley Capital Services, Inc.		800,000	3.9515%			SIFMA Municipal Swap Index	September 15, 2008/ September 15, 2038		(19,385)
Morgan Stanley Capital Services, Inc.		275,000		5.428	%	3-month USD-LIBOR-BBA	September 10, 2008/ September 10, 2038		(32,090	)
								$	(77,836	)

New York Fund

Counterparty	Notional Amount		Annual Fixed Rate Paid By Fund			Floating Rate Paid To Fund	Effective Date/ Termination Date	Net Unrealized Depreciation
Lehman Brothers, Inc.	$	17,800,000		4.985	%	3-month USD-LIBOR-BBA	September 28, 2008/ September 28, 2038	$	(782,044	)
Merrill Lynch Capital Services, Inc.		17,500,000		4.9025	%	3-month USD-LIBOR-BBA	July 9, 2008/ July 9, 2038		(631,746	)
Morgan Stanley Capital Services, Inc.		16,000,000		3.9515%		SIFMA Municipal Swap Index	September 15, 2008/ September 15, 2038		(387,696)
Morgan Stanley Capital Services, Inc.		6,200,000		5.428	%	3-month USD-LIBOR-BBA	September 10, 2008/ September 10, 2038		(723,479	)
								$	(2,524,965	)

Ohio Fund

Counterparty				Notional Amount				Annual Fixed Rate Paid By Fund				Floating Rate Paid To Fund				Effective Date/ Termination Date				Net Unrealized Depreciation
Merrill Lynch Capital Services, Inc.				$	4,300,000				4.9025	%		3-month USD-LIBOR-BBA				July 9, 2008/ July 9, 2038				$	(155,229	)

Rhode Island Fund

Counterparty	Notional Amount		Annual Fixed Rate Paid By Fund			Floating Rate Paid To Fund	Effective Date/ Termination Date	Net Unrealized Depreciation
Lehman Brothers, Inc.	$	2,525,000		4.985	%	3-month USD-LIBOR-BBA	September 28, 2008/ September 28, 2038	$	(110,936	)
Merrill Lynch Capital Services, Inc.		2,400,000		4.9025	%	3-month USD-LIBOR-BBA	July 9, 2008/ July 9, 2038		(86,639	)
Morgan Stanley Capital Services, Inc.		850,000		5.428	%	3-month USD-LIBOR-BBA	September 10, 2008/ September 10, 2038		(99,187	)
								$	(296,762	)

West Virginia Fund

Counterparty	Notional Amount		Annual Fixed Rate Paid By Fund			Floating Rate Paid To Fund	Effective Date/ Termination Date	Net Unrealized Depreciation
Lehman						3-month	September 28, 2008/
Brothers, Inc.	$	1,275,000		4.985	%	USD-LIBOR-BBA	September 28, 2038	$	(56,017	)
Merrill Lynch
Capital						3-month	July 9, 2008/
Services, Inc.		1,250,000		4.9025	%	USD-LIBOR-BBA	July 9, 2038		(45,125	)
Morgan Stanley
Capital						3-month	September 10, 2008/
Services, Inc.		450,000		5.428	%	USD-LIBOR-BBA	September 10, 2038		(52,510	)
								$	(153,652	)

Eaton Vance Municipals Funds as of March 31, 2008

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

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, 2008, the Funds had sufficient cash and/or securities to cover commitments under these contracts.

12 Recently Issued Accounting Pronouncements

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.

13 Name Change

Effective January 1, 2008, the name of the Florida Plus Municipals Fund was changed from Eaton Vance Florida Municipals Fund. In connection with this change, the Fund's investment policy that at least 65% of its total assets normally will be invested in municipal obligations issued by the State of Florida or its political subdivisions, agencies, authorities and instrumentalities was eliminated.

Eaton Vance Municipals Funds

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS

Overview of the Contract Review Process

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;

• 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;

• 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;

• 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;

• 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.

Eaton Vance Municipals Funds

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

Results of the Process

• Eaton Vance California Municipals Fund

• Eaton Vance Florida Plus 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 Special Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Special Committee as well as the factors considered and conclusions reached by the Special Committee with respect to each agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the advisory agreements 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 30-person municipal bond team, which includes six portfolio managers and nine 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 rec ruit and retain investment personnel, and the time and attention devoted to each Fund by senior management.

Eaton Vance Municipals Funds

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

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.

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, 2006 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 is 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, 2006, as compared to a group of similarly managed funds selected by an independent data provider.

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 af filiates 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.

Eaton Vance Municipals Funds

INVESTMENT MANAGEMENT

Eaton Vance Municipals Funds

Officers Robert B. MacIntosh President and Portfolio Manager of Massachusetts and Rhode Island Municipals Funds William H. Ahern, Jr. Vice President and Portfolio Manager of Ohio Municipals Fund Craig R. Br andon Vice President and Portfolio Manager of Mississippi and New York Municipals Funds Cynthia J. Clemson Vice President and Portfolio Manager of California and Florida Plus Municipals Funds Thomas M. Metzold Vice President Adam A. Weigold Vice President and Portfolio Manager of West Virginia Municipals Fund Barbara E. Campbell Treasurer Maureen A. Gemma Secretary Paul M. O'Neil Chief Compliance Officer John E. Pelletier Chief Legal Officer				Trustees Ralph F. Verni Chairman Benjamin C. Esty Thomas E. Faust Jr. Allen R. Freedman William H. Park Ronald A. Pearlman Norton H. Reamer Heidi L. Steiger Lynn A. Stout

This Page Intentionally Left Blank

Investment Adviser
Boston Management and Research

The Eaton Vance Building

255 State Street

Boston, MA 02109

Administrator
Eaton Vance Management

The Eaton Vance Building

255 State Street

Boston, MA 02109

Principal Underwriter
Eaton Vance Distributors, Inc.

The Eaton Vance Building

255 State Street

Boston, MA 02109

Custodian
State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent
PFPC Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Eaton Vance Municipals Trust
The Eaton Vance Building
255 State Street
Boston, MA 02109

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 800-225-6265.

438-5/08 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 and Norton H. Reamer, each an independent trustee, as its audit committee financial experts. 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). Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company). Formerly, Mr. Reamer was Chairman and Chief Operating Officer of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds).

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, 2008

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, 2008


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


Date:	May 12, 2008

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