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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FormN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number:811-04409

Eaton Vance Municipals Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617)482-8260

(Registrant’s Telephone Number)

August 31

Date of Fiscal Year End

February 28, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Municipal Income Funds

Semiannual Report

February 28, 2019

Georgia    •    Maryland    •     Missouri    •    North Carolina    •    Oregon

South Carolina    •    Virginia

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Funds electronically by signing up fore-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. Each Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, each Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call1-800-262-1122.

Semiannual ReportFebruary 28, 2019

Eaton Vance

Municipal Income Funds

Table of Contents

Performance and Fund Profile
Georgia Municipal Income Fund	2
Maryland Municipal Income Fund	3
Missouri Municipal Income Fund	4
North Carolina Municipal Income Fund	5
Oregon Municipal Income Fund	6
South Carolina Municipal Income Fund	7
Virginia Municipal Income Fund	8
Endnotes and Additional Disclosures	9
Fund Expenses	10
Financial Statements	14
Officers and Trustees	76
Important Notices	77

Eaton Vance

Georgia Municipal Income Fund

February 28, 2019

Performance^1,2

Portfolio Manager Adam A. Weigold, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		12/07/1993		12/23/1991		2.41	%		4.17	%		3.26	%		4.37	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.48			–0.82			2.26			3.86
Class C at NAV		04/25/2006		12/23/1991		2.08			3.43			2.51			3.60
Class C with 1% Maximum Sales Charge		—		—		1.08			2.43			2.51			3.60
Class I at NAV		03/03/2008		12/23/1991		2.51			4.37			3.49			4.59
Bloomberg Barclays Municipal Bond Index		—		—		2.34	%		4.13	%		3.44	%		4.55	%
Bloomberg Barclays 20 Year Municipal Bond Index		—		—		2.29			4.59			4.53			5.82
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.70	%		1.45	%		0.50	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.82	%		2.13	%		3.00	%
Taxable-Equivalent Distribution Rate									5.07			3.83			5.39
SEC30-day Yield									1.56			0.89			1.83
Taxable-Equivalent SEC30-day Yield									2.80			1.61			3.29

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recentmonth-end, please refer to eatonvance.com.

2

Eaton Vance

Maryland Municipal Income Fund

February 28, 2019

Performance^1,2

Portfolio Manager Craig R. Brandon, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		12/10/1993		02/03/1992		1.73	%		3.07	%		2.62	%		4.58	%
Class A with 4.75% Maximum Sales Charge		—		—		–3.07			–1.80			1.62			4.07
Class C at NAV		05/02/2006		02/03/1992		1.33			2.39			1.84			3.80
Class C with 1% Maximum Sales Charge		—		—		0.33			1.39			1.84			3.80
Class I at NAV		03/03/2008		02/03/1992		1.83			3.27			2.82			4.81
Bloomberg Barclays Municipal Bond Index		—		—		2.34	%		4.13	%		3.44	%		4.55	%
Bloomberg Barclays 20 Year Municipal Bond Index		—		—		2.29			4.59			4.53			5.82
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.77	%		1.52	%		0.57	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.78	%		2.09	%		2.97	%
Taxable-Equivalent Distribution Rate									4.98			3.75			5.32
SEC30-day Yield									1.74			1.08			2.02
Taxable-Equivalent SEC30-day Yield									3.11			1.93			3.62

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recentmonth-end, please refer to eatonvance.com.

3

Eaton Vance

Missouri Municipal Income Fund

February 28, 2019

Performance^1,2

Portfolio Manager Cynthia J. Clemson

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		12/07/1993		05/01/1992		1.82	%		3.93	%		3.46	%		4.54	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.99			–1.00			2.46			4.03
Class C at NAV		02/16/2006		05/01/1992		1.52			3.19			2.69			3.76
Class C with 1% Maximum Sales Charge		—		—		0.52			2.19			2.69			3.76
Class I at NAV		08/03/2010		05/01/1992		1.92			4.14			3.66			4.73
Bloomberg Barclays Municipal Bond Index		—		—		2.34	%		4.13	%		3.44	%		4.55	%
Bloomberg Barclays 20 Year Municipal Bond Index		—		—		2.29			4.59			4.53			5.82
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.70	%		1.45	%		0.50	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									3.14	%		2.45	%		3.33	%
Taxable-Equivalent Distribution Rate									5.64			4.40			5.98
SEC30-day Yield									1.79			1.14			2.08
Taxable-Equivalent SEC30-day Yield									3.22			2.05			3.74

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recentmonth-end, please refer to eatonvance.com.

4

Eaton Vance

North Carolina Municipal Income Fund

February 28, 2019

Performance^1,2

Portfolio ManagerAdam A. Weigold, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		12/07/1993		10/23/1991		1.72	%		3.06	%		3.17	%		4.75	%
Class A with 4.75% Maximum Sales Charge		—		—		–3.12			–1.83			2.18			4.24
Class C at NAV		05/02/2006		10/23/1991		1.33			2.30			2.41			3.98
Class C with 1% Maximum Sales Charge		—		—		0.33			1.30			2.41			3.98
Class I at NAV		03/03/2008		10/23/1991		1.82			3.39			3.40			4.97
Bloomberg Barclays Municipal Bond Index		—		—		2.34	%		4.13	%		3.44	%		4.55	%
Bloomberg Barclays 20 Year Municipal Bond Index		—		—		2.29			4.59			4.53			5.82
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.80	%		1.55	%		0.60	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.70	%		2.01	%		2.88	%
Taxable-Equivalent Distribution Rate									4.83			3.59			5.15
SEC30-day Yield									1.59			0.93			1.87
Taxable-Equivalent SEC30-day Yield									2.85			1.66			3.34
% Total Leverage5
Residual Interest Bond (RIB) Financing															3.09	%

Fund Profile

Credit Quality (% of total investments)^6,7

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recentmonth-end, please refer to eatonvance.com.

5

Eaton Vance

Oregon Municipal Income Fund

February 28, 2019

Performance^1,2

Portfolio Manager Adam A. Weigold, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		12/28/1993		12/24/1991		2.26	%		4.33	%		3.76	%		4.99	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.59			–0.62			2.76			4.49
Class C at NAV		03/02/2006		12/24/1991		1.72			3.48			2.96			4.20
Class C with 1% Maximum Sales Charge		—		—		0.72			2.48			2.96			4.20
Class I at NAV		08/03/2010		12/24/1991		2.24			4.54			3.95			5.16
Bloomberg Barclays Municipal Bond Index		—		—		2.34	%		4.13	%		3.44	%		4.55	%
Bloomberg Barclays 20 Year Municipal Bond Index		—		—		2.29			4.59			4.53			5.82
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.82	%		1.57	%		0.62	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									3.13	%		2.44	%		3.31	%
Taxable-Equivalent Distribution Rate									5.87			4.57			6.21
SEC30-day Yield									1.97			1.32			2.26
Taxable-Equivalent SEC30-day Yield									3.69			2.48			4.24
% Total Leverage5
RIB Financing															5.51	%

Fund Profile

Credit Quality (% of total investments)^6,7

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recentmonth-end, please refer to eatonvance.com.

6

Eaton Vance

South Carolina Municipal Income Fund

February 28, 2019

Performance^1,2

Portfolio Manager Adam A. Weigold, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		02/14/1994		10/02/1992		2.16	%		4.35	%		3.59	%		5.00	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.66			–0.61			2.59			4.49
Class C at NAV		01/12/2006		10/02/1992		1.64			3.50			2.81			4.22
Class C with 1% Maximum Sales Charge		—		—		0.64			2.50			2.81			4.22
Class I at NAV		03/03/2008		10/02/1992		2.26			4.55			3.80			5.21
Bloomberg Barclays Municipal Bond Index		—		—		2.34	%		4.13	%		3.44	%		4.55	%
Bloomberg Barclays 20 Year Municipal Bond Index		—		—		2.29			4.59			4.53			5.82
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.81	%		1.57	%		0.62	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.80	%		2.11	%		2.98	%
Taxable-Equivalent Distribution Rate									5.09			3.83			5.41
SEC30-day Yield									1.56			0.90			1.84
Taxable-Equivalent SEC30-day Yield									2.83			1.63			3.33
% Total Leverage5
RIB Financing															2.49	%

Fund Profile

Credit Quality (% of total investments)^6,7

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recentmonth-end, please refer to eatonvance.com.

7

Eaton Vance

Virginia Municipal Income Fund

February 28, 2019

Performance^1,2

Portfolio ManagerAdam A. Weigold, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		12/17/1993		07/26/1991		2.08	%		4.08	%		2.83	%		4.21	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.72			–0.82			1.84			3.71
Class C at NAV		02/08/2006		07/26/1991		1.65			3.23			2.05			3.42
Class C with 1% Maximum Sales Charge		—		—		0.65			2.23			2.05			3.42
Class I at NAV		03/03/2008		07/26/1991		2.18			4.29			3.04			4.42
Bloomberg Barclays Municipal Bond Index		—		—		2.34	%		4.13	%		3.44	%		4.55	%
Bloomberg Barclays 20 Year Municipal Bond Index		—		—		2.29			4.59			4.53			5.82
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.81	%		1.56	%		0.61	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									3.04	%		2.35	%		3.22	%
Taxable-Equivalent Distribution Rate									5.45			4.21			5.77
SEC30-day Yield									1.66			1.00			1.94
Taxable-Equivalent SEC30-day Yield									2.98			1.80			3.48
% Total Leverage5
RIB Financing															4.67	%

Fund Profile

Credit Quality (% of total investments)^6,7

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recentmonth-end, please refer to eatonvance.com.

8

Eaton Vance

Municipal Income Funds

February 28, 2019

Endnotes and Additional Disclosures

¹  Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg Barclays 20 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from17-22 years. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class I for the Eaton Vance Missouri Municipal Income Fund and Eaton Vance Oregon Municipal Income Fund is linked to Class A. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes astax-exempt income, qualified andnon-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after eachyear-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lowertax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ.

⁵  Fund employs RIB financing. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of NAV). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets plus Floating Rate Notes.

⁶  Ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

⁷  The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments.

Fund profiles subject to change due to active management.

9

Eaton Vance

Municipal Income Funds

February 28, 2019

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2018 – February 28, 2019).

Actual Expenses:  The first section of each table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of each table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

Eaton Vance Georgia Municipal Income Fund

	Beginning Account Value (9/1/18)		Ending Account Value (2/28/19)		Expenses Paid During Period* (9/1/18 – 2/28/19)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,024.10	$	3.61		0.72	%
Class C	$	1,000.00	$	1,020.80	$	7.37		1.47	%
Class I	$	1,000.00	$	1,025.10	$	2.61		0.52	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.20	$	3.61		0.72	%
Class C	$	1,000.00	$	1,017.50	$	7.35		1.47	%
Class I	$	1,000.00	$	1,022.20	$	2.61		0.52	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-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 August 31, 2018.

10

Eaton Vance

Municipal Income Funds

February 28, 2019

Fund Expenses — continued

Eaton Vance Maryland Municipal Income Fund

	Beginning Account Value (9/1/18)		Ending Account Value (2/28/19)		Expenses Paid During Period* (9/1/18 – 2/28/19)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,017.30	$	3.85		0.77	%
Class C	$	1,000.00	$	1,013.30	$	7.59		1.52	%
Class I	$	1,000.00	$	1,018.30	$	2.85		0.57	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.00	$	3.86		0.77	%
Class C	$	1,000.00	$	1,017.30	$	7.60		1.52	%
Class I	$	1,000.00	$	1,022.00	$	2.86		0.57	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-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 August 31, 2018.

Eaton Vance Missouri Municipal Income Fund

	Beginning Account Value (9/1/18)		Ending Account Value (2/28/19)		Expenses Paid During Period* (9/1/18 – 2/28/19)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,018.20	$	3.65		0.73	%
Class C	$	1,000.00	$	1,015.20	$	7.39		1.48	%
Class I	$	1,000.00	$	1,019.20	$	2.65		0.53	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.20	$	3.66		0.73	%
Class C	$	1,000.00	$	1,017.50	$	7.40		1.48	%
Class I	$	1,000.00	$	1,022.20	$	2.66		0.53	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-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 August 31, 2018.

11

Eaton Vance

Municipal Income Funds

February 28, 2019

Fund Expenses — continued

Eaton Vance North Carolina Municipal Income Fund

	Beginning Account Value (9/1/18)		Ending Account Value (2/28/19)		Expenses Paid During Period* (9/1/18 – 2/28/19)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,017.20	$	4.00		0.80	%
Class C	$	1,000.00	$	1,013.30	$	7.74		1.55	%
Class I	$	1,000.00	$	1,018.20	$	3.00		0.60	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.80	$	4.01		0.80	%
Class C	$	1,000.00	$	1,017.10	$	7.75		1.55	%
Class I	$	1,000.00	$	1,021.80	$	3.01		0.60	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-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 August 31, 2018.

Eaton Vance Oregon Municipal Income Fund

	Beginning Account Value (9/1/18)		Ending Account Value (2/28/19)		Expenses Paid During Period* (9/1/18 – 2/28/19)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,022.60	$	4.31		0.86	%
Class C	$	1,000.00	$	1,017.20	$	8.05		1.61	%
Class I	$	1,000.00	$	1,022.40	$	3.31		0.66	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.50	$	4.31		0.86	%
Class C	$	1,000.00	$	1,016.80	$	8.05		1.61	%
Class I	$	1,000.00	$	1,021.50	$	3.31		0.66	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-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 August 31, 2018.

12

Eaton Vance

Municipal Income Funds

February 28, 2019

Fund Expenses — continued

Eaton Vance South Carolina Municipal Income Fund

	Beginning Account Value (9/1/18)		Ending Account Value (2/28/19)		Expenses Paid During Period* (9/1/18 – 2/28/19)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,021.60	$	3.91		0.78	%
Class C	$	1,000.00	$	1,016.40	$	7.65		1.53	%
Class I	$	1,000.00	$	1,022.60	$	2.91		0.58	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.90	$	3.91		0.78	%
Class C	$	1,000.00	$	1,017.20	$	7.65		1.53	%
Class I	$	1,000.00	$	1,021.90	$	2.91		0.58	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-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 August 31, 2018.

Eaton Vance Virginia Municipal Income Fund

	Beginning Account Value (9/1/18)		Ending Account Value (2/28/19)		Expenses Paid During Period* (9/1/18 – 2/28/19)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,020.80	$	4.26		0.85	%
Class C	$	1,000.00	$	1,016.50	$	8.00		1.60	%
Class I	$	1,000.00	$	1,021.80	$	3.26		0.65	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.60	$	4.26		0.85	%
Class C	$	1,000.00	$	1,016.90	$	8.00		1.60	%
Class I	$	1,000.00	$	1,021.60	$	3.26		0.65	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-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 August 31, 2018.

13

Eaton Vance

Georgia Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 95.5%
Security	Principal Amount (000’s omitted)		Value
Education — 2.2%
Georgia Private Colleges and Universities Authority, (Emory University), 5.00%, 10/1/31	$	245	$	288,679
Unified Government of Athens-Clarke County Development Authority, (UGAREF Central Precinct, LLC), 5.00%, 6/15/31		1,200		1,395,852
			$	1,684,531
Electric Utilities — 1.4%
Burke County Development Authority, (Oglethorpe Power Corp.), 3.25% to 2/3/25 (Put Date), 11/1/45	$	1,000	$	1,011,630
			$	1,011,630
Escrowed / Prerefunded — 10.7%
Forsyth County Hospital Authority, (Georgia Baptist Health Care System), Escrowed to Maturity, 6.375%, 10/1/28	$	800	$	980,136
Fulton County Development Authority, (Georgia Tech Foundation Campus Recreation Center Project), Prerefunded to 11/1/21, 5.00%, 11/1/30		750		815,070
Fulton County Development Authority, (Georgia Tech Foundation Technology Square Project), Prerefunded to 5/1/22, 5.00%, 11/1/30		750		827,730
Gainesville and Hall County Hospital Authority, (Northeast Georgia Health System, Inc.), Prerefunded to 2/15/20, 5.00%, 2/15/33		1,335		1,376,212
Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.625%, 12/1/29		205		211,209
Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.75%, 12/1/34		220		226,864
Jefferson City School District, Prerefunded to 2/1/21, 5.25%, 2/1/33		1,500		1,601,595
Lincoln County School District, Prerefunded to 4/1/19, 5.50%, 4/1/37		1,000		1,003,000
Macon-Bibb County Hospital Authority, (The Medical Center of Central Georgia), Prerefunded to 8/1/19, 5.00%, 8/1/35		1,000		1,013,680
			$	8,055,496
General Obligations — 18.2%
Bryan County School District, 4.00%, 8/1/33	$	500	$	540,765
Bryan County School District, 4.00%, 8/1/34		435		466,890
Cherokee County School System, 5.00%, 2/1/29		1,000		1,165,000
Columbia County, 5.00%, 1/1/28		1,000		1,216,470
DeKalb County, (Special Transportation, Parks and Greenspace and Libraries Tax District), 5.00%, 12/1/27		1,000		1,211,650
Downtown Savannah Authority, 4.00%, 8/1/25		2,495		2,822,194

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Forsyth County Public Facilities Authority, (Forsyth County School District), 4.00%, 2/1/31	$	290	$	314,122
Forsyth County School District, 5.00%, 2/1/32		1,000		1,207,080
Fulton County, 5.00%, 7/1/31		1,000		1,192,320
Georgia, 2.00%, 8/1/27		315		313,415
Georgia, 5.00%, 2/1/28		1,500		1,754,655
Valdosta School System, 5.00%, 2/1/28		1,000		1,185,980
Worth County School District, 5.00%, 12/1/37		235		270,664
			$	13,661,205
Hospital — 15.1%
Augusta Development Authority, (AU Health System, Inc.), 5.00%, 7/1/29	$	560	$	652,350
Carroll City-County Hospital Authority, (Tanner Medical Center, Inc.), 5.00%, 7/1/29		500		587,390
Cedartown Polk County Hospital Authority, (Polk Medical Center), 5.00%, 7/1/39		850		919,241
Dalton-Whitfield County Joint Development Authority, (Hamilton Health Care System), 4.00%, 8/15/34		400		422,952
DeKalb County Hospital Authority, (DeKalb Medical Center), Prerefunded to 9/1/20, 6.125%, 9/1/40		1,000		1,063,830
Fulton County Development Authority, (Children’s Healthcare of Atlanta), 5.25%, 11/15/39		1,000		1,021,380
Fulton County Development Authority, (Piedmont Healthcare, Inc.), 5.00%, 7/1/32		1,500		1,715,085
Fulton County Development Authority, (WellStar Health System, Inc.), 5.00%, 4/1/37		1,250		1,388,162
Gainesville and Hall County Hospital Authority, (Northeast Georgia Health System, Inc.), 5.00%, 2/15/37		1,000		1,115,390
Glynn-Brunswick Memorial Hospital Authority, (Southeast Georgia Health System), 5.00%, 8/1/28		650		731,887
Richmond County Hospital Authority, (University Health Services, Inc.), 5.00%, 1/1/31		1,000		1,145,800
Savannah Hospital Authority, (St. Joseph’s/Candler Health System, Inc.), 5.50%, 7/1/30		500		565,535
			$	11,329,002
Industrial Development Revenue — 3.2%
Albany Dougherty Payroll Development Authority, Solid Waste Disposal, (Procter & Gamble), (AMT), 5.20%, 5/15/28	$	2,000	$	2,391,560
			$	2,391,560
Insured – Education — 1.6%
Savannah Economic Development Authority, (SSU Community Development I, LLC), (AGM), 5.25%, 6/15/27	$	1,125	$	1,171,631
			$	1,171,631

14 See Notes to Financial Statements.

Eaton Vance

Georgia Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Electric Utilities — 5.7%
Griffin, Combined Public Utility Revenue, (AGM), 5.00%, 1/1/28	$	1,000	$	1,099,890
Newnan, Water, Sewerage and Light Commission, (AMBAC), 5.25%, 1/1/24		1,040		1,185,891
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		980		1,050,874
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		550		584,100
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35		300		317,622
			$	4,238,377
Insured – Escrowed / Prerefunded — 3.8%
Cobb County Kennestone Hospital Authority, (Wellstar Health System), (AMBAC), Prerefunded to 4/1/20, 5.50%, 4/1/37	$	1,750	$	1,821,085
Georgia Municipal Association, Inc., Certificates of Participation, (Riverdale), (AGC), Prerefunded to 5/1/19, 5.375%, 5/1/32		1,000		1,006,050
			$	2,827,135
Insured – General Obligations — 1.8%
Coweta County, Water and Sewerage Authority, (AGM), 5.00%, 6/1/26	$	1,135	$	1,367,232
			$	1,367,232
Insured – Lease Revenue / Certificates of Participation — 3.0%
East Point Building Authority, (Water and Sewer Project), (AGM), 5.00%, 2/1/35	$	695	$	798,506
Georgia Local Government 1998A Grantor Trust, Certificates of Participation, (NPFG), 4.75%, 6/1/28		1,326		1,437,557
			$	2,236,063
Insured – Special Tax Revenue — 1.0%
Metropolitan Atlanta Rapid Transit Authority, (AMBAC), Escrowed to Maturity, 6.25%, 7/1/20	$	165	$	170,678
Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/28		545		600,492
			$	771,170
Insured – Water and Sewer — 4.0%
Brunswick-Glynn County Joint Water and Sewer Commission, (AGM), Prerefunded to 6/1/20, 5.00%, 6/1/33	$	500	$	520,365
DeKalb County, Water and Sewerage Revenue, (AGM), 5.25%, 10/1/32		1,590		1,899,207
Henry County Water and Sewerage Authority, (NPFG), 5.25%, 2/1/25		500		595,870
			$	3,015,442

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation — 2.3%
Atlanta & Fulton County Recreation Authority, (Zoo Atlanta Parking Facility), 5.00%, 12/1/36	$	1,000	$	1,163,480
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/37		500		572,865
			$	1,736,345
Other Revenue — 2.7%
Georgia Municipal Gas Authority, (Gas Portfolio III), 5.00%, 10/1/27	$	750	$	827,415
Sandy Springs Public Facilities Authority, (City Center Project), 5.00%, 5/1/35		1,000		1,158,300
			$	1,985,715
Senior Living / Life Care — 1.3%
Gainesville and Hall County Development Authority, (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/33	$	500	$	550,815
Savannah Economic Development Authority, (Marshes of Skidaway Island), 6.00%, 1/1/24		420		444,398
			$	995,213
Special Tax Revenue — 3.3%
Atlanta Development Authority, (New Downtown Atlanta Stadium), 5.00%, 7/1/29	$	750	$	871,193
Gainesville and Hall County Hospital Authority, (Northeast Georgia Health System, Inc.), 5.00%, 2/15/33		415		425,869
Unified Government of Athens-Clarke County Development Authority, (Economic Development Projects), 5.00%, 6/1/32		1,080		1,180,904
			$	2,477,966
Transportation — 3.9%
Atlanta, Airport Revenue, 5.00%, 1/1/31	$	1,000	$	1,124,010
Atlanta, Airport Revenue, 5.00%, 1/1/35		750		767,175
Georgia State Road and Tollway Authority, 5.00%, 6/1/29		835		1,003,645
			$	2,894,830
Water and Sewer — 10.3%
Atlanta, Water and Wastewater Revenue, 5.00%, 11/1/29	$	1,000	$	1,214,280
Atlanta, Water and Wastewater Revenue, 5.25%, 11/1/30		1,000		1,146,180
Cobb County-Marietta Water Authority, 5.00%, 11/1/28		375		443,700
Columbus, Water and Sewerage Revenue, 5.00%, 5/1/33		500		568,105
Columbus, Water and Sewerage Revenue, 5.00%, 5/1/36		250		287,117
Forsyth County Water and Sewerage Authority, 5.00%, 4/1/27		1,100		1,267,288
Fulton County, Water and Sewer Revenue, 5.00%, 1/1/33		1,500		1,662,030

15 See Notes to Financial Statements.

Eaton Vance

Georgia Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Unified Government of Athens-Clarke County, Water and Sewerage Revenue, 5.00%, 1/1/29	$	1,000	$	1,158,740
			$	7,747,440
TotalTax-Exempt Investments — 95.5% (identified cost $68,265,332)			$	71,597,983
Other Assets, Less Liabilities — 4.5%			$	3,402,256
Net Assets — 100.0%			$	75,000,239

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

The Fund invests primarily in debt securities issued by Georgia 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 February 28, 2019, 21.8% 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 or financial guaranty assurance agency ranged from 1.4% to 9.6% of total investments.

Abbreviations:

AGC	–	Assured Guaranty Corp.
AGM	–	Assured Guaranty Municipal Corp.
AMBAC	–	AMBAC Financial Group, Inc.
AMT	–	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
NPFG	–	National Public Finance Guarantee Corp.

16 See Notes to Financial Statements.

Eaton Vance

Maryland Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 100.2%
Security	Principal Amount (000’s omitted)		Value
Education — 9.5%
Maryland Health and Higher Educational Facilities Authority, (Goucher College), 5.00%, 7/1/34	$	1,000	$	1,081,610
Maryland Health and Higher Educational Facilities Authority, (Johns Hopkins University), 5.00%, 7/1/37		900		987,354
Maryland Industrial Development Financing Authority, (Garrison Forest School, Inc.), 4.00%, 11/1/42		1,000		1,028,110
Maryland Industrial Development Financing Authority, (McDonogh School), 4.00%, 9/1/43		1,100		1,128,567
University System of Maryland, 4.00%, 4/1/34		1,000		1,077,550
			$	5,303,191
Electric Utilities — 0.9%
Maryland Economic Development Corp., (Constellation Energy Group, Inc.), 2.55% to 6/1/20 (Put Date), 12/1/25	$	500	$	499,685
			$	499,685
Escrowed / Prerefunded — 14.0%
Baltimore, Prerefunded to 10/15/22, 5.00%, 10/15/27	$	150	$	167,669
Maryland Health and Higher Educational Facilities Authority, (Anne Arundel Health System), Prerefunded to 7/1/19, 5.00%, 7/1/32		1,000		1,010,780
Maryland Health and Higher Educational Facilities Authority, (Charlestown Community, Inc.), Prerefunded to 1/1/21, 6.125%, 1/1/30		470		506,937
Maryland Health and Higher Educational Facilities Authority, (Johns Hopkins Health Care), Prerefunded to 5/15/20, 5.00%, 5/15/40		2,000		2,079,780
University of Maryland, Auxiliary Facility and Tuition Revenue, Prerefunded to 4/1/21, 5.00%, 4/1/28		1,425		1,523,781
Washington Metropolitan Area Transit Authority, Prerefunded to 7/1/19, 5.00%, 7/1/32		2,500		2,528,200
			$	7,817,147
General Obligations — 17.9%
Anne Arundel County, 5.00%, 10/1/36	$	1,000	$	1,174,090
Baltimore County, 4.00%, 3/1/40(1)		1,000		1,053,940
Baltimore, 4.00%, 10/15/25		1,350		1,448,833
Frederick County, 5.00%, 8/1/24		1,000		1,169,300
Frederick County, 5.00%, 8/1/31		675		859,086
Maryland, 5.00%, 11/1/19		2,000		2,044,720
Maryland, Prerefunded to 8/1/22, 5.00%, 8/1/24		1,000		1,111,270
Montgomery County, 5.00%, 11/1/29		1,000		1,159,950
			$	10,021,189

Security	Principal Amount (000’s omitted)		Value
Hospital — 12.9%
Maryland Health and Higher Educational Facilities Authority, (Anne Arundel Health System), 5.00%, 7/1/32	$	1,000	$	1,147,190
Maryland Health and Higher Educational Facilities Authority, (Johns Hopkins Health Care), 5.00%, 7/1/33		1,000		1,100,110
Maryland Health and Higher Educational Facilities Authority, (Mercy Medical Center), 5.00%, 7/1/31		1,000		1,063,340
Maryland Health and Higher Educational Facilities Authority, (Peninsula Regional Medical Center), 5.00%, 7/1/45		1,000		1,083,510
Maryland Health and Higher Educational Facilities Authority, (University of Maryland Medical System), 5.00%, 7/1/29		1,000		1,150,770
Montgomery County, (Trinity Health Corp.), 5.00%, 12/1/45		1,500		1,675,920
			$	7,220,840
Housing — 4.8%
Howard County Housing Commission, (Woodfield Oxford Square Apartments), 5.00%, 12/1/37	$	1,000	$	1,116,490
Maryland Community Development Administration, 4.10%, 9/1/38		500		514,440
Maryland Economic Development Corp., (Towson University), 5.00%, 7/1/37		1,000		1,041,940
			$	2,672,870
Industrial Development Revenue — 1.2%
Maryland Economic Development Corp., (AFCO Cargo), (AMT), 3.50%, 7/1/24(2)	$	665	$	674,742
			$	674,742
Insured – Education — 1.0%
Morgan State University, Academic and Auxiliary Facilities, (NPFG), 6.10%, 7/1/20	$	520	$	537,066
			$	537,066
Insured – Escrowed / Prerefunded — 6.0%
Maryland Health and Higher Educational Facilities Authority, (Helix Health Issue), (AMBAC), Escrowed to Maturity, 5.00%, 7/1/27	$	2,960	$	3,385,382
			$	3,385,382
Insured – Hospital — 6.5%
Maryland Health and Higher Educational Facilities Authority, (Medlantic/Helix Issue), (AMBAC), 5.25%, 8/15/38	$	3,035	$	3,634,261
			$	3,634,261

17 See Notes to Financial Statements.

Eaton Vance

Maryland Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Housing — 0.1%
Maryland Economic Development Corp., (University of Maryland, College Park), (AGM), 5.00%, 6/1/35	$	75	$	85,273
			$	85,273
Insured – Water and Sewer — 2.0%
Baltimore, (Wastewater Projects), (NPFG), 5.00%, 7/1/22	$	470	$	499,347
Baltimore, (Wastewater Projects), (NPFG), 5.65%, 7/1/20		600		619,692
			$	1,119,039
Other Revenue — 3.9%
Maryland Transportation Authority, Baltimore-Washington International Airport, Parking Revenues, (AMT), 5.00%, 3/1/23	$	2,000	$	2,176,260
			$	2,176,260
Senior Living / Life Care — 6.3%
Howard County, (Vantage House), 5.00%, 4/1/26	$	1,285	$	1,344,495
Maryland Health and Higher Educational Facilities Authority, (Edenwald), 5.25%, 1/1/37		500		545,480
Rockville, (Ingleside at King Farm), 5.00%, 11/1/37		1,000		1,053,800
Washington County, (Diakon Lutheran Social Ministries), 5.00%, 1/1/32		500		568,210
			$	3,511,985
Special Tax Revenue — 2.2%
Montgomery County, Department of Liquor Control, 5.00%, 4/1/21	$	1,000	$	1,002,620
Montgomery County, Department of Liquor Control, 5.00%, 4/1/29		250		250,655
			$	1,253,275
Transportation — 8.9%
Maryland Economic Development Corp., (Purple Line Light Rail), (AMT), 5.00%, 3/31/51	$	1,000	$	1,066,770
Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/32		500		571,310
Maryland Economic Development Corp., Parking Facilities Revenue, 5.00%, 6/1/58		1,000		1,078,970
Maryland Transportation Authority, 4.00%, 7/1/27		1,000		1,065,370
Washington Metropolitan Area Transit Authority, 5.00%, 7/1/31		1,000		1,188,170
			$	4,970,590

Security	Principal Amount (000’s omitted)		Value
Water and Sewer — 2.1%
Washington Suburban Sanitary District, 5.00%, 6/15/30	$	1,000	$	1,205,480
			$	1,205,480
TotalTax-Exempt Investments — 100.2% (identified cost $54,555,679)			$	56,088,275
Other Assets, Less Liabilities — (0.2)%			$	(100,568	)
Net Assets — 100.0%			$	55,987,707

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

The Fund invests primarily in debt securities issued by Maryland 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 February 28, 2019, 15.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.2% to 12.5% of total investments.

⁽¹⁾  When-issued security.

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At February 28, 2019, the aggregate value of these securities is $674,742 or 1.2% of the Fund’s net assets.

Abbreviations:

AGM	–	Assured Guaranty Municipal Corp.
AMBAC	–	AMBAC Financial Group, Inc.
AMT	–	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
NPFG	–	National Public Finance Guarantee Corp.

18 See Notes to Financial Statements.

Eaton Vance

Missouri Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 92.5%
Security	Principal Amount (000’s omitted)		Value
Education — 6.5%
Missouri Health and Educational Facilities Authority, (Saint Louis University), 5.00%, 10/1/36	$	1,000	$	1,167,010
Missouri Health and Educational Facilities Authority, (University of Central Missouri), 5.00%, 10/1/34		1,000		1,115,380
Missouri Health and Educational Facilities Authority, (Washington University), (SPA: JPMorgan Chase Bank, N.A.), 1.71%, 3/1/40(1)		400		400,000
Missouri Health and Educational Facilities Authority, (Washington University), (SPA: U.S. Bank, N.A.), 1.69%, 2/15/33(1)		550		550,000
University of Missouri, 5.00%, 11/1/25		1,000		1,169,290
			$	4,401,680
Electric Utilities — 3.3%
Missouri Joint Municipal Electric Utility Commission, (Iatan 2 Project), 5.00%, 1/1/34	$	1,000	$	1,109,520
Missouri Joint Municipal Electric Utility Commission, (Prairie State Energy Campus), 5.00%, 12/1/31		1,000		1,140,340
			$	2,249,860
Escrowed / Prerefunded — 3.6%
Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.625%, 12/1/29	$	270	$	278,178
Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.75%, 12/1/34		295		304,204
Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue, (Revolving Funds Program), Prerefunded to 1/1/21, 5.00%, 7/1/30		970		1,027,618
Missouri Health and Educational Facilities Authority, (Children’s Mercy Hospital), Prerefunded to 5/15/19, 5.625%, 5/15/39		830		836,574
			$	2,446,574
General Obligations — 25.3%
Cape Girardeau County Reorganized School DistrictR-II, 5.00%, 3/1/38	$	750	$	870,195
Columbia School District, 5.00%, 3/1/31		1,000		1,061,320
Fenton Fire Protection District, 4.00%, 3/1/37(2)		400		420,748
Fenton Fire Protection District, 4.00%, 3/1/38(2)		500		523,075
Fort Zumwalt School District, 5.00%, 3/1/36		1,000		1,153,190
Greene County Reorganized School District No. 2, 5.00%, 3/1/38		875		996,721
Hazelwood School District, 5.00%, 3/1/27		1,000		1,210,430
Independence School District, 5.00%, 3/1/30		1,000		1,031,110
Independence School District, 5.50%, 3/1/34		1,000		1,204,010

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Independence School District, (Direct Deposit Program), 5.00%, 3/1/29	$	205	$	211,378
Independence School District, (Direct Deposit Program), 5.00%, 3/1/29		795		819,732
Jefferson City School District, 5.00%, 3/1/36		1,000		1,139,940
Jefferson City School District, 5.00%, 3/1/38		500		572,610
Joplin Schools, 5.00%, 3/1/30		1,000		1,190,720
Kansas City, 5.00%, 2/1/32		450		535,635
Lake Ozark Osage School, (School Building), 5.00%, 3/1/34		1,000		1,120,570
Springfield School District No.R-12, 5.00%, 3/1/33		1,000		1,120,260
University City School District, 0.00%, 2/15/32		1,000		666,660
University City School District, 0.00%, 2/15/33		1,000		632,910
WentzvilleR-IV School District, 0.00%, 3/1/27		805		650,625
			$	17,131,839
Hospital — 13.5%
Boone County, (Boone Hospital Center), 4.00%, 8/1/38	$	1,000	$	962,460
Cape Girardeau County Industrial Development Authority, (St. Francis Medical Center), 5.00%, 6/1/37		1,000		1,072,900
Missouri Health and Educational Facilities Authority, (BJC Health System), 4.15%, 1/1/32		1,000		1,056,440
Missouri Health and Educational Facilities Authority, (BJC Health System), 5.00%, 1/1/30		1,000		1,116,370
Missouri Health and Educational Facilities Authority, (Children’s Mercy Hospital), 4.00%, 5/15/42		1,000		1,002,340
Missouri Health and Educational Facilities Authority, (Children’s Mercy Hospital), 5.625%, 5/15/39		170		171,340
Missouri Health and Educational Facilities Authority, (Heartland Regional Medical Center), 5.00%, 2/15/37		1,000		1,069,050
Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 11/15/47		1,000	��	1,118,830
Missouri Health and Educational Facilities Authority, (Saint Luke’s Health System), 4.00%, 11/15/33		1,480		1,549,441
			$	9,119,171
Housing — 1.9%
Missouri Housing Development Commission, SFMR, (FHLMC), (FNMA), (GNMA), 3.75%, 11/1/43	$	995	$	985,498
Missouri Housing Development Commission, SFMR, (GNMA), (AMT), 4.50%, 9/1/29		65		65,589
Missouri Housing Development Commission, SFMR, (GNMA), (AMT), 4.70%, 3/1/35		200		202,024
			$	1,253,111

19 See Notes to Financial Statements.

Eaton Vance

Missouri Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue — 2.8%
Missouri Development Finance Authority, Solid Waste Disposal, (Procter & Gamble Paper Products), (AMT), 5.20%, 3/15/29	$	1,540	$	1,857,794
			$	1,857,794
Insured – Electric Utilities — 1.9%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	950	$	1,018,704
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		280		297,360
			$	1,316,064
Insured – Escrowed / Prerefunded — 5.2%
Missouri Health and Educational Facilities Authority, (Lester Cox Medical Center), (NPFG), Escrowed to Maturity, 0.00%, 9/1/20	$	3,590	$	3,495,834
			$	3,495,834
Insured – General Obligations — 1.6%
Francis HowellR-III School District, Saint Charles County, (NPFG), 5.25%, 3/1/21	$	1,000	$	1,070,250
			$	1,070,250
Insured – Hospital — 3.2%
Missouri Health and Educational Facilities Authority, (Lester Cox Medical Center), (NPFG), 0.00%, 9/1/20	$	2,250	$	2,174,963
			$	2,174,963
Insured – Lease Revenue / Certificates of Participation — 6.3%
Jackson County, Leasehold Revenue, (Truman Sports Complex), (AMBAC), 0.00%, 12/1/20	$	1,000	$	958,800
Kansas City, Leasehold Revenue, (Municipal Assistance), (AMBAC), 0.00%, 4/15/26		2,170		1,796,760
Kansas City, Leasehold Revenue, (Municipal Assistance), (AMBAC), 0.00%, 4/15/30		2,105		1,485,919
			$	4,241,479
Insured – Special Tax Revenue — 4.3%
Bi-State Development Agency, Missouri and Illinois Metropolitan District, (Saint Clair County Metrolink), (AGM), 5.25%, 7/1/28	$	2,355	$	2,929,008
			$	2,929,008
Insured – Transportation — 3.4%
Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/41	$	960	$	1,042,042
Saint Louis Airport, (Lambert International Airport), (NPFG), 5.50%, 7/1/30		1,000		1,287,630
			$	2,329,672

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care — 4.3%
Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/40	$	500	$	522,325
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/35		1,000		1,063,510
Saint Louis County Industrial Development Authority, (Friendship Village of St. Louis), 5.00%, 9/1/37		500		515,700
Saint Louis County Industrial Development Authority, (Friendship Village of St. Louis), 5.00%, 9/1/38		250		256,653
Saint Louis County Industrial Development Authority, (St. Andrew’s Resources for Seniors Obligated Group), 5.00%, 12/1/35		500		516,715
			$	2,874,903
Water and Sewer — 5.4%
Kansas City, Water Revenue, 5.25%, 12/1/32	$	1,165	$	1,168,239
Metropolitan St. Louis Sewer District, 5.00%, 5/1/27		1,000		1,098,250
Metropolitan St. Louis Sewer District, 5.00%, 5/1/30		1,000		1,094,380
Metropolitan St. Louis Sewer District, 5.00%, 5/1/36		250		291,360
			$	3,652,229
TotalTax-Exempt Municipal Securities — 92.5% (identified cost $59,581,142)			$	62,544,431
Trust Units — 1.2%
Security	Notional Amount (000’s omitted)		Value
Insured – Special Tax Revenue — 1.2%
COFINA Series 2007A Senior Bonds Due 2046 National Custodial Trust (taxable), 8/1/46(3)	$	234	$	195,151
COFINA Series 2007A Senior Bonds Due 2046 National Custodial Trust(non-taxable), 8/1/46(3)		712		628,234
Total Trust Units — 1.2% (identified cost $778,445)			$	823,385
Total Investments — 93.7% (identified cost $60,359,587)			$	63,367,816
Other Assets, Less Liabilities — 6.3%			$	4,242,246
Net Assets — 100.0%			$	67,610,062

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

20 See Notes to Financial Statements.

Eaton Vance

Missouri Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited) — continued

The Fund invests primarily in debt securities issued by Missouri 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 February 28, 2019, 29.0% 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 or financial guaranty assurance agency ranged from 1.6% to 16.0% of total investments.

⁽¹⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at February 28, 2019.

⁽²⁾  When-issued security.

⁽³⁾  Security was received in connection with the restructuring of an insuredzero-coupon bond issued by the Puerto Rico Sales Tax Financing Corporation (“COFINA”) (the “Original Bond”). The notional amount of the combined taxable andtax-exempt trust units reflects the accreted amount of the Original Bond from original issuance through the restructuring date. Each trust certificate represents an ownership interest in various coupon paying and zero-coupon COFINA bonds and potential insurance payments pursuant to an insurance policy with National Public Finance Guarantee Corporation. The trust units have no stated coupon interest rate but accrete income to maturity at the annual rate of approximately 5.04%, the same rate as the Original Bond.

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
U.S.10-Year Treasury Note		19		Short		6/19/19	$	(2,318,000	)	$	9,267
										$	9,267

Abbreviations:

AGC	–	Assured Guaranty Corp.
AGM	–	Assured Guaranty Municipal Corp.
AMBAC	–	AMBAC Financial Group, Inc.
AMT	–	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
FHLMC	–	Federal Home Loan Mortgage Corp.
FNMA	–	Federal National Mortgage Association
GNMA	–	Government National Mortgage Association
NPFG	–	National Public Finance Guarantee Corp.
SFMR	–	Single Family Mortgage Revenue
SPA	–	Standby Bond Purchase Agreement

21 See Notes to Financial Statements.

Eaton Vance

North Carolina Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 101.7%
Security	Principal Amount (000’s omitted)		Value
Education — 7.8%
North Carolina Capital Facilities Finance Agency, (Davidson College), 5.00%, 3/1/25	$	365	$	399,175
North Carolina Capital Facilities Finance Agency, (Duke University), 5.00%, 10/1/44		2,000		2,285,920
North Carolina State University at Raleigh, 5.00%, 10/1/42		1,140		1,274,680
University of North Carolina at Charlotte, 4.00%, 10/1/34		770		827,688
University of North Carolina at Charlotte, Prerefunded to 4/1/22, 5.00%, 4/1/32		1,250		1,375,037
University of North Carolina at Greensboro, 4.00%, 4/1/35		1,000		1,068,270
University of North Carolina at Greensboro, 5.00%, 4/1/26		660		757,271
Western Carolina University, 5.00%, 10/1/36		1,000		1,167,290
			$	9,155,331
Electric Utilities — 1.1%
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/30	$	355	$	355,809
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/31		885		949,685
			$	1,305,494
Escrowed / Prerefunded — 13.3%
Durham County, Certificates of Participation, Prerefunded to 6/1/19, 5.00%, 6/1/31	$	1,000	$	1,008,310
North Carolina Capital Facilities Finance Agency, (Duke University), Prerefunded to 4/1/19, 5.00%, 10/1/38(1)		5,000		5,013,200
North Carolina Medical Care Commission, (Duke University Health System), Prerefunded to 6/1/19, 5.00%, 6/1/42		2,295		2,314,072
North Carolina, Capital Improvement Limited Obligation Bonds, Prerefunded to 5/1/21, 5.00%, 5/1/30		1,000		1,071,830
North Carolina, Capital Improvement Limited Obligation Bonds, Prerefunded to 5/1/20, 5.25%, 5/1/31		1,000		1,042,060
University of North Carolina at Greensboro, Prerefunded to 4/1/22, 5.00%, 4/1/31		1,020		1,123,642
Wake County, Prerefunded to 6/1/19, 5.00%, 6/1/36		1,000		1,008,430
Winston-Salem, Water and Sewer System, Prerefunded to 6/1/19, 5.00%, 6/1/34		1,000		1,008,310
Winston-Salem, Water and Sewer System, Prerefunded to 6/1/19, 5.00%, 6/1/39		2,000		2,016,620
			$	15,606,474
General Obligations — 7.7%
Durham County, 4.00%, 6/1/33(2)	$	1,785	$	1,983,813
Forsyth County, 4.00%, 3/1/28		735		828,551
Greensboro, Series 2014, 5.00%, 2/1/27		650		746,428

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Guilford County, 5.00%, 2/1/21	$	2,000	$	2,128,060
Pender County, 5.00%, 3/1/27		1,015		1,211,798
Winston-Salem, 4.00%, 6/1/29		1,925		2,156,308
			$	9,054,958
Hospital — 21.9%
Charlotte-Mecklenburg Hospital Authority, (Carolinas HealthCare System), (SPA: JPMorgan Chase Bank, N.A.), 1.71%, 1/15/37(3)	$	1,000	$	1,000,000
Charlotte-Mecklenburg Hospital Authority, (Carolinas HealthCare System), (SPA: JPMorgan Chase Bank, N.A.), 1.71%, 1/15/38(3)		4,965		4,965,000
New Hanover County, (New Hanover Regional Medical Center), 5.00%, 10/1/30		250		290,595
New Hanover County, (New Hanover Regional Medical Center), 5.00%, 10/1/36		1,000		1,122,800
North Carolina Medical Care Commission, (Cape Fear Valley Health System), 5.00%, 10/1/32		2,000		2,153,320
North Carolina Medical Care Commission, (Duke University Health System), 5.00%, 6/1/42		1,250		1,357,763
North Carolina Medical Care Commission, (Moses Cone Health System), (SPA: Bank of Montreal), 1.65%, 10/1/35(3)		2,350		2,350,000
North Carolina Medical Care Commission, (North Carolina Baptist Hospital), 5.25%, 6/1/29		3,100		3,227,007
North Carolina Medical Care Commission, (Novant Health Obligated Group), 4.75%, 11/1/43		1,000		1,035,150
North Carolina Medical Care Commission, (Rex Healthcare, Inc.), 5.00%, 7/1/30		910		942,523
North Carolina Medical Care Commission, (Rex Healthcare, Inc.), 5.00%, 7/1/32		1,000		1,128,590
North Carolina Medical Care Commission, (Southeastern Regional Medical Center), 5.00%, 6/1/32		1,645		1,783,048
North Carolina Medical Care Commission, (Vidant Health), 5.00%, 6/1/31		2,000		2,259,100
North Carolina Medical Care Commission, (WakeMed), 5.00%, 10/1/31		2,000		2,187,600
			$	25,802,496
Industrial Development Revenue — 0.7%
Columbus County Industrial Facilities & Pollution Control Financing Authority, 5.70%, 5/1/34	$	750	$	778,170
			$	778,170
Insured – Education — 0.0%(4)
University of North Carolina, (AGC), 5.00%, 10/1/33	$	35	$	35,072
			$	35,072

22 See Notes to Financial Statements.

Eaton Vance

North Carolina Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Electric Utilities — 2.1%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34	$	1,740	$	1,847,880
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35		600		635,244
			$	2,483,124
Insured – General Obligations — 0.2%
Puerto Rico, (NPFG), 5.50%, 7/1/20	$	285	$	292,413
			$	292,413
Insured – Special Tax Revenue — 0.5%
Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/27	$	550	$	604,335
			$	604,335
Insured – Transportation — 4.1%
North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 0.00%, 1/1/35	$	6,500	$	3,646,760
Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/41		1,040		1,128,878
			$	4,775,638
Lease Revenue / Certificates of Participation — 17.0%
Buncombe County, 5.00%, 6/1/29	$	750	$	860,295
Buncombe County, 5.00%, 6/1/31		1,000		1,142,780
Burke County Limited Obligation Bonds, 5.00%, 4/1/27		250		303,388
Cabarrus County Limited Obligation Bonds, 5.00%, 6/1/28		1,600		1,942,960
Cabarrus County Limited Obligation Bonds, 5.00%, 4/1/29		1,000		1,182,670
Cabarrus County Limited Obligation Bonds, 5.00%, 4/1/30		1,000		1,175,740
Davidson County Limited Obligation Bonds, 5.00%, 6/1/31		2,010		2,348,464
Durham Capital Financing Corp., 5.00%, 6/1/32		1,700		1,858,270
Durham Capital Financing Corp., 5.00%, 6/1/38		1,000		1,106,490
North Carolina Limited Obligation Bonds, 5.00%, 5/1/29		1,000		1,208,300
North Carolina Turnpike Authority, (Monroe Connector System), 5.00%, 7/1/31		1,000		1,069,760
North Carolina Turnpike Authority, (Monroe Connector System), 5.00%, 7/1/36		1,750		1,864,660
Orange County Public Facilities Co., 4.00%, 10/1/31		400		437,936
Scotland County Limited Obligation Bonds, 5.00%, 12/1/29		500		598,900
Scotland County Limited Obligation Bonds, 5.00%, 12/1/31		55		64,967
Scotland County Limited Obligation Bonds, 5.00%, 12/1/33		250		292,690
Watauga Public Facilities Corp., 5.00%, 6/1/27		1,000		1,088,500
Wayne County Limited Obligation Bonds, 5.00%, 6/1/28		500		602,565
Winston-Salem, 5.00%, 6/1/27		750		862,305
			$	20,011,640

Security	Principal Amount (000’s omitted)		Value
Other Revenue — 2.0%
Durham County Industrial Facilities & Pollution Control Financing Authority, (Research Triangle Institute), 5.00%, 2/1/24	$	1,000	$	1,143,290
Durham County Industrial Facilities & Pollution Control Financing Authority, (Research Triangle Institute), 5.00%, 2/1/25		1,035		1,208,911
			$	2,352,201
Senior Living / Life Care — 2.8%
North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/31	$	2,000	$	2,267,940
North Carolina Medical Care Commission, (United Church Homes and Services), 5.00%, 9/1/46		1,000		1,027,650
			$	3,295,590
Solid Waste — 0.9%
Mecklenburg County, Special Obligation, 5.00%, 1/1/26	$	1,000	$	1,057,330
			$	1,057,330
Transportation — 10.7%
Charlotte Airport, 5.50%, 7/1/34	$	535	$	562,130
Charlotte Airport, (AMT), 5.00%, 7/1/36		1,500		1,588,095
Charlotte Airport, (AMT), 5.375%, 7/1/28		1,000		1,044,630
North Carolina Ports Authority, 5.25%, 2/1/40		1,000		1,022,210
North Carolina Turnpike Authority, (Triangle Expressway System), 4.00%, 1/1/33		2,000		2,165,440
North Carolina Turnpike Authority, (Triangle Expressway System), 5.00%, 1/1/40		2,500		2,782,975
Raleigh-Durham Airport Authority, (AMT), 5.00%, 5/1/25		1,000		1,163,050
Raleigh-Durham Airport Authority, (AMT), 5.00%, 5/1/36		2,000		2,272,880
			$	12,601,410
Water and Sewer — 8.9%
Brunswick County, (Water and Wastewater Systems), 5.00%, 4/1/30	$	750	$	863,062
Buncombe County Metropolitan Sewerage District, 5.00%, 7/1/26		305		353,608
Buncombe County Metropolitan Sewerage District, 5.00%, 7/1/28		540		621,918
Cape Fear Public Utility Authority, Water and Sewer System Revenue, 5.00%, 8/1/29		1,375		1,640,595
Cary, Combined Enterprise System Revenue, 5.00%, 12/1/30		675		821,097
Charlotte, Water and Sewer System Revenue, 5.00%, 7/1/20		1,000		1,045,190
Charlotte, Water and Sewer System Revenue, 5.00%, 7/1/34		1,000		1,010,090
Charlotte, Water and Sewer System Revenue, 5.00%, 7/1/38		1,750		1,820,035

23 See Notes to Financial Statements.

Eaton Vance

North Carolina Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Greensboro, Combined Enterprise System Revenue, Green Bonds, 4.00%, 6/1/30	$	1,065	$	1,180,755
Raleigh, Combined Enterprise System Revenue, 5.00%, 3/1/25		1,000		1,127,990
			$	10,484,340
TotalTax-Exempt Investments — 101.7% (identified cost $115,327,832)			$	119,696,016
Corporate Bonds & Notes — 0.5%
Security	Principal Amount (000’s omitted)		Value
Hospital — 0.5%
Harnett Health System, Inc., 6.50% to 4/1/20 (Put Date), 4/1/32	$	565	$	572,229
Total Corporate Bonds & Notes — 0.5% (identified cost $565,000)			$	572,229
Total Investments — 102.2% (identified cost $115,892,832)			$	120,268,245
Other Assets, Less Liabilities — (2.2)%			$	(2,591,963	)
Net Assets — 100.0%			$	117,676,282

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

The Fund invests primarily in debt securities issued by North Carolina 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 February 28, 2019, 6.8% 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 or financial guaranty assurance agency ranged from 0.5% to 4.0% of total investments.

⁽¹⁾  Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

⁽²⁾  When-issued security.

⁽³⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at February 28, 2019.

⁽⁴⁾  Amount is less than 0.05%.

Abbreviations:

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.
NPFG	–	National Public Finance Guarantee Corp.

24 See Notes to Financial Statements.

Eaton Vance

Oregon Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 99.8%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.6%
Oregon, Bond Bank Revenue, 5.00%, 1/1/32	$	955	$	1,102,767
Oregon, Bond Bank Revenue, 5.00%, 1/1/33		610		700,622
			$	1,803,389
Education — 6.3%
Forest Grove, (Pacific University), 5.00%, 5/1/30	$	500	$	551,325
Forest Grove, (Pacific University), 5.25%, 5/1/34		1,000		1,062,630
Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36		2,000		2,179,000
Oregon Facilities Authority, (Linfield College), 5.00%, 10/1/34		1,000		1,030,800
Oregon Facilities Authority, (University of Portland), 5.00%, 4/1/27		500		580,645
Oregon Facilities Authority, (University of Portland), 5.00%, 4/1/29		500		576,335
Oregon Facilities Authority, (Willamette University), 5.00%, 10/1/40		1,000		1,128,360
			$	7,109,095
Electric Utilities — 2.0%
Eugene, Electric Utility System Revenue, 5.00%, 8/1/47	$	2,000	$	2,275,280
			$	2,275,280
Escrowed / Prerefunded — 5.8%
Oregon Facilities Authority, (Reed College), Prerefunded to 7/1/20, 4.75%, 7/1/32	$	250	$	260,380
Oregon Facilities Authority, (Reed College), Prerefunded to 7/1/20, 5.00%, 7/1/29		250		261,195
Oregon Facilities Authority, (Reed College), Prerefunded to 7/1/20, 5.125%, 7/1/41		1,630		1,705,648
Oregon Health and Science University, Prerefunded to 7/1/19, 5.75%, 7/1/39		2,000		2,026,740
Tri-County Metropolitan Transportation District, Prerefunded to 9/1/22, 5.00%, 9/1/30		2,000		2,227,860
			$	6,481,823
General Obligations — 37.9%
Astoria School District No. 1C, Clatsop County, 5.00%, 6/15/37	$	1,380	$	1,631,684
Central School District No. 13J, Polk, Marion and Benton Counties, 0.00%, 6/15/38		750		363,593
Chemeketa Community College District, 5.00%, 6/15/25		1,000		1,157,170
Corvallis School District No. 509J, 5.00%, (0.00% until 6/15/20), 6/15/27		1,280		1,464,691

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
David Douglas School District No. 40, Multnomah County, 0.00%, 6/15/24	$	1,640	$	1,470,194
Fern Ridge School District 28J, Lane and Douglas Counties, 5.00%, 6/15/25		525		621,080
Forest Grove School District No. 15, Washington County, 0.00%, 6/15/26		1,975		1,661,252
Hillsboro School District No. 1J, Washington, Multnomah and Yamhill Counties, 5.00%, 6/15/32		2,000		2,370,740
Klamath County School District, 5.00%, 6/15/29		1,155		1,298,497
Lake Oswego, 4.00%, 12/1/31		1,000		1,113,600
Lake Oswego, 5.00%, 6/1/33		2,450		2,746,695
Medford, 5.00%, 7/15/32		545		608,776
Metro, 4.00%, 6/1/31		1,365		1,517,757
North Clackamas School District No. 12, Clackamas County, 5.00%, 6/15/28		2,500		2,877,975
North Clackamas School District No. 12, Clackamas County, 5.00%, 6/15/42		1,500		1,732,440
Oregon City School District No. 62, Clackamas County, 5.00%, 6/15/38		2,000		2,328,760
Oregon Elderly and Disabled Housing, (AMT), 5.65%, 8/1/26		1,155		1,157,657
Pendleton School District No. 16R, Umatilla County, 5.00%, 6/15/24		1,220		1,416,408
Pendleton School District No. 16R, Umatilla County, 5.00%, 6/15/28		1,000		1,150,100
Philomath School District No. 17J, Benton and Polk Counties, 0.00%, 6/15/28		1,000		778,780
Philomath School District No. 17J, Benton and Polk Counties, 0.00%, 6/15/30		700		500,052
Portland Community College District, 5.00%, 6/15/32		795		929,594
Portland Housing Authority, (Pearl Court LP), (AMT), 4.625%, 1/1/27		1,280		1,283,981
Portland Housing Authority, (Yards Union Station Project), (AMT), 4.75%, 5/1/22		380		380,733
Portland Housing Authority, (Yards Union Station Project), (AMT), 4.85%, 5/1/29		2,740		2,743,535
Redmond, 5.00%, 6/1/28		605		689,446
Redmond School District No. 2J, Deschutes and Jefferson Counties, 0.00%, 6/15/25		460		399,818
Redmond School District No. 2J, Deschutes and Jefferson Counties, 0.00%, 6/15/27		3,175		2,568,638
Riverdale School District No. 51J, Multnomah and Clackamas Counties, 0.00%, 6/15/29		1,000		749,070
Riverdale School District No. 51J, Multnomah and Clackamas Counties, 0.00%, 6/15/30		1,215		869,879
Salem-Keizer School District No. 24J, 0.00%, 6/15/29		1,050		788,120
Warrenton-Hammond School District No. 30, Clatsop County, 5.00%, 6/15/32		1,000		1,215,590
			$	42,586,305

25 See Notes to Financial Statements.

Eaton Vance

Oregon Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital — 7.7%
Astoria Hospital Facilities Authority, (Columbia Memorial Hospital), 5.00%, 8/1/41	$	310	$	336,685
Klamath Falls Intercommunity Hospital Authority, (Sky Lakes Medical Center), 5.00%, 9/1/20		1,320		1,381,697
Klamath Falls Intercommunity Hospital Authority, (Sky Lakes Medical Center), 5.00%, 9/1/22		250		274,797
Oregon Facilities Authority, (Legacy Health System), 5.00%, 3/15/30		3,685		3,787,996
Oregon Facilities Authority, (PeaceHealth), 5.00%, 11/15/29		1,500		1,688,250
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/29		1,000		1,134,470
			$	8,603,895
Housing — 1.6%
Oregon Housing and Community Services Department, (AMT), 5.15%, 7/1/42	$	1,790	$	1,817,978
			$	1,817,978
Insured – Electric Utilities — 3.6%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	1,045	$	1,120,574
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		2,760		2,931,120
			$	4,051,694
Insured – Escrowed / Prerefunded — 0.6%
Beaverton School District, (AGC), Prerefunded to 6/1/19, 5.125%, 6/1/36	$	715	$	721,228
			$	721,228
Insured – General Obligations — 6.9%
Lebanon Community School District No. 9, Linn County, (NPFG), 5.50%, 6/15/30	$	4,000	$	5,080,440
Newport, (AGC), 0.00%, 6/1/28		1,000		780,630
Newport, (AGC), 0.00%, 6/1/29		1,225		917,170
West Linn-Wilsonville School District No. 3Jt, Clackamas and Washington Counties, (NPFG), 0.00%, 6/15/23		1,050		966,745
			$	7,744,985
Insured – Hospital — 5.3%
Medford Hospital Facilities Authority, (Asante Health System), (AGM), 5.50%, 8/15/28	$	3,000	$	3,150,480
Oregon Health and Science University, (NPFG), 0.00%, 7/1/21		3,070		2,820,777
			$	5,971,257

Security	Principal Amount (000’s omitted)		Value
Insured – Special Tax Revenue — 1.0%
Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/27	$	1,015	$	1,115,272
			$	1,115,272
Other Revenue — 11.4%
Metro, (Oregon Convention Center Hotel), 5.00%, 6/15/29	$	215	$	256,919
Oregon Department of Administrative Services, Lottery Revenue, Prerefunded to 4/1/19, 5.00%, 4/1/28(1)		8,740		8,762,986
Oregon Department of Administrative Services, Lottery Revenue, 5.00%, 4/1/25		2,000		2,310,460
Oregon Department of Administrative Services, Lottery Revenue, 5.00%, 4/1/33		1,280		1,504,038
			$	12,834,403
Senior Living / Life Care — 1.7%
Multnomah County Hospital Facilities Authority, (Mirabella at South Waterfront), 5.00%, 10/1/24	$	415	$	457,757
Multnomah County Hospital Facilities Authority, (Terwilliger Plaza, Inc.), 5.00%, 12/1/36		750		805,590
Salem Hospital Facility Authority, (Capital Manor), 5.00%, 5/15/33		550		619,955
			$	1,883,302
Special Tax Revenue — 1.6%
Tri-County Metropolitan Transportation District, Payroll Tax Revenue, 5.00%, 9/1/38	$	1,500	$	1,744,110
			$	1,744,110
Transportation — 2.6%
Port of Portland, (Portland International Airport), (AMT), 5.00%, 7/1/29	$	1,155	$	1,346,984
Redmond, Airport Revenue, 5.50%, 6/1/24		215		217,045
Redmond, Airport Revenue, 5.75%, 6/1/27		200		201,922
Redmond, Airport Revenue, 6.00%, 6/1/34		550		555,379
Redmond, Airport Revenue, 6.25%, 6/1/39		600		606,006
			$	2,927,336
Water and Sewer — 2.2%
Clackamas River Water, 5.00%, 11/1/29	$	100	$	115,929
Grants Pass, Wastewater Revenue, 4.00%, 12/1/36		1,160		1,238,323

26 See Notes to Financial Statements.

Eaton Vance

Oregon Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Grants Pass, Wastewater Revenue, 4.00%, 12/1/37	$	1,000	$	1,062,530
			$	2,416,782
TotalTax-Exempt Investments — 99.8% (identified cost $106,769,543)			$	112,088,134
Other Assets, Less Liabilities — 0.2%			$	265,870
Net Assets — 100.0%			$	112,354,004

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

The Fund invests primarily in debt securities issued by Oregon 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 February 28, 2019, 17.5% 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 or financial guaranty assurance agency ranged from 1.0% to 11.5% of total investments.

⁽¹⁾  Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

Abbreviations:

AGC	–	Assured Guaranty Corp
AGM	–	Assured Guaranty Municipal Corp.
AMBAC	–	AMBAC Financial Group, Inc.
AMT	–	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
NPFG	–	National Public Finance Guarantee Corp.

27 See Notes to Financial Statements.

Eaton Vance

South Carolina Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 96.8%
Security	Principal Amount (000’s omitted)		Value
Education — 10.6%
Clemson University, 5.00%, 5/1/26	$	2,000	$	2,413,720
College of Charleston, Academic and Administrative Facilities, 5.00%, 4/1/37		2,695		2,843,009
Florence-Darlington Commission for Technical Education, 5.00%, 3/1/28		600		654,006
South Carolina Jobs-Economic Development Authority, (Furman University), 5.00%, 10/1/32		2,000		2,319,560
South Carolina Jobs-Economic Development Authority, (Furman University), 5.00%, 10/1/45		2,000		2,285,520
University of South Carolina, Athletic Facilities, 5.00%, 5/1/37		1,500		1,731,390
University of South Carolina, Higher Education, 5.00%, 5/1/30		600		671,160
			$	12,918,365
Electric Utilities — 3.0%
Piedmont Municipal Power Agency, 5.00%, 1/1/24	$	250	$	284,313
Piedmont Municipal Power Agency, 5.00%, 1/1/25		1,000		1,156,580
South Carolina Public Service Authority, 5.00%, 12/1/37		2,000		2,231,280
			$	3,672,173
Escrowed / Prerefunded — 23.3%
Charleston Waterworks and Sewer Revenue, Prerefunded to 1/1/21, 5.00%, 1/1/30	$	1,000	$	1,061,260
Charleston Waterworks and Sewer Revenue, Prerefunded to 1/1/21, 5.00%, 1/1/35		3,000		3,183,780
Columbia Waterworks and Sewer Revenue, Prerefunded to 2/1/20, 5.00%, 2/1/40		3,500		3,608,430
Georgetown County, Prerefunded to 3/1/23, 5.00%, 3/1/31		2,510		2,834,568
Georgetown County, Prerefunded to 3/1/23, 5.00%, 3/1/33		2,750		3,105,603
Greenwood County, (Self Regional Healthcare), Prerefunded to 10/1/19, 5.375%, 10/1/39		3,835		3,916,801
South Carolina Jobs-Economic Development Authority, (Bon Secours Health System, Inc.), Prerefunded to 11/1/22, 5.00%, 11/1/28		2,500		2,778,200
South Carolina Jobs-Economic Development Authority, (Bon Secours Health System, Inc.), Prerefunded to 11/1/22, 5.00%, 11/1/29		450		500,076
South Carolina Jobs-Economic Development Authority, (Palmetto Health), Prerefunded to 8/1/19, 5.75%, 8/1/39		3,420		3,477,182
South Carolina Ports Authority, Prerefunded to 7/1/20, 5.25%, 7/1/40		3,725		3,901,453
			$	28,367,353
General Obligations — 15.5%
Aiken County Consolidated School District, 5.00%, 3/1/25	$	2,020	$	2,382,025
Anderson County School District No. 5, 5.00%, 3/1/30		2,000		2,350,200

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Colleton County School District, 5.00%, 3/1/25	$	1,060	$	1,247,344
Hilton Head Island, 4.00%, 3/1/23		605		659,656
Hilton Head Island, 4.00%, 3/1/25		565		636,043
Horry County School District, 5.00%, 3/1/24		1,500		1,732,740
Horry County School District, 5.00%, 3/1/25		1,500		1,763,250
Lexington County School District No. 1, 5.00%, 2/1/26		1,060		1,274,756
Richland-Lexington Airport District, (AMT), Prerefunded to 3/1/23, 3.00%, 3/1/27		580		604,638
Richland-Lexington Airport District, (AMT), 4.00%, 3/1/22		195		207,248
Richland-Lexington Airport District, (AMT), 4.00%, 3/1/24		685		738,649
South Carolina, (Air Carrier Hub Terminal A), 1.00%, 4/1/25		4,275		4,026,152
Spartanburg County School District No. 7, 5.00%, 3/1/40		1,000		1,165,190
			$	18,787,891
Hospital — 10.5%
Florence County, (McLeod Regional Medical Center), 5.00%, 11/1/30	$	1,500	$	1,700,940
Florence County, (McLeod Regional Medical Center), 5.00%, 11/1/37		1,000		1,043,000
Greenville Health System, 5.00%, 5/1/31		1,500		1,670,220
Greenwood County, (Self Regional Healthcare), 4.00%, 10/1/21		1,050		1,108,979
Lexington County Health Services District, Inc., (Lexington Medical Center), 5.00%, 11/1/29		600		694,806
South Carolina Jobs-Economic Development Authority, (AnMed Health), 5.00%, 2/1/36		2,500		2,718,900
South Carolina Jobs-Economic Development Authority, (Prisma Health Obligated Group), 5.00%, 5/1/36		1,500		1,699,545
Spartanburg Regional Health Services District, Inc., 5.00%, 4/15/48		2,000		2,173,060
			$	12,809,450
Industrial Development Revenue — 1.4%
Richland County, (International Paper Co.), (AMT), 3.875%, 4/1/23	$	1,670	$	1,753,984
			$	1,753,984
Insured – Electric Utilities — 5.9%
Piedmont Municipal Power Agency, (NPFG), 0.00%, 1/1/23	$	1,090	$	999,138
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		1,075		1,152,744
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/32		1,350		1,439,923
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		2,375		2,522,250
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35		950		1,005,803
			$	7,119,858

28 See Notes to Financial Statements.

Eaton Vance

South Carolina Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Escrowed / Prerefunded — 1.7%
Lexington, Waterworks and Sewer Revenue, (AGC), Prerefunded to 1/15/20, 5.00%, 1/15/35	$	2,025	$	2,084,677
			$	2,084,677
Insured – Lease Revenue / Certificates of Participation — 3.0%
St. Peters Parish/Jasper County Public Facilities Corp., (County Office Buildings), (AGM), 5.00%, 4/1/31	$	1,000	$	1,053,210
Sumter Two School Facilities, Inc., (Sumter School District), (BAM), 5.00%, 12/1/23		1,000		1,121,260
Sumter Two School Facilities, Inc., (Sumter School District), (BAM), 5.00%, 12/1/24		1,280		1,460,301
			$	3,634,771
Insured – Transportation — 1.2%
Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/41	$	1,360	$	1,476,226
			$	1,476,226
Insured – Utilities — 3.5%
Greer, Combined Utility System, (AMBAC), 5.50%, 9/1/27	$	1,000	$	1,217,060
Greer, Combined Utility System, (AMBAC), 5.50%, 9/1/32		2,000		2,509,260
Newberry, (Combined Public Utility System), (AGM), 5.00%, 4/1/30		500		573,240
			$	4,299,560
Lease Revenue / Certificates of Participation — 8.8%
Allendale County School District, (Refunding & Improvement), 5.00%, 12/1/22	$	1,155	$	1,271,955
Allendale County School District, (Refunding & Improvement), 5.00%, 12/1/24		500		572,740
Charleston Educational Excellence Financing Corp., (Charleston County School District), 5.00%, 12/1/30(1)		3,875		4,374,410
Charleston Educational Excellence Financing Corp., (Charleston County School District), 5.00%, 12/1/30		2,000		2,257,760
Dorchester County School District No. 2, (Growth Installment Purchase), 5.00%, 12/1/27		1,000		1,133,280
Securing Assets for Education, (Berkeley County School District), 5.00%, 12/1/27		1,000		1,130,870
			$	10,741,015
Other Revenue — 1.8%
Patriots Energy Group Financing Agency, Gas Supply Revenue, 4.00% to 2/1/24 (Put Date), 10/1/48	$	2,000	$	2,140,140
			$	2,140,140

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care — 1.5%
South Carolina Jobs-Economic Development Authority, (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/47	$	1,000	$	1,079,750
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/29		640		675,635
			$	1,755,385
Special Tax Revenue — 1.3%
Hilton Head Island, (Beach Preservation Fee Pledge), 5.00%, 8/1/25	$	400	$	473,360
Myrtle Beach, (Hospitality Fee), 5.00%, 6/1/26		1,000		1,141,840
			$	1,615,200
Student Loan — 0.9%
South Carolina Education Assistance Authority, 5.10%, 10/1/29	$	1,040	$	1,055,371
			$	1,055,371
Water and Sewer — 2.9%
Charleston Waterworks and Sewer System Revenue, 5.00%, 1/1/29	$	1,550	$	1,877,639
Mount Pleasant Waterworks and Sewer System Revenue, 5.00%, 6/1/37		1,000		1,157,710
North Charleston Sewer District, 2.00%, 1/1/29		500		474,095
			$	3,509,444
TotalTax-Exempt Municipal Securities — 96.8% (identified cost $112,888,257)			$	117,740,863
Trust Units — 0.9%
Security	Notional Amount (000’s omitted)		Value
Insured – Special Tax Revenue — 0.9%
COFINA Series 2007A Senior Bonds Due 2041 National Custodial Trust (taxable), 8/1/41(2)	$	334	$	278,142
COFINA Series 2007A Senior Bonds Due 2041 National Custodial Trust(non-taxable), 8/1/41(2)		1,015		895,437
Total Trust Units — 0.9% (identified cost $1,109,542)			$	1,173,579
Total Investments — 97.7% (identified cost $113,997,799)			$	118,914,442
Other Assets, Less Liabilities — 2.3%			$	2,747,422
Net Assets — 100.0%			$	121,661,864

29 See Notes to Financial Statements.

Eaton Vance

South Carolina Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited) — continued

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

The Fund invests primarily in debt securities issued by South Carolina 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 February 28, 2019, 16.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.4% to 7.0% of total investments.

⁽¹⁾  Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

⁽²⁾  Security was received in connection with the restructuring of an insuredzero-coupon bond issued by the Puerto Rico Sales Tax Financing Corporation (“COFINA”) (the “Original Bond”). The notional amount of the combined taxable andtax-exempt trust units reflects the accreted amount of the Original Bond from original issuance through the restructuring date. Each trust certificate represents an ownership interest in various coupon paying and zero-coupon COFINA bonds and potential insurance payments pursuant to an insurance policy with National Public Finance Guarantee Corporation. The trust units have no stated coupon interest rate but accrete income to maturity at the annual rate of approximately 5.04%, the same rate as the Original Bond.

Abbreviations:

AGC	–	Assured Guaranty Corp.
AGM	–	Assured Guaranty Municipal Corp.
AMBAC	–	AMBAC Financial Group, Inc.
AMT	–	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BAM	–	Build America Mutual Assurance Co.
NPFG	–	National Public Finance Guarantee Corp.

30 See Notes to Financial Statements.

Eaton Vance

Virginia Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 101.4%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.6%
Virginia Resources Authority, Infrastructure Revenue, (Pooled Financing Program), 4.00%, 11/1/32	$	1,000	$	1,085,110
			$	1,085,110
Education — 2.3%
University of Virginia, 5.00%, 4/1/38	$	1,320	$	1,538,816
			$	1,538,816
Escrowed / Prerefunded — 23.7%
Alexandria Industrial Development Authority, (Episcopal High School), Prerefunded to 1/1/20, 5.00%, 1/1/40	$	1,700	$	1,746,580
Fairfax County Industrial Development Authority, (Inova Health System Hospitals), Prerefunded to 5/15/19, 5.50%, 5/15/35		1,060		1,068,162
Fairfax County Industrial Development Authority, (Inova Health System Hospitals), Prerefunded to 5/15/19, 5.50%, 5/15/35		1,940		1,954,938
Henrico County Economic Development Authority, (Bon Secours Health System, Inc.), Prerefunded to 11/1/22, 5.00%, 11/1/30		645		717,014
Loudoun County, Prerefunded to 7/1/19, 5.00%, 7/1/27		1,820		1,840,584
Norfolk, Prerefunded to 8/1/23, 5.00%, 8/1/28		750		856,050
Portsmouth, Prerefunded to 7/15/19, 4.75%, 7/15/25		500		505,880
Portsmouth, Prerefunded to 7/15/19, 5.25%, 7/15/25		390		395,222
Portsmouth, Prerefunded to 7/15/19, 5.25%, 7/15/25		285		288,867
Smyth County Industrial Development Authority, (Mountain States Health Alliance), Prerefunded to 7/1/20, 5.50%, 7/1/28		1,100		1,155,099
Virginia Port Authority, (AMT), Prerefunded to 7/1/25, 5.00%, 7/1/33		1,250		1,474,163
Virginia Resources Authority, Clean Water Revenue, Prerefunded to 10/1/19, 5.00%, 10/1/31		1,000		1,019,840
Washington County Industrial Development Authority, (Davenport & Co., LLC), Prerefunded to 8/1/20, 5.25%, 8/1/30		1,500		1,575,705
Washington Metropolitan Area Transit Authority, Prerefunded to 7/1/19, 5.00%, 7/1/32		1,500		1,516,920
			$	16,115,024
General Obligations — 14.4%
Alexandria, 5.00%, 7/1/28	$	1,000	$	1,225,820
Arlington County, 5.00%, 8/15/32		1,000		1,181,080
Culpeper, 5.00%, 8/1/25		1,350		1,602,058
Newport News, 5.00%, 8/1/28		1,000		1,202,100
Norfolk, 5.00%, 9/1/36		2,140		2,469,346
Virginia, 5.00%, 6/1/31		2,000		2,140,120
			$	9,820,524

Security	Principal Amount (000’s omitted)		Value
Hospital — 15.2%
Albermarle County Economic Development Authority, (Sentara Martha Jefferson Hospital), (SPA: TD Bank, N.A.), 1.67%, 10/1/48(1)	$	2,350	$	2,350,000
Fairfax County Industrial Development Authority, (Inova Health System Hospitals), 5.00%, 8/15/23(2)		5,000		5,480,500
Fredericksburg Economic Development Authority, (Mary Washington Healthcare), 5.00%, 6/15/24		1,000		1,130,810
Norfolk Economic Development Authority, (Sentara Healthcare), 5.00% to 11/1/28 (Put Date), 11/1/48		750		912,652
Winchester Economic Development Authority, (Valley Health System), 5.00%, 1/1/28		450		504,131
			$	10,378,093
Industrial Development Revenue — 0.1%
Virginia Small Business Financing Authority, (Covanta), (AMT), 5.00% to 7/1/38 (Put Date), 1/1/48(3)	$	60	$	61,282
			$	61,282
Insured – Education — 3.8%
Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31	$	2,155	$	2,619,144
			$	2,619,144
Insured – Electric Utilities — 1.6%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	1,000	$	1,072,320
			$	1,072,320
Insured – Escrowed / Prerefunded — 1.2%
Henrico County Industrial Development Authority, (Bon Secours Health System, Inc.), (NPFG), Escrowed to Maturity, 6.25%, 8/15/20	$	795	$	827,309
			$	827,309
Insured – Transportation — 12.4%
Chesapeake Bay Bridge and Tunnel District, (General Resolution), (NPFG), Escrowed to Maturity, 5.50%, 7/1/25	$	2,500	$	2,955,225
Norfolk Airport Authority, (AGM), 5.00%, 7/1/26		1,000		1,066,930
Puerto Rico Highway and Transportation Authority, (AMBAC), 5.50%, 7/1/29		1,600		1,765,344
Richmond Metropolitan Authority, (NPFG), 5.25%, 7/15/22		2,355		2,478,708
Virginia Commonwealth Transportation Board, (NPFG), 0.00%, 4/1/26		200		172,328
			$	8,438,535

31 See Notes to Financial Statements.

Eaton Vance

Virginia Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation — 0.9%
Virginia Public Building Authority, (AMT), 5.00%, 8/1/26	$	500	$	596,155
			$	596,155
Senior Living / Life Care — 4.9%
Albemarle County Economic Development Authority, (Westminster-Canterbury of the Blue Ridge), 5.00%, 1/1/42	$	150	$	153,287
Alexandria Industrial Development Authority, (Goodwin House, Inc.), 5.00%, 10/1/30		750		828,442
Hanover County Economic Development Authority, (Covenant Woods), 5.00%, 7/1/48		235		245,559
Harrisonburg Industrial Development Authority, (Sunnyside Presbyterian Home), 6.25%, 12/1/33		750		827,962
Virginia Beach Development Authority, (Westminster-Canterbury on Chesapeake Bay), 5.00%, 9/1/34		1,150		1,303,088
			$	3,358,338
Special Tax Revenue — 0.5%
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/24	$	10	$	8,420
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/27		17		12,500
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/29		17		10,820
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/31		22		12,427
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/33		24		12,323
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/46		231		45,024
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/51		188		27,287
Puerto Rico Sales Tax Financing Corp., 4.50%, 7/1/34		18		17,813
Puerto Rico Sales Tax Financing Corp., 4.55%, 7/1/40		9		8,738
Puerto Rico Sales Tax Financing Corp., 4.75%, 7/1/53		66		60,873
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58		167		158,930
			$	375,155
Transportation — 8.0%
Metropolitan Washington, DC, Airport Authority System, (AMT), 5.00%, 10/1/37	$	1,295	$	1,466,872
Metropolitan Washington, DC, Airport Authority System, (AMT), 5.00%, 10/1/42		990		1,105,662
Virginia Small Business Financing Authority, (Transform 66 P3 Project), (AMT), 5.00%, 12/31/47		500		540,955
Washington Metropolitan Area Transit Authority, 5.00%, 7/1/29		1,000		1,204,750
Washington Metropolitan Area Transit Authority, 5.00%, 7/1/37		1,000		1,153,980
			$	5,472,219
Water and Sewer — 10.8%
Fairfax County Water Authority, 5.25%, 4/1/27	$	1,795	$	2,237,127
Fairfax County, Sewer Revenue, 4.00%, 7/15/37		1,000		1,065,880

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Henrico County, Water and Sewer System Revenue, 5.00%, 5/1/28	$	1,000	$	1,194,800
Newport News, Water Revenue, 5.00%, 7/15/33		1,000		1,167,750
Virginia Beach, Water and Sewer System Revenue, 5.00%, 10/1/26		1,375		1,679,301
			$	7,344,858
Total Tax-Exempt Municipal Securities — 101.4% (identified cost $65,943,568)			$	69,102,882
Taxable Municipal Securities — 0.2%
Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 0.2%
Puerto Rico Sales Tax Financing Corp., 4.55%, 7/1/40	$	92	$	79,426
Puerto Rico Sales Tax Financing Corp., 4.75%, 7/1/53		3		2,320
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58		37		31,622
Total Taxable Municipal Securities — 0.2% (identified cost $99,537)			$	113,368
Total Investments — 101.6% (identified cost $66,043,105)			$	69,216,250
Other Assets, Less Liabilities — (1.6)%			$	(1,111,085	)
Net Assets — 100.0%			$	68,105,165

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

The Fund invests primarily in debt securities issued by 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 February 28, 2019, 18.7% 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 or financial guaranty assurance agency ranged from 1.5% to 14.6% of total investments.

⁽¹⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at February 28, 2019.

⁽²⁾  Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

32 See Notes to Financial Statements.

Eaton Vance

Virginia Municipal Income Fund

February 28, 2019

Portfolio of Investments (Unaudited) — continued

⁽³⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At February 28, 2019, the aggregate value of these securities is $61,282 or 0.1% of the Fund’s net assets.

Abbreviations:

AGM	–	Assured Guaranty Municipal Corp.
AMBAC	–	AMBAC Financial Group, Inc.
AMT	–	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
NPFG	–	National Public Finance Guarantee Corp.
SPA	–	Standby Bond Purchase Agreement

33 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Statements of Assets and Liabilities (Unaudited)

	February 28, 2019
Assets	Georgia Fund			Maryland Fund			Missouri Fund		North Carolina Fund
Investments —
Identified cost	$	68,265,332		$	54,555,679		$	60,359,587	$	115,892,832
Unrealized appreciation		3,332,651			1,532,596			3,008,229		4,375,413
Investments, at value	$	71,597,983		$	56,088,275		$	63,367,816	$	120,268,245
Cash	$	2,843,527		$	443,130		$	2,823,126	$	2,716,992
Deposits for derivatives collateral — financial futures contracts		—			—			21,364		—
Interest receivable		714,549			578,870			689,636		1,377,991
Receivable for investments sold		—			—			1,739,220		1,025,000
Receivable for Fund shares sold		78,638			85,148			63,354		351,833
Receivable for variation margin on open financial futures contracts		—			—			4,156		—
Total assets	$	75,234,697		$	57,195,423		$	68,708,672	$	125,740,061
Liabilities
Payable for floating rate notes issued	$	—		$	—		$	—	$	3,750,012
Payable for investments purchased		—			—			—		1,179,993
Payable for when-issued securities		—			1,052,010			939,490		1,976,138
Payable for Fund shares redeemed		104,301			64,777			71,961		949,312
Distributions payable		51,108			29,280			14,344		63,908
Payable to affiliates:
Investment adviser fee		17,103			11,270			15,005		30,546
Distribution and service fees		9,765			13,276			12,343		19,060
Interest expense and fees payable		—			—			—		36,552
Accrued expenses		52,181			37,103			45,467		58,258
Total liabilities	$	234,458		$	1,207,716		$	1,098,610	$	8,063,779
Net Assets	$	75,000,239		$	55,987,707		$	67,610,062	$	117,676,282
Sources of Net Assets
Paid-in capital	$	78,123,054		$	59,179,560		$	66,865,156	$	120,974,816
Distributable earnings (accumulated loss)		(3,122,815	)		(3,191,853	)		744,906		(3,298,534	)
Net Assets	$	75,000,239		$	55,987,707		$	67,610,062	$	117,676,282
Class A Shares
Net Assets	$	36,351,310		$	35,379,428		$	47,984,777	$	59,606,946
Shares Outstanding		4,299,806			4,066,519			5,165,763		6,747,932
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.45		$	8.70		$	9.29	$	8.83
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	8.87		$	9.13		$	9.75	$	9.27
Class C Shares
Net Assets	$	5,720,602		$	10,818,305		$	7,010,657	$	13,268,396
Shares Outstanding		632,725			1,139,860			683,652		1,396,511
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.04		$	9.49		$	10.25	$	9.50
Class I Shares
Net Assets	$	32,928,327		$	9,789,974		$	12,614,628	$	44,800,940
Shares Outstanding		3,883,799			1,122,652			1,355,982		5,058,367
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.48		$	8.72		$	9.30	$	8.86

On sales of $50,000 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.

34 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Statements of Assets and Liabilities (Unaudited) — continued

	February 28, 2019
Assets	Oregon Fund			South Carolina Fund			Virginia Fund
Investments —
Identified cost	$	106,769,543		$	113,997,799		$	66,043,105
Unrealized appreciation		5,318,591			4,916,643			3,173,145
Investments, at value	$	112,088,134		$	118,914,442		$	69,216,250
Cash	$	3,268,148		$	4,565,186		$	1,352,233
Interest receivable		1,186,288			1,528,647			665,703
Receivable for investments sold		2,581,973			—			—
Receivable for Fund shares sold		88,912			39,523			378,918
Total assets	$	119,213,455		$	125,047,798		$	71,613,104
Liabilities
Payable for floating rate notes issued	$	6,555,000		$	3,111,617		$	3,333,515
Payable for Fund shares redeemed		123,394			118,092			66,665
Distributions payable		22,563			31,605			31,212
Payable to affiliates:
Investment adviser fee		29,584			31,839			15,304
Distribution and service fees		18,166			25,275			10,479
Interest expense and fees payable		61,064			17,950			4,435
Accrued expenses		49,680			49,556			46,329
Total liabilities	$	6,859,451		$	3,385,934		$	3,507,939
Net Assets	$	112,354,004		$	121,661,864		$	68,105,165
Sources of Net Assets
Paid-in capital	$	119,225,918		$	123,517,678		$	81,362,159
Accumulated loss		(6,871,914	)		(1,855,814	)		(13,256,994	)
Net Assets	$	112,354,004		$	121,661,864		$	68,105,165
Class A Shares
Net Assets	$	76,121,428		$	68,241,753		$	48,978,413
Shares Outstanding		8,970,839			7,468,029			6,318,968
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.49		$	9.14		$	7.75
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	8.91		$	9.60		$	8.14
Class C Shares
Net Assets	$	8,769,553		$	20,407,078		$	4,052,351
Shares Outstanding		944,007			2,105,092			472,000
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.29		$	9.69		$	8.59
Class I Shares
Net Assets	$	27,463,023		$	33,013,033		$	15,074,401
Shares Outstanding		3,239,526			3,609,332			1,940,982
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.48		$	9.15		$	7.77

On sales of $50,000 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.

35 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Statements of Operations (Unaudited)

	Six Months Ended February 28, 2019
Investment Income	Georgia Fund		Maryland Fund			Missouri Fund			North Carolina Fund
Interest	$	1,319,896	$	971,037		$	1,271,818		$	2,135,108
Total investment income	$	1,319,896	$	971,037		$	1,271,818		$	2,135,108
Expenses
Investment adviser fee	$	108,075	$	70,921		$	93,237		$	190,973
Distribution and service fees
Class A		35,837		34,219			45,634			60,694
Class C		30,401		57,789			36,342			73,220
Trustees’ fees and expenses		2,272		1,770			2,062			3,330
Custodian fee		21,907		19,961			20,827			25,871
Transfer and dividend disbursing agent fees		10,488		13,030			13,128			21,560
Legal and accounting services		26,805		32,934			23,308			26,224
Printing and postage		5,002		5,111			5,464			5,836
Registration fees		1,274		2,419			1,950			775
Interest expense and fees		—		—			—			43,413
Miscellaneous		14,331		8,759			9,803			17,986
Total expenses	$	256,392	$	246,913		$	251,755		$	469,882
Net investment income	$	1,063,504	$	724,124		$	1,020,063		$	1,665,226
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	26,553	$	(103,360	)	$	217,380		$	(383,476	)
Financial futures contracts		—		—			(58,985	)		—
Net realized gain (loss)	$	26,553	$	(103,360	)	$	158,395		$	(383,476	)
Change in unrealized appreciation (depreciation) —
Investments	$	643,665	$	248,454		$	(6,362	)	$	569,216
Financial futures contracts		—		—			13,568			—
Net change in unrealized appreciation (depreciation)	$	643,665	$	248,454		$	7,206		$	569,216
Net realized and unrealized gain	$	670,218	$	145,094		$	165,601		$	185,740
Net increase in net assets from operations	$	1,733,722	$	869,218		$	1,185,664		$	1,850,966

36 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Statements of Operations (Unaudited) — continued

	Six Months Ended February 28, 2019
Investment Income	Oregon Fund			South Carolina Fund		Virginia Fund
Interest	$	2,223,169		$	2,215,702	$	1,312,297
Total investment income	$	2,223,169		$	2,215,702	$	1,312,297
Expenses
Investment adviser fee	$	181,524		$	205,011	$	94,174
Distribution and service fees
Class A		73,261			64,958		47,598
Class C		46,326			106,496		23,064
Trustees’ fees and expenses		3,228			3,544		2,087
Custodian fee		25,556			26,924		21,082
Transfer and dividend disbursing agent fees		18,870			16,544		15,210
Legal and accounting services		24,638			28,665		23,398
Printing and postage		8,707			7,231		5,649
Registration fees		936			543		2,172
Interest expense and fees		73,357			46,196		38,498
Miscellaneous		11,168			12,791		9,128
Total expenses	$	467,571		$	518,903	$	282,060
Net investment income	$	1,755,598		$	1,696,799	$	1,030,237
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(130,611	)	$	584,912	$	(606,288	)
Net realized gain (loss)	$	(130,611	)	$	584,912	$	(606,288	)
Change in unrealized appreciation (depreciation) —
Investments	$	641,602		$	117,782	$	884,953
Net change in unrealized appreciation (depreciation)	$	641,602		$	117,782	$	884,953
Net realized and unrealized gain	$	510,991		$	702,694	$	278,665
Net increase in net assets from operations	$	2,266,589		$	2,399,493	$	1,308,902

37 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Statements of Changes in Net Assets

	Six Months Ended February 28, 2019 (Unaudited)
Increase (Decrease) in Net Assets	Georgia Fund			Maryland Fund			Missouri Fund			North Carolina Fund
From operations —
Net investment income	$	1,063,504		$	724,124		$	1,020,063		$	1,665,226
Net realized gain (loss)		26,553			(103,360	)		158,395			(383,476	)
Net change in unrealized appreciation (depreciation)		643,665			248,454			7,206			569,216
Net increase in net assets from operations	$	1,733,722		$	869,218		$	1,185,664		$	1,850,966
Distributions to shareholders(1) —
Class A	$	(518,113	)	$	(475,345	)	$	(734,818	)	$	(906,824	)
Class C		(68,433	)		(122,763	)		(94,161	)		(172,845	)
Class I		(472,367	)		(125,160	)		(191,979	)		(582,867	)
Total distributions to shareholders	$	(1,058,913	)	$	(723,268	)	$	(1,020,958	)	$	(1,662,536	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	1,107,369		$	1,763,365		$	2,560,850		$	1,984,651
Class C		575,668			389,838			775,948			764,933
Class I		5,928,221			3,611,578			4,068,515			16,821,539
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		445,837			355,810			684,430			811,041
Class C		58,975			95,008			77,780			156,054
Class I		260,216			99,899			167,844			359,835
Cost of shares redeemed
Class A		(3,009,755	)		(4,207,423	)		(3,463,920	)		(8,709,211	)
Class C		(1,209,887	)		(1,061,761	)		(799,791	)		(3,442,010	)
Class I		(6,020,122	)		(1,916,712	)		(2,282,090	)		(9,932,364	)
Net asset value of shares converted
Class A		627,837			1,773,769			1,162,726			1,451,456
Class C		(627,837	)		(1,773,769	)		(1,162,726	)		(1,451,456	)
Net increase (decrease) in net assets from Fund share transactions	$	(1,863,478	)	$	(870,398	)	$	1,789,566		$	(1,185,532	)
Net increase (decrease) in net assets	$	(1,188,669	)	$	(724,448	)	$	1,954,272		$	(997,102	)
Net Assets
At beginning of period	$	76,188,908		$	56,712,155		$	65,655,790		$	118,673,384
At end of period	$	75,000,239		$	55,987,707		$	67,610,062		$	117,676,282

⁽¹⁾   The current period presentation of distributions conforms with the Disclosure Update and Simplification Rule issued by the Securities and Exchange Commission, effective November 5, 2018.

38 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Statements of Changes in Net Assets — continued

	Six Months Ended February 28, 2019 (Unaudited)
Increase (Decrease) in Net Assets	Oregon Fund			South Carolina Fund			Virginia Fund
From operations —
Net investment income	$	1,755,598		$	1,696,799		$	1,030,237
Net realized gain (loss)		(130,611	)		584,912			(606,288	)
Net change in unrealized appreciation (depreciation)		641,602			117,782			884,953
Net increase in net assets from operations	$	2,266,589		$	2,399,493		$	1,308,902
Distributions to shareholders(1) —
Class A	$	(1,218,839	)	$	(973,028	)	$	(740,416	)
Class C		(125,478	)		(252,142	)		(57,026	)
Class I		(406,163	)		(515,964	)		(211,348	)
Total distributions to shareholders	$	(1,750,480	)	$	(1,741,134	)	$	(1,008,790	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	5,391,446		$	2,809,412		$	1,796,329
Class C		1,445,062			983,197			1,030,548
Class I		8,502,565			6,724,482			4,368,257
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,131,920			907,683			596,337
Class C		121,579			214,391			51,403
Class I		348,736			386,223			174,684
Cost of shares redeemed
Class A		(6,238,081	)		(4,565,217	)		(3,223,791	)
Class C		(1,448,824	)		(2,320,307	)		(603,229	)
Class I		(4,592,924	)		(7,193,117	)		(2,316,953	)
Net asset value of shares converted
Class A		1,724,284			2,630,627			1,264,313
Class C		(1,724,284	)		(2,630,627	)		(1,264,313	)
Net increase (decrease) in net assets from Fund share transactions	$	4,661,479		$	(2,053,253	)	$	1,873,585
Net increase (decrease) in net assets	$	5,177,588		$	(1,394,894	)	$	2,173,697
Net Assets
At beginning of period	$	107,176,416		$	123,056,758		$	65,931,468
At end of period	$	112,354,004		$	121,661,864		$	68,105,165

⁽¹⁾   The current period presentation of distributions conforms with the Disclosure Update and Simplification Rule issued by the Securities and Exchange Commission, effective November 5, 2018.

39 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Statements of Changes in Net Assets — continued

	Year Ended August 31, 2018
Increase (Decrease) in Net Assets	Georgia Fund			Maryland Fund			Missouri Fund			North Carolina Fund
From operations —
Net investment income	$	2,251,555		$	1,621,779		$	2,115,080		$	3,861,013
Net realized gain (loss)		(71,692	)		147,873			427,519			(1,282	)
Net change in unrealized appreciation (depreciation)		(2,180,175	)		(1,904,460	)		(2,064,686	)		(4,312,370	)
Net increase (decrease) in net assets from operations	$	(312	)	$	(134,808	)	$	477,913		$	(452,639	)
Distributions to shareholders —
From net investment income
Class A	$	(1,101,784	)	$	(1,066,676	)	$	(1,553,001	)	$	(2,169,373	)
Class B		(2,952	)		(1,704	)		(1,431	)		(3,105	)
Class C		(155,276	)		(295,320	)		(219,660	)		(420,841	)
Class I		(980,818	)		(264,456	)		(333,304	)		(1,261,196	)
Total distributions to shareholders	$	(2,240,830	)	$	(1,628,156	)	$	(2,107,396	)	$	(3,854,515	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	2,269,674		$	2,553,100		$	6,358,854		$	4,851,628
Class B		—			—			—			33
Class C		670,472			1,277,459			718,933			1,942,069
Class I		8,417,129			4,839,412			4,857,442			15,852,577
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		928,511			814,306			1,442,525			1,950,750
Class B		2,151			1,683			1,392			2,942
Class C		135,430			227,923			188,037			373,434
Class I		559,292			188,451			286,426			808,377
Cost of shares redeemed
Class A		(4,931,732	)		(6,490,334	)		(7,149,204	)		(15,775,105	)
Class B		(809	)		(54,938	)		(59,711	)		(75,868	)
Class C		(1,279,742	)		(3,025,152	)		(1,571,268	)		(2,969,399	)
Class I		(6,685,273	)		(6,677,756	)		(2,380,723	)		(16,536,295	)
Net asset value of shares exchanged
Class A		57,750			98,411			24,758			39,379
Class B		(57,750	)		(98,411	)		(24,758	)		(39,379	)
Net asset value of shares converted(1)
Class A		198,582			71,309			56,407			148,435
Class B		(198,582	)		(71,309	)		(56,407	)		(148,435	)
Net increase (decrease) in net assets from Fund share transactions	$	85,103		$	(6,345,846	)	$	2,692,703		$	(9,574,857	)
Net increase (decrease) in net assets	$	(2,156,039	)	$	(8,108,810	)	$	1,063,220		$	(13,882,011	)
Net Assets
At beginning of year	$	78,344,947		$	64,820,965		$	64,592,570		$	132,555,395
At end of year(2)	$	76,188,908		$	56,712,155		$	65,655,790		$	118,673,384

⁽¹⁾   At the close of business on April 5, 2018, Class B shares were converted into Class A shares and Class B shares were discontinued.

⁽²⁾  Includes accumulated undistributed (distributions in excess of) net investment income of $(44,995), $(26,130), $91,424 and $190,808, respectively, at August 31, 2018. The requirement to disclose the corresponding amounts as of February 28, 2019 was eliminated.

40 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Statements of Changes in Net Assets — continued

	Year Ended August 31, 2018
Increase (Decrease) in Net Assets	Oregon Fund			South Carolina Fund			Virginia Fund
From operations —
Net investment income	$	3,891,248		$	3,767,358		$	2,340,322
Net realized gain		366,098			59,517			627,256
Net change in unrealized appreciation (depreciation)		(3,894,971	)		(3,597,659	)		(3,221,541	)
Net increase (decrease) in net assets from operations	$	362,375		$	229,216		$	(253,963	)
Distributions to shareholders —
From net investment income
Class A	$	(2,681,075	)	$	(2,092,254	)	$	(1,873,313	)
Class B		(4,959	)		(3,390	)		(2,746	)
Class C		(314,607	)		(608,526	)		(155,368	)
Class I		(873,067	)		(1,038,864	)		(504,897	)
Total distributions to shareholders	$	(3,873,708	)	$	(3,743,034	)	$	(2,536,324	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	6,069,190		$	8,533,305		$	1,940,448
Class B		250			10			—
Class C		614,684			1,324,866			617,995
Class I		8,307,173			14,318,403			4,323,741
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,494,985			1,934,016			1,515,138
Class B		4,733			3,334			2,418
Class C		299,261			522,864			133,537
Class I		698,024			684,325			363,967
Cost of shares redeemed
Class A		(11,751,910	)		(10,730,585	)		(8,991,981	)
Class B		(75,190	)		(4,204	)		(341	)
Class C		(2,549,892	)		(5,794,366	)		(1,934,595	)
Class I		(11,418,792	)		(16,310,007	)		(10,247,393	)
Net asset value of shares exchanged
Class A		291,764			137,197			41,405
Class B		(291,764	)		(137,197	)		(41,405	)
Net asset value of shares converted(1)
Class A		81,777			168,071			135,996
Class B		(81,777	)		(168,071	)		(135,996	)
Net decrease in net assets from Fund share transactions	$	(7,307,484	)	$	(5,518,039	)	$	(12,277,066	)
Net decrease in net assets	$	(10,818,817	)	$	(9,031,857	)	$	(15,067,353	)
Net Assets
At beginning of year	$	117,995,233		$	132,088,615		$	80,998,821
At end of year(2)	$	107,176,416		$	123,056,758		$	65,931,468

⁽¹⁾   At the close of business on April 5, 2018, Class B shares were converted into Class A shares and Class B shares were discontinued.

⁽²⁾  Includes accumulated undistributed net investment income of $200,617, $113,420 and $131,161, respectively, at August 31, 2018. The requirement to disclose the corresponding amounts as of February 28, 2019 was eliminated.

41 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights

	Georgia Fund — Class A
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016		��	2015			2014
Net asset value — Beginning of period	$	8.370		$	8.620		$	8.860		$	8.540		$	8.610		$	8.030
Income (Loss) From Operations
Net investment income(1)	$	0.120		$	0.248		$	0.251		$	0.267		$	0.307		$	0.335
Net realized and unrealized gain (loss)		0.080			(0.251	)		(0.240	)		0.318			(0.072	)		0.578
Total income (loss) from operations	$	0.200		$	(0.003	)	$	0.011		$	0.585		$	0.235		$	0.913
Less Distributions
From net investment income	$	(0.120	)	$	(0.247	)	$	(0.251	)	$	(0.265	)	$	(0.305	)	$	(0.333	)
Total distributions	$	(0.120	)	$	(0.247	)	$	(0.251	)	$	(0.265	)	$	(0.305	)	$	(0.333	)
Net asset value — End of period	$	8.450		$	8.370		$	8.620		$	8.860		$	8.540		$	8.610
Total Return(2)		2.41	%(3)		(0.02	)%		0.19	%		6.94	%		2.76	%		11.54	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	36,351		$	36,835		$	39,422		$	41,560		$	40,437		$	41,884
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.72	%(5)		0.70	%		0.70	%		0.70	%		0.70	%		0.71	%
Interest and fee expense(6)		—			—			—			—			0.03	%		0.04	%
Total expenses(4)		0.72	%(5)		0.70	%		0.70	%		0.70	%		0.73	%		0.75	%
Net investment income		2.90	%(5)		2.94	%		2.94	%		3.06	%		3.57	%		4.00	%
Portfolio Turnover		1	%(3)		7	%		7	%		7	%		14	%		7	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

42 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	Georgia Fund — Class C
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	8.950		$	9.220		$	9.480		$	9.130		$	9.200		$	8.580
Income (Loss) From Operations
Net investment income(1)	$	0.095		$	0.197		$	0.200		$	0.215		$	0.258		$	0.291
Net realized and unrealized gain (loss)		0.090			(0.271	)		(0.260	)		0.349			(0.071	)		0.618
Total income (loss) from operations	$	0.185		$	(0.074	)	$	(0.060	)	$	0.564		$	0.187		$	0.909
Less Distributions
From net investment income	$	(0.095	)	$	(0.196	)	$	(0.200	)	$	(0.214	)	$	(0.257	)	$	(0.289	)
Total distributions	$	(0.095	)	$	(0.196	)	$	(0.200	)	$	(0.214	)	$	(0.257	)	$	(0.289	)
Net asset value — End of period	$	9.040		$	8.950		$	9.220		$	9.480		$	9.130		$	9.200
Total Return(2)		2.08	%(3)		(0.79	)%		(0.60	)%		6.24	%		2.05	%		10.71	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	5,721		$	6,869		$	7,554		$	7,058		$	5,991		$	5,543
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.47	%(5)		1.45	%		1.45	%		1.45	%		1.45	%		1.46	%
Interest and fee expense(6)		—			—			—			—			0.03	%		0.04	%
Total expenses(4)		1.47	%(5)		1.45	%		1.45	%		1.45	%		1.48	%		1.50	%
Net investment income		2.15	%(5)		2.19	%		2.18	%		2.30	%		2.80	%		3.24	%
Portfolio Turnover		1	%(3)		7	%		7	%		7	%		14	%		7	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

43 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	Georgia Fund — Class I
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	8.400		$	8.640		$	8.890		$	8.560		$	8.630		$	8.050
Income (Loss) From Operations
Net investment income(1)	$	0.129		$	0.265		$	0.269		$	0.285		$	0.318		$	0.352
Net realized and unrealized gain (loss)		0.079			(0.241	)		(0.250	)		0.329			(0.065	)		0.578
Total income from operations	$	0.208		$	0.024		$	0.019		$	0.614		$	0.253		$	0.930
Less Distributions
From net investment income	$	(0.128	)	$	(0.264	)	$	(0.269	)	$	(0.284	)	$	(0.323	)	$	(0.350	)
Total distributions	$	(0.128	)	$	(0.264	)	$	(0.269	)	$	(0.284	)	$	(0.323	)	$	(0.350	)
Net asset value — End of period	$	8.480		$	8.400		$	8.640		$	8.890		$	8.560		$	8.630
Total Return(2)		2.51	%(3)		0.31	%		0.28	%		7.27	%		2.97	%		11.74	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	32,928		$	32,485		$	31,107		$	26,746		$	20,413		$	9,440
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.52	%(5)		0.50	%		0.50	%		0.50	%		0.50	%		0.51	%
Interest and fee expense(6)		—			—			—			—			0.03	%		0.04	%
Total expenses(4)		0.52	%(5)		0.50	%		0.50	%		0.50	%		0.53	%		0.55	%
Net investment income		3.10	%(5)		3.14	%		3.14	%		3.25	%		3.69	%		4.19	%
Portfolio Turnover		1	%(3)		7	%		7	%		7	%		14	%		7	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

44 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	Maryland Fund — Class A
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	8.670		$	8.920		$	9.130		$	8.990		$	9.110		$	8.620
Income (Loss) From Operations
Net investment income(1)	$	0.119		$	0.246		$	0.268		$	0.294		$	0.318		$	0.338
Net realized and unrealized gain (loss)		0.030			(0.249	)		(0.208	)		0.167			(0.127	)		0.484
Total income (loss) from operations	$	0.149		$	(0.003	)	$	0.060		$	0.461		$	0.191		$	0.822
Less Distributions
From net investment income	$	(0.119	)	$	(0.247	)	$	(0.270	)	$	(0.321	)	$	(0.311	)	$	(0.332	)
Total distributions	$	(0.119	)	$	(0.247	)	$	(0.270	)	$	(0.321	)	$	(0.311	)	$	(0.332	)
Net asset value — End of period	$	8.700		$	8.670		$	8.920		$	9.130		$	8.990		$	9.110
Total Return(2)		1.73	%(3)		(0.02	)%		0.72	%		5.20	%		2.12	%		9.67	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	35,379		$	35,602		$	39,642		$	42,479		$	42,706		$	48,449
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.77	%(5)		0.73	%		0.73	%		0.74	%		0.73	%		0.74	%
Interest and fee expense(6)		—			0.04	%		0.03	%		0.02	%		0.02	%		0.03	%
Total expenses(4)		0.77	%(5)		0.77	%		0.76	%		0.76	%		0.75	%		0.77	%
Net investment income		2.78	%(5)		2.82	%		3.02	%		3.24	%		3.50	%		3.79	%
Portfolio Turnover		10	%(3)		24	%		22	%		11	%		13	%		0	%(7)

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

⁽⁷⁾  Amount is less than 0.5%.

45 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	Maryland Fund — Class C
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	9.460		$	9.730		$	9.960		$	9.810		$	9.940		$	9.400
Income (Loss) From Operations
Net investment income(1)	$	0.094		$	0.197		$	0.220		$	0.247		$	0.272		$	0.296
Net realized and unrealized gain (loss)		0.030			(0.269	)		(0.228	)		0.179			(0.137	)		0.533
Total income (loss) from operations	$	0.124		$	(0.072	)	$	(0.008	)	$	0.426		$	0.135		$	0.829
Less Distributions
From net investment income	$	(0.094	)	$	(0.198	)	$	(0.222	)	$	(0.276	)	$	(0.265	)	$	(0.289	)
Total distributions	$	(0.094	)	$	(0.198	)	$	(0.222	)	$	(0.276	)	$	(0.265	)	$	(0.289	)
Net asset value — End of period	$	9.490		$	9.460		$	9.730		$	9.960		$	9.810		$	9.940
Total Return(2)		1.33	%(3)		(0.73	)%		(0.04	)%		4.39	%		1.37	%		8.92	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	10,818		$	13,147		$	15,079		$	16,356		$	14,671		$	15,875
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.52	%(5)		1.48	%		1.48	%		1.49	%		1.48	%		1.49	%
Interest and fee expense(6)		—			0.04	%		0.03	%		0.02	%		0.02	%		0.03	%
Total expenses(4)		1.52	%(5)		1.52	%		1.51	%		1.51	%		1.50	%		1.52	%
Net investment income		2.02	%(5)		2.07	%		2.27	%		2.49	%		2.75	%		3.04	%
Portfolio Turnover		10	%(3)		24	%		22	%		11	%		13	%		0	%(7)

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

⁽⁷⁾  Amount is less than 0.5%.

46 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	Maryland Fund — Class I
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	8.690		$	8.940		$	9.150		$	9.010		$	9.130		$	8.640
Income (Loss) From Operations
Net investment income(1)	$	0.128		$	0.265		$	0.287		$	0.310		$	0.335		$	0.357
Net realized and unrealized gain (loss)		0.029			(0.250	)		(0.208	)		0.170			(0.125	)		0.484
Total income from operations	$	0.157		$	0.015		$	0.079		$	0.480		$	0.210		$	0.841
Less Distributions
From net investment income	$	(0.127	)	$	(0.265	)	$	(0.289	)	$	(0.340	)	$	(0.330	)	$	(0.351	)
Total distributions	$	(0.127	)	$	(0.265	)	$	(0.289	)	$	(0.340	)	$	(0.330	)	$	(0.351	)
Net asset value — End of period	$	8.720		$	8.690		$	8.940		$	9.150		$	9.010		$	9.130
Total Return(2)		1.83	%(3)		0.19	%		0.93	%		5.41	%		2.32	%		9.88	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	9,790		$	7,963		$	9,874		$	7,572		$	7,167		$	4,518
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.57	%(5)		0.53	%		0.53	%		0.54	%		0.53	%		0.54	%
Interest and fee expense(6)		—			0.04	%		0.03	%		0.02	%		0.02	%		0.03	%
Total expenses(4)		0.57	%(5)		0.57	%		0.56	%		0.56	%		0.55	%		0.57	%
Net investment income		2.99	%(5)		3.02	%		3.22	%		3.41	%		3.68	%		3.99	%
Portfolio Turnover		10	%(3)		24	%		22	%		11	%		13	%		0	%(7)

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

��

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

⁽⁷⁾  Amount is less than 0.5%.

47 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	Missouri Fund — Class A
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	9.270		$	9.500		$	9.820		$	9.480		$	9.610		$	8.870
Income (Loss) From Operations
Net investment income(1)	$	0.147		$	0.310		$	0.334		$	0.346		$	0.347		$	0.352
Net realized and unrealized gain (loss)		0.020			(0.231	)		(0.324	)		0.336			(0.134	)		0.746
Total income from operations	$	0.167		$	0.079		$	0.010		$	0.682		$	0.213		$	1.098
Less Distributions
From net investment income	$	(0.147	)	$	(0.309	)	$	(0.330	)	$	(0.342	)	$	(0.343	)	$	(0.358	)
Total distributions	$	(0.147	)	$	(0.309	)	$	(0.330	)	$	(0.342	)	$	(0.343	)	$	(0.358	)
Net asset value — End of period	$	9.290		$	9.270		$	9.500		$	9.820		$	9.480		$	9.610
Total Return(2)		1.82	%(3)		0.88	%		0.17	%		7.32	%		2.24	%		12.58	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	47,985		$	46,928		$	47,375		$	61,038		$	61,873		$	65,399
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.73	%(5)		0.70	%		0.71	%		0.70	%		0.70	%		0.71	%
Interest and fee expense(6)		—			0.00	%(7)		0.02	%		0.01	%		0.01	%		0.01	%
Total expenses(4)		0.73	%(5)		0.70	%		0.73	%		0.71	%		0.71	%		0.72	%
Net investment income		3.22	%(5)		3.33	%		3.52	%		3.59	%		3.62	%		3.79	%
Portfolio Turnover		5	%(3)		35	%		12	%		10	%		7	%		15	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

⁽⁷⁾  Amount is less than 0.005%.

48 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	Missouri Fund — Class C
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	10.230		$	10.490		$	10.850		$	10.460		$	10.610		$	9.800
Income (Loss) From Operations
Net investment income(1)	$	0.123		$	0.266		$	0.290		$	0.299		$	0.304		$	0.312
Net realized and unrealized gain (loss)		0.021			(0.262	)		(0.364	)		0.389			(0.154	)		0.817
Total income (loss) from operations	$	0.144		$	0.004		$	(0.074	)	$	0.688		$	0.150		$	1.129
Less Distributions
From net investment income	$	(0.124	)	$	(0.264	)	$	(0.286	)	$	(0.298	)	$	(0.300	)	$	(0.319	)
Total distributions	$	(0.124	)	$	(0.264	)	$	(0.286	)	$	(0.298	)	$	(0.300	)	$	(0.319	)
Net asset value — End of period	$	10.250		$	10.230		$	10.490		$	10.850		$	10.460		$	10.610
Total Return(2)		1.52	%(3)		0.06	%		(0.64	)%		6.66	%		1.41	%		11.67	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	7,011		$	8,112		$	9,005		$	9,420		$	6,370		$	6,170
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.48	%(5)		1.45	%		1.46	%		1.45	%		1.45	%		1.46	%
Interest and fee expense(6)		—			0.00	%(7)		0.02	%		0.01	%		0.01	%		0.01	%
Total expenses(4)		1.48	%(5)		1.45	%		1.48	%		1.46	%		1.46	%		1.47	%
Net investment income		2.45	%(5)		2.59	%		2.77	%		2.81	%		2.87	%		3.05	%
Portfolio Turnover		5	%(3)		35	%		12	%		10	%		7	%		15	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

⁽⁷⁾  Amount is less than 0.005%.

49 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	Missouri Fund — Class I
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	9.280		$	9.520		$	9.840		$	9.490		$	9.620		$	8.890
Income (Loss) From Operations
Net investment income(1)	$	0.156		$	0.328		$	0.352		$	0.364		$	0.367		$	0.375
Net realized and unrealized gain (loss)		0.020			(0.240	)		(0.322	)		0.348			(0.134	)		0.733
Total income from operations	$	0.176		$	0.088		$	0.030		$	0.712		$	0.233		$	1.108
Less Distributions
From net investment income	$	(0.156	)	$	(0.328	)	$	(0.350	)	$	(0.362	)	$	(0.363	)	$	(0.378	)
Total distributions	$	(0.156	)	$	(0.328	)	$	(0.350	)	$	(0.362	)	$	(0.363	)	$	(0.378	)
Net asset value — End of period	$	9.300		$	9.280		$	9.520		$	9.840		$	9.490		$	9.620
Total Return(2)		1.92	%(3)		0.97	%		0.38	%		7.64	%		2.44	%		12.68	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	12,615		$	10,616		$	8,070		$	4,732		$	2,957		$	2,232
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.53	%(5)		0.50	%		0.51	%		0.50	%		0.50	%		0.51	%
Interest and fee expense(6)		—			0.00	%(7)		0.02	%		0.01	%		0.01	%		0.01	%
Total expenses(4)		0.53	%(5)		0.50	%		0.53	%		0.51	%		0.51	%		0.52	%
Net investment income		3.42	%(5)		3.52	%		3.71	%		3.76	%		3.82	%		4.05	%
Portfolio Turnover		5	%(3)		35	%		12	%		10	%		7	%		15	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

⁽⁷⁾  Amount is less than 0.005%.

50 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	North Carolina Fund — Class A
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	8.810		$	9.110		$	9.410		$	9.120		$	9.180		$	8.340
Income (Loss) From Operations
Net investment income(1)	$	0.130		$	0.276		$	0.289		$	0.305		$	0.323		$	0.363
Net realized and unrealized gain (loss)		0.020			(0.301	)		(0.300	)		0.289			(0.061	)		0.843
Total income (loss) from operations	$	0.150		$	(0.025	)	$	(0.011	)	$	0.594		$	0.262		$	1.206
Less Distributions
From net investment income	$	(0.130	)	$	(0.275	)	$	(0.289	)	$	(0.304	)	$	(0.322	)	$	(0.366	)
Total distributions	$	(0.130	)	$	(0.275	)	$	(0.289	)	$	(0.304	)	$	(0.322	)	$	(0.366	)
Net asset value — End of period	$	8.830		$	8.810		$	9.110		$	9.410		$	9.120		$	9.180
Total Return(2)		1.72	%(3)		(0.25	)%		(0.06	)%		6.61	%		2.88	%		14.70	%
Ratios/Supplemental Data																		��
Net assets, end of period (000’s omitted)	$	59,607		$	63,964		$	75,159		$	83,512		$	78,397		$	79,250
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.72	%(5)		0.70	%		0.71	%		0.70	%		0.71	%		0.73	%
Interest and fee expense(6)		0.08	%(5)		0.10	%		0.09	%		0.07	%		0.02	%		0.05	%
Total expenses(4)		0.80	%(5)		0.80	%		0.80	%		0.77	%		0.73	%		0.78	%
Net investment income		2.99	%(5)		3.10	%		3.19	%		3.28	%		3.50	%		4.12	%
Portfolio Turnover		18	%(3)		16	%		27	%		8	%		2	%		8	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

51 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	North Carolina Fund — Class C
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	9.480		$	9.800		$	10.120		$	9.810		$	9.870		$	8.970
Income (Loss) From Operations
Net investment income(1)	$	0.105		$	0.225		$	0.238		$	0.252		$	0.273		$	0.322
Net realized and unrealized gain (loss)		0.019			(0.321	)		(0.321	)		0.310			(0.061	)		0.901
Total income (loss) from operations	$	0.124		$	(0.096	)	$	(0.083	)	$	0.562		$	0.212		$	1.223
Less Distributions
From net investment income	$	(0.104	)	$	(0.224	)	$	(0.237	)	$	(0.252	)	$	(0.272	)	$	(0.323	)
Total distributions	$	(0.104	)	$	(0.224	)	$	(0.237	)	$	(0.252	)	$	(0.272	)	$	(0.323	)
Net asset value — End of period	$	9.500		$	9.480		$	9.800		$	10.120		$	9.810		$	9.870
Total Return(2)		1.33	%(3)		(0.97	)%		(0.78	)%		5.80	%		2.16	%		13.82	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	13,268		$	17,235		$	18,486		$	20,927		$	17,180		$	17,630
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.47	%(5)		1.45	%		1.46	%		1.45	%		1.46	%		1.48	%
Interest and fee expense(6)		0.08	%(5)		0.10	%		0.09	%		0.07	%		0.02	%		0.05	%
Total expenses(4)		1.55	%(5)		1.55	%		1.55	%		1.52	%		1.48	%		1.53	%
Net investment income		2.25	%(5)		2.35	%		2.43	%		2.52	%		2.75	%		3.39	%
Portfolio Turnover		18	%(3)		16	%		27	%		8	%		2	%		8	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

52 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	North Carolina Fund — Class I
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	8.840		$	9.130		$	9.430		$	9.140		$	9.200		$	8.360
Income (Loss) From Operations
Net investment income(1)	$	0.138		$	0.294		$	0.307		$	0.321		$	0.341		$	0.382
Net realized and unrealized gain (loss)		0.021			(0.290	)		(0.300	)		0.292			(0.059	)		0.843
Total income from operations	$	0.159		$	0.004		$	0.007		$	0.613		$	0.282		$	1.225
Less Distributions
From net investment income	$	(0.139	)	$	(0.294	)	$	(0.307	)	$	(0.323	)	$	(0.342	)	$	(0.385	)
Total distributions	$	(0.139	)	$	(0.294	)	$	(0.307	)	$	(0.323	)	$	(0.342	)	$	(0.385	)
Net asset value — End of period	$	8.860		$	8.840		$	9.130		$	9.430		$	9.140		$	9.200
Total Return(2)		1.82	%(3)		0.06	%		0.15	%		6.82	%		3.09	%		14.91	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	44,801		$	37,475		$	38,642		$	32,976		$	20,694		$	15,613
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.52	%(5)		0.50	%		0.51	%		0.50	%		0.51	%		0.53	%
Interest and fee expense(6)		0.08	%(5)		0.10	%		0.09	%		0.07	%		0.02	%		0.05	%
Total expenses(4)		0.60	%(5)		0.60	%		0.60	%		0.57	%		0.53	%		0.58	%
Net investment income		3.18	%(5)		3.30	%		3.38	%		3.45	%		3.70	%		4.32	%
Portfolio Turnover		18	%(3)		16	%		27	%		8	%		2	%		8	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

53 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	Oregon Fund — Class A
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	8.440		$	8.710		$	8.990		$	8.630		$	8.760		$	8.070
Income (Loss) From Operations
Net investment income(1)	$	0.139		$	0.304		$	0.310		$	0.320		$	0.331		$	0.383
Net realized and unrealized gain (loss)		0.049			(0.271	)		(0.282	)		0.357			(0.133	)		0.684
Total income from operations	$	0.188		$	0.033		$	0.028		$	0.677		$	0.198		$	1.067
Less Distributions
From net investment income	$	(0.138	)	$	(0.303	)	$	(0.308	)	$	(0.317	)	$	(0.328	)	$	(0.377	)
Total distributions	$	(0.138	)	$	(0.303	)	$	(0.308	)	$	(0.317	)	$	(0.328	)	$	(0.377	)
Net asset value — End of period	$	8.490		$	8.440		$	8.710		$	8.990		$	8.630		$	8.760
Total Return(2)		2.26	%(3)		0.42	%		0.38	%		7.98	%		2.28	%		13.48	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	76,121		$	73,750		$	78,931		$	89,845		$	87,948		$	91,306
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.72	%(5)		0.71	%		0.70	%		0.70	%		0.70	%		0.73	%
Interest and fee expense(6)		0.14	%(5)		0.11	%		0.08	%		0.05	%		0.04	%		0.08	%
Total expenses(4)		0.86	%(5)		0.82	%		0.78	%		0.75	%		0.74	%		0.81	%
Net investment income		3.34	%(5)		3.58	%		3.56	%		3.63	%		3.79	%		4.54	%
Portfolio Turnover		12	%(3)		23	%		7	%		8	%		4	%		16	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

54 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	Oregon Fund — Class C
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	9.250		$	9.540		$	9.840		$	9.450		$	9.590		$	8.840
Income (Loss) From Operations
Net investment income(1)	$	0.118		$	0.264		$	0.268		$	0.278		$	0.291		$	0.354
Net realized and unrealized gain (loss)		0.039			(0.292	)		(0.302	)		0.387			(0.143	)		0.740
Total income (loss) from operations	$	0.157		$	(0.028	)	$	(0.034	)	$	0.665		$	0.148		$	1.094
Less Distributions
From net investment income	$	(0.117	)	$	(0.262	)	$	(0.266	)	$	(0.275	)	$	(0.288	)	$	(0.344	)
Total distributions	$	(0.117	)	$	(0.262	)	$	(0.266	)	$	(0.275	)	$	(0.288	)	$	(0.344	)
Net asset value — End of period	$	9.290		$	9.250		$	9.540		$	9.840		$	9.450		$	9.590
Total Return(2)		1.72	%(3)		(0.27	)%		(0.30	)%		7.13	%		1.54	%		12.58	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	8,770		$	10,338		$	12,342		$	14,817		$	13,815		$	13,558
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.47	%(5)		1.46	%		1.45	%		1.45	%		1.45	%		1.48	%
Interest and fee expense(6)		0.14	%(5)		0.11	%		0.08	%		0.05	%		0.04	%		0.08	%
Total expenses(4)		1.61	%(5)		1.57	%		1.53	%		1.50	%		1.49	%		1.56	%
Net investment income		2.58	%(5)		2.84	%		2.81	%		2.88	%		3.04	%		3.84	%
Portfolio Turnover		12	%(3)		23	%		7	%		8	%		4	%		16	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

55 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	Oregon Fund — Class I
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	8.440		$	8.700		$	8.980		$	8.620		$	8.750		$	8.070
Income (Loss) From Operations
Net investment income(1)	$	0.147		$	0.321		$	0.326		$	0.336		$	0.347		$	0.401
Net realized and unrealized gain (loss)		0.040			(0.261	)		(0.281	)		0.358			(0.131	)		0.673
Total income from operations	$	0.187		$	0.060		$	0.045		$	0.694		$	0.216		$	1.074
Less Distributions
From net investment income	$	(0.147	)	$	(0.320	)	$	(0.325	)	$	(0.334	)	$	(0.346	)	$	(0.394	)
Total distributions	$	(0.147	)	$	(0.320	)	$	(0.325	)	$	(0.334	)	$	(0.346	)	$	(0.394	)
Net asset value — End of period	$	8.480		$	8.440		$	8.700		$	8.980		$	8.620		$	8.750
Total Return(2)		2.24	%(3)		0.74	%		0.58	%		8.20	%		2.48	%		13.58	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	27,463		$	23,088		$	26,267		$	16,426		$	13,867		$	9,114
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.52	%(5)		0.51	%		0.50	%		0.50	%		0.50	%		0.53	%
Interest and fee expense(6)		0.14	%(5)		0.11	%		0.08	%		0.05	%		0.04	%		0.08	%
Total expenses(4)		0.66	%(5)		0.62	%		0.58	%		0.55	%		0.54	%		0.61	%
Net investment income		3.53	%(5)		3.78	%		3.75	%		3.81	%		3.97	%		4.76	%
Portfolio Turnover		12	%(3)		23	%		7	%		8	%		4	%		16	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

56 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	South Carolina Fund — Class A
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	9.080		$	9.330		$	9.610		$	9.190		$	9.290		$	8.500
Income (Loss) From Operations
Net investment income(1)	$	0.131		$	0.283		$	0.286		$	0.319		$	0.337		$	0.382
Net realized and unrealized gain (loss)		0.063			(0.251	)		(0.282	)		0.418			(0.103	)		0.785
Total income from operations	$	0.194		$	0.032		$	0.004		$	0.737		$	0.234		$	1.167
Less Distributions
From net investment income	$	(0.134	)	$	(0.282	)	$	(0.284	)	$	(0.317	)	$	(0.334	)	$	(0.377	)
Total distributions	$	(0.134	)	$	(0.282	)	$	(0.284	)	$	(0.317	)	$	(0.334	)	$	(0.377	)
Net asset value — End of period	$	9.140		$	9.080		$	9.330		$	9.610		$	9.190		$	9.290
Total Return(2)		2.16	%(3)		0.38	%		0.11	%		8.14	%		2.52	%		13.96	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	68,242		$	66,077		$	67,869		$	72,052		$	72,162		$	76,958
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.70	%(5)		0.68	%		0.69	%		0.69	%		0.70	%		0.72	%
Interest and fee expense(6)		0.08	%(5)		0.13	%		0.09	%		0.04	%		0.01	%		0.06	%
Total expenses(4)		0.78	%(5)		0.81	%		0.78	%		0.73	%		0.71	%		0.78	%
Net investment income		2.92	%(5)		3.11	%		3.08	%		3.38	%		3.61	%		4.26	%
Portfolio Turnover		7	%(3)		4	%		10	%		6	%		5	%		10	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

57 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	South Carolina Fund — Class C
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	9.640		$	9.900		$	10.190		$	9.750		$	9.860		$	9.020
Income (Loss) From Operations
Net investment income(1)	$	0.103		$	0.228		$	0.230		$	0.262		$	0.283		$	0.333
Net realized and unrealized gain (loss)		0.053			(0.262	)		(0.292	)		0.439			(0.113	)		0.835
Total income (loss) from operations	$	0.156		$	(0.034	)	$	(0.062	)	$	0.701		$	0.170		$	1.168
Less Distributions
From net investment income	$	(0.106	)	$	(0.226	)	$	(0.228	)	$	(0.261	)	$	(0.280	)	$	(0.328	)
Total distributions	$	(0.106	)	$	(0.226	)	$	(0.228	)	$	(0.261	)	$	(0.280	)	$	(0.328	)
Net asset value — End of period	$	9.690		$	9.640		$	9.900		$	10.190		$	9.750		$	9.860
Total Return(2)		1.64	%(3)		(0.32	)%		(0.57	)%		7.27	%		1.72	%		13.13	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	20,407		$	24,055		$	28,743		$	28,739		$	25,178		$	25,939
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.45	%(5)		1.44	%		1.44	%		1.44	%		1.45	%		1.47	%
Interest and fee expense(6)		0.08	%(5)		0.13	%		0.09	%		0.04	%		0.01	%		0.06	%
Total expenses(4)		1.53	%(5)		1.57	%		1.53	%		1.48	%		1.46	%		1.53	%
Net investment income		2.17	%(5)		2.36	%		2.33	%		2.62	%		2.86	%		3.51	%
Portfolio Turnover		7	%(3)		4	%		10	%		6	%		5	%		10	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

58 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	South Carolina Fund — Class I
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	9.090		$	9.340		$	9.620		$	9.200		$	9.300		$	8.510
Income (Loss) From Operations
Net investment income(1)	$	0.140		$	0.302		$	0.305		$	0.332		$	0.355		$	0.402
Net realized and unrealized gain (loss)		0.063			(0.252	)		(0.282	)		0.424			(0.102	)		0.783
Total income from operations	$	0.203		$	0.050		$	0.023		$	0.756		$	0.253		$	1.185
Less Distributions
From net investment income	$	(0.143	)	$	(0.300	)	$	(0.303	)	$	(0.336	)	$	(0.353	)	$	(0.395	)
Total distributions	$	(0.143	)	$	(0.300	)	$	(0.303	)	$	(0.336	)	$	(0.353	)	$	(0.395	)
Net asset value — End of period	$	9.150		$	9.090		$	9.340		$	9.620		$	9.200		$	9.300
Total Return(2)		2.26	%(3)		0.58	%		0.31	%		8.35	%		2.73	%		14.17	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	33,013		$	32,924		$	35,161		$	37,265		$	18,690		$	18,404
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.50	%(5)		0.49	%		0.49	%		0.49	%		0.50	%		0.52	%
Interest and fee expense(6)		0.08	%(5)		0.13	%		0.09	%		0.04	%		0.01	%		0.06	%
Total expenses(4)		0.58	%(5)		0.62	%		0.58	%		0.53	%		0.51	%		0.58	%
Net investment income		3.13	%(5)		3.31	%		3.28	%		3.51	%		3.81	%		4.49	%
Portfolio Turnover		7	%(3)		4	%		10	%		6	%		5	%		10	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

59 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	Virginia Fund — Class A
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	7.710		$	8.010		$	8.240		$	7.970		$	8.140		$	7.790
Income (Loss) From Operations
Net investment income(1)	$	0.121		$	0.260		$	0.279		$	0.301		$	0.313		$	0.320
Net realized and unrealized gain (loss)		0.037			(0.280	)		(0.229	)		0.268			(0.177	)		0.350
Total income (loss) from operations	$	0.158		$	(0.020	)	$	0.050		$	0.569		$	0.136		$	0.670
Less Distributions
From net investment income	$	(0.118	)	$	(0.280	)	$	(0.280	)	$	(0.299	)	$	(0.306	)	$	(0.320	)
Total distributions	$	(0.118	)	$	(0.280	)	$	(0.280	)	$	(0.299	)	$	(0.306	)	$	(0.320	)
Net asset value — End of period	$	7.750		$	7.710		$	8.010		$	8.240		$	7.970		$	8.140
Total Return(2)		2.08	%(3)		(0.21	)%		0.66	%		7.26	%		1.68	%		8.73	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	48,978		$	48,335		$	55,714		$	59,460		$	58,637		$	64,124
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.73	%(5)		0.72	%		0.70	%		0.71	%		0.73	%		0.72	%
Interest and fee expense(6)		0.12	%(5)		0.09	%		0.06	%		0.05	%		0.03	%		0.03	%
Total expenses(4)		0.85	%(5)		0.81	%		0.76	%		0.76	%		0.76	%		0.75	%
Net investment income		3.18	%(5)		3.34	%		3.49	%		3.71	%		3.87	%		3.98	%
Portfolio Turnover		7	%(3)		8	%		7	%		13	%		6	%		5	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

60 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	Virginia Fund — Class C
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	8.540		$	8.870		$	9.130		$	8.830		$	9.010		$	8.620
Income (Loss) From Operations
Net investment income(1)	$	0.101		$	0.224		$	0.243		$	0.267		$	0.280		$	0.288
Net realized and unrealized gain (loss)		0.048			(0.310	)		(0.259	)		0.297			(0.189	)		0.390
Total income (loss) from operations	$	0.149		$	(0.086	)	$	(0.016	)	$	0.564		$	0.091		$	0.678
Less Distributions
From net investment income	$	(0.099	)	$	(0.244	)	$	(0.244	)	$	(0.264	)	$	(0.271	)	$	(0.288	)
Total distributions	$	(0.099	)	$	(0.244	)	$	(0.244	)	$	(0.264	)	$	(0.271	)	$	(0.288	)
Net asset value — End of period	$	8.590		$	8.540		$	8.870		$	9.130		$	8.830		$	9.010
Total Return(2)		1.65	%(3)		(0.95	)%		(0.13	)%		6.47	%		1.01	%		7.96	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	4,052		$	4,819		$	6,220		$	6,044		$	6,424		$	7,475
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.48	%(5)		1.47	%		1.45	%		1.46	%		1.48	%		1.47	%
Interest and fee expense(6)		0.12	%(5)		0.09	%		0.06	%		0.05	%		0.03	%		0.03	%
Total expenses(4)		1.60	%(5)		1.56	%		1.51	%		1.51	%		1.51	%		1.50	%
Net investment income		2.41	%(5)		2.60	%		2.75	%		2.97	%		3.12	%		3.24	%
Portfolio Turnover		7	%(3)		8	%		7	%		13	%		6	%		5	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

61 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

Financial Highlights — continued

	Virginia Fund — Class I
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	7.730		$	8.030		$	8.260		$	7.990		$	8.160		$	7.810
Income (Loss) From Operations
Net investment income(1)	$	0.129		$	0.276		$	0.296		$	0.318		$	0.330		$	0.337
Net realized and unrealized gain (loss)		0.037			(0.277	)		(0.230	)		0.268			(0.177	)		0.350
Total income (loss) from operations	$	0.166		$	(0.001	)	$	0.066		$	0.586		$	0.153		$	0.687
Less Distributions
From net investment income	$	(0.126	)	$	(0.299	)	$	(0.296	)	$	(0.316	)	$	(0.323	)	$	(0.337	)
Total distributions	$	(0.126	)	$	(0.299	)	$	(0.296	)	$	(0.316	)	$	(0.323	)	$	(0.337	)
Net asset value — End of period	$	7.770		$	7.730		$	8.030		$	8.260		$	7.990		$	8.160
Total Return(2)		2.18	%(3)		0.03	%		0.87	%		7.47	%		1.89	%		8.93	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	15,074		$	12,777		$	18,883		$	15,928		$	14,672		$	14,640
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.53	%(5)		0.52	%		0.50	%		0.51	%		0.53	%		0.52	%
Interest and fee expense(6)		0.12	%(5)		0.09	%		0.06	%		0.05	%		0.03	%		0.03	%
Total expenses(4)		0.65	%(5)		0.61	%		0.56	%		0.56	%		0.56	%		0.55	%
Net investment income		3.38	%(5)		3.54	%		3.69	%		3.90	%		4.07	%		4.18	%
Portfolio Turnover		7	%(3)		8	%		7	%		13	%		6	%		5	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  Not annualized.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Annualized.

⁽⁶⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

62 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

February 28, 2019

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 anopen-end management investment company. The Trust presently consists of eighteen funds, seven of which, eachnon-diversified, are included in these financial statements. They include Eaton Vance Georgia Municipal Income Fund (Georgia Fund), Eaton Vance Maryland Municipal Income Fund (Maryland Fund), Eaton Vance Missouri Municipal Income Fund (Missouri Fund), Eaton Vance North Carolina Municipal Income Fund (North Carolina Fund), Eaton Vance Oregon Municipal Income Fund (Oregon Fund), Eaton Vance South Carolina Municipal Income Fund (South Carolina Fund) and Eaton Vance Virginia Municipal Income Fund (Virginia Fund), (each individually referred to as the Fund, and collectively, the Funds). The Funds’ investment objective is to provide current income exempt from regular federal income tax and from particular state or local income or other taxes. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Funds’ prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents apro-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 (U.S. GAAP). Each Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security.Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of a Fund in a manner that fairly reflects the security’s value, or the amount that a Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C  Federal Taxes — Each Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, andtax-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 innon-taxable municipal securities, which are exempt from regular federal income tax when received by each Fund, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

As of February 28, 2019, the Funds had no uncertain tax positions that would require financial statement recognition,de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscalyear-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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  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.

63

Eaton Vance

Municipal Income Funds

February 28, 2019

Notes to Financial Statements (Unaudited) — continued

F  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP 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.

G  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Funds. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and theBy-laws provide that the Trust shall assume the defense on behalf of any Fund shareholders. Moreover, theBy-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Fund enters into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Fund that have not yet occurred.

H  Floating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 10) at February 28, 2019. Interest expense related to a Fund’s liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At February 28, 2019, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:

	North Carolina Fund		Oregon Fund		South Carolina Fund		Virginia Fund
Floating Rate Notes Outstanding	$	3,750,012	$	6,555,000	$	3,111,617	$	3,333,515
Interest Rate or Range of Interest Rates (%)		1.77		1.77		1.77		1.77
Collateral for Floating Rate Notes Outstanding	$	5,013,200	$	8,762,986	$	4,374,410	$	5,480,500

For the six months ended February 28, 2019, the Funds’ average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were as follows:

	North Carolina Fund			Oregon Fund			South Carolina Fund			Virginia Fund
Average Floating Rate Notes Outstanding	$	3,750,000		$	6,555,000		$	4,032,320		$	3,330,000
Average Interest Rate		2.33	%		2.25	%		2.31	%		2.33	%

In certain circumstances, the Funds may enter into shortfall and forbearance agreements with brokers by which a Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of February 28, 2019.

The Funds may also purchase residual interest bonds in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.

64

Eaton Vance

Municipal Income Funds

February 28, 2019

Notes to Financial Statements (Unaudited) — continued

The Funds’ investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Funds’ investment policies do not allow the Funds to borrow money except as permitted by the 1940 Act. Management believes that the Funds’ restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Funds’ Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Funds’ restrictions apply. Residual interest bonds held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

I  Financial Futures Contracts — Upon entering into a financial futures contract, a Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

J  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 cash and/or 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 aremarked-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.

K  Interim Financial Statements — The interim financial statements relating to February 28, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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 from prior years) 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. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified topaid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At August 31, 2018, the following Funds, for federal income tax purposes, had capital loss carryforwards and deferred capital losses which would reduce the respective Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. Under tax regulations, capital losses incurred in taxable years beginning after December 2010 are considered deferred capital losses and are treated as arising on the first day of a Fund’s next taxable year, retaining the same short-term or long-term character as when originally deferred. Deferred capital losses are required to be used prior to capital loss carryforwards, which carry an expiration date. As a result of this ordering rule, capital loss carryforwards may be more likely to expire unused. The amounts and expiration dates of the capital loss carryforwards, whose character is short-term, and the amounts of the deferred capital losses are as follows:

Expiration Date	Georgia Fund		Maryland Fund		Missouri Fund		North Carolina Fund
August 31, 2019	$	3,087,553	$	1,823,894	$	1,434,581	$	1,655,671
Total capital loss carryforwards	$	3,087,553	$	1,823,894	$	1,434,581	$	1,655,671
Deferred capital losses:
Short-term	$	1,905,124	$	863,126	$	1,169,032	$	3,517,247
Long-term	$	1,490,937	$	1,914,006	$	—	$	2,345,545

65

Eaton Vance

Municipal Income Funds

February 28, 2019

Notes to Financial Statements (Unaudited) — continued

Expiration Date	Oregon Fund		South Carolina Fund		Virginia Fund
August 31, 2019	$	809,441	$	527,346	$	10,782,176
Total capital loss carryforwards	$	809,441	$	527,346	$	10,782,176
Deferred capital losses:
Short-term	$	5,073,495	$	6,546,494	$	2,874,676
Long-term	$	6,613,418	$	476,125	$	2,504,635

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of each Fund at February 28, 2019, as determined on a federal income tax basis, were as follows:

	Georgia Fund			Maryland Fund			Missouri Fund			North Carolina Fund
Aggregate cost	$	68,218,743		$	54,549,612		$	60,306,897		$	112,105,771
Gross unrealized appreciation	$	3,494,804		$	1,745,446		$	3,338,703		$	4,476,185
Gross unrealized depreciation		(115,564	)		(206,783	)		(268,517	)		(63,723	)
Net unrealized appreciation	$	3,379,240		$	1,538,663		$	3,070,186		$	4,412,462

	Oregon Fund			South Carolina Fund			Virginia Fund
Aggregate cost	$	100,055,132		$	110,866,245		$	62,513,588
Gross unrealized appreciation	$	5,596,341		$	5,265,581		$	3,517,896
Gross unrealized depreciation		(118,339	)		(329,001	)		(148,749	)
Net unrealized appreciation	$	5,478,002		$	4,936,580		$	3,369,147

3  Investment Adviser Fee and Other Transactions with Affiliates

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

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

On average daily net assets of $500 million or more, the rates are reduced.

66

Eaton Vance

Municipal Income Funds

February 28, 2019

Notes to Financial Statements (Unaudited) — continued

For the six months ended February 28, 2019, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

	Georgia Fund			Maryland Fund			Missouri Fund			North Carolina Fund
Investment Adviser Fee	$	108,075		$	70,921		$	93,237		$	190,973
Effective Annual Rate		0.30	%		0.26	%		0.29	%		0.34	%

	Oregon Fund			South Carolina Fund			Virginia Fund
Investment Adviser Fee	$	181,524		$	205,011		$	94,174
Effective Annual Rate		0.34	%		0.34	%		0.29	%

EVM serves as the administrator of each Fund, but receives no compensation. EVM providessub-transfer agency and related services to the Funds pursuant to aSub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD for the six months ended February 28, 2019 were as follows:

	Georgia Fund		Maryland Fund		Missouri Fund		North Carolina Fund
EVM’sSub-Transfer Agent Fees	$	1,646	$	2,995	$	2,610	$	4,488
EVD’s Class A Sales Charges	$	1,292	$	3,261	$	5,509	$	4,480

	Oregon Fund		South Carolina Fund		Virginia Fund
EVM’sSub-Transfer Agent Fees	$	2,615	$	1,583	$	3,651
EVD’s Class A Sales Charges	$	7,011	$	2,927	$	1,249

Trustees and officers of the Funds who are members of EVM’s or BMR’s organizations 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 February 28, 2019, 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 Rule12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays 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% 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 February 28, 2019 for Class A shares amounted to the following:

	Georgia Fund		Maryland Fund		Missouri Fund		North Carolina Fund
Class A Distribution and Service Fees	$	35,837	$	34,219	$	45,634	$	60,694

67

Eaton Vance

Municipal Income Funds

February 28, 2019

Notes to Financial Statements (Unaudited) — continued

	Oregon Fund		South Carolina Fund		Virginia Fund
Class A Distribution and Service Fees	$	73,261	$	64,958	$	47,598

Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule12b-1 under the 1940 Act. Pursuant to the Class C Plan, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the respective Funds. For the six months ended February 28, 2019, the Funds paid or accrued to EVD the following distribution fees:

	Georgia Fund		Maryland Fund		Missouri Fund		North Carolina Fund
Class C Distribution Fees	$	24,001	$	45,623	$	28,691	$	57,805

	Oregon Fund		South Carolina Fund		Virginia Fund
Class C Distribution Fees	$	36,573	$	84,076	$	18,208

The Class C Plan also authorizes each Fund to make payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of the average daily net assets attributable to Class C shares. The Trustees approved service fee payments equal to 0.20% per annum of each Fund’s average daily net assets attributable to 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 C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended February 28, 2019 amounted to the following:

	Georgia Fund		Maryland Fund		Missouri Fund		North Carolina Fund
Class C Service Fees	$	6,400	$	12,166	$	7,651	$	15,415

	Oregon Fund		South Carolina Fund		Virginia Fund
Class C Service Fees	$	9,753	$	22,420	$	4,856

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within eighteen months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended February 28, 2019, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A and Class C shareholders:

	Georgia Fund		Maryland Fund		Missouri Fund		North Carolina Fund
Class A	$	—	$	—	$	—	$	—
Class C	$	100	$	—	$	—	$	1,000

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Notes to Financial Statements (Unaudited) — continued

	Oregon Fund		South Carolina Fund		Virginia Fund
Class A	$	—	$	—	$	—
Class C	$	100	$	100	$	—

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended February 28, 2019 were as follows:

	Georgia Fund		Maryland Fund		Missouri Fund		North Carolina Fund
Purchases	$	630,930	$	5,798,958	$	2,901,217	$	21,620,793
Sales	$	3,259,410	$	5,277,928	$	4,967,809	$	22,086,306

	Oregon Fund		South Carolina Fund		Virginia Fund
Purchases	$	13,645,439	$	8,554,412	$	6,710,983
Sales	$	14,517,474	$	17,668,334	$	4,814,756

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:

Georgia Fund
	Six Months Ended February 28, 2019 (Unaudited)
	Class A			Class C			Class I
Sales		132,499			64,186			703,823
Issued to shareholders electing to receive payments of distributions in Fund shares		53,374			6,605			31,077
Redemptions		(360,782	)		(135,567	)		(720,432	)
Converted from Class C shares		74,597			—			—
Converted to Class A shares		—			(69,746	)		—
Net increase (decrease)		(100,312	)		(134,522	)		14,468

	Year Ended August 31, 2018
	Class A			Class B(1)			Class C			Class I
Sales		269,325			—			74,727			996,275
Issued to shareholders electing to receive payments of distributions in Fund shares		110,351			238			15,049			66,304
Redemptions		(584,528	)		(89	)		(142,138	)		(792,605	)
Exchange from Class B shares		6,795			—			—			—
Exchange to Class A shares		—			(6,360	)		—			—
Converted from Class B shares		23,763			—			—			—
Converted to Class A shares		—			(22,240	)		—			—
Net increase (decrease)		(174,294	)		(28,451	)		(52,362	)		269,974

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Maryland Fund
	Six Months Ended February 28, 2019 (Unaudited)
	Class A			Class C			Class I
Sales		204,851			41,291			417,366
Issued to shareholders electing to receive payments of distributions in Fund shares		41,259			10,103			11,554
Redemptions		(489,305	)		(113,390	)		(222,309	)
Converted from Class C shares		204,917			—			—
Converted to Class A shares		—			(187,771	)		—
Net increase (decrease)		(38,278	)		(249,767	)		206,611

	Year Ended August 31, 2018
	Class A			Class B(1)			Class C			Class I
Sales		291,108			—			133,124			549,711
Issued to shareholders electing to receive payments of distributions in Fund shares		93,241			176			23,931			21,522
Redemptions		(743,260	)		(5,709	)		(317,175	)		(759,686	)
Exchange from Class B shares		11,191			—			—			—
Exchange to Class A shares		—			(10,260	)		—			—
Converted from Class B shares		8,213			—			—			—
Converted to Class A shares		—			(7,531	)		—			—
Net decrease		(339,507	)		(23,324	)		(160,120	)		(188,453	)

Missouri Fund
	Six Months Ended February 28, 2019 (Unaudited)
	Class A			Class C			Class I
Sales		277,824			76,535			442,502
Issued to shareholders electing to receive payments of distributions in Fund shares		74,401			7,662			18,220
Redemptions		(377,309	)		(79,414	)		(248,791	)
Converted from Class C shares		126,035			—			—
Converted to Class A shares		—			(114,109	)		—
Net increase (decrease)		100,951			(109,326	)		211,931

	Year Ended August 31, 2018
	Class A			Class B(1)			Class C			Class I
Sales		684,846			—			69,907			521,624
Issued to shareholders electing to receive payments of distributions in Fund shares		155,281			135			18,332			30,811
Redemptions		(768,821	)		(5,731	)		(153,433	)		(256,247	)
Exchange from Class B shares		2,668			—			—			—
Exchange to Class A shares		—			(2,415	)		—			—
Converted from Class B shares		6,112			—			—			—
Converted to Class A shares		—			(5,531	)		—			—
Net increase (decrease)		80,086			(13,542	)		(65,194	)		296,188

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February 28, 2019

Notes to Financial Statements (Unaudited) — continued

North Carolina Fund
	Six Months Ended February 28, 2019 (Unaudited)
	Class A			Class C			Class I
Sales		225,879			81,085			1,911,755
Issued to shareholders electing to receive payments of distributions in Fund shares		92,649			16,579			40,989
Redemptions		(993,896	)		(366,098	)		(1,135,667	)
Converted from Class C shares		164,973			—			—
Converted to Class A shares		—			(153,251	)		—
Net increase (decrease)		(510,395	)		(421,685	)		817,077

	Year Ended August 31, 2018
	Class A			Class B(1)			Class C			Class I
Sales		541,085			3			202,068			1,774,462
Issued to shareholders electing to receive payments of distributions in Fund shares		219,520			306			39,077			90,756
Redemptions		(1,775,154	)		(7,900	)		(309,758	)		(1,855,110	)
Exchange from Class B shares		4,416			—			—			—
Exchange to Class A shares		—			(4,107	)		—			—
Converted from Class B shares		16,844			—			—			—
Converted to Class A shares		—			(15,662	)		—			—
Net increase (decrease)		(993,289	)		(27,360	)		(68,613	)		10,108

Oregon Fund
	Six Months Ended February 28, 2019 (Unaudited)
	Class A			Class C			Class I
Sales		642,485			156,661			1,010,489
Issued to shareholders electing to receive payments of distributions in Fund shares		134,697			13,220			41,521
Redemptions		(743,485	)		(157,788	)		(548,733	)
Converted from Class C shares		204,007			—			—
Converted to Class A shares		—			(186,171	)		—
Net increase (decrease)		237,704			(174,078	)		503,277

	Year Ended August 31, 2018
	Class A			Class B(1)			Class C			Class I
Sales		717,628			33			66,428			978,641
Issued to shareholders electing to receive payments of distributions in Fund shares		294,288			508			32,235			82,426
Redemptions		(1,384,786	)		(7,944	)		(274,717	)		(1,342,979	)
Exchange from Class B shares		34,412			—			—			—
Exchange to Class A shares		—			(31,470	)		—			—
Converted from Class B shares		9,714			—			—			—
Converted to Class A shares		—			(8,883	)		—			—
Net decrease		(328,744	)		(47,756	)		(176,054	)		(281,912	)

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South Carolina Fund
	Six Months Ended February 28, 2019 (Unaudited)
	Class A			Class C			Class I
Sales		311,124			102,102			743,282
Issued to shareholders electing to receive payments of distributions in Fund shares		100,495			22,389			42,714
Redemptions		(506,688	)		(242,217	)		(797,308	)
Converted from Class C shares		289,731			—			—
Converted to Class A shares		—			(273,082	)		—
Net increase (decrease)		194,662			(390,808	)		(11,312	)

	Year Ended August 31, 2018
	Class A			Class B(1)			Class C			Class I
Sales		931,340			1			137,078			1,567,081
Issued to shareholders electing to receive payments of distributions in Fund shares		212,549			344			54,152			75,164
Redemptions		(1,177,085	)		(433	)		(598,728	)		(1,785,861	)
Exchange from Class B shares		15,022			—			—			—
Exchange to Class A shares		—			(14,165	)		—			—
Converted from Class B shares		18,624			—			—			—
Converted to Class A shares		—			(17,564	)		—			—
Net increase (decrease)		450			(31,817	)		(407,498	)		(143,616	)

Virginia Fund
	Six Months Ended February 28, 2019 (Unaudited)
	Class A			Class C			Class I
Sales		233,294			121,341			567,498
Issued to shareholders electing to receive payments of distributions in Fund shares		77,715			6,050			22,701
Redemptions		(421,433	)		(71,417	)		(301,950	)
Converted from Class C shares		163,931			—			—
Converted to Class A shares		—			(147,994	)		—
Net increase (decrease)		53,507			(92,020	)		288,249

	Year Ended August 31, 2018
	Class A			Class B(1)			Class C			Class I
Sales		249,406			—			72,357			554,874
Issued to shareholders electing to receive payments of distributions in Fund shares		195,235			280			15,536			46,805
Redemptions		(1,158,905	)		(41	)		(225,262	)		(1,300,888	)
Exchange from Class B shares		5,247			—			—			—
Exchange to Class A shares		—			(4,739	)		—			—
Converted from Class B shares		17,693			—			—			—
Converted to Class A shares		—			(15,986	)		—			—
Net decrease		(691,324	)		(20,486	)		(137,369	)		(699,209	)

⁽¹⁾  At the close of business on April 5, 2018, Class B shares were converted into Class A shares and Class B shares were discontinued.

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February 28, 2019

Notes to Financial Statements (Unaudited) — continued

8  Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through October 29, 2019. 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 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the six months ended February 28, 2019.

9  Financial Instruments

The Funds may trade in financial instruments withoff-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at February 28, 2019 is included in the Portfolios of Investments. At February 28, 2019, the Funds had sufficient cash and/or securities to cover commitments under these contracts.

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

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at February 28, 2019 was as follows:

	Missouri Fund
Asset Derivative:
Futures Contracts	$	9,267	(1)
Total	$	9,267

⁽¹⁾   Amount represents cumulative unrealized appreciation on futures contracts. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open financial futures contracts, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statements of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended February 28, 2019 was as follows:

	Missouri Fund
Realized Gain (Loss) on Derivatives Recognized in Income	$	(58,985	)(1)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	$	13,568	(2)

⁽¹⁾   Statement of Operations location: Net realized gain (loss) – Financial futures contracts.

⁽²⁾  Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts.

The average notional cost of futures contracts (short) outstanding during the six months ended February 28, 2019, which is indicative of the volume of this derivative type, was approximately $2,888,000 for Missouri Fund.

10  Fair Value Measurements

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

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

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

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Notes to Financial Statements (Unaudited) — continued

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

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

At February 28, 2019, the hierarchy of inputs used in valuing the Funds’ investments and open derivative instruments, which are carried at value, were as follows:

Georgia Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Investments	$	—	$	71,597,983	$	—	$	71,597,983
Total Investments	$	—	$	71,597,983	$	—	$	71,597,983
Maryland Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Investments	$	—	$	56,088,275	$	—	$	56,088,275
Total Investments	$	—	$	56,088,275	$	—	$	56,088,275
Missouri Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	62,544,431	$	—	$	62,544,431
Trust Units		—		823,385		—		823,385
Total Investments	$	—	$	63,367,816	$	—	$	63,367,816
Futures Contracts	$	9,267	$	—	$	—	$	9,267
Total	$	9,267	$	63,367,816	$	—	$	63,377,083
North Carolina Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Investments	$	—	$	119,696,016	$	—	$	119,696,016
Corporate Bonds & Notes		—		572,229		—		572,229
Total Investments	$	—	$	120,268,245	$	—	$	120,268,245
Oregon Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Investments	$	—	$	112,088,134	$	—	$	112,088,134
Total Investments	$	—	$	112,088,134	$	—	$	112,088,134

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Notes to Financial Statements (Unaudited) — continued

South Carolina Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	117,740,863	$	—	$	117,740,863
Trust Units		—		1,173,579		—		1,173,579
Total Investments	$	—	$	118,914,442	$	—	$	118,914,442
Virginia Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	69,102,882	$	—	$	69,102,882
Taxable Municipal Securities		—		113,368		—		113,368
Total Investments	$	—	$	69,216,250	$	—	$	69,216,250

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February 28, 2019

Officers and Trustees

Officers of Eaton Vance Municipals Trust

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Municipals Trust

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

⁽¹⁾  Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

76

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’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 call1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (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 advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise.If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on FormN-Q with the SEC for the first and third quarters of each fiscal year. The FormN-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. FormN-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call1-800-732-0330 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 recent12-month period ended June 30, without charge, upon request, by calling1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

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Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617)482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800)262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7712    2.28.19

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.    

Item 6. Schedule of Investments

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

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

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies

Not applicable.

Item 13. 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/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	April 25, 2019

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/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	April 25, 2019
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	April 25, 2019