Eaton Vance MO Municipal Income A (ETMOX) 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)

July 31

Date of Fiscal Year End

January 31, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Municipals Trust

Semiannual Report

January 31, 2020

Arizona    •    Connecticut    •     Minnesota    •    New Jersey    •    Pennsylvania

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 for e-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 calling 1-800-262-1122. 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. The adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Funds. 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, the Funds’ 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 intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual ReportJanuary 31, 2020

Eaton Vance

Municipal Income Funds

Table of Contents

Performance and Fund Profile
Arizona Municipal Income Fund	2
Connecticut Municipal Income Fund	3
Minnesota Municipal Income Fund	4
New Jersey Municipal Income Fund	5
Pennsylvania Municipal Income Fund	6
Endnotes and Additional Disclosures	7
Fund Expenses	8
Financial Statements	11
Officers and Trustees	61
Important Notices	62

Eaton Vance

Arizona Municipal Income Fund

January 31, 2020

Performance^1,2

Portfolio Managers Craig R. Brandon, CFA and Trevor G. Smith

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		12/13/1993		07/25/1991		2.64	%		7.31	%		3.05	%		4.20	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.27			2.22			2.06			3.69
Class C at NAV		12/16/2005		07/25/1991		2.32			6.63			2.29			3.42
Class C with 1% Maximum Sales Charge		—		—		1.32			5.63			2.29			3.42
Class I at NAV		08/03/2010		07/25/1991		2.75			7.52			3.25			4.40
Bloomberg Barclays Municipal Bond Index		—		—		3.33	%		8.65	%		3.53	%		4.47	%
Bloomberg Barclays Arizona Municipal Bond Index						3.12			8.15			3.32			4.44
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.70	%		1.45	%		0.49	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.72	%		2.00	%		2.93	%
Taxable-Equivalent Distribution Rate									4.98			3.66			5.36
SEC30-day Yield									0.98			0.29			1.22
Taxable-Equivalent SEC30-day Yield									1.78			0.53			2.23

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Connecticut Municipal Income Fund

January 31, 2020

Performance^1,2

Portfolio Managers Cynthia J. Clemson and Trevor G. Smith

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		04/19/1994		05/01/1992		2.49	%		6.69	%		2.79	%		3.83	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.38			1.60			1.79			3.33
Class C at NAV		02/09/2006		05/01/1992		2.19			6.00			2.02			3.06
Class C with 1% Maximum Sales Charge		—		—		1.19			5.00			2.02			3.06
Class I at NAV		03/03/2008		05/01/1992		2.68			7.00			3.00			4.04
Bloomberg Barclays Municipal Bond Index		—		—		3.33	%		8.65	%		3.53	%		4.47	%
Bloomberg Barclays Connecticut Municipal Bond Index		—		—		2.91			8.71			3.14			3.60
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.73	%		1.47	%		0.53	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.43	%		1.67	%		2.63	%
Taxable-Equivalent Distribution Rate									4.65			3.20			5.04
SEC30-day Yield									0.86			0.17			1.10
Taxable-Equivalent SEC30-day Yield									1.65			0.33			2.11

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

3

Eaton Vance

Minnesota Municipal Income Fund

January 31, 2020

Performance^1,2

Portfolio Managers Craig R. Brandon, CFA and Christopher J. Eustance, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		12/09/1993		07/29/1991		2.60	%		7.23	%		2.76	%		3.79	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.28			2.18			1.76			3.29
Class C at NAV		12/21/2005		07/29/1991		2.21			6.28			1.98			3.01
Class C with 1% Maximum Sales Charge		—		—		1.21			5.28			1.98			3.01
Class I at NAV		08/03/2010		07/29/1991		2.71			7.33			2.97			3.99
Bloomberg Barclays Municipal Bond Index		—		—		3.33	%		8.65	%		3.53	%		4.47	%
Bloomberg Barclays Minnesota Municipal Bond Index		—		—		2.82			7.62			3.03			3.90
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.70	%		1.46	%		0.50	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									1.80	%		1.05	%		2.00	%
Taxable-Equivalent Distribution Rate									3.65			2.13			4.05
SEC30-day Yield									0.80			0.12			1.04
Taxable-Equivalent SEC30-day Yield									1.63			0.24			2.11

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

4

Eaton Vance

New Jersey Municipal Income Fund

January 31, 2020

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		04/13/1994		01/08/1991		3.73	%		9.54	%		4.00	%		4.54	%
Class A with 4.75% Maximum Sales Charge		—		—		–1.16			4.39			2.99			4.04
Class C at NAV		12/14/2005		01/08/1991		3.45			8.77			3.24			3.78
Class C with 1% Maximum Sales Charge		—		—		2.45			7.77			3.24			3.78
Class I at NAV		03/03/2008		01/08/1991		3.94			9.75			4.20			4.76
Bloomberg Barclays Municipal Bond Index		—		—		3.33	%		8.65	%		3.53	%		4.47	%
Bloomberg Barclays New Jersey Municipal Bond Index		—		—		3.80			10.46			4.43			4.90
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.72	%		1.47	%		0.52	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.85	%		2.09	%		3.04	%
Taxable-Equivalent Distribution Rate									5.67			4.16			6.05
SEC30-day Yield									1.27			0.60			1.53
Taxable-Equivalent SEC30-day Yield									2.53			1.19			3.05

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

5

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2020

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		06/01/1994		01/08/1991		2.56	%		6.60	%		2.92	%		3.71	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.30			1.57			1.93			3.21
Class C at NAV		01/13/2006		01/08/1991		2.26			5.94			2.18			2.95
Class C with 1% Maximum Sales Charge		—		—		1.26			4.94			2.18			2.95
Class I at NAV		03/03/2008		01/08/1991		2.66			6.93			3.15			3.93
Bloomberg Barclays Municipal Bond Index		—		—		3.33	%		8.65	%		3.53	%		4.47	%
Bloomberg Barclays Pennsylvania Municipal Bond Index		—		—		3.60			9.39			3.87			4.70
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.82	%		1.57	%		0.61	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									3.15	%		2.40	%		3.35	%
Taxable-Equivalent Distribution Rate									5.61			4.28			5.97
SEC30-day Yield									1.05			0.37			1.30
Taxable-Equivalent SEC30-day Yield									1.88			0.66			2.32
% Total Leverage5
Residual Interest Bond (RIB) Financing															2.54	%

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

6

Eaton Vance

Municipal Income Funds

January 31, 2020

Endnotes and Additional Disclosures

¹  Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg Barclays Arizona Municipal Bond Index is an unmanaged index of Arizona municipal bonds. Bloomberg Barclays Connecticut Municipal Bond Index is an unmanaged index of Connecticut municipal bonds. Bloomberg Barclays Minnesota Municipal Bond Index is an unmanaged index of Minnesota municipal bonds. Bloomberg Barclays New Jersey Municipal Bond Index is an unmanaged index of New Jersey municipal bonds. Bloomberg Barclays Pennsylvania Municipal Bond Index is an unmanaged index of Pennsylvania municipal bonds. 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 Arizona Municipal Income Fund and Eaton Vance Minnesota Municipal Income Fund is linked to Class A. 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 form1099-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.

Important Notice to Shareholders

Effective December 31, 2019, the Arizona Municipal Income Fund is managed by Craig R. Brandon and Trevor G. Smith, the Connecticut Municipal Income Fund is managed by Cynthia J. Clemson and Trevor G. Smith and the Minnesota Municipal Income Fund is managed by Craig R. Brandon and Christopher J. Eustance.

7

Eaton Vance

Municipal Income Funds

January 31, 2020

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 (August 1, 2019 – January 31, 2020).

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 Arizona Municipal Income Fund

	Beginning Account Value (8/1/19)		Ending Account Value (1/31/20)		Expenses Paid During Period* (8/1/19 – 1/31/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,026.40	$	3.46		0.68	%
Class C	$	1,000.00	$	1,023.20	$	7.27		1.43	%
Class I	$	1,000.00	$	1,027.50	$	2.45		0.48	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.70	$	3.46		0.68	%
Class C	$	1,000.00	$	1,017.90	$	7.25		1.43	%
Class I	$	1,000.00	$	1,022.70	$	2.44		0.48	%

* 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 184/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2019.

8

Eaton Vance

Municipal Income Funds

January 31, 2020

Fund Expenses — continued

Eaton Vance Connecticut Municipal Income Fund

	Beginning Account Value (8/1/19)		Ending Account Value (1/31/20)		Expenses Paid During Period* (8/1/19 – 1/31/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,024.90	$	3.66		0.72	%
Class C	$	1,000.00	$	1,021.90	$	7.47		1.47	%
Class I	$	1,000.00	$	1,026.80	$	2.65		0.52	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.50	$	3.66		0.72	%
Class C	$	1,000.00	$	1,017.70	$	7.46		1.47	%
Class I	$	1,000.00	$	1,022.50	$	2.64		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 184/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2019.

Eaton Vance Minnesota Municipal Income Fund

	Beginning Account Value (8/1/19)		Ending Account Value (1/31/20)		Expenses Paid During Period* (8/1/19 – 1/31/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,026.00	$	3.36		0.66	%
Class C	$	1,000.00	$	1,022.10	$	7.17		1.41	%
Class I	$	1,000.00	$	1,027.10	$	2.34		0.46	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.80	$	3.35		0.66	%
Class C	$	1,000.00	$	1,018.00	$	7.15		1.41	%
Class I	$	1,000.00	$	1,022.80	$	2.34		0.46	%

* 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 184/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2019.

9

Eaton Vance

Municipal Income Funds

January 31, 2020

Fund Expenses — continued

Eaton Vance New Jersey Municipal Income Fund

	Beginning Account Value (8/1/19)		Ending Account Value (1/31/20)		Expenses Paid During Period* (8/1/19 – 1/31/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,037.30	$	3.53		0.69	%
Class C	$	1,000.00	$	1,034.50	$	7.36		1.44	%
Class I	$	1,000.00	$	1,039.40	$	2.51		0.49	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.70	$	3.51		0.69	%
Class C	$	1,000.00	$	1,017.90	$	7.30		1.44	%
Class I	$	1,000.00	$	1,022.70	$	2.49		0.49	%

* 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 184/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2019.

Eaton Vance Pennsylvania Municipal Income Fund

	Beginning Account Value (8/1/19)		Ending Account Value (1/31/20)		Expenses Paid During Period* (8/1/19 – 1/31/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,025.60	$	3.87		0.76	%
Class C	$	1,000.00	$	1,022.60	$	7.68		1.51	%
Class I	$	1,000.00	$	1,026.60	$	2.85		0.56	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.30	$	3.86		0.76	%
Class C	$	1,000.00	$	1,017.50	$	7.66		1.51	%
Class I	$	1,000.00	$	1,022.30	$	2.85		0.56	%

* 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 184/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2019.

10

Eaton Vance

Arizona Municipal Income Fund

January 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 102.4%
Security	Principal Amount (000’s omitted)		Value
Education — 18.1%
Arizona Industrial Development Authority, (Academies of Math & Science), 5.00%, 7/1/39(1)	$	250	$	284,778
Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/39(1)		55		61,513
Arizona State University, 5.00%, 7/1/36		1,150		1,365,981
Arizona State University, 5.00%, 7/1/37		170		184,569
Arizona State University, Prerefunded to 7/1/22, 5.00%, 7/1/37		830		910,261
Arizona State University, Green Bonds, 5.00%, 7/1/40		1,000		1,283,250
Glendale Industrial Development Authority, (Midwestern University), 5.00%, 5/15/25		1,500		1,630,335
Northern Arizona University, 5.00%, 6/1/38		1,000		1,184,360
Pima County Community College District, 5.00%, 7/1/33		300		379,557
Pima County Community College District, 5.00%, 7/1/35		720		906,811
University of Arizona, 5.00%, 6/1/38		1,500		1,819,365
University of Arizona, 5.00%, 8/1/38(2)		600		778,608
University of Arizona, 5.00%, 6/1/42		500		634,215
			$	11,423,603
Electric Utilities — 8.5%
Mesa, Utility Systems Revenue, 4.00%, 7/1/31	$	1,160	$	1,334,963
Pima County Industrial Development Authority, (Tucson Electric Power Co.), 5.25%, 10/1/40		1,500		1,536,240
Pinal County Electrical District No. 3, 5.00%, 7/1/33		1,000		1,215,500
Salt River Project Agricultural Improvement and Power District, 5.00%, 1/1/35		1,000		1,266,070
			$	5,352,773
Escrowed / Prerefunded — 0.4%
Kyrene Elementary School District No. 28, Maricopa County, Prerefunded to 7/1/23, 5.50%, 7/1/30	$	200	$	231,248
			$	231,248
General Obligations — 9.7%
Agua Fria Union High School District No. 216, 4.00%, 7/1/36(2)	$	1,000	$	1,180,690
Chandler Unified School District No. 80, 4.00%, 7/1/33		225		256,815
Flagstaff, 4.00%, 7/1/27(2)		70		84,316
Flagstaff, 4.00%, 7/1/28(2)		110		134,476
Peoria Unified School District No. 11, 4.00%, 7/1/31		350		413,102
Scottsdale Unified School District No. 48, 5.00%, 7/1/31		750		944,137
Tempe, 5.00%, 7/1/30		1,000		1,299,740
Tempe, 5.375%, 7/1/21		1,330		1,401,341
Western Maricopa Education Center District No. 402, 4.50%, 7/1/34		350		392,343
			$	6,106,960

Security	Principal Amount (000’s omitted)		Value
Hospital — 14.0%
Arizona Health Facilities Authority, (Banner Health), (LOC: MUFG Union Bank, N.A.), 1.14%, 1/1/46(3)	$	1,900	$	1,900,000
Arizona Health Facilities Authority, (Scottsdale Lincoln Hospitals), 5.00%, 12/1/39		1,665		1,913,884
Arizona Industrial Development Authority, (Phoenix Children’s Hospital), (LOC: JPMorgan Chase Bank, N.A.), 1.18%, 2/1/48(3)		1,625		1,625,000
Maricopa County Industrial Development Authority, (Banner Health), 5.00%, 1/1/38		1,000		1,205,030
Maricopa County Industrial Development Authority, (HonorHealth), 5.00%, 9/1/32		400		505,068
Yavapai County Industrial Development Authority, (Yavapai Regional Medical Center), 5.25%, 8/1/33		500		566,900
Yuma Industrial Development Authority, (Yuma Regional Medical Center), 5.00%, 8/1/32		985		1,131,805
			$	8,847,687
Housing — 2.4%
Phoenix Industrial Development Authority, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/37	$	500	$	603,530
Phoenix Industrial Development Authority, (Downtown Phoenix Student Housing II, LLC - Arizona State University), 5.00%, 7/1/39		500		597,710
Phoenix Industrial Development Authority, (Downtown Phoenix Student Housing II, LLC - Arizona State University), 5.00%, 7/1/44		250		297,245
			$	1,498,485
Industrial Development Revenue — 1.8%
Maricopa County Pollution Control Corp., (El Paso Electric Co.), 3.60%, 2/1/40	$	250	$	269,490
Maricopa County Pollution Control Corp., (El Paso Electric Co.), 4.50%, 8/1/42		850		889,414
			$	1,158,904
Insured – Electric Utilities — 2.3%
Mesa, Utility Systems Revenue, (NPFG), 5.00%, 7/1/23	$	430	$	488,966
Mesa, Utility Systems Revenue, (NPFG), Escrowed to Maturity, 5.00%, 7/1/23		120		136,520
Mesa, Utility Systems Revenue, (NPFG), Escrowed to Maturity, 5.00%, 7/1/23		450		511,951
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		320		352,154
			$	1,489,591

11 See Notes to Financial Statements.

Eaton Vance

Arizona Municipal Income Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations — 10.1%
Apache Junction Unified School District No. 43, (AGM), 5.00%, 7/1/24	$	1,200	$	1,406,664
Marana Unified School District No. 6, (AGM), 4.00%, 7/1/37		500		584,915
Maricopa County Elementary School District No. 3, (AGM), 5.00%, 7/1/25		2,670		3,244,424
Sun City Fire District, (AGM), 4.00%, 1/1/37		1,000		1,151,650
			$	6,387,653
Insured – Lease Revenue / Certificates of Participation — 4.0%
Phoenix Civic Improvement Corp., (Civic Plaza), (NPFG), 5.50%, 7/1/41	$	1,635	$	2,562,879
			$	2,562,879
Insured – Special Tax Revenue — 2.4%
Glendale, Transportation Excise Tax Revenue, (AGM), 5.00%, 7/1/30	$	1,250	$	1,495,425
			$	1,495,425
Other Revenue — 2.2%
Salt Verde Financial Corp., Senior Gas Revenue, 5.00%, 12/1/37	$	1,000	$	1,387,170
			$	1,387,170
Senior Living / Life Care — 1.3%
Glendale Industrial Development Authority, (Terraces of Phoenix), 4.00%, 7/1/28	$	225	$	239,819
Tempe Industrial Development Authority, (Friendship Village of Tempe), 6.00%, 12/1/32		230		244,860
Tempe Industrial Development Authority, (Mirabella at ASU), 6.00%, 10/1/37(1)		300		350,424
			$	835,103
Special Tax Revenue — 9.5%
Arizona Sports and Tourism Authority, (Multipurpose Stadium Facility), 5.00%, 7/1/29	$	1,000	$	1,073,360
Mesa, Excise Tax Revenue, Prerefunded to 7/1/22, 5.00%, 7/1/32		1,000		1,097,960
Pinal County, Pledged Revenue, 4.00%, 8/1/33		600		710,430
Pinal County, Pledged Revenue, 4.00%, 8/1/36		500		587,605
Queen Creek, Excise Tax and State Shared Revenue, 5.00%, 8/1/30		1,165		1,441,385
Tempe, Transit Excise Tax Revenue, 5.00%, 7/1/37		625		679,337
Tempe, Transit Excise Tax Revenue, Prerefunded to 7/1/22, 5.00%, 7/1/37		375		411,263
			$	6,001,340

Security	Principal Amount (000’s omitted)		Value
Transportation — 5.4%
Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/33	$	1,000	$	1,167,160
Phoenix Civic Improvement Corp., Airport Revenue, (AMT), 5.00%, 7/1/31		2,000		2,229,960
			$	3,397,120
Water and Sewer — 10.3%
Central Arizona Water Conservation District, 5.00%, 1/1/35	$	1,500	$	1,796,745
Gilbert Water Resources Municipal Property Corp., 4.00%, 7/1/36		750		848,670
Phoenix Civic Improvement Corp., Water System Revenue, 5.00%, 7/1/39		1,500		1,730,730
Tucson, Water System Revenue, 5.00%, 7/1/31		650		820,345
Tucson, Water System Revenue, 5.00%, 7/1/32		545		683,975
Tucson, Water System Revenue, 5.00%, 7/1/35		530		659,670
			$	6,540,135
Total Tax-Exempt Investments — 102.4% (identified cost $59,070,922)			$	64,716,076
Other Assets, Less Liabilities — (2.4)%			$	(1,505,232	)
Net Assets — 100.0%			$	63,210,844

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 Arizona 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. At January 31, 2020, 18.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 6.3% to 12.2% of total investments.

⁽¹⁾  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 January 31, 2020, the aggregate value of these securities is $696,715 or 1.1% of the Fund’s net assets.

⁽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 January 31, 2020.

12 See Notes to Financial Statements.

Eaton Vance

Arizona Municipal Income Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Abbreviations:

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

13 See Notes to Financial Statements.

Eaton Vance

Connecticut Municipal Income Fund

January 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 100.9%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.5%
Connecticut, (Revolving Fund), Green Bonds, 5.00%, 5/1/34	$	1,000	$	1,255,050
			$	1,255,050
Education — 23.9%
Connecticut Health and Educational Facilities Authority, (Brunswick School), 5.00%, 7/1/31	$	500	$	542,220
Connecticut Health and Educational Facilities Authority, (Brunswick School), 5.00%, 7/1/32		1,125		1,218,938
Connecticut Health and Educational Facilities Authority, (Connecticut College), 5.00%, 7/1/30		1,255		1,365,980
Connecticut Health and Educational Facilities Authority, (Fairfield University), 4.00%, 7/1/47		2,450		2,705,339
Connecticut Health and Educational Facilities Authority, (Quinnipiac University), 5.00%, 7/1/34		1,475		1,755,176
Connecticut Health and Educational Facilities Authority, (Sacred Heart University), 5.00%, 7/1/37		450		549,108
Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/28		135		162,774
Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/29		100		119,402
Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/30		125		147,696
Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/33		430		501,883
Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/34		1,085		1,263,699
Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/36		430		498,202
Connecticut Health and Educational Facilities Authority, (University of New Haven), 5.00%, 7/1/34		810		976,763
Connecticut Health and Educational Facilities Authority, (University of New Haven), 5.00%, 7/1/35		850		1,022,499
Connecticut Health and Educational Facilities Authority, (Yale University), 1.05%, 7/1/36(1)		3,750		3,750,000
Connecticut Health and Educational Facilities Authority, (Yale University), 1.10% to 2/7/23 (Put Date), 7/1/48		1,000		1,003,150
Connecticut Health and Educational Facilities Authority, (Yale University), 5.00%, 7/1/27		1,000		1,287,820
University of Connecticut, 5.00%, 11/15/29		1,000		1,099,770
			$	19,970,419
Escrowed / Prerefunded — 8.0%
Connecticut Health and Educational Facilities Authority, (Fairfield University), Prerefunded to 7/1/20, 5.00%, 7/1/40	$	1,500	$	1,525,185
Connecticut Health and Educational Facilities Authority, (Middlesex Hospital), Prerefunded to 7/1/21, 5.00%, 7/1/24		1,000		1,057,680

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Connecticut Health and Educational Facilities Authority, (Wesleyan University), Prerefunded to 7/1/20, 5.00%, 7/1/39	$	2,000	$	2,034,000
Connecticut Health and Educational Facilities Authority, (Western Connecticut Health Network), Prerefunded to 7/1/21, 5.00%, 7/1/29		1,000		1,057,680
Connecticut Health and Educational Facilities Authority,(Yale-New Haven Hospital), Prerefunded to 7/1/20, 5.75%, 7/1/34		1,000		1,019,840
			$	6,694,385
General Obligations — 20.6%
Colchester, 4.00%, 10/15/28	$	440	$	499,686
Connecticut, 4.00%, 1/15/36		1,000		1,169,840
Connecticut, 5.00%, 4/15/30		1,150		1,490,986
Connecticut, 5.00%, 4/15/39		100		124,865
East Lyme, 4.00%, 7/15/22		350		354,655
East Lyme, 4.00%, 7/15/23		525		532,019
Enfield, 4.00%, 8/1/29		500		600,485
Fairfield, 5.00%, 1/1/23		1,000		1,120,710
Greenwich, 4.00%, 7/15/29		450		506,799
Greenwich, 4.00%, 7/15/30		250		279,898
Greenwich, 4.00%, 7/15/32		400		445,048
Greenwich, 5.00%, 1/15/23		1,000		1,122,610
New Canaan, 5.00%, 4/1/26(2)		275		344,130
New Canaan, 5.00%, 4/1/27(2)		250		320,835
North Haven, 5.00%, 7/15/23		1,475		1,684,951
North Haven, 5.00%, 7/15/25		1,490		1,809,218
Norwalk, 4.00%, 7/1/26		1,975		2,063,065
Rocky Hill, 4.00%, 1/15/33		1,000		1,185,700
Stamford, 4.00%, 7/1/25		370		386,339
Stamford, 4.00%, 6/1/33		1,000		1,187,120
			$	17,228,959
Hospital — 10.4%
Connecticut Health and Educational Facilities Authority, (Hartford HealthCare), 4.00%, 7/1/37	$	1,000	$	1,156,590
Connecticut Health and Educational Facilities Authority, (Nuvance Health), 4.00%, 7/1/41		1,500		1,684,725
Connecticut Health and Educational Facilities Authority, (Stamford Hospital), 4.00%, 7/1/46		1,000		1,070,090
Connecticut Health and Educational Facilities Authority, (Trinity Health Corp.), 5.00%, 12/1/33		2,015		2,449,091
Connecticut Health and Educational Facilities Authority,(Yale-New Haven Health), 5.00%, 7/1/31		500		582,260
Connecticut Health and Educational Facilities Authority,(Yale-New Haven Health), 5.00%, 7/1/34		1,520		1,759,218
			$	8,701,974

14 See Notes to Financial Statements.

Eaton Vance

Connecticut Municipal Income Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Housing — 1.0%
Connecticut Housing Finance Authority, 4.00%, 11/15/38	$	750	$	837,008
			$	837,008
Insured – Education — 9.0%
Connecticut Health and Educational Facilities Authority, (Loomis Chaffee School), (AMBAC), 5.25%, 7/1/30	$	1,950	$	2,655,432
Connecticut Health and Educational Facilities Authority, (Loomis Chaffee School), (AMBAC), 5.25%, 7/1/31		2,050		2,829,800
Connecticut Health and Educational Facilities Authority, (Trinity College), (NPFG), 5.50%, 7/1/21		1,960		2,042,418
			$	7,527,650
Insured – Escrowed / Prerefunded — 1.3%
Bridgeport, (AGM), Escrowed to Maturity, 4.00%, 8/15/21	$	1,075	$	1,126,041
			$	1,126,041
Insured – General Obligations — 5.1%
Bridgeport, (AGM), 5.00%, 8/15/32	$	1,120	$	1,344,941
Connecticut, (AMBAC), 5.25%, 6/1/20		1,000		1,014,140
Hartford, (AGC), 5.00%, 8/15/28		500		501,495
Hartford, (AGM), 5.00%, 4/1/31		240		258,665
New Haven, (AGM), 5.00%, 8/1/25		1,000		1,163,060
			$	4,282,301
Insured – Transportation — 2.2%
Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/41	$	1,600	$	1,843,024
			$	1,843,024
Insured – Water and Sewer — 4.9%
South Central Connecticut Regional Water Authority, (NPFG), 5.25%, 8/1/24	$	3,420	$	4,073,972
			$	4,073,972
Senior Living / Life Care — 1.4%
Connecticut Health and Educational Facilities Authority, (Covenant Home, Inc.), 5.00%, 12/1/34	$	1,000	$	1,203,880
			$	1,203,880
Special Tax Revenue — 2.6%
Connecticut, Special Tax Obligation, (Transportation Infrastructure), 5.00%, 1/1/29	$	2,000	$	2,218,060
			$	2,218,060

Security	Principal Amount (000’s omitted)		Value
Student Loan — 1.0%
Connecticut Higher Education Supplemental Loan Authority, (AMT), 4.00%, 11/15/30	$	555	$	588,772
Connecticut Higher Education Supplemental Loan Authority, (AMT), 4.125%, 11/15/33		210		228,910
			$	817,682
Transportation — 1.3%
Connecticut Airport Authority, (Ground Transportation Center), (AMT), 4.00%, 7/1/49	$	1,000	$	1,114,020
			$	1,114,020
Water and Sewer — 6.7%
Greater New Haven Water Pollution Control Authority, 5.00%, 8/15/32	$	1,000	$	1,157,790
Hartford County Metropolitan District, (Clean Water), 5.00%, 4/1/36		1,500		1,619,160
South Central Connecticut Regional Water Authority, 4.00%, 8/1/34		450		535,324
South Central Connecticut Regional Water Authority, 5.00%, 8/1/32		355		467,773
Stamford, (Water Pollution Control System), 4.00%, 4/1/44		1,000		1,141,860
Stamford, (Water Pollution Control System), 5.00%, 9/15/29		200		241,900
Stamford, (Water Pollution Control System), 5.00%, 9/15/30		125		150,584
Stamford, (Water Pollution Control System), 5.00%, 4/1/33		100		130,365
Stamford, (Water Pollution Control System), 5.00%, 4/1/34		100		130,187
			$	5,574,943
Total Tax-Exempt Investments — 100.9% (identified cost $78,399,934)			$	84,469,368
Other Assets, Less Liabilities — (0.9)%			$	(743,634	)
Net Assets — 100.0%			$	83,725,734

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 Connecticut 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. At January 31, 2020, 22.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.8% to 7.7% 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 January 31, 2020.

⁽²⁾  When-issued security.

15 See Notes to Financial Statements.

Eaton Vance

Connecticut Municipal Income Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

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

Minnesota Municipal Income Fund

January 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 100.5%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.3%
Minnesota Public Facilities Authority, (Revolving Fund), 5.00%, 3/1/29	$	1,000	$	1,227,500
Minnesota Public Facilities Authority, (Revolving Fund), 5.00%, 3/1/30		1,000		1,223,140
			$	2,450,640
Education — 15.5%
Minnesota Higher Education Facilities Authority, (Carleton College), 5.00%, 3/1/29	$	2,250	$	2,828,925
Minnesota Higher Education Facilities Authority, (Carleton College), 5.00%, 3/1/31		1,000		1,244,800
Minnesota Higher Education Facilities Authority, (Carleton College), 5.00%, 3/1/34		500		616,940
Minnesota Higher Education Facilities Authority, (College of Saint Benedict), 4.00%, 3/1/36		400		443,816
Minnesota Higher Education Facilities Authority, (College of Saint Benedict), 5.00%, 3/1/37		1,500		1,735,605
Minnesota Higher Education Facilities Authority, (College of St. Scholastica), 4.00%, 12/1/40		1,850		2,086,911
Minnesota Higher Education Facilities Authority, (Gustavus Adolphus College), 5.00%, 10/1/35		565		687,565
Minnesota Higher Education Facilities Authority, (Macalester College), 5.00%, 3/1/27		500		592,770
Minnesota Higher Education Facilities Authority, (Macalester College), 5.00%, 3/1/28		1,010		1,194,123
Minnesota Higher Education Facilities Authority, (St. Catherine University), 5.00%, 10/1/26		450		543,407
Minnesota Higher Education Facilities Authority, (St. Catherine University), 5.00%, 10/1/32		500		610,730
Minnesota Higher Education Facilities Authority, (St. Olaf College), 4.00%, 10/1/35		500		569,130
Minnesota Higher Education Facilities Authority, (St. Olaf College), 5.00%, 12/1/29		1,815		2,179,924
Minnesota Higher Education Facilities Authority, (University of St. Thomas), 4.00%, 10/1/32		910		1,087,714
Minnesota Higher Education Facilities Authority, (University of St. Thomas), 4.00%, 10/1/36		500		569,725
Minnesota Higher Education Facilities Authority, (University of St. Thomas), 4.00%, 10/1/37		500		567,880
Minnesota Higher Education Facilities Authority, (University of St. Thomas), 5.00%, 10/1/30		650		812,773
Minnesota Higher Education Facilities Authority, (University of St. Thomas), 5.00%, 10/1/34		250		321,610
Minnesota Higher Education Facilities Authority, (University of St. Thomas), 5.00%, 4/1/35		750		893,212
Minnesota State Colleges and Universities, 5.00%, 10/1/26		1,535		1,923,892

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Minnesota State Colleges and Universities, 5.00%, 10/1/28	$	1,375	$	1,461,254
Minnesota State Colleges and Universities, 5.00%, 10/1/30		1,455		1,545,283
University of Minnesota, 5.00%, 4/1/27		500		620,055
University of Minnesota, 5.00%, 8/1/27		625		755,850
University of Minnesota, 5.00%, 4/1/41		2,000		2,400,880
			$	28,294,774
Electric Utilities — 7.3%
Central Minnesota Municipal Power Agency, 5.00%, 1/1/32	$	2,100	$	2,254,728
Chaska, Electric System Revenue, 5.00%, 10/1/30		550		655,259
Hutchinson, Public Utility Revenue, 5.00%, 12/1/26		350		387,629
Minnesota Municipal Power Agency, 5.00%, 10/1/33		250		291,045
Minnesota Municipal Power Agency, 5.00%, 10/1/34		250		291,040
Minnesota Municipal Power Agency, 5.00%, 10/1/35		200		232,770
Northern Municipal Power Agency, 5.00%, 1/1/30		460		563,574
Northern Municipal Power Agency, 5.00%, 1/1/31		670		796,248
Northern Municipal Power Agency, 5.00%, 1/1/41		240		285,163
Rochester, Electric Utility Revenue, 5.00%, 12/1/29		700		870,485
Rochester, Electric Utility Revenue, 5.00%, 12/1/30		700		865,802
Rochester, Electric Utility Revenue, 5.00%, 12/1/42		820		983,934
St. Paul Port Authority, District Energy Revenue, 4.00%, 10/1/42		1,250		1,397,337
St. Paul Port Authority, District Energy Revenue, (AMT), 4.00%, 10/1/40		1,000		1,105,100
Western Minnesota Municipal Power Agency, 5.00%, 1/1/34		1,000		1,204,210
Western Minnesota Municipal Power Agency, 5.00%, 1/1/36		900		1,079,847
			$	13,264,171
Escrowed / Prerefunded — 1.6%
Minnesota Higher Education Facilities Authority, (St. Catherine University), Prerefunded to 10/1/22, 5.00%, 10/1/26	$	280	$	309,072
Minnesota Higher Education Facilities Authority, (St. Catherine University), Prerefunded to 10/1/22, 5.00%, 10/1/27		310		342,187
Minnesota Higher Education Facilities Authority, (St. Catherine University), Prerefunded to 10/1/22, 5.00%, 10/1/32		560		618,145
University of Minnesota, Prerefunded to 12/1/20, 5.00%, 12/1/36		500		516,930
Western Minnesota Municipal Power Agency, Prerefunded to 1/1/24, 5.00%, 1/1/34		1,000		1,159,610
			$	2,945,944
General Obligations — 40.0%
Andover, 4.00%, 2/1/30	$	795	$	952,982
Anoka-Hennepin Independent School District No. 11, 5.00%, 2/1/27		1,000		1,265,690

17 See Notes to Financial Statements.

Eaton Vance

Minnesota Municipal Income Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Anoka-Hennepin Independent School District No. 11, 5.00%, 2/1/28	$	1,040	$	1,307,020
Brooklyn Center, 4.00%, 2/1/30		1,060		1,265,333
Buffalo-Hanover-Montrose Independent School District No. 877, 4.00%, 2/1/24		2,000		2,124,700
Centennial Independent School District No. 12, Circle Pines, 0.00%, 2/1/28		1,000		840,110
Centennial Independent School District No. 12, Circle Pines, 0.00%, 2/1/35		350		212,037
Chaska Independent School District No. 112, 4.00%, 2/1/23		2,000		2,121,560
Cloquet Independent School District No. 94, 5.00%, 2/1/30		2,000		2,384,580
Dilworth-Glyndon-Felton Independent School District No. 2164, 4.00%, 2/1/27(1)		730		847,968
Duluth, 5.00%, 2/1/31		1,000		1,211,580
Duluth, 5.00%, 2/1/34		1,000		1,204,920
Eden Prairie Independent School District No. 272, 5.00%, 2/1/30		1,000		1,275,920
Edina Independent School District No. 273, 5.00%, 2/1/28		1,625		2,058,436
Elk River Area Independent School District No. 728, 4.00%, 2/1/32		2,000		2,198,660
Hennepin County, 5.00%, 12/1/35		2,000		2,475,240
Hennepin County, 5.00%, 12/15/36		500		647,990
Hennepin County, (SPA: TD Bank, N.A.), 0.90%, 12/1/38(2)		2,000		2,000,000
Hennepin County Regional Railroad Authority, 5.00%, 12/1/32		675		879,566
Hopkins Independent School District No. 270, 4.00%, 2/1/25		1,250		1,363,462
Mahtomedi Independent School District No. 832, 5.00%, 2/1/31		1,000		1,191,750
Minneapolis Special School District No. 1, 4.00%, 2/1/33		1,500		1,788,870
Minneapolis Special School District No. 1, 5.00%, 2/1/32		1,500		1,908,120
Minneapolis-St. Paul Metropolitan Council, 4.00%, 3/1/30		1,000		1,207,820
Minneapolis-St. Paul Metropolitan Council, 5.00%, 3/1/28		2,500		3,165,800
Minnesota, 5.00%, 8/1/32		2,000		2,414,320
Minnesota, 5.00%, 8/1/34		500		644,740
Minnesota, 5.00%, 10/1/34		1,000		1,267,070
Minnesota, 5.00%, 8/1/37		1,250		1,633,875
Minnesota, Prerefunded to 10/1/21, 5.00%, 10/1/27		30		32,009
North St. Paul-Maplewood-Oakdale Independent School District No. 622, 3.00%, 2/1/35		355		381,852
North St. Paul-Maplewood-Oakdale Independent School District No. 622, 4.00%, 2/1/31		2,050		2,425,109
North St. Paul-Maplewood-Oakdale Independent School District No. 622, 5.00%, 2/1/33		1,000		1,258,110
Ramsey County, 4.00%, 2/1/24		500		515,485
Rochester Independent School District No. 535, 4.00%, 2/1/23		2,375		2,590,840
Rochester Independent School District No. 535, 4.00%, 2/1/26		1,160		1,361,678
Rosemount-Apple Valley-Eagan Independent School District No. 196, 4.00%, 2/1/28		2,000		2,327,180

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Rosemount-Apple Valley-Eagan Independent School District No. 196, 5.00%, 2/1/27	$	1,000	$	1,228,870
Russell-Tyler-Ruthton Independent School District No. 2902, 5.00%, 2/1/27		1,400		1,762,292
Sartell-St. Stephen Independent School District No. 748, 0.00%, 2/1/32		1,350		999,378
Sartell-St. Stephen Independent School District No. 748, 0.00%, 2/1/37		1,500		905,610
Scott County, 4.00%, 12/1/34		2,000		2,392,300
Spring Lake Park Independent School District No. 16, 4.00%, 2/1/29		1,075		1,238,454
St. Louis Park Independent School District No. 283, 4.00%, 2/1/31		2,000		2,322,620
St. Louis Park Independent School District No. 283, 5.00%, 2/1/29		845		1,086,045
St. Louis Park, 4.00%, 2/1/28		1,000		1,191,280
St. Paul, 5.00%, 12/1/27		750		944,550
St. Paul Independent School District No. 625, 4.00%, 2/1/25		1,000		1,030,230
Waseca Independent School District No. 829, 4.00%, 2/1/28		1,575		1,822,763
Watertown-Mayer Independent School District No. 111, 0.00%, 2/1/36(1)		1,000		691,690
Worthington Independent School District No. 518, 4.00%, 2/1/31(1)		730		836,631
			$	73,205,095
Hospital — 15.6%
Duluth Economic Development Authority, (Essentia Health Obligated Group), 5.00%, 2/15/37	$	1,000	$	1,228,260
Maple Grove, (Maple Grove Hospital Corp.), 5.00%, 5/1/30		850		1,039,431
Maple Grove, (Maple Grove Hospital Corp.), 5.00%, 5/1/31		500		608,360
Maple Grove, (Maple Grove Hospital Corp.), 5.00%, 5/1/32		500		606,215
Minneapolis and St. Paul Housing and Redevelopment Authority, (Allina Health System), 5.00%, 11/15/27		750		959,333
Minneapolis and St. Paul Housing and Redevelopment Authority, (Allina Health System), 5.00%, 11/15/29		915		1,139,312
Minneapolis and St. Paul Housing and Redevelopment Authority, (Allina Health System), (LOC: JPMorgan Chase Bank, N.A.), 1.17%, 11/15/35(3)		1,560		1,560,000
Minneapolis and St. Paul Housing and Redevelopment Authority, (Allina Health System), (LOC: Wells Fargo Bank, N.A.), 0.95%, 11/15/34(2)		1,175		1,175,000
Minneapolis and St. Paul Housing and Redevelopment Authority, (Children’s Health Care), Prerefunded to 8/15/20, 5.25%, 8/15/35		1,000		1,022,860
Minneapolis, (Fairview Health Services), 5.00%, 11/15/44		2,000		2,328,420
Minneapolis, (Fairview Health Services), (LOC: Wells Fargo Bank, N.A.), 1.15%, 11/15/48(3)		2,500		2,500,000

18 See Notes to Financial Statements.

Eaton Vance

Minnesota Municipal Income Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Rochester, (Mayo Clinic), 0.95%, 11/15/38(2)	$	2,000	$	2,000,000
Rochester, (Mayo Clinic), 5.00%, 11/15/38		1,000		1,009,620
Rochester, (Olmsted Medical Center), 5.875%, 7/1/30		1,500		1,527,645
St. Cloud, (CentraCare Health System), 5.00%, 5/1/46		2,650		3,111,869
St. Cloud, (CentraCare Health System), 5.125%, 5/1/30		65		65,623
St. Paul Housing and Redevelopment Authority, (Fairview Health Services), 5.00%, 11/15/31		1,000		1,247,480
St. Paul Housing and Redevelopment Authority, (Fairview Health Services), 5.00%, 11/15/34		500		619,945
St. Paul Housing and Redevelopment Authority, (Fairview Health Services), 5.00%, 11/15/47		500		600,565
St. Paul Housing and Redevelopment Authority, (HealthPartners Obligated Group), 5.00%, 7/1/29		500		589,670
St. Paul Housing and Redevelopment Authority, (HealthPartners Obligated Group), 5.00%, 7/1/30		1,000		1,172,880
St. Paul Housing and Redevelopment Authority, (HealthPartners Obligated Group), 5.00%, 7/1/32		1,995		2,314,918
			$	28,427,406
Housing — 1.0%
Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.40%, 1/1/35(1)	$	1,000	$	1,007,570
Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.15%, 1/1/37		775		809,364
			$	1,816,934
Insured – Electric Utilities — 5.5%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/32	$	1,150	$	1,259,227
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35		305		333,460
Southern Minnesota Municipal Power Agency, (NPFG), 0.00%, 1/1/25		9,000		8,467,200
			$	10,059,887
Insured – Hospital — 2.7%
Minneapolis and St. Paul Housing and Redevelopment Authority, (Children’s Hospitals and Clinics), (AGM), Prerefunded to 8/15/20, 5.00%, 8/15/34	$	750	$	766,155
Minneapolis and St. Paul Housing and Redevelopment Authority, (Children’s Hospitals and Clinics), (AGM), (Liq: U.S. Bank, N.A.), 1.08%, 8/15/37(3)		500		500,000
Minneapolis and St. Paul Housing and Redevelopment Authority, (Children’s Hospitals and Clinics), (AGM), (SPA: U.S. Bank, N.A.), 1.08%, 8/15/37(3)		3,635		3,635,000
			$	4,901,155

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation — 2.5%
Anoka-Hennepin Independent School District No. 11, 5.00%, 2/1/34	$	1,000	$	1,144,300
Minnesota, 5.00%, 6/1/29		1,335		1,507,535
St. Paul Independent School District No. 625, 5.00%, 2/1/27(1)		1,500		1,890,360
			$	4,542,195
Other Revenue — 1.6%
Center City, (Hazelden Betty Ford Foundation), 4.00%, 11/1/28	$	825	$	914,801
Center City, (Hazelden Betty Ford Foundation), 4.00%, 11/1/34		500		577,830
Center City, (Hazelden Betty Ford Foundation), 5.00%, 11/1/27		400		463,564
Center City, (Hazelden Betty Ford Foundation), 5.00%, 11/1/29		300		344,799
Minneapolis, (YMCA of the Greater Twin Cities), 4.00%, 6/1/29		260		291,476
Minneapolis, (YMCA of the Greater Twin Cities), 4.00%, 6/1/30		250		279,092
Minneapolis, (YMCA of the Greater Twin Cities), 4.00%, 6/1/31		100		111,273
			$	2,982,835
Senior Living / Life Care — 2.8%
Apple Valley, (PHS Apple Valley Senior Housing, Inc.), 5.00%, 9/1/43	$	1,000	$	1,082,790
North Oaks, (Waverly Gardens), 4.00%, 10/1/25		1,600		1,766,752
North Oaks, (Waverly Gardens), 4.00%, 10/1/26		1,680		1,850,604
Wayzata, (Folkestone Senior Living Community), 4.00%, 8/1/44		435		461,522
			$	5,161,668
Transportation — 3.1%
Minneapolis-St. Paul Metropolitan Airports Commission, 5.00%, 1/1/27	$	1,000	$	1,265,460
Minneapolis-St. Paul Metropolitan Airports Commission, (AMT), 5.00%, 1/1/31		2,540		3,263,240
Minneapolis-St. Paul Metropolitan Airports Commission, 5.00%, 1/1/35		1,000		1,137,000
			$	5,665,700
Total Tax-Exempt Investments — 100.5% (identified cost $173,306,921)			$	183,718,404
Other Assets, Less Liabilities — (0.5)%			$	(834,065	)
Net Assets — 100.0%			$	182,884,339

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 Minnesota municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry

19 See Notes to Financial Statements.

Eaton Vance

Minnesota Municipal Income Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

or municipality. At January 31, 2020, 8.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.7% to 5.5% of total investments.

⁽¹⁾  When-issued security.

⁽²⁾  Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at January 31, 2020.

⁽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 January 31, 2020.

Abbreviations:

AGM	–	Assured Guaranty Municipal Corp.
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
Liq	–	Liquidity Provider
LOC	–	Letter of Credit
NPFG	–	National Public Finance Guarantee Corp.
SPA	–	Standby Bond Purchase Agreement

20 See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Fund

January 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 95.4%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.1%
New Jersey Infrastructure Bank, Green Bonds, 4.00%, 9/1/29	$	160	$	202,645
			$	202,645
Education — 5.0%
New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/30	$	1,765	$	2,036,051
New Jersey Educational Facilities Authority, (Princeton University), 4.00%, 7/1/37		1,095		1,299,776
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/26		2,200		2,591,380
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/36		805		1,014,332
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/42		1,000		1,242,590
Rutgers State University, 5.00%, 5/1/29(1)		500		653,505
			$	8,837,634
Escrowed / Prerefunded — 3.0%
New Jersey Economic Development Authority, (The Seeing Eye, Inc.), Prerefunded to 6/1/22, 5.00%, 6/1/32	$	2,250	$	2,462,850
New Jersey Institute of Technology, Prerefunded to 7/1/22, 5.00%, 7/1/32		980		1,066,907
New Jersey Institute of Technology, Prerefunded to 7/1/22, 5.00%, 7/1/32		430		472,123
New Jersey Turnpike Authority, Prerefunded to 7/1/22, 5.00%, 1/1/30		1,215		1,335,552
			$	5,337,432
General Obligations — 13.2%
Bergen County, 3.00%, 7/15/29	$	2,000	$	2,254,980
Burlington County Bridge Commission, 5.00%, 8/1/27		400		514,136
Burlington County Bridge Commission, 5.00%, 8/1/30		500		649,610
Burlington County Bridge Commission, 5.00%, 8/1/31		410		530,692
Burlington County Bridge Commission, 5.00%, 8/1/32		250		323,395
Burlington County Bridge Commission, 5.00%, 10/1/36		1,000		1,272,640
East Brunswick Board of Education, 4.00%, 8/1/34		1,200		1,453,128
Gloucester County Improvement Authority, 4.00%, 4/1/35		3,320		3,785,763
Jersey City, 5.00%, 11/1/33		800		989,848
Marlboro, 4.00%, 12/1/25		95		111,497
Marlboro, 4.00%, 12/1/26		130		155,433
Marlboro, 4.00%, 12/1/27		65		78,818
Marlboro, 4.00%, 12/1/28		75		90,510
Marlboro, 4.00%, 12/1/29		55		66,042

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Monmouth County Improvement Authority, 4.00%, 12/1/33	$	1,000	$	1,230,070
Monmouth County Improvement Authority, 4.00%, 12/1/35		650		794,983
Monmouth County Improvement Authority, 4.00%, 12/1/36		750		913,732
Monmouth County Improvement Authority, 4.00%, 12/1/37		700		849,149
Monmouth County Improvement Authority, 4.00%, 12/1/38		700		845,789
Monmouth County Improvement Authority, 4.00%, 12/1/39		600		722,880
New Jersey, 4.00%, 6/1/30		3,000		3,275,040
Ocean County, 4.00%, 9/1/29		480		576,086
Ocean County, 5.00%, 9/1/27		1,305		1,682,745
			$	23,166,966
Hospital — 16.2%
Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35	$	750	$	837,817
Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/42		1,100		1,225,730
New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 4.00%, 7/1/41		1,500		1,685,310
New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27		175		175,600
New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 5.00%, 7/1/36		215		262,251
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/32		1,115		1,371,829
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/39		2,750		3,341,497
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/32		400		466,408
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/33		1,155		1,345,356
New Jersey Health Care Facilities Financing Authority, (RWJ Barnabas Health Obligated Group), 5.00%, 7/1/31		2,355		2,887,348
New Jersey Health Care Facilities Financing Authority, (RWJ Barnabas Health Obligated Group), 5.00%, 7/1/33		300		366,294
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 3.00%, 7/1/32		250		255,590
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 4.00%, 7/1/34		1,165		1,290,890
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 4.00%, 7/1/48		3,000		3,241,740
New Jersey Health Care Facilities Financing Authority, (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/28		1,000		1,195,650
New Jersey Health Care Facilities Financing Authority, (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/29		500		596,695

21 See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
New Jersey Health Care Facilities Financing Authority, (Valley Health System Obligated Group), 4.00%, 7/1/38	$	1,000	$	1,168,310
New Jersey Health Care Facilities Financing Authority, (Valley Health System Obligated Group), 4.00%, 7/1/39		5,830		6,792,591
			$	28,506,906
Housing — 1.8%
New Jersey Housing and Mortgage Finance Agency, SFMR, (AMT), 3.80%, 10/1/32	$	2,935	$	3,223,188
			$	3,223,188
Industrial Development Revenue — 6.8%
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.50%, 6/1/33	$	1,875	$	2,100,412
New Jersey Economic Development Authority, (Continental Airlines), Series 2000A, (AMT), 5.625%, 11/15/30		255		294,293
New Jersey Economic Development Authority, (Continental Airlines), Series 2000B, (AMT), 5.625%, 11/15/30		430		496,259
New Jersey Economic Development Authority, (Middlesex Water Co.), (AMT), 4.00%, 8/1/59		380		419,619
New Jersey Economic Development Authority, (Middlesex Water Co.), (AMT), 5.00%, 8/1/59		3,000		3,642,990
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 2.20% to 12/3/29 (Put Date), 10/1/39		1,850		1,901,374
New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), 3.375%, 4/1/38		3,000		3,145,710
			$	12,000,657
Insured – Electric Utilities — 2.5%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34	$	3,935	$	4,307,526
			$	4,307,526
Insured – Escrowed / Prerefunded — 0.3%
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (NPFG), Escrowed to Maturity, 5.25%, 7/1/26	$	380	$	478,120
			$	478,120
Insured – General Obligations — 6.2%
Atlantic City, (AGM), 4.00%, 3/1/42	$	250	$	275,285
Atlantic City, (AGM), 5.00%, 3/1/37		1,500		1,790,955
Bayonne, (AGM), 5.00%, 8/1/25		615		739,027
Bayonne, (AGM), 5.00%, 8/1/26		865		1,035,829
East Orange, (AGM), 5.00%, 10/15/29		130		172,101
East Orange, (AGM), 5.00%, 10/15/30		175		229,238

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
East Orange, (AGM), 5.00%, 10/15/31	$	400	$	520,836
Irvington Township, (AGM), 0.00%, 7/15/23		3,775		3,587,307
Lakewood Township, (BAM), 4.00%, 11/1/26		250		292,772
Lakewood Township, (BAM), 4.00%, 11/1/27		120		141,715
Paterson, (BAM), 5.00%, 1/15/26		1,305		1,432,133
Trenton, (BAM), 5.00%, 12/1/26		500		598,035
			$	10,815,233
Insured – Special Tax Revenue — 9.1%
Garden State Preservation Trust, (AGM), 0.00%, 11/1/24	$	6,000	$	5,645,880
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (NPFG), 5.25%, 7/1/26		1,620		1,963,505
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26		6,500		5,776,940
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27		3,100		2,677,997
			$	16,064,322
Insured – Transportation — 1.7%
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31	$	2,015	$	2,262,261
South Jersey Transportation Authority, (AGM), 5.00%, 11/1/33		500		641,675
			$	2,903,936
Lease Revenue / Certificates of Participation — 0.2%
New Jersey Economic Development Authority, (School Facilities Construction), 4.00%, 6/15/44	$	290	$	319,287
			$	319,287
Other Revenue — 3.4%
Mercer County Improvement Authority, 4.00%, 4/1/32	$	1,500	$	1,815,750
Mercer County Improvement Authority, 4.00%, 3/15/40		1,365		1,605,704
Mercer County Improvement Authority, 5.00%, 4/1/34		1,000		1,308,860
New Jersey Economic Development Authority, (The Seeing Eye, Inc.), 5.00%, 6/1/32		1,000		1,242,050
			$	5,972,364
Senior Living / Life Care — 2.3%
New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/29	$	1,250	$	1,364,350
New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/34		2,450		2,580,732
			$	3,945,082

22 See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Student Loan — 4.8%
New Jersey Higher Education Student Assistance Authority, (AMT), 2.857%, (3 mo. USD LIBOR + 0.95%), 6/1/36(2)	$	2,520	$	2,523,528
New Jersey Higher Education Student Assistance Authority, (AMT), 3.25%, 12/1/29		2,000		2,134,060
New Jersey Higher Education Student Assistance Authority, (AMT), 3.35%, 12/1/29		2,550		2,781,260
New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/34		950		1,075,020
			$	8,513,868
Transportation — 18.8%
Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/39	$	1,000	$	1,160,400
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/28		2,000		2,307,680
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/33		1,000		1,287,010
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35		2,270		2,908,483
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/36		1,250		1,597,062
New Jersey Economic Development Authority, (Port Newark Container Terminal, LLC), (AMT), 5.00%, 10/1/37		1,500		1,770,915
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.375%, 1/1/43		275		311,828
New Jersey Economic Development Authority, (Transit Transportation Project), 4.00%, 11/1/38		375		418,635
New Jersey Economic Development Authority, (Transit Transportation Project), 4.00%, 11/1/39		375		417,458
New Jersey Transportation Trust Fund Authority, 5.00%, 6/15/38		3,220		3,874,980
New Jersey Turnpike Authority, 4.00%, 1/1/48		1,150		1,328,020
New Jersey Turnpike Authority, 5.00%, 1/1/37		1,420		1,776,832
New Jersey Turnpike Authority, 5.00%, 1/1/45		2,780		3,252,822
Newark Housing Authority, (Newark Marine Terminal), 4.00%, 1/1/37		1,500		1,712,940
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/34		2,705		3,214,730
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/35		2,530		3,089,560
Port Authority of New York and New Jersey, (AMT), 5.00%, 11/15/36		1,160		1,399,262
South Jersey Transportation Authority, 5.00%, 11/1/31		1,000		1,146,150
			$	32,974,767
Total Tax-Exempt Municipal Securities — 95.4% (identified cost $152,737,439)			$	167,569,933

Taxable Municipal Securities — 3.2%
Security	Principal Amount (000’s omitted)		Value
General Obligations — 0.4%
Atlantic City, 7.50%, 3/1/40	$	445	$	666,908
			$	666,908
Transportation — 2.8%
New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28(3)	$	4,250	$	4,995,960
			$	4,995,960
Total Taxable Municipal Securities — 3.2% (identified cost $5,070,880)			$	5,662,868
Total Investments — 98.6% (identified cost $157,808,319)			$	173,232,801
Other Assets, Less Liabilities — 1.4%			$	2,507,912
Net Assets — 100.0%			$	175,740,713

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 New Jersey 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. At January 31, 2020, 20.0% 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 1.4% to 9.8% of total investments.

⁽¹⁾  When-issued security.

⁽²⁾  Floating rate security. The stated interest rate represents the rate in effect at January 31, 2020.

⁽³⁾  Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support.

Abbreviations:

AGM	–	Assured Guaranty Municipal Corp.
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.
LIBOR	–	London Interbank Offered Rate
NPFG	–	National Public Finance Guarantee Corp.
SFMR	–	Single Family Mortgage Revenue
XLCA	–	XL Capital Assurance, Inc.

Currency Abbreviations:

USD – United States Dollar

23 See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 102.6%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.2%
Northampton County Industrial Development Authority, (Northampton Generating), (AMT), 5.00%, 12/31/23(1)	$	1,323	$	330,859
			$	330,859
Education — 12.8%
Allegheny County Higher Education Building Authority, (Carnegie Mellon University), 5.00%, 8/1/27	$	1,665	$	2,145,636
Allegheny County Higher Education Building Authority, (Carnegie Mellon University), (SPA: Bank of New York), 1.15%, 12/1/37(2)		1,400		1,400,000
Cumberland County Municipal Authority, (Dickinson College), 5.00%, 5/1/30		775		936,843
Cumberland County Municipal Authority, (Dickinson College), 5.00%, 5/1/31		1,145		1,375,740
Cumberland County Municipal Authority, (Dickinson College), 5.00%, 11/1/37		1,000		1,092,180
Delaware County Authority, (Haverford College), 5.00%, 10/1/42		1,470		1,773,452
Delaware County Authority, (Villanova University), 5.00%, 8/1/40		1,120		1,317,176
Northampton County General Purpose Authority, (Lehigh University), 4.00%, 11/15/35		500		570,500
Northeastern Pennsylvania Hospital and Education Authority, (Wilkes University), 5.00%, 3/1/24		1,055		1,172,706
Northeastern Pennsylvania Hospital and Education Authority, (Wilkes University), 5.00%, 3/1/25		510		578,672
Pennsylvania Higher Educational Facilities Authority, (Drexel University), 4.00%, 5/1/36		4,000		4,427,560
Pennsylvania State University, 5.00%, 9/1/34		1,585		1,952,419
Philadelphia Industrial Development Authority, (La Salle University), 5.00%, 5/1/29		795		942,123
State Public School Building Authority, (Northampton County Area Community College), 5.50%, 3/1/31		2,645		2,768,733
Union County Higher Educational Facilities Financing Authority, (Bucknell University), 5.00%, 4/1/37		2,000		2,162,040
			$	24,615,780
Escrowed / Prerefunded — 9.4%
Chester County Health and Education Facilities Authority, (Jefferson Health System), Prerefunded to 5/15/20, 5.00%, 5/15/40	$	2,170	$	2,194,716
Delaware County Regional Water Quality Control Authority, Prerefunded to 5/1/23, 5.00%, 5/1/33		1,750		1,979,302
Franklin County Industrial Development Authority, (The Chambersburg Hospital), Prerefunded to 7/1/20, 5.375%, 7/1/42		1,000		1,018,100

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Lancaster Industrial Development Authority, (Garden Spot Village), Prerefunded to 5/1/23, 5.375%, 5/1/28	$	300	$	342,894
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.45%, 12/1/35		4,220		4,380,276
South Fork Municipal Authority, (Conemaugh Health System), Prerefunded to 7/1/20, 5.50%, 7/1/29		1,500		1,527,600
Southeastern Pennsylvania Transportation Authority, Federal Grant Receipts, Prerefunded to 6/1/21, 5.00%, 6/1/28		600		632,568
Washington County Industrial Development Authority, (Washington and Jefferson College), Prerefunded to 5/1/20, 5.25%, 11/1/30		2,300		2,324,219
Westmoreland County Municipal Authority, Prerefunded to 8/15/23, 5.00%, 8/15/32		2,345		2,679,233
Wilkes-Barre Finance Authority, (University of Scranton), Prerefunded to 11/1/20, 5.00%, 11/1/35		1,000		1,030,070
			$	18,108,978
General Obligations — 9.4%
Allegheny County, 5.00%, 11/1/43	$	1,000	$	1,240,960
Boyertown Area School District, 5.00%, 10/1/38		1,000		1,139,070
Chartiers Valley School District, 5.00%, 10/15/35		1,000		1,176,020
Chester County, 4.00%, 7/15/38(3)		1,315		1,520,048
Delaware Valley Regional Finance Authority, 5.75%, 7/1/32		4,500		6,298,740
Hatboro-Horsham School District, 5.00%, 9/15/27		1,100		1,237,302
Lehigh County, 4.00%, 11/15/32		1,000		1,191,530
Marple Newtown School District, 4.00%, 6/1/33		500		596,770
Marple Newtown School District, 4.00%, 6/1/34		350		417,781
Owen J. Roberts School District, 5.00%, 5/15/28		535		604,175
Penn-Delco School District, 4.00%, 6/1/45		1,500		1,663,260
Seneca Valley School District, 5.00%, 4/1/31		750		956,010
			$	18,041,666
Hospital — 13.5%
Allegheny County Hospital Development Authority, (UPMC Health System), 4.00%, 7/15/39	$	1,000	$	1,149,850
Allegheny County Hospital Development Authority, (UPMC Health System), 5.00%, 7/15/33		1,000		1,289,350
Bucks County Industrial Development Authority, (St. Luke’s University Health Network), 4.00%, 8/15/38		1,500		1,682,880
Centre County Hospital Authority, (Mount Nittany Medical Center), 5.00%, 11/15/30		505		601,834
Chester County Health and Education Facilities Authority, (Jefferson Health System), Prerefunded to 5/15/20, 5.00%, 5/15/40		770		778,878
Chester County Health and Education Facilities Authority, (Main Line Health System), 5.00%, 10/1/31		1,350		1,694,020

24 See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Geisinger Authority, (Geisinger Health System), (SPA: U.S. Bank, N.A.), 1.09%, 6/1/41(2)	$	2,750	$	2,750,000
Indiana County Hospital Authority, (Indiana Regional Medical Center), 6.00%, 6/1/39		1,345		1,474,510
Lancaster County Hospital Authority, (University of Pennsylvania Health System), 5.00%, 8/15/36		650		784,719
Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 4.00%, 7/1/33		2,700		2,837,754
Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 4.00%, 7/1/35		950		1,058,994
Montgomery County Higher Education and Health Authority, (Thomas Jefferson University Obligated Group), 4.00%, 9/1/34		1,000		1,166,950
Montgomery County Higher Education and Health Authority, (Thomas Jefferson University Obligated Group), 5.00%, 9/1/33		1,000		1,285,470
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/42		150		170,001
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 5.00%, 8/15/37		2,600		3,200,652
Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 5.00%, 5/15/31		2,550		2,579,784
Philadelphia Hospitals and Higher Education Facilities Authority, (Children’s Hospital of Philadelphia), 5.00%, 7/1/28		190		200,769
Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 5.00%, 6/1/36		1,000		1,272,290
			$	25,978,705
Housing — 0.5%
Pennsylvania Higher Educational Facilities Authority, (University Properties, Inc.), 5.00%, 7/1/35	$	750	$	872,025
			$	872,025
Industrial Development Revenue — 0.8%
Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.), 2.15%, 11/1/21	$	1,500	$	1,521,870
			$	1,521,870
Insured – Electric Utilities — 1.0%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34	$	1,475	$	1,614,638
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35		340		371,726
			$	1,986,364

Security	Principal Amount (000’s omitted)		Value
Insured – Escrowed / Prerefunded — 11.5%
Erie School District, (NPFG), Escrowed to Maturity, 0.00%, 5/1/20	$	2,625	$	2,618,280
Erie School District, (NPFG), Escrowed to Maturity, 0.00%, 5/1/21		2,625		2,589,799
Erie School District, (NPFG), Escrowed to Maturity, 0.00%, 5/1/22		3,625		3,535,354
McKeesport Area School District, (AMBAC), Escrowed to Maturity, 0.00%, 10/1/25		2,320		2,164,490
Westmoreland County Municipal Authority, Series A, (FGIC), Escrowed to Maturity, 0.00%, 8/15/20		5,780		5,747,690
Westmoreland County Municipal Authority, Series C, (FGIC), Escrowed to Maturity, 0.00%, 8/15/20		5,400		5,369,814
			$	22,025,427
Insured – General Obligations — 17.2%
Allentown City School District, (BAM), 5.00%, 6/1/31	$	500	$	599,280
Allentown City School District, (BAM), 5.00%, 6/1/32		1,000		1,196,080
Allentown City School District, (BAM), 5.00%, 6/1/33		1,000		1,193,630
Armstrong School District, (BAM), 4.00%, 3/15/35		500		582,160
Armstrong School District, (BAM), 4.00%, 3/15/38		1,000		1,151,830
Bethlehem Area School District, (BAM), 5.00%, 8/1/32		1,500		1,788,675
Cambria County, (AGM), 4.00%, 8/1/35(3)		700		782,320
Cambria County, (BAM), 5.00%, 8/1/30		3,320		3,828,923
Coatesville Area School District, (AGM), 5.00%, 8/1/25		300		357,333
Elizabeth Forward School District, (NPFG), 0.00%, 9/1/21		2,170		2,122,216
Elizabeth Forward School District, (NPFG), 0.00%, 9/1/22		2,170		2,089,645
Elizabeth Forward School District, (NPFG), 0.00%, 9/1/23		2,170		2,054,534
Erie School District, (AGM), 4.00%, 4/1/33		1,000		1,157,740
Hazelton School District, (NPFG), 0.00%, 3/1/21		4,000		3,935,440
Hopewell School District, (AGM), 0.00%, 9/1/22		1,000		965,680
Hopewell School District, (AGM), 0.00%, 9/1/26		1,000		897,990
Lake-Lehman School District, (NPFG), 0.00%, 4/1/26		1,315		1,191,548
Luzerne County, (AGM), 5.00%, 11/15/29		1,000		1,191,820
McKeesport Area School District, (AGM), 5.00%, 3/1/38		60		66,083
McKeesport Area School District, (AMBAC), 0.00%, 10/1/25		1,100		997,425
Montour School District, (AGM), 5.00%, 4/1/32		1,000		1,187,500
Montour School District, (AGM), 5.00%, 4/1/33		1,960		2,322,874
Philadelphia School District, (AGM), 5.00%, 9/1/34		1,000		1,275,350
			$	32,936,076
Insured – Hospital — 1.3%
Allegheny County Hospital Development Authority, (UPMC Health System), (NPFG), 6.00%, 7/1/24	$	2,000	$	2,418,940
			$	2,418,940

25 See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Lease Revenue / Certificates of Participation — 6.5%
State Public School Building Authority, (Philadelphia School District), (AGM), 5.50%, 6/1/28(4)	$	6,250	$	8,146,312
State Public School Building Authority, (Philadelphia School District), (AGM), 5.50%, 6/1/28		3,250		4,236,083
			$	12,382,395
Insured – Special Tax Revenue — 1.1%
Puerto Rico Infrastructure Financing Authority, (BHAC), (FGIC), 5.50%, 7/1/20	$	2,000	$	2,030,340
			$	2,030,340
Insured – Transportation — 2.3%
Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38	$	2,000	$	2,661,520
Puerto Rico Highway and Transportation Authority, (AGC), 5.50%, 7/1/31		1,500		1,737,945
			$	4,399,465
Insured – Water and Sewer — 1.8%
Allegheny County Sanitary Authority, (BAM), 5.00%, 12/1/28	$	1,000	$	1,140,800
Pittsburgh Water and Sewer Authority, (AGM), 4.00%, 9/1/34		2,000		2,349,080
			$	3,489,880
Lease Revenue / Certificates of Participation — 2.0%
Bucks County Community College Authority, 5.00%, 6/15/38	$	605	$	761,943
Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/34		2,405		2,984,701
			$	3,746,644
Other Revenue — 0.6%
Allentown Neighborhood Improvement Zone Development Authority, (City Center Project), Series 2018, 5.00%, 5/1/42(5)	$	1,000	$	1,150,550
			$	1,150,550
Senior Living / Life Care — 3.1%
Cumberland County Municipal Authority, (Diakon Lutheran Social Ministries), 5.00%, 1/1/31	$	500	$	607,705
Cumberland County Municipal Authority, (Diakon Lutheran Social Ministries), 5.00%, 1/1/39		2,000		2,370,180
Franklin County Industrial Development Authority, (Menno-Haven, Inc.), 5.00%, 12/1/33		455		509,277
Lancaster County Hospital Authority, (Brethren Village), 5.125%, 7/1/37		1,265		1,405,934

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Montgomery County Industrial Development Authority, (Whitemarsh Continuing Care Retirement Community), 5.00%, 1/1/33	$	1,000	$	1,076,880
			$	5,969,976
Special Tax Revenue — 0.6%
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/24	$	18	$	16,373
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/27		34		28,660
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/29		34		27,016
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/31		43		31,823
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/33		49		33,745
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/46		463		135,854
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/51		377		80,177
Puerto Rico Sales Tax Financing Corp., 4.329%, 7/1/40		183		199,137
Puerto Rico Sales Tax Financing Corp., 4.50%, 7/1/34		36		39,658
Puerto Rico Sales Tax Financing Corp., 4.536%, 7/1/53		5		5,459
Puerto Rico Sales Tax Financing Corp., 4.55%, 7/1/40		18		19,879
Puerto Rico Sales Tax Financing Corp., 4.75%, 7/1/53		132		146,377
Puerto Rico Sales Tax Financing Corp., 4.784%, 7/1/58		73		80,991
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58		334		376,385
			$	1,221,534
Transportation — 4.1%
Delaware River Joint Toll Bridge Commission of Pennsylvania and New Jersey, 5.00%, 7/1/32	$	1,500	$	1,875,315
Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 5.00%, 11/1/41		1,960		2,112,057
Pennsylvania Turnpike Commission, 5.00%, 12/1/37		1,500		1,882,425
Philadelphia, Airport Revenue, (AMT), 5.00%, 6/15/27		815		857,339
Philadelphia, Airport Revenue, (AMT), 5.00%, 7/1/37		1,000		1,207,920
			$	7,935,056
Water and Sewer — 2.9%
Chester Water Authority, 5.00%, 12/1/35	$	795	$	933,982
Luzerne County Industrial Development Authority, (Pennsylvania-American Water Co.), (AMT), 2.45% to 12/3/29 (Put Date), 12/1/39		750		782,377
Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 3.00%, 4/1/39		2,500		2,626,000
Philadelphia, Water and Wastewater Revenue, 5.00%, 1/1/36		1,250		1,291,175
			$	5,633,534
Total Tax-Exempt Municipal Securities — 102.6% (identified cost $182,277,783)			$	196,796,064

26 See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Taxable Municipal Securities — 0.0%(6)
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.0%(6)
Northampton County Industrial Development Authority, (Northampton Generating), 5.00%, 12/31/23(1)	$	361	$	90,271
Total Taxable Municipal Securities — 0.0%(6) (identified cost $361,090)			$	90,271
Total Investments — 102.6% (identified cost $182,638,873)			$	196,886,335
Other Assets, Less Liabilities — (2.6)%			$	(5,071,569	)
Net Assets — 100.0%			$	191,814,766

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 Pennsylvania 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. At January 31, 2020, 41.5% 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 0.9% to 14.0% of total investments.

⁽¹⁾  Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽²⁾  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 January 31, 2020.

⁽³⁾  When-issued security.

⁽⁴⁾  Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

⁽⁵⁾  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 January 31, 2020, the aggregate value of these securities is $1,150,550 or 0.6% of the Fund’s net assets.

⁽⁶⁾  Amount is less than 0.05%.

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.
BHAC	–	Berkshire Hathaway Assurance Corp.
FGIC	–	Financial Guaranty Insurance Company
NPFG	–	National Public Finance Guarantee Corp.
SPA	–	Standby Bond Purchase Agreement

27 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Statements of Assets and Liabilities (Unaudited)

	January 31, 2020
Assets	Arizona Fund		Connecticut Fund		Minnesota Fund
Investments —
Identified cost	$	59,070,922	$	78,399,934	$	173,306,921
Unrealized appreciation		5,645,154		6,069,434		10,411,483
Investments, at value	$	64,716,076	$	84,469,368	$	183,718,404
Cash	$	224,995	$	439,685	$	2,255,914
Interest receivable		361,975		562,915		2,006,261
Receivable for Fund shares sold		229,958		80,792		593,960
Total assets	$	65,533,004	$	85,552,760	$	188,574,539
Liabilities
Payable for investments purchased	$	—	$	1,000,000	$	—
Payable for when-issued securities		2,164,719		656,717		5,238,624
Payable for Fund shares redeemed		63,368		48,711		201,529
Distributions payable		18,592		28,226		92,790
Payable to affiliates:
Investment adviser fee		13,974		22,663		50,871
Distribution and service fees		9,429		14,196		14,955
Accrued expenses		52,078		56,513		91,431
Total liabilities	$	2,322,160	$	1,827,026	$	5,690,200
Net Assets	$	63,210,844	$	83,725,734	$	182,884,339
Sources of Net Assets
Paid-in capital	$	57,708,949	$	78,621,511	$	173,024,785
Distributable earnings		5,501,895		5,104,223		9,859,554
Net Assets	$	63,210,844	$	83,725,734	$	182,884,339
Class A Shares
Net Assets	$	36,251,076	$	52,975,287	$	59,314,649
Shares Outstanding		3,668,206		5,122,167		6,078,947
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.88	$	10.34	$	9.76
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	10.37	$	10.86	$	10.25
Class C Shares
Net Assets	$	4,136,392	$	6,747,961	$	5,988,877
Shares Outstanding		376,399		654,680		570,643
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	10.99	$	10.31	$	10.49
Class I Shares
Net Assets	$	22,823,376	$	24,002,486	$	117,580,813
Shares Outstanding		2,309,557		2,320,144		12,050,037
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.88	$	10.35	$	9.76

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.

28 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Statements of Assets and Liabilities (Unaudited) — continued

	January 31, 2020
Assets	New Jersey Fund		Pennsylvania Fund
Investments —
Identified cost	$	157,808,319	$	182,638,873
Unrealized appreciation		15,424,482		14,247,462
Investments, at value	$	173,232,801	$	196,886,335
Cash	$	495,888	$	1,217,506
Interest receivable		1,144,784		1,542,858
Receivable for investments sold		1,728,753		—
Receivable for Fund shares sold		250,101		52,919
Total assets	$	176,852,327	$	199,699,618
Liabilities
Payable for floating rate notes issued	$	—	$	4,999,975
Payable for when-issued securities		638,050		2,276,283
Payable for Fund shares redeemed		228,486		278,801
Distributions payable		69,907		119,297
Payable to affiliates:
Investment adviser fee		50,844		59,711
Distribution and service fees		27,580		29,744
Interest expense and fees payable		—		15,263
Accrued expenses		96,747		105,778
Total liabilities	$	1,111,614	$	7,884,852
Net Assets	$	175,740,713	$	191,814,766
Sources of Net Assets
Paid-in capital	$	162,445,683	$	190,244,360
Distributable earnings		13,295,030		1,570,406
Net Assets	$	175,740,713	$	191,814,766
Class A Shares
Net Assets	$	103,773,390	$	118,358,278
Shares Outstanding		10,693,860		13,550,832
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.70	$	8.73
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	10.18	$	9.17
Class C Shares
Net Assets	$	12,808,776	$	12,292,593
Shares Outstanding		1,264,868		1,359,046
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	10.13	$	9.05
Class I Shares
Net Assets	$	59,158,547	$	61,163,895
Shares Outstanding		6,093,683		6,976,003
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.71	$	8.77

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.

29 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Statements of Operations (Unaudited)

	Six Months Ended January 31, 2020
Investment Income	Arizona Fund			Connecticut Fund			Minnesota Fund
Interest	$	949,957		$	1,349,037		$	2,252,911
Total investment income	$	949,957		$	1,349,037		$	2,252,911
Expenses
Investment adviser fee	$	80,416		$	122,652		$	285,667
Distribution and service fees
Class A		35,826			52,512			59,303
Class C		20,282			28,021			30,063
Trustees’ fees and expenses		1,769			2,253			4,604
Custodian fee		12,124			13,239			21,037
Transfer and dividend disbursing agent fees		8,941			19,020			30,501
Legal and accounting services		24,094			31,284			26,089
Printing and postage		5,937			7,058			7,267
Registration fees		4,821			2,739			6,865
Miscellaneous		9,435			10,780			14,694
Total expenses	$	203,645		$	289,558		$	486,090
Net investment income	$	746,312		$	1,059,479		$	1,766,821
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	12,293		$	(28,276	)	$	42,116
Financial futures contracts		(273,690	)		—			—
Net realized gain (loss)	$	(261,397	)	$	(28,276	)	$	42,116
Change in unrealized appreciation (depreciation) —
Investments	$	1,038,830		$	1,013,793		$	2,628,121
Financial futures contracts		92,784			—			—
Net change in unrealized appreciation (depreciation)	$	1,131,614		$	1,013,793		$	2,628,121
Net realized and unrealized gain	$	870,217		$	985,517		$	2,670,237
Net increase in net assets from operations	$	1,616,529		$	2,044,996		$	4,437,058

30 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Statements of Operations (Unaudited) — continued

	Six Months Ended January 31, 2020
Investment Income	New Jersey Fund		Pennsylvania Fund
Interest	$	2,789,227	$	3,723,041
Total investment income	$	2,789,227	$	3,723,041
Expenses
Investment adviser fee	$	297,383	$	355,681
Distribution and service fees
Class A		102,359		119,239
Class C		58,991		61,217
Trustees’ fees and expenses		4,435		4,895
Custodian fee		22,068		22,850
Transfer and dividend disbursing agent fees		36,339		45,361
Legal and accounting services		29,226		31,361
Printing and postage		8,200		9,870
Registration fees		3,260		2,271
Interest expense and fees		—		47,620
Miscellaneous		15,706		17,488
Total expenses	$	577,967	$	717,853
Net investment income	$	2,211,260	$	3,005,188
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	1,107,049	$	59,482
Net realized gain	$	1,107,049	$	59,482
Change in unrealized appreciation (depreciation) —
Investments	$	3,056,702	$	1,740,686
Net change in unrealized appreciation (depreciation)	$	3,056,702	$	1,740,686
Net realized and unrealized gain	$	4,163,751	$	1,800,168
Net increase in net assets from operations	$	6,375,011	$	4,805,356

31 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Statements of Changes in Net Assets

	Six Months Ended January 31, 2020 (Unaudited)
Increase (Decrease) in Net Assets	Arizona Fund			Connecticut Fund			Minnesota Fund
From operations —
Net investment income	$	746,312		$	1,059,479		$	1,766,821
Net realized gain (loss)		(261,397	)		(28,276	)		42,116
Net change in unrealized appreciation (depreciation)		1,131,614			1,013,793			2,628,121
Net increase in net assets from operations	$	1,616,529		$	2,044,996		$	4,437,058
Distributions to shareholders —
Class A	$	(459,369	)	$	(724,562	)	$	(603,618	)
Class C		(38,876	)		(58,251	)		(40,840	)
Class I		(290,287	)		(326,386	)		(1,171,491	)
Total distributions to shareholders	$	(788,532	)	$	(1,109,199	)	$	(1,815,949	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	3,779,480		$	2,208,888		$	2,753,885
Class C		316,698			2,263,643			561,269
Class I		4,858,986			4,823,871			34,443,912
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		410,665			595,302			550,888
Class C		34,881			42,938			38,643
Class I		232,740			281,922			657,838
Cost of shares redeemed
Class A		(3,401,453	)		(2,995,580	)		(3,429,403	)
Class C		(263,092	)		(112,886	)		(579,254	)
Class I		(2,180,310	)		(2,456,330	)		(7,983,104	)
Net asset value of shares converted
Class A		286,253			301,461			722,476
Class C		(286,253	)		(301,461	)		(722,476	)
Net increase in net assets from Fund share transactions	$	3,788,595		$	4,651,768		$	27,014,674
Net increase in net assets	$	4,616,592		$	5,587,565		$	29,635,783
Net Assets
At beginning of period	$	58,594,252		$	78,138,169		$	153,248,556
At end of period	$	63,210,844		$	83,725,734		$	182,884,339

32 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Statements of Changes in Net Assets — continued

	Six Months Ended January 31, 2020 (Unaudited)
Increase (Decrease) in Net Assets	New Jersey Fund			Pennsylvania Fund
From operations —
Net investment income	$	2,211,260		$	3,005,188
Net realized gain		1,107,049			59,482
Net change in unrealized appreciation (depreciation)		3,056,702			1,740,686
Net increase in net assets from operations	$	6,375,011		$	4,805,356
Distributions to shareholders —
Class A	$	(1,401,953	)	$	(1,908,979	)
Class C		(123,353	)		(157,788	)
Class I		(803,313	)		(1,007,177	)
Total distributions to shareholders	$	(2,328,619	)	$	(3,073,944	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	4,288,669		$	2,536,601
Class C		1,893,764			1,499,550
Class I		9,650,854			9,386,082
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,137,406			1,693,209
Class C		101,978			139,745
Class I		708,568			517,070
Cost of shares redeemed
Class A		(6,111,133	)		(7,286,650	)
Class C		(930,734	)		(1,539,740	)
Class I		(3,551,742	)		(2,815,828	)
Net asset value of shares converted
Class A		755,194			1,004,208
Class C		(755,194	)		(1,004,208	)
Net increase in net assets from Fund share transactions	$	7,187,630		$	4,130,039
Net increase in net assets	$	11,234,022		$	5,861,451
Net Assets
At beginning of period	$	164,506,691		$	185,953,315
At end of period	$	175,740,713		$	191,814,766

33 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Statements of Changes in Net Assets — continued

	Year Ended July 31, 2019
Increase (Decrease) in Net Assets	Arizona Fund			Connecticut Fund			Minnesota Fund
From operations —
Net investment income	$	1,451,236		$	2,185,333		$	3,425,915
Net realized loss		(145,249	)		(25,364	)		(548,433	)
Net change in unrealized appreciation (depreciation)		1,891,927			2,004,550			5,787,813
Net increase in net assets from operations	$	3,197,914		$	4,164,519		$	8,665,295
Distributions to shareholders —
Class A	$	(907,785	)	$	(1,547,637	)	$	(1,323,912	)
Class C		(89,877	)		(90,318	)		(129,275	)
Class I		(448,193	)		(539,292	)		(1,979,461	)
Total distributions to shareholders	$	(1,445,855	)	$	(2,177,247	)	$	(3,432,648	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	4,054,232		$	2,972,737		$	9,543,073
Class C		1,221,295			1,528,112			1,339,027
Class I		9,733,737			10,812,302			46,325,094
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		803,656			1,271,823			1,206,122
Class C		81,617			65,486			121,328
Class I		360,688			440,571			1,229,852
Cost of shares redeemed
Class A		(5,611,258	)		(8,744,300	)		(13,685,326	)
Class C		(1,499,814	)		(970,621	)		(2,664,399	)
Class I		(4,323,582	)		(4,554,944	)		(35,431,198	)
Net asset value of shares converted
Class A		681,734			525,396			1,931,924
Class C		(681,734	)		(525,396	)		(1,931,924	)
Net increase in net assets from Fund share transactions	$	4,820,571		$	2,821,166		$	7,983,573
Net increase in net assets	$	6,572,630		$	4,808,438		$	13,216,220
Net Assets
At beginning of year	$	52,021,622		$	73,329,731		$	140,032,336
At end of year	$	58,594,252		$	78,138,169		$	153,248,556

34 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Statements of Changes in Net Assets — continued

	Year Ended July 31, 2019
Increase (Decrease) in Net Assets	New Jersey Fund			Pennsylvania Fund
From operations —
Net investment income	$	4,796,549		$	6,486,946
Net realized gain (loss)		770,425			(1,031,627	)
Net change in unrealized appreciation (depreciation)		6,091,450			4,328,226
Net increase in net assets from operations	$	11,658,424		$	9,783,545
Distributions to shareholders —
Class A	$	(3,017,845	)	$	(4,156,808	)
Class C		(349,912	)		(544,925	)
Class I		(1,389,150	)		(1,842,914	)
Total distributions to shareholders	$	(4,756,907	)	$	(6,544,647	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	6,169,179		$	9,616,519
Class C		3,054,807			1,357,859
Class I		30,859,873			22,729,769
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,454,247			3,664,398
Class C		299,220			498,055
Class I		1,231,041			806,641
Cost of shares redeemed
Class A		(14,754,860	)		(16,032,192	)
Class C		(4,188,436	)		(4,532,346	)
Class I		(15,510,554	)		(17,288,376	)
Net asset value of shares converted
Class A		4,995,205			7,448,310
Class C		(4,995,205	)		(7,448,310	)
Net increase in net assets from Fund share transactions	$	9,614,517		$	820,327
Net increase in net assets	$	16,516,034		$	4,059,225
Net Assets
At beginning of year	$	147,990,657		$	181,894,090
At end of year	$	164,506,691		$	185,953,315

35 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Financial Highlights

	Arizona Fund — Class A
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.750		$	9.440		$	9.580		$	9.840		$	9.540		$	9.650
Income (Loss) From Operations
Net investment income(1)	$	0.119		$	0.258		$	0.276		$	0.292		$	0.321		$	0.346
Net realized and unrealized gain (loss)		0.137			0.310			(0.132	)		(0.262	)		0.298			(0.088	)
Total income from operations	$	0.256		$	0.568		$	0.144		$	0.030		$	0.619		$	0.258
Less Distributions
From net investment income	$	(0.126	)	$	(0.258	)	$	(0.284	)	$	(0.290	)	$	(0.319	)	$	(0.368	)
Total distributions	$	(0.126	)	$	(0.258	)	$	(0.284	)	$	(0.290	)	$	(0.319	)	$	(0.368	)
Net asset value — End of period	$	9.880		$	9.750		$	9.440		$	9.580		$	9.840		$	9.540
Total Return(2)		2.64	%(3)		6.12	%		1.53	%		0.35	%		6.60	%		2.67	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	36,251		$	34,704		$	33,704		$	40,674		$	47,956		$	47,736
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.68	%(5)		0.70	%		0.71	%		0.71	%		0.69	%		0.72	%
Net investment income		2.43	%(5)		2.73	%		2.90	%		3.05	%		3.32	%		3.56	%
Portfolio Turnover		2	%(3)		6	%		8	%		22	%		14	%		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.

36 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Financial Highlights — continued

	Arizona Fund — Class C
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.840		$	10.500		$	10.650		$	10.940		$	10.610		$	10.730
Income (Loss) From Operations
Net investment income(1)	$	0.092		$	0.208		$	0.227		$	0.245		$	0.275		$	0.305
Net realized and unrealized gain (loss)		0.158			0.339			(0.140	)		(0.293	)		0.329			(0.097	)
Total income (loss) from operations	$	0.250		$	0.547		$	0.087		$	(0.048	)	$	0.604		$	0.208
Less Distributions
From net investment income	$	(0.100	)	$	(0.207	)	$	(0.237	)	$	(0.242	)	$	(0.274	)	$	(0.328	)
Total distributions	$	(0.100	)	$	(0.207	)	$	(0.237	)	$	(0.242	)	$	(0.274	)	$	(0.328	)
Net asset value — End of period	$	10.990		$	10.840		$	10.500		$	10.650		$	10.940		$	10.610
Total Return(2)		2.32	%(3)		5.28	%		0.83	%		(0.41	)%		5.77	%		1.93	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	4,136		$	4,279		$	5,025		$	6,025		$	6,592		$	5,690
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.43	%(5)		1.45	%		1.46	%		1.46	%		1.44	%		1.47	%
Net investment income		1.68	%(5)		1.98	%		2.15	%		2.30	%		2.56	%		2.83	%
Portfolio Turnover		2	%(3)		6	%		8	%		22	%		14	%		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.

37 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Financial Highlights — continued

	Arizona Fund — Class I
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.750		$	9.440		$	9.580		$	9.830		$	9.540		$	9.640
Income (Loss) From Operations
Net investment income(1)	$	0.129		$	0.276		$	0.295		$	0.310		$	0.339		$	0.368
Net realized and unrealized gain (loss)		0.137			0.310			(0.132	)		(0.251	)		0.289			(0.081	)
Total income from operations	$	0.266		$	0.586		$	0.163		$	0.059		$	0.628		$	0.287
Less Distributions
From net investment income	$	(0.136	)	$	(0.276	)	$	(0.303	)	$	(0.309	)	$	(0.338	)	$	(0.387	)
Total distributions	$	(0.136	)	$	(0.276	)	$	(0.303	)	$	(0.309	)	$	(0.338	)	$	(0.387	)
Net asset value — End of period	$	9.880		$	9.750		$	9.440		$	9.580		$	9.830		$	9.540
Total Return(2)		2.75	%(3)		6.33	%		1.74	%		0.65	%		6.70	%		2.98	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	22,823		$	19,612		$	13,292		$	16,990		$	12,390		$	9,759
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.48	%(5)		0.49	%		0.51	%		0.51	%		0.49	%		0.52	%
Net investment income		2.63	%(5)		2.91	%		3.10	%		3.24	%		3.50	%		3.79	%
Portfolio Turnover		2	%(3)		6	%		8	%		22	%		14	%		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.

38 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Financial Highlights — continued

	Connecticut Fund — Class A
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.230		$	9.960		$	10.200		$	10.520		$	10.240		$	10.240
Income (Loss) From Operations
Net investment income(1)	$	0.135		$	0.296		$	0.324		$	0.328		$	0.351		$	0.364
Net realized and unrealized gain (loss)		0.117			0.269			(0.243	)		(0.323	)		0.276			(0.004	)
Total income from operations	$	0.252		$	0.565		$	0.081		$	0.005		$	0.627		$	0.360
Less Distributions
From net investment income	$	(0.142	)	$	(0.295	)	$	(0.321	)	$	(0.325	)	$	(0.347	)	$	(0.360	)
Total distributions	$	(0.142	)	$	(0.295	)	$	(0.321	)	$	(0.325	)	$	(0.347	)	$	(0.360	)
Net asset value — End of period	$	10.340		$	10.230		$	9.960		$	10.200		$	10.520		$	10.240
Total Return(2)		2.49	%(3)		5.78	%		0.82	%		0.08	%		6.22	%		3.53	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	52,975		$	52,275		$	54,900		$	59,405		$	68,795		$	72,210
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.72	%(5)		0.73	%		0.73	%		0.70	%		0.72	%		0.72	%
Interest and fee expense(6)		—			—			—			—			—			0.03	%
Total expenses(4)		0.72	%(5)		0.73	%		0.73	%		0.70	%		0.72	%		0.75	%
Net investment income		2.63	%(5)		2.97	%		3.22	%		3.20	%		3.38	%		3.52	%
Portfolio Turnover		8	%(3)		16	%		10	%		11	%		7	%		2	%

⁽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).

39 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Financial Highlights — continued

	Connecticut Fund — Class C
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.190		$	9.920		$	10.160		$	10.490		$	10.200		$	10.200
Income (Loss) From Operations
Net investment income(1)	$	0.097		$	0.220		$	0.247		$	0.250		$	0.271		$	0.285
Net realized and unrealized gain (loss)		0.125			0.269			(0.242	)		(0.333	)		0.287			(0.003	)
Total income (loss) from operations	$	0.222		$	0.489		$	0.005		$	(0.083	)	$	0.558		$	0.282
Less Distributions
From net investment income	$	(0.102	)	$	(0.219	)	$	(0.245	)	$	(0.247	)	$	(0.268	)	$	(0.282	)
Total distributions	$	(0.102	)	$	(0.219	)	$	(0.245	)	$	(0.247	)	$	(0.268	)	$	(0.282	)
Net asset value — End of period	$	10.310		$	10.190		$	9.920		$	10.160		$	10.490		$	10.200
Total Return(2)		2.19	%(3)		5.01	%		0.06	%		(0.77	)%		5.54	%		2.76	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	6,748		$	4,782		$	4,588		$	5,847		$	7,020		$	6,739
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.47	%(5)		1.47	%		1.48	%		1.45	%		1.47	%		1.47	%
Interest and fee expense(6)		—			—			—			—			—			0.03	%
Total expenses(4)		1.47	%(5)		1.47	%		1.48	%		1.45	%		1.47	%		1.50	%
Net investment income		1.88	%(5)		2.21	%		2.47	%		2.45	%		2.62	%		2.77	%
Portfolio Turnover		8	%(3)		16	%		10	%		11	%		7	%		2	%

⁽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).

40 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Financial Highlights — continued

	Connecticut Fund — Class I
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.230		$	9.960		$	10.200		$	10.520		$	10.240		$	10.240
Income (Loss) From Operations
Net investment income(1)	$	0.146		$	0.316		$	0.344		$	0.348		$	0.371		$	0.385
Net realized and unrealized gain (loss)		0.126			0.269			(0.242	)		(0.322	)		0.276			(0.004	)
Total income from operations	$	0.272		$	0.585		$	0.102		$	0.026		$	0.647		$	0.381
Less Distributions
From net investment income	$	(0.152	)	$	(0.315	)	$	(0.342	)	$	(0.346	)	$	(0.367	)	$	(0.381	)
Total distributions	$	(0.152	)	$	(0.315	)	$	(0.342	)	$	(0.346	)	$	(0.367	)	$	(0.381	)
Net asset value — End of period	$	10.350		$	10.230		$	9.960		$	10.200		$	10.520		$	10.240
Total Return(2)		2.68	%(3)		6.00	%		1.03	%		0.28	%		6.43	%		3.74	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	24,002		$	21,081		$	13,842		$	16,216		$	12,826		$	9,330
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.52	%(5)		0.53	%		0.53	%		0.50	%		0.52	%		0.52	%
Interest and fee expense(6)		—			—			—			—			—			0.03	%
Total expenses(4)		0.52	%(5)		0.53	%		0.53	%		0.50	%		0.52	%		0.55	%
Net investment income		2.83	%(5)		3.16	%		3.42	%		3.40	%		3.57	%		3.71	%
Portfolio Turnover		8	%(3)		16	%		10	%		11	%		7	%		2	%

⁽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).

41 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Financial Highlights — continued

	Minnesota Fund — Class A
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.610		$	9.250		$	9.480		$	9.770		$	9.550		$	9.580
Income (Loss) From Operations
Net investment income(1)	$	0.096		$	0.224		$	0.241		$	0.263		$	0.288		$	0.312
Net realized and unrealized gain (loss)		0.153			0.361			(0.227	)		(0.289	)		0.222			(0.033	)
Total income (loss) from operations	$	0.249		$	0.585		$	0.014		$	(0.026	)	$	0.510		$	0.279
Less Distributions
From net investment income	$	(0.099	)	$	(0.225	)	$	(0.244	)	$	(0.264	)	$	(0.290	)	$	(0.309	)
Total distributions	$	(0.099	)	$	(0.225	)	$	(0.244	)	$	(0.264	)	$	(0.290	)	$	(0.309	)
Net asset value — End of period	$	9.760		$	9.610		$	9.250		$	9.480		$	9.770		$	9.550
Total Return(2)		2.60	%(3)		6.42	%		0.15	%		(0.22	)%		5.42	%		2.94	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	59,315		$	57,812		$	56,760		$	62,310		$	74,061		$	71,598
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.66	%(5)		0.70	%		0.69	%		0.70	%		0.69	%		0.71	%
Net investment income		1.98	%(5)		2.41	%		2.57	%		2.77	%		2.98	%		3.24	%
Portfolio Turnover		6	%(3)		21	%		20	%		23	%		12	%		2	%

⁽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.

42 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Financial Highlights — continued

	Minnesota Fund — Class C
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.330		$	9.950		$	10.200		$	10.500		$	10.270		$	10.300
Income (Loss) From Operations
Net investment income(1)	$	0.064		$	0.168		$	0.184		$	0.206		$	0.231		$	0.257
Net realized and unrealized gain (loss)		0.163			0.379			(0.247	)		(0.298	)		0.233			(0.032	)
Total income (loss) from operations	$	0.227		$	0.547		$	(0.063	)	$	(0.092	)	$	0.464		$	0.225
Less Distributions
From net investment income	$	(0.067	)	$	(0.167	)	$	(0.187	)	$	(0.208	)	$	(0.234	)	$	(0.255	)
Total distributions	$	(0.067	)	$	(0.167	)	$	(0.187	)	$	(0.208	)	$	(0.234	)	$	(0.255	)
Net asset value — End of period	$	10.490		$	10.330		$	9.950		$	10.200		$	10.500		$	10.270
Total Return(2)		2.21	%(3)		5.56	%		(0.62	)%		(0.85	)%		4.57	%		2.19	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	5,989		$	6,595		$	9,484		$	11,668		$	12,990		$	11,636
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.41	%(5)		1.46	%		1.44	%		1.45	%		1.44	%		1.46	%
Net investment income		1.23	%(5)		1.68	%		1.82	%		2.02	%		2.23	%		2.48	%
Portfolio Turnover		6	%(3)		21	%		20	%		23	%		12	%		2	%

⁽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.

43 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Financial Highlights — continued

	Minnesota Fund — Class I
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.610		$	9.250		$	9.480		$	9.770		$	9.550		$	9.580
Income (Loss) From Operations
Net investment income(1)	$	0.105		$	0.242		$	0.260		$	0.280		$	0.304		$	0.330
Net realized and unrealized gain (loss)		0.153			0.361			(0.227	)		(0.287	)		0.225			(0.031	)
Total income (loss) from operations	$	0.258		$	0.603		$	0.033		$	(0.007	)	$	0.529		$	0.299
Less Distributions
From net investment income	$	(0.108	)	$	(0.243	)	$	(0.263	)	$	(0.283	)	$	(0.309	)	$	(0.329	)
Total distributions	$	(0.108	)	$	(0.243	)	$	(0.263	)	$	(0.283	)	$	(0.309	)	$	(0.329	)
Net asset value — End of period	$	9.760		$	9.610		$	9.250		$	9.480		$	9.770		$	9.550
Total Return(2)		2.71	%(3)		6.64	%		0.36	%		(0.02	)%		5.63	%		3.15	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	117,581		$	88,841		$	73,789		$	75,120		$	59,486		$	37,542
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.46	%(5)		0.50	%		0.49	%		0.50	%		0.49	%		0.51	%
Net investment income		2.17	%(5)		2.59	%		2.77	%		2.96	%		3.15	%		3.43	%
Portfolio Turnover		6	%(3)		21	%		20	%		23	%		12	%		2	%

⁽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.

44 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Financial Highlights — continued

	New Jersey Fund — Class A
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.480		$	9.080		$	9.230		$	9.520		$	9.240		$	9.310
Income (Loss) From Operations
Net investment income(1)	$	0.125		$	0.287		$	0.317		$	0.326		$	0.339		$	0.337
Net realized and unrealized gain (loss)		0.227			0.398			(0.146	)		(0.293	)		0.277			(0.072	)
Total income from operations	$	0.352		$	0.685		$	0.171		$	0.033		$	0.616		$	0.265
Less Distributions
From net investment income	$	(0.132	)	$	(0.285	)	$	(0.321	)	$	(0.323	)	$	(0.336	)	$	(0.335	)
Total distributions	$	(0.132	)	$	(0.285	)	$	(0.321	)	$	(0.323	)	$	(0.336	)	$	(0.335	)
Net asset value — End of period	$	9.700		$	9.480		$	9.080		$	9.230		$	9.520		$	9.240
Total Return(2)		3.73	%(3)		7.69	%		1.89	%		0.41	%		6.78	%		2.86	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	103,773		$	101,283		$	98,224		$	104,121		$	117,155		$	120,659
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.69	%(5)		0.72	%		0.73	%		0.72	%		0.72	%		0.73	%
Interest and fee expense(6)		—			—			—			0.01	%		0.03	%		0.02	%
Total expenses(4)		0.69	%(5)		0.72	%		0.73	%		0.73	%		0.75	%		0.75	%
Net investment income		2.60	%(5)		3.14	%		3.47	%		3.53	%		3.62	%		3.60	%
Portfolio Turnover		19	%(3)		39	%		13	%		14	%		17	%		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).

45 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Financial Highlights — continued

	New Jersey Fund — Class C
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.890		$	9.470		$	9.630		$	9.930		$	9.640		$	9.710
Income (Loss) From Operations
Net investment income(1)	$	0.093		$	0.229		$	0.259		$	0.267		$	0.280		$	0.278
Net realized and unrealized gain (loss)		0.247			0.416			(0.155	)		(0.302	)		0.288			(0.072	)
Total income (loss) from operations	$	0.340		$	0.645		$	0.104		$	(0.035	)	$	0.568		$	0.206
Less Distributions
From net investment income	$	(0.100	)	$	(0.225	)	$	(0.264	)	$	(0.265	)	$	(0.278	)	$	(0.276	)
Total distributions	$	(0.100	)	$	(0.225	)	$	(0.264	)	$	(0.265	)	$	(0.278	)	$	(0.276	)
Net asset value — End of period	$	10.130		$	9.890		$	9.470		$	9.630		$	9.930		$	9.640
Total Return(2)		3.45	%(3)		6.92	%		1.10	%		(0.32	)%		5.97	%		2.13	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	12,809		$	12,202		$	17,481		$	21,115		$	24,731		$	23,141
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.44	%(5)		1.47	%		1.48	%		1.47	%		1.47	%		1.48	%
Interest and fee expense(6)		—			—			—			0.01	%		0.03	%		0.02	%
Total expenses(4)		1.44	%(5)		1.47	%		1.48	%		1.48	%		1.50	%		1.50	%
Net investment income		1.85	%(5)		2.41	%		2.72	%		2.78	%		2.86	%		2.85	%
Portfolio Turnover		19	%(3)		39	%		13	%		14	%		17	%		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).

46 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Financial Highlights — continued

	New Jersey Fund — Class I
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.480		$	9.080		$	9.230		$	9.520		$	9.240		$	9.310
Income (Loss) From Operations
Net investment income(1)	$	0.134		$	0.303		$	0.335		$	0.345		$	0.357		$	0.355
Net realized and unrealized gain (loss)		0.237			0.400			(0.146	)		(0.293	)		0.278			(0.071	)
Total income from operations	$	0.371		$	0.703		$	0.189		$	0.052		$	0.635		$	0.284
Less Distributions
From net investment income	$	(0.141	)	$	(0.303	)	$	(0.339	)	$	(0.342	)	$	(0.355	)	$	(0.354	)
Total distributions	$	(0.141	)	$	(0.303	)	$	(0.339	)	$	(0.342	)	$	(0.355	)	$	(0.354	)
Net asset value — End of period	$	9.710		$	9.480		$	9.080		$	9.230		$	9.520		$	9.240
Total Return(2)		3.94	%(3)		7.91	%		2.09	%		0.61	%		7.00	%		3.07	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	59,159		$	51,021		$	32,285		$	31,778		$	28,693		$	24,873
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.49	%(5)		0.52	%		0.53	%		0.52	%		0.52	%		0.53	%
Interest and fee expense(6)		—			—			—			0.01	%		0.03	%		0.02	%
Total expenses(4)		0.49	%(5)		0.52	%		0.53	%		0.53	%		0.55	%		0.55	%
Net investment income		2.79	%(5)		3.30	%		3.66	%		3.74	%		3.80	%		3.80	%
Portfolio Turnover		19	%(3)		39	%		13	%		14	%		17	%		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).

47 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Financial Highlights — continued

	Pennsylvania Fund — Class A
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.650		$	8.500		$	8.730		$	9.110		$	8.900		$	8.950
Income (Loss) From Operations
Net investment income(1)	$	0.136		$	0.310		$	0.334		$	0.323		$	0.345		$	0.355
Net realized and unrealized gain (loss)		0.084			0.153			(0.236	)		(0.379	)		0.207			(0.053	)
Total income (loss) from operations	$	0.220		$	0.463		$	0.098		$	(0.056	)	$	0.552		$	0.302
Less Distributions
From net investment income	$	(0.140	)	$	(0.313	)	$	(0.328	)	$	(0.324	)	$	(0.342	)	$	(0.352	)
Total distributions	$	(0.140	)	$	(0.313	)	$	(0.328	)	$	(0.324	)	$	(0.342	)	$	(0.352	)
Net asset value — End of period	$	8.730		$	8.650		$	8.500		$	8.730		$	9.110		$	8.900
Total Return(2)		2.56	%(3)		5.58	%		1.16	%		(0.58	)%		6.32	%		3.41	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	118,358		$	119,324		$	112,508		$	125,579		$	147,706		$	140,411
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.71	%(5)		0.75	%		0.75	%		0.73	%		0.73	%		0.75	%
Interest and fee expense(6)		0.05	%(5)		0.07	%		0.05	%		0.04	%		0.04	%		0.03	%
Total expenses(4)		0.76	%(5)		0.82	%		0.80	%		0.77	%		0.77	%		0.78	%
Net investment income		3.13	%(5)		3.65	%		3.89	%		3.67	%		3.84	%		3.95	%
Portfolio Turnover		5	%(3)		18	%		9	%		4	%		8	%		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).

48 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Financial Highlights — continued

	Pennsylvania Fund — Class C
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.960		$	8.800		$	9.040		$	9.430		$	9.220		$	9.270
Income (Loss) From Operations
Net investment income(1)	$	0.107		$	0.257		$	0.279		$	0.266		$	0.287		$	0.298
Net realized and unrealized gain (loss)		0.094			0.161			(0.246	)		(0.389	)		0.208			(0.053	)
Total income (loss) from operations	$	0.201		$	0.418		$	0.033		$	(0.123	)	$	0.495		$	0.245
Less Distributions
From net investment income	$	(0.111	)	$	(0.258	)	$	(0.273	)	$	(0.267	)	$	(0.285	)	$	(0.295	)
Total distributions	$	(0.111	)	$	(0.258	)	$	(0.273	)	$	(0.267	)	$	(0.285	)	$	(0.295	)
Net asset value — End of period	$	9.050		$	8.960		$	8.800		$	9.040		$	9.430		$	9.220
Total Return(2)		2.26	%(3)		4.84	%		0.39	%		(1.28	)%		5.44	%		2.66	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	12,293		$	13,088		$	22,991		$	29,651		$	38,004		$	32,695
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.46	%(5)		1.50	%		1.50	%		1.48	%		1.48	%		1.50	%
Interest and fee expense(6)		0.05	%(5)		0.07	%		0.05	%		0.04	%		0.04	%		0.03	%
Total expenses(4)		1.51	%(5)		1.57	%		1.55	%		1.52	%		1.52	%		1.53	%
Net investment income		2.38	%(5)		2.93	%		3.13	%		2.92	%		3.08	%		3.20	%
Portfolio Turnover		5	%(3)		18	%		9	%		4	%		8	%		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).

49 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Financial Highlights — continued

	Pennsylvania Fund — Class I
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.690		$	8.530		$	8.760		$	9.140		$	8.940		$	8.990
Income (Loss) From Operations
Net investment income(1)	$	0.146		$	0.328		$	0.352		$	0.342		$	0.365		$	0.375
Net realized and unrealized gain (loss)		0.083			0.163			(0.235	)		(0.380	)		0.197			(0.053	)
Total income (loss) from operations	$	0.229		$	0.491		$	0.117		$	(0.038	)	$	0.562		$	0.322
Less Distributions
From net investment income	$	(0.149	)	$	(0.331	)	$	(0.347	)	$	(0.342	)	$	(0.362	)	$	(0.372	)
Total distributions	$	(0.149	)	$	(0.331	)	$	(0.347	)	$	(0.342	)	$	(0.362	)	$	(0.372	)
Net asset value — End of period	$	8.770		$	8.690		$	8.530		$	8.760		$	9.140		$	8.940
Total Return(2)		2.66	%(3)		5.90	%		1.37	%		(0.36	)%		6.40	%		3.62	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	61,164		$	53,541		$	46,396		$	51,055		$	53,322		$	49,036
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.51	%(5)		0.54	%		0.55	%		0.53	%		0.53	%		0.55	%
Interest and fee expense(6)		0.05	%(5)		0.07	%		0.05	%		0.04	%		0.04	%		0.03	%
Total expenses(4)		0.56	%(5)		0.61	%		0.60	%		0.57	%		0.57	%		0.58	%
Net investment income		3.33	%(5)		3.84	%		4.09	%		3.88	%		4.03	%		4.15	%
Portfolio Turnover		5	%(3)		18	%		9	%		4	%		8	%		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).

50 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

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

The following is a summary of significant accounting policies of the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (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 most fairly reflects the security’s “fair value”, which is 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 entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C  Federal Taxes — Each Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-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 January 31, 2020, 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 fiscal year-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.

51

Eaton Vance

Municipal Income Funds

January 31, 2020

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 the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Fund enters into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Fund that have not yet occurred.

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 January 31, 2020. 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 January 31, 2020, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:

	Pennsylvania Fund
Floating Rate Notes Outstanding	$	4,999,975
Interest Rate or Range of Interest Rates (%)		1.09
Collateral for Floating Rate Notes Outstanding	$	8,146,312

For the six months ended January 31, 2020, the Funds’ average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were as follows:

	Pennsylvania Fund
Average Floating Rate Notes Outstanding	$	5,000,000
Average Interest Rate		1.89	%

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 January 31, 2020.

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.

52

Eaton Vance

Municipal Income Funds

January 31, 2020

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 are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

K  Interim Financial Statements — The interim financial statements relating to January 31, 2020 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 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 to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At July 31, 2019, the following Funds, for federal income tax purposes, had 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. The deferred capital losses 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. The amounts of the deferred capital losses are as follows:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
Deferred capital losses:
Short-term	$	121,467	$	993,863	$	279,160	$	3,862,056	$	5,404,247
Long-term	$	95,339	$	—	$	403,438	$	655,248	$	7,856,815

53

Eaton Vance

Municipal Income Funds

January 31, 2020

Notes to Financial Statements (Unaudited) — continued

The cost and unrealized appreciation (depreciation) of investments of each Fund at January 31, 2020, as determined on a federal income tax basis, were as follows:

	Arizona Fund			Connecticut Fund			Minnesota Fund		New Jersey Fund			Pennsylvania Fund
Aggregate cost	$	59,024,803		$	78,373,959		$	173,218,370	$	157,633,422		$	177,111,325
Gross unrealized appreciation	$	5,691,803		$	6,096,072		$	10,500,034	$	15,599,513		$	15,915,326
Gross unrealized depreciation		(530	)		(663	)		—		(134	)		(1,140,291	)
Net unrealized appreciation	$	5,691,273		$	6,095,409		$	10,500,034	$	15,599,379		$	14,775,035

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 but less than $40 million		0.20			2.00
$40 million but less than $500 million		0.30			3.00

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

For the six months ended January 31, 2020, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

	Arizona Fund			Connecticut Fund			Minnesota Fund			New Jersey Fund			Pennsylvania Fund
Investment Adviser Fee	$	80,416		$	122,652		$	285,667		$	297,383		$	355,681
Effective Annual Rate		0.26	%		0.30	%		0.33	%		0.35	%		0.37	%

EVM serves as the administrator of each Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-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 January 31, 2020 were as follows:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
EVM’s Sub-Transfer Agent Fees	$	1,702	$	5,378	$	7,894	$	7,828	$	11,308
EVD’s Class A Sales Charges	$	3,891	$	3,390	$	3,508	$	11,110	$	9,182

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 January 31, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of the above organizations.

54

Eaton Vance

Municipal Income Funds

January 31, 2020

Notes to Financial Statements (Unaudited) — continued

4  Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class A Plan provides that each Fund will pay EVD a distribution and service fee not exceeding 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Trustees approved distribution and service fee payments equal to 0.20% 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 January 31, 2020 for Class A shares amounted to the following:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
Class A Distribution and Service Fees	$	35,826	$	52,512	$	59,303	$	102,359	$	119,239

Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-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 January 31, 2020, the Funds paid or accrued to EVD the following distribution fees:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
Class C Distribution Fees	$	16,012	$	22,122	$	23,734	$	46,572	$	48,329

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 January 31, 2020 amounted to the following:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
Class C Service Fees	$	4,270	$	5,899	$	6,329	$	12,419	$	12,888

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 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 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 January 31, 2020, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A and Class C shareholders:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
Class A	$	—	$	—	$	—	$	—	$	—
Class C	$	—	$	100	$	—	$	1,000	$	30

55

Eaton Vance

Municipal Income Funds

January 31, 2020

Notes to Financial Statements (Unaudited) — continued

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended January 31, 2020 were as follows:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
Purchases	$	8,225,239	$	13,880,073	$	37,840,881	$	35,487,277	$	18,829,333
Sales	$	1,290,000	$	6,406,815	$	10,022,251	$	32,550,470	$	10,109,604

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:

Arizona Fund
	Six Months Ended January 31, 2020 (Unaudited)
	Class A			Class C			Class I
Sales		385,723			29,068			496,778
Issued to shareholders electing to receive payments of distributions in Fund shares		41,947			3,203			23,772
Redemptions		(348,417	)		(24,159	)		(222,689	)
Converted from Class C shares		29,290			—			—
Converted to Class A shares		—			(26,329	)		—
Net increase (decrease)		108,543			(18,217	)		297,861
	Year Ended July 31, 2019
	Class A			Class C			Class I
Sales		428,058			115,415			1,021,968
Issued to shareholders electing to receive payments of distributions in Fund shares		84,623			7,738			37,917
Redemptions		(594,126	)		(142,248	)		(455,733	)
Converted from Class C shares		72,111			—			—
Converted to Class A shares		—			(64,823	)		—
Net increase (decrease)		(9,334	)		(83,918	)		604,152

56

Eaton Vance

Municipal Income Funds

January 31, 2020

Notes to Financial Statements (Unaudited) — continued

Connecticut Fund
	Six Months Ended January 31, 2020 (Unaudited)
	Class A			Class C			Class I
Sales		215,490			221,762			471,094
Issued to shareholders electing to receive payments of distributions in Fund shares		58,016			4,199			27,461
Redemptions		(292,669	)		(11,052	)		(239,262	)
Converted from Class C shares		29,423			—			—
Converted to Class A shares		—			(29,538	)		—
Net increase		10,260			185,371			259,293
	Year Ended July 31, 2019
	Class A			Class C			Class I
Sales		296,830			151,480			1,085,269
Issued to shareholders electing to receive payments of distributions in Fund shares		127,199			6,578			43,938
Redemptions		(878,661	)		(98,151	)		(458,144	)
Converted from Class C shares		52,842			—			—
Converted to Class A shares		—			(52,997	)		—
Net increase (decrease)		(401,790	)		6,910			671,063
Minnesota Fund
	Six Months Ended January 31, 2020 (Unaudited)
	Class A			Class C			Class I
Sales		285,095			54,057			3,564,287
Issued to shareholders electing to receive payments of distributions in Fund shares		56,974			3,717			68,030
Redemptions		(354,528	)		(55,736	)		(827,324	)
Converted from Class C shares		74,860			—			—
Converted to Class A shares		—			(69,590	)		—
Net increase (decrease)		62,401			(67,552	)		2,804,993
	Year Ended July 31, 2019
	Class A			Class C			Class I
Sales		1,022,303			132,503			4,955,232
Issued to shareholders electing to receive payments of distributions in Fund shares		129,262			12,126			131,702
Redemptions		(1,479,187	)		(266,971	)		(3,819,184	)
Converted from Class C shares		207,494			—			—
Converted to Class A shares		—			(192,932	)		—
Net increase (decrease)		(120,128	)		(315,274	)		1,267,750

57

Eaton Vance

Municipal Income Funds

January 31, 2020

Notes to Financial Statements (Unaudited) — continued

New Jersey Fund
	Six Months Ended January 31, 2020 (Unaudited)
	Class A			Class C			Class I
Sales		448,909			189,910			1,008,442
Issued to shareholders electing to receive payments of distributions in Fund shares		118,745			10,199			73,920
Redemptions		(640,165	)		(93,339	)		(370,221	)
Converted from Class C shares		79,143			—			—
Converted to Class A shares		—			(75,847	)		—
Net increase		6,632			30,923			712,141
	Year Ended July 31, 2019
	Class A			Class C			Class I
Sales		666,706			320,406			3,400,424
Issued to shareholders electing to receive payments of distributions in Fund shares		267,697			31,360			133,924
Redemptions		(1,615,835	)		(438,139	)		(1,708,162	)
Converted from Class C shares		548,184			—			—
Converted to Class A shares		—			(525,165	)		—
Net increase (decrease)		(133,248	)		(611,538	)		1,826,186
Pennsylvania Fund
	Six Months Ended January 31, 2020 (Unaudited)
	Class A			Class C			Class I
Sales		292,367			166,825			1,077,646
Issued to shareholders electing to receive payments of distributions in Fund shares		195,169			15,556			59,390
Redemptions		(841,088	)		(171,871	)		(323,967	)
Converted from Class C shares		115,912			—			—
Converted to Class A shares		—			(111,931	)		—
Net increase (decrease)		(237,640	)		(101,421	)		813,069
	Year Ended July 31, 2019
	Class A			Class C			Class I
Sales		1,131,519			154,205			2,670,861
Issued to shareholders electing to receive payments of distributions in Fund shares		431,069			56,708			94,458
Redemptions		(1,891,199	)		(515,244	)		(2,041,143	)
Converted from Class C shares		877,891			—			—
Converted to Class A shares		—			(847,823	)		—
Net increase (decrease)		549,280			(1,152,154	)		724,176

8  Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from

58

Eaton Vance

Municipal Income Funds

January 31, 2020

Notes to Financial Statements (Unaudited) — continued

$625 million. 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 January 31, 2020.

9  Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and 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. At January 31, 2020, there were no obligations outstanding under these financial instruments.

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. During the six months ended January 31, 2020, the Funds entered into U.S. Treasury futures contracts to hedge against changes in interest rates.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended January 31, 2020 was as follows:

	Arizona Fund
Realized Gain (Loss) on Derivatives Recognized in Income	$	(273,690	)(1)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	$	92,784	(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 outstanding during the six months ended January 31, 2020, which is indicative of the volume of this derivative type, was approximately as follows:

	Arizona Fund
Average Notional Cost:
Futures Contracts — Short	$	431,000

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.)

• 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.

59

Eaton Vance

Municipal Income Funds

January 31, 2020

Notes to Financial Statements (Unaudited) — continued

At January 31, 2020, the hierarchy of inputs used in valuing the Funds’ investments, which are carried at value, were as follows:

Arizona Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Investments	$	—	$	64,716,076	$	—	$	64,716,076
Total Investments	$	—	$	64,716,076	$	—	$	64,716,076
Connecticut Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Investments	$	—	$	84,469,368	$	—	$	84,469,368
Total Investments	$	—	$	84,469,368	$	—	$	84,469,368
Minnesota Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Investments	$	—	$	183,718,404	$	—	$	183,718,404
Total Investments	$	—	$	183,718,404	$	—	$	183,718,404
New Jersey Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	167,569,933	$	—	$	167,569,933
Taxable Municipal Securities		—		5,662,868		—		5,662,868
Total Investments	$	—	$	173,232,801	$	—	$	173,232,801
Pennsylvania Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	196,796,064	$	—	$	196,796,064
Taxable Municipal Securities		—		90,271		—		90,271
Total Investments	$	—	$	196,886,335	$	—	$	196,886,335

11  Subsequent Event

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus may last for an extended period of time and through March 20, 2020, the date these financial statements were issued, has resulted in substantial market volatility and may result in a significant economic downturn.

60

Eaton Vance

Municipal Income Funds

January 31, 2020

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

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

61

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

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

Our pledge of protecting your personal information 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 Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise.If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vanceat 1-800-262-1122, or contact your financial intermediary. 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 intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

62

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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 calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7703    1.31.20

Eaton Vance

Municipal Opportunities Fund

Semiannual Report

January 31, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the 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 Fund’s 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 Fund 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 Fund 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. The adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the 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 intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call1-800-262-1122.

Semiannual ReportJanuary 31, 2020

Eaton Vance

Municipal Opportunities Fund

Table of Contents

Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Officers and Trustees	36
Important Notices	37

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

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			Since Inception
Class A at NAV		05/31/2011		05/31/2011		2.90	%		7.36	%		3.47	%		5.18	%
Class A with 4.75% Maximum Sales Charge		—		—		–1.96			2.30			2.46			4.59
Class C at NAV		08/18/2014		05/31/2011		2.60			6.65			2.71			4.66
Class C with 1% Maximum Sales Charge		—		—		1.60			5.65			2.71			4.66
Class I at NAV		05/31/2011		05/31/2011		3.11			7.62			3.72			5.46
Bloomberg Barclays Municipal Bond Index		—		—		3.33	%		8.65	%		3.53	%		4.47	%

% Total Annual Operating Expense Ratios3	Class A			Class C			Class I
		0.96	%		1.71	%		0.71	%

% Distribution Rates/Yields4	Class A			Class C			Class I
Distribution Rate		1.85	%		1.10	%		2.10	%
Taxable-Equivalent Distribution Rate		3.13			1.86			3.55
SEC30-day Yield		1.08			0.40			1.38
Taxable-Equivalent SEC30-day Yield		1.83			0.68			2.34

Fund Profile

Credit Quality (% of total investments)⁵

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Endnotes and Additional Disclosures

¹  Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. 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 C 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 form1099-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  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.

Fund profile subject to change due to active management.

3

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

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 (August 1, 2019 – January 31, 2020).

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

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

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

	Beginning Account Value (8/1/19)		Ending Account Value (1/31/20)		Expenses Paid During Period* (8/1/19 – 1/31/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,029.00	$	4.69		0.92	%
Class C	$	1,000.00	$	1,026.00	$	8.50		1.67	%
Class I	$	1,000.00	$	1,031.10	$	3.42		0.67	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.50	$	4.67		0.92	%
Class C	$	1,000.00	$	1,016.70	$	8.47		1.67	%
Class I	$	1,000.00	$	1,021.80	$	3.41		0.67	%

* 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 184/366 (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 July 31, 2019.

4

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 98.8%
Security	Principal Amount (000’s omitted)		Value
Education — 4.3%
Arizona Industrial Development Authority, (Academies of Math & Science), 5.00%, 7/1/39(1)	$	525	$	598,033
Arizona Industrial Development Authority, (Doral Academy of Nevada), 3.55%, 7/15/29(1)		1,360		1,432,801
Arizona State University, 5.00%, 7/1/33		500		581,000
Arizona State University, 5.00%, 7/1/34		580		673,171
Build NYC Resource Corp., NY, (Ethical Culture Fieldston School), 5.00%, 6/1/24		600		694,794
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/31		600		755,514
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/35		1,125		1,398,341
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/37		1,400		1,730,666
California School Finance Authority, (KIPP SoCal Public Schools), 5.00%, 7/1/39(1)		1,000		1,241,530
California School Finance Authority, (KIPP SoCal Public Schools), 5.00%, 7/1/49(1)		1,000		1,216,450
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 4.50%, 6/15/28(1)		590		634,268
Delaware County Authority, PA, (Villanova University), 5.00%, 8/1/22		600		660,312
District of Columbia, (District of Columbia International School), 5.00%, 7/1/39		680		839,678
District of Columbia, (KIPP DC), 4.00%, 7/1/39		280		315,255
District of Columbia, (KIPP DC), 4.00%, 7/1/44		270		300,156
District of Columbia, (Rocketship DC Obligated Group), 5.00%, 6/1/39(1)		1,425		1,566,802
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 4.50%, 6/1/33(1)		2,535		2,832,913
Florida Higher Educational Facilities Financing Authority, (Ringling College of Art and Design), 5.00%, 3/1/32		315		393,526
Florida Higher Educational Facilities Financing Authority, (Ringling College of Art and Design), 5.00%, 3/1/33		355		441,467
Florida Higher Educational Facilities Financing Authority, (Ringling College of Art and Design), 5.00%, 3/1/34		350		434,350
Georgia Private Colleges and Universities Authority, (Emory University), 5.00%, 9/1/37		2,000		2,595,500
Massachusetts Development Finance Agency, (Dexter Southfield), 5.00%, 5/1/29		465		548,044
Massachusetts Development Finance Agency, (Dexter Southfield), 5.00%, 5/1/31		500		586,930

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Massachusetts Development Finance Agency, (Dexter Southfield), 5.00%, 5/1/32	$	1,695	$	1,986,269
Massachusetts Development Finance Agency, (Suffolk University), 5.00%, 7/1/28		525		664,524
Massachusetts Development Finance Agency, (Suffolk University), 5.00%, 7/1/29		500		641,800
Massachusetts Development Finance Agency, (Suffolk University), 5.00%, 7/1/30		715		911,082
Michigan Finance Authority, (Cesar Chavez Academy), 5.00%, 2/1/33		830		922,935
Monroe County Industrial Development Corp., NY, (Nazareth College of Rochester), 5.00%, 10/1/26		980		1,188,926
Monroe County Industrial Development Corp., NY, (Nazareth College of Rochester), 5.00%, 10/1/27		1,035		1,277,035
Monroe County Industrial Development Corp., NY, (St. John Fisher College), 5.00%, 6/1/21		1,000		1,052,780
Monroe County Industrial Development Corp., NY, (University of Rochester), Series 2017C, 5.00%, 7/1/29		650		831,902
Monroe County Industrial Development Corp., NY, (University of Rochester), Series 2017D, 5.00%, 7/1/29		750		959,887
New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/26		2,460		2,939,011
New York Dormitory Authority, (Oneida-Herkimer-Madison BOCES), 5.00%, 8/15/22		510		562,999
New York Dormitory Authority, (Oneida-Herkimer-Madison BOCES), 5.00%, 8/15/23		275		314,245
New York Dormitory Authority, (Oneida-Herkimer-Madison BOCES), 5.00%, 8/15/24		300		354,675
New York Dormitory Authority, (Pratt Institute), 5.00%, 7/1/25		500		584,535
New York Dormitory Authority, (Pratt Institute), 5.00%, 7/1/26		545		635,732
New York Dormitory Authority, (School Districts Bond Financing Program), 5.00%, 10/1/27		5,000		6,459,550
Oregon Facilities Authority, (Linfield College), 5.00%, 10/1/25		1,000		1,189,910
Philadelphia Industrial Development Authority, PA, (La Salle University), 5.00%, 5/1/25		910		1,040,749
Philadelphia Industrial Development Authority, PA, (La Salle University), 5.00%, 5/1/26		1,850		2,157,026
Philadelphia Industrial Development Authority, PA, (La Salle University), 5.00%, 5/1/29		1,000		1,185,060
Pinellas County Educational Facilities Authority, FL, (Pinellas Academy of Math and Science), 4.125%, 12/15/28(1)		580		633,621

5 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Pinellas County Educational Facilities Authority, FL, (Pinellas Academy of Math and Science), 5.00%, 12/15/38(1)	$	2,690	$	3,078,517
Public Finance Authority, WI, (North Carolina Leadership Academy), 5.00%, 6/15/39(1)		205		222,519
Public Finance Authority, WI, (North Carolina Leadership Academy), 5.00%, 6/15/49(1)		260		279,456
Romeoville, IL, (Lewis University), 5.00%, 10/1/24		500		566,460
Romeoville, IL, (Lewis University), 5.00%, 10/1/26		500		572,360
University of Arkansas, 5.00%, 11/1/24		475		562,357
University of Arkansas, 5.00%, 11/1/25		500		609,485
University of Idaho, 5.00%, 4/1/24		500		581,550
University of North Carolina at Charlotte, 4.00%, 4/1/37		625		685,450
University of North Carolina at Greensboro, 5.00%, 4/1/27		400		509,520
University of Pittsburgh, PA, 1.30%, (SIFMA + 0.36%), 2/15/24(2)		5,000		5,006,900
Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence), 5.00%, 10/15/49		285		322,136
Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence), 5.00%, 10/15/54		430		482,254
			$	64,444,718
Electric Utilities — 3.7%
American Municipal Power, Inc., OH, (Prairie State Energy Campus), 5.00%, 2/15/36	$	5,000	$	6,382,050
Arkansas River Power Authority, CO, 5.00%, 10/1/27		2,255		2,776,875
Arkansas River Power Authority, CO, 5.00%, 10/1/28		1,110		1,387,356
Arkansas River Power Authority, CO, 5.00%, 10/1/29		2,000		2,487,180
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39		4,505		4,698,445
Long Island Power Authority, NY, Electric System Revenue, 1.997%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(2)		16,000		16,134,880
Long Island Power Authority, NY, Electric System Revenue, 5.00%, 9/1/29		500		632,025
Los Angeles Department of Water & Power, CA, Power System Revenue, 5.00%, 7/1/35		3,635		4,815,466
Missouri Joint Municipal Electric Utility Commission, (Prairie State Energy Campus), 5.00%, 1/1/28		1,515		1,929,958

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
Montgomery County Industrial Development Authority, PA, (Exelon Generation Co., LLC), 2.55% to 6/1/20 (Put Date), 6/1/29	$	1,750	$	1,758,697
Montgomery County Industrial Development Authority, PA, (Exelon Generation Co., LLC), (AMT), 2.70% to 4/1/20 (Put Date), 10/1/34		1,500		1,503,810
Nebraska Public Power District, 5.00%, 1/1/24		750		866,370
Omaha Public Power District, NE, 5.00%, 2/1/25		550		656,651
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/25		2,525		2,990,660
Unified Government of Wyandotte County/Kansas City, KS, Utility System Revenue, 5.00%, 9/1/26		1,165		1,404,209
Unified Government of Wyandotte County/Kansas City, KS, Utility System Revenue, 5.00%, 9/1/27		1,000		1,201,960
Vermont Public Power Supply Authority, (Swanton Peaking Facility), 5.00%, 7/1/25		520		610,251
Vermont Public Power Supply Authority, (Swanton Peaking Facility), 5.00%, 7/1/26		675		808,387
Vermont Public Power Supply Authority, (Swanton Peaking Facility), 5.00%, 7/1/27		660		805,088
Vermont Public Power Supply Authority, (Swanton Peaking Facility), 5.00%, 7/1/28		500		607,095
Vernon, CA, Electric System Revenue, 5.125%, 8/1/21		65		66,026
			$	54,523,439
Escrowed / Prerefunded — 1.2%
Martin County Health Facilities Authority, FL, (Martin Memorial Medical Center), Escrowed to Maturity, 5.00%, 11/15/24	$	1,000	$	1,184,200
Martin County Health Facilities Authority, FL, (Martin Memorial Medical Center), Prerefunded to 11/15/24, 5.00%, 11/15/28		1,830		2,167,086
Norfolk Economic Development Authority, VA, (Bon Secours Health System, Inc.), Prerefunded to 11/1/22, 5.00%, 11/1/28		225		249,406
Norfolk, VA, Prerefunded to 9/1/24, 5.00%, 9/1/33		1,850		2,194,692
Oklahoma Development Finance Authority, (St. John Health System), Prerefunded to 2/15/22, 5.00%, 2/15/26		500		540,840
Omaha Public Power District, NE, Prerefunded to 2/1/22, 4.00%, 2/1/33		11,010		11,698,015
			$	18,034,239
General Obligations — 14.9%
Ann Arbor Public Schools, MI, 5.00%, 5/1/23	$	10	$	11,329
Ann Arbor Public Schools, MI, 5.00%, 5/1/27		1,000		1,204,260

6 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Beaverton School District No. 48J, Washington and Multnomah Counties, OR, 5.00%, 6/15/25	$	1,865	$	2,262,003
Beaverton School District No. 48J, Washington and Multnomah Counties, OR, 5.00%, 6/15/26		2,000		2,494,100
Bergen County, NJ, 3.00%, 7/15/30		3,035		3,382,174
Burlington, VT, 5.00%, 11/1/21		600		639,276
Burlington, VT, 5.00%, 11/1/22		500		554,495
Burlington, VT, 5.00%, 11/1/24		400		473,972
Burlington, VT, 5.00%, 11/1/25		500		610,730
California, 1.37%, (SIFMA + 0.43%), 12/1/23 (Put Date), 12/1/29(2)		12,000		12,060,000
Champaign County Community Unit School District No. 4, IL, 5.00%, 1/1/33		1,650		2,049,976
Chelsea School District, MI, 4.00%, 5/1/24		765		860,518
Chelsea School District, MI, 4.00%, 5/1/25		765		881,012
Chicago, IL, 5.00%, 12/1/22		2,230		2,296,521
Chicago, IL, 5.00%, 1/1/28		3,000		3,633,480
Chicago, IL, 5.00%, 1/1/30		9,780		12,185,195
Chicago, IL, 5.625%, 1/1/30		6,000		7,361,940
Chicago, IL, 6.00%, 1/1/38		4,000		4,945,120
Chicago Board of Education, IL, 0.00%, 12/1/25		3,500		3,075,835
Chicago Board of Education, IL, 5.00%, 12/1/25		6,195		7,241,707
Chicago Board of Education, IL, 5.00%, 12/1/26		2,905		3,460,204
Chicago Park District, IL, 5.00%, 1/1/24		500		562,210
Clackamas Community College District, OR, 0.00%, 6/15/21		385		380,060
Connecticut, 5.00%, 4/15/34		1,000		1,271,380
Dallas, TX, 5.00%, 2/15/25		1,000		1,193,710
Delaware Valley Regional Finance Authority, PA, 1.953%, (67% of 1 mo. USD LIBOR + 0.76%), 9/1/24 (Put Date), 9/1/48(2)		8,000		8,021,280
Elmira, NY, 3.00%, 5/22/20(1)		1,000		1,003,340
Fern Ridge School District 28J, Lane and Douglas Counties, OR, 4.00%, 6/15/22		875		939,155
Fern Ridge School District 28J, Lane and Douglas Counties, OR, 4.00%, 6/15/23		960		1,057,891
Georgia, 5.00%, 2/1/31		9,205		11,553,840
Harper Creek Community Schools, MI, 4.00%, 5/1/25		1,070		1,225,203
Harper Creek Community Schools, MI, 4.00%, 5/1/26		1,045		1,218,763
Haslett Public Schools, MI, 4.00%, 5/1/25		1,780		2,040,129
Heard County Public Facilities Authority, GA, (Heard County School District), 4.00%, 3/1/29(3)		850		1,024,599
Illinois, 5.00%, 8/1/20		3,000		3,054,360
Illinois, 5.00%, 11/1/21		5,000		5,295,150

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Illinois, 5.00%, 10/1/22	$	2,000	$	2,172,340
Illinois, 5.00%, 2/1/24		5,000		5,601,950
Illinois, 5.00%, 11/1/24		5,000		5,690,500
Illinois, 5.00%, 2/1/25		10,000		11,486,500
Illinois, 5.00%, 2/1/27		5,000		5,985,400
Illinois, 5.00%, 2/1/28		10,000		11,908,600
Illinois, 5.00%, 11/1/28		10,000		11,978,000
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/26		900		1,030,500
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29		2,000		2,279,840
Katy Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/33		5,995		7,038,550
Manchester Community Schools, MI, 5.00%, 5/1/24		1,300		1,512,056
Manchester Community Schools, MI, 5.00%, 5/1/25		750		898,530
Massachusetts, 1.83%, (67% of 3 mo. USD LIBOR + 0.55%), 11/1/25(2)		4,630		4,659,169
Mattawan Consolidated School, Van Buren and Kalamazoo Counties, MI, 5.00%, 5/1/26		750		907,890
Mattawan Consolidated School, Van Buren and Kalamazoo Counties, MI, 5.00%, 5/1/27		1,000		1,204,830
Mattawan Consolidated School, Van Buren and Kalamazoo Counties, MI, 5.00%, 5/1/28		500		590,960
New York, NY, 5.00%, 8/1/25		1,000		1,143,030
New York, NY, 5.00%, 8/1/29		450		513,140
Ottawa County, MI, 5.00%, 11/1/22		500		556,370
Ottawa County, MI, 5.00%, 11/1/24		250		298,280
Ottawa County, MI, 5.00%, 11/1/25		300		369,450
Saugatuck Public Schools, MI, 4.00%, 5/1/25		1,085		1,252,546
Sedgwick County Unified School District No. 265, KS, 5.00%, 10/1/26		1,000		1,251,890
Sherwood School District No. 88J, Washington, Clackamas and Yamhill Counties, OR, 5.00%, 6/15/24		2,000		2,351,340
Sonoma County Junior College District, CA, (Election of 2014), 4.00%, 8/1/33		3,000		3,731,190
St. Joseph Public Schools, MI, 5.00%, 5/1/28		1,880		2,260,813
St. Joseph Public Schools, MI, 5.00%, 5/1/29		1,650		1,955,679
Texas, (Texas Transportation Commission), 5.00%, 10/1/24		1,000		1,188,280
Thornapple Kellogg School, MI, 5.00%, 5/1/24		400		464,888
Upper Merion Area School District, PA, 5.00%, 1/15/29		500		593,710
Upper Merion Area School District, PA, 5.00%, 1/15/30		300		355,494

7 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Walled Lake Consolidated School District, MI, 4.00%, 5/1/24	$	740	$	831,412
Washington, 5.00%, 6/1/35(3)		2,500		3,124,075
Washington, 5.00%, 6/1/36(3)		2,200		2,741,266
Washington, 5.00%, 6/1/37(3)		2,500		3,105,000
Westchester County, NY, 4.00%, 12/15/29		5,700		7,010,886
Will and Cook Counties Community High School District No. 210, IL, 0.00%, 1/1/27		65		55,419
Will and Cook Counties Community High School District No. 210, IL, 5.00%, 1/1/29		1,185		1,273,614
			$	222,898,304
Hospital — 24.0%
Astoria Hospital Facilities Authority, OR, (Columbia Memorial Hospital), 5.00%, 8/1/41	$	940	$	1,085,841
Augusta Development Authority, GA, (AU Health System, Inc.), 5.00%, 7/1/26		2,525		3,007,098
Augusta Development Authority, GA, (AU Health System, Inc.), 5.00%, 7/1/27		2,635		3,191,907
Baxter County, AR, (Baxter Regional Medical Center), 5.00%, 9/1/21		1,140		1,193,865
Baxter County, AR, (Baxter Regional Medical Center), 5.00%, 9/1/23		930		1,027,631
Baxter County, AR, (Baxter Regional Medical Center), 5.00%, 9/1/25		1,125		1,305,011
Baxter County, AR, (Baxter Regional Medical Center), Series A, 5.00%, 9/1/20		780		793,572
Baxter County, AR, (Baxter Regional Medical Center), Series A, 5.00%, 9/1/22		1,660		1,786,924
Baxter County, AR, (Baxter Regional Medical Center), Series A, 5.00%, 9/1/24		1,350		1,529,550
Baxter County, AR, (Baxter Regional Medical Center), Series A, 5.00%, 9/1/26		1,000		1,183,070
Baxter County, AR, (Baxter Regional Medical Center), Series B, 5.00%, 9/1/20		240		244,176
Baxter County, AR, (Baxter Regional Medical Center), Series B, 5.00%, 9/1/22		265		285,262
Baxter County, AR, (Baxter Regional Medical Center), Series B, 5.00%, 9/1/24		290		328,570
Baxter County, AR, (Baxter Regional Medical Center), Series B, 5.00%, 9/1/26		320		378,582
Boone County, MO, (Boone Hospital Center), 5.00%, 8/1/29		1,410		1,526,057
Boone County, MO, (Boone Hospital Center), 5.00%, 8/1/31		3,215		3,455,482
Calhoun County Hospital Finance Authority, MI, (Oaklawn Hospital), 5.00%, 2/15/28		1,740		2,025,221

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Calhoun County Hospital Finance Authority, MI, (Oaklawn Hospital), 5.00%, 2/15/32	$	2,110	$	2,415,549
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/23		100		113,053
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/27		360		412,585
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/28		300		342,759
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/29		110		125,349
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/30		150		170,265
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/35		250		280,855
California Municipal Finance Authority, (NorthBay Healthcare Group), Series 2015, 5.00%, 11/1/25		200		232,030
California Statewide Communities Development Authority, (Cottage Health System Obligated Group), Prerefunded to 11/1/24, 5.00%, 11/1/26		425		501,424
California Statewide Communities Development Authority, (Kaiser Permanente), 5.00% to 11/1/29 (Put Date), 5/1/33		3,000		4,039,380
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.25%, 12/1/29		1,500		1,746,105
Charlotte-Mecklenburg Hospital Authority, NC, (Carolinas HealthCare System), (SPA: JPMorgan Chase Bank, N.A.), 1.15%, 1/15/38(4)		2,965		2,965,000
Colorado Health Facilities Authority, (CommonSpirit Health), 5.00%, 8/1/33		1,000		1,256,550
Colorado Health Facilities Authority, (CommonSpirit Health), 5.00%, 8/1/34		2,000		2,507,280
Connecticut Health and Educational Facilities Authority, (Griffin Hospital), 5.00%, 7/1/44(1)		2,750		3,247,145
Connecticut Health and Educational Facilities Authority, (Griffin Hospital), 5.00%, 7/1/50(1)		1,000		1,175,120
Conway, AR, (Conway Regional Medical Center), 5.00%, 8/1/27		500		596,865
Conway, AR, (Conway Regional Medical Center), 5.00%, 8/1/28		500		593,820
Conway, AR, (Conway Regional Medical Center), 5.00%, 8/1/29		200		236,380
Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/36		1,910		2,247,077
Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/51		4,715		5,416,356
Darke County, OH, (Wayne HealthCare), 4.00%, 9/1/40		1,000		1,076,530

8 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Darke County, OH, (Wayne HealthCare), 4.00%, 9/1/45	$	2,580	$	2,744,991
Decatur Hospital Authority, TX, (Wise Regional Health System), 4.00%, 9/1/20		225		227,945
Decatur Hospital Authority, TX, (Wise Regional Health System), 5.00%, 9/1/21		330		346,487
Decatur Hospital Authority, TX, (Wise Regional Health System), 5.00%, 9/1/22		150		162,216
Decatur Hospital Authority, TX, (Wise Regional Health System), 5.00%, 9/1/23		200		222,314
Delaware Health Facilities Authority, (Beebe Medical Center), 5.00%, 6/1/30		600		746,598
Delaware Health Facilities Authority, (Beebe Medical Center), 5.00%, 6/1/31		1,200		1,486,848
Deschutes County Hospital Facilities Authority, OR, (St. Charles Health System), 4.00%, 1/1/33		500		551,070
Doylestown Hospital Authority, PA, (Doylestown Health), 4.00%, 7/1/45		315		337,066
Doylestown Hospital Authority, PA, (Doylestown Health), 5.00%, 7/1/49		2,375		2,782,146
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/45(3)		6,520		7,297,054
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 5.00%, 8/15/36(3)		3,900		4,895,982
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 5.00%, 8/15/37(3)		6,015		7,528,855
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 5.00%, 8/15/38(3)		1,360		1,696,233
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 5.00%, 8/15/40(3)		3,700		4,588,666
Fredericksburg Economic Development Authority, VA, (Mary Washington Healthcare), 5.00%, 6/15/24		1,000		1,164,930
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35(3)		750		874,958
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/36(3)		750		872,115
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/37(3)		750		868,658
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/38(3)		1,750		2,019,010

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Halifax Hospital Medical Center, FL, 5.00%, 6/1/27	$	2,890	$	3,483,086
Halifax Hospital Medical Center, FL, 5.00%, 6/1/29		1,830		2,188,790
Illinois Finance Authority, (Northwestern Memorial Hospital), (SPA: U.S. Bank, N.A.), 1.15%, 8/15/42(4)		5,790		5,790,000
Illinois Finance Authority, (Northwestern Memorial Hospital), (SPA: U.S. Bank, N.A.), 1.15%, 8/15/42(4)		2,375		2,375,000
Illinois Finance Authority, (Presence Health Network), 3.75%, 2/15/34		3,145		3,464,878
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/28		8,000		10,002,240
Illinois Finance Authority, (Silver Cross Hospital and Medical Centers), 5.00%, 8/15/23		1,000		1,117,160
Illinois Finance Authority, (Silver Cross Hospital and Medical Centers), 5.00%, 8/15/28		1,670		1,950,610
Illinois Finance Authority, (University of Chicago Medical Center), (LOC: Wells Fargo Bank, N.A.), 1.15%, 8/1/44(4)		6,700		6,700,000
Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), 5.125%, 6/1/26		475		514,501
Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), 5.25%, 6/1/27		415		450,105
Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), 5.375%, 6/1/28		455		493,839
Indiana Finance Authority, (Parkview Health), 5.00%, 11/1/26		1,200		1,504,392
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.00%, 11/1/29		505		564,883
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.00%, 11/1/30		1,605		1,787,938
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 5.00%, 11/1/26		1,375		1,636,071
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 5.00%, 11/1/27		1,440		1,739,894
Klamath Falls Intercommunity Hospital Authority, OR, (Sky Lakes Medical Center), 4.00%, 9/1/24		475		532,299
Klamath Falls Intercommunity Hospital Authority, OR, (Sky Lakes Medical Center), 4.00%, 9/1/25		550		630,042
Klamath Falls Intercommunity Hospital Authority, OR, (Sky Lakes Medical Center), 5.00%, 9/1/28		795		970,981
Klamath Falls Intercommunity Hospital Authority, OR, (Sky Lakes Medical Center), 5.00%, 9/1/31		600		724,896
Lexington County Health Services District, Inc., SC, 5.00%, 11/1/27		200		254,264

9 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center), 5.00%, 7/1/34(3)	$	1,465	$	1,820,585
Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center), 5.00%, 7/1/35(3)		1,535		1,902,080
Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center), 5.00%, 7/1/36(3)		1,615		1,994,993
Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center), 5.00%, 7/1/37(3)		1,690		2,081,793
Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center), 5.00%, 7/1/38(3)		1,780		2,184,274
Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center), 5.00%, 7/1/39(3)		1,865		2,283,954
Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center), 5.00%, 7/1/40(3)		1,960		2,393,376
Maryland Health and Higher Educational Facilities Authority, (Meritus Medical Center), 5.00%, 7/1/23		1,000		1,127,060
Maryland Health and Higher Educational Facilities Authority, (Meritus Medical Center), 5.00%, 7/1/24		1,775		2,062,355
Maryland Health and Higher Educational Facilities Authority, (Meritus Medical Center), 5.00%, 7/1/28		1,300		1,540,097
Maryland Health and Higher Educational Facilities Authority, (University of Maryland Medical System), (LOC: TD Bank, N.A.), 1.18%, 7/1/41(4)		5,600		5,600,000
Massachusetts Development Finance Agency, (Atrius Health), 4.00%, 6/1/49		850		922,803
Massachusetts Development Finance Agency, (Atrius Health), 5.00%, 6/1/39		710		872,221
Massachusetts Development Finance Agency, (Lawrence General Hospital), 5.00%, 7/1/32		500		578,605
Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/27		125		135,826
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/25		500		595,630
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/27		1,100		1,333,266
Massachusetts Development Finance Agency, (UMass Memorial Health Care Obligated Group), 5.00%, 7/1/22		2,835		2,994,809

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Massachusetts Development Finance Agency, (UMass Memorial Health Care Obligated Group), 5.00%, 7/1/26	$	1,150	$	1,419,652
Massachusetts Development Finance Agency, (UMass Memorial Health Care Obligated Group), 5.00%, 7/1/28		2,000		2,508,480
Massachusetts Development Finance Agency, (UMass Memorial Health Care Obligated Group), 5.00%, 7/1/29		2,700		3,368,385
Massachusetts Development Finance Agency, (UMass Memorial Health Care Obligated Group), Series I 2016, 5.00%, 7/1/27		1,150		1,420,756
Massachusetts Development Finance Agency, (UMass Memorial Health Care Obligated Group), Series L 2017, 5.00%, 7/1/27		1,460		1,840,929
Massachusetts Development Finance Agency, (Wellforce), 5.00%, 7/1/27		1,430		1,767,809
Massachusetts Development Finance Agency, (Wellforce), 5.00%, 7/1/28		1,250		1,571,012
Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 4.75%, 7/1/25		285		289,480
Michigan Finance Authority, (McLaren Health Care), 1.872%, (68% of 1 mo. USD LIBOR + 0.75%), 10/15/20 (Put Date), 10/15/38(2)		6,250		6,257,937
Michigan Finance Authority, (Oakwood Obligated Group), 5.00%, 11/1/27		1,400		1,546,958
Missouri Health and Educational Facilities Authority, (SSM Health Care), 5.00%, 6/1/26		1,000		1,160,980
Montana Facility Finance Authority, (Billings Clinic Obligated Group), 1.49%, (SIFMA + 0.55%), 8/15/23 (Put Date), 8/15/37(2)		9,715		9,705,576
Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/27		1,250		1,411,425
Nassau County Local Economic Assistance Corp., NY, (Catholic Health Services of Long Island), 5.00%, 7/1/29		1,000		1,141,770
New Hampshire Health and Education Facilities Authority, (Concord Hospital), 5.00%, 10/1/32		500		613,610
New Hampshire Health and Education Facilities Authority, (Concord Hospital), 5.00%, 10/1/33		1,000		1,224,650
New Hampshire Health and Education Facilities Authority, (Concord Hospital), 5.00%, 10/1/34		1,070		1,307,775
New Hampshire Health and Education Facilities Authority, (Concord Hospital), 5.00%, 10/1/35		1,550		1,889,946
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/59		10,970		16,876,029

10 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
New Jersey Health Care Facilities Financing Authority, (Barnabas Health), 5.00%, 7/1/23	$	605	$	662,892
New Jersey Health Care Facilities Financing Authority, (Hunterdon Medical Center Obligated Group), 5.00%, 7/1/30		500		569,200
New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 5.00%, 7/1/29		2,600		3,162,536
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/24		1,000		1,172,690
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/28		1,080		1,334,048
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 4.00%, 7/1/48		20,000		21,611,600
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 5.00%, 7/1/30		30		35,456
New Jersey Health Care Facilities Financing Authority, (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/27		1,000		1,202,580
New Jersey Health Care Facilities Financing Authority, (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/29		500		596,695
New Jersey Health Care Facilities Financing Authority, (Valley Health System Obligated Group), 4.00%, 7/1/35		1,000		1,180,290
New Jersey Health Care Facilities Financing Authority, (Valley Health System Obligated Group), 4.00%, 7/1/36		1,000		1,176,760
New Jersey Health Care Facilities Financing Authority, (Valley Health System Obligated Group), 4.00%, 7/1/37		1,000		1,173,570
New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.00%, 7/1/27		500		573,255
New York Dormitory Authority, (Catholic Health System Obligated Group), 5.00%, 7/1/34		550		698,231
New York Dormitory Authority, (Catholic Health System Obligated Group), 5.00%, 7/1/35		625		791,300
New York Dormitory Authority, (Catholic Health System Obligated Group), 5.00%, 7/1/36		550		694,315
New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), 5.00%, 7/1/29		750		961,732
New York Dormitory Authority, (NYU Hospitals Center), 5.00%, 7/1/22		440		483,547
New York Dormitory Authority, (NYU Hospitals Center), 5.00%, 7/1/23		600		682,932

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
New York Dormitory Authority, (NYU Hospitals Center), 5.00%, 7/1/25	$	2,000	$	2,426,760
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/22(1)		700		773,605
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/25(1)		1,000		1,189,740
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/27(1)		500		588,920
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/28(1)		600		703,026
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/29(1)		450		524,192
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/30(1)		1,000		1,157,110
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/31(1)		1,100		1,271,589
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/33(1)		1,100		1,267,343
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/34(1)		1,200		1,380,504
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/35(1)		1,000		1,147,840
New York Dormitory Authority, (Orange Regional Medical Center), Series 2015, 5.00%, 12/1/26(1)		300		355,656
New York Dormitory Authority, (Orange Regional Medical Center), Series 2015, 5.00%, 12/1/32(1)		1,100		1,269,114
New York Dormitory Authority, (Orange Regional Medical Center), Series 2017, 5.00%, 12/1/26(1)		1,500		1,849,785
New York Dormitory Authority, (Orange Regional Medical Center), Series 2017, 5.00%, 12/1/32(1)		1,500		1,799,940
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network), 2.287%, (70% of 1 mo. USD LIBOR + 1.04%), 8/15/24 (Put Date), 8/15/48(2)		1,000		1,009,190
Ohio, (Cleveland Clinic Health System), (SPA: U.S. Bank, N.A.), 1.13%, 1/1/52(4)		7,250		7,250,000
Ohio, (Cleveland Clinic Health System), (SPA: Wells Fargo Bank, N.A.), 1.15%, 1/1/39(4)		4,350		4,350,000
Ohio, (University Hospitals Health System, Inc.), 5.00%, 1/15/27		850		1,031,857
Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/33		3,165		3,876,270
Oregon Facilities Authority, (PeaceHealth), 5.00%, 11/15/29		500		575,405
Oregon Facilities Authority, (PeaceHealth), (LOC: U.S. Bank, N.A.), 1.15%, 8/1/34(4)		2,000		2,000,000
Oroville, CA, (Oroville Hospital), 5.00%, 4/1/31		1,705		2,093,910
Oroville, CA, (Oroville Hospital), 5.25%, 4/1/34		2,000		2,492,980

11 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Palm Beach County Health Facilities Authority, FL, (BRRH Corp. Obligated Group), Prerefunded to 12/1/24, 5.00%, 12/1/25	$	500	$	592,935
Rhode Island Health and Educational Building Corp., (Care New England Health System), 5.00%, 9/1/31		4,000		4,637,880
Savannah Hospital Authority, GA, (St. Joseph’s/Candler Health System, Inc.), 4.00%, 7/1/43		2,500		2,796,250
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/25		1,530		1,863,815
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/26		1,410		1,702,208
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/28		1,550		1,851,413
St. Cloud, MN, (CentraCare Health System), 5.00%, 5/1/27		1,000		1,223,760
Tallahassee, FL, (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/22		475		523,132
Tallahassee, FL, (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/23		400		454,464
Tallahassee, FL, (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/24		500		585,295
Tallahassee, FL, (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/25		500		601,890
Tallahassee, FL, (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/26		500		600,510
Tallahassee, FL, (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/27		500		597,835
Virginia Small Business Financing Authority, (Sentara Healthcare), 4.00%, 11/1/37(3)		5,000		5,945,350
Virginia Small Business Financing Authority, (Sentara Healthcare), 4.00%, 11/1/39(3)		2,750		3,236,722
Ward County, ND, (Trinity Obligated Group), 5.00%, 6/1/29		1,300		1,577,082
Ward County, ND, (Trinity Obligated Group), 5.00%, 6/1/30		1,815		2,187,384
Ward County, ND, (Trinity Obligated Group), 5.00%, 6/1/31		1,885		2,257,853
Ward County, ND, (Trinity Obligated Group), 5.00%, 6/1/34		3,000		3,562,710
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/30		1,600		2,007,216
Washington Health Care Facilities Authority, (PeaceHealth), 5.00%, 11/15/26		1,000		1,160,750
Wisconsin Health and Educational Facilities Authority, (Ascension Senior Credit Group), 5.00%, 11/15/27		1,000		1,234,150

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Yavapai County Industrial Development Authority, AZ, (Yavapai Regional Medical Center), 5.25%, 8/1/33	$	250	$	283,450
			$	358,714,612
Housing — 3.5%
California Municipal Finance Authority,(CHF-Riverside II, LLC), 5.00%, 5/15/32	$	415	$	528,760
California Municipal Finance Authority,(CHF-Riverside II, LLC), 5.00%, 5/15/33		1,450		1,838,919
California Municipal Finance Authority,(CHF-Riverside II, LLC), 5.00%, 5/15/34		2,335		2,952,164
California Municipal Finance Authority,(CHF-Riverside II, LLC), 5.00%, 5/15/37		2,755		3,448,929
California Municipal Finance Authority,(CHF-Riverside II, LLC), 5.00%, 5/15/38		500		623,995
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.), 5.00%, 7/1/29		500		569,515
Independent Cities Finance Authority, CA, (Union City Tropics), 4.00%, 5/15/32		1,060		1,218,078
Independent Cities Finance Authority, CA, (Union City Tropics), 4.00%, 5/15/33		1,100		1,259,302
National Finance Authority, NH, 4.125%, 1/20/34		11,715		14,067,255
New Hope Cultural Education Facilities Finance Corp., TX,(CHF-Collegiate Housing Galveston I, LLC), 5.00%, 4/1/23		910		965,719
New Hope Cultural Education Facilities Finance Corp., TX,(CHF-Collegiate Housing Stephenville III, LLC - Tarleton State University), 5.00%, 4/1/23		400		436,744
New Hope Cultural Education Facilities Finance Corp., TX,(CHF-Collegiate Housing Stephenville III, LLC - Tarleton State University), 5.00%, 4/1/25		715		809,873
New York City Housing Development Corp., NY, 2.10% to 10/1/29 (Put Date), 11/1/46		8,295		8,669,851
North Dakota Housing Finance Agency, 1.34%, (SIFMA + 0.40%), 2/1/22 (Put Date), 1/1/43(2)		5,000		5,000,100
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University), 5.00%, 7/1/35		770		932,039
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II,LLC - Arizona State University), 5.00%, 7/1/37		1,235		1,484,396
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II,LLC - Arizona State University), 5.00%, 7/1/39		860		1,028,061

12 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/27	$	705	$	842,708
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/28		665		805,162
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/29		365		447,432
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/34		2,560		3,072,614
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/39		1,595		1,887,284
			$	52,888,900
Industrial Development Revenue — 5.1%
Florida Development Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00%, 5/1/29(1)	$	2,155	$	2,395,433
Florida Development Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00% to 8/1/22 (Put Date), 8/1/29(1)		2,250		2,409,300
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 4.375% to 8/1/25 (Put Date), 8/1/35(1)		875		965,318
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(1)		940		1,075,736
Matagorda County Navigation District No. 1, TX, (Central Power and Light Co.), 2.60%, 11/1/29		2,000		2,131,740
Michigan Strategic Fund, (Waste Management, Inc.), (AMT), 2.85% to 8/2/21 (Put Date), 8/1/27		4,000		4,092,680
National Finance Authority, NH, (Waste Management, Inc.), (AMT), 1.69%, (SIFMA + 0.75%), 10/1/21 (Put Date), 10/1/33(2)		2,500		2,499,725
New Hampshire Business Finance Authority, (United Illuminating Co.), 2.80% to 10/2/23 (Put Date), 10/1/33		1,500		1,579,005
New Jersey Economic Development Authority, (Continental Airlines), Series 2000B, (AMT), 5.625%, 11/15/30		215		248,129
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 2.20% to 12/3/29 (Put Date), 10/1/39		13,900		14,286,003
New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (AMT), 2.45% to 4/1/26 (Put Date), 4/1/59		2,500		2,627,525
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44(1)		1,675		1,714,697
Niagara Area Development Corp., NY, (Covanta), 3.50%, 11/1/24(1)		1,920		2,017,651

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue (continued)
Ohio Air Quality Development Authority, (AMG Vanadium), (AMT), 5.00%, 7/1/49(1)	$	15,000	$	16,969,800
Pennsylvania Economic Development Financing Authority, (Covanta), Green Bonds, (AMT), 3.25%, 8/1/39(1)		5,500		5,550,435
Public Finance Authority, WI, (Celanese Corp.), (AMT), 5.00%, 12/1/25		1,000		1,155,230
Richland County, SC, (International Paper Co.), (AMT), 3.875%, 4/1/23		1,165		1,247,261
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(1)		7,065		7,804,988
Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 4.50%, 5/1/32(1)		4,595		5,211,006
			$	75,981,662
Insured – Education — 0.1%
Missouri Southern State University, (AGM), 4.00%, 10/1/33	$	220	$	247,529
Missouri Southern State University, (AGM), 4.00%, 10/1/35		125		139,656
Missouri Southern State University, (AGM), 4.00%, 10/1/36		150		167,088
Missouri Southern State University, (AGM), 4.00%, 10/1/37		85		94,464
Missouri Southern State University, (AGM), 4.00%, 10/1/38		70		77,472
Missouri Southern State University, (AGM), 4.00%, 10/1/39		55		60,800
University of Puerto Rico, (NPFG), 5.00%, 6/1/25		120		123,005
			$	910,014
Insured – Electric Utilities — 0.7%
Paducah Electric Plant Board, KY, (AGM), 5.00%, 10/1/29	$	1,500	$	1,831,350
Puerto Rico Electric Power Authority, (AGC), 5.00%, 7/1/26		280		287,428
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/22		3,500		3,699,955
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/23		195		208,586
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/25		170		185,393
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26		135		148,135
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		685		753,829

13 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Electric Utilities (continued)
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/30	$	530	$	582,512
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		125		136,834
Puerto Rico Electric Power Authority, (NPFG), Series PP, 5.00%, 7/1/25		1,165		1,194,172
Puerto Rico Electric Power Authority, (NPFG), Series SS, 5.00%, 7/1/25		1,820		1,865,573
			$	10,893,767
Insured – Escrowed / Prerefunded — 0.0%(5)
Cambria County, PA, (BAM), Escrowed to Maturity, 5.00%, 8/1/23	$	240	$	273,838
			$	273,838
Insured – General Obligations — 2.5%
Atlantic City, NJ, (BAM), 5.00%, 3/1/23	$	500	$	554,245
Atlantic City, NJ, (BAM), 5.00%, 3/1/24		300		342,798
Bayonne, NJ, (AGM), 5.00%, 8/1/23		300		339,804
Bayonne, NJ, (AGM), 5.00%, 8/1/24		300		350,322
Bayonne, NJ, (AGM), 5.00%, 8/1/25		885		1,063,478
Bayonne, NJ, (AGM), 5.00%, 8/1/26		915		1,095,703
Bellaire Public School District, MI, (AGM), 4.00%, 5/1/23		675		737,289
Bellaire Public School District, MI, (AGM), 4.00%, 5/1/24		685		767,495
Bellaire Public School District, MI, (AGM), 4.00%, 5/1/25		685		785,106
Bolingbrook, IL, (AGM), 5.00%, 1/1/24		1,000		1,144,800
Bolingbrook, IL, (AGM), 5.00%, 1/1/25		1,000		1,178,130
Cambria County, PA, (AGM), 4.00%, 8/1/34(3)		745		836,151
Cambria County, PA, (BAM), 5.00%, 8/1/23		1,260		1,417,941
Chicago Board of Education, IL, (AGM), 5.00%, 12/1/25		1,000		1,184,070
Chicago Board of Education, IL, (NPFG), 0.00%, 12/1/20		2,175		2,147,291
Chicago Board of Education, IL, (NPFG), 0.00%, 12/1/22		4,300		4,093,170
Chicago Board of Education, IL, (NPFG), 0.00%, 12/1/28		1,560		1,270,386
Community College District No. 536, IL, (Lewis and Clark Community College), (AGM), 4.00%, 5/1/29(3)		500		572,570
Detroit, MI, (AMBAC), 4.00%, 4/1/20		43		42,856
Detroit, MI, (AMBAC), 5.00%, 4/1/21		13		13,174
Detroit, MI, (AMBAC), 5.00%, 4/1/22		66		65,871

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Detroit, MI, (AMBAC), 5.00%, 4/1/24	$	329	$	329,342
Luzerne County, PA, (AGM), 5.00%, 11/15/24		2,480		2,886,770
McCook, IL, (AGM), 4.00%, 12/1/24		200		222,426
McCook, IL, (AGM), 4.00%, 12/1/25		275		311,561
McCook, IL, (AGM), 4.00%, 12/1/26		260		298,836
McCook, IL, (AGM), 4.00%, 12/1/27		300		348,654
McCook, IL, (AGM), 4.00%, 12/1/28		300		352,005
McHenry County Community Unit School District No. 12, IL, (AGM), 5.00%, 1/1/25		890		1,006,465
McHenry County Community Unit School District No. 12, IL, (AGM), 5.00%, 1/1/26		925		1,045,500
Monroe County Industrial Development Corp., NY, (Monroe Community College Association, Inc.), (AGM), 5.00%, 1/15/25		750		861,825
Proviso Township High School District No. 209, IL, (AGM), 5.00%, 12/1/28		1,000		1,270,220
Puerto Rico Public Buildings Authority, (AMBAC), 5.45%, 7/1/30		930		953,194
Puerto Rico, (AGC), 5.00%, 7/1/34		310		316,916
Puerto Rico, (AGM), 5.00%, 7/1/35		1,055		1,128,776
Puerto Rico, (NPFG), 5.25%, 7/1/22		530		540,298
Rockland County, NY, (AGM), 5.00%, 3/1/24		350		408,100
South Haven Public Schools, MI, (BAM), 4.00%, 5/1/27		785		916,244
Vauxmont Metropolitan District, CO, (AGM), 5.00%, 12/1/34(3)		1,140		1,383,732
Vauxmont Metropolitan District, CO, (AGM), 5.00%, 12/1/50(3)		1,500		1,774,995
Will and Cook Counties Community High School District No. 210, IL, (AGM), 0.00%, 1/1/28		500		420,285
			$	36,778,794
Insured – Housing — 0.1%
Maryland Economic Development Corp., (University of Maryland, College Park), (AGM), 4.00%, 6/1/21	$	400	$	415,860
New Hope Cultural Education Facilities Finance Corp., TX,(CHF-Collegiate Housing College Station I, LLC), (AGM), 4.00%, 4/1/22		445		468,936
New Hope Cultural Education Facilities Finance Corp., TX,(CHF-Collegiate Housing College Station I, LLC), (AGM), 4.00%, 4/1/24		400		440,724
			$	1,325,520
Insured – Lease Revenue / Certificates of Participation — 0.4%
Georgia Local Government 1998A Grantor Trust, Certificates of Participation, (NPFG), 4.75%, 6/1/28	$	800	$	937,552

14 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Lease Revenue / Certificates of Participation (continued)
Kentucky Asset/Liability Commission, (NPFG), 1.80%, (67% of 3 mo. USD LIBOR + 0.52%), 11/1/21(2)	$	3,400	$	3,399,796
Kentucky Asset/Liability Commission, (NPFG), 1.83%, (67% of 3 mo. USD LIBOR + 0.55%), 11/1/25(2)		2,000		1,983,620
			$	6,320,968
Insured – Other Revenue — 0.1%
Albany Parking Authority, NY, (AGM), 5.00%, 7/15/24	$	300	$	348,561
Albany Parking Authority, NY, (AGM), 5.00%, 7/15/25		315		375,105
Puerto Rico Public Buildings Authority, (AGC), 5.00%, 7/1/36		120		122,481
			$	846,147
Insured – Special Tax Revenue — 0.6%
Illinois Sports Facilities Authority, (AGM), 5.00%, 6/15/27	$	2,325	$	2,644,106
Illinois Sports Facilities Authority, (AMBAC), 0.00%, 6/15/22		500		481,855
Puerto Rico Convention Center District Authority, (AMBAC), 5.00%, 7/1/31		3,325		3,398,349
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/43		955		300,539
Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/24		305		333,456
Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/26		1,120		1,248,285
			$	8,406,590
Insured – Transportation — 2.2%
Cleveland, OH, Airport System Revenue, (AGM), 5.00%, 1/1/25	$	1,225	$	1,458,657
Metropolitan Transportation Authority, NY, (AGM), 1.909%, (69% of 1 mo. USD LIBOR + 0.68%), 4/6/21 (Put Date), 11/1/32(2)		5,000		5,014,000
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31		185		207,701
New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/24		3,460		3,196,210
New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/28		1,185		979,272

Security	Principal Amount (000’s omitted)		Value
Insured – Transportation (continued)
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/32	$	2,000	$	2,209,920
Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/26		1,000		1,184,960
Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/36		795		916,730
Puerto Rico Highway and Transportation Authority, (AGM), 5.00%, 7/1/32		1,675		1,714,379
Puerto Rico Highway and Transportation Authority, (AGM), 5.25%, 7/1/36		535		616,919
Puerto Rico Highway and Transportation Authority, (AGM), 5.50%, 7/1/31		100		115,863
Puerto Rico Highway and Transportation Authority, (AMBAC), 5.25%, 7/1/30		3,650		4,037,776
Puerto Rico Highway and Transportation Authority, (AMBAC), 5.25%, 7/1/31		2,710		2,995,770
Puerto Rico Highway and Transportation Authority, (AMBAC), 5.25%, 7/1/38		2,475		2,716,436
Puerto Rico Highway and Transportation Authority, (AMBAC), 5.50%, 7/1/29		1,320		1,486,030
Puerto Rico Highway and Transportation Authority, (NPFG), 5.25%, 7/1/23		380		406,475
Puerto Rico Highway and Transportation Authority, (NPFG), 5.25%, 7/1/32		100		109,498
Puerto Rico Highway and Transportation Authority, (NPFG), 5.25%, 7/1/33		200		219,056
Puerto Rico Highway and Transportation Authority, (NPFG), 5.25%, 7/1/35		2,320		2,524,763
			$	32,110,415
Insured – Water and Sewer — 0.3%
Detroit, MI, Sewage Disposal System, (AGM), 5.00%, 7/1/39	$	175	$	190,473
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/26		4,000		4,699,880
Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28		100		102,631
			$	4,992,984
Lease Revenue / Certificates of Participation — 1.3%
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/28	$	3,000	$	3,815,160
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/29		2,000		2,528,820

15 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/30	$	3,000	$	3,768,090
Michigan Strategic Fund, (Facility for Rare Isotope Beams), 5.00%, 3/1/27		1,000		1,154,700
New Jersey Economic Development Authority, (School Facilities Construction), 2.54%, (SIFMA + 1.60%), 3/1/28(2)		7,575		7,761,042
Sunset Hills, MO, Certificates of Participation, 4.00%, 4/1/26		500		556,890
Sunset Hills, MO, Certificates of Participation, 4.00%, 4/1/27		500		554,395
			$	20,139,097
Other Revenue — 6.0%
Allentown Neighborhood Improvement Zone Development Authority, PA, (City Center Project), Series 2017, 5.00%, 5/1/42(1)	$	7,000	$	7,963,480
Allentown Neighborhood Improvement Zone Development Authority, PA, (City Center Project), Series 2018, 5.00%, 5/1/42(1)		4,500		5,177,475
Brooklyn Arena Local Development Corp., NY, (Barclays Center), 5.00%, 7/15/25		4,950		5,787,936
California Infrastructure and Economic Development Bank, (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/26		1,000		1,153,470
California Infrastructure and Economic Development Bank, (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/27		1,010		1,163,389
Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.00%, 12/1/28		1,450		1,649,187
District of Columbia, (Association of American Medical Colleges), Prerefunded to 10/1/23, 5.00%, 10/1/30		570		639,546
Kalispel Tribe of Indians, WA, Series A, 5.00%, 1/1/32(1)		1,465		1,701,202
Kalispel Tribe of Indians, WA, Series B, 5.00%, 1/1/32(1)		1,000		1,161,230
Kansas City Land Clearance for Redevelopment Authority, MO, (Convention Center Hotel), 5.00%, 2/1/40(1)		4,550		5,092,860
Main Street Natural Gas, Inc., GA, 1.943%, (67% of 1 mo. USD LIBOR + 0.75%), 9/1/23 (Put Date), 4/1/48(2)		5,500		5,522,440
Metropolitan Transportation Authority, NY, Dedicated Tax Fund Revenue, 1.39%, (SIFMA + 0.45%), 6/1/22 (Put Date), 11/1/26(2)		8,435		8,440,989

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(1)	$	1,775	$	2,064,449
New Jersey Economic Development Authority, (The Seeing Eye, Inc.), 5.00%, 3/1/25		3,500		4,162,690
Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, (Liq: Royal Bank of Canada), 2.053%, (67% of 1 mo. USD LIBOR + 0.86%), 2/1/24 (Put Date), 10/1/48(2)		7,500		7,544,475
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.25%, 12/1/27		5,200		6,520,644
Southeast Alabama Gas Supply District, (Project No. 2), 2.043%, (67% of 1 mo. USD LIBOR + 0.85%), 6/1/24 (Put Date), 6/1/49(2)		3,000		3,004,770
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 1.969%, (67% of 3 mo. USD LIBOR + 0.70%), 12/15/26(2)		5,005		5,002,247
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/30		100		109,752
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 1.99%, (SIFMA + 1.05%), 7/3/23 (Put Date), 1/1/42(2)		11,000		11,188,760
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 2.205%, (67% of 1 mo. USD LIBOR + 1.10%), 7/1/22 (Put Date), 1/1/42(2)		1,000		1,011,490
Will and Kankakee Counties Community Unit School District No.255-U, IL, 5.00%, 6/1/26		635		734,873
Will and Kankakee Counties Community Unit School District No.255-U, IL, 5.00%, 6/1/28		1,370		1,573,335
Will and Kankakee Counties Community Unit School District No.255-U, IL, 5.00%, 6/1/29		700		801,542
			$	89,172,231
Senior Living / Life Care — 8.4%
Alexandria Industrial Development Authority, VA, (Goodwin House, Inc.), 5.00%, 10/1/21	$	500	$	531,195
Alexandria Industrial Development Authority, VA, (Goodwin House, Inc.), 5.00%, 10/1/22		605		665,107
Alexandria Industrial Development Authority, VA, (Goodwin House, Inc.), 5.00%, 10/1/23		350		396,711
Alexandria Industrial Development Authority, VA, (Goodwin House, Inc.), 5.00%, 10/1/24		310		361,417
Alexandria Industrial Development Authority, VA, (Goodwin House, Inc.), 5.00%, 10/1/25		445		533,252
Berks County Industrial Development Authority, PA, (Highlands at Wyomissing), 5.00%, 5/15/33		500		574,775
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/26		1,730		2,000,676

16 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/27	$	1,320	$	1,524,204
Centerville, OH, (Graceworks Lutheran Services), 5.00%, 11/1/23		450		491,954
Centerville, OH, (Graceworks Lutheran Services), 5.00%, 11/1/24		705		784,658
Centerville, OH, (Graceworks Lutheran Services), 5.00%, 11/1/26		770		882,035
Centerville, OH, (Graceworks Lutheran Services), 5.00%, 11/1/27		425		492,860
Clackamas County Hospital Facility Authority, OR, (Mary’s Woods at Marylhurst), 2.80%, 5/15/24		1,150		1,150,483
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 4.00%, 1/1/29		600		682,248
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 4.00%, 1/1/38		550		594,941
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 5.00%, 1/1/38		1,210		1,395,614
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 3.125%, 5/15/27		650		651,450
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.00%, 5/15/24		525		589,517
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.00%, 5/15/25		300		343,422
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.00%, 5/15/26		350		406,959
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.00%, 5/15/27		400		473,184
District of Columbia, (Ingleside at Rock Creek), 4.125%, 7/1/27		1,000		1,057,880
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/29		195		220,724
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/39		370		409,316
Glendale Industrial Development Authority, AZ, (Terraces of Phoenix), 4.00%, 7/1/28		225		239,819
Hanover County Economic Development Authority, VA, (Covenant Woods), 5.00%, 7/1/38		125		137,658
Hanover County Economic Development Authority, VA, (Covenant Woods), 5.00%, 7/1/48		465		506,827
Hanover County Economic Development Authority, VA, (Covenant Woods), 5.00%, 7/1/51		1,000		1,088,660

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Howard County, MD, (Vantage House), 5.00%, 4/1/21	$	329	$	335,146
Howard County, MD, (Vantage House), 5.00%, 4/1/26		1,570		1,708,333
Howard County, MD, (Vantage House), 5.00%, 4/1/36		1,715		1,894,852
Illinois Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/27		370		422,877
Illinois Finance Authority, (Plymouth Place, Inc.), 5.00%, 5/15/25		1,605		1,761,600
Iowa Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/55		2,075		2,345,020
Lancaster County Hospital Authority, PA, (Brethren Village), 5.00%, 7/1/23		700		760,403
Lancaster County Hospital Authority, PA, (Brethren Village), 5.00%, 7/1/24		915		1,013,527
Lancaster County Hospital Authority, PA, (Brethren Village), 5.00%, 7/1/25		650		729,268
Lee County Industrial Development Authority, FL, (Shell Point), 5.50%, 11/15/21		65		68,207
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/28(1)		1,200		1,410,972
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 2.875% to 2/1/22 (Put Date), 2/1/34		1,000		1,002,400
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 4.00%, 2/1/30		1,500		1,716,990
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 4.00%, 2/1/32		395		447,859
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 4.00%, 2/1/33		865		973,869
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 4.00%, 2/1/34		1,280		1,437,030
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 4.00%, 2/1/35		310		345,855
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/46		1,440		1,634,990
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/30		200		227,772
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/31		150		170,198
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/32		200		226,086
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/33		100		112,691

17 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/34	$	200	$	225,012
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/35		350		392,588
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/36		350		391,839
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/37		300		335,304
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/38		300		334,644
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 4.00%, 1/1/23		2,000		2,060,780
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.00%, 1/1/33		1,890		2,035,303
National Finance Authority, NH, (The Vista), 5.25%, 7/1/39(1)		920		1,009,534
National Finance Authority, NH, (The Vista), 5.625%, 7/1/46(1)		560		620,306
National Finance Authority, NH, (The Vista), 5.75%, 7/1/54(1)		1,725		1,914,008
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/25		1,000		1,127,100
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/26		1,040		1,171,633
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/27		1,095		1,229,192
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/29		1,205		1,346,395
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/30		630		701,915
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/30		430		504,940
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/31		670		786,111
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/32		295		345,587
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/33		185		216,291

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/34	$	195	$	227,612
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/39		625		723,988
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/49		4,500		5,131,080
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community,Inc. - Harbor’s Edge), 4.00%, 1/1/29		1,335		1,433,376
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/28		255		290,251
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/30		1,300		1,467,557
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/31		775		904,541
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/32		650		756,912
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/53		2,465		2,788,531
Polk County Industrial Development Authority, FL, (Carpenter’s Home Estates, Inc.), 5.00%, 1/1/39		400		452,140
Public Finance Authority, WI, (Penick Village), 5.00%, 9/1/39(1)		770		850,388
Public Finance Authority, WI, (Penick Village), 5.00%, 9/1/49(1)		725		794,839
Rockville, MD, (Ingleside at King Farm), 3.00%, 11/1/25		1,750		1,753,850
Rockville, MD, (Ingleside at King Farm), 3.50%, 11/1/26		1,325		1,329,107
Salem Hospital Facility Authority, OR, (Capital Manor), 5.00%, 5/15/27		250		304,880
Salem Hospital Facility Authority, OR, (Capital Manor), 5.00%, 5/15/28		270		327,510
Santa Fe, NM, (El Castillo Retirement Residences), 5.00%, 5/15/34		650		742,891
Santa Fe, NM, (El Castillo Retirement Residences), 5.00%, 5/15/39		480		541,464
South Carolina Jobs-Economic Development Authority, (Bishop Gadsden Episcopal Retirement Community), 4.00%, 4/1/34		600		668,706
South Carolina Jobs-Economic Development Authority, (Bishop Gadsden Episcopal Retirement Community), 5.00%, 4/1/44		640		736,877
South Carolina Jobs-Economic Development Authority, (Bishop Gadsden Episcopal Retirement Community), 5.00%, 4/1/49		1,510		1,728,331

18 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/28	$	1,675	$	1,876,837
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/29		1,000		1,117,540
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/38		2,000		2,197,420
South Carolina Jobs-Economic Development Authority, (Woodlands at Furman), 5.00%, 11/15/42		300		337,275
South Carolina Jobs-Economic Development Authority, (Woodlands at Furman), 5.00%, 11/15/54		1,000		1,106,810
St. Louis County Industrial Development Authority, MO, (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/27		1,930		2,252,136
St. Louis County Industrial Development Authority, MO, (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/38		5,225		5,922,381
St. Louis County Industrial Development Authority, MO, (St. Andrew’s Resources for Seniors Obligated Group), 5.00%, 12/1/25		1,170		1,271,088
Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.), 5.00%, 12/1/29(3)		500		574,890
Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 5.35%, 10/1/25(1)		3,000		3,126,990
Tulsa County Industrial Authority, OK, (Montereau, Inc.), 5.00%, 11/15/28		540		630,185
Tulsa County Industrial Authority, OK, (Montereau, Inc.), 5.00%, 11/15/29		400		465,140
Vermont Economic Development Authority, (Wake Robin Corp.), 5.00%, 5/1/23		1,690		1,817,426
Vermont Economic Development Authority, (Wake Robin Corp.), 5.00%, 5/1/25		745		827,427
Vermont Economic Development Authority, (Wake Robin Corp.), 5.00%, 5/1/26		585		658,207
Vermont Economic Development Authority, (Wake Robin Corp.), 5.00%, 5/1/27		500		569,520
Washington Housing Finance Commission, (Bayview Manor Homes), 4.00%, 7/1/26(1)		1,275		1,341,134
Washington Housing Finance Commission, (Bayview Manor Homes), 5.00%, 7/1/31(1)		750		829,912
Washington Housing Finance Commission, (Judson Park), 4.00%, 7/1/28(1)		250		266,755
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/27(1)		840		961,002

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/28(1)	$	445	$	513,797
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/29(1)		460		529,055
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/34(1)		500		565,250
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/39(1)		750		839,467
Wayzata, MN, (Folkestone Senior Living Community), 3.25%, 8/1/29		500		526,330
Wayzata, MN, (Folkestone Senior Living Community), 3.375%, 8/1/30		425		449,246
Wayzata, MN, (Folkestone Senior Living Community), 3.75%, 8/1/36		250		265,465
Wayzata, MN, (Folkestone Senior Living Community), 3.75%, 8/1/37		500		530,150
Wayzata, MN, (Folkestone Senior Living Community), 4.00%, 8/1/38		175		187,126
Wayzata, MN, (Folkestone Senior Living Community), 4.00%, 8/1/39		125		133,386
Wayzata, MN, (Folkestone Senior Living Community), 5.00%, 8/1/31		350		398,202
Wayzata, MN, (Folkestone Senior Living Community), 5.00%, 8/1/32		250		283,620
Wayzata, MN, (Folkestone Senior Living Community), 5.00%, 8/1/33		350		396,102
Wayzata, MN, (Folkestone Senior Living Community), 5.00%, 8/1/34		100		112,988
Wayzata, MN, (Folkestone Senior Living Community), 5.00%, 8/1/35		100		112,759
Westchester County Local Development Corp., NY, (Kendal on Hudson), 4.00%, 1/1/23		3,545		3,708,424
Westchester County Local Development Corp., NY, (Kendal on Hudson), 5.00%, 1/1/28		2,850		3,115,876
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 4.00%, 9/15/25		500		528,415
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 4.00%, 9/15/26		685		721,490
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 4.00%, 9/15/27		1,015		1,066,197
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 5.00%, 9/15/29		1,365		1,473,831
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 5.00%, 9/15/30		500		538,795
			$	125,782,850

19 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 3.8%
Atlanta Development Authority, GA, (New Downtown Atlanta Stadium), 5.00%, 7/1/24	$	1,500	$	1,759,035
Atlanta, GA, (Atlantic Station), Tax Allocation Increments, 5.00%, 12/1/24		1,000		1,173,650
Baltimore, MD, (Harbor Point), 3.25%, 6/1/31(1)		220		226,310
Baltimore, MD, (Harbor Point), 3.30%, 6/1/32(1)		250		257,672
Baltimore, MD, (Harbor Point), 3.35%, 6/1/33(1)		270		278,807
Baltimore, MD, (Harbor Point), 3.40%, 6/1/34(1)		285		294,821
Baltimore, MD, (Harbor Point), 3.45%, 6/1/35(1)		310		321,228
Baltimore, MD, (Harbor Point), 3.50%, 6/1/39(1)		650		667,179
Detroit Downtown Development Authority, MI, 0.00%, 7/1/20		50		49,276
Detroit Downtown Development Authority, MI, 0.00%, 7/1/21		75		71,167
Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion), 5.00%, 12/1/36		1,360		1,643,873
Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion), 5.00%, 12/1/37		650		785,564
Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion), 5.00%, 12/1/39		905		1,084,860
Illinois Sports Facilities Authority, 5.00%, 6/15/28		2,000		2,448,600
Illinois, Sales Tax Revenue, 4.00%, 6/15/27		1,065		1,196,932
Illinois, Sales Tax Revenue, 4.00%, 6/15/28		2,170		2,410,002
Illinois, Sales Tax Revenue, 4.00%, 6/15/29		8,280		9,107,255
Irving, TX, Hotel Occupancy Tax Revenue, 5.00%, 8/15/31		225		281,203
Irving, TX, Hotel Occupancy Tax Revenue, 5.00%, 8/15/33		300		372,513
Irving, TX, Hotel Occupancy Tax Revenue, 5.00%, 8/15/35		150		185,162
Jurupa Public Financing Authority, CA, 5.00%, 9/1/25		735		872,055
Marquette Brownfield Redevelopment Authority, MI, 5.00%, 5/1/31		1,655		1,996,162
Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.50%, 10/1/29		2,145		2,394,378
New York City Transitional Finance Authority, NY, Future Tax Revenue, (SPA: JPMorgan Chase Bank, N.A.), 1.18%, 8/1/42(4)		2,000		2,000,000
New York City Transitional Finance Authority, NY, Future Tax Revenue, (SPA: U.S. Bank, N.A.), 1.18%, 8/1/42(4)		1,825		1,825,000
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/27		4,000		5,008,240
Sales Tax Securitization Corp., IL, 5.00%, 1/1/30		2,000		2,594,460

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Sales Tax Securitization Corp., IL, 5.00%, 1/1/36	$	4,000	$	5,049,040
San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue, 4.00%, 7/1/34		1,615		1,911,546
South Village Community Development District, FL, 2.00%, 5/1/20		305		305,555
South Village Community Development District, FL, 2.00%, 5/1/21		100		100,945
South Village Community Development District, FL, 2.125%, 5/1/22		100		101,774
South Village Community Development District, FL, 2.375%, 5/1/23		100		102,936
South Village Community Development District, FL, 2.50%, 5/1/24		100		103,939
South Village Community Development District, FL, 2.75%, 5/1/25		100		105,753
South Village Community Development District, FL, 3.25%, 5/1/27		100		108,519
South Village Community Development District, FL, 4.35%, 5/1/26		470		484,598
Sparks, NV, (Legends at Sparks Marina), 2.75%, 6/15/28(1)		3,250		3,370,185
Winter Garden Village at Fowler Groves Community Development District, FL, 3.75%, 5/1/31		4,000		4,151,000
			$	57,201,194
Student Loan — 0.9%
Connecticut Higher Education Supplemental Loan Authority, (AMT), 5.00%, 11/15/24	$	600	$	695,400
Massachusetts Educational Financing Authority, (AMT), 5.00%, 7/1/22		1,000		1,090,180
Massachusetts Educational Financing Authority, (AMT), 5.00%, 1/1/23		500		553,490
New Jersey Higher Education Student Assistance Authority, (AMT), 3.35%, 12/1/29		9,540		10,405,183
			$	12,744,253
Transportation — 12.5%
Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/32	$	1,690	$	2,168,709
Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/33		1,720		2,200,086
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/34		1,700		2,091,340
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/35		3,300		4,048,803

20 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/36	$	3,910	$	4,784,941
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/37		1,715		2,090,894
Central Texas Regional Mobility Authority, 5.00%, 1/1/25		350		414,729
Central Texas Regional Mobility Authority, 5.00%, 1/1/26		500		600,900
Central Texas Regional Mobility Authority, 5.00%, 1/1/27		550		658,427
Central Texas Regional Mobility Authority, 5.00%, 1/1/28		750		895,403
Central Texas Regional Mobility Authority, 5.00%, 1/1/29		600		715,044
Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/25		7,255		8,513,307
Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/27		1,000		1,139,860
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/21		3,000		3,107,640
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/27		5,000		5,862,000
Colorado Bridge Enterprise, (Central 70 Project), (AMT), 4.00%, 12/31/26		3,950		4,555,969
Colorado Bridge Enterprise, (Central 70 Project), (AMT), 4.00%, 6/30/27		4,475		5,193,372
Colorado Bridge Enterprise, (Central 70 Project), (AMT), 4.00%, 12/31/27		2,425		2,830,533
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.00%, 11/1/24		500		575,535
Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 11/15/30		6,955		8,660,018
E-470 Public Highway Authority, CO, 2.155%, (67% of 1 mo. USD LIBOR + 1.05%), 9/1/21 (Put Date), 9/1/39(2)		1,000		1,007,870
Greater Orlando Aviation Authority, FL, (AMT), 5.00%, 10/1/21		250		267,133
Illinois Toll Highway Authority, 5.00%, 1/1/27		1,250		1,436,163
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AMT), 5.00%, 3/1/30		1,000		1,275,210
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AMT), 5.00%, 3/1/32		1,000		1,263,510
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AMT), 5.00%, 3/1/33		2,000		2,519,220

Security		Principal Amount (000’s omitted)		Value
Transportation (continued)
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AMT), 5.00%, 3/1/34		$	1,800	$	2,262,618
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/25			3,105		3,740,159
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/27			2,700		3,221,613
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/34			1,710		2,148,700
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/36			2,515		3,144,404
Los Angeles Harbor Department, CA, (AMT), 5.00%, 8/1/26			1,230		1,440,441
Maryland Economic Development Corp., (Seagirt Marine Terminal), (AMT), 5.00%, 6/1/44			500		609,015
Maryland Economic Development Corp., (Seagirt Marine Terminal), (AMT), 5.00%, 6/1/49			750		907,665
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/27			1,330		1,656,808
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/29			1,470		1,853,567
Metropolitan Transportation Authority, NY, 5.00%, 9/1/22			10,000		10,973,700
Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/26			5,000		6,244,350
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/23	��		810		922,469
Miami-Dade County, FL, Aviation Revenue, 5.00%, 10/1/25			1,000		1,185,260
New Jersey Transportation Trust Fund Authority, (Transportation Program), 2.14%, (SIFMA + 1.20%), 12/15/21 (Put Date), 6/15/34(2)			2,750		2,780,827
New Jersey Turnpike Authority, 5.00%, 1/1/32			4,520		5,249,618
New Orleans Aviation Board, LA, (AMT), 5.00%, 1/1/24			1,600		1,823,120
New Orleans Aviation Board, LA, (AMT), 5.00%, 1/1/25			1,600		1,875,008
New Orleans Aviation Board, LA, (AMT), 5.00%, 1/1/27			1,000		1,167,740
New York Transportation Development Corp., (Delta Airlines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 1/1/28			10,000		12,450,300
New York Transportation Development Corp., (Terminal One Group Association, L.P.), (AMT), 5.00%, 1/1/22			5,520		5,890,668

21 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
North Texas Tollway Authority, 5.00%, 1/1/30	$	1,000	$	1,200,910
Pennsylvania Turnpike Commission, 1.64%, (SIFMA + 0.70%), 12/1/23(2)		2,500		2,516,800
Pennsylvania Turnpike Commission, 1.82%, (SIFMA + 0.88%), 12/1/20(2)		1,000		1,002,410
Pennsylvania Turnpike Commission, 5.00%, 12/1/37		6,000		7,529,700
Phoenix Civic Improvement Corp., AZ, Airport Revenue, (AMT), 5.00%, 7/1/30		2,140		2,643,735
Port of Oakland, CA, (AMT), 5.00%, 11/1/24		2,300		2,714,805
Port of Portland, OR, (Portland International Airport), (AMT), 5.00%, 7/1/32		1,500		1,915,410
Port of Portland, OR, (Portland International Airport), (AMT), 5.00%, 7/1/33		1,405		1,787,708
Port of Portland, OR, (Portland International Airport), (AMT), 5.00%, 7/1/34		1,510		1,916,960
San Jose, CA, Airport Revenue, (AMT), 5.00%, 3/1/27		1,500		1,876,725
South Jersey Transportation Authority, NJ, 5.00%, 11/1/26		500		581,105
South Jersey Transportation Authority, NJ, 5.00%, 11/1/27		500		578,955
South Jersey Transportation Authority, NJ, 5.00%, 11/1/28		750		866,115
South Jersey Transportation Authority, NJ, 5.00%, 11/1/29		1,450		1,670,095
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/35		4,000		5,116,080
Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/23		500		567,615
Triborough Bridge and Tunnel Authority, NY, 1.893%, (67% of 1 mo. USD LIBOR + 0.70%), 2/1/21 (Put Date), 1/1/32(2)		9,730		9,764,541
Triborough Bridge and Tunnel Authority, NY, (LOC: Citibank, N.A.), 1.17%, 1/1/32(4)		1,965		1,965,000
			$	186,639,335
Water and Sewer — 2.2%
California Department of Water Resources, (Central Valley Project), 1.31%, (SIFMA + 0.37%), 12/1/22 (Put Date), 12/1/35(2)	$	8,000	$	8,024,400
Cape Fear Public Utility Authority, NC, 4.00%, 8/1/32		445		514,999
Charleston, SC, Waterworks and Sewer System Revenue, 1.522%, (70% of 1 mo. USD LIBOR + 0.37%), 1/1/22 (Put Date), 1/1/35(2)		5,000		5,006,700

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Coldwater Local Development Finance Authority, MI, Series A, (AMT), 5.00%, 12/1/27	$	390	$	450,719
Coldwater Local Development Finance Authority, MI, Series B, (AMT), 5.00%, 12/1/27		505		583,623
Detroit, MI, Sewage Disposal System, 5.00%, 7/1/32		125		136,090
Detroit, MI, Water Supply System, 5.25%, 7/1/41		295		310,520
Luzerne County Industrial Development Authority, PA, (Pennsylvania-American Water Co.), (AMT), 2.45% to 12/3/29 (Put Date), 12/1/39		2,750		2,868,717
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AMT), 5.00%, 7/1/44		1,000		1,071,380
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (LOC: Citibank, N.A.), 1.18%, 6/15/35(4)		2,125		2,125,000
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: PNC Bank, N.A.), 1.15%, 6/15/46(4)		8,025		8,025,000
San Francisco City and County Public Utilities Commission, CA, Green Bonds, 5.00%, 11/1/37		2,575		3,038,088
			$	32,155,236
TotalTax-Exempt Municipal Securities — 98.8% (identified cost $1,394,540,011)			$	1,474,179,107
Tax-Exempt Mortgage-Backed Securities — 0.0%(5)
Security	Principal Amount (000’s omitted)		Value
Housing — 0.0%(5)
FRETE 2017-ML01 Trust, Class A, (Freddie Mac guaranteed), 2.159%, (1 mo. USD LIBOR + 0.50%), 1/25/33(1)(2)	$	479	$	478,516
TotalTax-Exempt Mortgage-Backed Securities — 0.0%(5) (identified cost $478,521)			$	478,516
Taxable Municipal Securities — 3.7%
Security	Principal Amount (000’s omitted)		Value
Electric Utilities — 0.1%
Vernon, CA, Electric System Revenue, 4.05%, 8/1/23	$	2,000	$	2,139,000
			$	2,139,000

22 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations — 1.1%
Atlantic City, NJ, 7.00%, 3/1/28	$	3,115	$	3,684,515
Chicago, IL, 7.375%, 1/1/33		3,250		4,160,748
Chicago, IL, 7.75%, 1/1/42		3,811		4,378,001
Chicago, IL, 7.781%, 1/1/35		2,600		3,507,816
			$	15,731,080
Hospital — 0.5%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	7,250	$	7,905,907
			$	7,905,907
Insured – General Obligations — 0.6%
Detroit, MI, (AMBAC), 4.96%, 4/1/20	$	1,016	$	1,016,774
Detroit, MI, (AMBAC), 5.15%, 4/1/25		7,923		7,925,022
			$	8,941,796
Insured – Hospital — 0.1%
Oklahoma Development Finance Authority, (OU Medicine), (AGM), 4.65%, 8/15/30	$	1,500	$	1,762,680
			$	1,762,680
Insured – Special Tax Revenue — 0.3%
Successor Agency to Pittsburg Redevelopment Agency, CA, (AGM), 2.869%, 8/1/20	$	905	$	909,136
Successor Agency to Pittsburg Redevelopment Agency, CA, (AGM), 3.684%, 8/1/24		1,030		1,103,666
Successor Agency to San Bernardino County Redevelopment Agency, CA, (AGM), 3.25%, 9/1/22		350		359,656
Successor Agency to San Bernardino County Redevelopment Agency, CA, (AGM), 3.50%, 9/1/23		510		533,210
Successor Agency to San Bernardino County Redevelopment Agency, CA, (AGM), 3.75%, 9/1/25		500		534,930
Successor Agency to San Bernardino County Redevelopment Agency, CA, (AGM), 4.00%, 9/1/26		500		537,805
			$	3,978,403
Senior Living / Life Care — 0.8%
Berks County Industrial Development Authority, PA, (Highlands at Wyomissing), 3.95%, 5/15/24	$	1,450	$	1,501,997
St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), 5.50% to 8/1/24 (Put Date), 8/1/44		10,055		10,227,142
			$	11,729,139

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 0.2%
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), 3.65%, 7/1/21	$	500	$	508,145
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), 3.80%, 7/1/22		1,000		1,030,710
St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 5.00%, 10/1/35		1,060		1,070,939
			$	2,609,794
Total Taxable Municipal Securities — 3.7% (identified cost $50,492,304)			$	54,797,799
Corporate Bonds & Notes — 1.3%
Security	Principal Amount (000’s omitted)		Value
Hospital — 1.3%
Care New England Health System, 5.50%, 9/1/26	$	11,000	$	12,316,419
Harnett Health System, Inc., 6.50% to 4/1/20 (Put Date), 4/1/32		3,865		3,911,766
St. Joseph’s Hospital & Medical Center, 3.926%, 7/1/22		3,175		3,264,554
Total Corporate Bonds & Notes — 1.3% (identified cost $17,842,673)			$	19,492,739
Total Investments — 103.8% (identified cost $1,463,353,509)			$	1,548,948,161
Other Assets, Less Liabilities — (3.8)%			$	(56,578,183	)
Net Assets — 100.0%			$	1,492,369,978

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

At January 31, 2020, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows:

Illinois	15.2%
New York	12.3%
Others, representing less than 10% individually	76.3%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2020, 7.6% 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

23 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

financial guaranty assurance agency ranged from 0.1% to 3.5% of total investments.

⁽¹⁾  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 January 31, 2020, the aggregate value of these securities is $125,184,066 or 8.4% of the Fund’s net assets.

⁽²⁾  Floating rate security. The stated interest rate represents the rate in effect at January 31, 2020.

⁽³⁾  When-issued security.

⁽⁴⁾  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 January 31, 2020.

⁽⁵⁾  Amount is less than 0.05%.

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.
LIBOR	–	London Interbank Offered Rate
Liq	–	Liquidity Provider
LOC	–	Letter of Credit
NPFG	–	National Public Finance Guarantee Corp.
PSF	–	Permanent School Fund
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
SPA	–	Standby Bond Purchase Agreement

Currency Abbreviations:

USD – United States Dollar

24 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	January 31, 2020
Investments, at value (identified cost, $1,463,353,509)	$	1,548,948,161
Cash		1,053,088
Interest receivable		11,477,072
Receivable for Fund shares sold		2,894,854
Total assets	$	1,564,373,175
Liabilities
Payable for when-issued securities	$	68,208,437
Payable for Fund shares redeemed		2,185,301
Distributions payable		396,388
Payable to affiliates:
Investment adviser and administration fee		714,065
Distribution and service fees		70,561
Accrued expenses		428,445
Total liabilities	$	72,003,197
Net Assets	$	1,492,369,978
Sources of Net Assets
Paid-in capital	$	1,416,904,952
Distributable earnings		75,465,026
Net Assets	$	1,492,369,978
Class A Shares
Net Assets	$	137,723,115
Shares Outstanding		10,982,873
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.54
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	13.17
Class C Shares
Net Assets	$	50,197,192
Shares Outstanding		4,004,499
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	12.54
Class I Shares
Net Assets	$	1,304,449,671
Shares Outstanding		103,877,140
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.56

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.

25 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended January 31, 2020
Interest	$	20,606,791
Total investment income	$	20,606,791
Expenses
Investment adviser and administration fee	$	4,025,722
Distribution and service fees
Class A		165,221
Class C		242,933
Trustees’ fees and expenses		35,589
Custodian fee		153,776
Transfer and dividend disbursing agent fees		213,917
Legal and accounting services		43,011
Printing and postage		26,863
Registration fees		74,913
Miscellaneous		81,705
Total expenses	$	5,063,650
Net investment income	$	15,543,141
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(936,660	)
Financial futures contracts		(1,406,553	)
Net realized loss	$	(2,343,213	)
Change in unrealized appreciation (depreciation) —
Investments	$	28,615,376
Financial futures contracts		695,880
Net change in unrealized appreciation (depreciation)	$	29,311,256
Net realized and unrealized gain	$	26,968,043
Net increase in net assets from operations	$	42,511,184

26 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31, 2019
From operations —
Net investment income	$	15,543,141		$	27,348,699
Net realized loss		(2,343,213	)		(1,047,309	)
Net change in unrealized appreciation (depreciation)		29,311,256			41,949,082
Net increase in net assets from operations	$	42,511,184		$	68,250,472
Distributions to shareholders —
Class A	$	(1,329,407	)	$	(2,758,523	)
Class C		(306,562	)		(746,583	)
Class I		(13,730,379	)		(23,555,841	)
Total distributions to shareholders	$	(15,366,348	)	$	(27,060,947	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	15,787,942		$	43,521,214
Class C		5,017,468			10,095,054
Class I		226,891,438			488,983,370
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,224,083			2,563,754
Class C		241,502			595,761
Class I		11,567,580			19,568,953
Cost of shares redeemed
Class A		(9,144,496	)		(41,362,115	)
Class C		(3,403,181	)		(15,259,847	)
Class I		(86,690,431	)		(255,364,847	)
Net asset value of shares converted
Class A		203,064			1,037,027
Class C		(203,064	)		(1,037,027	)
Net increase in net assets from Fund share transactions	$	161,491,905		$	253,341,297
Net increase in net assets	$	188,636,741		$	294,530,822
Net Assets
At beginning of period	$	1,303,733,237		$	1,009,202,415
At end of period	$	1,492,369,978		$	1,303,733,237

27 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Financial Highlights

	Class A
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	12.310		$	11.880		$	11.960		$	12.250		$	11.490		$	11.180
Income (Loss) From Operations
Net investment income	$	0.127	(1)	$	0.277	(1)	$	0.251	(1)	$	0.236		$	0.218		$	0.202
Net realized and unrealized gain (loss)		0.228			0.427			(0.084	)		(0.239	)		0.760			0.319
Total income (loss) from operations	$	0.355		$	0.704		$	0.167		$	(0.003	)	$	0.978		$	0.521
Less Distributions
From net investment income	$	(0.125	)	$	(0.274	)	$	(0.247	)	$	(0.236	)	$	(0.218	)	$	(0.202	)
From net realized gain		—			—			—			(0.051	)		—			(0.009	)
Total distributions	$	(0.125	)	$	(0.274	)	$	(0.247	)	$	(0.287	)	$	(0.218	)	$	(0.211	)
Net asset value — End of period	$	12.540		$	12.310		$	11.880		$	11.960		$	12.250		$	11.490
Total Return(2)		2.90	%(3)		6.02	%		1.41	%		0.04	%		8.59	%		4.68	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	137,723		$	127,094		$	116,961		$	112,632		$	154,283		$	87,416
Ratios (as a percentage of average daily net assets):
Expenses(5)		0.92	%(6)		0.94	%		0.93	%		0.96	%		0.97	%		1.00	%(4)
Net investment income		2.04	%(6)		2.32	%		2.11	%		2.02	%		1.85	%		1.72	%
Portfolio Turnover		25	%(3)		34	%		30	%		53	%		58	%		79	%

⁽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⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.06% of average daily net assets for the year ended July 31, 2015). Absent this reimbursement, total return would be lower.

⁽⁵⁾  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.

⁽⁶⁾  Annualized.

28 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Financial Highlights — continued

	Class C
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,												Period Ended July 31,  2015(1)
				2019			2018			2017			2016
Net asset value — Beginning of period	$	12.300		$	11.870		$	11.960		$	12.250		$	11.480		$	11.270
Income (Loss) From Operations
Net investment income	$	0.080	(2)	$	0.188	(2)	$	0.161	(2)	$	0.146		$	0.129		$	0.103
Net realized and unrealized gain (loss)		0.238			0.426			(0.093	)		(0.239	)		0.770			0.219
Total income (loss) from operations	$	0.318		$	0.614		$	0.068		$	(0.093	)	$	0.899		$	0.322
Less Distributions
From net investment income	$	(0.078	)	$	(0.184	)	$	(0.158	)	$	(0.146	)	$	(0.129	)	$	(0.103	)
From net realized gain		—			—			—			(0.051	)		—			(0.009	)
Total distributions	$	(0.078	)	$	(0.184	)	$	(0.158	)	$	(0.197	)	$	(0.129	)	$	(0.112	)
Net asset value — End of period	$	12.540		$	12.300		$	11.870		$	11.960		$	12.250		$	11.480
Total Return(3)		2.60	%(4)		5.23	%		0.57	%		(0.71	)%		7.87	%		2.86	%(4)(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	50,197		$	47,617		$	51,587		$	54,001		$	47,302		$	21,534
Ratios (as a percentage of average daily net assets):
Expenses(6)		1.67	%(7)		1.69	%		1.69	%		1.71	%		1.72	%		1.75	%(5)(7)
Net investment income		1.29	%(7)		1.57	%		1.35	%		1.27	%		1.09	%		0.91	%(7)
Portfolio Turnover		25	%(4)		34	%		30	%		53	%		58	%		79	%(8)

⁽¹⁾  For the period from the commencement of operations, August 18, 2014, to July 31, 2015.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁴⁾  Not annualized.

⁽⁵⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.06% of average daily net assets for the period ended July 31, 2015). Absent this reimbursement, total return would be lower.

⁽⁶⁾  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.

⁽⁷⁾  Annualized.

⁽⁸⁾  For the year ended July 31, 2015.

29 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Financial Highlights — continued

	Class I
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	12.320		$	11.900		$	11.980		$	12.270		$	11.500		$	11.190
Income (Loss) From Operations
Net investment income	$	0.142	(1)	$	0.306	(1)	$	0.282	(1)	$	0.265		$	0.248		$	0.232
Net realized and unrealized gain (loss)		0.239			0.418			(0.085	)		(0.239	)		0.770			0.319
Total income from operations	$	0.381		$	0.724		$	0.197		$	0.026		$	1.018		$	0.551
Less Distributions
From net investment income	$	(0.141	)	$	(0.304	)	$	(0.277	)	$	(0.265	)	$	(0.248	)	$	(0.232	)
From net realized gain		—			—			—			(0.051	)		—			(0.009	)
Total distributions	$	(0.141	)	$	(0.304	)	$	(0.277	)	$	(0.316	)	$	(0.248	)	$	(0.241	)
Net asset value — End of period	$	12.560		$	12.320		$	11.900		$	11.980		$	12.270		$	11.500
Total Return(2)		3.11	%(3)		6.19	%		1.67	%		0.29	%		8.95	%		4.94	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,304,450		$	1,129,022		$	840,654		$	630,358		$	501,541		$	211,151
Ratios (as a percentage of average daily net assets):
Expenses(5)		0.67	%(6)		0.69	%		0.68	%		0.71	%		0.72	%		0.75	%(4)
Net investment income		2.28	%(6)		2.56	%		2.37	%		2.27	%		2.09	%		1.98	%
Portfolio Turnover		25	%(3)		34	%		30	%		53	%		58	%		79	%

⁽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⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.06% of average daily net assets for the year ended July 31, 2015). Absent this reimbursement, total return would be lower.

⁽⁵⁾  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.

⁽⁶⁾  Annualized.

30 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Municipal Opportunities Fund (the Fund) is a diversified series of Eaton Vance Municipals Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as anopen-end management investment company. The Fund seeks to maximizeafter-tax total return. The Fund offers 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 Fund’s 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 Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The 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 the Fund in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of 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 statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

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

As of January 31, 2020, the Fund had no uncertain tax positions that would require financial statement recognition,de-recognition, or disclosure. The 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.

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.

31

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Notes to Financial Statements (Unaudited) — continued

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 Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and theBy-laws provide that the Trust shall assume, upon request by the shareholder, 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, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

H  Financial Futures Contracts — Upon entering into a financial futures contract, the Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the 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.

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

J  Interim Financial Statements — The interim financial statements relating to January 31, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting 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 the Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. 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 July 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $9,620,772 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at July 31, 2019, $8,929,338 are short-term and $691,434 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,462,222,685
Gross unrealized appreciation	$	87,044,957
Gross unrealized depreciation		(319,481	)
Net unrealized appreciation	$	86,725,476

32

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Notes to Financial Statements (Unaudited) — continued

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 0.60% of the Fund’s average daily net assets up to $500 million, 0.575% from $500 million up to $1 billion, 0.55% from $1 billion up to $2.5 billion and at reduced rates on daily net assets of $2.5 billion or more, and is payable monthly. For the six months ended January 31, 2020, the investment adviser and administration fee amounted to $4,025,722 or 0.58% (annualized) of the Fund’s average daily net assets. EVM providessub-transfer agency and related services to the Fund pursuant to aSub-Transfer Agency Support Services Agreement. For the six months ended January 31, 2020, EVM earned $4,052 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $12,796 as its portion of the sales charge on sales of Class A shares for the six months ended January 31, 2020. 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).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM 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 January 31, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Distribution Plans

The 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, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended January 31, 2020 amounted to $165,221 for Class A shares. The 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, the 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 Fund. For the six months ended January 31, 2020, the Fund paid or accrued to EVD $182,200 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its 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 sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended January 31, 2020 amounted to $60,733 for Class C shares.

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 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 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 January 31, 2020, the Fund was informed that EVD received less than $100 of CDSCs paid by Class A shareholders and approximately $2,000 of CDSCs paid by Class C shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $584,754,800 and $352,540,319, respectively, for the six months ended January 31, 2020.

33

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

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

Class A	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31, 2019
Sales		1,276,939			3,642,878
Issued to shareholders electing to receive payments of distributions in Fund shares		98,821			214,057
Redemptions		(737,915	)		(3,462,817	)
Converted from Class C shares		16,463			86,801
Net increase		654,308			480,919

Class C	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31, 2019
Sales		405,845			843,293
Issued to shareholders electing to receive payments of distributions in Fund shares		19,510			49,816
Redemptions		(275,451	)		(1,280,081	)
Converted to Class A shares		(16,469	)		(86,791	)
Net increase (decrease)		133,435			(473,763	)
Class I	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31, 2019
Sales		18,321,406			40,747,269
Issued to shareholders electing to receive payments of distributions in Fund shares		932,577			1,629,198
Redemptions		(6,997,657	)		(21,425,572	)
Net increase		12,256,326			20,950,895

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% 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 Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended January 31, 2020.

9  Financial Instruments

The Fund may trade in financial instruments withoff-balance sheet risk in the normal course of its investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments

34

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Notes to Financial Statements (Unaudited) — continued

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. At January 31, 2020, there were no obligations outstanding under these financial instruments.

The Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Fund holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. During the six months ended January 31, 2020, the Fund entered into U.S. Treasury futures contracts to hedge against changes in interest rates.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended January 31, 2020 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income(2)
Futures Contracts	$	(1,406,553	)	$	695,880

⁽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 January 31, 2020, which is indicative of the volume of this derivative type, was approximately $13,896,000.

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.)

• 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 January 31, 2020, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	1,474,179,107	$	—	$	1,474,179,107
Tax-Exempt Mortgage-Backed Securities		—		478,516		—		478,516
Taxable Municipal Securities		—		54,797,799		—		54,797,799
Corporate Bonds & Notes		—		19,492,739		—		19,492,739
Total Investments	$	—	$	1,548,948,161	$	—	$	1,548,948,161

11  Subsequent Event

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus may last for an extended period of time and through March 20, 2020, the date these financial statements were issued, has resulted in substantial market volatility and may result in a significant economic downturn.

35

Eaton Vance

Municipal Opportunities Fund

January 31, 2020

Officers and Trustees

Officers of Eaton Vance Municipal Opportunities Fund

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 Municipal Opportunities Fund

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

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

36

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

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

Our pledge of protecting your personal information 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 Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, 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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, 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 intermediary. 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 intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The FormN-PORT 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.

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.

37

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Investment Adviser and 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.

7778    1.31.20

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 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:	March 24, 2020

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:	March 24, 2020

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	March 24, 2020