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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FormN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number:811-04409

Eaton Vance Municipals Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617)482-8260

(Registrant’s Telephone Number)

September 30

Date of Fiscal Year End

March 31, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Municipal Income Funds

Semiannual Report

March 31, 2020

AMT-Free    •    National

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

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

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

Commodity Futures Trading Commission Registration.Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. Each investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of each Fund. Accordingly neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, each Fund’s adviser is registered with the CFTC as a commodity pool operator. Each adviser is also registered as 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 ReportMarch 31, 2020

Eaton Vance

Municipal Income Funds

Table of Contents

Performance and Fund Profile
AMT-Free Municipal Income Fund	2
National Municipal Income Fund	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	7
Officers and Trustees	41
Important Notices	42

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2020

Performance^1,2

Portfolio Manager Cynthia J. Clemson

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		01/06/1998		03/16/1978		0.60	%		4.70	%		3.33	%		4.50	%
Class A with 4.75% Maximum Sales Charge		—		—		–4.17			–0.27			2.32			4.00
Class C at NAV		05/02/2006		03/16/1978		0.11			3.82			2.54			3.71
Class C with 1% Maximum Sales Charge		—		—		–0.88			2.82			2.54			3.71
Class I at NAV		03/16/1978		03/16/1978		0.70			4.95			3.56			4.75
Bloomberg Barclays Municipal Bond Index		—		—		0.10	%		3.85	%		3.19	%		4.14	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									1.04	%		1.79	%		0.79	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.85	%		2.10	%		3.11	%
Taxable-Equivalent Distribution Rate									4.81			3.55			5.25
SEC30-day Yield									1.48			0.83			1.77
Taxable-Equivalent SEC30-day Yield									2.51			1.40			2.99
% Total Leverage5
Residual Interest Bond (RIB) Financing															8.77	%

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.

2

Eaton Vance

National Municipal Income Fund

March 31, 2020

Performance^1,2

Portfolio Manager Craig R. Brandon, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		04/05/1994		12/19/1985		–0.28	%		4.04	%		3.71	%		4.70	%
Class A with 4.75% Maximum Sales Charge		—		—		–5.05			–0.88			2.72			4.19
Class C at NAV		12/03/1993		12/19/1985		–0.64			3.28			2.94			3.92
Class C with 1% Maximum Sales Charge		—		—		–1.62			2.28			2.94			3.92
Class I at NAV		07/01/1999		12/19/1985		–0.15			4.29			3.97			4.96
Bloomberg Barclays Municipal Bond Index		—		—		0.10	%		3.85	%		3.19	%		4.14	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.80	%		1.55	%		0.55	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.68	%		1.92	%		2.94	%
Taxable-Equivalent Distribution Rate									4.53			3.24			4.97
SEC30-day Yield									1.58			0.92			1.90
Taxable-Equivalent SEC30-day Yield									2.67			1.55			3.21
% Total Leverage5
RIB Financing															3.46	%

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.

3

Eaton Vance

Municipal Income Funds

March 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.

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

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

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

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

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

Fund profiles subject to change due to active management.

4

Eaton Vance

Municipal Income Funds

March 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 (October 1, 2019 – March 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 VanceAMT-Free Municipal Income Fund

	Beginning Account Value (10/1/19)		Ending Account Value (3/31/20)		Expenses Paid During Period* (10/1/19 – 3/31/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,006.00	$	4.86		0.97	%
Class C	$	1,000.00	$	1,001.10	$	8.60		1.72	%
Class I	$	1,000.00	$	1,007.00	$	3.61		0.72	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.20	$	4.90		0.97	%
Class C	$	1,000.00	$	1,016.40	$	8.67		1.72	%
Class I	$	1,000.00	$	1,021.40	$	3.64		0.72	%

* 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 183/366 (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 September 30, 2019.

5

Eaton Vance

Municipal Income Funds

March 31, 2020

Fund Expenses — continued

Eaton Vance National Municipal Income Fund

	Beginning Account Value (10/1/19)		Ending Account Value (3/31/20)		Expenses Paid During Period* (10/1/19 – 3/31/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	997.20	$	3.59		0.72	%
Class C	$	1,000.00	$	993.60	$	7.33		1.47	%
Class I	$	1,000.00	$	998.50	$	2.35		0.47	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.40	$	3.64		0.72	%
Class C	$	1,000.00	$	1,017.70	$	7.42		1.47	%
Class I	$	1,000.00	$	1,022.70	$	2.38		0.47	%

* 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 183/366 (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 September 30, 2019.

6

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 107.4%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 3.2%
New York State Environmental Facilities Corp., 5.00%, 10/15/35(1)	$	9,900	$	9,929,700
			$	9,929,700
Education — 6.5%
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 4.00%, 7/1/38	$	315	$	373,054
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 4.00%, 7/1/39		380		448,594
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 4.00%, 7/1/42		860		1,012,504
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 5.00%, 7/1/32		175		232,346
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/46		5,000		5,641,150
District of Columbia, (KIPP DC), 4.00%, 7/1/39		100		101,084
District of Columbia, (KIPP DC), 4.00%, 7/1/44		100		100,105
District of Columbia, (KIPP DC), 4.00%, 7/1/49		135		133,441
North Carolina Capital Facilities Finance Agency, (Duke University), 5.00%, 10/1/41		1,480		1,722,883
Pennsylvania Higher Educational Facilities Authority, (Drexel University), 5.00%, 5/1/37		1,750		2,013,375
Pima County Community College District, AZ, 5.00%, 7/1/35		725		898,427
University of California, 5.25%, 5/15/35		3,555		4,053,660
West Virginia University, Prerefunded to 11/1/22, 5.00%, 10/1/31		3,000		3,288,990
			$	20,019,613
Electric Utilities — 2.4%
Chula Vista, CA, (San Diego Gas and Electric), 5.875%, 2/15/34	$	3,520	$	3,532,953
Northern Municipal Power Agency, MN, 5.00%, 1/1/31		200		240,520
Northern Municipal Power Agency, MN, 5.00%, 1/1/35		170		201,637
Northern Municipal Power Agency, MN, 5.00%, 1/1/36		160		189,248
Utility Debt Securitization Authority, NY, 5.00%, 12/15/33		2,895		3,281,946
			$	7,446,304
Escrowed / Prerefunded — 6.7%
Henrico County Economic Development Authority, VA, (Bon Secours Health System, Inc.), Prerefunded to 11/1/22, 5.00%, 11/1/30	$	1,185	$	1,299,708
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		470		489,298

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36	$	315	$	327,934
New Jersey Turnpike Authority, Prerefunded to 7/1/22, 5.00%, 1/1/30		3,060		3,329,127
Oklahoma Development Finance Authority, (St. John Health System), Prerefunded to 2/15/22, 5.00%, 2/15/34		2,035		2,180,258
Oregon Facilities Authority, (Lewis & Clark College), Prerefunded to 10/1/21, 5.625%, 10/1/36		1,050		1,121,180
Savannah Economic Development Authority, GA, Escrowed to Maturity, 0.00%, 12/1/21		6,000		5,877,840
Washington, Prerefunded to 2/1/21, 5.25%, 2/1/36(1)		6,000		6,205,200
			$	20,830,545
General Obligations — 22.0%
California, 5.00%, 4/1/35	$	2,125	$	2,410,239
California, 5.25%, 10/1/29		560		594,373
California, 5.25%, 10/1/32		3,480		3,691,445
Chicago, IL, 5.00%, 1/1/39		1,400		1,418,004
Chicago, IL, 5.00%, 1/1/44		1,490		1,496,407
Chicago Board of Education, IL, 5.00%, 12/1/21		230		232,571
Chicago Board of Education, IL, 5.00%, 12/1/42		260		259,267
Chicago Board of Education, IL, 5.00%, 12/1/44		1,405		1,389,952
Chicago Board of Education, IL, 5.00%, 12/1/46		10		9,819
District of Columbia, 5.00%, 6/1/37(1)		7,000		8,547,350
Fennville Public Schools, MI, 4.00%, 5/1/34		1,000		1,145,550
Foothill-De Anza Community College District, CA, 5.00%, 8/1/34		1,150		1,326,824
Foothill-De Anza Community College District, CA, 5.00%, 8/1/36		1,150		1,322,638
Gallatin County School District No. 44, MT, 4.00%, 6/1/35		520		604,131
Illinois, 4.00%, 6/1/33		2,000		1,908,480
Illinois, 5.00%, 1/1/26		5,000		5,260,600
Illinois, 5.00%, 5/1/35		2,000		2,025,680
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/31		4,470		5,021,956
Lodi Unified School District, CA, (Election of 2016), 4.00%, 8/1/33		1,250		1,440,850
New York, NY, 4.00%, 10/1/35		3,655		4,257,052
New York, NY, 4.00%, 3/1/36		2,520		2,939,252
New York, NY, 4.00%, 8/1/42(1)		7,000		7,955,080
New York, NY, 5.00%, 3/1/40		1,750		2,184,280
Renton School District No. 403, WA, 4.00%, 12/1/33		1,230		1,472,236
Renton School District No. 403, WA, 4.00%, 12/1/34		1,300		1,547,585
Salem-Keizer School District No. 24J, OR, 0.00%, 6/15/24		1,220		1,150,972
San Rafael City High School District, CA, (Election of 2015), 4.00%, 8/1/36		1,190		1,380,079

7 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Springfield School District No. 19, OR, 5.00%, 6/15/30	$	1,085	$	1,275,732
Union R-XI School District, MO, 5.00%, 3/1/38		2,100		2,423,316
University of Connecticut, 5.00%, 2/15/32		650		729,469
Washington, 5.00%, 6/1/38(2)		710		879,555
			$	68,300,744
Hospital — 13.2%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28	$	535	$	546,813
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		1,720		1,899,327
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		2,300		2,522,456
California Health Facilities Financing Authority, (Sutter Health), 5.25%, 8/15/31		1,325		1,396,855
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.25%, 12/1/34		3,000		3,309,540
Colorado Health Facilities Authority, (CommonSpirit Health), 4.00%, 8/1/39		1,250		1,302,387
Colorado Health Facilities Authority, (Vail Valley Medical Center), 5.00%, 1/15/35		2,000		2,372,400
Delaware Health Facilities Authority, (Beebe Medical Center), 5.00%, 6/1/36		3,730		4,471,748
Delaware Health Facilities Authority, (Beebe Medical Center), 5.00%, 6/1/37		1,000		1,195,500
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/45		520		550,124
Illinois Finance Authority, (Presence Health Network), 4.00%, 2/15/36		5,345		5,810,229
Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31		2,110		2,451,271
Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 11/15/47		3,000		3,501,990
New York Dormitory Authority, (Montefiore Obligated Group), 4.00%, 9/1/45		1,000		1,060,640
Ohio, (University Hospitals Health Systems, Inc.), 5.00%, 1/15/36		2,500		2,851,525
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(1)		5,000		5,561,150
			$	40,803,955
Housing — 0.7%
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/37	$	500	$	561,190

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/42	$	1,250	$	1,388,900
Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(3)		285		285,000
			$	2,235,090
Insured – Education — 1.1%
Northern Illinois University, IL, (BAM), 5.00%, 4/1/31(2)	$	950	$	1,169,384
Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31		1,750		2,295,755
			$	3,465,139
Insured – Electric Utilities — 0.8%
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/29	$	2,865	$	2,379,039
			$	2,379,039
Insured – Escrowed / Prerefunded — 0.5%
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), Escrowed to Maturity, 0.00%, 8/15/21	$	1,560	$	1,535,898
			$	1,535,898
Insured – General Obligations — 1.3%
Atlantic City, NJ, (AGM), 4.00%, 3/1/42	$	145	$	157,925
Chicago Board of Education, IL, (AGM), 5.00%, 12/1/24		505		572,089
McCook, IL, (AGM), 4.00%, 12/1/29		240		275,362
McCook, IL, (AGM), 4.00%, 12/1/30		200		228,530
McCook, IL, (AGM), 4.00%, 12/1/33		500		557,950
McCook, IL, (AGM), 4.00%, 12/1/34		440		485,716
Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38		1,500		1,642,995
			$	3,920,567
Insured – Lease Revenue / Certificates of Participation — 2.2%
Anaheim Public Financing Authority, CA, (Anaheim Public Improvements), (AGM), 0.00%, 9/1/31	$	8,680	$	6,851,037
			$	6,851,037

8 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Other Revenue — 2.2%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	10,600	$	6,739,056
			$	6,739,056
Insured – Special Tax Revenue — 5.7%
Alabama Public School and College Authority, (AGM), 2.50%, 12/1/27	$	5,265	$	5,269,686
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/27		6,000		7,551,480
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		2,565		3,414,836
Successor Agency to San Francisco City and County Redevelopment Agency, CA, (NPFG), 5.00%, 8/1/43		1,100		1,278,508
			$	17,514,510
Insured – Transportation — 9.6%
Chicago, IL, (O’Hare International Airport), (AGM), 5.00%, 1/1/28	$	1,000	$	1,076,410
Chicago, IL, (O’Hare International Airport), (AGM), 5.125%, 1/1/31		1,000		1,076,680
Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/32		785		847,353
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39		7,120		3,067,723
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/46		1,275		1,326,306
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 5.00%, 11/15/44		2,470		2,870,165
Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38		11,000		14,453,560
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/21		5,285		5,184,162
			$	29,902,359
Insured – Water and Sewer — 2.4%
Detroit, MI, Sewage Disposal System, (AGM), 5.00%, 7/1/39	$	4,825	$	5,195,512
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/32		655		735,984
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/33		565		639,546
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/35		280		315,963
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/37		565		635,105
			$	7,522,110

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation — 2.8%
Hudson Yards Infrastructure Corp., NY, 4.00%, 2/15/44	$	5,020	$	5,434,752
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/37		3,000		3,186,630
			$	8,621,382
Other Revenue — 1.4%
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/22	$	400	$	404,216
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(4)		1,200		216,000
Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.25%, 12/1/38		970		1,001,942
Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.50%, 12/1/43		355		368,596
Mercer County Improvement Authority, NJ, 4.00%, 3/15/40		935		1,083,684
White Earth Band of Chippewa Indians, MN, 6.375%, 12/1/26(5)		1,385		1,376,053
			$	4,450,491
Senior Living / Life Care — 3.8%
National Finance Authority, NH, (The Vista), 5.25%, 7/1/39(5)	$	265	$	250,261
National Finance Authority, NH, (The Vista), 5.625%, 7/1/46(5)		360		347,764
National Finance Authority, NH, (The Vista), 5.75%, 7/1/54(5)		775		751,262
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/39		570		598,015
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.50%, 6/1/49		2,690		2,823,935
Saint Louis County Industrial Development Authority, MO, (St. Andrew’s Resources for Seniors Obligated Group), 5.00%, 12/1/35		1,700		1,672,698
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.00%, 12/1/32		160		163,563
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.25%, 12/1/42		660		673,173
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/32(5)		1,575		1,693,141
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/38(5)		2,325		2,470,987
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/34(5)		245		249,339
			$	11,694,138

9 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 4.3%
Bridgeville, DE, (Heritage Shores Special Development District), 5.45%, 7/1/35	$	911	$	847,968
Jurupa Public Financing Authority, CA, 5.00%, 9/1/31		1,200		1,384,512
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 11/1/38		5,820		6,650,921
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 11/1/37		1,000		1,169,180
River Hall Community Development District, FL, (Capital Improvements), 5.45%, 5/1/36		930		934,734
San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue, 4.00%, 7/1/35		2,000		2,276,120
			$	13,263,435
Transportation — 10.3%
Central Texas Regional Mobility Authority, Prerefunded to 1/1/21, 5.75%, 1/1/31	$	415	$	429,313
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30		1,100		1,209,736
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31		1,455		1,599,612
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/31		290		326,485
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43		1,100		1,149,027
Metropolitan Transportation Authority, NY, 5.00%, 11/15/35		325		359,931
Miami-Dade County, FL, Aviation Revenue, 5.00%, 10/1/33		2,650		2,947,118
New Orleans Aviation Board, LA, 5.00%, 1/1/43		1,555		1,788,794
New York Thruway Authority, 3.00%, 1/1/49		4,190		4,081,270
New York Thruway Authority, 5.00%, 1/1/38		2,000		2,510,800
New York Thruway Authority, 5.00%, 1/1/46		4,000		4,644,680
San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/34		5,235		5,649,821
Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34		3,500		3,527,370
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/37		440		448,892
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/38		275		279,656
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/39		265		268,623
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/36		355		400,238

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Texas Transportation Commission, 0.00%, 8/1/40	$	1,000	$	397,420
			$	32,018,786
Water and Sewer — 4.3%
Atlanta, GA, Water and Wastewater Revenue, 5.00%, 11/1/35(1)	$	6,990	$	8,627,617
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 4.00%, 6/15/41		4,000		4,552,680
			$	13,180,297
Total Tax-Exempt Investments — 107.4% (identified cost $310,861,156)			$	332,624,195
Other Assets, Less Liabilities — (7.4)%			$	(22,842,081	)
Net Assets — 100.0%			$	309,782,114

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

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

New York	21.0%
California	15.1%
Illinois	10.6%
Others, representing less than 10% individually	60.7%

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 March 31, 2020, 24.0% 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 0.4% to 15.6% of total investments.

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

⁽²⁾  When-issued security.

⁽³⁾  The issuer is in default on the payment of principal but continues to pay interest.

⁽⁴⁾  Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy.

⁽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 March 31, 2020, the aggregate value of these securities is $7,138,807 or 2.3% of the Fund’s net assets.

10 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Abbreviations:

AGM	–	Assured Guaranty Municipal Corp.
AMBAC	–	AMBAC Financial Group, Inc.
BAM	–	Build America Mutual Assurance Co.
NPFG	–	National Public Finance Guarantee Corp.

11 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 93.5%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.4%
Connecticut, (State Revolving Fund), Green Bonds, 5.00%, 3/1/28	$	10,000	$	11,777,700
Ohio Water Development Authority, Water Pollution Control Loan Fund, 5.00%, 6/1/29		10,000		12,978,900
Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		13,045		16,544,060
			$	41,300,660
Cogeneration — 0.1%
Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 12/31/23(1)	$	14,652	$	3,663,079
			$	3,663,079
Education — 6.3%
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 5.00%, 8/1/27	$	3,335	$	4,186,492
Bowling Green State University, OH, 4.00%, 6/1/38		440		488,928
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 4.00%, 7/1/36		480		571,858
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 4.00%, 7/1/37		300		356,169
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 5.00%, 7/1/29		220		288,198
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 5.00%, 7/1/30		185		247,251
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 5.00%, 7/1/31		250		332,870
Connecticut Health and Educational Facilities Authority, (Yale University), 5.00%, 7/1/27		5,000		6,283,600
District of Columbia, (District of Columbia International School), 5.00%, 7/1/54		2,290		2,591,204
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 4.75%, 6/1/38(2)		2,245		2,132,099
Maryland Health and Higher Educational Facilities Authority, (Loyola University Maryland), 5.00%, 10/1/22		500		539,020
Maryland Health and Higher Educational Facilities Authority, (Loyola University Maryland), 5.00%, 10/1/23		500		552,775
Maryland Health and Higher Educational Facilities Authority, (Loyola University Maryland), 5.00%, 10/1/24		500		566,795
Massachusetts Development Finance Agency, (Harvard University), 5.00%, 7/15/34		18,855		22,494,015

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Michigan State University, 5.00%, 2/15/31	$	1,200	$	1,529,988
New Hampshire Health and Education Facilities Authority, (University System of New Hampshire), (SPA: State Street Bank and Trust Company), 0.85%, 7/1/33(3)		6,825		6,825,000
New Hampshire Health and Education Facilities Authority, (University System of New Hampshire), (SPA: Wells Fargo Bank, N.A.), 0.75%, 7/1/33(3)		7,465		7,465,000
New Hampshire Health and Education Facilities Authority, (University System of New Hampshire), (SPA: Wells Fargo Bank, N.A.), 0.85%, 7/1/33(3)		2,535		2,535,000
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/33		4,370		5,404,248
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38		19,235		23,496,514
Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute), 5.00%, 9/1/39(4)		6,000		7,520,220
University of California, 5.25%, 5/15/36		7,080		8,061,005
University of California, 5.25%, 5/15/37		13,000		14,779,180
University of California, 5.25%, 5/15/38		7,700		8,737,344
University of Virginia, 5.00%, 4/1/38		13,205		15,987,557
University of Virginia, 5.00%, 4/1/39		40,970		49,505,280
			$	193,477,610
Electric Utilities — 4.2%
Los Angeles Department of Water & Power, CA, Power System Revenue, 5.00%, 7/1/38	$	6,130	$	7,668,569
Los Angeles Department of Water & Power, CA, Power System Revenue, 5.00%, 7/1/42		1,870		2,209,405
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/33		1,180		1,515,793
Omaha Public Power District, NE, 5.00%, 2/1/39		10,805		12,560,272
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/28		6,025		6,994,422
San Antonio, TX, Electric and Gas Systems Revenue, 4.00%, 2/1/30		2,000		2,433,980
Unified Government of Wyandotte County/Kansas City, KS, Utility System Revenue, 5.00%, 9/1/32		10,000		10,852,100
Utility Debt Securitization Authority, NY, 5.00%, 12/15/30(5)		22,500		25,533,450
Utility Debt Securitization Authority, NY, 5.00%, 12/15/31(5)		27,500		31,207,550
Utility Debt Securitization Authority, NY, 5.00%, 12/15/33		10,000		11,837,500
Utility Debt Securitization Authority, NY, 5.00%, 12/15/40		13,260		16,087,828
			$	128,900,869

12 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded — 5.2%
Bexar County Health Facilities Development Corp., TX, (St. Luke’s Lutheran Hospital), Escrowed to Maturity, 7.00%, 5/1/21	$	1,655	$	1,709,433
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		4,505		4,689,975
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		3,005		3,128,385
North Carolina, Capital Improvement Limited Obligation Bonds, Prerefunded to 5/1/20, 5.25%, 5/1/31		16,475		16,530,850
Oregon Department of Transportation, Prerefunded to 11/15/23, 5.00%, 11/15/38		250		284,595
Oregon Facilities Authority, (Lewis & Clark College), Prerefunded to 10/1/21, 5.625%, 10/1/36		9,930		10,603,155
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		4,515		4,638,169
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		3,490		3,585,207
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.45%, 12/1/35		12,125		12,463,651
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34		3,795		3,903,196
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34		3,585		3,687,209
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.00%, 12/1/34		17,620		18,122,346
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 6.50%, 12/1/36		10,000		10,341,000
Rutgers State University, NJ, Prerefunded to 5/1/23, 5.00%, 5/1/43(5)		37,000		41,370,440
Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33		9,170		11,076,260
Tarrant County Cultural Education Facilities Finance Corp., TX, (Scott & White Healthcare), Prerefunded to 8/15/20, 5.25%, 8/15/40		1,000		1,015,390
Tarrant County Cultural Education Facilities Finance Corp., TX, (Scott & White Healthcare), Prerefunded to 8/15/20, 5.25%, 8/15/40		12,500		12,692,375
			$	159,841,636
General Obligations — 15.4%
Aiken County Consolidated School District, SC, 4.00%, 4/1/37	$	5,370	$	6,236,342
Anaheim Union High School District, CA, (Election of 2014), 4.00%, 8/1/30		2,070		2,418,919
Anaheim Union High School District, CA, (Election of 2014), 4.00%, 8/1/31		2,295		2,674,341

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Belmont, MA, 4.00%, 3/15/32	$	3,030	$	3,553,069
California, 5.14%, (SIFMA + 0.43%), 12/1/23 (Put Date), 12/1/29(6)		15,000		14,878,350
California Education Notes Program, Fiscal Year2019-20 Note Participations, 5.00%, 6/30/20		5,245		5,293,936
Chicago, IL, 5.00%, 1/1/39		2,100		2,127,006
Chicago, IL, 5.00%, 1/1/40		1,500		1,517,055
Chicago Board of Education, IL, 5.00%, 12/1/21		1,980		2,002,136
Chicago Board of Education, IL, 5.00%, 12/1/42		2,770		2,762,189
Chicago Board of Education, IL, 5.00%, 12/1/44		15,110		14,948,172
Chicago Board of Education, IL, 5.00%, 12/1/46		85		83,463
Clackamas Community College District, OR, 5.00%, (0.00% until 6/15/20), 6/15/38		760		905,130
Clackamas Community College District, OR, 5.00%, (0.00% until 6/15/20), 6/15/39		1,000		1,188,860
Clackamas Community College District, OR, 5.00%, (0.00% until 6/15/20), 6/15/40		1,250		1,484,662
Connecticut, 4.00%, 1/15/37		15,000		16,447,950
Desert Community College District, CA, 5.00%, 8/1/37		5,350		6,290,797
District of Columbia, 5.00%, 10/15/30		4,000		5,207,400
Hartford County Metropolitan District, CT, 5.00%, 7/15/23		1,000		1,121,200
Hartford County Metropolitan District, CT, Series A, 5.00%, 7/15/24		500		577,490
Hartford County Metropolitan District, CT, Series B, 5.00%, 7/15/24		1,000		1,154,980
Hawaii, 5.00%, 1/1/34		13,700		16,927,172
Hennepin County Regional Railroad Authority, MN, 5.00%, 12/1/30		4,040		5,225,134
Hillsboro School District No. 1J, OR, 4.00%, 6/15/37		4,370		5,155,027
Hillsboro School District No. 1J, OR, 4.00%, 6/15/39		8,000		9,294,720
Hillsboro School District No. 1J, OR, 4.00%, 6/15/40		5,000		5,826,450
Hudsonville Public Schools, MI, 4.00%, 5/1/37		1,500		1,749,735
Hudsonville Public Schools, MI, 4.00%, 5/1/39		1,060		1,226,770
Hudsonville Public Schools, MI, 4.00%, 5/1/44		1,975		2,254,245
Illinois, 5.00%, 2/1/24		10,705		11,168,848
Illinois, 5.00%, 11/1/24		11,295		11,864,607
Illinois, 5.00%, 2/1/27		18,500		19,047,785
Illinois, 5.00%, 2/1/29		15,000		15,529,950
Illinois, 5.00%, 5/1/39		10,000		10,066,700
Illinois, 5.25%, 7/1/30		6,150		6,296,124
Johnson City, TN, 5.00%, 6/1/22		440		475,332
Johnson City, TN, 5.00%, 6/1/24		505		580,937
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29		1,920		2,159,309

13 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/30	$	4,105	$	4,613,445
King County, WA, (SPA: TD Bank, N.A.), 0.75%, 1/1/46(3)		5,735		5,735,000
Klein Independent School District, TX, (PSF Guaranteed), 5.00%, 2/1/36		14,180		14,601,004
Lodi Unified School District, CA, (Election of 2016), 4.00%, 8/1/36		1,250		1,414,613
Lodi Unified School District, CA, (Election of 2016), 4.00%, 8/1/39		2,935		3,255,150
Louisiana, 5.00%, 3/1/28		5,790		7,236,400
Massachusetts, 5.00%, 7/1/35		10,000		11,727,600
Massachusetts, 5.00%, 3/1/37		10,900		12,288,878
Minneapolis-St. Paul Metropolitan Council, MN, 4.00%, 3/1/30		1,250		1,486,650
New York, NY, 4.00%, 10/1/35		7,310		8,514,103
New York, NY, 4.00%, 3/1/36		8,000		9,084,480
New York, NY, 4.00%, 12/1/41		1,130		1,275,691
New York, NY, 4.00%, 8/1/42(5)		28,000		31,820,320
New York, NY, 5.00%, 8/1/33		10,000		11,928,700
Novi Community School District, MI, 5.00%, 5/1/41		1,100		1,388,464
Novi Community School District, MI, 5.00%, 5/1/42		1,700		2,139,178
Novi Community School District, MI, 5.00%, 5/1/43		1,150		1,447,217
Onondaga County, NY, 4.00%, 6/1/28		2,275		2,641,480
Oxnard Union High School District, CA, (Election of 2018), 5.00%, 8/1/43		3,750		4,411,987
Paradise Valley Unified School District No. 69, AZ, 4.00%, 7/1/35		350		413,427
Paradise Valley Unified School District No. 69, AZ, 4.00%, 7/1/36		500		587,155
Paradise Valley Unified School District No. 69, AZ, 4.00%, 7/1/37		250		292,183
Park City, UT, 4.00%, 2/1/31		3,490		4,198,959
Randolph County, NC, Limited Obligation Bonds, 5.00%, 10/1/33		500		640,785
Richmond Community Schools, MI, 4.00%, 5/1/36		2,200		2,526,986
Richmond Community Schools, MI, 4.00%, 5/1/37		2,655		3,040,798
Richmond Community Schools, MI, 4.00%, 5/1/38		2,665		3,042,284
Richmond Community Schools, MI, 4.00%, 5/1/39		2,665		3,032,690
Riverside Unified School District, CA, (Election of 2016), 4.00%, 8/1/32		2,250		2,591,010
Riverside Unified School District, CA, (Election of 2016), 4.00%, 8/1/33		1,350		1,541,160
Riverside Unified School District, CA, (Election of 2016), 4.00%, 8/1/34		1,100		1,244,221
Tennessee, 5.00%, 9/1/28		4,785		6,041,876
Texas, (Texas Transportation Commission), 5.00%, 10/1/44		10,000		11,484,800

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Virginia Beach, VA, 4.00%, 7/15/32	$	2,300	$	2,784,817
Washington, 5.00%, 2/1/33		13,140		14,849,120
Washington, 5.00%, 8/1/35		14,455		17,660,396
Washington, 5.00%, 6/1/39(4)		2,125		2,626,627
Washington, 5.00%, 2/1/40		4,755		5,686,409
Washington, 5.00%, 6/1/41(4)		2,000		2,463,780
Washington County, OR, 4.00%, 3/1/30		1,000		1,127,180
West Linn-Wilsonville School District No. 3JT, OR, 0.00%, 6/15/40		1,200		708,324
West Linn-Wilsonville School District No. 3JT, OR, 0.00%, 6/15/41		1,500		854,295
Wisconsin, 5.00%, 5/1/38		22,500		26,407,350
			$	470,579,284
Hospital — 9.0%
Allegheny County Hospital Development Authority, PA, (UPMC Health System), 5.00%, 7/15/32	$	2,250	$	2,860,155
Arizona Industrial Development Authority, (Phoenix Children’s Hospital), (LOC: JPMorgan Chase Bank, N.A.), 0.75%, 2/1/48(3)		6,605		6,605,000
Brookhaven Development Authority, GA, (Children’s Healthcare of Atlanta), 5.00%, 7/1/31		755		944,747
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28		5,700		5,825,856
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		17,530		19,357,678
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		25,465		27,927,975
California Health Facilities Financing Authority, (Sutter Health), 5.25%, 8/15/31		13,675		14,416,595
Colorado Health Facilities Authority, (CommonSpirit Health), 5.00%, 8/1/44		6,000		6,483,600
Colorado Health Facilities Authority, (SCL Health System), 4.00%, 1/1/36		2,000		2,224,800
Connecticut Health and Educational Facilities Authority, (Hartford HealthCare), 4.00%, 7/1/36		1,700		1,920,541
Connecticut Health and Educational Facilities Authority, (Nuvance Health), 4.00%, 7/1/34		2,455		2,814,191
DeKalb Private Hospital Authority, GA, (Children’s Healthcare of Atlanta), 5.00%, 7/1/31		1,000		1,251,320
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/45		4,350		4,601,995
Fulton County Development Authority, GA, (Piedmont Healthcare, Inc.), 4.00%, 7/1/37		2,000		2,188,680
Illinois Finance Authority, (Edward-Elmhurst Healthcare), 5.46%, (SIFMA + 0.75%), 7/1/23 (Put Date), 1/1/46(6)		9,500		9,527,550

14 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Illinois Finance Authority, (Northwestern Memorial Hospital), (SPA: JPMorgan Chase Bank, N.A.), 0.75%, 8/15/42(3)	$	8,900	$	8,900,000
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/26		7,500		8,565,975
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/33		1,500		1,709,685
Minneapolis and St. Paul Housing and Redevelopment Authority, MN, (Allina Health System), 5.00%, 11/15/23		1,700		1,925,539
Minneapolis and St. Paul Housing and Redevelopment Authority, MN, (Allina Health System), 5.00%, 11/15/27		1,150		1,442,261
Missouri Health and Educational Facilities Authority, (Mosaic Health System), 4.00%, 2/15/44		2,200		2,430,582
Missouri Health and Educational Facilities Authority, (SSM Health Care), 5.00%, 6/1/30		7,505		8,515,923
Montana Facility Finance Authority, (SCL Health System), 4.00%, 1/1/38		2,150		2,366,785
New Mexico Hospital Equipment Loan Council, (Presbyterian Healthcare Services), (SPA: Wells Fargo Bank, N.A.), Series 2008C, 0.75%, 8/1/34(3)		10,300		10,300,000
New Mexico Hospital Equipment Loan Council, (Presbyterian Healthcare Services), (SPA: Wells Fargo Bank, N.A.), Series 2008D, 0.75%, 8/1/34(3)		6,000		6,000,000
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 4.00%, 7/1/31		4,000		4,773,440
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 4.00%, 7/1/38		3,800		4,420,654
New York Dormitory Authority, (NYU Langone Hospitals Obligated Group), 4.00%, 7/1/50		5,330		5,755,654
New York Dormitory Authority, (NYU Langone Hospitals Obligated Group), 4.00%, 7/1/53		10,000		10,780,300
North Carolina Medical Care Commission, (Rex Healthcare), 4.00%, 7/1/40		1,400		1,525,552
Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/38		1,750		2,021,915
Oklahoma Development Finance Authority, (OU Medicine), 5.25%, 8/15/43		5,200		5,990,764
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/35		2,260		2,630,798
Oregon Health and Science University, 4.00%, 7/1/44		1,685		1,903,073
Philadelphia Hospitals and Higher Education Facilities Authority, PA, (Children’s Hospital of Philadelphia), (SPA: Wells Fargo Bank, N.A.), 0.75%, 7/1/25(3)		5,000		5,000,000
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 4.00%, 12/1/34		2,685		3,066,028
University of Kansas Hospital Authority, 5.00%, 9/1/45		25,500		29,253,345

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Virginia Small Business Financing Authority, (Sentara Healthcare), 4.00%, 11/1/36	$	5,000	$	5,490,350
Virginia Small Business Financing Authority, (Sentara Healthcare), 4.00%, 11/1/38		5,000		5,442,950
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/42		2,250		2,662,942
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 5.375%, 6/1/38		21,895		23,826,358
			$	275,651,556
Housing — 0.5%
Massachusetts Housing Finance Agency, (Mill Road Apartments), 5.26%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48(6)	$	3,960	$	3,960,000
Texas Student Housing Corp., (University of Northern Texas), 6.85%, 7/1/31		10,640		10,275,261
			$	14,235,261
Industrial Development Revenue — 1.1%
Metropolitan Nashville Airport Authority, TN, (Aero Nashville), 5.20%, 7/1/26	$	300	$	301,641
Miami-Dade County Industrial Development Authority, FL, (Waste Management, Inc.), (AMT), 5.51%, (SIFMA + 0.80%), 11/1/21 (Put Date), 11/1/48(6)		5,000		5,006,050
Mission Economic Development Corp., TX, (Waste Management, Inc.), (AMT), 5.51%, (SIFMA + 0.80%), 11/1/21 (Put Date), 11/1/48(6)		10,000		10,013,000
New Jersey Economic Development Authority, (NewJersey-American Water Co., Inc.), (AMT), 2.20% to 12/3/29 (Put Date), 10/1/39		13,900		13,994,520
Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 5.25%, 5/1/44(2)		3,685		3,567,301
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(2)		475		487,626
			$	33,370,138
Insured – Electric Utilities — 0.0%(7)
Cleveland, OH, Public Power System Revenue, (AGM), 4.00%, 11/15/35	$	1,000	$	1,143,560
			$	1,143,560
Insured – General Obligations — 1.1%
Grandville Public Schools, MI, (AGM), 4.00%, 5/1/35	$	785	$	929,259
Grandville Public Schools, MI, (AGM), 4.00%, 5/1/36		1,045		1,232,180

15 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Grandville Public Schools, MI, (AGM), 4.00%, 5/1/37	$	1,000	$	1,175,400
Grandville Public Schools, MI, (AGM), 4.00%, 5/1/38		1,000		1,170,200
Grandville Public Schools, MI, (AGM), 4.00%, 5/1/39		1,000		1,167,150
Grandville Public Schools, MI, (AGM), 4.00%, 5/1/40		650		757,816
Nassau County, NY, (AGM), 5.00%, 4/1/44		10,205		12,653,996
Pittsburg Unified School District Financing Authority, CA, (AGM), 5.00%, 9/1/47		6,890		8,373,004
Santa Rosa High School District, CA, (Election of 2014), (AGM), 5.00%, 8/1/43		3,930		4,600,654
			$	32,059,659
Insured – Hospital — 0.4%
Medford Hospital Facilities Authority, OR, (Asante Health System), (AGM), 5.50%, 8/15/28	$	12,000	$	12,192,360
			$	12,192,360
Insured – Other Revenue — 1.2%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	58,155	$	36,972,623
			$	36,972,623
Insured – Special Tax Revenue — 0.6%
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29	$	11,000	$	14,445,750
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		3,080		4,100,466
			$	18,546,216
Insured – Transportation — 2.2%
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37	$	13,335	$	6,388,665
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/48(5)		8,900		9,271,664
Metropolitan Transportation Authority, NY, Green Bonds, Series 2019A, (AGM), 4.00%, 11/15/46		6,380		6,636,731
Metropolitan Transportation Authority, NY, Green Bonds, Series 2019C, (AGM), 4.00%, 11/15/46		1,100		1,148,609
North Texas Tollway Authority, (AGC), 6.20%, 1/1/42		37,070		44,770,551
			$	68,216,220
Lease Revenue / Certificates of Participation — 1.5%
Hillsborough County, FL, 4.00%, 8/1/31	$	4,840	$	5,750,259
Hillsborough County, FL, 4.00%, 8/1/34		5,445		6,411,596
Hudson Yards Infrastructure Corp., NY, 4.00%, 2/15/44		6,660		7,210,249

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/34	$	8,460	$	9,071,489
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/35		13,300		14,212,247
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/39		2,165		2,298,472
			$	44,954,312
Nursing Home — 0.2%
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25	$	5,715	$	5,747,175
			$	5,747,175
Other Revenue — 3.3%
Battery Park City Authority, NY, 5.00%, 11/1/40	$	1,000	$	1,270,860
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(8)		250		45,000
Kalispel Tribe of Indians, WA, Series A, 5.25%, 1/1/38(2)		1,865		1,989,433
Kalispel Tribe of Indians, WA, Series B, 5.25%, 1/1/38(2)		1,000		1,066,720
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/33		10,000		11,488,300
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/43		24,950		28,496,643
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 6.25%, 12/15/26		17,960		19,794,075
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/30		4,845		5,021,067
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/32		29,755		30,742,271
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 1.72%, (67% of 1 mo. USD LIBOR + 1.10%), 7/1/22 (Put Date), 1/1/42(6)		1,000		1,004,310
			$	100,918,679
Senior Living / Life Care — 0.4%
Delaware Economic Development Authority, (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/48	$	2,500	$	2,513,775
Logan County, CO, (TLC Care Choices, Inc.), 6.875%, 12/1/23(9)		409		110,475
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/47		8,000		7,570,880
Rockville, MD, (Ingleside at King Farm), 5.00%, 11/1/31		1,010		1,044,714
Rockville, MD, (Ingleside at King Farm), 5.00%, 11/1/32		525		539,983

16 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 5.00%, 9/15/40	$	750	$	750,217
			$	12,530,044
Special Tax Revenue — 7.5%
Illinois Sports Facilities Authority, 5.00%, 6/15/29	$	2,250	$	2,361,465
Illinois Sports Facilities Authority, 5.00%, 6/15/30		1,200		1,251,012
New River Community Development District, FL, (Capital Improvements), 5.00%, 5/1/13(8)		230		0
New River Community Development District, FL, (Capital Improvements), 5.35%, 5/1/38(8)		80		0
New River Community Development District, FL, (Capital Improvements),Series 2010A-2, 5.75%, 5/1/38		370		314,215
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 5/1/37		7,235		8,097,702
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 8/1/37		1,480		1,637,768
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 8/1/38		5,000		5,663,500
New York City Transitional Finance Authority, NY, Future Tax Revenue, 4.00%, 5/1/42		5,695		6,225,318
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 2/1/35		9,000		10,377,990
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/35		10,485		12,649,943
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 5/1/36		4,050		4,950,194
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/36		10,000		11,646,300
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 5/1/39		9,240		10,969,543
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/40		5,000		5,947,850
New York City Transitional Finance Authority, NY, Future Tax Revenue, (SPA: Barclays Bank PLC), 0.85%, 11/1/44(3)		20,000		20,000,000
New York City Transitional Finance Authority, NY, Future Tax Revenue, 2015 Series B, 5.00%, 8/1/39		4,585		5,198,886
New York City Transitional Finance Authority, NY, Future Tax Revenue, 2018 Series A, 5.00%, 8/1/39		11,845		14,131,917
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/45		10,000		11,366,800
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/36		7,840		9,430,344
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/40		10,000		11,961,900
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/27		1,620		2,002,822

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/28	$	1,705	$	2,125,470
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/29		1,790		2,248,401
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/31		970		1,209,144
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/32		2,070		2,572,079
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/35		10,000		11,691,400
New York State Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/41		10,000		12,169,500
Puerto Rico Sales Tax Financing Corp., 4.329%, 7/1/40		5,536		5,099,154
Puerto Rico Sales Tax Financing Corp., 4.784%, 7/1/58		2,219		2,083,685
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58		10,000		9,749,500
San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue, 4.00%, 7/1/37		3,075		3,474,012
San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue, 4.00%, 7/1/38		7,495		8,419,883
Southern Hills Plantation I Community Development District, FL, Series A1, 5.80%, 5/1/35		440		378,422
Southern Hills Plantation I Community Development District, FL, Series A2, 5.80%, 5/1/35		310		245,343
Sterling Hill Community Development District, FL, 6.20%, 5/1/35		1,532		964,937
Texas Transportation Commission, 5.00%, 4/1/33(5)		10,000		11,396,600
			$	230,012,999
Student Loan — 0.2%
New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/28	$	4,970	$	5,369,638
			$	5,369,638
Transportation — 25.3%
Atlanta, GA, Airport Revenue, (AMT), 4.00%, 7/1/33	$	3,575	$	3,902,041
Atlanta, GA, Airport Revenue, (AMT), 4.00%, 7/1/34		3,480		3,785,718
Atlanta, GA, Airport Revenue, (AMT), 4.00%, 7/1/36		5,000		5,400,000
Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/35		2,625		3,154,200
Charleston County Airport District, SC, (AMT), 5.50%, 7/1/38		10,000		11,060,000
Chicago, IL, (Midway International Airport), 5.00%, 1/1/33		3,830		4,258,577
Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/34		5,250		5,751,637
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/36		6,000		6,722,520

17 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/23	$	1,125	$	1,206,911
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/25		16,100		17,174,514
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/33		7,300		8,038,395
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/39		4,000		4,555,880
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31		10,395		11,428,159
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.25%, 11/1/30		11,015		11,995,005
Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/34		2,600		3,007,030
Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/39		3,225		3,643,992
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/31		2,290		2,578,105
Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 12/1/37		10,000		11,727,600
Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/41		2,935		3,251,217
Hawaii, Airports System Revenue, (AMT), 5.00%, 7/1/48		10,000		11,060,500
Houston, TX, (United Airlines, Inc.), (AMT), 5.00%, 7/1/29		7,670		7,631,650
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AMT), 5.00%, 3/1/46		31,930		35,607,697
Kansas Department of Transportation, 5.00%, 9/1/30		20,000		22,820,800
Los Angeles Department of Airports, CA, (Los Angeles International Airport), 5.00%, 5/15/35(5)		7,200		7,229,016
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/24		1,200		1,353,888
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/26		1,335		1,571,442
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/30		5,325		6,542,135
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/31		2,250		2,752,583
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/32		6,100		7,443,281
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/34		5,000		6,066,700
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/40		6,000		6,752,100
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/41		9,000		10,192,230
Louisiana Offshore Terminal Authority, (LOOP LLC), 2.00% to 10/1/22 (Put Date), 10/1/40		2,000		2,021,840

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Love Field Airport Modernization Corp., TX, (AMT), 5.00%, 11/1/24	$	1,500	$	1,686,930
Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/35		1,050		1,137,381
Massachusetts Port Authority, 5.00%, 7/1/32		3,800		4,819,616
Massachusetts Port Authority, (AMT), 5.00%, 7/1/26		10,105		12,077,799
Massachusetts Port Authority, (AMT), 5.00%, 7/1/30		3,000		3,755,280
Massachusetts Port Authority, (AMT), 5.00%, 7/1/31		2,965		3,698,808
Massachusetts Port Authority, (AMT), 5.00%, 7/1/32		4,200		5,205,942
Massachusetts Port Authority, (AMT), 5.00%, 7/1/33		3,855		4,765,821
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/35		3,440		4,013,620
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/36		3,200		3,719,648
Metropolitan Transportation Authority, NY, 5.00%, 9/1/22		15,000		15,870,150
Metropolitan Transportation Authority, NY, 5.25%, 11/15/33		4,250		4,637,005
Metropolitan Transportation Authority, NY, Green Bonds, 0.00%, 11/15/32		16,050		12,141,022
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/28		4,500		5,049,495
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/30		5,840		7,169,651
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/31		6,130		7,484,056
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/32		10,000		11,555,500
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/42		2,000		2,297,940
Miami-Dade County, FL, Aviation Revenue, (AMT), 4.00%, 10/1/44		5,000		5,311,950
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/33		23,250		25,595,925
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/36		10,000		11,000,100
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/38		1,935		2,210,950
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/40		32,530		36,584,539
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/41		2,470		2,808,020
Minneapolis-St. Paul Metropolitan Airports Commission, MN, (AMT), 5.00%, 1/1/32		3,710		4,472,924
New Jersey Economic Development Authority, (Transit Transportation Project), 4.00%, 11/1/44		8,250		8,042,925
New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.91%, (SIFMA + 1.20%), 12/15/21 (Put Date), 6/15/34(6)		2,275		2,274,386

18 See Notes to Financial Statements.

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Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
New Jersey Turnpike Authority, Series 2014A, 5.00%, 1/1/31	$	10,000	$	11,227,700
New Jersey Turnpike Authority, Series 2015E, 5.00%, 1/1/31		2,680		3,045,740
New Jersey Turnpike Authority, Series 2017B, 5.00%, 1/1/31		3,560		4,315,005
New York Thruway Authority, 3.00%, 1/1/49		9,310		9,068,405
New York Thruway Authority, 4.00%, 1/1/41		10,000		10,786,800
New York Thruway Authority, 4.00%, 1/1/42		15,395		16,567,329
New York Thruway Authority, 4.00%, 1/1/43		10,000		10,743,900
New York Thruway Authority, 5.00%, 1/1/36		12,500		15,578,000
New York Thruway Authority, 5.00%, 1/1/39		1,845		2,309,184
New York Thruway Authority, 5.00%, 1/1/40		17,155		21,442,549
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/46		14,090		14,303,604
North Texas Tollway Authority, 5.00%, 1/1/29		5,000		5,835,400
Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/35		11,855		11,966,793
Orlando-Orange County Expressway Authority, FL, Prerefunded to 7/1/20, 5.00%, 7/1/35		3,145		3,174,657
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		5,005		5,141,536
Port Authority of New York and New Jersey, 5.00%, 5/1/40		3,585		4,035,097
Port Authority of New York and New Jersey, (AMT), 4.00%, 9/1/34		10,800		11,690,244
Port Authority of New York and New Jersey, (AMT), 5.00%, 9/15/31		15,000		18,435,150
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/1/35		5,000		5,979,600
Port Authority of New York and New Jersey, (AMT), 5.00%, 4/1/36		11,230		13,422,545
Port of Seattle, WA, (AMT), 5.00%, 4/1/23		2,000		2,197,560
Port of Seattle, WA, (AMT), 5.00%, 4/1/24		2,165		2,442,142
Port of Seattle, WA, (AMT), 5.00%, 4/1/25		1,500		1,732,320
Raleigh-Durham Airport Authority, NC, (AMT), 5.00%, 5/1/36		1,000		1,209,990
Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/38		7,165		8,215,174
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/41		25,630		28,625,634
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/44		8,535		9,362,041

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/46	$	5,000	$	5,543,400
Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34		29,200		29,428,344
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/37		3,575		3,647,251
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/38		2,245		2,283,008
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 4.00%, 12/31/39		2,140		2,169,254
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/36		2,885		3,252,636
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58		12,635		13,552,175
			$	773,804,913
Water and Sewer — 6.4%
Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39	$	22,500	$	24,133,950
Detroit, MI, Water Supply System, 5.00%, 7/1/41		2,185		2,263,136
Detroit, MI, Water Supply System, 5.25%, 7/1/41		56,420		58,781,741
East Bay Municipal Utility District, CA, Water System Revenue, 5.00%, 6/1/35		2,905		3,532,799
East Bay Municipal Utility District, CA, Water System Revenue, 5.00%, 6/1/37		7,280		8,484,112
East Bay Municipal Utility District, CA, Water System Revenue, Green Bonds, 5.00%, 6/1/35		1,000		1,269,790
East Bay Municipal Utility District, CA, Water System Revenue, Green Bonds, 5.00%, 6/1/37		4,200		5,274,864
Grand Rapids, MI, Sanitary Sewer System Revenue, 5.00%, 1/1/45		1,245		1,558,205
Metropolitan Water District of Southern California, 5.00%, 7/1/35		7,500		9,526,050
Metropolitan Water District of Southern California, 5.00%, 7/1/38		4,270		5,354,879
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33		8,095		8,977,193
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/44		8,095		8,588,957
Missoula, MT, Water System Revenue, 4.00%, 7/1/37		600		683,814
Missoula, MT, Water System Revenue, 5.00%, 7/1/33		565		707,092
Missoula, MT, Water System Revenue, 5.00%, 7/1/35		1,135		1,411,406

19 See Notes to Financial Statements.

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March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Missoula, MT, Water System Revenue, 5.00%, 7/1/36	$	800	$	991,752
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.00%, 6/15/35		6,415		7,559,308
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: JPMorgan Chase Bank, N.A.), 0.75%, 6/15/50(3)		16,280		16,280,000
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: PNC Bank, N.A.), 1.05%, 6/15/46(3)		7,100		7,100,000
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: PNC Bank, N.A.), 1.05%, 6/15/48(3)		6,405		6,405,000
Port St. Lucie, FL, Stormwater Utility Revenue, 4.00%, 5/1/37		500		582,345
Port St. Lucie, FL, Stormwater Utility Revenue, 4.00%, 5/1/38		1,000		1,160,700
Port St. Lucie, FL, Stormwater Utility Revenue, 4.00%, 5/1/39		1,075		1,244,635
Tarrant Regional Water District, TX, 5.00%, 3/1/30		10,000		11,364,600
Virginia Beach, VA, Storm Water Utility Revenue, 4.00%, 11/15/31		1,085		1,297,617
			$	194,533,945
Total Tax-Exempt Municipal Securities — 93.5% (identified cost $2,742,973,300)			$	2,858,022,436
Taxable Municipal Securities — 7.6%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.0%(7)
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(1)	$	3,998	$	999,460
			$	999,460
Education — 1.0%
California State University, 2.965%, 11/1/39	$	9,000	$	9,181,980
New York Dormitory Authority, (New York University), 2.219%, 7/1/35		12,500		12,039,000
Red River Education Finance Corp., TX, (Texas Christian University), 3.317%, 3/15/40		10,000		10,204,500
			$	31,425,480

Security	Principal Amount (000’s omitted)		Value
General Obligations — 3.0%
Antelope Valley Community College District, CA, 2.568%, 8/1/34	$	3,300	$	3,284,490
Antelope Valley Community College District, CA, 2.738%, 8/1/36		3,500		3,488,135
Antelope Valley Community College District, CA, 2.768%, 8/1/37		2,930		2,922,177
Austin Independent School District, TX, (PSF Guaranteed), 2.022%, 8/1/34		3,000		2,975,790
Austin Independent School District, TX, (PSF Guaranteed), 2.122%, 8/1/36		2,000		1,969,520
Austin Independent School District, TX, (PSF Guaranteed), 2.152%, 8/1/37		2,000		1,961,420
Charlotte, NC, 1.574%, 7/1/24		1,075		1,090,566
Charlotte, NC, 1.624%, 7/1/25		9,730		9,878,772
Charlotte, NC, 1.775%, 7/1/26		7,490		7,715,823
Charlotte, NC, 1.875%, 7/1/27		2,000		2,046,140
Charlotte, NC, 2.055%, 7/1/30		1,310		1,330,515
Charlotte, NC, 2.155%, 7/1/32		1,000		1,007,020
Chicago, IL, 7.75%, 1/1/42		4,050		4,612,383
Dekalb, Kane, LaSalle, Lee, Ogle, Winnebago and Boone Counties Community College District No. 523, IL, 2.747%, 2/1/32		1,250		1,255,300
Dekalb, Kane, LaSalle, Lee, Ogle, Winnebago and Boone Counties Community College District No. 523, IL, 2.847%, 2/1/33		1,000		1,006,170
Dekalb, Kane, LaSalle, Lee, Ogle, Winnebago and Boone Counties Community College District No. 523, IL, 2.927%, 2/1/34		1,000		1,007,370
Dekalb, Kane, LaSalle, Lee, Ogle, Winnebago and Boone Counties Community College District No. 523, IL, 2.977%, 2/1/35		1,000		1,007,160
Dekalb, Kane, LaSalle, Lee, Ogle, Winnebago and Boone Counties Community College District No. 523, IL, 3.017%, 2/1/36		710		714,913
Denison Independent School District, TX, (PSF Guaranteed), 2.368%, 8/1/32		500		506,100
Denison Independent School District, TX, (PSF Guaranteed), 2.418%, 8/1/33		550		554,273
Denison Independent School District, TX, (PSF Guaranteed), 2.468%, 8/1/34		1,000		1,006,690
Denison Independent School District, TX, (PSF Guaranteed), 2.518%, 8/1/35		1,000		1,005,590
Denison Independent School District, TX, (PSF Guaranteed), 2.736%, 8/1/41		10,705		10,706,285
Monroe Township Board of Education, NJ, 2.071%, 8/1/26		1,375		1,400,561
Monroe Township Board of Education, NJ, 2.171%, 8/1/27		2,000		2,041,980

20 See Notes to Financial Statements.

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March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Oregon, 3.886%, 5/1/37	$	2,500	$	2,708,525
United Independent School District, TX, (PSF Guaranteed), 2.353%, 8/15/32		2,780		2,747,335
United Independent School District, TX, (PSF Guaranteed), 2.403%, 8/15/33		1,960		1,930,561
West Linn-Wilsonville School District No. 3JT, OR, 2.294%, 6/15/31		2,815		2,800,531
Wyandotte County Unified School District No. 500, KS, 3.00%, 9/1/40		13,750		13,931,225
			$	90,613,320
Hospital — 1.2%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	34,250	$	35,856,325
			$	35,856,325
Insured-Transportation — 1.5%
Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/26	$	22,500	$	19,152,225
Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/27		34,390		28,262,734
			$	47,414,959
Special Tax Revenue — 0.2%
Sales Tax Securitization Corp., IL, 2.857%, 1/1/31	$	5,500	$	5,773,020
			$	5,773,020
Transportation — 0.1%
Ohio Turnpike and Infrastructure Commission, 3.096%, 2/15/40	$	3,000	$	3,059,400
			$	3,059,400
Water and Sewer — 0.6%
Narragansett Bay Commission, RI, Wastewater System Revenue, 2.404%, 9/1/34	$	2,410	$	2,322,420
Narragansett Bay Commission, RI, Wastewater System Revenue, 2.464%, 9/1/35		3,315		3,195,196
Narragansett Bay Commission, RI, Wastewater System Revenue, 2.544%, 9/1/36		5,000		4,821,800
Narragansett Bay Commission, RI, Wastewater System Revenue, 2.624%, 9/1/37		4,000		3,871,040

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
South Central Connecticut Regional Water Authority, 3.162%, 8/1/40	$	3,750	$	3,803,625
			$	18,014,081
Total Taxable Municipal Securities — 7.6% (identified cost $223,425,873)			$	233,156,045
Corporate Bonds & Notes — 0.2%
Security	Principal Amount (000’s omitted)		Value
Health Care — 0.2%
Providence St. Joseph Health Obligated Group, 2.532%, 10/1/29	$	5,000	$	4,910,996
Total Corporate Bonds & Notes — 0.2% (identified cost $5,000,000)			$	4,910,996
Total Investments — 101.3% (identified cost $2,971,399,173)			$	3,096,089,477
Other Assets, Less Liabilities — (1.3)%			$	(40,028,769	)
Net Assets — 100.0%			$	3,056,060,708

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

At March 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:

New York	23.1%
California	13.4%
Texas	12.0%
Others, representing less than 10% individually	52.8%

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 March 31, 2020, 7.0% 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 3.2% of total investments.

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

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2020, the

21 See Notes to Financial Statements.

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Portfolio of Investments (Unaudited) — continued

aggregate value of these securities is $9,243,179 or 0.3% of the Fund’s net assets.

⁽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 March 31, 2020.

⁽⁴⁾  When-issued security.

⁽⁵⁾  Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

⁽⁶⁾  Floating rate security. The stated interest rate represents the rate in effect at March 31, 2020.

⁽⁷⁾  Amount is less than 0.05%.

⁽⁸⁾  Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy.

⁽⁹⁾  Security is in default and making only partial interest payments.

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.
LIBOR	–	London Interbank Offered Rate
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

22 See Notes to Financial Statements.

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March 31, 2020

Statements of Assets and Liabilities (Unaudited)

	March 31, 2020
Assets	AMT-Free Fund			National Fund
Investments —
Identified cost	$	310,861,156		$	2,971,399,173
Unrealized appreciation		21,763,039			124,690,304
Investments, at value	$	332,624,195		$	3,096,089,477
Cash	$	6,268,492		$	9,924,941
Interest receivable		3,906,007			33,319,991
Receivable for investments sold		38,041			45,000
Receivable for Fund shares sold		141,434			54,427,934
Due from broker for floating rate notes issued		—			6,675,000
Total assets	$	342,978,169		$	3,200,482,343
Liabilities
Payable for floating rate notes issued	$	29,826,918		$	109,885,969
Payable for investments purchased		—			8,885,958
Payable for when-issued securities		2,052,513			12,619,682
Payable for Fund shares redeemed		568,649			8,918,515
Distributions payable		235,406			1,098,389
Payable to affiliates:
Investment adviser fee		121,090			850,894
Distribution and service fees		46,439			465,511
Interest expense and fees payable		210,550			709,211
Accrued expenses		134,490			987,506
Total liabilities	$	33,196,055		$	144,421,635
Net Assets	$	309,782,114		$	3,056,060,708
Sources of Net Assets
Paid-in capital	$	314,816,333		$	3,105,884,200
Accumulated loss		(5,034,219	)		(49,823,492	)
Net Assets	$	309,782,114		$	3,056,060,708
Class A Shares
Net Assets	$	147,223,800		$	1,556,037,564
Shares Outstanding		16,081,168			156,080,874
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.16		$	9.97
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	9.62		$	10.47
Class C Shares
Net Assets	$	17,690,292		$	155,076,011
Shares Outstanding		1,943,509			15,555,077
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.10		$	9.97
Class I Shares
Net Assets	$	144,868,022		$	1,344,947,133
Shares Outstanding		14,488,802			134,916,762
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.00		$	9.97

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.

23 See Notes to Financial Statements.

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March 31, 2020

Statements of Operations (Unaudited)

	Six Months Ended March 31, 2020
Investment Income	AMT-Free Fund			National Fund
Interest	$	6,578,120		$	54,711,690
Total investment income	$	6,578,120		$	54,711,690
Expenses
Investment adviser fee	$	688,952		$	5,084,164
Distribution and service fees
Class A		187,012			1,996,586
Class C		94,587			835,365
Trustees’ fees and expenses		8,120			54,250
Custodian fee		35,858			301,556
Transfer and dividend disbursing agent fees		46,405			612,904
Legal and accounting services		34,862			78,837
Printing and postage		13,119			131,054
Registration fees		38,820			96,338
Interest expense and fees		307,739			1,110,897
Miscellaneous		23,676			94,684
Total expenses	$	1,479,150		$	10,396,635
Net investment income	$	5,098,970		$	44,315,055
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(597,522	)	$	15,127,568
Net realized gain (loss)	$	(597,522	)	$	15,127,568
Change in unrealized appreciation (depreciation) —
Investments	$	(7,819,413	)	$	(76,080,640	)
Net change in unrealized appreciation (depreciation)	$	(7,819,413	)	$	(76,080,640	)
Net realized and unrealized loss	$	(8,416,935	)	$	(60,953,072	)
Net decrease in net assets from operations	$	(3,317,965	)	$	(16,638,017	)

24 See Notes to Financial Statements.

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Municipal Income Funds

March 31, 2020

Statements of Changes in Net Assets

	Six Months Ended March 31, 2020 (Unaudited)
Increase (Decrease) in Net Assets	AMT-Free Fund			National Fund
From operations —
Net investment income	$	5,098,970		$	44,315,055
Net realized gain (loss)		(597,522	)		15,127,568
Net change in unrealized appreciation (depreciation)		(7,819,413	)		(76,080,640	)
Net decrease in net assets from operations	$	(3,317,965	)	$	(16,638,017	)
Distributions to shareholders —
Class A	$	(2,364,023	)	$	(22,674,518	)
Class C		(228,982	)		(1,759,048	)
Class I		(2,807,012	)		(22,304,924	)
Total distributions to shareholders	$	(5,400,017	)	$	(46,738,490	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	8,282,512		$	92,876,994
Class C		1,458,781			15,130,550
Class I		104,517,020			427,484,947
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,099,247			19,322,248
Class C		184,734			1,420,305
Class I		1,890,372			18,927,145
Cost of shares redeemed
Class A		(13,181,425	)		(148,914,548	)
Class C		(2,563,007	)		(16,676,642	)
Class I		(100,543,752	)		(416,520,838	)
Net asset value of shares converted
Class A		862,341			14,107,669
Class C		(862,341	)		(14,107,669	)
Net increase (decrease) in net assets from Fund share transactions	$	2,144,482		$	(6,949,839	)
Net decrease in net assets	$	(6,573,500	)	$	(70,326,346	)
Net Assets
At beginning of period	$	316,355,614		$	3,126,387,054
At end of period	$	309,782,114		$	3,056,060,708

25 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Statements of Changes in Net Assets — continued

	Year Ended September 30, 2019
Increase (Decrease) in Net Assets	AMT-Free Fund			National Fund
From operations —
Net investment income	$	10,837,542		$	90,078,958
Net realized gain		496,446			22,467,982
Net change in unrealized appreciation (depreciation)		12,485,361			115,156,982
Net increase in net assets from operations	$	23,819,349		$	227,703,922
Distributions to shareholders —
Class A	$	(5,125,467	)	$	(49,279,956	)
Class B		—			(23,586	)
Class C		(675,044	)		(6,179,246	)
Class I		(5,080,058	)		(34,955,784	)
Total distributions to shareholders	$	(10,880,569	)	$	(90,438,572	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	17,120,080		$	132,818,482
Class B		—			15,727
Class C		3,443,300			28,224,568
Class I		37,835,385			787,247,276
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		4,583,249			41,711,115
Class B		—			20,042
Class C		558,182			5,138,875
Class I		3,665,870			29,299,489
Cost of shares redeemed
Class A		(27,446,522	)		(234,832,240	)
Class B		—			(416,016	)
Class C		(7,032,598	)		(64,286,308	)
Class I		(33,790,772	)		(276,494,610	)
Net asset value of shares converted(1)
Class A		10,699,119			170,804,852
Class B		—			(1,625,188	)
Class C		(10,699,119	)		(169,179,664	)
Net increase (decrease) in net assets from Fund share transactions	$	(1,063,826	)	$	448,446,400
Net increase in net assets	$	11,874,954		$	585,711,750
Net Assets
At beginning of year	$	304,480,660		$	2,540,675,304
At end of year	$	316,355,614		$	3,126,387,054

⁽¹⁾   Includes the conversion of Class B to Class A shares at the close of business on August 15, 2019 upon the termination of Class B.

26 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights

	AMT-Free Fund — Class A
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.250		$	8.870		$	9.130		$	9.430		$	9.210		$	9.350
Income (Loss) From Operations
Net investment income(1)	$	0.138		$	0.317		$	0.336		$	0.351		$	0.358		$	0.374
Net realized and unrealized gain (loss)		(0.082	)		0.381			(0.262	)		(0.298	)		0.218			(0.142	)
Total income from operations	$	0.056		$	0.698		$	0.074		$	0.053		$	0.576		$	0.232
Less Distributions
From net investment income	$	(0.146	)	$	(0.318	)	$	(0.334	)	$	(0.353	)	$	(0.356	)	$	(0.372	)
Total distributions	$	(0.146	)	$	(0.318	)	$	(0.334	)	$	(0.353	)	$	(0.356	)	$	(0.372	)
Net asset value — End of period	$	9.160		$	9.250		$	8.870		$	9.130		$	9.430		$	9.210
Total Return(2)		0.60	%(3)		8.02	%		0.83	%		0.64	%		6.33	%		2.52	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	147,224		$	150,853		$	139,623		$	155,589		$	198,762		$	194,227
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.79	%(5)		0.81	%		0.81	%		0.82	%		0.81	%		0.82	%
Interest and fee expense(6)		0.18	%(5)		0.23	%		0.24	%		0.16	%		0.10	%		0.08	%
Total expenses(4)		0.97	%(5)		1.04	%		1.05	%		0.98	%		0.91	%		0.90	%
Net investment income		2.99	%(5)		3.51	%		3.74	%		3.86	%		3.81	%		4.02	%
Portfolio Turnover		49	%(3)		33	%		18	%		33	%		21	%		17	%

⁽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).

27 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	AMT-Free Fund — Class C
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.200		$	8.820		$	9.080		$	9.380		$	9.160		$	9.300
Income (Loss) From Operations
Net investment income(1)	$	0.103		$	0.249		$	0.267		$	0.281		$	0.286		$	0.302
Net realized and unrealized gain (loss)		(0.092	)		0.380			(0.262	)		(0.298	)		0.218			(0.142	)
Total income (loss) from operations	$	0.011		$	0.629		$	0.005		$	(0.017	)	$	0.504		$	0.160
Less Distributions
From net investment income	$	(0.111	)	$	(0.249	)	$	(0.265	)	$	(0.283	)	$	(0.284	)	$	(0.300	)
Total distributions	$	(0.111	)	$	(0.249	)	$	(0.265	)	$	(0.283	)	$	(0.284	)	$	(0.300	)
Net asset value — End of period	$	9.100		$	9.200		$	8.820		$	9.080		$	9.380		$	9.160
Total Return(2)		0.11	%(3)		7.24	%		0.06	%		(0.12	)%		5.56	%		1.75	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	17,690		$	19,715		$	32,545		$	39,099		$	45,606		$	41,903
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.54	%(5)		1.56	%		1.56	%		1.57	%		1.56	%		1.57	%
Interest and fee expense(6)		0.18	%(5)		0.23	%		0.24	%		0.16	%		0.10	%		0.08	%
Total expenses(4)		1.72	%(5)		1.79	%		1.80	%		1.73	%		1.66	%		1.65	%
Net investment income		2.24	%(5)		2.78	%		2.99	%		3.11	%		3.06	%		3.27	%
Portfolio Turnover		49	%(3)		33	%		18	%		33	%		21	%		17	%

⁽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).

28 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	AMT-Free Fund — Class I
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.100		$	9.680		$	9.970		$	10.300		$	10.060		$	10.210
Income (Loss) From Operations
Net investment income(1)	$	0.163		$	0.370		$	0.391		$	0.407		$	0.415		$	0.434
Net realized and unrealized gain (loss)		(0.091	)		0.422			(0.292	)		(0.327	)		0.240			(0.152	)
Total income from operations	$	0.072		$	0.792		$	0.099		$	0.080		$	0.655		$	0.282
Less Distributions
From net investment income	$	(0.172	)	$	(0.372	)	$	(0.389	)	$	(0.410	)	$	(0.415	)	$	(0.432	)
Total distributions	$	(0.172	)	$	(0.372	)	$	(0.389	)	$	(0.410	)	$	(0.415	)	$	(0.432	)
Net asset value — End of period	$	10.000		$	10.100		$	9.680		$	9.970		$	10.300		$	10.060
Total Return(2)		0.70	%(3)		8.34	%		1.02	%		0.87	%		6.60	%		2.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	144,868		$	145,788		$	132,313		$	154,177		$	154,458		$	109,937
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.54	%(5)		0.56	%		0.56	%		0.57	%		0.56	%		0.57	%
Interest and fee expense(6)		0.18	%(5)		0.23	%		0.24	%		0.16	%		0.10	%		0.08	%
Total expenses(4)		0.72	%(5)		0.79	%		0.80	%		0.73	%		0.66	%		0.65	%
Net investment income		3.22	%(5)		3.76	%		3.98	%		4.09	%		4.04	%		4.27	%
Portfolio Turnover		49	%(3)		33	%		18	%		33	%		21	%		17	%

⁽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).

29 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	National Fund — Class A
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.140		$	9.650		$	9.930		$	10.170		$	9.810		$	9.870
Income (Loss) From Operations
Net investment income(1)	$	0.136		$	0.322		$	0.350		$	0.366		$	0.385		$	0.389
Net realized and unrealized gain (loss)		(0.162	)		0.491			(0.277	)		(0.242	)		0.357			(0.064	)
Total income (loss) from operations	$	(0.026	)	$	0.813		$	0.073		$	0.124		$	0.742		$	0.325
Less Distributions
From net investment income	$	(0.144	)	$	(0.323	)	$	(0.353	)	$	(0.364	)	$	(0.382	)	$	(0.385	)
Total distributions	$	(0.144	)	$	(0.323	)	$	(0.353	)	$	(0.364	)	$	(0.382	)	$	(0.385	)
Net asset value — End of period	$	9.970		$	10.140		$	9.650		$	9.930		$	10.170		$	9.810
Total Return(2)		(0.28	)%(3)		8.57	%		0.76	%		1.31	%		7.68	%		3.35	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,556,038		$	1,605,407		$	1,419,239		$	1,600,127		$	1,857,375		$	1,899,324
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.65	%(5)		0.68	%		0.69	%		0.68	%		0.67	%		0.67	%
Interest and fee expense(6)		0.07	%(5)		0.12	%		0.19	%		0.16	%		0.12	%		0.09	%
Total expenses(4)		0.72	%(5)		0.80	%		0.88	%		0.84	%		0.79	%		0.76	%
Net investment income		2.69	%(5)		3.26	%		3.58	%		3.71	%		3.83	%		3.94	%
Portfolio Turnover		66	%(3)		89	%		67	%		70	%		71	%		57	%

⁽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).

30 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	National Fund — Class C
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.140		$	9.650		$	9.930		$	10.170		$	9.810		$	9.870
Income (Loss) From Operations
Net investment income(1)	$	0.098		$	0.252		$	0.276		$	0.292		$	0.310		$	0.315
Net realized and unrealized gain (loss)		(0.161	)		0.488			(0.276	)		(0.242	)		0.357			(0.064	)
Total income (loss) from operations	$	(0.063	)	$	0.740		$	—		$	0.050		$	0.667		$	0.251
Less Distributions
From net investment income	$	(0.107	)	$	(0.250	)	$	(0.280	)	$	(0.290	)	$	(0.307	)	$	(0.311	)
Total distributions	$	(0.107	)	$	(0.250	)	$	(0.280	)	$	(0.290	)	$	(0.307	)	$	(0.311	)
Net asset value — End of period	$	9.970		$	10.140		$	9.650		$	9.930		$	10.170		$	9.810
Total Return(2)		(0.64	)%(3)		7.77	%		0.01	%		0.56	%		6.88	%		2.58	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	155,076		$	172,417		$	363,026		$	462,269		$	576,664		$	585,346
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.40	%(5)		1.43	%		1.44	%		1.43	%		1.42	%		1.42	%
Interest and fee expense(6)		0.07	%(5)		0.12	%		0.19	%		0.16	%		0.12	%		0.09	%
Total expenses(4)		1.47	%(5)		1.55	%		1.63	%		1.59	%		1.54	%		1.51	%
Net investment income		1.94	%(5)		2.57	%		2.83	%		2.96	%		3.08	%		3.19	%
Portfolio Turnover		66	%(3)		89	%		67	%		70	%		71	%		57	%

⁽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).

31 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	National Fund — Class I
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.140		$	9.650		$	9.930		$	10.170		$	9.810		$	9.870
Income (Loss) From Operations
Net investment income(1)	$	0.149		$	0.341		$	0.374		$	0.390		$	0.410		$	0.413
Net realized and unrealized gain (loss)		(0.163	)		0.495			(0.277	)		(0.241	)		0.357			(0.063	)
Total income (loss) from operations	$	(0.014	)	$	0.836		$	0.097		$	0.149		$	0.767		$	0.350
Less Distributions
From net investment income	$	(0.156	)	$	(0.346	)	$	(0.377	)	$	(0.389	)	$	(0.407	)	$	(0.410	)
Total distributions	$	(0.156	)	$	(0.346	)	$	(0.377	)	$	(0.389	)	$	(0.407	)	$	(0.410	)
Net asset value — End of period	$	9.970		$	10.140		$	9.650		$	9.930		$	10.170		$	9.810
Total Return(2)		(0.15	)%(3)		8.83	%		1.01	%		1.56	%		7.94	%		3.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,344,947		$	1,348,563		$	756,446		$	777,063		$	701,153		$	674,696
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.40	%(5)		0.43	%		0.44	%		0.43	%		0.42	%		0.42	%
Interest and fee expense(6)		0.07	%(5)		0.12	%		0.19	%		0.16	%		0.12	%		0.09	%
Total expenses(4)		0.47	%(5)		0.55	%		0.63	%		0.59	%		0.54	%		0.51	%
Net investment income		2.94	%(5)		3.45	%		3.83	%		3.95	%		4.09	%		4.19	%
Portfolio Turnover		66	%(3)		89	%		67	%		70	%		71	%		57	%

⁽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).

32 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton VanceAMT-Free Municipal Income Fund(AMT-Free Fund) and Eaton Vance National Municipal Income Fund (National Fund) (each individually referred to as the Fund, and collectively, the Funds) are a diversified series of Eaton Vance Mutual Funds Trust and Eaton Vance Municipals Trust, respectively (collectively, the Trusts). The Trusts are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), asopen-end management investment companies. The Funds’ investment objective is to provide current income exempt from regular federal income tax. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Funds’ prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents apro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). Each Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

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

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

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 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 — Each Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, andtax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments innon-taxable municipal securities, which are exempt from regular federal income tax when received by each Fund, as exempt-interest dividends. For National Fund, 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 March 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 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 Trusts 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.

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Notes to Financial Statements (Unaudited) — continued

G  Indemnifications — Under each 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 a Trust) could be deemed to have personal liability for the obligations of the Trust. However, each 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, 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 9) at March 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 March 31, 2020, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:

	AMT-Free Fund		National Fund
Floating Rate Notes Outstanding	$	29,826,918	$	109,885,969
Interest Rate or Range of Interest Rates (%)		4.76 - 5.02		4.14 - 5.02
Collateral for Floating Rate Notes Outstanding	$	46,826,097	$	157,829,040

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

	AMT-Free Fund			National Fund
Average Floating Rate Notes Outstanding	$	29,775,000		$	111,006,694
Average Interest Rate		2.07	%		2.00	%

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 March 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.

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

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Municipal Income Funds

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Notes to Financial Statements (Unaudited) — continued

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

J  Interim Financial Statements — The interim financial statements relating to March 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 topaid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At September 30, 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 and retain the same short-term or long-term character as when originally deferred. The amounts of the deferred capital losses are as follows:

	AMT-Free Fund		National Fund
Deferred capital losses:
Short-term	$	14,481,444	$	135,794,015
Long-term	$	13,406,119	$	93,936,872

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

	AMT-Free Fund			National Fund
Aggregate cost	$	280,559,196		$	2,828,828,342
Gross unrealized appreciation	$	25,019,856		$	193,320,104
Gross unrealized depreciation		(2,781,775	)		(35,944,938	)
Net unrealized appreciation	$	22,238,081		$	157,375,166

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) forAMT-Free Fund and Boston Management and Research (BMR), a subsidiary of EVM, for National Fund as compensation for management and investment advisory services rendered to each Fund. The fee is based upon a percentage

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Eaton Vance

Municipal Income Funds

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

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 $500 million		0.300	%		3.00	%
$500 million up to $1 billion		0.275			2.75
$1 billion up to $1.5 billion		0.250			2.50
$1.5 billion up to $2 billion		0.225			2.25
$2 billion up to $3 billion		0.200			2.00
$3 billion and over		0.175			1.75

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

	AMT-Free Fund			National Fund
Investment Adviser Fee	$	688,952		$	5,084,164
Effective Annual Rate		0.41	%		0.32	%

EVM serves as the administrator of each Fund, but receives no compensation. EVM providessub-transfer agency and related services to the Funds pursuant to aSub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD for the six months ended March 31, 2020 were as follows:

	AMT-Free Fund		National Fund
EVM’sSub-Transfer Agent Fees	$	6,289	$	72,157
EVD’s Class A Sales Charges	$	7,320	$	85,354

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 advisers may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended March 31, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of the above organizations.

4  Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays EVD a distribution and service fee of 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. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2020 for Class A shares amounted to the following:

	AMT-Free Fund		National Fund
Class A Distribution and Service Fees	$	187,012	$	1,996,586

Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule12b-1 under the 1940 Act. Pursuant to the Class C Plan, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing

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Municipal Income Funds

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

distribution services and facilities to the respective Funds. For the six months ended March 31, 2020, the Funds paid or accrued to EVD the following distribution fees:

	AMT-Free Fund		National Fund
Class C Distribution Fees	$	70,940	$	626,524

The Class C Plan also authorizes each Fund to make payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of the 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 March 31, 2020 amounted to the following:

	AMT-Free Fund		National Fund
Class C Service Fees	$	23,647	$	208,841

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 March 31, 2020, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A and Class C shareholders:

	AMT-Free Fund		National Fund
Class A	$	20	$	8,000
Class C	$	40	$	9,000

6  Purchases and Sales of Investments

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

	AMT-Free Fund		National Fund
Purchases	$	167,997,378	$	2,111,038,998
Sales	$	169,371,131	$	2,185,779,619

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March 31, 2020

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

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

AMT-Free Fund
	Six Months Ended March 31, 2020 (Unaudited)
	Class A			Class C			Class I
Sales		891,322			157,874			10,258,252
Issued to shareholders electing to receive payments of distributions in Fund shares		226,218			20,024			186,511
Redemptions		(1,436,902	)		(283,997	)		(10,385,754	)
Converted from Class C shares		93,216			—			—
Converted to Class A shares		—			(93,743	)		—
Net increase (decrease)		(226,146	)		(199,842	)		59,009
	Year Ended September 30, 2019
	Class A			Class C			Class I
Sales		1,899,582			386,747			3,849,738
Issued to shareholders electing to receive payments of distributions in Fund shares		507,029			62,385			371,109
Redemptions		(3,048,646	)		(790,414	)		(3,453,702	)
Converted from Class C shares		1,200,770			—			—
Converted to Class A shares		—			(1,206,708	)		—
Net increase (decrease)		558,735			(1,547,990	)		767,145

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Eaton Vance

Municipal Income Funds

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

National Fund
	Six Months Ended March 31, 2020 (Unaudited)
	Class A			Class B			Class C			Class I
Sales		9,239,855			—			1,488,676			42,274,974
Issued to shareholders electing to receive payments of distributions in Fund shares		1,899,078			—			139,599			1,859,775
Redemptions		(14,789,146	)		—			(1,660,987	)		(42,209,777	)
Converted from Class C shares		1,413,278			—			—			—
Converted to Class A shares		—			—			(1,413,233	)		—
Net increase (decrease)		(2,236,935	)		—			(1,445,945	)		1,924,972
	Year Ended September 30, 2019
	Class A			Class B(1)			Class C			Class I
Sales		13,405,753			1,628			2,854,164			79,852,684
Issued to shareholders electing to receive payments of distributions in Fund shares		4,222,148			2,056			524,297			2,955,582
Redemptions		(23,904,165	)		(42,058	)		(6,560,819	)		(28,172,127	)
Converted from Class B shares		165,069			—			—			—
Converted from Class C shares		17,419,337			—			—			—
Converted to Class A shares		—			(165,036	)		(17,422,262	)		—
Net increase (decrease)		11,308,142			(203,410	)		(20,604,620	)		54,636,139

⁽¹⁾  At the close of business on August 15, 2019, Class B shares of National Fund were converted into Class A and Class B was terminated.

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 $625 million. Borrowings are made by the Funds solely for temporary purposes related to redemptions and other short-term cash needs. 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 March 31, 2020.

9  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.

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Eaton Vance

Municipal Income Funds

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

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

AMT-Free Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Investments	$	—	$	332,624,195	$	—	$	332,624,195
Total Investments	$	—	$	332,624,195	$	—	$	332,624,195
National Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	2,858,022,436	$	—	$	2,858,022,436
Taxable Municipal Securities		—		233,156,045		—		233,156,045
Corporate Bonds & Notes		—		4,910,996		—		4,910,996
Total Investments	$	—	$	3,096,089,477	$	—	$	3,096,089,477

10  Risks and Uncertainties

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to 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 outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate otherpre-existing political, social and economic risks and disrupt normal market conditions and operations. The near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Funds’ investments.

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Eaton Vance

Municipal Income Funds

March 31, 2020

Officers and Trustees

Officers of Eaton Vance Municipals Trust and Eaton Vance Mutual Funds 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 and Eaton Vance Mutual Funds 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

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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.

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Investment Advisers

AMT-Free Municipal Income Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

National Municipal Income Fund

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617)482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800)262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7714    3.31.20

Eaton Vance

Municipal Income Funds

Semiannual Report

March 31, 2020

California Opportunities    •    Massachusetts    •    New York    •    Ohio

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

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

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

Commodity Futures Trading Commission Registration.Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of each Fund. 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. The adviser is also registered as 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 Report March 31, 2020

Eaton Vance

Municipal Income Funds

Table of Contents

Performance and Fund Profile
California Municipal Opportunities Fund	2
Massachusetts Municipal Income Fund	3
New York Municipal Income Fund	4
Ohio Municipal Income Fund	5
Endnotes and Additional Disclosures	6
Fund Expenses	7
Financial Statements	9
Officers and Trustees	55
Important Notices	56

Eaton Vance

California Municipal Opportunities Fund

March 31, 2020

Performance^1,2

Portfolio ManagersCraig R. Brandon, CFA and 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		05/27/1994		12/19/1985		–0.76	%		3.65	%		3.27	%		4.44	%
Class A with 4.75% Maximum Sales Charge		—		—		–5.49			–1.26			2.28			3.93
Class C at NAV		08/31/2004		12/19/1985		–1.18			2.88			2.50			3.65
Class C with 1% Maximum Sales Charge		—		—		–2.16			1.88			2.50			3.65
Class I at NAV		03/03/2008		12/19/1985		–0.74			3.90			3.50			4.68
Bloomberg Barclays Municipal Bond Index		—		—		0.10	%		3.85	%		3.19	%		4.14	%
Bloomberg Barclays California Municipal Bond Index		—		—		0.20			4.21			3.19			4.60
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.80	%		1.55	%		0.55	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.25	%		1.47	%		2.49	%
Taxable-Equivalent Distribution Rate									4.90			3.20			5.42
SEC30-day Yield									1.43			0.74			1.74
Taxable-Equivalent SEC30-day Yield									3.11			1.60			3.79
% Total Leverage5
Residual Interest Bond (RIB) Financing															0.62	%

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.

2

Eaton Vance

Massachusetts Municipal Income Fund

March 31, 2020

Performance^1,2

Portfolio ManagerCraig R. Brandon, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		12/07/1993		04/18/1991		0.07	%		3.43	%		2.55	%		4.08	%
Class A with 4.75% Maximum Sales Charge		—		—		–4.71			–1.49			1.55			3.57
Class C at NAV		05/02/2006		04/18/1991		–0.30			2.66			1.78			3.30
Class C with 1% Maximum Sales Charge		—		—		–1.29			1.66			1.78			3.30
Class I at NAV		06/17/1993		04/18/1991		0.05			3.52			2.73			4.27
Bloomberg Barclays Municipal Bond Index		—		—		0.10	%		3.85	%		3.19	%		4.14	%
Bloomberg Barclays Massachusetts Municipal Bond Index		—		—		0.95			4.62			3.13			3.99
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.76	%		1.51	%		0.56	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.69	%		1.97	%		2.88	%
Taxable-Equivalent Distribution Rate									4.97			3.64			5.32
SEC30-day Yield									1.21			0.54			1.47
Taxable-Equivalent SEC30-day Yield									2.23			1.00			2.71
% Total Leverage5
RIB Financing															2.03	%

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.

3

Eaton Vance

New York Municipal Income Fund

March 31, 2020

Performance^1,2

Portfolio ManagerCraig R. Brandon, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		04/15/1994		08/30/1990		0.36	%		4.49	%		3.22	%		4.47	%
Class A with 4.75% Maximum Sales Charge		—		—		–4.43			–0.44			2.21			3.97
Class C at NAV		09/30/2003		08/30/1990		–0.02			3.71			2.45			3.70
Class C with 1% Maximum Sales Charge		—		—		–1.01			2.71			2.45			3.70
Class I at NAV		03/03/2008		08/30/1990		0.45			4.70			3.42			4.68
Bloomberg Barclays Municipal Bond Index		—		—		0.10	%		3.85	%		3.19	%		4.14	%
Bloomberg Barclays New York Municipal Bond Index		—		—		–0.17			3.30			3.00			3.91
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.73	%		1.48	%		0.53	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.29	%		1.53	%		2.48	%
Taxable-Equivalent Distribution Rate									4.55			3.04			4.92
SEC30-day Yield									1.38			0.70			1.64
Taxable-Equivalent SEC30-day Yield									2.73			1.40			3.26

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

Ohio Municipal Income Fund

March 31, 2020

Performance^1,2

Portfolio ManagerCynthia J. Clemson

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		12/07/1993		04/18/1991		0.30	%		4.03	%		3.14	%		3.98	%
Class A with 4.75% Maximum Sales Charge		—		—		–4.47			–0.91			2.14			3.47
Class C at NAV		02/03/2006		04/18/1991		–0.08			3.15			2.35			3.19
Class C with 1% Maximum Sales Charge		—		—		–1.07			2.15			2.35			3.19
Class I at NAV		08/03/2010		04/18/1991		0.40			4.13			3.32			4.17
Bloomberg Barclays Municipal Bond Index		—		—		0.10	%		3.85	%		3.19	%		4.14	%
Bloomberg Barclays Ohio Municipal Bond Index		—		—		0.61			4.16			3.25			4.11
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.84	%		1.59	%		0.64	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.78	%		2.03	%		2.99	%
Taxable-Equivalent Distribution Rate									5.13			3.75			5.52
SEC30-day Yield									1.50			0.84			1.77
Taxable-Equivalent SEC30-day Yield									2.76			1.55			3.27
% Total Leverage5
RIB Financing															5.11	%

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.

5

Eaton Vance

Municipal Income Funds

March 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 California Municipal Bond Index is an unmanaged index of California municipal bonds. Bloomberg Barclays Massachusetts Municipal Bond Index is an unmanaged index of Massachusetts municipal bonds. Bloomberg Barclays New York Municipal Bond Index is an unmanaged index of New York municipal bonds. Bloomberg Barclays Ohio Municipal Bond Index is an unmanaged index of Ohio 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. For Ohio Municipal Income Fund, the performance of Class I is linked to Class A. Performance presented in the Financial Highlights included in the financial statements is not linked.

For California Municipal Opportunities Fund, performance prior to April 13, 2015 reflects the Fund’s performance under its former investment objective and strategy.

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

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

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

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

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

Fund profiles subject to change due to active management.

6

Eaton Vance

Municipal Income Funds

March 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 (October 1, 2019 – March 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 California Municipal Opportunities Fund

	Beginning Account Value (10/1/19)		Ending Account Value (3/31/20)		Expenses Paid During Period* (10/1/19 – 3/31/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	992.40	$	3.64		0.73	%
Class C	$	1,000.00	$	988.20	$	7.36		1.48	%
Class I	$	1,000.00	$	992.60	$	2.39		0.48	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.40	$	3.69		0.73	%
Class C	$	1,000.00	$	1,017.60	$	7.47		1.48	%
Class I	$	1,000.00	$	1,022.60	$	2.43		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 183/366 (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 September 30, 2019.

Eaton Vance Massachusetts Municipal Income Fund

	Beginning Account Value (10/1/19)		Ending Account Value (3/31/20)		Expenses Paid During Period* (10/1/19 – 3/31/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,000.70	$	3.65		0.73	%
Class C	$	1,000.00	$	997.00	$	7.39		1.48	%
Class I	$	1,000.00	$	1,000.50	$	2.65		0.53	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.40	$	3.69		0.73	%
Class C	$	1,000.00	$	1,017.60	$	7.47		1.48	%
Class I	$	1,000.00	$	1,022.40	$	2.68		0.53	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (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 September 30, 2019.

7

Eaton Vance

Municipal Income Funds

March 31, 2020

Fund Expenses — continued

Eaton Vance New York Municipal Income Fund

	Beginning Account Value (10/1/19)		Ending Account Value (3/31/20)		Expenses Paid During Period* (10/1/19 – 3/31/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,003.60	$	3.36		0.67	%
Class C	$	1,000.00	$	999.80	$	7.10		1.42	%
Class I	$	1,000.00	$	1,004.50	$	2.36		0.47	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.70	$	3.39		0.67	%
Class C	$	1,000.00	$	1,017.90	$	7.16		1.42	%
Class I	$	1,000.00	$	1,022.70	$	2.38		0.47	%

* 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 183/366 (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 September 30, 2019.

Eaton Vance Ohio Municipal Income Fund

	Beginning Account Value (10/1/19)		Ending Account Value (3/31/20)		Expenses Paid During Period* (10/1/19 – 3/31/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,003.00	$	4.01		0.80	%
Class C	$	1,000.00	$	999.20	$	7.75		1.55	%
Class I	$	1,000.00	$	1,004.00	$	3.01		0.60	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.00	$	4.04		0.80	%
Class C	$	1,000.00	$	1,017.30	$	7.82		1.55	%
Class I	$	1,000.00	$	1,022.00	$	3.03		0.60	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (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 September 30, 2019.

8

Eaton Vance

California Municipal Opportunities Fund

March 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 92.2%
Security	Principal Amount (000’s omitted)		Value
Education — 3.1%
California Educational Facilities Authority, (Claremont McKenna College), Prerefunded to 1/1/21, 5.25%, 1/1/30	$	1,000	$	1,031,620
California Enterprise Development Authority, (The Thacher School), 4.00%, 9/1/32		425		511,441
California Enterprise Development Authority, (The Thacher School), 4.00%, 9/1/34		400		472,944
California School Finance Authority, (Green Dot Public Schools), 5.00%, 8/1/28(1)		380		411,388
California School Finance Authority, (Green Dot Public Schools), 5.00%, 8/1/38(1)		2,500		2,618,750
California State University, Prerefunded to 11/1/21, 5.25%, 11/1/31		1,465		1,562,628
University of California, 5.00%, 5/15/35		4,215		5,001,645
			$	11,610,416
Electric Utilities — 3.4%
Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34	$	895	$	898,294
Glendale, Electric System Revenue, 5.00%, 2/1/38		1,005		1,175,056
Sacramento Municipal Utility District, 5.00%, 8/15/27		1,080		1,135,080
Sacramento Municipal Utility District, 5.00%, 8/15/28		1,455		1,527,779
Southern California Public Power Authority, (LOC: U.S. Bank, N.A.), 0.80%, 7/1/36(2)		800		800,000
Southern California Public Power Authority, (Canyon Power Project), 4.96%, (SIFMA + 0.25%), 5/1/21 (Put Date), 7/1/40(3)		5,000		5,000,850
Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/35		2,160		2,178,252
			$	12,715,311
Escrowed/Prerefunded — 0.7%
California Municipal Finance Authority, (University of San Diego), Prerefunded to 10/1/21, 5.25%, 10/1/27	$	915	$	972,077
California Municipal Finance Authority, (University of San Diego), Prerefunded to 10/1/21, 5.25%, 10/1/28		960		1,019,885
California Statewide Communities Development Authority, (Cottage Health System), Prerefunded to 11/1/20, 5.25%, 11/1/30		500		512,385
			$	2,504,347

Security	Principal Amount (000’s omitted)		Value
General Obligations — 21.0%
Anaheim Union High School District, (Election of 2014), 4.00%, 8/1/30	$	1,000	$	1,168,560
Anaheim Union High School District, (Election of 2014), 4.00%, 8/1/31		1,000		1,165,290
Beverly Hills Unified School District, (Election of 2018), 4.00%, 8/1/31		1,885		2,203,678
California, 5.00%, 9/1/20		1,650		1,676,895
California, 5.00%, 9/1/22		1,265		1,381,329
California, 5.50%, 11/1/35		2,500		2,553,150
California, 4.96%, (SIFMA + 0.25%), 5/1/21 (Put Date), 5/1/33(3)		4,200		4,184,082
California, 5.14%, (SIFMA + 0.43%), 12/1/23 (Put Date), 12/1/29(3)		3,000		2,975,670
California Education Notes Program, Fiscal Year2019-20 Note Participations, 5.00%, 6/30/20		2,065		2,084,266
Desert Community College District, 5.00%, 8/1/37		7,395		8,695,411
El Rancho Unified School District, (Election of 2016), 5.00%, 8/1/20		2,150		2,177,993
Gilroy Unified School District, (Elections of 2008 and 2016), 4.00%, 8/1/30		245		285,560
Gilroy Unified School District, (Elections of 2008 and 2016), 4.00%, 8/1/33		620		714,662
Lodi Unified School District, (Election of 2016), 4.00%, 8/1/32		725		840,826
Lodi Unified School District, (Election of 2016), 4.00%, 8/1/34		400		458,004
Lodi Unified School District, (Election of 2016), 4.00%, 8/1/35		650		741,942
Lodi Unified School District, (Election of 2016), 4.00%, 8/1/38		1,600		1,777,440
Long Beach Unified School District, (Election of 2008), 4.00%, 8/1/32		1,275		1,507,126
Los Rios Community College District, (Election of 2008), 5.00%, 8/1/31		115		141,932
Mariposa County Unified School District, (Election of 2016), 5.00%, 8/1/40		1,315		1,549,635
Mariposa County Unified School District, (Election of 2016), 5.00%, 8/1/43		1,265		1,484,149
Mt. San Antonio Community College District, (Election of 2008), 5.00%, 6/1/33		750		874,860
Ohlone Community College District, (Election of 2010), 4.00%, 8/1/24		350		392,277
Old Adobe Union School District, (Election of 2018), 5.00%, 8/1/44		1,860		2,188,253
Oxnard Union High School District, (Election of 2018), 4.00%, 8/1/38		1,000		1,113,040
Oxnard Union High School District, (Election of 2018), 5.00%, 8/1/35		1,805		2,153,636

9 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Palomar Community College District, 5.00%, 5/1/23	$	250	$	277,745
Pittsburg Unified School District Financing Authority, 4.00%, 9/1/21		200		208,286
Pittsburg Unified School District, (Election of 2014), 5.00%, 8/1/40		1,235		1,456,176
Pittsburg Unified School District, (Election of 2014), 5.00%, 8/1/42		1,545		1,815,653
Riverside Unified School District, (Election of 2016), 4.00%, 8/1/30		850		990,080
Riverside Unified School District, (Election of 2016), 4.00%, 8/1/31		1,250		1,451,912
San Diego Community College District, 4.00%, 8/1/34		4,500		5,048,685
San Francisco Bay Area Rapid Transit District, (Election of 2004), Green Bonds, 4.00%, 8/1/37		1,500		1,692,960
San Francisco Bay Area Rapid Transit District, (Election of 2016), Green Bonds, 4.00%, 8/1/36		1,500		1,753,425
San Francisco Bay Area Rapid Transit District, (Election of 2016), Green Bonds, 5.00%, 8/1/34		1,765		2,250,975
San Francisco Bay Area Rapid Transit District, (Election of 2016), Green Bonds, 5.00%, 8/1/35		250		317,643
San Luis Coastal Unified School District, (Election of 2014), 5.00%, 8/1/36		3,550		4,244,060
San Luis Coastal Unified School District, (Election of 2014), 5.00%, 8/1/37		1,835		2,190,128
Santa Clara County, (Election of 2008), 4.00%, 8/1/34		1,605		1,837,741
Santa Monica-Malibu Unified School District, (School Facilities Improvement District No. 2), (Election of 2018), 4.00%, 8/1/36		310		351,952
Santa Monica-Malibu Unified School District, (School Facilities Improvement District No. 2), (Election of 2018), 4.00%, 8/1/37		815		919,842
Sonoma Valley Unified School District, (Election of 2016), 4.00%, 8/1/37		350		401,516
Tahoe-Truckee Unified School District, (Election of 2014), 5.00%, 8/1/33		500		599,750
Tahoe-Truckee Unified School District, (Election of 2014), 5.00%, 8/1/36		1,000		1,190,230
Vista Unified School District, (Election of 2018), 5.00%, 8/1/28		160		203,530
Vista Unified School District, (Election of 2018), 5.00%, 8/1/32		155		199,347
Westminster School District, (Election of 2016), 5.00%, 8/1/38		400		473,772
Westminster School District, (Election of 2016), 5.00%, 8/1/39		585		691,915
Westminster School District, (Election of 2016), 5.00%, 8/1/42		1,000		1,178,070
			$	78,235,059

Security	Principal Amount (000’s omitted)		Value
Hospital — 10.2%
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/39	$	3,755	$	3,975,118
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/32		735		797,975
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/35		1,050		1,135,701
California Health Facilities Financing Authority, (Providence Health & Services), 5.00%, 10/1/44		4,100		4,707,989
California Health Facilities Financing Authority, (Providence St. Joseph Health), 5.00% to 10/1/27 (Put Date), 10/1/39		1,200		1,416,372
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		1,500		1,656,390
California Health Facilities Financing Authority, (Stanford Health Care), 4.00%, 8/15/50(4)		3,000		3,303,270
California Health Facilities Financing Authority, (Sutter Health), 5.00%, 11/15/41		4,985		5,669,390
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/24		800		911,696
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/26		500		592,890
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/27		165		185,089
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/29		105		116,893
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/30		150		166,341
California Municipal Finance Authority, (NorthBay Healthcare Group), Series 2015, 5.00%, 11/1/25		200		225,950
California Municipal Finance Authority, (NorthBay Healthcare Group), Series 2017A, 5.00%, 11/1/25		800		931,184
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/33		425		490,412
California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/38		2,000		2,373,340
Michigan Hospital Finance Authority, (Ascension Health Senior Credit Group), 5.00%, 11/15/47		2,000		2,391,640
Oroville, (Oroville Hospital), 5.25%, 4/1/49		5,000		5,567,200
Washington Township Health Care District, 5.25%, 7/1/30		1,240		1,252,189
			$	37,867,029
Housing — 0.6%
Independent Cities Finance Authority, (Union City Tropics), 5.00%, 5/15/48	$	2,000	$	2,210,280
			$	2,210,280

10 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue — 2.0%
California Pollution Control Financing Authority, (Republic Services, Inc.), Series 2017 A1, (AMT), 1.17% to 4/15/20 (Put Date), 11/1/42(1)	$	2,000	$	1,999,880
California Pollution Control Financing Authority, (Republic Services, Inc.), Series 2017 A2, (AMT), 1.17% to 4/15/20 (Put Date), 11/1/42(1)		3,000		2,999,820
California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 2.50% to 5/1/24 (Put Date), 11/1/38		2,500		2,499,975
			$	7,499,675
Insured – Electric Utilities — 1.2%
Puerto Rico Electric Power Authority, (NPFG), 5.00%, 7/1/23	$	125	$	125,064
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/22		1,500		1,538,850
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/32		2,100		2,138,808
Puerto Rico Electric Power Authority, (NPFG), Series QQ, 5.00%, 7/1/22		180		180,128
Puerto Rico Electric Power Authority, (NPFG), Series RR, 5.00%, 7/1/22		140		140,099
Puerto Rico Electric Power Authority, (NPFG), Series RR, 5.00%, 7/1/24		300		300,126
Puerto Rico Electric Power Authority, (NPFG), Series SS, 5.00%, 7/1/24		130		130,054
			$	4,553,129
Insured – General Obligations — 4.6%
Compton Community College District, (Election of 2014), (BAM), 5.00%, 8/1/36	$	1,690	$	2,004,813
Cotati-Rohnert Park Unified School District, (Election of 2016), (AGM), 5.00%, 8/1/33		710		846,469
Cotati-Rohnert Park Unified School District, (Election of 2016), (AGM), 5.00%, 8/1/34		825		981,395
Cotati-Rohnert Park Unified School District, (Election of 2016), (AGM), 5.00%, 8/1/35		955		1,132,897
Cotati-Rohnert Park Unified School District, (Election of 2016), (AGM), 5.00%, 8/1/36		1,015		1,201,415
Cotati-Rohnert Park Unified School District, (Election of 2016), (AGM), 5.00%, 8/1/37		1,135		1,340,481
Cotati-Rohnert Park Unified School District, (Election of 2016), (AGM), 5.00%, 8/1/38		1,175		1,383,892
Galt Joint Union High School District, (Election of 2016), (BAM), 5.00%, 8/1/37		500		590,520
Galt Joint Union High School District, (Election of 2016), (BAM), 5.00%, 8/1/38		500		589,215

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Galt Joint Union High School District, (Election of 2016), (BAM), 5.00%, 8/1/43	$	1,000	$	1,170,650
Pittsburg Unified School District Financing Authority, (AGM), 5.00%, 9/1/47		2,555		3,104,938
Rio Elementary School District, (Election of 2018), (BAM), 5.00%, 8/1/47(4)		1,250		1,457,850
San Leandro Unified School District, (Election of 2016), (BAM), 5.00%, 8/1/38		1,000		1,222,750
			$	17,027,285
Insured – Special Tax Revenue — 1.1%
Lake Elsinore School Financing Authority, (BAM), 5.00%, 10/1/36	$	1,570	$	1,978,467
Lake Elsinore School Financing Authority, (BAM), 5.00%, 10/1/37		470		590,193
Successor Agency to San Francisco City and County Redevelopment Agency, (NPFG), 5.00%, 8/1/41		1,320		1,538,447
			$	4,107,107
Insured – Transportation — 2.0%
Alameda Corridor Transportation Authority, (AGM), 5.00%, 10/1/37	$	5,075	$	5,923,540
San Joaquin Hills Transportation Corridor Agency, (NPFG), 0.00%, 1/15/24		1,800		1,596,330
			$	7,519,870
Lease Revenue/Certificates of Participation — 1.7%
Los Angeles, 5.00%, 6/25/20	$	415	$	418,652
Santa Clara County Financing Authority, 4.00%, 5/15/33		600		665,472
South San Francisco Public Facilities Financing Authority, (Police Station Project), 4.00%, 6/1/28		300		362,181
South San Francisco Public Facilities Financing Authority, (Police Station Project), 4.00%, 6/1/29		350		429,394
South San Francisco Public Facilities Financing Authority, (Police Station Project), 4.00%, 6/1/30		300		370,149
South San Francisco Public Facilities Financing Authority, (Police Station Project), 4.00%, 6/1/31		150		183,719
South San Francisco Public Facilities Financing Authority, (Police Station Project), 4.00%, 6/1/32		565		684,091
South San Francisco Public Facilities Financing Authority, (Police Station Project), 4.00%, 6/1/33		350		422,559
South San Francisco Public Facilities Financing Authority, (Police Station Project), 4.00%, 6/1/34		500		596,360
South San Francisco Public Facilities Financing Authority, (Police Station Project), 4.00%, 6/1/37		550		648,587

11 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Lease Revenue/Certificates of Participation (continued)
South San Francisco Public Facilities Financing Authority, (Police Station Project), 4.00%, 6/1/38	$	485	$	569,477
South San Francisco Public Facilities Financing Authority, (Police Station Project), 5.00%, 6/1/24		150		173,547
South San Francisco Public Facilities Financing Authority, (Police Station Project), 5.00%, 6/1/25		100		119,217
South San Francisco Public Facilities Financing Authority, (Police Station Project), 5.00%, 6/1/26		30		36,773
South San Francisco Public Facilities Financing Authority, (Police Station Project), 5.00%, 6/1/27		400		503,212
			$	6,183,390
Other Revenue — 5.0%
California Infrastructure and Economic Development Bank, (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/33	$	1,740	$	1,941,875
California Infrastructure and Economic Development Bank, (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/34		1,290		1,438,234
California Infrastructure and Economic Development Bank, (Academy of Motion Picture Arts and Sciences Obligated Group), Green Bonds, 5.00%, 11/1/30		275		359,136
California Infrastructure and Economic Development Bank, (California Academy of Sciences), Series 2018A, 1.043%, (70% of 1 mo. USD LIBOR + 0.38%), 8/1/21 (Put Date), 8/1/47(3)		2,500		2,502,350
California Infrastructure and Economic Development Bank, (California Academy of Sciences), Series 2018B, 1.043%, (70% of 1 mo. USD LIBOR + 0.38%), 8/1/21 (Put Date), 8/1/47(3)		450		450,423
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), 1.437%, (70% of 1 mo. USD LIBOR + 0.33%), 4/1/22 (Put Date), 10/1/47(3)		3,000		2,983,800
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), Series 2011A, 1.31%, (70% of 1 mo. USD LIBOR + 0.20%), 4/1/21 (Put Date), 4/1/38(3)		700		696,857
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), Series 2012B, 1.31%, (70% of 1 mo. USD LIBOR + 0.20%), 4/1/21 (Put Date), 10/1/47(3)		7,970		7,934,215
Morongo Band of Mission Indians, 5.00%, 10/1/42(1)		440		408,056
			$	18,714,946

Security	Principal Amount (000’s omitted)		Value
Senior Living/Life Care — 3.4%
ABAG Finance Authority for Nonprofit Corporations, (Episcopal Senior Communities), 6.00%, 7/1/31	$	615	$	635,486
California Municipal Finance Authority, (Channing House), 5.00%, 5/15/37		250		296,580
California Municipal Finance Authority, (HumanGood - California Obligated Group), 4.00%, 10/1/31		1,000		1,018,340
California Municipal Finance Authority, (HumanGood - California Obligated Group), 4.00%, 10/1/32		500		507,150
California Municipal Finance Authority, (HumanGood - California Obligated Group), 4.00%, 10/1/33		1,100		1,113,189
California Municipal Finance Authority, (HumanGood - California Obligated Group), 4.00%, 10/1/34		755		763,622
California Municipal Finance Authority, (HumanGood - California Obligated Group), 4.00%, 10/1/36		1,620		1,631,988
California Municipal Finance Authority, (HumanGood - California Obligated Group), 4.00%, 10/1/37		1,800		1,809,216
California Municipal Finance Authority, (HumanGood - California Obligated Group), 5.00%, 10/1/44		1,000		1,046,810
California Municipal Finance Authority, (Mt. San Antonio Gardens), 5.00%, 11/15/39		1,000		1,092,990
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/23		500		553,310
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/26		500		569,835
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/27		780		885,651
California Statewide Communities Development Authority, (The Redwoods, a Community of Seniors), 5.125%, 11/15/35		715		799,527
			$	12,723,694
Solid Waste — 0.2%
Yolo County Public Agencies Financing Authority, Solid Waste Revenue, 4.00%, 12/1/35	$	500	$	590,475
			$	590,475
Special Tax Revenue — 5.7%
Chula Vista Municipal Financing Authority, 5.50%, 9/1/30	$	1,525	$	1,719,560
Contra Costa Transportation Authority, Sales Tax Revenue, 1.36%, (70% of 1 mo. USD LIBOR + 0.25%), 9/1/21 (Put Date), 3/1/34(3)		7,000		6,994,680
Irvine Community Facilities DistrictNo. 2013-3, (Great Park), 5.00%, 9/1/30		580		638,406

12 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Irvine Community Facilities DistrictNo. 2013-3, (Great Park), 5.00%, 9/1/31	$	465	$	508,524
Irvine Community Facilities DistrictNo. 2013-3, (Great Park), 5.00%, 9/1/33		545		593,897
Irvine Community Facilities DistrictNo. 2013-3, (Great Park), 5.00%, 9/1/35		1,150		1,294,981
Irvine Community Facilities DistrictNo. 2013-3, (Great Park), 5.00%, 9/1/38		1,000		1,118,490
Irvine Community Facilities DistrictNo. 2013-3, (Great Park), Series 2014, 5.00%, 9/1/32		450		490,878
Irvine Community Facilities DistrictNo. 2013-3, (Great Park), Series 2014, 5.00%, 9/1/34		360		391,766
Irvine Community Facilities DistrictNo. 2013-3, (Great Park), Series 2018, 5.00%, 9/1/32		625		709,150
Irvine Community Facilities DistrictNo. 2013-3, (Great Park), Series 2018, 5.00%, 9/1/34		765		865,100
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/23		520		548,725
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, 5.00%, 6/1/35		1,500		1,815,825
South Orange County Public Financing Authority, Special Tax Revenue, (Ladera Ranch), 5.00%, 8/15/27		515		551,524
South Orange County Public Financing Authority, Special Tax Revenue, (Ladera Ranch), 5.00%, 8/15/28		775		830,188
Successor Agency to San Francisco City and County Redevelopment Agency, 5.00%, 8/1/37		1,630		1,919,781
			$	20,991,475
Transportation — 19.3%
Alameda Corridor Transportation Authority, 5.00%, 10/1/36	$	2,250	$	2,502,540
Alameda Corridor Transportation Authority, 5.00%, 10/1/37		2,200		2,441,208
Bay Area Toll Authority, (San Francisco Bay Area), 1.887%, (70% of 3 mo. USD LIBOR + 0.55%), 4/1/21 (Put Date), 4/1/45(3)		500		499,960
Burbank-Glendale-Pasadena Airport Authority, (AMT), 5.00%, 7/1/22		1,000		1,068,980
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/36		2,570		2,790,146
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/37		1,025		1,109,050

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/43	$	2,060	$	2,198,803
Long Beach, Harbor Revenue, (AMT), 5.00%, 5/15/30		500		581,490
Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(5)		3,080		3,092,412
Los Angeles Department of Airports, (Los Angeles International Airport), 5.25%, 5/15/28		4,990		5,013,303
Los Angeles Department of Airports, (Los Angeles International Airport), 5.25%, 5/15/29		2,875		2,888,196
Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.00%, 5/15/25		1,500		1,731,015
Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.00%, 5/15/29		1,000		1,234,190
Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.00%, 5/15/34		1,675		2,032,345
Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.00%, 5/15/41		1,660		1,865,525
Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.00%, 5/15/46		4,500		5,058,585
Los Angeles Harbor Department, 5.00%, 8/1/20		500		506,510
Los Angeles Harbor Department, (AMT), 5.00%, 8/1/21		1,000		1,051,220
Port of Oakland, (AMT), 5.00%, 5/1/20		1,100		1,103,278
San Diego County Regional Airport Authority, 5.00%, 7/1/23		3,915		3,951,410
San Diego County Regional Airport Authority, (AMT), 5.00%, 7/1/21		250		260,640
San Diego County Regional Airport Authority, (AMT), 5.00%, 7/1/22		500		535,520
San Diego County Regional Airport Authority, (AMT), 5.00%, 7/1/30		1,000		1,181,190
San Francisco City and County Airport Commission, (San Francisco International Airport), (AMT), 5.00%, 5/1/20		5,300		5,314,045
San Francisco City and County Airport Commission, (San Francisco International Airport), (AMT), 5.00%, 5/1/20		250		250,663
San Francisco City and County Airport Commission, (San Francisco International Airport), (AMT), 5.00%, 5/1/24		3,600		3,724,164
San Francisco City and County Airport Commission, (San Francisco International Airport), (AMT), 5.00%, 5/1/41		4,905		5,478,296
San Francisco City and County Airport Commission, (San Francisco International Airport), (AMT), 5.00%, 5/1/44		2,465		2,703,859

13 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
San Francisco City and County Airport Commission, (San Francisco International Airport), (AMT), 5.00%, 5/1/46	$	2,330	$	2,583,224
San Francisco City and County Airport Commission, (San Francisco International Airport), (AMT), 5.00%, 5/1/49		1,500		1,727,310
San Jose, Airport Revenue, (AMT), 5.00%, 3/1/37		1,735		1,964,506
San Jose, Airport Revenue, (AMT), 5.00%, 3/1/41		3,000		3,371,070
			$	71,814,653
Water and Sewer — 7.0%
Bakersfield, Wastewater Revenue, 5.00%, 9/15/31(4)	$	1,350	$	1,778,193
Bakersfield, Wastewater Revenue, 5.00%, 9/15/32(4)		1,620		2,127,854
California Department of Water Resources, 5.00%, 12/1/32		220		272,930
California Department of Water Resources, (Central Valley Project), 4.93%, (SIFMA+ 0.22%), 12/1/20 (Put Date), 12/1/35(3)		3,700		3,698,187
East Bay Municipal Utility District, Water System Revenue, 5.00%, 6/1/32		1,500		1,764,360
Eastern Municipal Water District, Water and Wastewater Revenue, 1.407%, (70% of 1 mo. USD LIBOR + 0.30%), 10/1/21 (Put Date), 7/1/30(3)		2,500		2,502,350
Eastern Municipal Water District, Water and Wastewater Revenue, 4.96%, (SIFMA + 0.25%), 10/1/21 (Put Date), 7/1/46(3)		2,000		1,999,920
Los Angeles Department of Water and Power, Water System Revenue, (SPA: Royal Bank of Canada), 0.52%, 7/1/35(2)		8,200		8,200,000
Metropolitan Water District of Southern California, 5.00%, 8/1/24		200		232,262
Orange County Water District, 5.00%, 8/15/33		200		257,510
Ross Valley Public Financing Authority, (Sanitary District No. 1 of Marin County), 5.00%, 1/1/39		500		576,570
San Francisco City and County Public Utilities Commission, Water Revenue, Green Bonds, 5.00%, 11/1/39		890		1,007,978
South Gate Utility Authority, Water Revenue, 4.00%, 10/1/34		1,500		1,721,235
			$	26,139,349
TotalTax-Exempt Municipal Securities — 92.2% (identified cost $333,896,851)			$	343,007,490

Taxable Municipal Securities — 9.4%
Security	Principal Amount (000’s omitted)		Value
Education — 2.1%
California State University, 2.834%, 11/1/37	$	3,500	$	3,554,775
California State University, 3.47%, 11/1/39		3,950		4,193,557
			$	7,748,332
General Obligations — 2.6%
Antelope Valley Community College District, 2.648%, 8/1/35	$	1,500	$	1,499,520
Antelope Valley Community College District, 2.818%, 8/1/38		1,725		1,709,509
Mt. San Antonio Community College District, 2.329%, 8/1/27		1,000		1,040,840
Mt. San Antonio Community College District, 2.919%, 8/1/34		1,250		1,304,200
Oxnard Union High School District, 2.477%, 8/1/37(4)		2,410		2,254,218
Redding School District, (Election of 2018), 1.625%, 5/1/20		625		625,369
Sonoma Valley Unified School District, (Election of 2016), 1.60%, 5/1/20		1,230		1,230,713
			$	9,664,369
Hospital — 1.1%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	3,875	$	4,056,738
			$	4,056,738
Insured – General Obligations — 0.1%
Mountain View School District, (Election of 2016), (AGM), 1.65%, 5/1/20	$	325	$	325,195
			$	325,195
Insured – Lease Revenue/Certificates of Participation — 0.3%
Fresno Country, Pension Obligation Bonds, (NPFG), 0.00%, 8/15/20	$	1,000	$	993,270
			$	993,270
Insured – Special Tax Revenue — 0.3%
Successor Agency to Pittsburg Redevelopment Agency, (AGM), 3.388%, 8/1/22	$	955	$	990,096
			$	990,096

14 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured-Transportation — 0.2%
Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/27	$	740	$	608,154
			$	608,154
Special Tax Revenue — 0.3%
Successor Agency to San Diego Redevelopment Agency, 3.25%, 9/1/22	$	250	$	261,093
Successor Agency to San Diego Redevelopment Agency, 3.375%, 9/1/23		250		265,513
Successor Agency to San Diego Redevelopment Agency, 3.50%, 9/1/24		250		270,380
Successor Agency to San Diego Redevelopment Agency, 3.625%, 9/1/25		250		274,040
Successor Agency to San Diego Redevelopment Agency, 3.75%, 9/1/26		250		274,397
			$	1,345,423
Transportation — 1.9%
San Francisco City and County Airport Commission, (San Francisco International Airport), 2.901%, 5/1/20	$	2,300	$	2,302,852
San Francisco City and County Port Commission, 2.043%, 3/1/26		1,255		1,272,758
San Francisco City and County Port Commission, 2.143%, 3/1/27		1,000		1,016,230
San Francisco City and County Port Commission, 2.278%, 3/1/28		1,280		1,301,312
San Francisco City and County Port Commission, 2.328%, 3/1/29		1,365		1,387,618
			$	7,280,770
Water and Sewer — 0.5%
Anaheim Housing and Public Improvements Authority, Water System Revenue, 2.703%, 10/1/35	$	500	$	501,195
Anaheim Housing and Public Improvements Authority, Water System Revenue, 3.033%, 10/1/38		1,235		1,251,648
			$	1,752,843
Total Taxable Municipal Securities — 9.4% (identified cost $34,401,361)			$	34,765,190

Corporate Bonds & Notes — 0.6%
Security	Principal Amount (000’s omitted)		Value
Other — 0.6%
Morongo Band of Mission Indians, 7.00%, 10/1/39(1)	$	2,080	$	2,392,479
Total Corporate Bonds & Notes — 0.6% (identified cost $2,080,000)			$	2,392,479
Total Investments — 102.2% (identified cost $370,378,212)			$	380,165,159
Other Assets, Less Liabilities — (2.2)%			$	(8,110,211	)
Net Assets — 100.0%			$	372,054,948

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 California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2020, 9.5% 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 0.2% to 4.5% 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 March 31, 2020, the aggregate value of these securities is $10,830,373 or 2.9% of the Fund’s net assets.

⁽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 March 31, 2020.

⁽³⁾ Floating rate security. The stated interest rate represents the rate in effect at March 31, 2020.

⁽⁴⁾ When-issued security.

⁽⁵⁾ Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

15 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Abbreviations:

AGM	–	Assured Guaranty Municipal Corp.
AMBAC	–	AMBAC Financial Group, Inc.
AMT	–	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BAM	–	Build America Mutual Assurance Co.
LIBOR	–	London Interbank Offered Rate
LOC	–	Letter of Credit
NPFG	–	National Public Finance Guarantee Corp.
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
SPA	–	Standby Bond Purchase Agreement

Currency Abbreviations:

USD – United States Dollar

16 See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 97.4%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 2.6%
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34	$	3,105	$	4,495,078
			$	4,495,078
Education — 23.1%
Massachusetts Development Finance Agency, (Babson College), 5.00%, 10/1/42	$	1,500	$	1,700,655
Massachusetts Development Finance Agency, (Berklee College of Music), 5.00%, 10/1/29		1,000		1,170,510
Massachusetts Development Finance Agency, (Berklee College of Music), 5.00%, 10/1/39		2,000		2,288,880
Massachusetts Development Finance Agency, (Boston University), 5.00%, 10/1/46		3,000		3,465,840
Massachusetts Development Finance Agency, (Boston University), (LOC: TD Bank, N.A.), 0.65%, 10/1/42(1)		1,500		1,500,000
Massachusetts Development Finance Agency, (Dexter Southfield), 5.00%, 5/1/33		1,550		1,764,752
Massachusetts Development Finance Agency, (Dexter Southfield), 5.00%, 5/1/35		1,660		1,877,975
Massachusetts Development Finance Agency, (Harvard University), 5.00%, 7/15/34		2,570		3,066,010
Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35		1,100		1,116,500
Massachusetts Development Finance Agency, (Northeastern University), 5.00%, 3/1/33		1,950		2,192,365
Massachusetts Development Finance Agency, (Olin College), 5.00%, 11/1/38		1,750		1,917,650
Massachusetts Development Finance Agency, (Suffolk University), 5.00%, 7/1/31		620		728,314
Massachusetts Development Finance Agency, (Suffolk University), 5.00%, 7/1/32		770		904,250
Massachusetts Development Finance Agency, (Suffolk University), 5.00%, 7/1/38		340		390,354
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/36		1,575		1,753,684
Massachusetts Development Finance Agency, (Williams College), 5.00%, 7/1/46		2,000		2,360,560
Massachusetts Development Finance Agency, (Worcester Polytechnic Institute), 5.00%, 9/1/42		3,150		3,567,438
Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.50%, 7/1/32		5,000		7,138,800
Massachusetts Health and Educational Facilities Authority, (Tufts University), (SPA: Wells Fargo Bank, N.A.), 0.70%, 8/15/34(1)		1,700		1,700,000
			$	40,604,537

Security	Principal Amount (000’s omitted)		Value
Escrowed/Prerefunded — 2.4%
Massachusetts Development Finance Agency, (Partners HealthCare System), Prerefunded to 7/1/21, 5.00%, 7/1/44	$	1,100	$	1,234,959
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 7.25%, 1/1/32		760		793,790
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 7.25%, 1/1/32		1,140		1,190,684
Massachusetts Development Finance Agency, (UMass Memorial), Prerefunded to 7/1/21, 5.50%, 7/1/31		1,040		1,096,514
			$	4,315,947
General Obligations — 28.1%
Belmont, 4.00%, 2/15/29	$	1,195	$	1,426,065
Belmont, 4.00%, 2/15/30		1,245		1,476,545
Belmont, 4.00%, 2/15/31		1,045		1,231,115
Belmont, 4.00%, 3/15/31		2,910		3,432,549
Boston, 4.00%, 3/1/31		3,000		3,273,810
Danvers, 4.00%, 8/15/30		600		717,066
Danvers, 4.00%, 8/15/33		540		635,515
Danvers, 5.25%, 7/1/36		2,800		2,924,656
Franklin, 4.00%, 5/15/30		200		237,288
Franklin, 4.00%, 5/15/32		455		534,875
Franklin, 4.00%, 5/15/33		455		533,624
Franklin, 5.00%, 5/15/29		210		266,776
Harvard, 4.00%, 8/15/30		1,025		1,224,988
Harvard, 4.00%, 8/15/31		1,270		1,507,579
Lexington, 4.00%, 2/1/29		1,855		2,212,310
Lincoln, 4.00%, 3/1/30		2,120		2,516,122
Lincoln, 4.00%, 3/1/31		2,205		2,599,474
Manchester Essex Regional School District, 4.00%, 2/1/41		1,075		1,213,267
Manchester Essex Regional School District, 4.00%, 2/1/42		975		1,094,525
Massachusetts, 5.00%, 3/1/31		3,000		3,411,660
Medford, 5.00%, 7/15/29		735		937,118
Plymouth, 5.00%, 5/1/26		710		739,714
Plymouth, 5.00%, 5/1/28		1,160		1,206,620
Plymouth, 5.00%, 5/1/31		1,090		1,131,169
Plymouth, 5.00%, 5/1/32		1,000		1,037,440
Shrewsbury, 4.00%, 7/15/33		2,370		2,786,006
Swampscott, 5.00%, 1/15/26		355		432,919
Wayland, 5.00%, 2/1/33		1,790		1,840,872
Wayland, 5.00%, 2/1/36		2,680		2,753,244
Weston, 4.00%, 1/15/31		1,275		1,527,233
Weston, 4.00%, 1/15/32		1,495		1,778,945
Winchester, 5.00%, 4/15/36		775		801,381
			$	49,442,470

17 See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital — 10.6%
Massachusetts Development Finance Agency, (Berkshire Health Systems), 5.00%, 10/1/27	$	1,100	$	1,159,675
Massachusetts Development Finance Agency, (Beth Israel Lahey Health), 5.00%, 7/1/33		625		766,794
Massachusetts Development Finance Agency, (Beth Israel Lahey Health), 5.00%, 7/1/38		600		723,600
Massachusetts Development Finance Agency, (CareGroup), 5.00%, 7/1/27		1,000		1,180,520
Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31		1,840		2,137,602
Massachusetts Development Finance Agency, (Dana-Farber Cancer Institute), 5.00%, 12/1/36		1,690		1,986,679
Massachusetts Development Finance Agency, (Lahey Health System Obligated Group), 5.00%, 8/15/40		2,000		2,267,060
Massachusetts Development Finance Agency, (Partners HealthCare System), 5.00%, 7/1/37		1,600		1,862,608
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/41		2,795		3,194,210
Massachusetts Development Finance Agency, (UMass Memorial), 5.50%, 7/1/31		55		57,533
Massachusetts Development Finance Agency, (Wellforce), 5.00%, 7/1/21		800		833,256
Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 5.125%, 7/1/35		1,645		1,661,236
Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/29		750		752,550
			$	18,583,323
Housing — 1.7%
Massachusetts Housing Finance Agency, (Mill Road Apartments), 5.26%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48(2)	$	2,970	$	2,970,000
			$	2,970,000
Industrial Development Revenue — 0.8%
National Finance Authority, (Covanta), 4.625%, 11/1/42(3)	$	670	$	644,975
National Finance Authority, (Covanta), (AMT), 4.875%, 11/1/42(3)		740		737,462
			$	1,382,437
Insured – Education — 4.3%
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(4)	$	5,460	$	7,593,167
			$	7,593,167

Security	Principal Amount (000’s omitted)		Value
Insured – Special Tax Revenue — 4.9%
Martha’s Vineyard Land Bank, (BAM), 5.00%, 5/1/26	$	1,760	$	2,041,248
Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		4,955		6,596,691
			$	8,637,939
Insured – Transportation — 4.4%
Massachusetts Turnpike Authority, Metropolitan Highway System, (NPFG), 0.00%, 1/1/22	$	8,000	$	7,811,040
			$	7,811,040
Senior Living/Life Care — 0.8%
Massachusetts Development Finance Agency, (Carleton-Willard Village), 4.00%, 12/1/42	$	490	$	511,604
Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.00%, 12/1/42		525		590,026
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/33(3)		205		199,076
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/38(3)		135		126,923
			$	1,427,629
Special Tax Revenue — 2.4%
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 5.00%, 7/1/26	$	2,000	$	2,436,820
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 5.25%, 7/1/31		1,240		1,712,130
			$	4,148,950
Student Loan — 3.0%
Massachusetts Educational Financing Authority, (AMT), 5.00%, 7/1/21	$	5,000	$	5,218,000
			$	5,218,000
Transportation — 7.9%
Massachusetts, (Accelerated Bridge Program), 5.00%, 6/15/27	$	2,000	$	2,294,780
Massachusetts Port Authority, 5.00%, 7/1/28		3,750		3,781,500
Massachusetts Port Authority, (AMT), 5.00%, 7/1/31		1,555		1,939,847
Massachusetts Port Authority, (AMT), 5.00%, 7/1/34		2,110		2,494,526
Massachusetts Port Authority, (AMT), 5.00%, 7/1/43		3,000		3,401,040
			$	13,911,693
Water and Sewer — 0.4%
Springfield Water and Sewer Commission, 4.00%, 4/15/30	$	225	$	270,817

18 See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Springfield Water and Sewer Commission, 4.00%, 4/15/33	$	335	$	389,896
			$	660,713
TotalTax-Exempt Investments — 97.4% (identified cost $159,333,622)			$	171,202,923
Taxable Municipal Securities — 3.9%
Security	Principal Amount (000’s omitted)		Value
Education — 3.3%
Massachusetts Development Finance Agency, (Berklee College of Music), 2.582%, 10/1/35	$	1,000	$	958,600
Massachusetts School Building Authority, 3.395%, 10/15/40		2,000		2,052,220
University of Massachusetts Building Authority, 2.917%, 11/1/33		2,850		2,855,672
			$	5,866,492
Insured – Hospital — 0.6%
Massachusetts Development Finance Agency, (Wellforce), (AGM), 3.89%, 7/1/25	$	1,000	$	1,094,650
			$	1,094,650
Total Taxable Municipal Securities — 3.9% (identified cost $6,879,961)			$	6,961,142
Total Investments — 101.3% (identified cost $166,213,583)			$	178,164,065
Other Assets, Less Liabilities — (1.3)%			$	(2,318,578	)
Net Assets — 100.0%			$	175,845,487

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 Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2020, 14.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.6% to 8.1% 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 March 31, 2020.

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

⁽³⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2020, the aggregate value of these securities is $1,708,436 or 1.0% of the Fund’s net assets.

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

Abbreviations:

AGM	–	Assured Guaranty Municipal Corp.
AMBAC	–	AMBAC Financial Group, Inc.
AMT	–	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BAM	–	Build America Mutual Assurance Co.
LOC	–	Letter of Credit
NPFG	–	National Public Finance Guarantee Corp.
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
SPA	–	Standby Bond Purchase Agreement

19 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 97.2%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.5%
New York State Environmental Facilities Corp., 5.00%, 10/15/39	$	5,910	$	5,927,139
			$	5,927,139
Cogeneration — 0.4%
Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23	$	1,755	$	1,770,637
			$	1,770,637
Education — 16.2%
Albany Capital Resource Corp., (Albany College of Pharmacy and Health Sciences), 5.00%, 12/1/30	$	250	$	267,958
Dutchess County Local Development Corp., (Culinary Institute of America), 5.00%, 7/1/29		150		166,049
Dutchess County Local Development Corp., (Culinary Institute of America), 5.00%, 7/1/30		185		204,003
Dutchess County Local Development Corp., (Culinary Institute of America), 5.00%, 7/1/31		180		197,584
Dutchess County Local Development Corp., (Culinary Institute of America), 5.00%, 7/1/32		200		218,664
Dutchess County Local Development Corp., (Vassar College), 4.00%, 7/1/49(1)		5,000		5,689,850
Geneva Development Corp., (Hobart and William Smith Colleges), Series 2012, 5.00%, 9/1/32		1,250		1,356,512
Monroe County Industrial Development Corp., (Nazareth College of Rochester), 5.00%, 10/1/31		235		263,717
Monroe County Industrial Development Corp., (Nazareth College of Rochester), 5.00%, 10/1/32		260		290,423
New York Dormitory Authority, (Barnard College), 4.00%, 7/1/34		450		534,433
New York Dormitory Authority, (Barnard College), 4.00%, 7/1/36		300		352,569
New York Dormitory Authority, (Barnard College), 4.00%, 7/1/37		700		820,043
New York Dormitory Authority, (Barnard College), 4.00%, 7/1/39		365		425,039
New York Dormitory Authority, (Barnard College), 4.00%, 7/1/40		325		377,985
New York Dormitory Authority, (Brooklyn Law School), 5.00%, 7/1/33		1,650		1,895,107
New York Dormitory Authority, (City University), 6.00%, 7/1/20		2,575		2,606,389
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38		9,370		11,445,923

Security	Principal Amount (000’s omitted)		Value
Education (continued)
New York Dormitory Authority, (Cornell University), (SPA: U.S. Bank, N.A.),1.05%, 7/1/39(2)	$	3,400	$	3,400,000
New York Dormitory Authority, (Culinary Institute of America), 5.50%, 7/1/33		350		378,144
New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/31		250		262,148
New York Dormitory Authority, (The New School), Prerefunded to 7/1/20, 5.50%, 7/1/40		5,500		5,559,620
Onondaga Civic Development Corp., (Le Moyne College), 5.20%, 7/1/29		970		976,615
Onondaga Civic Development Corp., (Le Moyne College), 5.375%, 7/1/40		2,515		2,530,568
Onondaga County Cultural Resources Trust, (Syracuse University), 5.00%, 12/1/40		2,375		3,025,180
Onondaga County Cultural Resources Trust, (Syracuse University), 5.00%, 12/1/43		5,000		6,333,450
Syracuse Industrial Development Agency, (Syracuse City School District), (LOC: JPMorgan Chase Bank, N.A), 0.67%, 12/1/37(2)		1,050		1,050,000
Syracuse Industrial Development Agency, (Syracuse City School District), 4.00%, 5/1/35		1,700		1,985,651
Syracuse Industrial Development Agency, (Syracuse City School District), 4.00%, 5/1/36		2,500		2,904,450
Troy Capital Resource Corp., (Rensselaer Polytechnic Institute), 5.00%, 9/1/36(1)		1,500		1,897,725
Troy Capital Resource Corp., (Rensselaer Polytechnic Institute), 5.00%, 9/1/37(1)		1,750		2,206,015
Troy Capital Resource Corp., (Rensselaer Polytechnic Institute), 5.00%, 9/1/38(1)		3,925		4,929,211
Troy Capital Resource Corp., (Rensselaer Polytechnic Institute), 5.00%, 9/1/39(1)		1,500		1,880,055
			$	66,431,080
Electric Utilities — 5.0%
Long Island Power Authority, Electric System Revenue, Series 2017, 5.00%, 9/1/37	$	250	$	296,667
New York Power Authority, 5.00%, 11/15/31		1,000		1,060,600
Utility Debt Securitization Authority, 5.00%, 6/15/26		395		455,621
Utility Debt Securitization Authority, 5.00%, 12/15/40		5,500		6,672,930
Utility Debt Securitization Authority, Series 2013, 5.00%, 12/15/33		2,895		3,281,946
Utility Debt Securitization Authority, Series 2015, 5.00%, 12/15/33		7,500		8,878,125
			$	20,645,889

20 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Escrowed/Prerefunded — 0.9%
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), Prerefunded to 7/1/20, 5.75%, 7/1/30	$	370	$	374,096
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), Prerefunded to 7/1/20, 5.75%, 7/1/40		2,435		2,461,955
Metropolitan Transportation Authority, Prerefunded to 11/15/21, 5.00%, 11/15/27		940		1,000,085
			$	3,836,136
General Obligations — 9.5%
Amherst Central School District, 4.00%, 2/1/30	$	1,815	$	2,121,989
Amherst Central School District, 4.00%, 2/1/31		1,890		2,199,658
Babylon, 4.00%, 10/1/28		935		1,114,099
Chappaqua Central School District, 4.00%, 1/15/29		725		879,476
Chappaqua Central School District, 4.00%, 1/15/30		550		677,331
Dutchess County, 2019 Series B, 4.00%, 3/1/32		625		720,975
Longwood Central School District, 2.00%, 6/15/27		1,260		1,255,968
New York City, 4.00%, 10/1/35		3,650		4,251,228
New York City, 4.00%, 3/1/36		2,520		2,939,252
New York City, 4.00%, 12/1/41		470		530,597
New York City, 5.00%, 8/1/28		3,520		4,177,536
New York City, 5.00%, 3/1/40		1,750		2,184,280
New York City, 5.00%, 12/1/41		2,500		3,043,550
Onondaga County, 4.00%, 5/1/32		615		724,581
Onondaga County, 4.00%, 6/1/32		2,120		2,426,934
Valley Stream Central High School District, 4.00%, 6/15/32		765		887,683
Valley Stream Central High School District, 4.00%, 6/15/33		775		896,783
Valley Stream Central High School District, 4.00%, 6/15/34		635		736,073
Valley Stream, 2.25%, 5/15/27		250		229,785
Valley Stream, 2.375%, 5/15/28		255		233,305
Westchester County, 4.00%, 12/15/30		4,105		4,853,588
Westchester County, 4.00%, 1/15/32		150		173,721
Westchester County, 4.00%, 1/15/33		100		115,586
Westchester County, 4.00%, 1/15/34		215		247,927
Westchester County, 4.00%, 1/15/37		10		11,439
Westchester County, 4.00%, 1/15/38		520		593,044
Westchester County, 4.00%, 1/15/40		495		562,736
			$	38,789,124
Hospital — 8.4%
Jefferson County Civic Facility Development Corp., (Samaritan Medical Center), 5.00%, 11/1/37	$	1,615	$	1,881,200
New York Dormitory Authority, (Catholic Health System Obligated Group), 4.00%, 7/1/38		975		1,049,802
New York Dormitory Authority, (Catholic Health System Obligated Group), 4.00%, 7/1/39		1,105		1,187,245

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), 4.00%, 7/1/31	$	3,200	$	3,818,752
New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), 5.00%, 7/1/36		2,500		3,148,925
New York Dormitory Authority, (Montefiore Obligated Group), 4.00%, 9/1/39		700		761,460
New York Dormitory Authority, (Mount Sinai Hospital), Prerefunded to 7/1/20, 5.00%, 7/1/26		2,500		2,524,650
New York Dormitory Authority, (NYU Hospitals Center), 5.00%, 7/1/30		3,480		3,998,868
New York Dormitory Authority, (NYU Langone Hospitals Obligated Group), 4.00%, 7/1/50		4,875		5,264,318
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/21(3)		500		527,705
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/30(3)		4,500		5,258,115
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/32(3)		2,200		2,543,728
Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), 5.00%, 7/1/28		2,190		2,289,382
			$	34,254,150
Housing — 2.6%
Albany Capital Resource Corp., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/28	$	300	$	353,913
Albany Capital Resource Corp., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/29		540		635,504
Albany Capital Resource Corp., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/30		635		745,312
Albany Capital Resource Corp., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/31		450		526,856
Albany Capital Resource Corp., (Empire Commons Student Housing, Inc.), 5.00%, 5/1/32		1,095		1,278,982
New York City Housing Development Corp., (SPA: Wells Fargo Bank, N.A.), 3.73%, 5/1/57(4)		3,500		3,500,000
New York Mortgage Agency, 3.65%, 4/1/32		1,000		1,085,820
Westchester County Local Development Corp., (Purchase Housing Corp. II), 5.00%, 6/1/27		185		211,940
Westchester County Local Development Corp., (Purchase Housing Corp. II), 5.00%, 6/1/28		550		628,260
Westchester County Local Development Corp., (Purchase Housing Corp. II), 5.00%, 6/1/29		160		181,712
Westchester County Local Development Corp., (Purchase Housing Corp. II), 5.00%, 6/1/42		1,250		1,366,287
			$	10,514,586

21 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue — 3.6%
New York Energy Research and Development Authority, (New York Electric and Gas Corp.), 2.00% to 5/1/20 (Put Date), 6/1/29	$	6,000	$	6,001,860
New York Energy Research and Development Authority, (Rochester Gas and Electric Corp.), 2.875% to 7/1/25 (Put Date), 5/15/32		3,845		4,079,161
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44(3)		930		828,072
Niagara Area Development Corp., (Covanta), (AMT), 4.75%, 11/1/42(3)		4,000		3,918,440
			$	14,827,533
Insured – Education — 2.2%
New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35	$	6,600	$	9,101,598
			$	9,101,598
Insured – Escrowed/Prerefunded — 2.4%
New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/30	$	11,530	$	9,842,700
			$	9,842,700
Insured – General Obligations — 3.3%
East Ramapo Central School District, (AGM), 4.00%, 12/15/28	$	1,670	$	1,843,312
East Ramapo Central School District, (AGM), 5.00%, 12/15/26		1,340		1,583,612
Nassau County, (AGM), 5.00%, 4/1/38		4,025		5,054,716
Nassau County, (AGM), 5.00%, 4/1/46		2,475		2,997,844
Oyster Bay, (AGM), 4.00%, 8/1/28		1,995		2,064,965
			$	13,544,449
Insured – Other Revenue — 0.3%
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31	$	1,690	$	1,307,435
			$	1,307,435
Insured – Solid Waste — 0.6%
Onondaga County Resource Recovery Agency, (AGM), (AMT), 5.00%, 5/1/30	$	275	$	333,748
Onondaga County Resource Recovery Agency, (AGM), (AMT), 5.00%, 5/1/31		350		423,301

Security	Principal Amount (000’s omitted)		Value
Insured – Solid Waste (continued)
Onondaga County Resource Recovery Agency, (AGM), (AMT), 5.00%, 5/1/32	$	450	$	542,772
Onondaga County Resource Recovery Agency, (AGM), (AMT), 5.00%, 5/1/33		475		571,434
Onondaga County Resource Recovery Agency, (AGM), (AMT), 5.00%, 5/1/34		500		599,620
			$	2,470,875
Insured – Transportation — 1.1%
Metropolitan Transportation Authority, Green Bonds, (AGM), 5.00%, 11/15/44	$	4,000	$	4,648,040
			$	4,648,040
Lease Revenue/Certificates of Participation — 2.5%
Hudson Yards Infrastructure Corp., 5.00%, 2/15/32	$	2,320	$	2,822,767
Hudson Yards Infrastructure Corp., 5.00%, 2/15/42		4,000		4,737,640
New York State Urban Development Corp., 5.70%, 4/1/20		2,440		2,440,000
			$	10,000,407
Other Revenue — 2.7%
Build NYC Resource Corp., (Children’s Aid Society), 4.00%, 7/1/36	$	125	$	145,523
Build NYC Resource Corp., (Children’s Aid Society), 4.00%, 7/1/37		165		191,479
Build NYC Resource Corp., (Children’s Aid Society), 4.00%, 7/1/38		150		173,406
New York City Transitional Finance Authority, (Building Aid), 5.00%, 7/15/37		575		704,875
New York City Transitional Finance Authority, (Building Aid), 5.00%, 7/15/43		3,985		4,551,468
New York Liberty Development Corp., (7 World Trade Center), 5.00%, 9/15/32		5,000		5,292,800
			$	11,059,551
Senior Living/Life Care — 3.1%
Brookhaven Local Development Corp., (Jefferson’s Ferry), 5.25%, 11/1/30	$	650	$	707,206
Brookhaven Local Development Corp., (Jefferson’s Ferry), 5.25%, 11/1/31		650		705,159
Buffalo and Erie County Industrial Land Development Corp., (Orchard Park CCRC, Inc.), 5.00%, 11/15/37		4,500		4,614,885
Suffolk County Economic Development Corp., (Peconic Landing at Southold, Inc.), 5.00%, 12/1/40(1)		2,000		2,008,620
Suffolk County Economic Development Corp., (Peconic Landing at Southold, Inc.), 6.00%, 12/1/40		2,395		2,470,898

22 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living/Life Care (continued)
Tompkins County Development Corp., (Kendal at Ithaca), 5.00%, 7/1/34	$	100	$	104,302
Westchester County Local Development Corp., (Kendal on Hudson), 5.00%, 1/1/34		1,000		1,020,490
Westchester County Local Development Corp., (Miriam Osborn Memorial Home Association), 5.00%, 7/1/27		270		310,816
Westchester County Local Development Corp., (Miriam Osborn Memorial Home Association), 5.00%, 7/1/28		390		449,506
Westchester County Local Development Corp., (Miriam Osborn Memorial Home Association), 5.00%, 7/1/29		250		286,650
			$	12,678,532
Special Tax Revenue — 11.1%
New York City Transitional Finance Authority, Future Tax Revenue, 4.00%, 5/1/37	$	2,415	$	2,702,964
New York City Transitional Finance Authority, Future Tax Revenue, 4.00%, 8/1/37		1,320		1,460,712
New York City Transitional Finance Authority, Future Tax Revenue, 4.00%, 11/1/38		4,245		4,851,059
New York City Transitional Finance Authority, Future Tax Revenue, 5.00%, 5/1/36		1,605		1,609,975
New York City Transitional Finance Authority, Future Tax Revenue, 5.00%, 2/1/39		2,000		2,354,120
New York City Transitional Finance Authority, Future Tax Revenue, 5.00%, 5/1/39		2,160		2,564,309
New York City Transitional Finance Authority, Future Tax Revenue, 5.00%, 11/1/39		5,000		5,105,400
New York Convention Center Development Corp., Hotel Unit Fee, 0.00%, 11/15/28		175		144,613
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/33		725		747,301
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/44		7,500		8,525,100
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/36		1,960		2,357,586
New York Dormitory Authority, Sales Tax Revenue, (AMT), 5.00%, 3/15/33		1,390		1,721,974
Sales Tax Asset Receivable Corp., 5.00%, 10/15/27		5,000		5,755,450
Sales Tax Asset Receivable Corp., 5.00%, 10/15/28		5,000		5,743,600
			$	45,644,163
Transportation — 18.0%
Albany County Airport Authority, (AMT), 5.00%, 12/15/24	$	1,000	$	1,138,680
Albany County Airport Authority, (AMT), 5.00%, 12/15/25		500		581,215
Albany County Airport Authority, (AMT), 5.00%, 12/15/26		1,000		1,183,860
Buffalo and Fort Erie Public Bridge Authority, 5.00%, 1/1/37		200		238,382

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Metropolitan Transportation Authority, 5.00%, 11/15/35	$	550	$	609,114
Metropolitan Transportation Authority, Green Bonds, 0.00%, 11/15/32		575		434,959
Metropolitan Transportation Authority, Green Bonds, 0.00%, 11/15/33		4,400		3,230,436
Nassau County Bridge Authority, 5.00%, 10/1/40		1,915		1,949,623
New York Thruway Authority, 3.00%, 1/1/46		1,700		1,676,013
New York Thruway Authority, 3.00%, 1/1/48		7,500		7,334,700
New York Thruway Authority, 4.00%, 1/1/50		2,625		2,852,902
New York Thruway Authority, 5.00%, 1/1/33		2,310		2,916,652
New York Thruway Authority, 5.00%, 1/1/36		2,500		3,115,600
New York Thruway Authority, 5.00%, 1/1/37		1,645		1,992,227
New York Thruway Authority, 5.00%, 1/1/38		3,000		3,766,200
New York Thruway Authority, 5.00%, 1/1/39		210		262,834
New York Thruway Authority, 5.00%, 1/1/40		1,940		2,424,864
New York Thruway Authority, 5.00%, 1/1/41		1,725		2,016,284
New York Thruway Authority, Series 2016A, 5.00%, 1/1/33		3,125		3,699,437
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/46		8,100		8,222,796
Niagara Frontier Transportation Authority, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/26		1,210		1,341,140
Niagara Frontier Transportation Authority, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/28		525		634,982
Niagara Frontier Transportation Authority, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/29		275		336,985
Niagara Frontier Transportation Authority, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/30		460		562,447
Niagara Frontier Transportation Authority, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/31		180		219,631
Port Authority of New York and New Jersey, 6.125%, 6/1/94		2,500		2,957,250
Port Authority of New York and New Jersey, (AMT), 4.00%, 7/15/31		5,645		5,865,211
Port Authority of New York and New Jersey, (AMT), 4.00%, 9/1/38		1,000		1,087,710
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/35		1,520		1,802,370
Port Authority of New York and New Jersey, (AMT), 5.00%, 11/15/37		1,250		1,490,100
Triborough Bridge and Tunnel Authority, (LOC: Citibank, N.A.), 0.70%, 1/1/32(2)		1,005		1,005,000
Triborough Bridge and Tunnel Authority, (LOC: Citibank, N.A.), 0.70%, 11/1/32(2)		1,495		1,495,000
Triborough Bridge and Tunnel Authority, (LOC: State Street Bank and Trust Company), 0.70%, 1/1/32(2)		1,250		1,250,000
Triborough Bridge and Tunnel Authority, (LOC: U.S. Bank, N.A.), 1.10%, 1/1/31(2)		4,000		4,000,000
			$	73,694,604

23 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer — 1.8%
New York City Municipal Water Finance Authority, (Water and Sewer System), 4.00%, 6/15/37	$	1,000	$	1,154,560
New York City Municipal Water Finance Authority, (Water and Sewer System), 5.00%, 6/15/35		2,635		3,105,031
New York City Municipal Water Finance Authority, (Water and Sewer System), 5.00%, 6/15/40		1,330		1,617,679
New York City Municipal Water Finance Authority, (Water and Sewer System), (SPA: State Street Bank and Trust Company), 0.72%, 6/15/49(2)		1,585		1,585,000
			$	7,462,270
TotalTax-Exempt Investments — 97.2% (identified cost $383,674,520)			$	398,450,898
Taxable Municipal Securities — 1.2%
Security	Principal Amount (000’s omitted)		Value
Education — 1.2%
New York Dormitory Authority, (New York University), 2.219%, 7/1/35	$	5,000	$	4,815,600
Total Taxable Municipal Securities — 1.2% (identified cost $5,000,000)			$	4,815,600
Corporate Bonds & Notes — 0.6%
Security	Principal Amount (000’s omitted)		Value
Hospital — 0.6%
Montefiore Obligated Group, 4.287%, 9/1/50	$	2,630	$	2,273,510
Total Corporate Bonds & Notes — 0.6% (identified cost $2,630,000)			$	2,273,510

Miscellaneous — 0.2%
Security	Units		Value
Real Estate— 0.2%
CMS Liquidating Trust(3)(5)(6)		1,975,984	$	982,064
Total Miscellaneous — 0.2% (identified cost $1,280,000)			$	982,064
Total Investments — 99.2% (identified cost $392,584,520)			$	406,522,072
Other Assets, Less Liabilities — 0.8%			$	3,390,495
Net Assets — 100.0%			$	409,912,567

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 York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2020, 10.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.3% to 5.1% of total investments.

⁽¹⁾  When-issued security.

⁽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 March 31, 2020.

⁽³⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2020, the aggregate value of these securities is $14,058,124 or 3.4% of the Fund’s net assets.

⁽⁴⁾  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 March 31, 2020.

⁽⁵⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

⁽⁶⁾  Non-income producing.

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.
LOC	–	Line of Credit
NPFG	–	National Public Finance Guarantee Corp.
SPA	–	Standby Bond Purchase Agreement

24 See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 103.2%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 4.5%
Ohio Water Development Authority, 4.00%, 6/1/36	$	1,500	$	1,673,190
Ohio Water Development Authority, 5.00%, 12/1/35		2,000		2,415,860
Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), 5.25%, 6/1/20		1,000		1,006,820
Rickenbacker Port Authority, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		2,050		2,599,872
			$	7,695,742
Education — 11.0%
Bowling Green State University, 4.00%, 6/1/39	$	750	$	831,352
Kent State University, 5.00%, 5/1/30		1,185		1,418,540
Kent State University, 5.00%, 5/1/37		215		274,888
Kent State University, 5.00%, 5/1/38		250		318,263
Kent State University, 5.00%, 5/1/39		265		336,500
Kent State University, 5.00%, 5/1/40		405		513,726
Ohio Higher Educational Facility Commission, (Case Western Reserve University), 5.00%, 12/1/26		350		429,688
Ohio Higher Educational Facility Commission, (Case Western Reserve University), 5.00%, 12/1/27		300		367,662
Ohio Higher Educational Facility Commission, (Case Western Reserve University), 5.00%, 12/1/40		1,000		1,187,080
Ohio Higher Educational Facility Commission, (Case Western Reserve University), 6.50%, 10/1/20		110		112,910
Ohio Higher Educational Facility Commission, (Denison University), 5.25%, 11/1/46		1,355		1,633,913
Ohio Higher Educational Facility Commission, (Kenyon College), 4.00%, 7/1/40(1)		1,000		1,098,280
Ohio Higher Educational Facility Commission, (Oberlin College), 5.00%, 10/1/33		2,000		2,235,580
Ohio Higher Educational Facility Commission, (Oberlin College), 5.00%, 10/1/38		910		1,011,929
Ohio Higher Educational Facility Commission, (The College of Wooster), 5.00%, 9/1/36		1,000		1,231,400
Ohio Higher Educational Facility Commission, (University of Dayton), 5.00%, 12/1/32		550		616,336
Ohio State University, 5.00%, 12/1/29		1,060		1,398,341
Ohio University, 5.00%, 12/1/35		500		602,690
University of Cincinnati, 5.00%, 6/1/34		585		696,372
University of Cincinnati, 5.00%, 6/1/45		2,000		2,388,260
			$	18,703,710
Electric Utilities — 3.1%
American Municipal Power, Inc., (Combined Hydroelectric Projects), 5.00%, 2/15/29	$	1,000	$	1,285,170

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
American Municipal Power, Inc., (Greenup Hydroelectric Facility), 5.00%, 2/15/46	$	1,000	$	1,143,900
American Municipal Power, Inc., (Meldahl Hydroelectric), 4.00%, 2/15/34		2,005		2,193,189
American Municipal Power, Inc., (Meldahl Hydroelectric), 5.00%, 2/15/33		595		698,423
			$	5,320,682
Escrowed/Prerefunded — 4.5%
Cleveland, Income Tax Revenue, (Bridges and Roadways Improvements), Prerefunded to 10/1/22, 5.00%, 10/1/32	$	500	$	548,815
Cleveland, Income Tax Revenue, (Parks and Recreation Facilities Improvements), 5.00%, 10/1/35		1,000		1,096,330
Highland Local School District, Prerefunded to 6/1/23, 5.00%, 12/1/37		540		605,480
Highland Local School District, Prerefunded to 6/1/23, 5.00%, 12/1/39		1,100		1,233,386
Lakewood City School District, Prerefunded to 11/1/22, 5.00%, 11/1/36		1,030		1,131,084
Northeast Ohio Regional Sewer District, Prerefunded to 11/15/24, 5.00%, 11/15/44		1,255		1,474,223
Ohio Higher Educational Facility Commission, (Summa Health System), Prerefunded to 5/15/20, 5.75%, 11/15/40		1,495		1,503,133
Ohio State University, Escrowed to Maturity, 5.00%, 12/1/29		45		59,738
Ohio, (Cleveland Clinic Health System), Prerefunded to 1/1/28, 4.00%, 1/1/43		20		23,805
			$	7,675,994
General Obligations — 5.7%
Butler County, Special Tax Assessment, 5.50%, 12/1/28	$	1,000	$	1,003,420
Columbus City School District, 5.00%, 12/1/30		1,500		1,813,860
Cuyahoga Community College District, 3.50%, 12/1/39		1,400		1,494,038
Cuyahoga Community College District, 4.00%, 12/1/42		1,500		1,701,015
Northwest Local School District, Prerefunded to 12/1/23, 5.00%, 12/1/40		500		570,025
Ohio, 5.00%, 5/1/33		1,500		1,842,405
Westerville City School District, 4.00%, 12/1/32		425		511,798
Westerville City School District, 4.00%, 12/1/33		625		749,231
			$	9,685,792
Hospital — 16.3%
Akron, Bath and Copley Joint Township Hospital District, (Children’s Hospital Medical Center of Akron), 5.00%, 11/15/32	$	2,450	$	2,596,780

25 See Notes to Financial Statements.

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Ohio Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Akron, Bath and Copley Joint Township Hospital District, (Children’s Hospital Medical Center of Akron), 5.00%, 11/15/38	$	1,155	$	1,242,768
Allen County, (Mercy Health), 4.00%, 8/1/47(2)		5,150		5,557,519
Bluffton, (Blanchard Valley Health System), 5.00%, 12/1/31		750		915,518
Butler County, (UC Health), 4.00%, 11/15/37		920		1,013,628
Butler County, (UC Health), 5.00%, 11/15/28		590		727,393
Butler County, (Kettering Health Network Obligated Group), 5.25%, 4/1/31		2,500		2,582,350
Franklin County, (Nationwide Children’s Hospital), 5.00%, 11/1/34		750		908,558
Franklin County, (OhioHealth Corp.), 5.00%, 5/15/40		1,200		1,395,192
Franklin County, (Trinity Health Credit Group), 5.00%, 12/1/46		2,000		2,303,880
Miami County, (Kettering Health Network Obligated Group), 5.00%, 8/1/38		1,000		1,175,070
Muskingum County, (Genesis HealthCare System Obligated Group), 5.00%, 2/15/33		460		495,452
Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40		870		874,307
Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 5.00%, 1/15/27		1,500		1,638,285
Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 5.00%, 1/15/29		450		489,555
Ohio, (Cleveland Clinic Health System), 4.00%, 1/1/43		2,190		2,428,316
Ohio, (University Hospitals Health Systems, Inc.), 3.00%, 1/15/45		1,000		944,730
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/24		215		239,301
			$	27,528,602
Housing — 0.5%
Ohio Housing Finance Agency, 3.00%, 9/1/39	$	750	$	783,465
			$	783,465
Industrial Development Revenue — 2.3%
Cleveland, (Continental Airlines), (AMT), 5.375%, 9/15/27	$	2,380	$	2,371,837
Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 4.25%, 1/15/38(3)		1,700		1,565,887
			$	3,937,724
Insured-Electric Utilities — 8.7%
Cleveland, Public Power System Revenue, (AGM), 4.00%, 11/15/38	$	1,000	$	1,131,750
Cleveland, Public Power System Revenue, (AGM), 5.00%, 11/15/24		1,265		1,474,750

Security	Principal Amount (000’s omitted)		Value
Insured-Electric Utilities (continued)
Cleveland, Public Power System Revenue, (NPFG), 0.00%, 11/15/27	$	2,540	$	2,169,033
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26		3,000		2,695,830
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/27		2,500		2,193,075
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/28		4,750		4,060,822
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		1,005		1,015,181
			$	14,740,441
Insured-Escrowed/Prerefunded — 0.9%
Cleveland, Airport System Revenue, (AGM), Prerefunded to 10/1/22, 5.00%, 1/1/30	$	1,170	$	1,249,150
Cleveland, Public Power System Revenue, (AGM), Escrowed to Maturity, 5.00%, 11/15/24		235		275,472
			$	1,524,622
Insured-General Obligations — 20.9%
Cincinnati City School District, 5.25%, 12/1/29(2)	$	7,500	$	10,014,525
Cleveland, (AMBAC), 5.50%, 10/1/23		2,105		2,411,909
Kettering City School District, (AGM), 5.25%, 12/1/31		4,505		5,752,164
Mason City School District, (AGM), 5.25%, 12/1/31		3,525		4,690,224
Springboro Community City School District, (AGM), 5.25%, 12/1/30		5,000		6,580,050
Warrensville Heights City School District, (BAM), 5.00%, 12/1/44		300		340,857
Westerville City School District, (XLCA), 5.00%, 12/1/27		4,590		5,681,227
			$	35,470,956
Insured-Hospital — 1.1%
Lucas County, (ProMedica Healthcare Obligated Group), (AGM), 4.00%, 11/15/45	$	1,725	$	1,783,253
			$	1,783,253
Insured-Transportation — 6.4%
Cleveland, Airport System Revenue, (AGM), (AMT), 5.00%, 1/1/43	$	1,000	$	1,155,480
Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/35		1,500		1,708,650
Ohio Turnpike Commission, (NPFG), 5.50%, 2/15/24		5,000		5,602,350
Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/41		2,250		2,332,260
			$	10,798,740

26 See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured-Water and Sewer — 2.6%
Newark, Water System Revenue, (AGM), 5.00%, 12/1/39	$	3,680	$	4,345,786
			$	4,345,786
Other Revenue — 3.6%
Cuyahoga County, (Cleveland Orchestra), 5.00%, 1/1/33	$	400	$	483,996
Cuyahoga County, (Cleveland Orchestra), 5.00%, 1/1/34		300		361,932
Cuyahoga County, (Cleveland Orchestra), 5.00%, 1/1/35		500		601,070
Cuyahoga County, (Cleveland Orchestra), 5.00%, 1/1/41		725		857,371
Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27		2,175		2,177,762
Summit County Port Authority, 5.00%, 12/1/31		1,410		1,542,737
			$	6,024,868
Senior Living/Life Care — 1.0%
Lorain County Port Authority, (Kendal at Oberlin), 5.00%, 11/15/30	$	580	$	635,523
Warren County, (Otterbein Homes Obligated Group), 5.75%, 7/1/33		905		1,015,211
			$	1,650,734
Special Tax Revenue — 5.8%
Akron, Income Tax Revenue, 4.00%, 12/1/36	$	655	$	736,456
Akron, Income Tax Revenue, 4.00%, 12/1/37		520		583,351
Cuyahoga County, Sales Tax Revenue, 5.00%, 12/1/35		1,000		1,151,620
Delaware County, Sales Tax Revenue, 5.00%, 12/1/28		2,000		2,364,500
Franklin County Convention Facilities Authority, 5.00%, 12/1/26		1,000		1,161,890
Franklin County Convention Facilities Authority, (Greater Columbus Convention Center Hotel Expansion), 5.00%, 12/1/39		525		453,201
Franklin County, Sales Tax Revenue, 5.00%, 6/1/43		1,000		1,232,580
Greater Cleveland Regional Transit Authority, Sales Tax Revenue, 5.00%, 12/1/31		435		531,566
Green, Income Tax Revenue, (Community Learning Centers), 5.00%, 12/1/26		570		626,179
Green, Income Tax Revenue, (Community Learning Centers), 5.00%, 12/1/28		940		1,031,603
			$	9,872,946
Transportation — 0.4%
Cleveland, Airport System Revenue, (AMT), 5.00%, 1/1/27	$	625	$	737,106
			$	737,106

Security	Principal Amount (000’s omitted)		Value
Water and Sewer — 3.9%
Cleveland, Water Pollution Control Revenue, 5.00%, 11/15/41	$	945	$	1,097,627
Columbus, Sewerage System Revenue, 5.00%, 6/1/30		1,500		1,813,860
Lancaster, Wastewater System Revenue, 4.00%, 12/1/33		1,265		1,390,324
Toledo, Water System Revenue, 5.00%, 11/15/41		2,000		2,366,600
			$	6,668,411
TotalTax-Exempt Investments — 103.2% (identified cost $159,216,111)			$	174,949,574
Other Assets, Less Liabilities — (3.2)%			$	(5,460,050	)
Net Assets — 100.0%			$	169,489,524

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 Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2020, 33.5% 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 0.2% to 17.2% of total investments

⁽¹⁾  When-issued security.

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

⁽³⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2020, the aggregate value of these securities is $1,565,887 or 0.9% of the Fund’s net assets.

27 See Notes to Financial Statements.

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Ohio Municipal Income Fund

March 31, 2020

Portfolio of Investments (Unaudited) — continued

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount			Value/Unrealized Depreciation
Interest Rate Futures
U.S. Long Treasury Bond		30		Short		6/19/20	$	(5,371,875	)	$	(389,127	)
										$	(389,127	)

Abbreviations:

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

28 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Statements of Assets and Liabilities (Unaudited)

	March 31, 2020
Assets	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
Investments —
Identified cost	$	370,378,212	$	166,213,583	$	392,584,520	$	159,216,111
Unrealized appreciation		9,786,947		11,950,482		13,937,552		15,733,463
Investments, at value	$	380,165,159	$	178,164,065	$	406,522,072	$	174,949,574
Cash	$	1,743,427	$	51,542	$	11,261,894	$	2,764,526
Deposits for derivatives collateral — financial futures contracts		—		—		—		195,000
Interest receivable		3,910,766		1,697,164		4,251,281		2,249,765
Receivable for investments sold		4,070,207		—		17,897,064		—
Receivable for Fund shares sold		1,525,914		31,042		601,960		76,795
Receivable for variation margin on open financial futures contracts		—		—		—		49,747
Total assets	$	391,415,473	$	179,943,813	$	440,534,271	$	180,285,407
Liabilities
Payable for floating rate notes issued	$	2,310,000	$	3,678,948	$	—	$	9,178,956
Payable for investments purchased		3,272,040		—		10,650,930		—
Payable for when-issued securities		11,105,717		—		18,743,460		1,101,530
Payable for Fund shares redeemed		2,238,193		170,221		717,608		241,897
Distributions payable		81,620		63,874		117,662		49,322
Payable to affiliates:
Investment adviser fee		127,389		52,333		127,876		52,071
Distribution and service fees		51,227		25,019		69,323		27,323
Interest expense and fees payable		18,299		10,548		—		49,535
Accrued expenses		156,040		97,383		194,845		95,249
Total liabilities	$	19,360,525	$	4,098,326	$	30,621,704	$	10,795,883
Net Assets	$	372,054,948	$	175,845,487	$	409,912,567	$	169,489,524
Sources of Net Assets
Paid-in capital	$	363,964,550	$	164,065,759	$	391,132,574	$	163,703,481
Distributable earnings		8,090,398		11,779,728		18,779,993		5,786,043
Net Assets	$	372,054,948	$	175,845,487	$	409,912,567	$	169,489,524
Class A Shares
Net Assets	$	123,180,442	$	93,521,618	$	230,945,706	$	101,264,237
Shares Outstanding		11,656,158		10,548,277		22,410,485		11,119,638
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.57	$	8.87	$	10.31	$	9.11
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	11.10	$	9.31	$	10.82	$	9.56
Class C Shares
Net Assets	$	25,837,798	$	10,998,832	$	36,363,366	$	12,253,394
Shares Outstanding		2,644,665		1,240,212		3,527,073		1,346,290
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.77	$	8.87	$	10.31	$	9.10
Class I Shares
Net Assets	$	223,036,708	$	71,325,037	$	142,603,495	$	55,971,893
Shares Outstanding		21,094,414		8,046,414		13,842,182		6,142,548
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.57	$	8.86	$	10.30	$	9.11

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

March 31, 2020

Statements of Operations (Unaudited)

	Six Months Ended March 31, 2020
Investment Income	California Opportunities Fund			Massachusetts Fund			New York Fund			Ohio Fund
Interest	$	5,139,421		$	2,739,321		$	5,879,091		$	3,090,840
Total investment income	$	5,139,421		$	2,739,321		$	5,879,091		$	3,090,840
Expenses
Investment adviser fee	$	720,901		$	306,489		$	762,173		$	304,177
Distribution and service fees
Class A		157,483			94,343			235,893			103,873
Class C		145,209			57,329			184,214			61,592
Trustees’ fees and expenses		9,550			4,540			10,412			4,408
Custodian fee		39,867			22,803			49,982			22,454
Transfer and dividend disbursing agent fees		49,677			32,933			82,294			35,805
Legal and accounting services		35,880			31,649			40,009			28,425
Printing and postage		10,476			6,603			14,530			7,763
Registration fees		351			6,608			2,785			4,635
Interest expense and fees		23,418			38,861			—			88,816
Miscellaneous		23,448			12,494			22,185			13,499
Total expenses	$	1,216,260		$	614,652		$	1,404,477		$	675,447
Net investment income	$	3,923,161		$	2,124,669		$	4,474,614		$	2,415,393
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(1,511,113	)	$	372,000		$	4,588,559		$	(4,648	)
Financial futures contracts		—			—			—			(60,748	)
Net realized gain (loss)	$	(1,511,113	)	$	372,000		$	4,588,559		$	(65,396	)
Change in unrealized appreciation (depreciation) —
Investments	$	(6,558,689	)	$	(2,616,613	)	$	(7,838,088	)	$	(1,574,880	)
Financial futures contracts		—			—			—			(495,008	)
Net change in unrealized appreciation (depreciation)	$	(6,558,689	)	$	(2,616,613	)	$	(7,838,088	)	$	(2,069,888	)
Net realized and unrealized loss	$	(8,069,802	)	$	(2,244,613	)	$	(3,249,529	)	$	(2,135,284	)
Net increase (decrease) in net assets from operations	$	(4,146,641	)	$	(119,944	)	$	1,225,085		$	280,109

30 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Statements of Changes in Net Assets

	Six Months Ended March 31, 2020 (Unaudited)
Increase (Decrease) in Net Assets	California Opportunities Fund			Massachusetts Fund			New York Fund			Ohio Fund
From operations —
Net investment income	$	3,923,161		$	2,124,669		$	4,474,614		$	2,415,393
Net realized gain (loss)		(1,511,113	)		372,000			4,588,559			(65,396	)
Net change in unrealized appreciation (depreciation)		(6,558,689	)		(2,616,613	)		(7,838,088	)		(2,069,888	)
Net increase (decrease) in net assets from operations	$	(4,146,641	)	$	(119,944	)	$	1,225,085		$	280,109
Distributions to shareholders —
Class A	$	(1,748,445	)	$	(1,232,730	)	$	(2,677,884	)	$	(1,449,879	)
Class C		(300,345	)		(113,009	)		(295,014	)		(132,239	)
Class I		(3,350,567	)		(966,251	)		(1,748,009	)		(801,320	)
Total distributions to shareholders	$	(5,399,357	)	$	(2,311,990	)	$	(4,720,907	)	$	(2,383,438	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	12,084,384		$	4,884,376		$	10,903,087		$	8,201,378
Class C		4,616,607			802,627			2,125,370			1,057,150
Class I		83,894,278			17,421,875			20,605,180			11,649,478
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,468,225			1,018,479			2,368,878			1,264,999
Class C		266,881			96,375			227,278			110,049
Class I		3,045,231			822,880			1,396,229			718,328
Cost of shares redeemed
Class A		(14,337,431	)		(5,371,400	)		(17,132,224	)		(10,464,844	)
Class C		(5,439,601	)		(1,340,970	)		(5,290,304	)		(1,148,654	)
Class I		(53,109,361	)		(9,691,222	)		(14,947,535	)		(5,610,758	)
Net asset value of shares converted
Class A		349,293			896,933			1,060,010			861,470
Class C		(349,293	)		(896,933	)		(1,060,010	)		(861,470	)
Net increase in net assets from Fund share transactions	$	32,489,213		$	8,643,020		$	255,959		$	5,777,126
Net increase (decrease) in net assets	$	22,943,215		$	6,211,086		$	(3,239,863	)	$	3,673,797
Net Assets
At beginning of period	$	349,111,733		$	169,634,401		$	413,152,430		$	165,815,727
At end of period	$	372,054,948		$	175,845,487		$	409,912,567		$	169,489,524

31 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Statements of Changes in Net Assets — continued

	Year Ended September 30, 2019
Increase (Decrease) in Net Assets	California Opportunities Fund			Massachusetts Fund			New York Fund			Ohio Fund
From operations —
Net investment income	$	7,208,139		$	4,449,736		$	10,301,223		$	4,718,915
Net realized gain (loss)		3,344,446			(785,890	)		7,935,111			(801,036	)
Net change in unrealized appreciation (depreciation)		13,217,445			7,471,069			14,674,014			9,266,461
Net increase in net assets from operations	$	23,770,030		$	11,134,915		$	32,910,348		$	13,184,340
Distributions to shareholders —
Class A	$	(2,845,527	)	$	(2,617,786	)	$	(5,962,314	)	$	(3,010,485	)
Class C		(425,085	)		(276,851	)		(880,601	)		(341,351	)
Class I		(3,923,470	)		(1,594,256	)		(3,446,566	)		(1,305,694	)
Total distributions to shareholders	$	(7,194,082	)	$	(4,488,893	)	$	(10,289,481	)	$	(4,657,530	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	26,840,390		$	7,074,567		$	23,062,535		$	9,752,025
Class C		10,061,657			2,222,218			4,180,859			1,911,311
Class I		99,897,563			29,335,870			46,049,651			21,187,385
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,368,563			2,152,136			5,203,569			2,599,469
Class C		372,221			226,796			703,105			281,723
Class I		3,506,320			1,336,234			2,769,963			1,105,526
Cost of shares redeemed
Class A		(19,531,208	)		(11,681,230	)		(33,788,717	)		(17,580,758	)
Class C		(5,773,211	)		(1,658,955	)		(13,591,392	)		(4,326,972	)
Class I		(33,787,892	)		(9,762,738	)		(41,886,708	)		(10,289,119	)
Net asset value of shares converted
Class A		2,858,162			3,645,073			8,952,777			4,624,174
Class C		(2,858,162	)		(3,645,073	)		(8,952,777	)		(4,624,174	)
Net increase (decrease) in net assets from Fund share transactions	$	83,954,403		$	19,244,898		$	(7,297,135	)	$	4,640,590
Net increase in net assets	$	100,530,351		$	25,890,920		$	15,323,732		$	13,167,400
Net Assets
At beginning of year	$	248,581,382		$	143,743,481		$	397,828,698		$	152,648,327
At end of year	$	349,111,733		$	169,634,401		$	413,152,430		$	165,815,727

32 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights

	California Opportunities Fund — Class A
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.800		$	10.210		$	10.410		$	10.740		$	10.250		$	10.230
Income (Loss) From Operations
Net investment income(1)	$	0.107		$	0.258		$	0.263		$	0.262		$	0.302		$	0.377
Net realized and unrealized gain (loss)		(0.187	)		0.590			(0.200	)		(0.332	)		0.491			0.018
Total income (loss) from operations	$	(0.080	)	$	0.848		$	0.063		$	(0.070	)	$	0.793		$	0.395
Less Distributions
From net investment income	$	(0.114	)	$	(0.258	)	$	(0.263	)	$	(0.260	)	$	(0.303	)	$	(0.375	)
From net realized gain		(0.036	)		—			—			—			—			—
Total distributions	$	(0.150	)	$	(0.258	)	$	(0.263	)	$	(0.260	)	$	(0.303	)	$	(0.375	)
Net asset value — End of period	$	10.570		$	10.800		$	10.210		$	10.410		$	10.740		$	10.250
Total Return(2)		(0.76	)%(3)		8.52	%		0.52	%		(0.60	)%		7.83	%		3.92	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	123,180		$	126,381		$	107,204		$	124,821		$	148,675		$	122,727
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.72	%(5)		0.76	%		0.77	%		0.77	%		0.78	%		0.84	%
Interest and fee expense(6)		0.01	%(5)		0.04	%		0.07	%		0.05	%		0.04	%		0.04	%
Total expenses(4)		0.73	%(5)		0.80	%		0.84	%		0.82	%		0.82	%		0.88	%
Net investment income		1.99	%(5)		2.47	%		2.56	%		2.53	%		2.86	%		3.68	%
Portfolio Turnover		92	%(3)		235	%		293	%		146	%		219	%		66	%

⁽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).

33 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	California Opportunities Fund — Class C
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.990		$	9.440		$	9.620		$	9.930		$	9.480		$	9.460
Income (Loss) From Operations
Net investment income(1)	$	0.061		$	0.166		$	0.172		$	0.170		$	0.198		$	0.277
Net realized and unrealized gain (loss)		(0.178	)		0.550			(0.180	)		(0.311	)		0.459			0.019
Total income (loss) from operations	$	(0.117	)	$	0.716		$	(0.008	)	$	(0.141	)	$	0.657		$	0.296
Less Distributions
From net investment income	$	(0.067	)	$	(0.166	)	$	(0.172	)	$	(0.169	)	$	(0.207	)	$	(0.276	)
From net realized gain		(0.036	)		—			—			—			—			—
Total distributions	$	(0.103	)	$	(0.166	)	$	(0.172	)	$	(0.169	)	$	(0.207	)	$	(0.276	)
Net asset value — End of period	$	9.770		$	9.990		$	9.440		$	9.620		$	9.930		$	9.480
Total Return(2)		(1.18	)%(3)		7.66	%		(0.08	)%		(1.40	)%		6.98	%		3.17	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	25,838		$	27,616		$	24,437		$	30,020		$	35,006		$	15,343
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.47	%(5)		1.51	%		1.52	%		1.52	%		1.53	%		1.59	%
Interest and fee expense(6)		0.01	%(5)		0.04	%		0.07	%		0.05	%		0.04	%		0.04	%
Total expenses(4)		1.48	%(5)		1.55	%		1.59	%		1.57	%		1.57	%		1.63	%
Net investment income		1.23	%(5)		1.72	%		1.80	%		1.78	%		2.02	%		2.92	%
Portfolio Turnover		92	%(3)		235	%		293	%		146	%		219	%		66	%

⁽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).

34 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	California Opportunities Fund — Class I
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.810		$	10.210		$	10.420		$	10.750		$	10.260		$	10.240
Income (Loss) From Operations
Net investment income(1)	$	0.120		$	0.282		$	0.289		$	0.287		$	0.312		$	0.403
Net realized and unrealized gain (loss)		(0.197	)		0.602			(0.210	)		(0.331	)		0.507			0.018
Total income (loss) from operations	$	(0.077	)	$	0.884		$	0.079		$	(0.044	)	$	0.819		$	0.421
Less Distributions
From net investment income	$	(0.127	)	$	(0.284	)	$	(0.289	)	$	(0.286	)	$	(0.329	)	$	(0.401	)
From net realized gain		(0.036	)		—			—			—			—			—
Total distributions	$	(0.163	)	$	(0.284	)	$	(0.289	)	$	(0.286	)	$	(0.329	)	$	(0.401	)
Net asset value — End of period	$	10.570		$	10.810		$	10.210		$	10.420		$	10.750		$	10.260
Total Return(2)		(0.74	)%(3)		8.79	%		0.77	%		(0.35	)%		8.09	%		4.18	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	223,037		$	195,115		$	116,940		$	118,737		$	109,169		$	21,945
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.47	%(5)		0.51	%		0.51	%		0.52	%		0.52	%		0.59	%
Interest and fee expense(6)		0.01	%(5)		0.04	%		0.07	%		0.05	%		0.04	%		0.04	%
Total expenses(4)		0.48	%(5)		0.55	%		0.58	%		0.57	%		0.56	%		0.63	%
Net investment income		2.23	%(5)		2.68	%		2.80	%		2.77	%		2.93	%		3.92	%
Portfolio Turnover		92	%(3)		235	%		293	%		146	%		219	%		66	%

⁽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).

35 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	Massachusetts Fund — Class A
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.980		$	8.600		$	8.890		$	9.180		$	9.030		$	9.120
Income (Loss) From Operations
Net investment income(1)	$	0.108		$	0.252		$	0.265		$	0.285		$	0.304		$	0.322
Net realized and unrealized gain (loss)		(0.101	)		0.382			(0.280	)		(0.292	)		0.160			(0.088	)
Total income (loss) from operations	$	0.007		$	0.634		$	(0.015	)	$	(0.007	)	$	0.464		$	0.234
Less Distributions
From net investment income	$	(0.117	)	$	(0.254	)	$	(0.275	)	$	(0.283	)	$	(0.314	)	$	(0.324	)
Total distributions	$	(0.117	)	$	(0.254	)	$	(0.275	)	$	(0.283	)	$	(0.314	)	$	(0.324	)
Net asset value — End of period	$	8.870		$	8.980		$	8.600		$	8.890		$	9.180		$	9.030
Total Return(2)		0.07	%(3)		7.48	%		(0.17	)%		(0.02	)%		5.20	%		2.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	93,522		$	93,288		$	88,205		$	99,934		$	116,883		$	109,990
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.69	%(5)		0.71	%		0.72	%		0.70	%		0.72	%		0.72	%
Interest and fee expense(6)		0.04	%(5)		0.05	%		0.05	%		0.06	%		0.06	%		0.05	%
Total expenses(4)		0.73	%(5)		0.76	%		0.77	%		0.76	%		0.78	%		0.77	%
Net investment income		2.40	%(5)		2.87	%		3.03	%		3.21	%		3.31	%		3.54	%
Portfolio Turnover		11	%(3)		49	%		41	%		28	%		17	%		10	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Annualized.

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

36 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	Massachusetts Fund — Class C
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.990		$	8.610		$	8.890		$	9.190		$	9.040		$	9.120
Income (Loss) From Operations
Net investment income(1)	$	0.074		$	0.186		$	0.200		$	0.219		$	0.234		$	0.252
Net realized and unrealized gain (loss)		(0.110	)		0.382			(0.270	)		(0.302	)		0.162			(0.076	)
Total income (loss) from operations	$	(0.036	)	$	0.568		$	(0.070	)	$	(0.083	)	$	0.396		$	0.176
Less Distributions
From net investment income	$	(0.084	)	$	(0.188	)	$	(0.210	)	$	(0.217	)	$	(0.246	)	$	(0.256	)
Total distributions	$	(0.084	)	$	(0.188	)	$	(0.210	)	$	(0.217	)	$	(0.246	)	$	(0.256	)
Net asset value — End of period	$	8.870		$	8.990		$	8.610		$	8.890		$	9.190		$	9.040
Total Return(2)		(0.30	)%(3)		6.55	%		(0.80	)%		(0.87	)%		4.41	%		1.95	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	10,999		$	12,518		$	14,848		$	19,219		$	24,165		$	21,074
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.44	%(5)		1.46	%		1.47	%		1.46	%		1.47	%		1.47	%
Interest and fee expense(6)		0.04	%(5)		0.05	%		0.05	%		0.06	%		0.06	%		0.05	%
Total expenses(4)		1.48	%(5)		1.51	%		1.52	%		1.52	%		1.53	%		1.52	%
Net investment income		1.65	%(5)		2.12	%		2.29	%		2.47	%		2.55	%		2.78	%
Portfolio Turnover		11	%(3)		49	%		41	%		28	%		17	%		10	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Annualized.

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

37 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	Massachusetts Fund — Class I
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.980		$	8.600		$	8.880		$	9.180		$	9.030		$	9.120
Income (Loss) From Operations
Net investment income(1)	$	0.117		$	0.268		$	0.283		$	0.302		$	0.320		$	0.338
Net realized and unrealized gain (loss)		(0.111	)		0.384			(0.270	)		(0.301	)		0.162			(0.086	)
Total income from operations	$	0.006		$	0.652		$	0.013		$	0.001		$	0.482		$	0.252
Less Distributions
From net investment income	$	(0.126	)	$	(0.272	)	$	(0.293	)	$	(0.301	)	$	(0.332	)	$	(0.342	)
Total distributions	$	(0.126	)	$	(0.272	)	$	(0.293	)	$	(0.301	)	$	(0.332	)	$	(0.342	)
Net asset value — End of period	$	8.860		$	8.980		$	8.600		$	8.880		$	9.180		$	9.030
Total Return(2)		0.05	%(3)		7.69	%		0.15	%		0.07	%		5.40	%		2.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	71,325		$	63,829		$	40,691		$	45,551		$	44,995		$	32,876
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.49	%(5)		0.51	%		0.52	%		0.50	%		0.52	%		0.52	%
Interest and fee expense(6)		0.04	%(5)		0.05	%		0.05	%		0.06	%		0.06	%		0.05	%
Total expenses(4)		0.53	%(5)		0.56	%		0.57	%		0.56	%		0.58	%		0.57	%
Net investment income		2.60	%(5)		3.05	%		3.23	%		3.41	%		3.49	%		3.72	%
Portfolio Turnover		11	%(3)		49	%		41	%		28	%		17	%		10	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Annualized.

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

38 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	New York Fund — Class A
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.380		$	9.800		$	10.110		$	10.390		$	10.070		$	10.140
Income (Loss) From Operations
Net investment income(1)	$	0.112		$	0.265		$	0.285		$	0.304		$	0.326		$	0.365
Net realized and unrealized gain (loss)		(0.064	)		0.580			(0.311	)		(0.276	)		0.320			(0.072	)
Total income (loss) from operations	$	0.048		$	0.845		$	(0.026	)	$	0.028		$	0.646		$	0.293
Less Distributions
From net investment income	$	(0.118	)	$	(0.265	)	$	(0.284	)	$	(0.308	)	$	(0.326	)	$	(0.363	)
Total distributions	$	(0.118	)	$	(0.265	)	$	(0.284	)	$	(0.308	)	$	(0.326	)	$	(0.363	)
Net asset value — End of period	$	10.310		$	10.380		$	9.800		$	10.110		$	10.390		$	10.070
Total Return(2)		0.36	%(3)		8.74	%		(0.26	)%		0.33	%		6.49	%		2.93	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	230,946		$	235,528		$	218,892		$	247,160		$	291,077		$	265,348
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.67	%(5)		0.69	%		0.70	%		0.70	%		0.70	%		0.71	%
Interest and fee expense		—			0.04	%(6)		0.09	%(6)		0.07	%(6)		0.05	%(6)		0.05	%(6)
Total expenses(4)		0.67	%(5)		0.73	%		0.79	%		0.77	%		0.75	%		0.76	%
Net investment income		2.15	%(5)		2.63	%		2.86	%		3.02	%		3.16	%		3.61	%
Portfolio Turnover		72	%(3)		114	%		75	%		56	%		38	%		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).

39 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	New York Fund — Class C
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.390		$	9.800		$	10.120		$	10.390		$	10.070		$	10.140
Income (Loss) From Operations
Net investment income(1)	$	0.073		$	0.192		$	0.211		$	0.229		$	0.248		$	0.288
Net realized and unrealized gain (loss)		(0.074	)		0.588			(0.321	)		(0.266	)		0.320			(0.071	)
Total income (loss) from operations	$	(0.001	)	$	0.780		$	(0.110	)	$	(0.037	)	$	0.568		$	0.217
Less Distributions
From net investment income	$	(0.079	)	$	(0.190	)	$	(0.210	)	$	(0.233	)	$	(0.248	)	$	(0.287	)
Total distributions	$	(0.079	)	$	(0.190	)	$	(0.210	)	$	(0.233	)	$	(0.248	)	$	(0.287	)
Net asset value — End of period	$	10.310		$	10.390		$	9.800		$	10.120		$	10.390		$	10.070
Total Return(2)		(0.02	)%(3)		8.03	%		(1.10	)%		(0.32	)%		5.69	%		2.17	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	36,363		$	40,711		$	55,817		$	66,727		$	80,371		$	62,713
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.42	%(5)		1.44	%		1.45	%		1.45	%		1.44	%		1.46	%
Interest and fee expense		—			0.04	%(6)		0.09	%(6)		0.07	%(6)		0.05	%(6)		0.05	%(6)
Total expenses(4)		1.42	%(5)		1.48	%		1.54	%		1.52	%		1.49	%		1.51	%
Net investment income		1.40	%(5)		1.91	%		2.11	%		2.27	%		2.40	%		2.85	%
Portfolio Turnover		72	%(3)		114	%		75	%		56	%		38	%		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).

40 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	New York Fund — Class I
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.380		$	9.800		$	10.110		$	10.390		$	10.070		$	10.140
Income (Loss) From Operations
Net investment income(1)	$	0.122		$	0.285		$	0.305		$	0.322		$	0.342		$	0.384
Net realized and unrealized gain (loss)		(0.074	)		0.580			(0.311	)		(0.274	)		0.324			(0.071	)
Total income (loss) from operations	$	0.048		$	0.865		$	(0.006	)	$	0.048		$	0.666		$	0.313
Less Distributions
From net investment income	$	(0.128	)	$	(0.285	)	$	(0.304	)	$	(0.328	)	$	(0.346	)	$	(0.383	)
Total distributions	$	(0.128	)	$	(0.285	)	$	(0.304	)	$	(0.328	)	$	(0.346	)	$	(0.383	)
Net asset value — End of period	$	10.300		$	10.380		$	9.800		$	10.110		$	10.390		$	10.070
Total Return(2)		0.45	%(3)		8.96	%		(0.06	)%		0.53	%		6.70	%		3.14	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	142,603		$	136,913		$	123,119		$	126,524		$	104,643		$	52,507
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.47	%(5)		0.49	%		0.50	%		0.50	%		0.49	%		0.51	%
Interest and fee expense		—			0.04	%(6)		0.09	%(6)		0.07	%(6)		0.05	%(6)		0.05	%(6)
Total expenses(4)		0.47	%(5)		0.53	%		0.59	%		0.57	%		0.54	%		0.56	%
Net investment income		2.35	%(5)		2.83	%		3.06	%		3.20	%		3.31	%		3.80	%
Portfolio Turnover		72	%(3)		114	%		75	%		56	%		38	%		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).

41 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	Ohio Fund — Class A
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.210		$	8.700		$	9.020		$	9.300		$	9.060		$	9.180
Income (Loss) From Operations
Net investment income(1)	$	0.130		$	0.276		$	0.283		$	0.313		$	0.329		$	0.348
Net realized and unrealized gain (loss)		(0.102	)		0.506			(0.324	)		(0.283	)		0.237			(0.123	)
Total income (loss) from operations	$	0.028		$	0.782		$	(0.041	)	$	0.030		$	0.566		$	0.225
Less Distributions
From net investment income	$	(0.128	)	$	(0.272	)	$	(0.279	)	$	(0.310	)	$	(0.326	)	$	(0.345	)
Total distributions	$	(0.128	)	$	(0.272	)	$	(0.279	)	$	(0.310	)	$	(0.326	)	$	(0.345	)
Net asset value — End of period	$	9.110		$	9.210		$	8.700		$	9.020		$	9.300		$	9.060
Total Return(2)		0.30	%(3)		9.12	%		(0.45	)%		0.39	%		6.33	%		2.48	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	101,264		$	102,651		$	97,736		$	114,303		$	136,271		$	130,016
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.70	%(5)		0.71	%		0.71	%		0.72	%		0.71	%		0.72	%
Interest and fee expense(6)		0.10	%(5)		0.13	%		0.14	%		0.11	%		0.05	%		0.02	%
Total expenses(4)		0.80	%(5)		0.84	%		0.85	%		0.83	%		0.76	%		0.74	%
Net investment income		2.83	%(5)		3.08	%		3.20	%		3.48	%		3.56	%		3.81	%
Portfolio Turnover		7	%(3)		11	%		13	%		10	%		9	%		4	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Annualized.

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

42 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	Ohio Fund — Class C
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.200		$	8.700		$	9.010		$	9.300		$	9.060		$	9.170
Income (Loss) From Operations
Net investment income(1)	$	0.096		$	0.209		$	0.217		$	0.245		$	0.259		$	0.279
Net realized and unrealized gain (loss)		(0.102	)		0.496			(0.314	)		(0.293	)		0.237			(0.113	)
Total income (loss) from operations	$	(0.006	)	$	0.705		$	(0.097	)	$	(0.048	)	$	0.496		$	0.166
Less Distributions
From net investment income	$	(0.094	)	$	(0.205	)	$	(0.213	)	$	(0.242	)	$	(0.256	)	$	(0.276	)
Total distributions	$	(0.094	)	$	(0.205	)	$	(0.213	)	$	(0.242	)	$	(0.256	)	$	(0.276	)
Net asset value — End of period	$	9.100		$	9.200		$	8.700		$	9.010		$	9.300		$	9.060
Total Return(2)		(0.08	)%(3)		8.19	%		(1.09	)%		(0.47	)%		5.53	%		1.83	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	12,253		$	13,233		$	19,191		$	22,210		$	24,822		$	21,899
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.45	%(5)		1.46	%		1.46	%		1.47	%		1.46	%		1.47	%
Interest and fee expense(6)		0.10	%(5)		0.13	%		0.14	%		0.11	%		0.05	%		0.02	%
Total expenses(4)		1.55	%(5)		1.59	%		1.60	%		1.58	%		1.51	%		1.49	%
Net investment income		2.08	%(5)		2.35	%		2.45	%		2.73	%		2.80	%		3.06	%
Portfolio Turnover		7	%(3)		11	%		13	%		10	%		9	%		4	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Annualized.

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

43 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2020

Financial Highlights — continued

	Ohio Fund — Class I
	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	9.210		$	8.710		$	9.020		$	9.310		$	9.070		$	9.180
Income (Loss) From Operations
Net investment income(1)	$	0.139		$	0.293		$	0.300		$	0.331		$	0.346		$	0.366
Net realized and unrealized gain (loss)		(0.101	)		0.498			(0.313	)		(0.293	)		0.239			(0.113	)
Total income (loss) from operations	$	0.038		$	0.791		$	(0.013	)	$	0.038		$	0.585		$	0.253
Less Distributions
From net investment income	$	(0.138	)	$	(0.291	)	$	(0.297	)	$	(0.328	)	$	(0.345	)	$	(0.363	)
Total distributions	$	(0.138	)	$	(0.291	)	$	(0.297	)	$	(0.328	)	$	(0.345	)	$	(0.363	)
Net asset value — End of period	$	9.110		$	9.210		$	8.710		$	9.020		$	9.310		$	9.070
Total Return(2)		0.40	%(3)		9.21	%		(0.14	)%		0.48	%		6.54	%		2.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	55,972		$	49,932		$	35,722		$	32,065		$	20,957		$	12,552
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.50	%(5)		0.51	%		0.51	%		0.52	%		0.51	%		0.52	%
Interest and fee expense(6)		0.10	%(5)		0.13	%		0.14	%		0.11	%		0.05	%		0.02	%
Total expenses(4)		0.60	%(5)		0.64	%		0.65	%		0.63	%		0.56	%		0.54	%
Net investment income		3.03	%(5)		3.26	%		3.39	%		3.68	%		3.73	%		4.00	%
Portfolio Turnover		7	%(3)		11	%		13	%		10	%		9	%		4	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Annualized.

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

44 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 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 anopen-end management investment company. The Trust presently consists of eighteen funds, four of which, eachnon-diversified, are included in these financial statements. They include Eaton Vance California Municipal Opportunities Fund (California Opportunities Fund), Eaton Vance Massachusetts Municipal Income Fund (Massachusetts Fund), Eaton Vance New York Municipal Income Fund (New York Fund) and Eaton Vance Ohio Municipal Income Fund (Ohio Fund), (each individually referred to as the Fund, and collectively, the Funds). The investment objective of the Massachusetts Fund, New York Fund and Ohio Fund is to provide current income exempt from regular federal income tax and from particular state or local income or other taxes. The investment objective of the California Opportunities Fund is to seek to maximizeafter-tax total return. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Funds’ prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents apro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). Each Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

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

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

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

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of a Fund in a manner that 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, andtax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments innon-taxable municipal securities, which are exempt from regular federal income tax when received by each Fund, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

As of March 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 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.

45

Eaton Vance

Municipal Income Funds

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

	California Opportunities Fund		Massachusetts Fund		Ohio Fund
Floating Rate Notes Outstanding	$	2,310,000	$	3,678,948	$	9,178,956
Interest Rate or Range of Interest Rates (%)		5.01		4.91		3.00–3.25
Collateral for Floating Rate Notes Outstanding	$	3,092,412	$	7,593,167	$	15,572,044

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

	California Opportunities Fund			Massachusetts Fund			Ohio Fund
Average Floating Rate Notes Outstanding	$	2,310,000		$	3,640,000		$	9,120,000
Average Interest Rate		2.03	%		2.14	%		1.95	%

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 March 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.

46

Eaton Vance

Municipal Income Funds

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

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

At September 30, 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:

	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
Deferred capital losses:
Short-term	$	—	$	486,029	$	—	$	4,981,142
Long-term	$	—	$	616,052	$	—	$	4,769,101

47

Eaton Vance

Municipal Income Funds

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

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

	California Opportunities Fund			Massachusetts Fund			New York Fund			Ohio Fund
Aggregate cost	$	368,395,406		$	162,397,316		$	392,610,163		$	149,637,474
Gross unrealized appreciation	$	11,275,994		$	12,382,123		$	17,650,421		$	16,632,541
Gross unrealized depreciation		(1,816,241	)		(294,322	)		(3,738,512	)		(888,524	)
Net unrealized appreciation	$	9,459,753		$	12,087,801		$	13,911,909		$	15,744,017

3  Investment Adviser Fee and Other Transactions with Affiliates

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

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

On average daily net assets of $500 million or more, the rates are reduced. For California Opportunities Fund, the annual asset rate and daily income rate are 0.30% and 3.00%, respectively, on average daily net assets of up to $500 million and at reduced rates on daily net assets of $500 million or more.

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

	California Opportunities Fund			Massachusetts Fund			New York Fund			Ohio Fund
Investment Adviser Fee	$	720,901		$	306,489		$	762,173		$	304,177
Effective Annual Rate		0.38	%		0.35	%		0.37	%		0.36	%

EVM serves as the administrator of each Fund, but receives no compensation. EVM providessub-transfer agency and related services to the Funds pursuant to aSub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD for the six months ended March 31, 2020 were as follows:

	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
EVM’sSub-Transfer Agent Fees	$	6,197	$	6,714	$	17,390	$	5,754
EVD’s Class A Sales Charges	$	7,512	$	5,155	$	13,999	$	14,046

48

Eaton Vance

Municipal Income Funds

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

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

4  Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule12b-1 under the 1940 Act. The Class A Plan provides that each Fund will pay EVD a distribution and service fee not exceeding 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Trustees approved distribution and service fee payments equal to 0.20% (0.25% for California Opportunities Fund) per annum of each Fund’s average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2020 for Class A shares amounted to the following:

	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
Class A Distribution and Service Fees	$	157,483	$	94,343	$	235,893	$	103,873

Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule12b-1 under the 1940 Act. Pursuant to the Class C Plan, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the respective Funds. For the six months ended March 31, 2020, the Funds paid or accrued to EVD the following distribution fees:

	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
Class C Distribution Fees	$	108,907	$	45,260	$	145,432	$	48,625

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% (0.25% for California Opportunities Fund) 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 March 31, 2020 amounted to the following:

	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
Class C Service Fees	$	36,302	$	12,069	$	38,782	$	12,967

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

49

Eaton Vance

Municipal Income Funds

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

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 eighteen months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended March 31, 2020, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A and Class C shareholders:

	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
Class A	$	30,000	$	—	$	—	$	—
Class C	$	300	$	900	$	2,000	$	100

6  Purchases and Sales of Investments

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

	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
Purchases	$	368,511,607	$	30,855,935	$	298,636,996	$	17,667,789
Sales	$	341,345,184	$	19,223,758	$	295,941,661	$	12,919,040

7  Shares of Beneficial Interest

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

California Opportunities Fund
	Six Months Ended March 31, 2020 (Unaudited)
	Class A			Class C			Class I
Sales		1,125,092			461,883			7,771,747
Issued to shareholders electing to receive payments of distributions in Fund shares		136,140			26,777			282,081
Redemptions		(1,340,793	)		(573,763	)		(5,016,845	)
Converted from Class C shares		32,896			—			—
Converted to Class A shares		—			(35,583	)		—
Net increase (decrease)		(46,665	)		(120,686	)		3,036,983
	Year Ended September 30, 2019
	Class A			Class C			Class I
Sales		2,568,377			1,039,114			9,538,091
Issued to shareholders electing to receive payments of distributions in Fund shares		226,553			38,540			333,931
Redemptions		(1,874,523	)		(601,732	)		(3,265,728	)
Converted from Class C shares		277,509			—			—
Converted to Class A shares		—			(300,089	)		—
Net increase		1,197,916			175,833			6,606,294

50

Eaton Vance

Municipal Income Funds

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

Massachusetts Fund
	Six Months Ended March 31, 2020 (Unaudited)
	Class A			Class C			Class I
Sales		545,920			88,703			1,942,916
Issued to shareholders electing to receive payments of distributions in Fund shares		113,140			10,700			91,460
Redemptions		(597,696	)		(151,155	)		(1,096,518	)
Converted from Class C shares		101,206			—			—
Converted to Class A shares		—			(101,188	)		—
Net increase (decrease)		162,570			(152,940	)		937,858
	Year Ended September 30, 2019
	Class A			Class C			Class I
Sales		805,225			250,373			3,347,077
Issued to shareholders electing to receive payments of distributions in Fund shares		244,662			25,824			151,530
Redemptions		(1,333,729	)		(189,817	)		(1,120,013	)
Converted from Class C shares		418,172			—			—
Converted to Class A shares		—			(417,968	)		—
Net increase (decrease)		134,330			(331,588	)		2,378,594
New York Fund
	Six Months Ended March 31, 2020 (Unaudited)
	Class A			Class C			Class I
Sales		1,046,489			204,046			1,981,459
Issued to shareholders electing to receive payments of distributions in Fund shares		227,051			21,776			133,840
Redemptions		(1,647,192	)		(515,408	)		(1,461,872	)
Converted from Class C shares		102,202			—			—
Converted to Class A shares		—			(102,188	)		—
Net increase (decrease)		(271,450	)		(391,774	)		653,427
	Year Ended September 30, 2019
	Class A			Class C			Class I
Sales		2,296,580			416,538			4,573,506
Issued to shareholders electing to receive payments of distributions in Fund shares		516,401			70,073			274,908
Redemptions		(3,370,521	)		(1,359,455	)		(4,225,584	)
Converted from Class C shares		902,117			—			—
Converted to Class A shares		—			(901,779	)		—
Net increase (decrease)		344,577			(1,774,623	)		622,830

51

Eaton Vance

Municipal Income Funds

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

Ohio Fund
	Six Months Ended March 31, 2020 (Unaudited)
	Class A			Class C			Class I
Sales		886,035			114,319			1,264,945
Issued to shareholders electing to receive payments of distributions in Fund shares		137,042			11,930			77,771
Redemptions		(1,146,245	)		(124,230	)		(620,017	)
Converted from Class C shares		93,690			—			—
Converted to Class A shares		—			(93,706	)		—
Net increase (decrease)		(29,478	)		(91,687	)		722,699
	Year Ended September 30, 2019
	Class A			Class C			Class I
Sales		1,075,739			212,622			2,354,267
Issued to shareholders electing to receive payments of distributions in Fund shares		289,541			31,541			122,745
Redemptions		(1,972,282	)		(489,558	)		(1,159,967	)
Converted from Class C shares		523,315			—			—
Converted to Class A shares		—			(523,651	)		—
Net increase (decrease)		(83,687	)		(769,046	)		1,317,045

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 $625 million. Borrowings are made by the Funds solely for temporary purposes related to redemptions and other short-term cash needs. 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 March 31, 2020.

9  Financial Instruments

The Funds may trade in financial instruments withoff-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at March 31, 2020 is included in the Portfolio of Investments. At March 31, 2020, the Ohio Fund had sufficient cash and/or securities to cover commitments under these contracts.

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

52

Eaton Vance

Municipal Income Funds

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

The fair values of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at March 31, 2020 were as follows:

	Ohio Fund
Liability Derivative:
Futures Contracts	$	(389,127	)(1)
Total	$	(389,127	)

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

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

	Ohio Fund
Realized Gain (Loss) on Derivatives Recognized in Income	$	(60,748	)(1)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	$	(495,008	)(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 March 31, 2020, which is indicative of the volume of this derivative type, was approximately as follows:

	Ohio Fund
Average Notional Cost:
Futures Contracts — Short	$	4,886,000

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.

53

Eaton Vance

Municipal Income Funds

March 31, 2020

Notes to Financial Statements (Unaudited) — continued

At March 31, 2020, the hierarchy of inputs used in valuing the Funds’ investments and open derivative instruments, which are carried at value, were as follows:

California Opportunities Fund
Asset Description	Level 1			Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—		$	343,007,490	$	—	$	343,007,490
Taxable Municipal Securities		—			34,765,190		—		34,765,190
Corporate Bonds & Notes		—			2,392,479		—		2,392,479
Total Investments	$	—		$	380,165,159	$	—	$	380,165,159
Massachusetts Fund
Asset Description	Level 1			Level 2		Level 3		Total
Tax-Exempt Investments	$	—		$	171,202,923	$	—	$	171,202,923
Taxable Municipal Securities		—			6,961,142		—		6,961,142
Total Investments	$	—		$	178,164,065	$	—	$	178,164,065
New York Fund
Asset Description	Level 1			Level 2		Level 3*		Total
Tax-Exempt Investments	$	—		$	398,450,898	$	—	$	398,450,898
Taxable Municipal Securities		—			4,815,600		—		4,815,600
Corporate Bonds & Notes		—			2,273,510		—		2,273,510
Miscellaneous		—			—		982,064		982,064
Total Investments	$	—		$	405,540,008	$	982,064	$	406,522,072
Ohio Fund
Asset Description	Level 1			Level 2		Level 3		Total
Tax-Exempt Investments	$	—		$	174,949,574	$	—	$	174,949,574
Total Investments	$	—		$	174,949,574	$	—	$	174,949,574
Liability Description
Futures Contracts	$	(389,127	)	$	—	$	—	$	(389,127	)
Total	$	(389,127	)	$	—	$	—	$	(389,127	)

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the New York Fund.

Level 3 investments held by the New York Fund at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended March 31, 2020 is not presented.

11  Risks and Uncertainties

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to 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 outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate otherpre-existing political, social and economic risks and disrupt normal market conditions and operations. The near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Funds’ investments.

54

Eaton Vance

Municipal Income Funds

March 31, 2020

Officers and Trustees

Officers

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

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

55

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.

56

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617)482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800)262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7708    3.31.20

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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not applicable.

Item 13. Exhibits

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

Signatures

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

Eaton Vance Municipals Trust
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	May 26, 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:	May 26, 2020

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	May 26, 2020