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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04409

Eaton Vance Municipals Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

July 31

Date of Fiscal Year End

January 31, 2021

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Municipals Trust

Semiannual Report

January 31, 2021

Arizona    •    Connecticut    •     Minnesota    •    New Jersey    •    Pennsylvania

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations 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 call 1-800-262-1122.

Semiannual Report January 31, 2021

Eaton Vance

Municipal Income Funds

Table of Contents
Performance and Fund Profile
Arizona Municipal Income Fund	2
Connecticut Municipal Income Fund	3
Minnesota Municipal Income Fund	4
New Jersey Municipal Income Fund	5
Pennsylvania Municipal Income Fund	6
Endnotes and Additional Disclosures	7
Fund Expenses	8
Financial Statements	11
Board of Trustees’ Contract Approval	61
Officers and Trustees	67
Important Notices	68

Eaton Vance

Arizona Municipal Income Fund

January 31, 2021

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		12/13/1993		07/25/1991		1.64	%		3.36	%		3.33	%		4.60	%
Class A with 4.75% Maximum Sales Charge		—		—		–3.15			–1.53			2.32			4.09
Class C at NAV		12/16/2005		07/25/1991		1.23			2.55			2.56			3.81
Class C with 1% Maximum Sales Charge		—		—		0.23			1.55			2.56			3.81
Class I at NAV		08/03/2010		07/25/1991		1.74			3.56			3.56			4.80
Bloomberg Barclays Municipal Bond Index		—		—		2.01	%		4.01	%		3.79	%		4.77	%
Bloomberg Barclays Arizona Municipal Bond Index		—		—		1.74			3.68			3.51			4.70
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.68	%		1.43	%		0.48	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									1.90	%		1.14	%		2.11	%
Taxable-Equivalent Distribution Rate									3.48			2.09			3.86
SEC 30-day Yield									0.38			–0.33			0.60
Taxable-Equivalent SEC 30-day Yield									0.70			–0.61			1.10

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

Connecticut Municipal Income Fund

January 31, 2021

Performance^1,2

Portfolio Managers Cynthia J. Clemson and Trevor G. Smith

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		04/19/1994		05/01/1992		2.08	%		3.57	%		3.06	%		4.21	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.80			–1.39			2.06			3.71
Class C at NAV		02/09/2006		05/01/1992		1.70			2.71			2.29			3.44
Class C with 1% Maximum Sales Charge		—		—		0.70			1.71			2.29			3.44
Class I at NAV		03/03/2008		05/01/1992		2.18			3.69			3.27			4.42
Bloomberg Barclays Municipal Bond Index		—		—		2.01	%		4.01	%		3.79	%		4.77	%
Bloomberg Barclays Connecticut Municipal Bond Index		—		—		1.66			4.03			3.45			3.85
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.72	%		1.47	%		0.52	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.21	%		1.44	%		2.41	%
Taxable-Equivalent Distribution Rate									4.23			2.76			4.62
SEC 30-day Yield									0.40			–0.32			0.62
Taxable-Equivalent SEC 30-day Yield									0.77			–0.61			1.18

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

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

3

Eaton Vance

Minnesota Municipal Income Fund

January 31, 2021

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		12/09/1993		07/29/1991		1.19	%		2.98	%		2.84	%		4.19	%
Class A with 4.75% Maximum Sales Charge		—		—		–3.61			–1.94			1.85			3.68
Class C at NAV		12/21/2005		07/29/1991		0.88			2.33			2.08			3.42
Class C with 1% Maximum Sales Charge		—		—		–0.12			1.33			2.08			3.42
Class I at NAV		08/03/2010		07/29/1991		1.29			3.19			3.04			4.39
Bloomberg Barclays Municipal Bond Index		—		—		2.01	%		4.01	%		3.79	%		4.77	%
Bloomberg Barclays Minnesota Municipal Bond Index		—		—		1.41			3.77			3.28			4.10
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.66	%		1.41	%		0.46	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									1.69	%		0.93	%		1.90	%
Taxable-Equivalent Distribution Rate									3.42			1.88			3.85
SEC 30-day Yield									0.37			–0.35			0.59
Taxable-Equivalent SEC 30-day Yield									0.75			–0.71			1.19

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

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

4

Eaton Vance

New Jersey Municipal Income Fund

January 31, 2021

Performance^1,2

Portfolio Manager Adam A. Weigold, CFA

% Average Annual Total Returns Class
Inception Date Performance
Inception Date Six Months One Year Five Years Ten Years

Class A at NAV	04/13/1994	01/08/1991	3.28	%		4.23	%		4.12	%		5.23	%
Class A with 4.75% Maximum Sales Charge	—	—	–1.61			–0.69			3.11			4.72
Class C at NAV	12/14/2005	01/08/1991	2.85			3.33			3.34			4.44
Class C with 1% Maximum Sales Charge	—	—	1.85			2.33			3.34			4.44
Class I at NAV	03/03/2008	01/08/1991	3.34			4.37			4.33			5.44
Bloomberg Barclays Municipal Bond Index	—	—	2.01	%		4.01	%		3.79	%		4.77	%
Bloomberg Barclays New Jersey Municipal Bond Index	—	—	4.55			4.97			5.09			5.38
% Total Annual Operating Expense Ratios3					Class A			Class C			Class I
						0.69	%		1.44	%		0.49	%
% Distribution Rates/Yields4					Class A			Class C			Class I
Distribution Rate						2.39	%		1.72	%		2.50	%
Taxable-Equivalent Distribution Rate						4.76			3.42			4.98
SEC 30-day Yield						0.75			0.05			0.99
Taxable-Equivalent SEC 30-day Yield						1.50			0.10			1.96

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

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

5

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2021

Performance^1,2

Portfolio Manager Christopher J. Eustance, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		06/01/1994		01/08/1991		2.13	%		3.83	%		3.00	%		4.35	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.77			–1.16			2.01			3.85
Class C at NAV		01/13/2006		01/08/1991		1.72			2.90			2.23			3.57
Class C with 1% Maximum Sales Charge		—		—		0.72			1.90			2.23			3.57
Class I at NAV		03/03/2008		01/08/1991		2.23			3.91			3.21			4.56
Bloomberg Barclays Municipal Bond Index		—		—		2.01	%		4.01	%		3.79	%		4.77	%
Bloomberg Barclays Pennsylvania Municipal Bond Index		—		—		2.54			4.50			4.19			5.04
% 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									2.52	%		1.76	%		2.72	%
Taxable-Equivalent Distribution Rate									4.49			3.14			4.85
SEC 30-day Yield									0.71			0.01			0.94
Taxable-Equivalent SEC 30-day Yield									1.27			0.01			1.68
% Total Leverage5
Residual Interest Bond (RIB) Financing															2.48	%

Fund Profile

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

See Endnotes and Additional Disclosures in this report.

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

6

Eaton Vance

Municipal Income Funds

January 31, 2021

Endnotes and Additional Disclosures

¹  Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg Barclays Arizona Municipal Bond Index is an unmanaged index of Arizona municipal bonds. Bloomberg Barclays Connecticut Municipal Bond Index is an unmanaged index of Connecticut municipal bonds. Bloomberg Barclays Minnesota Municipal Bond Index is an unmanaged index of Minnesota municipal bonds. Bloomberg Barclays New Jersey Municipal Bond Index is an unmanaged index of New Jersey municipal bonds. Bloomberg Barclays Pennsylvania Municipal Bond Index is an unmanaged index of Pennsylvania municipal bonds. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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

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 as tax-exempt income, qualified and non-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 each year-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 lower tax-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 a 30-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  For purposes of the Fund’s rating restrictions, 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.

7

Eaton Vance

Municipal Income Funds

January 31, 2021

Fund Expenses

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2020 – January 31, 2021).

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

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

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

Eaton Vance Arizona Municipal Income Fund

	Beginning Account Value (8/1/20)		Ending Account Value (1/31/21)		Expenses Paid During Period* (8/1/20 – 1/31/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,016.40	$	3.41		0.67	%
Class C	$	1,000.00	$	1,012.30	$	7.20		1.42	%
Class I	$	1,000.00	$	1,017.40	$	2.39		0.47	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.80	$	3.41		0.67	%
Class C	$	1,000.00	$	1,018.00	$	7.22		1.42	%
Class I	$	1,000.00	$	1,022.80	$	2.40		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 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2020.

8

Eaton Vance

Municipal Income Funds

January 31, 2021

Fund Expenses — continued

Eaton Vance Connecticut Municipal Income Fund

	Beginning Account Value (8/1/20)		Ending Account Value (1/31/21)		Expenses Paid During Period* (8/1/20 – 1/31/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,020.80	$	3.51		0.69	%
Class C	$	1,000.00	$	1,017.00	$	7.32		1.44	%
Class I	$	1,000.00	$	1,021.80	$	2.50		0.49	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.70	$	3.52		0.69	%
Class C	$	1,000.00	$	1,017.90	$	7.32		1.44	%
Class I	$	1,000.00	$	1,022.70	$	2.50		0.49	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2020.

Eaton Vance Minnesota Municipal Income Fund

	Beginning Account Value (8/1/20)		Ending Account Value (1/31/21)		Expenses Paid During Period* (8/1/20 – 1/31/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,011.90	$	3.30		0.65	%
Class C	$	1,000.00	$	1,008.80	$	7.09		1.40	%
Class I	$	1,000.00	$	1,012.90	$	2.28		0.45	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.90	$	3.31		0.65	%
Class C	$	1,000.00	$	1,018.10	$	7.12		1.40	%
Class I	$	1,000.00	$	1,022.90	$	2.29		0.45	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2020.

9

Eaton Vance

Municipal Income Funds

January 31, 2021

Fund Expenses — continued

Eaton Vance New Jersey Municipal Income Fund

	Beginning Account Value (8/1/20)		Ending Account Value (1/31/21)		Expenses Paid During Period* (8/1/20 – 1/31/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,032.80	$	3.43		0.67	%
Class C	$	1,000.00	$	1,028.50	$	7.26		1.42	%
Class I	$	1,000.00	$	1,033.40	$	2.41		0.47	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.80	$	3.41		0.67	%
Class C	$	1,000.00	$	1,018.00	$	7.22		1.42	%
Class I	$	1,000.00	$	1,022.80	$	2.40		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 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2020.

Eaton Vance Pennsylvania Municipal Income Fund

	Beginning Account Value (8/1/20)		Ending Account Value (1/31/21)		Expenses Paid During Period* (8/1/20 – 1/31/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,021.30	$	3.62		0.71	%
Class C	$	1,000.00	$	1,017.20	$	7.37		1.45	%
Class I	$	1,000.00	$	1,022.30	$	2.60		0.51	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.60	$	3.62		0.71	%
Class C	$	1,000.00	$	1,017.90	$	7.38		1.45	%
Class I	$	1,000.00	$	1,022.60	$	2.60		0.51	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2020.

10

Eaton Vance

Arizona Municipal Income Fund

January 31, 2021

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 91.6%
Security	Principal Amount (000’s omitted)		Value
Education — 16.1%
Arizona Industrial Development Authority, (Academies of Math & Science), 5.00%, 7/1/39(1)	$	250	$	288,943
Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/39(1)		55		62,689
Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/40(1)		350		398,041
Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/40(1)		60		63,323
Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/50(1)		60		62,432
Arizona State University, 5.00%, 7/1/36		1,150		1,348,019
Arizona State University, 5.00%, 7/1/37		170		180,271
Arizona State University, Green Bonds, 5.00%, 7/1/40		1,000		1,294,660
Arizona State University, Prerefunded to 7/1/22, 5.00%, 7/1/37		830		885,610
Glendale Industrial Development Authority, (Midwestern University), 5.00%, 5/15/25		1,500		1,582,965
Glendale Industrial Development Authority, (Midwestern University), 5.00%, 5/15/31		175		228,163
Northern Arizona University, 5.00%, 6/1/38		1,000		1,179,920
Pima County Community College District, 5.00%, 7/1/33		300		381,669
Pima County Community College District, 5.00%, 7/1/35		720		911,390
University of Arizona, 5.00%, 6/1/38		1,500		1,804,005
University of Arizona, 5.00%, 8/1/38		600		783,186
University of Arizona, 5.00%, 6/1/42		500		640,875
			$	12,096,161
Electric Utilities — 6.0%
Mesa, Utility Systems Revenue, 4.00%, 7/1/31	$	1,160	$	1,348,024
Mesa, Utility Systems Revenue, 4.00%, 7/1/34		500		626,785
Pinal County Electrical District No. 3, 5.00%, 7/1/33		1,000		1,221,860
Salt River Project Agricultural Improvement and Power District, 5.00%, 1/1/35		1,000		1,273,060
			$	4,469,729
Escrowed / Prerefunded — 0.3%
Kyrene Elementary School District No. 28, Maricopa County, Prerefunded to 7/1/23, 5.50%, 7/1/30	$	200	$	225,876
			$	225,876
General Obligations — 11.9%
Agua Fria Union High School District No. 216, 4.00%, 7/1/36	$	1,000	$	1,220,580
Chandler Unified School District No. 80, 4.00%, 7/1/33		225		260,388
Flagstaff, 4.00%, 7/1/28		110		136,852

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Kyrene Elementary School District No. 28, 4.00%, 7/1/35	$	130	$	159,206
Kyrene Elementary School District No. 28, 4.00%, 7/1/36		175		213,602
Paradise Valley Unified School District No. 69, 4.00%, 7/1/38		350		435,158
Paradise Valley Unified School District No. 69, 4.00%, 7/1/39		600		745,338
Paradise Valley Unified School District No. 69, 4.00%, 7/1/40		1,000		1,241,270
Peoria Unified School District No. 11, 4.00%, 7/1/31		350		420,042
Phoenix Union High School District No. 210, 4.00%, 7/1/39		300		363,237
Scottsdale Unified School District No. 48, 5.00%, 7/1/31		750		947,970
Tempe, 5.00%, 7/1/30		1,000		1,309,200
Tempe, 5.375%, 7/1/21		1,060		1,083,225
Western Maricopa Education Center District No. 402, 4.50%, 7/1/34		350		391,009
			$	8,927,077
Hospital — 9.3%
Arizona Health Facilities Authority, (Scottsdale Lincoln Hospitals), 5.00%, 12/1/39	$	1,665	$	1,914,450
Arizona Industrial Development Authority, (Phoenix Children’s Hospital), 3.00%, 2/1/39		1,000		1,085,300
Maricopa County Industrial Development Authority, (Banner Health), 4.00%, 1/1/44		500		589,475
Maricopa County Industrial Development Authority, (Banner Health), 5.00%, 1/1/38		1,000		1,218,080
Maricopa County Industrial Development Authority, (HonorHealth), 5.00%, 9/1/32		400		501,100
Yavapai County Industrial Development Authority, (Yavapai Regional Medical Center), 5.25%, 8/1/33		500		549,390
Yuma Industrial Development Authority, (Yuma Regional Medical Center), 5.00%, 8/1/32		985		1,107,820
			$	6,965,615
Housing — 1.9%
Phoenix Industrial Development Authority, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/37	$	500	$	564,955
Phoenix Industrial Development Authority, (Downtown Phoenix Student Housing II, LLC - Arizona State University), 5.00%, 7/1/39		500		569,075
Phoenix Industrial Development Authority, (Downtown Phoenix Student Housing II, LLC - Arizona State University), 5.00%, 7/1/44		250		281,190
			$	1,415,220
Industrial Development Revenue — 1.5%
Maricopa County Pollution Control Corp., (El Paso Electric Co.), 3.60%, 2/1/40	$	250	$	279,585

11 See Notes to Financial Statements.g

Eaton Vance

Arizona Municipal Income Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue (continued)
Maricopa County Pollution Control Corp., (El Paso Electric Co.), 4.50%, 8/1/42	$	850	$	881,824
			$	1,161,409
Insured – Electric Utilities — 2.3%
Mesa, Utility Systems Revenue, (NPFG), 5.00%, 7/1/23	$	430	$	480,039
Mesa, Utility Systems Revenue, (NPFG), Escrowed to Maturity, 5.00%, 7/1/23		120		134,080
Mesa, Utility Systems Revenue, (NPFG), Escrowed to Maturity, 5.00%, 7/1/23		450		502,218
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		320		348,774
Puerto Rico Electric Power Authority, (NPFG), Series SS, 5.00%, 7/1/25		220		222,889
			$	1,688,000
Insured – General Obligations — 12.4%
Apache Junction Unified School District No. 43, (AGM), 5.00%, 7/1/24	$	1,200	$	1,387,200
Glendale Union High School District No. 205, (AGM), 3.00%, 7/1/35		1,000		1,137,240
Marana Unified School District No. 6, (AGM), 4.00%, 7/1/37		500		612,885
Maricopa County Elementary School District No. 3, (AGM), 5.00%, 7/1/25		2,670		3,203,332
Maricopa County Elementary School District No. 66, (BAM), 4.00%, 7/1/33		435		536,255
Maricopa County Elementary School District No. 66, (BAM), 4.00%, 7/1/34		230		282,567
Maricopa County Elementary School District No. 66, (BAM), 4.00%, 7/1/37		375		456,135
Maricopa County Elementary School District No. 66, (BAM), 4.00%, 7/1/39		400		483,892
Sun City Fire District, (AGM), 4.00%, 1/1/37		1,000		1,160,610
			$	9,260,116
Insured – Lease Revenue / Certificates of Participation — 3.5%
Phoenix Civic Improvement Corp., (Civic Plaza), (NPFG), 5.50%, 7/1/41	$	1,635	$	2,640,623
			$	2,640,623
Insured – Special Tax Revenue — 2.4%
Glendale, Transportation Excise Tax Revenue, (AGM), 5.00%, 7/1/30	$	1,250	$	1,491,825
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28		450		330,917
			$	1,822,742

Security	Principal Amount (000’s omitted)		Value
Other Revenue — 1.9%
Salt Verde Financial Corp., Senior Gas Revenue, 5.00%, 12/1/37	$	1,000	$	1,459,350
			$	1,459,350
Senior Living / Life Care — 1.4%
Glendale Industrial Development Authority, (Royal Oaks - Inspirata Pointe), 5.00%, 5/15/41	$	500	$	570,400
Glendale Industrial Development Authority, (Terraces of Phoenix), 4.00%, 7/1/28		225		233,888
Tempe Industrial Development Authority, (Friendship Village of Tempe), 6.00%, 12/1/32		230		235,147
			$	1,039,435
Special Tax Revenue — 8.6%
Arizona Sports and Tourism Authority, (Multipurpose Stadium Facility), 5.00%, 7/1/29	$	1,000	$	1,047,510
Mesa, Excise Tax Revenue, 4.00%, 7/1/33		200		251,580
Mesa, Excise Tax Revenue, 4.00%, 7/1/37		250		307,783
Mesa, Excise Tax Revenue, Prerefunded to 7/1/22, 5.00%, 7/1/32		1,000		1,068,470
Pinal County, Pledged Revenue, 4.00%, 8/1/33		600		714,810
Pinal County, Pledged Revenue, 4.00%, 8/1/36		500		590,820
Queen Creek, Excise Tax and State Shared Revenue, 5.00%, 8/1/30		1,165		1,437,260
Tempe, Transit Excise Tax Revenue, 5.00%, 7/1/37		625		664,319
Tempe, Transit Excise Tax Revenue, Prerefunded to 7/1/22, 5.00%, 7/1/37		375		400,402
			$	6,482,954
Transportation — 4.5%
Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/33	$	1,000	$	1,143,890
Phoenix Civic Improvement Corp., Airport Revenue, (AMT), 5.00%, 7/1/31		2,000		2,193,980
			$	3,337,870
Water and Sewer — 7.6%
Central Arizona Water Conservation District, 5.00%, 1/1/35	$	1,500	$	1,802,025
Gilbert Water Resources Municipal Property Corp., 4.00%, 7/1/36		750		862,642
Phoenix Civic Improvement Corp., Water System Revenue, 5.00%, 7/1/39		1,500		1,722,420
Tucson, Water System Revenue, 5.00%, 7/1/32		545		684,242
Tucson, Water System Revenue, 5.00%, 7/1/35		530		660,025
			$	5,731,354
Total Tax-Exempt Municipal Securities — 91.6% (identified cost $62,445,171)			$	68,723,531

12 See Notes to Financial Statements.

Eaton Vance

Arizona Municipal Income Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Taxable Municipal Securities — 2.8%
Security	Principal Amount (000’s omitted)		Value
General Obligations — 0.8%
Scottsdale, 1.93%, 7/1/39(2)	$	550	$	545,946
			$	545,946
Special Tax Revenue — 2.0%
Scottsdale Municipal Property Corp., Excise Tax Revenue, 1.656%, 7/1/32(2)	$	1,500	$	1,519,320
			$	1,519,320
Total Taxable Municipal Securities — 2.8% (identified cost $2,044,093)			$	2,065,266
Total Investments — 94.4% (identified cost $64,489,264)			$	70,788,797
Other Assets, Less Liabilities — 5.6%			$	4,205,039
Net Assets — 100.0%			$	74,993,836

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

The Fund invests primarily in debt securities issued by Arizona municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2021, 21.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.5% to 12.7% of total investments.

⁽¹⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2021, the aggregate value of these securities is $875,428 or 1.2% of the Fund’s net assets.

⁽²⁾  When-issued security.

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.
NPFG	–	National Public Finance Guarantee Corp.

13 See Notes to Financial Statements.

Eaton Vance

Connecticut Municipal Income Fund

January 31, 2021

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 97.7%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.5%
Connecticut, (Revolving Fund), Green Bonds, 5.00%, 5/1/34	$	1,000	$	1,246,100
			$	1,246,100
Education — 21.1%
Connecticut Health and Educational Facilities Authority, (Brunswick School), 5.00%, 7/1/31	$	500	$	530,065
Connecticut Health and Educational Facilities Authority, (Brunswick School), 5.00%, 7/1/32		1,125		1,192,151
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 4.00%, 7/1/33		340		428,723
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 4.00%, 7/1/34		335		419,946
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall), 4.00%, 7/1/35		310		386,533
Connecticut Health and Educational Facilities Authority, (Connecticut College), Prerefunded to 7/1/22, 5.00%, 7/1/30		1,255		1,340,930
Connecticut Health and Educational Facilities Authority, (Fairfield University), 4.00%, 7/1/47		2,450		2,766,221
Connecticut Health and Educational Facilities Authority, (Quinnipiac University), 5.00%, 7/1/34		1,475		1,761,947
Connecticut Health and Educational Facilities Authority, (Sacred Heart University), 5.00%, 7/1/33		275		355,641
Connecticut Health and Educational Facilities Authority, (Sacred Heart University), 5.00%, 7/1/37		450		538,236
Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/28		135		165,869
Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/29		100		121,459
Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/30		125		150,236
Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/33		430		508,879
Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/34		1,085		1,280,474
Connecticut Health and Educational Facilities Authority, (The Taft School), 4.00%, 7/1/36		430		504,764
Connecticut Health and Educational Facilities Authority, (University of New Haven), 5.00%, 7/1/34		810		969,246
Connecticut Health and Educational Facilities Authority, (University of New Haven), 5.00%, 7/1/35		850		1,012,843
Connecticut Health and Educational Facilities Authority, (Yale University), 1.10% to 2/7/23 (Put Date), 7/1/48		500		508,310
Connecticut Health and Educational Facilities Authority, (Yale University), 5.00%, 7/1/27		1,000		1,291,820
University of Connecticut, 5.00%, 11/15/29		1,000		1,073,690
			$	17,307,983

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded — 8.3%
Connecticut Health and Educational Facilities Authority, (Middlesex Hospital), Prerefunded to 7/1/21, 5.00%, 7/1/24	$	1,000	$	1,020,230
Connecticut Health and Educational Facilities Authority, (Western Connecticut Health Network), Prerefunded to 7/1/21, 5.00%, 7/1/29		1,000		1,020,020
Greater New Haven Water Pollution Control Authority, Prerefunded to 8/15/24, 5.00%, 8/15/32		1,000		1,170,210
Hartford County Metropolitan District, (Clean Water), Prerefunded to 4/1/22, 5.00%, 4/1/36		1,500		1,585,470
Norwalk, Prerefunded to 7/1/21, 4.00%, 7/1/26		1,975		2,007,193
			$	6,803,123
General Obligations — 19.6%
Colchester, 4.00%, 10/15/28	$	440	$	494,107
Connecticut, 3.00%, 1/15/32		500		577,165
Connecticut, 4.00%, 1/15/36		1,000		1,218,920
Connecticut, 5.00%, 10/1/22		250		250,978
Connecticut, 5.00%, 4/15/30		1,150		1,518,977
Connecticut, 5.00%, 4/15/39		100		127,478
Darien, 4.00%, 8/1/37		1,310		1,569,432
East Haddam, 3.00%, 12/1/35		400		453,488
East Haddam, 3.00%, 12/1/37		290		325,690
Enfield, 4.00%, 8/1/29		500		594,825
Fairfield, 5.00%, 1/1/23		1,000		1,093,460
Greenwich, 4.00%, 7/15/29		450		503,595
Greenwich, 4.00%, 7/15/30		250		278,970
Greenwich, 4.00%, 7/15/32		400		444,436
Guilford, 3.00%, 8/1/34		500		580,430
New Canaan, 5.00%, 4/1/27		250		322,040
North Haven, 5.00%, 7/15/23		1,475		1,651,307
North Haven, 5.00%, 7/15/25		1,490		1,806,297
Rocky Hill, 4.00%, 1/15/33		1,000		1,197,830
Stamford, 4.00%, 7/1/25		370		375,820
Trumbull, 4.00%, 9/1/32		610		738,076
			$	16,123,321
Hospital — 9.2%
Connecticut Health and Educational Facilities Authority, (Nuvance Health), 4.00%, 7/1/41	$	1,500	$	1,739,595
Connecticut Health and Educational Facilities Authority, (Stamford Hospital), 4.00%, 7/1/46		1,000		1,088,000
Connecticut Health and Educational Facilities Authority, (Trinity Health Corp.), 5.00%, 12/1/33		2,000		2,437,580
Connecticut Health and Educational Facilities Authority, (Yale-New Haven Health), 5.00%, 7/1/31		500		567,435

14 See Notes to Financial Statements.

Eaton Vance

Connecticut Municipal Income Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Connecticut Health and Educational Facilities Authority, (Yale-New Haven Health), 5.00%, 7/1/34	$	1,520	$	1,715,335
			$	7,547,945
Housing — 2.4%
Connecticut Housing Finance Authority, 4.00%, 11/15/38	$	750	$	851,670
Connecticut Housing Finance Authority, (FHLMC), (FNMA), (GNMA), 3.20%, 11/15/33		1,000		1,083,030
			$	1,934,700
Insured – Education — 7.8%
Connecticut Health and Educational Facilities Authority, (Loomis Chaffee School), (AMBAC), 5.25%, 7/1/30	$	1,950	$	2,607,715
Connecticut Health and Educational Facilities Authority, (Loomis Chaffee School), (AMBAC), 5.25%, 7/1/31		2,050		2,794,847
Connecticut Health and Educational Facilities Authority, (Trinity College), (NPFG), 5.50%, 7/1/21		1,005		1,026,678
			$	6,429,240
Insured – Escrowed/Prerefunded — 1.3%
Bridgeport, (AGM), Escrowed to Maturity, 4.00%, 8/15/21	$	1,075	$	1,097,403
			$	1,097,403
Insured – General Obligations — 6.3%
Bridgeport, (AGM), 5.00%, 8/15/32	$	1,120	$	1,339,442
Hamden, (BAM), 5.00%, 8/1/32		500		655,985
Hamden, (BAM), 5.00%, 8/1/35		500		647,180
Hartford, (AGC), 5.00%, 8/15/28		500		501,865
Hartford, (AGM), 5.00%, 4/1/31		240		251,700
New Haven, (AGM), 5.00%, 8/1/25		1,000		1,149,140
Windham, (BAM), 4.00%, 8/15/37		500		606,300
			$	5,151,612
Insured – Hospital — 1.4%
Connecticut Health and Educational Facilities Authority, (Hartford HealthCare Obligated Group), (AGM), 4.00%, 7/1/37	$	1,000	$	1,177,360
			$	1,177,360
Insured – Transportation — 2.4%
Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/41	$	1,600	$	1,960,448
			$	1,960,448

Security	Principal Amount (000’s omitted)		Value
Insured – Water and Sewer — 4.9%
South Central Connecticut Regional Water Authority, (NPFG), 5.25%, 8/1/24	$	3,420	$	4,020,586
			$	4,020,586
Senior Living / Life Care — 2.4%
Connecticut Health and Educational Facilities Authority, (Covenant Home, Inc.), 5.00%, 12/1/34	$	1,000	$	1,191,120
Connecticut Health and Educational Facilities Authority, (McLean Affiliates, Inc.), 3.25%, 1/1/27(1)		250		254,400
Connecticut Health and Educational Facilities Authority, (McLean Affiliates, Inc.), 5.00%, 1/1/45(1)		500		543,195
			$	1,988,715
Special Tax Revenue — 2.6%
Connecticut, Special Tax Obligation, (Transportation Infrastructure), 5.00%, 1/1/29	$	2,000	$	2,170,560
			$	2,170,560
Student Loan — 1.7%
Connecticut Higher Education Supplemental Loan Authority, (AMT), 4.00%, 11/15/30	$	555	$	588,777
Connecticut Higher Education Supplemental Loan Authority, (AMT), 4.125%, 11/15/33		210		225,622
Connecticut Higher Education Supplemental Loan Authority, (AMT), 5.00%, 11/15/28		250		301,360
Connecticut Higher Education Supplemental Loan Authority, (AMT), 5.00%, 11/15/29		250		304,908
			$	1,420,667
Transportation — 1.3%
Connecticut Airport Authority, (Ground Transportation Center), (AMT), 4.00%, 7/1/49	$	1,000	$	1,098,360
			$	1,098,360
Water and Sewer — 3.5%
South Central Connecticut Regional Water Authority, 4.00%, 8/1/34	$	450	$	537,354
South Central Connecticut Regional Water Authority, 5.00%, 8/1/32		355		469,427
Stamford, (Water Pollution Control System), 4.00%, 4/1/44		1,000		1,194,190
Stamford, (Water Pollution Control System), 5.00%, 9/15/29		200		241,220
Stamford, (Water Pollution Control System), 5.00%, 9/15/30		125		150,509
Stamford, (Water Pollution Control System), 5.00%, 4/1/33		100		132,066

15 See Notes to Financial Statements.

Eaton Vance

Connecticut Municipal Income Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Stamford, (Water Pollution Control System), 5.00%, 4/1/34	$	100	$	131,625
			$	2,856,391
Total Tax-Exempt Investments — 97.7% (identified cost $73,688,574)			$	80,334,514
Other Assets, Less Liabilities — 2.3%			$	1,921,706
Net Assets — 100.0%			$	82,256,220

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

The Fund invests primarily in debt securities issued by Connecticut municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2021, 24.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.4% to 6.7% of total investments.

⁽¹⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2021, the aggregate value of these securities is $797,595 or 1.0% of the Fund’s net assets.

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.
FHLMC	–	Federal Home Loan Mortgage Corp.
FNMA	–	Federal National Mortgage Association
GNMA	–	Government National Mortgage Association
NPFG	–	National Public Finance Guarantee Corp.

16 See Notes to Financial Statements.

Eaton Vance

Minnesota Municipal Income Fund

January 31, 2021

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 95.2%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.3%
Minnesota Public Facilities Authority, (Revolving Fund), 5.00%, 3/1/29	$	1,000	$	1,232,560
Minnesota Public Facilities Authority, (Revolving Fund), 5.00%, 3/1/30		1,000		1,229,730
			$	2,462,290
Education — 15.7%
Minnesota Higher Education Facilities Authority, (Carleton College), 5.00%, 3/1/29	$	2,250	$	2,812,275
Minnesota Higher Education Facilities Authority, (Carleton College), 5.00%, 3/1/31		1,000		1,238,600
Minnesota Higher Education Facilities Authority, (Carleton College), 5.00%, 3/1/34		500		613,060
Minnesota Higher Education Facilities Authority, (College of Saint Benedict), 4.00%, 3/1/36		400		432,056
Minnesota Higher Education Facilities Authority, (College of Saint Benedict), 5.00%, 3/1/37		1,500		1,677,705
Minnesota Higher Education Facilities Authority, (College of St. Scholastica), 4.00%, 12/1/40		1,850		2,062,750
Minnesota Higher Education Facilities Authority, (Gustavus Adolphus College), 5.00%, 10/1/35		565		655,038
Minnesota Higher Education Facilities Authority, (Macalester College), 5.00%, 3/1/27		500		585,640
Minnesota Higher Education Facilities Authority, (Macalester College), 5.00%, 3/1/28		1,010		1,178,114
Minnesota Higher Education Facilities Authority, (St. Catherine University), 5.00%, 10/1/32		500		613,200
Minnesota Higher Education Facilities Authority, (St. Olaf College), 4.00%, 10/1/35		500		558,465
Minnesota Higher Education Facilities Authority, (St. Olaf College), 5.00%, 12/1/29		1,815		2,139,831
Minnesota Higher Education Facilities Authority, (University of St. Thomas), 4.00%, 10/1/32		910		1,073,026
Minnesota Higher Education Facilities Authority, (University of St. Thomas), 4.00%, 10/1/36		500		561,305
Minnesota Higher Education Facilities Authority, (University of St. Thomas), 4.00%, 10/1/37		500		559,995
Minnesota Higher Education Facilities Authority, (University of St. Thomas), 5.00%, 10/1/30		650		797,154
Minnesota Higher Education Facilities Authority, (University of St. Thomas), 5.00%, 10/1/34		250		316,020
Minnesota Higher Education Facilities Authority, (University of St. Thomas), 5.00%, 4/1/35		750		872,843
Minnesota State Colleges and Universities, 5.00%, 10/1/26		1,535		1,913,132
Minnesota State Colleges and Universities, 5.00%, 10/1/28		1,375		1,417,075
Minnesota State Colleges and Universities, 5.00%, 10/1/30		1,455		1,497,835

Security	Principal Amount (000’s omitted)		Value
Education (continued)
St. Paul Housing and Redevelopment Authority, (Hmong College Prep Academy), 5.00%, 9/1/40	$	1,000	$	1,198,600
St. Paul Housing and Redevelopment Authority, (Hmong College Prep Academy), 5.00%, 9/1/43		1,000		1,189,280
University of Minnesota, 5.00%, 4/1/27		500		619,040
University of Minnesota, 5.00%, 8/1/27		625		751,219
University of Minnesota, 5.00%, 4/1/41		2,000		2,383,340
			$	29,716,598
Electric Utilities — 7.0%
Central Minnesota Municipal Power Agency, 5.00%, 1/1/32	$	2,100	$	2,189,019
Chaska, Electric System Revenue, 5.00%, 10/1/30		550		657,090
Hutchinson, Public Utility Revenue, 5.00%, 12/1/26		350		379,099
Minnesota Municipal Power Agency, 5.00%, 10/1/33		250		288,882
Minnesota Municipal Power Agency, 5.00%, 10/1/34		250		288,883
Minnesota Municipal Power Agency, 5.00%, 10/1/35		200		231,106
Northern Municipal Power Agency, 5.00%, 1/1/30		460		561,945
Northern Municipal Power Agency, 5.00%, 1/1/31		670		797,776
Northern Municipal Power Agency, 5.00%, 1/1/41		240		284,810
Rochester, Electric Utility Revenue, 5.00%, 12/1/29		700		871,535
Rochester, Electric Utility Revenue, 5.00%, 12/1/30		700		871,080
Rochester, Electric Utility Revenue, 5.00%, 12/1/42		820		996,858
St. Paul Port Authority, District Energy Revenue, 4.00%, 10/1/42		1,250		1,412,125
St. Paul Port Authority, District Energy Revenue, (AMT), 4.00%, 10/1/40		1,000		1,118,760
Western Minnesota Municipal Power Agency, 5.00%, 1/1/34		1,000		1,201,880
Western Minnesota Municipal Power Agency, 5.00%, 1/1/36		900		1,077,849
			$	13,228,697
Escrowed / Prerefunded — 1.2%
Minnesota Higher Education Facilities Authority, (St. Catherine University), Prerefunded to 10/1/22, 5.00%, 10/1/26	$	280	$	302,560
Minnesota Higher Education Facilities Authority, (St. Catherine University), Prerefunded to 10/1/22, 5.00%, 10/1/27		310		334,977
Minnesota Higher Education Facilities Authority, (St. Catherine University), Prerefunded to 10/1/22, 5.00%, 10/1/32		560		605,119
Western Minnesota Municipal Power Agency, Prerefunded to 1/1/24, 5.00%, 1/1/34		1,000		1,140,960
			$	2,383,616
General Obligations — 41.9%
Andover, 4.00%, 2/1/30	$	795	$	965,019
Anoka-Hennepin Independent School District No. 11, 5.00%, 2/1/27		1,000		1,271,470

17 See Notes to Financial Statements.

Eaton Vance

Minnesota Municipal Income Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Anoka-Hennepin Independent School District No. 11, 5.00%, 2/1/28	$	1,040	$	1,314,529
Brainerd Independent School District No. 181, 5.00%, 2/1/25		575		684,469
Brooklyn Center, 4.00%, 2/1/30		1,060		1,281,890
Buffalo-Hanover-Montrose Independent School District No. 877, 4.00%, 2/1/24		2,000		2,074,840
Burnsville, 3.00%, 12/20/32		620		720,725
Burnsville, 4.00%, 12/20/31		640		827,629
Centennial Independent School District No. 12, Circle Pines, 0.00%, 2/1/28		1,000		874,540
Centennial Independent School District No. 12, Circle Pines, 0.00%, 2/1/35		350		221,627
Chaska Independent School District No. 112, 4.00%, 2/1/23		2,000		2,073,220
Cloquet Independent School District No. 94, 5.00%, 2/1/30		2,000		2,362,340
Dilworth-Glyndon-Felton Independent School District No. 2164, 4.00%, 2/1/27		730		855,056
Duluth, 5.00%, 2/1/34		1,000		1,211,090
Duluth, Series 2016A, 5.00%, 2/1/31		1,000		1,216,040
Duluth, Series 2019C, 5.00%, 2/1/31		500		653,500
Eden Prairie Independent School District No. 272, 5.00%, 2/1/30		1,000		1,283,230
Edina Independent School District No. 273, 5.00%, 2/1/28		1,625		2,063,848
Elk River Area Independent School District No. 728, 4.00%, 2/1/32		2,000		2,173,560
Hennepin County Regional Railroad Authority, 5.00%, 12/1/32		675		888,347
Hennepin County, 5.00%, 12/1/35		2,000		2,510,900
Hennepin County, 5.00%, 12/15/36		500		656,595
Hopkins Independent School District No. 270, 4.00%, 2/1/25		1,250		1,342,175
Lakeville, 3.00%, 2/1/31		595		688,391
Mahtomedi Independent School District No. 832, 5.00%, 2/1/31		1,000		1,183,350
Mankato Area Public Schools Independent School District No. 77, 4.00%, 2/1/38		640		762,535
Maple Grove, 4.00%, 2/1/29		520		646,656
Maple River Independent School District No. 2135, 4.00%, 2/1/38		1,315		1,609,902
Minneapolis Special School District No. 1, 4.00%, 2/1/33		1,500		1,850,745
Minneapolis Special School District No. 1, 5.00%, 2/1/32		1,500		1,920,675
Minneapolis-St. Paul Metropolitan Council, 4.00%, 3/1/30		1,000		1,222,860
Minneapolis-St. Paul Metropolitan Council, 5.00%, 3/1/28		2,500		3,170,925
Minnesota, 5.00%, 8/1/32		2,000		2,396,860
Minnesota, 5.00%, 8/1/34		500		649,030
Minnesota, 5.00%, 10/1/34		1,000		1,268,480
Minnesota, 5.00%, 8/1/37		1,250		1,655,500
Minnesota, 5.00%, 8/1/39		2,000		2,700,660
Minnesota, Prerefunded to 10/1/21, 5.00%, 10/1/27		30		30,963

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
North St. Paul-Maplewood-Oakdale Independent School District No. 622, 4.00%, 2/1/31	$	2,050	$	2,460,554
North St. Paul-Maplewood-Oakdale Independent School District No. 622, 5.00%, 2/1/33		1,000		1,263,040
Plymouth, 4.00%, 2/1/30		390		485,269
Rochester Independent School District No. 535, 4.00%, 2/1/23		2,375		2,555,286
Rochester Independent School District No. 535, 4.00%, 2/1/26		1,160		1,373,057
Rosemount-Apple Valley-Eagan Independent School District No. 196, 4.00%, 2/1/28		2,000		2,335,000
Rosemount-Apple Valley-Eagan Independent School District No. 196, 5.00%, 2/1/27		1,000		1,225,990
Russell-Tyler-Ruthton Independent School District No. 2902, 5.00%, 2/1/27		1,400		1,778,154
Sartell-St. Stephen Independent School District No. 748, 0.00%, 2/1/32		1,350		1,038,717
Sartell-St. Stephen Independent School District No. 748, 0.00%, 2/1/37		1,500		943,350
Scott County, 4.00%, 12/1/34		2,000		2,423,540
Spring Lake Park Independent School District No. 16, 4.00%, 2/1/29		1,075		1,238,389
St. Louis Park Independent School District No. 283, 4.00%, 2/1/31		2,000		2,345,040
St. Louis Park Independent School District No. 283, 5.00%, 2/1/29		845		1,099,125
St. Louis Park, 4.00%, 2/1/28		1,000		1,196,510
St. Paul, 5.00%, 12/1/27		750		947,490
Waseca Independent School District No. 829, 4.00%, 2/1/28		1,575		1,826,165
Watertown-Mayer Independent School District No. 111, 0.00%, 2/1/36		1,000		733,200
Worthington Independent School District No. 518, 4.00%, 2/1/31		730		844,340
			$	79,396,387
Hospital — 9.1%
Duluth Economic Development Authority, (Essentia Health Obligated Group), 5.00%, 2/15/37	$	1,000	$	1,213,490
Maple Grove, (Maple Grove Hospital Corp.), 5.00%, 5/1/30		850		1,031,789
Maple Grove, (Maple Grove Hospital Corp.), 5.00%, 5/1/31		500		603,225
Maple Grove, (Maple Grove Hospital Corp.), 5.00%, 5/1/32		500		599,355
Minneapolis and St. Paul Housing and Redevelopment Authority, (Allina Health System), 5.00%, 11/15/27		750		966,218
Minneapolis and St. Paul Housing and Redevelopment Authority, (Allina Health System), 5.00%, 11/15/29		915		1,146,769
Minneapolis, (Fairview Health Services), 5.00%, 11/15/28		225		268,549
Minneapolis, (Fairview Health Services), (LOC: Wells Fargo Bank, N.A.), 0.01%, 11/15/48(1)		1,650		1,650,000
St. Cloud, (CentraCare Health System), 5.00%, 5/1/46		2,650		3,126,470

18 See Notes to Financial Statements.

Eaton Vance

Minnesota Municipal Income Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
St. Cloud, (CentraCare Health System), 5.125%, 5/1/30	$	65	$	65,214
St. Paul Housing and Redevelopment Authority, (Fairview Health Services), 5.00%, 11/15/31		1,000		1,246,350
St. Paul Housing and Redevelopment Authority, (Fairview Health Services), 5.00%, 11/15/34		500		617,175
St. Paul Housing and Redevelopment Authority, (Fairview Health Services), 5.00%, 11/15/47		500		599,690
St. Paul Housing and Redevelopment Authority, (HealthPartners Obligated Group), 5.00%, 7/1/29		500		591,590
St. Paul Housing and Redevelopment Authority, (HealthPartners Obligated Group), 5.00%, 7/1/30		1,000		1,180,780
St. Paul Housing and Redevelopment Authority, (HealthPartners Obligated Group), 5.00%, 7/1/32		1,995		2,338,479
			$	17,245,143
Housing — 2.5%
Minnesota Housing Finance Agency, 2.15%, 7/1/45	$	1,000	$	1,015,280
Minnesota Housing Finance Agency, 4.00%, 8/1/42		1,815		2,197,275
Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.40%, 1/1/35		870		924,218
Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.15%, 1/1/37		565		605,025
			$	4,741,798
Insured – Electric Utilities — 5.5%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/32	$	1,150	$	1,272,372
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35		305		342,524
Southern Minnesota Municipal Power Agency, (NPFG), 0.00%, 1/1/25		9,000		8,739,630
			$	10,354,526
Insured – Hospital — 1.2%
Minneapolis, (Fairview Health Services), (AGM), 5.00%, 11/15/44	$	2,000	$	2,306,720
			$	2,306,720
Lease Revenue / Certificates of Participation — 2.4%
Anoka-Hennepin Independent School District No. 11, 5.00%, 2/1/34	$	1,000	$	1,128,240
Minnesota, 5.00%, 6/1/29		1,335		1,478,446
St. Paul Independent School District No. 625, 5.00%, 2/1/27		1,500		1,897,035
			$	4,503,721

Security	Principal Amount (000’s omitted)		Value
Other Revenue — 1.2%
Center City, (Hazelden Betty Ford Foundation), 4.00%, 11/1/28	$	825	$	904,844
Center City, (Hazelden Betty Ford Foundation), 4.00%, 11/1/34		500		574,230
Center City, (Hazelden Betty Ford Foundation), 5.00%, 11/1/27		400		455,104
Center City, (Hazelden Betty Ford Foundation), 5.00%, 11/1/29		300		338,730
			$	2,272,908
Senior Living / Life Care — 2.7%
Apple Valley, (PHS Apple Valley Senior Housing, Inc.), 5.00%, 9/1/43	$	1,000	$	1,047,860
North Oaks, (Waverly Gardens), 4.00%, 10/1/25		1,600		1,759,024
North Oaks, (Waverly Gardens), 4.00%, 10/1/26		1,680		1,841,280
Wayzata, (Folkestone Senior Living Community), 4.00%, 8/1/44		435		445,570
			$	5,093,734
Transportation — 3.5%
Minneapolis-St. Paul Metropolitan Airports Commission, 5.00%, 1/1/27	$	1,000	$	1,263,050
Minneapolis-St. Paul Metropolitan Airports Commission, 5.00%, 1/1/35		1,000		1,118,290
Minneapolis-St. Paul Metropolitan Airports Commission, (AMT), 5.00%, 1/1/25		1,000		1,128,180
Minneapolis-St. Paul Metropolitan Airports Commission, (AMT), 5.00%, 1/1/28		1,250		1,577,087
Minneapolis-St. Paul Metropolitan Airports Commission, (AMT), 5.00%, 1/1/33		1,200		1,518,912
			$	6,605,519
Total Tax-Exempt Investments — 95.2% (identified cost $167,852,143)			$	180,311,657
Other Assets, Less Liabilities — 4.8%			$	9,169,256
Net Assets — 100.0%			$	189,480,913

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

The Fund invests primarily in debt securities issued by Minnesota municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2021, 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 1.3% to 5.7% of total investments.

⁽¹⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at January 31, 2021.

19 See Notes to Financial Statements.

Eaton Vance

Minnesota Municipal Income Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Abbreviations:

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

20 See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Fund

January 31, 2021

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 92.8%
Security	Principal Amount (000’s omitted)		Value
Education — 2.3%
New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/30	$	1,765	$	2,010,864
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/42		1,000		1,254,440
New Jersey Educational Facilities Authority, (Stevens Institute of Technology), Green Bonds, 5.00%, 7/1/45		1,000		1,230,940
			$	4,496,244
Escrowed / Prerefunded — 1.2%
New Jersey Economic Development Authority, (The Seeing Eye, Inc.), Prerefunded to 6/1/22, 5.00%, 6/1/32	$	2,250	$	2,388,758
			$	2,388,758
General Obligations — 21.4%
Bergen County Improvement Authority, 5.00%, 8/1/42	$	1,250	$	1,660,562
Bergen County, 3.00%, 7/15/29		2,000		2,301,280
Burlington County Bridge Commission, 5.00%, 8/1/27		400		512,928
Burlington County Bridge Commission, 5.00%, 8/1/30		500		645,525
Burlington County Bridge Commission, 5.00%, 8/1/31		410		527,186
Burlington County Bridge Commission, 5.00%, 8/1/32		250		320,007
Burlington County Bridge Commission, 5.00%, 10/1/36		1,000		1,235,900
Chester Township, 2.00%, 10/1/28		1,385		1,495,412
Chester Township, 2.00%, 10/1/29		1,415		1,510,838
Chester Township, 2.00%, 10/1/30		495		523,012
East Brunswick Board of Education, 4.00%, 8/1/34		1,200		1,470,384
East Brunswick, 2.00%, 7/15/30		2,925		3,108,544
Essex County, 2.00%, 9/1/31		2,420		2,602,783
Essex County, 2.00%, 9/1/32		2,935		3,129,943
Gloucester County Improvement Authority, 4.00%, 4/1/35		2,000		2,279,000
Gloucester County Improvement Authority, 4.00%, 5/15/35		300		363,933
Jersey City, 5.00%, 11/1/33		800		992,656
Monmouth County Improvement Authority, 3.00%, 12/1/34		425		493,055
Monmouth County Improvement Authority, 3.00%, 12/1/35		500		577,940
Monmouth County Improvement Authority, 3.00%, 12/1/36		250		287,823
Monmouth County Improvement Authority, 4.00%, 12/1/35		550		686,741
Monmouth County Improvement Authority, 4.00%, 12/1/36		750		932,452
Monmouth County Improvement Authority, 4.00%, 12/1/37		635		787,197
Monmouth County Improvement Authority, 4.00%, 12/1/38		270		333,790
New Jersey, 4.00%, 6/1/30		1,000		1,242,850
Ocean City, 2.00%, 10/15/30		2,205		2,349,251
Passaic County Improvement Authority, 3.00%, 8/15/36		110		124,738
Passaic County Improvement Authority, 3.00%, 8/15/38		150		169,004

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Passaic County Improvement Authority, 4.00%, 8/15/32	$	185	$	233,409
Passaic County Improvement Authority, 4.00%, 8/15/33		110		138,081
Passaic County Improvement Authority, 4.00%, 8/15/34		100		125,119
Piscataway Township, 2.00%, 10/15/37		1,600		1,602,144
Piscataway Township, 3.00%, 10/15/30		1,750		2,058,927
Princeton, 2.00%, 12/15/31		1,065		1,138,964
Ridgewood, 3.00%, 8/1/32		1,390		1,630,915
Union County, 2.00%, 3/1/31		1,500		1,600,035
			$	41,192,328
Hospital — 15.4%
Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35	$	750	$	822,240
Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/42		1,100		1,181,818
New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27		175		175,595
New Jersey Health Care Facilities Financing Authority, (Hackensack Meridian Health Obligated Group), 5.00%, 7/1/28		100		126,742
New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 5.00%, 7/1/36		215		264,663
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/32		590		727,281
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/39		2,750		3,311,825
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/32		50		57,860
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/33		1,155		1,335,076
New Jersey Health Care Facilities Financing Authority, (RWJ Barnabas Health Obligated Group), 5.00%, 7/1/31		2,355		2,908,472
New Jersey Health Care Facilities Financing Authority, (RWJ Barnabas Health Obligated Group), 5.00%, 7/1/33		4,300		5,288,957
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 3.00%, 7/1/32		1,100		1,182,962
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 3.125%, 7/1/33		835		900,439
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 4.00%, 7/1/48		3,000		3,344,280
New Jersey Health Care Facilities Financing Authority, (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/28		1,000		1,201,200
New Jersey Health Care Facilities Financing Authority, (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/29		500		597,540

21 See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
New Jersey Health Care Facilities Financing Authority, (Valley Health System Obligated Group), 4.00%, 7/1/39	$	5,230	$	6,208,899
			$	29,635,849
Housing — 1.6%
New Jersey Housing and Mortgage Finance Agency, SFMR, (AMT), 3.80%, 10/1/32	$	2,820	$	3,133,076
			$	3,133,076
Industrial Development Revenue — 4.6%
New Jersey Economic Development Authority, (Middlesex Water Co.), (AMT), 5.00%, 8/1/59	$	3,000	$	3,672,390
New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), 3.375%, 4/1/38		3,000		3,130,380
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 2.20% to 12/3/29 (Put Date), 10/1/39		1,850		2,001,644
			$	8,804,414
Insured – Electric Utilities — 2.3%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34	$	3,935	$	4,393,900
			$	4,393,900
Insured – Escrowed / Prerefunded — 0.2%
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (NPFG), Escrowed to Maturity, 5.25%, 7/1/26	$	380	$	478,143
			$	478,143
Insured – General Obligations — 5.7%
Atlantic City, (AGM), 4.00%, 3/1/42	$	250	$	278,572
Atlantic City, (AGM), 5.00%, 3/1/37		1,500		1,793,220
Bayonne, (AGM), 5.00%, 8/1/25		615		741,598
Bayonne, (AGM), 5.00%, 8/1/26		865		1,038,346
East Orange, (AGM), 5.00%, 10/15/29		130		174,733
East Orange, (AGM), 5.00%, 10/15/30		175		232,880
East Orange, (AGM), 5.00%, 10/15/31		400		528,644
Irvington Township, (AGM), 0.00%, 7/15/23		3,775		3,711,014
Lakewood Township, (BAM), 4.00%, 11/1/26		250		296,342
Lakewood Township, (BAM), 4.00%, 11/1/27		120		144,250
Paterson, (BAM), 5.00%, 1/15/26		1,305		1,406,568
Trenton, (BAM), 5.00%, 12/1/26		500		600,640
			$	10,946,807

Security	Principal Amount (000’s omitted)		Value
Insured – Special Tax Revenue — 8.2%
Garden State Preservation Trust, (AGM), 0.00%, 11/1/24	$	6,000	$	5,821,860
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (NPFG), 5.25%, 7/1/26		1,620		1,999,453
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26		6,500		6,140,485
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27		1,900		1,757,557
			$	15,719,355
Insured – Transportation — 1.5%
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31	$	2,015	$	2,280,114
South Jersey Transportation Authority, (AGM), 5.00%, 11/1/33		500		654,180
			$	2,934,294
Lease Revenue / Certificates of Participation — 0.6%
New Jersey Economic Development Authority, (School Facilities Construction), 4.00%, 6/15/36	$	900	$	1,064,520
			$	1,064,520
Other Revenue — 2.3%
Mercer County Improvement Authority, 4.00%, 4/1/32	$	1,500	$	1,846,140
Mercer County Improvement Authority, 5.00%, 4/1/34		1,000		1,317,160
New Jersey Economic Development Authority, (The Seeing Eye, Inc.), 5.00%, 6/1/32		1,000		1,205,770
			$	4,369,070
Senior Living / Life Care — 2.0%
New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/29	$	1,250	$	1,359,750
New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/34		2,450		2,570,222
			$	3,929,972
Student Loan — 3.9%
New Jersey Higher Education Student Assistance Authority, (AMT), 1.175%, (3 mo. USD LIBOR + 0.95%), 6/1/36(1)	$	2,325	$	2,325,814
New Jersey Higher Education Student Assistance Authority, (AMT), 3.25%, 12/1/29		1,840		1,927,400
New Jersey Higher Education Student Assistance Authority, (AMT), 3.35%, 12/1/29		2,035		2,168,801
New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/34		950		1,036,060
			$	7,458,075

22 See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation — 19.6%
Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/39	$	1,000	$	1,159,330
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/28		2,000		2,251,400
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/33		1,000		1,290,440
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35		2,270		2,914,408
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/36		1,250		1,602,262
New Jersey Economic Development Authority, (Port Newark Container Terminal, LLC), (AMT), 5.00%, 10/1/37		1,500		1,755,930
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.375%, 1/1/43		275		305,267
New Jersey Economic Development Authority, (Transit Transportation Project), 4.00%, 11/1/38		375		435,128
New Jersey Economic Development Authority, (Transit Transportation Project), 4.00%, 11/1/39		375		434,205
New Jersey Transportation Trust Fund Authority, 3.00%, 6/15/50		2,000		2,072,980
New Jersey Transportation Trust Fund Authority, 4.00%, 6/15/40		1,500		1,757,145
New Jersey Transportation Trust Fund Authority, 5.00%, 6/15/38		3,220		3,961,276
New Jersey Turnpike Authority, 4.00%, 1/1/42(2)		480		577,493
New Jersey Turnpike Authority, 4.00%, 1/1/48		1,500		1,736,430
New Jersey Turnpike Authority, 5.00%, 1/1/31		375		447,311
New Jersey Turnpike Authority, 5.00%, 1/1/37		1,420		1,760,473
New Jersey Turnpike Authority, 5.00%, 1/1/45		2,780		3,150,574
Newark Housing Authority, (Newark Marine Terminal), 4.00%, 1/1/37		1,500		1,669,680
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/34		2,305		2,737,372
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/35		2,530		3,111,571
Port Authority of New York and New Jersey, (AMT), 5.00%, 11/15/36		1,160		1,417,427
South Jersey Transportation Authority, 5.00%, 11/1/31		1,000		1,145,340
			$	37,693,442
Total Tax-Exempt Municipal Securities — 92.8% (identified cost $163,605,637)			$	178,638,247

Taxable Municipal Securities — 3.9%
Security	Principal Amount (000’s omitted)		Value
General Obligations — 1.3%
Atlantic City, 7.50%, 3/1/40	$	445	$	641,298
Monroe Township Board of Education, 2.729%, 8/1/33		700		745,220
Monroe Township Board of Education, 2.849%, 8/1/35		1,000		1,067,630
			$	2,454,148
Transportation — 2.6%
New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28(3)	$	4,250	$	5,143,053
			$	5,143,053
Total Taxable Municipal Securities — 3.9% (identified cost $6,739,564)			$	7,597,201
Total Investments — 96.7% (identified cost $170,345,201)			$	186,235,448
Other Assets, Less Liabilities — 3.3%			$	6,344,115
Net Assets — 100.0%			$	192,579,563

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

The Fund invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2021, 18.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.3% to 9.3% of total investments.

⁽¹⁾  Floating rate security. The stated interest rate represents the rate in effect at January 31, 2021.

⁽²⁾  When-issued security.

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

23 See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Abbreviations:

AGM	–	Assured Guaranty Municipal Corp.
AMT	–	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BAM	–	Build America Mutual Assurance Co.
LIBOR	–	London Interbank Offered Rate
NPFG	–	National Public Finance Guarantee Corp.
SFMR	–	Single Family Mortgage Revenue
XLCA	–	XL Capital Assurance, Inc.

Currency Abbreviations:

USD – United States Dollar

24 See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2021

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 101.1%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 3.6%
Delaware Valley Regional Finance Authority, 2.00%, 10/1/29(1)	$	400	$	429,020
Delaware Valley Regional Finance Authority, 5.75%, 7/1/32		4,500		6,610,230
			$	7,039,250
Cogeneration — 0.2%
Northampton County Industrial Development Authority, (Northampton Generating), (AMT), 5.00%, 12/31/23(2)	$	1,323	$	330,859
			$	330,859
Education — 12.2%
Adams County General Authority, (Gettysburg College), 4.00%, 8/15/45	$	1,250	$	1,441,975
Allegheny County Higher Education Building Authority, (Carnegie Mellon University), 5.00%, 8/1/27		1,665		2,144,870
Allegheny County Higher Education Building Authority, (Duquesne University), 4.00%, 3/1/40		2,000		2,337,780
Cumberland County Municipal Authority, (Dickinson College), 5.00%, 5/1/30		775		929,953
Cumberland County Municipal Authority, (Dickinson College), 5.00%, 5/1/31		1,145		1,370,588
Cumberland County Municipal Authority, (Dickinson College), 5.00%, 11/1/37		1,000		1,064,710
Delaware County Authority, (Haverford College), 5.00%, 10/1/42		1,470		1,744,464
Delaware County Authority, (Villanova University), 5.00%, 8/1/40		1,120		1,282,209
Northampton County General Purpose Authority, (Lehigh University), 4.00%, 11/15/35		500		571,605
Pennsylvania Higher Educational Facilities Authority, (Drexel University), 4.00%, 5/1/36		4,000		4,416,640
Pennsylvania State University, 5.00%, 9/1/34		1,585		1,941,292
State Public School Building Authority, (Northampton County Area Community College), Prerefunded to 3/1/21, 5.50%, 3/1/31		2,645		2,656,506
Union County Higher Educational Facilities Financing Authority, (Bucknell University), Prerefunded to 4/1/22, 5.00%, 4/1/37		2,000		2,112,760
			$	24,015,352
Escrowed / Prerefunded — 1.4%
Hatboro-Horsham School District, Prerefunded to 3/15/23, 5.00%, 9/15/27	$	1,100	$	1,213,344
Lancaster Industrial Development Authority, (Garden Spot Village), Prerefunded to 5/1/23, 5.375%, 5/1/28		300		334,935

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Owen J. Roberts School District, Prerefunded to 5/15/23, 5.00%, 5/15/28	$	535	$	594,455
Southeastern Pennsylvania Transportation Authority, Federal Grant Receipts, Prerefunded to 6/1/21, 5.00%, 6/1/28		600		609,696
			$	2,752,430
General Obligations — 9.2%
Allegheny County, 4.00%, 11/1/45	$	1,000	$	1,213,740
Allegheny County, 5.00%, 11/1/43		1,000		1,254,860
Boyertown Area School District, 5.00%, 10/1/38		1,000		1,131,400
Chartiers Valley School District, 5.00%, 10/15/35		1,000		1,176,840
Chester County, 4.00%, 7/15/37		500		605,235
Chester County, 4.00%, 7/15/38		500		603,710
Cumberland Valley School District, 4.00%, 11/15/38		750		888,878
Franklin Regional School District, 4.00%, 5/1/45		500		583,185
Lehigh County, 4.00%, 11/15/32		1,000		1,217,520
Lower Paxton Township, 4.00%, 4/1/43		300		352,089
Lower Paxton Township, 4.00%, 4/1/45		310		362,086
Marple Newtown School District, 4.00%, 6/1/33		500		606,990
Marple Newtown School District, 4.00%, 6/1/34		350		424,452
Penn-Delco School District, 4.00%, 6/1/45		1,500		1,700,400
Pennsylvania, 4.00%, 5/1/34		1,000		1,235,980
Phoenixville Area School District, 4.00%, 11/15/29		525		639,513
Phoenixville Area School District, 4.00%, 11/15/30		500		604,595
Seneca Valley School District, 5.00%, 4/1/31		750		967,237
Swatara Township, 4.00%, 10/1/45		1,250		1,449,087
Upper Dublin School District, 4.00%, 11/15/29(1)		230		290,870
Upper Dublin School District, 4.00%, 9/15/40		225		265,019
West Shore School District, 4.00%, 11/15/33		430		524,703
			$	18,098,389
Hospital — 15.7%
Allegheny County Hospital Development Authority, (UPMC Health System), 4.00%, 7/15/39	$	2,000	$	2,349,880
Allegheny County Hospital Development Authority, (UPMC Health System), 5.00%, 7/15/33		1,000		1,302,750
Berks County Industrial Development Authority, (Tower Health), 4.00%, 11/1/38		210		218,530
Berks County Industrial Development Authority, (Tower Health), 4.00%, 11/1/47		1,000		1,023,820
Berks County Industrial Development Authority, (Tower Health), 5.00%, 11/1/26		250		290,623
Berks County Industrial Development Authority, (Tower Health), 5.00%, 11/1/34		150		169,563

25 See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Berks County Municipal Authority, (Tower Health), 5.00% to 2/1/25 (Put Date), 2/1/40	$	500	$	559,855
Bucks County Industrial Development Authority, (St. Luke’s University Health Network), 4.00%, 8/15/38		1,500		1,718,535
Centre County Hospital Authority, (Mount Nittany Medical Center), 5.00%, 11/15/30		505		599,324
Chester County Health and Education Facilities Authority, (Main Line Health System), 5.00%, 10/1/31		1,350		1,708,236
Chester County Health and Education Facilities Authority, (Main Line Health System), 5.00%, 10/1/35		2,000		2,500,180
Geisinger Authority, (Geisinger Health System), 4.00%, 4/1/39		1,500		1,803,495
Geisinger Authority, (Geisinger Health System), 4.00%, 4/1/50		1,500		1,754,145
Indiana County Hospital Authority, (Indiana Regional Medical Center), 6.00%, 6/1/39		1,345		1,429,802
Lancaster County Hospital Authority, (University of Pennsylvania Health System), 5.00%, 8/15/36		650		796,848
Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 4.00%, 7/1/33		2,700		2,803,032
Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 4.00%, 7/1/35		1,000		1,133,620
Montgomery County Higher Education and Health Authority, (Thomas Jefferson University Obligated Group), 4.00%, 9/1/34		1,000		1,169,410
Montgomery County Higher Education and Health Authority, (Thomas Jefferson University Obligated Group), 5.00%, 9/1/33		1,000		1,272,850
Montgomery County Higher Education and Health Authority, (Thomas Jefferson University Obligated Group), 5.00%, 9/1/37		1,000		1,232,160
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/42		150		173,040
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 5.00%, 8/15/37		2,600		3,221,400
Philadelphia Hospitals and Higher Education Facilities Authority, (Children’s Hospital of Philadelphia), 5.00%, 7/1/28		190		193,661
Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 5.00%, 6/1/36		1,000		1,295,960
			$	30,720,719
Housing — 1.1%
Pennsylvania Higher Educational Facilities Authority, (University Properties, Inc.), 5.00%, 7/1/35	$	750	$	784,673
Pennsylvania Housing Finance Agency, SFMR, 2.35%, 10/1/40		1,405		1,460,778
			$	2,245,451

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue — 0.8%
Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.), 2.15%, 11/1/21	$	1,500	$	1,521,255
			$	1,521,255
Insured – Electric Utilities — 1.0%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34	$	1,475	$	1,647,015
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35		340		381,830
			$	2,028,845
Insured – Escrowed/Prerefunded — 5.7%
Cambria County, (BAM), Prerefunded to 8/1/24, 5.00%, 8/1/30	$	2,270	$	2,647,796
Erie School District, (NPFG), Escrowed to Maturity, 0.00%, 5/1/21		2,625		2,623,714
Erie School District, (NPFG), Escrowed to Maturity, 0.00%, 5/1/22		3,625		3,612,385
McKeesport Area School District, (AMBAC), Escrowed to Maturity, 0.00%, 10/1/25		2,320		2,266,593
			$	11,150,488
Insured – General Obligations — 17.1%
Allentown City School District, (BAM), 5.00%, 6/1/31	$	500	$	603,445
Allentown City School District, (BAM), 5.00%, 6/1/32		1,000		1,204,010
Allentown City School District, (BAM), 5.00%, 6/1/33		1,000		1,199,980
Armstrong School District, (BAM), 4.00%, 3/15/35		500		598,455
Armstrong School District, (BAM), 4.00%, 3/15/38		1,000		1,186,260
Bethlehem Area School District, (BAM), 5.00%, 8/1/32		1,500		1,784,385
Cambria County, (AGM), 4.00%, 8/1/35		700		797,244
Cambria County, (BAM), 5.00%, 8/1/30		1,050		1,204,623
Coatesville Area School District, (AGM), 5.00%, 8/1/25		300		357,024
Elizabeth Forward School District, (NPFG), 0.00%, 9/1/21		2,170		2,158,217
Elizabeth Forward School District, (NPFG), 0.00%, 9/1/22		2,170		2,135,041
Elizabeth Forward School District, (NPFG), 0.00%, 9/1/23		2,170		2,107,743
Erie School District, (AGM), 4.00%, 4/1/33		1,000		1,180,080
Hazelton School District, (NPFG), 0.00%, 3/1/21		4,000		3,997,640
Hopewell School District, (AGM), 0.00%, 9/1/22		1,000		989,950
Hopewell School District, (AGM), 0.00%, 9/1/26		1,000		943,050
Lake-Lehman School District, (NPFG), 0.00%, 4/1/26		1,315		1,248,698
Lancaster School District, (AGM), 4.00%, 6/1/35		900		1,089,090
Lancaster School District, (AGM), 4.00%, 6/1/36		350		422,216
Luzerne County, (AGM), 5.00%, 11/15/29		1,000		1,194,840
McKeesport Area School District, (AGM), 5.00%, 3/1/38		60		65,581
McKeesport Area School District, (AMBAC), 0.00%, 10/1/25		1,100		1,038,169
Montour School District, (AGM), 5.00%, 4/1/32		1,000		1,187,130
Montour School District, (AGM), 5.00%, 4/1/33		1,960		2,322,835

26 See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Philadelphia School District, (AGM), 5.00%, 9/1/34	$	1,000	$	1,289,620
Upper Darby School District, (AGM), 4.00%, 4/1/40		500		584,905
Upper Darby School District, (AGM), 4.00%, 4/1/41		655		764,254
			$	33,654,485
Insured – Hospital — 1.2%
Allegheny County Hospital Development Authority, (UPMC Health System), (NPFG), 6.00%, 7/1/24	$	2,000	$	2,379,760
			$	2,379,760
Insured – Lease Revenue / Certificates of Participation — 6.4%
State Public School Building Authority, (Philadelphia School District), (AGM), 5.50%, 6/1/28(3)	$	6,250	$	8,198,625
State Public School Building Authority, (Philadelphia School District), (AGM), 5.50%, 6/1/28		3,250		4,263,285
			$	12,461,910
Insured – Transportation — 2.3%
Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38	$	2,000	$	2,675,960
Puerto Rico Highway and Transportation Authority, (AGC), 5.50%, 7/1/31		1,500		1,829,850
			$	4,505,810
Insured – Water and Sewer — 3.5%
Allegheny County Sanitary Authority, (BAM), 5.00%, 12/1/28	$	1,000	$	1,128,520
Greater Johnstown Water Authority, Sewer Revenue, (AGM), 4.00%, 8/15/38		1,740		2,042,812
Pittsburgh Water and Sewer Authority, (AGM), 4.00%, 9/1/34		2,000		2,465,340
Pittsburgh Water and Sewer Authority, (AGM), 4.00%, 9/1/45		1,000		1,195,090
			$	6,831,762
Lease Revenue / Certificates of Participation — 1.9%
Bucks County Community College Authority, 5.00%, 6/15/38	$	605	$	768,205
Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/34		2,405		3,018,034
			$	3,786,239
Other Revenue — 0.6%
Allentown Neighborhood Improvement Zone Development Authority, (City Center Project), Series 2018, 5.00%, 5/1/42(4)	$	1,000	$	1,160,430
			$	1,160,430

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care — 4.2%
Cumberland County Municipal Authority, (Diakon Lutheran Social Ministries), 5.00%, 1/1/31	$	500	$	618,350
Cumberland County Municipal Authority, (Diakon Lutheran Social Ministries), 5.00%, 1/1/39		2,000		2,382,260
Franklin County Industrial Development Authority, (Menno-Haven, Inc.), 5.00%, 12/1/29		815		918,415
Franklin County Industrial Development Authority, (Menno-Haven, Inc.), 5.00%, 12/1/33		455		501,342
Lancaster County Hospital Authority, (Brethren Village), 5.125%, 7/1/37		1,265		1,373,815
Montgomery County Industrial Development Authority, (ACTS Retirement-Life Communities, Inc. Obligated Group), 4.00%, 11/15/43		200		225,838
Montgomery County Industrial Development Authority, (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/45		1,000		1,208,530
Montgomery County Industrial Development Authority, (Whitemarsh Continuing Care Retirement Community), 5.00%, 1/1/33		1,000		1,073,760
			$	8,302,310
Special Tax Revenue — 0.6%
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/24	$	18	$	17,148
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/27		34		30,641
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/29		34		29,042
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/31		43		33,924
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/33		49		35,782
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/46		463		146,516
Puerto Rico Sales Tax Financing Corp., 0.00%, 7/1/51		377		86,684
Puerto Rico Sales Tax Financing Corp., 4.329%, 7/1/40		183		202,726
Puerto Rico Sales Tax Financing Corp., 4.50%, 7/1/34		36		39,629
Puerto Rico Sales Tax Financing Corp., 4.536%, 7/1/53		5		5,537
Puerto Rico Sales Tax Financing Corp., 4.55%, 7/1/40		18		20,206
Puerto Rico Sales Tax Financing Corp., 4.75%, 7/1/53		132		148,052
Puerto Rico Sales Tax Financing Corp., 4.784%, 7/1/58		73		82,088
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58		334		380,830
			$	1,258,805
Transportation — 8.2%
Delaware River Joint Toll Bridge Commission of Pennsylvania and New Jersey, 5.00%, 7/1/32	$	1,500	$	1,877,925
Delaware River Joint Toll Bridge Commission of Pennsylvania and New Jersey, 5.00%, 7/1/42		1,500		1,831,440
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/38		2,470		3,154,684
Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 5.00%, 11/1/41		1,960		2,085,773

27 See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Pennsylvania Turnpike Commission, 4.00%, 12/1/45	$	250	$	294,603
Pennsylvania Turnpike Commission, 5.00%, 12/1/37		1,500		1,902,975
Pennsylvania Turnpike Commission, 5.00%, 12/1/45		1,000		1,307,870
Philadelphia, Airport Revenue, (AMT), 5.00%, 6/15/27		815		828,056
Philadelphia, Airport Revenue, (AMT), 5.00%, 7/1/33		1,250		1,525,325
Philadelphia, Airport Revenue, (AMT), 5.00%, 7/1/37		1,000		1,208,900
			$	16,017,551
Water and Sewer — 4.2%
Chester Water Authority, 5.00%, 12/1/35	$	795	$	927,964
Horsham Water and Sewer Authority, 4.00%, 11/15/37		270		329,635
Horsham Water and Sewer Authority, 4.00%, 11/15/38		500		609,115
Horsham Water and Sewer Authority, 4.00%, 11/15/39		500		607,190
Horsham Water and Sewer Authority, 4.00%, 11/15/40		500		605,455
Luzerne County Industrial Development Authority, (Pennsylvania-American Water Co.), (AMT), 2.45% to 12/3/29 (Put Date), 12/1/39		750		828,832
Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 3.00%, 4/1/39		2,500		2,753,225
Philadelphia, Water and Wastewater Revenue, 5.00%, 11/1/45		1,150		1,505,143
			$	8,166,559
Total Tax-Exempt Municipal Securities — 101.1% (identified cost $182,385,528)			$	198,428,659
Taxable Municipal Securities — 0.1%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.1%
Northampton County Industrial Development Authority, (Northampton Generating), 5.00%, 12/31/23(2)	$	446	$	111,590
Total Taxable Municipal Securities — 0.1% (identified cost $446,367)			$	111,590
Total Investments — 101.2% (identified cost $182,831,895)			$	198,540,249
Other Assets, Less Liabilities — (1.2)%			$	(2,284,448	)
Net Assets — 100.0%			$	196,255,801

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

The Fund invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2021, 36.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.9% to 17.1% of total investments.

⁽¹⁾  When-issued security.

⁽²⁾  Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽³⁾  Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

⁽⁴⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2021, the aggregate value of these securities is $1,160,430 or 0.6% of the Fund’s net assets.

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.
SFMR	–	Single Family Mortgage Revenue

28 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Statements of Assets and Liabilities (Unaudited)

	January 31, 2021
Assets	Arizona Fund		Connecticut Fund		Minnesota Fund
Investments —
Identified cost	$	64,489,264	$	73,688,574	$	167,852,143
Unrealized appreciation		6,299,533		6,645,940		12,459,514
Investments, at value	$	70,788,797	$	80,334,514	$	180,311,657
Cash	$	6,008,825	$	1,523,685	$	6,110,944
Interest receivable		394,655		606,774		2,255,306
Receivable for investments sold		2,821,257		—		2,198,475
Receivable for Fund shares sold		74,881		127,341		223,775
Total assets	$	80,088,415	$	82,592,314	$	191,100,157
Liabilities
Payable for when-issued securities	$	4,829,557	$	—	$	695,000
Payable for Fund shares redeemed		171,605		210,478		683,251
Distributions payable		15,926		27,796		84,478
Payable to affiliates:
Investment adviser fee		17,567		20,450		53,066
Distribution and service fees		10,230		12,621		14,817
Accrued expenses		49,694		64,749		88,632
Total liabilities	$	5,094,579	$	336,094	$	1,619,244
Net Assets	$	74,993,836	$	82,256,220	$	189,480,913
Sources of Net Assets
Paid-in capital	$	68,908,866	$	76,658,147	$	177,833,348
Distributable earnings		6,084,970		5,598,073		11,647,565
Net Assets	$	74,993,836	$	82,256,220	$	189,480,913
Class A Shares
Net Assets	$	42,005,949	$	54,551,794	$	63,207,036
Shares Outstanding		4,219,601		5,226,498		6,404,479
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.95	$	10.44	$	9.87
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	10.45	$	10.96	$	10.36
Class C Shares
Net Assets	$	3,856,250	$	4,180,004	$	4,911,194
Shares Outstanding		348,530		401,984		462,643
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	11.06	$	10.40	$	10.62
Class I Shares
Net Assets	$	29,131,637	$	23,524,422	$	121,362,683
Shares Outstanding		2,926,578		2,253,410		12,296,898
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.95	$	10.44	$	9.87

On sales of $50,000 or more, the offering price of Class A shares is reduced.

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

29 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Statements of Assets and Liabilities (Unaudited) — continued

	January 31, 2021
Assets	New Jersey Fund		Pennsylvania Fund
Investments —
Identified cost	$	170,345,201	$	182,831,895
Unrealized appreciation		15,890,247		15,708,354
Investments, at value	$	186,235,448	$	198,540,249
Cash	$	5,848,955	$	2,011,736
Interest receivable		1,195,639		1,674,992
Receivable for investments sold		—		646,374
Receivable for Fund shares sold		334,749		478,138
Total assets	$	193,614,791	$	203,351,489
Liabilities
Payable for floating rate notes issued	$	—	$	5,000,025
Payable for when-issued securities		571,594		1,310,124
Payable for Fund shares redeemed		229,733		501,467
Distributions payable		60,455		93,983
Payable to affiliates:
Investment adviser fee		54,730		59,052
Distribution and service fees		25,966		27,776
Interest expense and fees payable		—		5,431
Accrued expenses		92,750		97,830
Total liabilities	$	1,035,228	$	7,095,688
Net Assets	$	192,579,563	$	196,255,801
Sources of Net Assets
Paid-in capital	$	176,826,313	$	192,934,363
Distributable earnings		15,753,250		3,321,438
Net Assets	$	192,579,563	$	196,255,801
Class A Shares
Net Assets	$	105,355,370	$	117,874,810
Shares Outstanding		10,709,558		13,381,922
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.84	$	8.81
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	10.33	$	9.25
Class C Shares
Net Assets	$	10,450,730	$	9,631,998
Shares Outstanding		1,018,429		1,055,983
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	10.26	$	9.12
Class I Shares
Net Assets	$	76,773,463	$	68,748,993
Shares Outstanding		7,796,152		7,775,537
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.85	$	8.84

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.

30 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Statements of Operations (Unaudited)

	Six Months Ended January 31, 2021
Investment Income	Arizona Fund		Connecticut Fund		Minnesota Fund
Interest	$	988,377	$	1,240,707	$	2,276,305
Total investment income	$	988,377	$	1,240,707	$	2,276,305
Expenses
Investment adviser fee	$	95,150	$	119,329	$	316,515
Distribution and service fees
Class A		39,169		53,852		61,928
Class C		20,322		22,378		28,053
Trustees’ fees and expenses		2,102		2,254		4,866
Custodian fee		13,046		13,279		24,181
Transfer and dividend disbursing agent fees		8,256		13,043		26,181
Legal and accounting services		21,420		30,516		21,487
Printing and postage		3,791		4,606		6,438
Registration fees		6,376		3,132		5,104
Miscellaneous		13,023		12,393		21,125
Total expenses	$	222,655	$	274,782	$	515,878
Net investment income	$	765,722	$	965,925	$	1,760,427
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	105,079	$	107,264	$	25,995
Net realized gain	$	105,079	$	107,264	$	25,995
Change in unrealized appreciation (depreciation) —
Investments	$	322,397	$	577,915	$	518,726
Net change in unrealized appreciation (depreciation)	$	322,397	$	577,915	$	518,726
Net realized and unrealized gain	$	427,476	$	685,179	$	544,721
Net increase in net assets from operations	$	1,193,198	$	1,651,104	$	2,305,148

31 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Statements of Operations (Unaudited) — continued

	Six Months Ended January 31, 2021
Investment Income	New Jersey Fund		Pennsylvania Fund
Interest	$	2,639,097	$	3,278,560
Total investment income	$	2,639,097	$	3,278,560
Expenses
Investment adviser fee	$	315,258	$	355,173
Distribution and service fees
Class A		102,673		120,316
Class C		50,115		53,648
Trustees’ fees and expenses		4,845		5,020
Custodian fee		23,564		24,351
Transfer and dividend disbursing agent fees		30,166		33,127
Legal and accounting services		28,447		32,837
Printing and postage		7,409		8,234
Registration fees		3,552		2,773
Interest expense and fees		—		19,647
Miscellaneous		17,522		20,824
Total expenses	$	583,551	$	675,950
Net investment income	$	2,055,546	$	2,602,610
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	1,451,980	$	84,785
Net realized gain	$	1,451,980	$	84,785
Change in unrealized appreciation (depreciation) —
Investments	$	2,414,853	$	1,514,443
Net change in unrealized appreciation (depreciation)	$	2,414,853	$	1,514,443
Net realized and unrealized gain	$	3,866,833	$	1,599,228
Net increase in net assets from operations	$	5,922,379	$	4,201,838

32 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Statements of Changes in Net Assets

	Six Months Ended January 31, 2021 (Unaudited)
Increase (Decrease) in Net Assets	Arizona Fund			Connecticut Fund			Minnesota Fund
From operations —
Net investment income	$	765,722		$	965,925		$	1,760,427
Net realized gain		105,079			107,264			25,995
Net change in unrealized appreciation (depreciation)		322,397			577,915			518,726
Net increase in net assets from operations	$	1,193,198		$	1,651,104		$	2,305,148
Distributions to shareholders —
Class A	$	(474,503	)	$	(637,546	)	$	(542,046	)
Class C		(36,790	)		(38,103	)		(29,481	)
Class I		(339,392	)		(289,157	)		(1,194,580	)
Total distributions to shareholders	$	(850,685	)	$	(964,806	)	$	(1,766,107	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	7,656,771		$	2,855,073		$	4,821,525
Class C		246,887			439,793			414,398
Class I		8,431,136			4,148,714			19,827,405
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		438,606			521,688			495,643
Class C		32,993			29,231			28,190
Class I		283,558			238,481			697,167
Cost of shares redeemed
Class A		(5,668,803	)		(2,312,164	)		(3,626,220	)
Class C		(367,475	)		(983,721	)		(1,203,130	)
Class I		(2,357,548	)		(2,606,325	)		(21,574,228	)
Net asset value of shares converted
Class A		559,384			532,520			951,539
Class C		(559,384	)		(532,520	)		(951,539	)
Net increase (decrease) in net assets from Fund share transactions	$	8,696,125		$	2,330,770		$	(119,250	)
Net increase in net assets	$	9,038,638		$	3,017,068		$	419,791
Net Assets
At beginning of period	$	65,955,198		$	79,239,152		$	189,061,122
At end of period	$	74,993,836		$	82,256,220		$	189,480,913

33 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Statements of Changes in Net Assets — continued

	Six Months Ended January 31, 2021 (Unaudited)
Increase (Decrease) in Net Assets	New Jersey Fund			Pennsylvania Fund
From operations —
Net investment income	$	2,055,546		$	2,602,610
Net realized gain		1,451,980			84,785
Net change in unrealized appreciation (depreciation)		2,414,853			1,514,443
Net increase in net assets from operations	$	5,922,379		$	4,201,838
Distributions to shareholders —
Class A	$	(1,306,521	)	$	(1,567,059	)
Class C		(98,402	)		(104,388	)
Class I		(940,039	)		(933,904	)
Total distributions to shareholders	$	(2,344,962	)	$	(2,605,351	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	5,812,907		$	12,527,553
Class C		1,564,311			1,537,575
Class I		12,745,303			7,379,552
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,053,164			1,385,123
Class C		88,751			100,255
Class I		819,937			539,292
Cost of shares redeemed
Class A		(5,233,510	)		(14,780,256	)
Class C		(851,760	)		(1,450,089	)
Class I		(4,664,487	)		(4,419,557	)
Net asset value of shares converted
Class A		1,342,388			2,447,969
Class C		(1,342,388	)		(2,447,969	)
Net increase in net assets from Fund share transactions	$	11,334,616		$	2,819,448
Net increase in net assets	$	14,912,033		$	4,415,935
Net Assets
At beginning of period	$	177,667,530		$	191,839,866
At end of period	$	192,579,563		$	196,255,801

34 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Statements of Changes in Net Assets — continued

	Year Ended July 31, 2020
Increase (Decrease) in Net Assets	Arizona Fund			Connecticut Fund			Minnesota Fund
From operations —
Net investment income	$	1,529,200		$	2,056,242		$	3,578,292
Net realized loss		(250,179	)		(160,420	)		(233,269	)
Net change in unrealized appreciation (depreciation)		1,463,596			1,012,384			4,157,426
Net increase in net assets from operations	$	2,742,617		$	2,908,206		$	7,502,449
Distributions to shareholders —
Class A	$	(977,929	)	$	(1,422,574	)	$	(1,159,653	)
Class C		(80,631	)		(117,076	)		(76,219	)
Class I		(615,498	)		(640,861	)		(2,396,498	)
Total distributions to shareholders	$	(1,674,058	)	$	(2,180,511	)	$	(3,632,370	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	7,679,489		$	4,168,210		$	7,424,971
Class C		890,501			3,428,981			1,871,942
Class I		9,005,843			7,296,142			61,762,354
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		878,308			1,163,854			1,059,723
Class C		72,136			83,172			72,137
Class I		504,262			551,758			1,335,288
Cost of shares redeemed
Class A		(5,425,121	)		(6,273,154	)		(8,269,156	)
Class C		(479,913	)		(2,561,998	)		(1,146,056	)
Class I		(6,833,118	)		(7,483,677	)		(32,168,716	)
Net asset value of shares converted
Class A		341,308			578,889			928,174
Class C		(341,308	)		(578,889	)		(928,174	)
Net increase in net assets from Fund share transactions	$	6,292,387		$	373,288		$	31,942,487
Net increase in net assets	$	7,360,946		$	1,100,983		$	35,812,566
Net Assets
At beginning of year	$	58,594,252		$	78,138,169		$	153,248,556
At end of year	$	65,955,198		$	79,239,152		$	189,061,122

35 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Statements of Changes in Net Assets — continued

	Year Ended July 31, 2020
Increase (Decrease) in Net Assets	New Jersey Fund			Pennsylvania Fund
From operations —
Net investment income	$	4,385,880		$	5,878,532
Net realized gain		2,225,869			267,084
Net change in unrealized appreciation (depreciation)		1,107,614			1,687,135
Net increase in net assets from operations	$	7,719,363		$	7,832,751
Distributions to shareholders —
Class A	$	(2,820,650	)	$	(3,643,461	)
Class C		(249,774	)		(297,475	)
Class I		(1,721,744	)		(2,005,858	)
Total distributions to shareholders	$	(4,792,168	)	$	(5,946,794	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	8,927,822		$	7,615,079
Class C		2,885,135			3,303,877
Class I		25,482,707			18,225,918
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,287,052			3,228,660
Class C		206,889			263,395
Class I		1,505,557			1,058,411
Cost of shares redeemed
Class A		(15,252,973	)		(17,432,539	)
Class C		(3,183,068	)		(3,541,938	)
Class I		(12,625,477	)		(8,720,269	)
Net asset value of shares converted
Class A		1,474,689			1,410,255
Class C		(1,474,689	)		(1,410,255	)
Net increase in net assets from Fund share transactions	$	10,233,644		$	4,000,594
Net increase in net assets	$	13,160,839		$	5,886,551
Net Assets
At beginning of year	$	164,506,691		$	185,953,315
At end of year	$	177,667,530		$	191,839,866

36 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Financial Highlights

	Arizona Fund — Class A
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.910		$	9.750		$	9.440		$	9.580		$	9.840		$	9.540
Income (Loss) From Operations
Net investment income(1)	$	0.108		$	0.238		$	0.258		$	0.276		$	0.292		$	0.321
Net realized and unrealized gain (loss)		0.053			0.182			0.310			(0.132	)		(0.262	)		0.298
Total income from operations	$	0.161		$	0.420		$	0.568		$	0.144		$	0.030		$	0.619
Less Distributions
From net investment income	$	(0.121	)	$	(0.260	)	$	(0.258	)	$	(0.284	)	$	(0.290	)	$	(0.319	)
Total distributions	$	(0.121	)	$	(0.260	)	$	(0.258	)	$	(0.284	)	$	(0.290	)	$	(0.319	)
Net asset value — End of period	$	9.950		$	9.910		$	9.750		$	9.440		$	9.580		$	9.840
Total Return(2)		1.64	%(3)		4.38	%		6.12	%		1.53	%		0.35	%		6.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	42,006		$	38,854		$	34,704		$	33,704		$	40,674		$	47,956
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.67	%(5)		0.68	%		0.70	%		0.71	%		0.71	%		0.69	%
Net investment income		2.17	%(5)		2.44	%		2.73	%		2.90	%		3.05	%		3.32	%
Portfolio Turnover		13	%(3)		16	%		6	%		8	%		22	%		14	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Annualized.

37 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Financial Highlights — continued

	Arizona Fund — Class C
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	11.020		$	10.840		$	10.500		$	10.650		$	10.940		$	10.610
Income (Loss) From Operations
Net investment income(1)	$	0.079		$	0.183		$	0.208		$	0.227		$	0.245		$	0.275
Net realized and unrealized gain (loss)		0.056			0.208			0.339			(0.140	)		(0.293	)		0.329
Total income (loss) from operations	$	0.135		$	0.391		$	0.547		$	0.087		$	(0.048	)	$	0.604
Less Distributions
From net investment income	$	(0.095	)	$	(0.211	)	$	(0.207	)	$	(0.237	)	$	(0.242	)	$	(0.274	)
Total distributions	$	(0.095	)	$	(0.211	)	$	(0.207	)	$	(0.237	)	$	(0.242	)	$	(0.274	)
Net asset value — End of period	$	11.060		$	11.020		$	10.840		$	10.500		$	10.650		$	10.940
Total Return(2)		1.23	%(3)		3.65	%		5.28	%		0.83	%		(0.41	)%		5.77	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,856		$	4,490		$	4,279		$	5,025		$	6,025		$	6,592
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.42	%(5)		1.43	%		1.45	%		1.46	%		1.46	%		1.44	%
Net investment income		1.44	%(5)		1.69	%		1.98	%		2.15	%		2.30	%		2.56	%
Portfolio Turnover		13	%(3)		16	%		6	%		8	%		22	%		14	%

⁽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.

38 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Financial Highlights — continued

	Arizona Fund — Class I
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.910		$	9.750		$	9.440		$	9.580		$	9.830		$	9.540
Income (Loss) From Operations
Net investment income(1)	$	0.117		$	0.257		$	0.276		$	0.295		$	0.310		$	0.339
Net realized and unrealized gain (loss)		0.053			0.184			0.310			(0.132	)		(0.251	)		0.289
Total income from operations	$	0.170		$	0.441		$	0.586		$	0.163		$	0.059		$	0.628
Less Distributions
From net investment income	$	(0.130	)	$	(0.281	)	$	(0.276	)	$	(0.303	)	$	(0.309	)	$	(0.338	)
Total distributions	$	(0.130	)	$	(0.281	)	$	(0.276	)	$	(0.303	)	$	(0.309	)	$	(0.338	)
Net asset value — End of period	$	9.950		$	9.910		$	9.750		$	9.440		$	9.580		$	9.830
Total Return(2)		1.74	%(3)		4.60	%		6.33	%		1.74	%		0.65	%		6.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	29,132		$	22,611		$	19,612		$	13,292		$	16,990		$	12,390
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.47	%(5)		0.48	%		0.49	%		0.51	%		0.51	%		0.49	%
Net investment income		2.36	%(5)		2.64	%		2.91	%		3.10	%		3.24	%		3.50	%
Portfolio Turnover		13	%(3)		16	%		6	%		8	%		22	%		14	%

⁽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.

39 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Financial Highlights — continued

	Connecticut Fund — Class A
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	10.350		$	10.230		$	9.960		$	10.200		$	10.520		$	10.240
Income (Loss) From Operations
Net investment income(1)	$	0.123		$	0.265		$	0.296		$	0.324		$	0.328		$	0.351
Net realized and unrealized gain (loss)		0.090			0.136			0.269			(0.243	)		(0.323	)		0.276
Total income from operations	$	0.213		$	0.401		$	0.565		$	0.081		$	0.005		$	0.627
Less Distributions
From net investment income	$	(0.123	)	$	(0.281	)	$	(0.295	)	$	(0.321	)	$	(0.325	)	$	(0.347	)
Total distributions	$	(0.123	)	$	(0.281	)	$	(0.295	)	$	(0.321	)	$	(0.325	)	$	(0.347	)
Net asset value — End of period	$	10.440		$	10.350		$	10.230		$	9.960		$	10.200		$	10.520
Total Return(2)		2.08	%(3)		3.99	%		5.78	%		0.82	%		0.08	%		6.22	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	54,552		$	52,501		$	52,275		$	54,900		$	59,405		$	68,795
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.69	%(5)		0.72	%		0.73	%		0.73	%		0.70	%		0.72	%
Net investment income		2.37	%(5)		2.59	%		2.97	%		3.22	%		3.20	%		3.38	%
Portfolio Turnover		8	%(3)		26	%		16	%		10	%		11	%		7	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Annualized.

40 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Financial Highlights — continued

	Connecticut Fund — Class C
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	10.310		$	10.190		$	9.920		$	10.160		$	10.490		$	10.200
Income (Loss) From Operations
Net investment income(1)	$	0.084		$	0.187		$	0.220		$	0.247		$	0.250		$	0.271
Net realized and unrealized gain (loss)		0.090			0.136			0.269			(0.242	)		(0.333	)		0.287
Total income (loss) from operations	$	0.174		$	0.323		$	0.489		$	0.005		$	(0.083	)	$	0.558
Less Distributions
From net investment income	$	(0.084	)	$	(0.203	)	$	(0.219	)	$	(0.245	)	$	(0.247	)	$	(0.268	)
Total distributions	$	(0.084	)	$	(0.203	)	$	(0.219	)	$	(0.245	)	$	(0.247	)	$	(0.268	)
Net asset value — End of period	$	10.400		$	10.310		$	10.190		$	9.920		$	10.160		$	10.490
Total Return(2)		1.70	%(3)		3.21	%		5.01	%		0.06	%		(0.77	)%		5.54	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	4,180		$	5,194		$	4,782		$	4,588		$	5,847		$	7,020
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.44	%(5)		1.47	%		1.47	%		1.48	%		1.45	%		1.47	%
Net investment income		1.62	%(5)		1.84	%		2.21	%		2.47	%		2.45	%		2.62	%
Portfolio Turnover		8	%(3)		26	%		16	%		10	%		11	%		7	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Annualized.

41 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Financial Highlights — continued

	Connecticut Fund — Class I
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	10.350		$	10.230		$	9.960		$	10.200		$	10.520		$	10.240
Income (Loss) From Operations
Net investment income(1)	$	0.134		$	0.286		$	0.316		$	0.344		$	0.348		$	0.371
Net realized and unrealized gain (loss)		0.090			0.136			0.269			(0.242	)		(0.322	)		0.276
Total income from operations	$	0.224		$	0.422		$	0.585		$	0.102		$	0.026		$	0.647
Less Distributions
From net investment income	$	(0.134	)	$	(0.302	)	$	(0.315	)	$	(0.342	)	$	(0.346	)	$	(0.367	)
Total distributions	$	(0.134	)	$	(0.302	)	$	(0.315	)	$	(0.342	)	$	(0.346	)	$	(0.367	)
Net asset value — End of period	$	10.440		$	10.350		$	10.230		$	9.960		$	10.200		$	10.520
Total Return(2)		2.18	%(3)		4.20	%		6.00	%		1.03	%		0.28	%		6.43	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	23,524		$	21,544		$	21,081		$	13,842		$	16,216		$	12,826
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.49	%(5)		0.52	%		0.53	%		0.53	%		0.50	%		0.52	%
Net investment income		2.57	%(5)		2.80	%		3.16	%		3.42	%		3.40	%		3.57	%
Portfolio Turnover		8	%(3)		26	%		16	%		10	%		11	%		7	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Annualized.

42 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Financial Highlights — continued

	Minnesota Fund — Class A
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.840		$	9.610		$	9.250		$	9.480		$	9.770		$	9.550
Income (Loss) From Operations
Net investment income(1)	$	0.086		$	0.187		$	0.224		$	0.241		$	0.263		$	0.288
Net realized and unrealized gain (loss)		0.031			0.233			0.361			(0.227	)		(0.289	)		0.222
Total income (loss) from operations	$	0.117		$	0.420		$	0.585		$	0.014		$	(0.026	)	$	0.510
Less Distributions
From net investment income	$	(0.087	)	$	(0.190	)	$	(0.225	)	$	(0.244	)	$	(0.264	)	$	(0.290	)
Total distributions	$	(0.087	)	$	(0.190	)	$	(0.225	)	$	(0.244	)	$	(0.264	)	$	(0.290	)
Net asset value — End of period	$	9.870		$	9.840		$	9.610		$	9.250		$	9.480		$	9.770
Total Return(2)		1.19	%(3)		4.42	%		6.42	%		0.15	%		(0.22	)%		5.42	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	63,207		$	60,367		$	57,812		$	56,760		$	62,310		$	74,061
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.65	%(5)		0.66	%		0.70	%		0.69	%		0.70	%		0.69	%
Net investment income		1.74	%(5)		1.93	%		2.41	%		2.57	%		2.77	%		2.98	%
Portfolio Turnover		7	%(3)		14	%		21	%		20	%		23	%		12	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

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

⁽⁵⁾  Annualized.

43 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Financial Highlights — continued

	Minnesota Fund — Class C
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	10.580		$	10.330		$	9.950		$	10.200		$	10.500		$	10.270
Income (Loss) From Operations
Net investment income(1)	$	0.053		$	0.123		$	0.168		$	0.184		$	0.206		$	0.231
Net realized and unrealized gain (loss)		0.040			0.253			0.379			(0.247	)		(0.298	)		0.233
Total income (loss) from operations	$	0.093		$	0.376		$	0.547		$	(0.063	)	$	(0.092	)	$	0.464
Less Distributions
From net investment income	$	(0.053	)	$	(0.126	)	$	(0.167	)	$	(0.187	)	$	(0.208	)	$	(0.234	)
Total distributions	$	(0.053	)	$	(0.126	)	$	(0.167	)	$	(0.187	)	$	(0.208	)	$	(0.234	)
Net asset value — End of period	$	10.620		$	10.580		$	10.330		$	9.950		$	10.200		$	10.500
Total Return(2)		0.88	%(3)		3.67	%		5.56	%		(0.62	)%		(0.85	)%		4.57	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	4,911		$	6,616		$	6,595		$	9,484		$	11,668		$	12,990
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.40	%(5)		1.41	%		1.46	%		1.44	%		1.45	%		1.44	%
Net investment income		0.99	%(5)		1.18	%		1.68	%		1.82	%		2.02	%		2.23	%
Portfolio Turnover		7	%(3)		14	%		21	%		20	%		23	%		12	%

⁽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.

44 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Financial Highlights — continued

	Minnesota Fund — Class I
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.840		$	9.610		$	9.250	��	$	9.480		$	9.770		$	9.550
Income (Loss) From Operations
Net investment income(1)	$	0.096		$	0.205		$	0.242		$	0.260		$	0.280		$	0.304
Net realized and unrealized gain (loss)		0.030			0.234			0.361			(0.227	)		(0.287	)		0.225
Total income (loss) from operations	$	0.126		$	0.439		$	0.603		$	0.033		$	(0.007	)	$	0.529
Less Distributions
From net investment income	$	(0.096	)	$	(0.209	)	$	(0.243	)	$	(0.263	)	$	(0.283	)	$	(0.309	)
Total distributions	$	(0.096	)	$	(0.209	)	$	(0.243	)	$	(0.263	)	$	(0.283	)	$	(0.309	)
Net asset value — End of period	$	9.870		$	9.840		$	9.610		$	9.250		$	9.480		$	9.770
Total Return(2)		1.29	%(3)		4.63	%		6.64	%		0.36	%		(0.02	)%		5.63	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	121,363		$	122,078		$	88,841		$	73,789		$	75,120		$	59,486
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.45	%(5)		0.46	%		0.50	%		0.49	%		0.50	%		0.49	%
Net investment income		1.94	%(5)		2.13	%		2.59	%		2.77	%		2.96	%		3.15	%
Portfolio Turnover		7	%(3)		14	%		21	%		20	%		23	%		12	%

⁽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.

45 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Financial Highlights — continued

	New Jersey Fund — Class A
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.650		$	9.480		$	9.080		$	9.230		$	9.520		$	9.240
Income (Loss) From Operations
Net investment income(1)	$	0.107		$	0.244		$	0.287		$	0.317		$	0.326		$	0.339
Net realized and unrealized gain (loss)		0.207			0.193			0.398			(0.146	)		(0.293	)		0.277
Total income from operations	$	0.314		$	0.437		$	0.685		$	0.171		$	0.033		$	0.616
Less Distributions
From net investment income	$	(0.124	)	$	(0.267	)	$	(0.285	)	$	(0.321	)	$	(0.323	)	$	(0.336	)
Total distributions	$	(0.124	)	$	(0.267	)	$	(0.285	)	$	(0.321	)	$	(0.323	)	$	(0.336	)
Net asset value — End of period	$	9.840		$	9.650		$	9.480		$	9.080		$	9.230		$	9.520
Total Return(2)		3.28	%(3)		4.68	%		7.69	%		1.89	%		0.41	%	��	6.78	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	105,355		$	100,417		$	101,283		$	98,224		$	104,121		$	117,155
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.67	%(5)		0.69	%		0.72	%		0.73	%		0.72	%		0.72	%
Interest and fee expense(6)		—			—			—			—			0.01	%		0.03	%
Total expenses(4)		0.67	%(5)		0.69	%		0.72	%		0.73	%		0.73	%		0.75	%
Net investment income		2.20	%(5)		2.57	%		3.14	%		3.47	%		3.53	%		3.62	%
Portfolio Turnover		23	%(3)		37	%		39	%		13	%		14	%		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).

46 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Financial Highlights — continued

	New Jersey Fund — Class C
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	10.070		$	9.890		$	9.470		$	9.630		$	9.930		$	9.640
Income (Loss) From Operations
Net investment income(1)	$	0.074		$	0.180		$	0.229		$	0.259		$	0.267		$	0.280
Net realized and unrealized gain (loss)		0.211			0.205			0.416			(0.155	)		(0.302	)		0.288
Total income (loss) from operations	$	0.285		$	0.385		$	0.645		$	0.104		$	(0.035	)	$	0.568
Less Distributions
From net investment income	$	(0.095	)	$	(0.205	)	$	(0.225	)	$	(0.264	)	$	(0.265	)	$	(0.278	)
Total distributions	$	(0.095	)	$	(0.205	)	$	(0.225	)	$	(0.264	)	$	(0.265	)	$	(0.278	)
Net asset value — End of period	$	10.260		$	10.070		$	9.890		$	9.470		$	9.630		$	9.930
Total Return(2)		2.85	%(3)		3.94	%		6.92	%		1.10	%		(0.32	)%		5.97	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	10,451		$	10,804		$	12,202		$	17,481		$	21,115		$	24,731
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.42	%(5)		1.44	%		1.47	%		1.48	%		1.47	%		1.47	%
Interest and fee expense(6)		—			—			—			—			0.01	%		0.03	%
Total expenses(4)		1.42	%(5)		1.44	%		1.47	%		1.48	%		1.48	%		1.50	%
Net investment income		1.45	%(5)		1.81	%		2.41	%		2.72	%		2.78	%		2.86	%
Portfolio Turnover		23	%(3)		37	%		39	%		13	%		14	%		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).

47 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Financial Highlights — continued

	New Jersey Fund — Class I
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.660		$	9.480		$	9.080		$	9.230		$	9.520		$	9.240
Income (Loss) From Operations
Net investment income(1)	$	0.117		$	0.262		$	0.303		$	0.335		$	0.345		$	0.357
Net realized and unrealized gain (loss)		0.203			0.202			0.400			(0.146	)		(0.293	)		0.278
Total income from operations	$	0.320		$	0.464		$	0.703		$	0.189		$	0.052		$	0.635
Less Distributions
From net investment income	$	(0.130	)	$	(0.284	)	$	(0.303	)	$	(0.339	)	$	(0.342	)	$	(0.355	)
Total distributions	$	(0.130	)	$	(0.284	)	$	(0.303	)	$	(0.339	)	$	(0.342	)	$	(0.355	)
Net asset value — End of period	$	9.850		$	9.660		$	9.480		$	9.080		$	9.230		$	9.520
Total Return(2)		3.34	%(3)		4.97	%		7.91	%		2.09	%		0.61	%		7.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	76,773		$	66,447		$	51,021		$	32,285		$	31,778		$	28,693
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.47	%(5)		0.49	%		0.52	%		0.53	%		0.52	%		0.52	%
Interest and fee expense(6)		—			—			—			—			0.01	%		0.03	%
Total expenses(4)		0.47	%(5)		0.49	%		0.52	%		0.53	%		0.53	%		0.55	%
Net investment income		2.40	%(5)		2.76	%		3.30	%		3.66	%		3.74	%		3.80	%
Portfolio Turnover		23	%(3)		37	%		39	%		13	%		14	%		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).

48 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Financial Highlights — continued

	Pennsylvania Fund — Class A
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	8.740		$	8.650		$	8.500		$	8.730		$	9.110		$	8.900
Income (Loss) From Operations
Net investment income(1)	$	0.114		$	0.269		$	0.310		$	0.334		$	0.323		$	0.345
Net realized and unrealized gain (loss)		0.070			0.093			0.153			(0.236	)		(0.379	)		0.207
Total income (loss) from operations	$	0.184		$	0.362		$	0.463		$	0.098		$	(0.056	)	$	0.552
Less Distributions
From net investment income	$	(0.114	)	$	(0.272	)	$	(0.313	)	$	(0.328	)	$	(0.324	)	$	(0.342	)
Total distributions	$	(0.114	)	$	(0.272	)	$	(0.313	)	$	(0.328	)	$	(0.324	)	$	(0.342	)
Net asset value — End of period	$	8.810		$	8.740		$	8.650		$	8.500		$	8.730		$	9.110
Total Return(2)		2.13	%(3)		4.26	%		5.58	%		1.16	%		(0.58	)%		6.32	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	117,875		$	115,340		$	119,324		$	112,508		$	125,579		$	147,706
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.69	%(5)		0.71	%		0.75	%		0.75	%		0.73	%		0.73	%
Interest and fee expense(6)		0.02	%(5)		0.05	%		0.07	%		0.05	%		0.04	%		0.04	%
Total expenses(4)		0.71	%(5)		0.76	%		0.82	%		0.80	%		0.77	%		0.77	%
Net investment income		2.60	%(5)		3.11	%		3.65	%		3.89	%		3.67	%		3.84	%
Portfolio Turnover		11	%(3)		20	%		18	%		9	%		4	%		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).

49 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Financial Highlights — continued

	Pennsylvania Fund — Class C
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.050		$	8.960		$	8.800		$	9.040		$	9.430		$	9.220
Income (Loss) From Operations
Net investment income(1)	$	0.084		$	0.211		$	0.257		$	0.279		$	0.266		$	0.287
Net realized and unrealized gain (loss)		0.070			0.093			0.161			(0.246	)		(0.389	)		0.208
Total income (loss) from operations	$	0.154		$	0.304		$	0.418		$	0.033		$	(0.123	)	$	0.495
Less Distributions
From net investment income	$	(0.084	)	$	(0.214	)	$	(0.258	)	$	(0.273	)	$	(0.267	)	$	(0.285	)
Total distributions	$	(0.084	)	$	(0.214	)	$	(0.258	)	$	(0.273	)	$	(0.267	)	$	(0.285	)
Net asset value — End of period	$	9.120		$	9.050		$	8.960		$	8.800		$	9.040		$	9.430
Total Return(2)		1.72	%(3)		3.45	%		4.84	%		0.39	%		(1.28	)%		5.44	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	9,632		$	11,815		$	13,088		$	22,991		$	29,651		$	38,004
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.43	%(5)		1.46	%		1.50	%		1.50	%		1.48	%		1.48	%
Interest and fee expense(6)		0.02	%(5)		0.05	%		0.07	%		0.05	%		0.04	%		0.04	%
Total expenses(4)		1.45	%(5)		1.51	%		1.57	%		1.55	%		1.52	%		1.52	%
Net investment income		1.85	%(5)		2.36	%		2.93	%		3.13	%		2.92	%		3.08	%
Portfolio Turnover		11	%(3)		20	%		18	%		9	%		4	%		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).

50 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Financial Highlights — continued

	Pennsylvania Fund — Class I
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	8.770		$	8.690		$	8.530		$	8.760		$	9.140		$	8.940
Income (Loss) From Operations
Net investment income(1)	$	0.123		$	0.287		$	0.328		$	0.352		$	0.342		$	0.365
Net realized and unrealized gain (loss)		0.071			0.083			0.163			(0.235	)		(0.380	)		0.197
Total income (loss) from operations	$	0.194		$	0.370		$	0.491		$	0.117		$	(0.038	)	$	0.562
Less Distributions
From net investment income	$	(0.124	)	$	(0.290	)	$	(0.331	)	$	(0.347	)	$	(0.342	)	$	(0.362	)
Total distributions	$	(0.124	)	$	(0.290	)	$	(0.331	)	$	(0.347	)	$	(0.342	)	$	(0.362	)
Net asset value — End of period	$	8.840		$	8.770		$	8.690		$	8.530		$	8.760		$	9.140
Total Return(2)		2.23	%(3)		4.34	%		5.90	%		1.37	%		(0.36	)%		6.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	68,749		$	64,685		$	53,541		$	46,396		$	51,055		$	53,322
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.49	%(5)		0.51	%		0.54	%		0.55	%		0.53	%		0.53	%
Interest and fee expense(6)		0.02	%(5)		0.05	%		0.07	%		0.05	%		0.04	%		0.04	%
Total expenses(4)		0.51	%(5)		0.56	%		0.61	%		0.60	%		0.57	%		0.57	%
Net investment income		2.80	%(5)		3.31	%		3.84	%		4.09	%		3.88	%		4.03	%
Portfolio Turnover		11	%(3)		20	%		18	%		9	%		4	%		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).

51 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2021

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Municipals Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Trust presently consists of eighteen funds, five of which, each non-diversified, are included in these financial statements. They include Eaton Vance Arizona Municipal Income Fund (Arizona Fund), Eaton Vance Connecticut Municipal Income Fund (Connecticut Fund), Eaton Vance Minnesota Municipal Income Fund (Minnesota Fund), Eaton Vance New Jersey Municipal Income Fund (New Jersey Fund) and Eaton Vance Pennsylvania Municipal Income Fund (Pennsylvania Fund), (each individually referred to as the Fund, and collectively, the Funds). The Funds’ investment objective is to provide current income exempt from regular federal income tax and from particular state or local income or other taxes. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Funds’ prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

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

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

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

As of January 31, 2021, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

52

Eaton Vance

Municipal Income Funds

January 31, 2021

Notes to Financial Statements (Unaudited) — continued

F  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

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

H  Floating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 9) at January 31, 2021. Interest expense related to a Fund’s liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At January 31, 2021, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:

	Pennsylvania Fund
Floating Rate Notes Outstanding	$	5,000,025
Interest Rate or Range of Interest Rates (%)		0.13
Collateral for Floating Rate Notes Outstanding	$	8,198,625

For the six months ended January 31, 2021, the Funds’ average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were as follows:

	Pennsylvania Fund
Average Floating Rate Notes Outstanding	$	5,000,000
Average Interest Rate		0.78	%

In certain circumstances, the Funds may enter into shortfall and forbearance agreements with brokers by which a Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of January 31, 2021.

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.

53

Eaton Vance

Municipal Income Funds

January 31, 2021

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

J  Interim Financial Statements — The interim financial statements relating to January 31, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

The net investment income of each Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of a Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At July 31, 2020, 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:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
Deferred capital losses:
Short-term	$	181,636	$	1,142,682	$	531,244	$	2,293,599	$	5,486,952
Long-term	$	192,565	$	—	$	384,623	$	—	$	7,493,631

The cost and unrealized appreciation (depreciation) of investments of each Fund at January 31, 2021, as determined on a federal income tax basis, were as follows:

	Arizona Fund			Connecticut Fund		Minnesota Fund			New Jersey Fund			Pennsylvania Fund
Aggregate cost	$	64,434,973		$	73,670,027	$	167,774,221		$	170,119,832		$	177,638,155
Gross unrealized appreciation	$	6,361,637		$	6,664,487	$	12,546,406		$	16,115,655		$	17,141,245
Gross unrealized depreciation		(7,813	)		—		(8,970	)		(39	)		(1,239,176	)
Net unrealized appreciation	$	6,353,824		$	6,664,487	$	12,537,436		$	16,115,616		$	15,902,069

54

Eaton Vance

Municipal Income Funds

January 31, 2021

Notes to Financial Statements (Unaudited) — continued

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

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

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

For the six months ended January 31, 2021, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

	Arizona Fund			Connecticut Fund			Minnesota Fund			New Jersey Fund			Pennsylvania Fund
Investment Adviser Fee	$	95,150		$	119,329		$	316,515		$	315,258		$	355,173
Effective Annual Rate		0.27	%		0.29	%		0.33	%		0.34	%		0.36	%

EVM serves as the administrator of each Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD for the six months ended January 31, 2021 were as follows:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
EVM’s Sub-Transfer Agent Fees	$	32	$	95	$	156	$	111	$	198
EVD’s Class A Sales Charges	$	1,510	$	3,705	$	1,179	$	12,415	$	14,667

Trustees and officers of the Funds who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended January 31, 2021, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of the above organizations.

4  Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class A Plan provides that each Fund will pay EVD a distribution and service fee not exceeding 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Trustees approved distribution and service fee payments equal to 0.20% per annum of each Fund’s average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the six months ended January 31, 2021 for Class A shares amounted to the following:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
Class A Distribution and Service Fees	$	39,169	$	53,852	$	61,928	$	102,673	$	120,316

55

Eaton Vance

Municipal Income Funds

January 31, 2021

Notes to Financial Statements (Unaudited) — continued

Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the respective Funds. For the six months ended January 31, 2021, the Funds paid or accrued to EVD the following distribution fees:

	Arizona Fund	Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
Class C Distribution Fees	$16,044	$	17,667	$	22,147	$	39,565	$	42,354

The Class C Plan also authorizes each Fund to make payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of the average daily net assets attributable to Class C shares. The Trustees approved service fee payments equal to 0.20% per annum of each Fund’s average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended January 31, 2021 amounted to the following:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
Class C Service Fees	$	4,278	$	4,711	$	5,906	$	10,550	$	11,294

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended January 31, 2021, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A and Class C shareholders:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
Class A	$	—	$	—	$	—	$	—	$	—
Class C	$	—	$	400	$	30	$	200	$	—

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended January 31, 2021 were as follows:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
Purchases	$	14,443,901	$	6,664,488	$	13,377,827	$	45,268,158	$	26,966,880
Sales	$	8,431,421	$	6,427,854	$	13,941,348	$	41,850,565	$	22,507,760

56

Eaton Vance

Municipal Income Funds

January 31, 2021

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:

Arizona Fund
	Six Months Ended January 31, 2021 (Unaudited)
	Class A			Class C			Class I
Sales		774,993			22,437			854,965
Issued to shareholders electing to receive payments of distributions in Fund shares		44,471			3,011			28,750
Redemptions		(575,471	)		(33,454	)		(238,267	)
Converted from Class C shares		56,572			—			—
Converted to Class A shares		—			(50,905	)		—
Net increase (decrease)		300,565			(58,911	)		645,448
	Year Ended July 31, 2020
	Class A			Class C			Class I
Sales		788,669			81,865			920,668
Issued to shareholders electing to receive payments of distributions in Fund shares		89,854			6,635			51,583
Redemptions		(554,286	)		(44,087	)		(702,817	)
Converted from Class C shares		35,136			—			—
Converted to Class A shares		—			(31,588	)		—
Net increase		359,373			12,825			269,434
Connecticut Fund
	Six Months Ended January 31, 2021 (Unaudited)
	Class A			Class C			Class I
Sales		276,535			42,499			401,544
Issued to shareholders electing to receive payments of distributions in Fund shares		50,491			2,842			23,076
Redemptions		(223,920	)		(95,380	)		(252,194	)
Converted from Class C shares		51,383			—			—
Converted to Class A shares		—			(51,578	)		—
Net increase (decrease)		154,489			(101,617	)		172,426
	Year Ended July 31, 2020
	Class A			Class C			Class I
Sales		407,309			335,684			714,677
Issued to shareholders electing to receive payments of distributions in Fund shares		113,777			8,159			53,904
Redemptions		(617,590	)		(252,754	)		(748,448	)
Converted from Class C shares		56,606			—			—
Converted to Class A shares		—			(56,797	)		—
Net increase (decrease)		(39,898	)		34,292			20,133

57

Eaton Vance

Municipal Income Funds

January 31, 2021

Notes to Financial Statements (Unaudited) — continued

Minnesota Fund
	Six Months Ended January 31, 2021 (Unaudited)
	Class A			Class C			Class I
Sales		491,666			39,219			2,021,222
Issued to shareholders electing to receive payments of distributions in Fund shares		50,532			2,673			71,079
Redemptions		(369,399	)		(114,238	)		(2,201,070	)
Converted from Class C shares		96,876			—			—
Converted to Class A shares		—			(90,087	)		—
Net increase (decrease)		269,675			(162,433	)		(108,769	)
	Year Ended July 31, 2020
	Class A			Class C			Class I
Sales		770,575			179,788			6,394,783
Issued to shareholders electing to receive payments of distributions in Fund shares		109,526			6,933			137,976
Redemptions		(858,196	)		(110,269	)		(3,372,136	)
Converted from Class C shares		96,353			—			—
Converted to Class A shares		—			(89,571	)		—
Net increase (decrease)		118,258			(13,119	)		3,160,623
New Jersey Fund
	Six Months Ended January 31, 2021 (Unaudited)
	Class A			Class C			Class I
Sales		601,283			154,604			1,313,886
Issued to shareholders electing to receive payments of distributions in Fund shares		108,856			8,798			84,676
Redemptions		(542,229	)		(84,633	)		(481,800	)
Converted from Class C shares		138,748			—			—
Converted to Class A shares		—			(132,978	)		—
Net increase (decrease)		306,658			(54,209	)		916,762
	Year Ended July 31, 2020
	Class A			Class C			Class I
Sales		938,030			288,996			2,684,117
Issued to shareholders electing to receive payments of distributions in Fund shares		240,011			20,800			157,937
Redemptions		(1,617,764	)		(322,171	)		(1,344,206	)
Converted from Class C shares		155,395			—			—
Converted to Class A shares		—			(148,932	)		—
Net increase (decrease)		(284,328	)		(161,307	)		1,497,848

58

Eaton Vance

Municipal Income Funds

January 31, 2021

Notes to Financial Statements (Unaudited) — continued

Pennsylvania Fund
	Six Months Ended January 31, 2021 (Unaudited)
	Class A			Class C			Class I
Sales		1,438,325			170,614			844,019
Issued to shareholders electing to receive payments of distributions in Fund shares		158,967			11,116			61,634
Redemptions		(1,694,876	)		(160,667	)		(504,430	)
Converted from Class C shares		280,360			—			—
Converted to Class A shares		—			(270,709	)		—
Net increase (decrease)		182,776			(249,646	)		401,223
	Year Ended July 31, 2020
	Class A			Class C			Class I
Sales		881,652			369,812			2,097,455
Issued to shareholders electing to receive payments of distributions in Fund shares		373,257			29,403			121,952
Redemptions		(2,007,822	)		(396,067	)		(1,008,027	)
Converted from Class C shares		163,587			—			—
Converted to Class A shares		—			(157,986	)		—
Net increase (decrease)		(589,326	)		(154,838	)		1,211,380

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 26, 2021. 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. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the six months ended January 31, 2021.

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.

59

Eaton Vance

Municipal Income Funds

January 31, 2021

Notes to Financial Statements (Unaudited) — continued

At January 31, 2021, the hierarchy of inputs used in valuing the Funds’ investments, which are carried at value, were as follows:

Arizona Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	68,723,531	$	—	$	68,723,531
Taxable Municipal Securities		—		2,065,266		—		2,065,266
Total Investments	$	—	$	70,788,797	$	—	$	70,788,797
Connecticut Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Investments	$	—	$	80,334,514	$	—	$	80,334,514
Total Investments	$	—	$	80,334,514	$	—	$	80,334,514
Minnesota Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Investments	$	—	$	180,311,657	$	—	$	180,311,657
Total Investments	$	—	$	180,311,657	$	—	$	180,311,657
New Jersey Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	178,638,247	$	—	$	178,638,247
Taxable Municipal Securities		—		7,597,201		—		7,597,201
Total Investments	$	—	$	186,235,448	$	—	$	186,235,448
Pennsylvania Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	198,428,659	$	—	$	198,428,659
Taxable Municipal Securities		—		111,590		—		111,590
Total Investments	$	—	$	198,540,249	$	—	$	198,540,249

10  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Funds’ performance, or the performance of the securities in which the Funds invest.

11  Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may have been deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, each Fund’s Board approved a new investment advisory agreement. The new investment advisory agreement was approved by Fund shareholders at a joint special meeting of shareholders held on February 18, 2021, and became effective upon the consummation of the transaction on March 1, 2021.

60

Eaton Vance

Municipal Income Funds

January 31, 2021

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

Even though the following description of the Board’s (as defined below) consideration of investment advisory and, as applicable, sub-advisory agreements covers multiple funds, for purposes of this shareholder report, the description is only relevant as to Eaton Vance Arizona Municipal Income Fund, Eaton Vance Connecticut Municipal Income Fund, Eaton Vance Minnesota Municipal Income Fund, Eaton Vance New Jersey Municipal Income Fund, Eaton Vance Pennsylvania Municipal Income Fund.

Fund	Investment Adviser	Investment Sub-Adviser
Eaton Vance Arizona Municipal Income Fund	Boston Management and Research	None
Eaton Vance Connecticut Municipal Income Fund
Eaton Vance Minnesota Municipal Income Fund
Eaton Vance New Jersey Municipal Income Fund
Eaton Vance Pennsylvania Municipal Income Fund

At a meeting held on November 24, 2020 (the “November Meeting”), the Board of each Eaton Vance open-end Fund and portfolios in which each such Fund invests, as applicable (each, a “Fund” and, collectively, the “Funds”), including a majority of the Board members (the “Independent Trustees”) who are not “interested persons” (as defined in the Investment Company Act of 1940 (the “1940 Act”)) of the Funds, Eaton Vance Management (“EVM”) or Boston Management and Research (“BMR” and, together with EVM, the “Advisers”), voted to approve a new investment advisory agreement between each Fund and either EVM or BMR (the “New Investment Advisory Agreements”) and, for certain Funds, a new investment sub-advisory agreement between an Adviser and the applicable Sub-Adviser (the “New Investment Sub-Advisory Agreements”⁽¹⁾ and, together with the New Investment Advisory Agreements, the “New Agreements”), each of which is intended to go into effect upon the completion of the Transaction (as defined below), as more fully described below. In voting its approval of the New Agreements at the November Meeting, the Board relied on an order issued by the Securities and Exchange Commission in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.

In voting its approval of the New Agreements, the Board of each Fund relied upon the recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to and during meetings leading up to the November Meeting, the Contract Review Committee reviewed and discussed information furnished by the Advisers, the Sub-Advisers, and Morgan Stanley, as requested by the Independent Trustees, that the Contract Review Committee considered reasonably necessary to evaluate the terms of the New Agreements and to form its recommendation. Such information included, among other things, the terms and anticipated impacts of Morgan Stanley’s pending acquisition of Eaton Vance Corp. (the “Transaction”) on the Funds and their shareholders. In addition to considering information furnished specifically to evaluate the impact of the Transaction on the Funds and their respective shareholders, the Board and its Contract Review Committee also considered information furnished for prior meetings of the Board and its committees, including information provided in connection with the annual contract review process for the Funds, which most recently culminated in April 2020 (the “2020 Annual Approval Process”).

The Board of each Fund, including the Independent Trustees, concluded that the applicable New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement, including the fees payable thereunder, was fair and reasonable, and it voted to approve the New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement and to recommend that shareholders do so as well.

Shortly after the announcement of the Transaction, the Board, including all of the Independent Trustees, met with senior representatives from the Advisers and Morgan Stanley at its meeting held on October 13, 2020 to discuss certain aspects of the Transaction and the expected impacts of the Transaction on the Funds and their shareholders. As part of the Board’s evaluation process, counsel to the Independent Trustees, on behalf of the Contract Review Committee, requested additional information to assist the Independent Trustees in their evaluation of the New Agreements and the implications of the Transaction, as well as other contractual arrangements that may be affected by the Transaction. The Contract Review Committee considered information furnished by the Advisers and Morgan Stanley, their respective affiliates, and, as applicable, the Sub-Advisers during meetings on November 5, 2020, November 10, 2020, November 13, 2020, November 17, 2020 and November 24, 2020.

During its meetings on November 10, 2020 and November 17, 2020, the Contract Review Committee further discussed the approval of the New Agreements with senior representatives of the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley. The representatives from the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley each made presentations to, and responded to questions from, the Independent Trustees. The Contract Review

⁽¹⁾  With respect to certain of the Funds, the applicable Adviser is currently a party to a sub-advisory agreement (collectively, the “Current Sub-Advisory Agreements”) with Atlanta Capital Management Company, LLC (“Atlanta Capital”), BMO Global Asset Management (Asia) Limited, Eaton Vance Advisers International Ltd. (“EVAIL”), Goldman Sachs Asset Management, L.P., Hexavest Inc. (“Hexavest”), Parametric Portfolio Associates LLC (“Parametric”) or Richard Bernstein Advisors LLC (collectively, the “Sub-Advisers” and, with respect to Atlanta Capital, EVAIL, Hexavest and Parametric, each an affiliate of the Advisers, the “Affiliated Sub-Advisers”). Accordingly, references to the “Sub-Advisers,” the “Affiliated Sub-Advisers” or the “New Sub-Advisory Agreements” are not applicable to all Funds.

61

Eaton Vance

Municipal Income Funds

January 31, 2021

Board of Trustees’ Contract Approval — continued

Committee considered the Advisers’, the Affiliated Sub-Advisers’ and Morgan Stanley’s responses related to the Transaction and specifically to the Funds, as well as information received in connection with the 2020 Annual Approval Process, with respect to its evaluation of the New Agreements. Among other information, the Board considered:

Information about the Transaction and its Terms

• Information about the material terms and conditions, and expected impacts, of the Transaction that relate to the Funds, including the expected impacts on the businesses conducted by the Advisers, the Affiliated Sub-Advisers and Eaton Vance Distributors, Inc., as the distributor of Fund shares;

• Information about the advantages of the Transaction as they relate to the Funds and their shareholders;

• A commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction;

• A commitment that, for a period of three years after the Closing, at least 75% of each Fund’s Board members must not be “interested persons” (as defined in the 1940 Act) of the investment adviser (or predecessor investment adviser, if applicable) pursuant to Section 15(f)(1)(A) of the 1940 Act;

• A commitment that Morgan Stanley would use its reasonable best efforts to ensure that it did not impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction;

• Information with respect to personnel and/or other resources of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as a result of the Transaction, as well as any expected changes to compensation, including any retention-based compensation intended to incentivize key personnel at the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• Information regarding any changes that are expected with respect to the Funds’ slate of officers as a result of the Transaction;

Information about Morgan Stanley

• Information about Morgan Stanley’s overall business, including information about the advisory, brokerage and related businesses that Morgan Stanley operates;

• Information about Morgan Stanley’s financial condition, including its access to capital and other resources required to support the investment advisory businesses related to the Funds;

• Information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy, and any changes that Morgan Stanley contemplates implementing to the Funds in the short- or long-term following the closing of the Transaction (the “Closing”);

• Information regarding risk management functions at Morgan Stanley and its affiliates, including how existing risk management protocols and procedures may impact the Funds and/or the businesses of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as they relate to the Funds;

• Information on the anticipated benefits of the Transaction to the Funds with respect to potential additional distribution capabilities and the ability to access new markets and customer segments through Morgan Stanley’s distribution network, including, in particular, its institutional client base;

• Information regarding the financial condition and reputation of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry;

Information about the New Agreements for Funds

• A representation that, after the Closing, all of the Funds will continue to be advised by their current Adviser and Sub-Adviser, as applicable;

• Information regarding the terms of the New Agreements, including certain changes as compared to the current investment advisory agreement between each Fund and its Adviser (collectively, the “Current Advisory Agreements”) and, as applicable, the current investment sub-advisory agreement between a Fund and a Sub-Adviser (together with the Current Advisory Agreements, the “Current Agreements”);

• Information confirming that the fee rates payable under the New Agreements are not changed as compared to the Current Agreements;

• A representation that the New Agreements will not cause any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers to the Funds and their respective shareholders, including with respect to compliance and other non-advisory services;

Information about Fund Performance, Fees and Expenses

• A report from an independent data provider comparing the investment performance of each Fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods as of the 2020 Annual Approval Process, as well as performance information as of a more recent date;

• A report from an independent data provider comparing each Fund’s total expense ratio (and its components) to those of comparable funds as of the 2020 Annual Approval Process, as well as fee and expense information as of a more recent date;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the Advisers in consultation with the Portfolio Management Committee of the Board as of the 2020 Annual Approval Process, as well as corresponding performance information as of a more recent date;

• Comparative information concerning the fees charged and services provided by the Adviser and the Sub-Adviser to each Fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such Fund(s), if any;

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Eaton Vance

Municipal Income Funds

January 31, 2021

Board of Trustees’ Contract Approval — continued

• Profitability analyses of the Advisers and the Affiliated Sub-Advisers, as applicable, with respect to each of the Funds as of the 2020 Annual Approval Process, as well as information regarding the impact of the Transaction on profitability;

Information about Portfolio Management and Trading

• Descriptions of the investment management services currently provided and expected to be provided to each Fund after the Transaction, as well as each of the Funds’ investment strategies and policies;

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

• Information about any changes to the policies and practices of the Advisers and, as applicable, each Fund’s Sub-Adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information regarding the impact on trading and access to capital markets associated with the Funds’ affiliations with Morgan Stanley and its affiliates, including potential restrictions with respect to the Funds’ ability to execute portfolio transactions with Morgan Stanley and its affiliates;

Information about the Advisers and the Sub-Advisers

• Information about the financial results and condition of the Advisers and the Affiliated Sub-Advisers since the culmination of the 2020 Annual Approval Process and any material changes in financial condition that are reasonably expected to occur before and after the Closing;

• Information regarding contemplated changes to the individual investment professionals whose responsibilities include portfolio management and investment research for the Funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable, post-Closing;

• The Code of Ethics of the Advisers and their affiliates, including the Affiliated Sub-Advisers, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the Advisers and their affiliates, including the Affiliated Sub-Advisers, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• A description of the Advisers’ oversight of the Sub-Advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by the Advisers and their affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by EVM and/or administrator to each of the Funds;

• Confirmation that the Advisers intend to continue to manage the Funds in a manner materially consistent with each Fund’s current investment objective(s) and principal investment strategies;

• Information regarding Morgan Stanley’s commitment to maintaining competitive compensation arrangements to attract and retain highly qualified personnel;

• Confirmation that the Advisers’ current senior management teams have indicated their strong support of the Transaction; and

• Information regarding the fact that Morgan Stanley and Eaton Vance Corp. will each derive benefits from the Transaction and that, as a result, they have a financial interest in the matters that were being considered.

As indicated above, the Board and its Contract Review Committee also considered information received at its regularly scheduled meetings throughout the year, which included information from portfolio managers and other investment professionals of the Advisers and the Sub-Advisers regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the Funds’ investment objectives. The Board also received information regarding risk management techniques employed in connection with the management of the Funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the Funds, and received and participated in reports and presentations provided by the Advisers and their affiliates, including the Affiliated Sub-Advisers, with respect to such matters.

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

63

Eaton Vance

Municipal Income Funds

January 31, 2021

Board of Trustees’ Contract Approval — continued

Nature, Extent and Quality of Services

In considering whether to approve the New Agreements, the Board evaluated the nature, extent and quality of services currently provided to each Fund by the Advisers and, as applicable, the Sub-Advisers under the Current Agreements. In evaluating the nature, extent and quality of services to be provided by the Advisers and the Sub-Advisers under the New Agreements, the Board considered, among other information, the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of the Advisers and the Sub-Advisers, and that Morgan Stanley and the Advisers have advised the Board that, following the Transaction, there is not expected to be any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers, as applicable, to the Funds and their shareholders, including compliance and other non-advisory services, and that there are not expected to be any changes in portfolio management personnel as a result of the Transaction.

The Board also considered the financial resources of Morgan Stanley and the Advisers and the importance of having a Fund manager with, or with access to, significant organizational and financial resources. The Board considered the benefits to the Funds of being part of a larger combined organization with greater financial resources following the Transaction, particularly during periods of market disruptions and volatility. In this regard, the Board considered information provided by Morgan Stanley regarding its business and operating structure, scale of operation, leadership and reputation, distribution capabilities, and financial condition, as well as information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy and any changes that Morgan Stanley contemplates in the short- or long-term following the Closing. The Board also noted Morgan Stanley’s and the Advisers’ commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers, and existing Morgan Stanley affiliates and their respective personnel.

The Board considered the Advisers’ and the Sub-Advisers’ management capabilities and investment processes in light of the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to each Fund. In particular, the Board considered the abilities and experience of the Advisers’ and, as applicable, the Sub-Advisers’ investment professionals in implementing each Fund’s investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Advisers and other factors, including the reputation and resources of the Advisers to recruit and retain highly qualified research, advisory and supervisory investment professionals. With respect to the recruitment and retention of key personnel, the Board noted information from Morgan Stanley and the Advisers regarding the benefits of joining Morgan Stanley. In addition, the Board considered the time and attention devoted to the Funds by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Funds, including the provision of administrative services. With respect to the foregoing, the Board also considered information from the Advisers and Morgan Stanley regarding the anticipated impact of the Transaction on such matters. The Board also considered the business-related and other risks to which the Advisers or their affiliates may be subject in managing the Funds and in connection with the Transaction.

The Board considered the compliance programs of the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Advisers and their affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority. The Board also considered certain information relating to the compliance record of Morgan Stanley and its affiliates, including information requests in recent years from regulatory authorities. With respect to the foregoing, including the compliance programs of the Advisers and the Sub-Advisers, the Board noted information regarding the impacts of the Transaction, as well as the Advisers’ and Morgan Stanley’s commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers and existing Morgan Stanley affiliates and their respective personnel.

The Board considered other administrative services provided and to be provided or overseen by the Advisers and their affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges. The Board noted information that the Transaction was not expected to have any material impact on such matters in the near-term.

In evaluating the nature, extent and quality of the services to be provided under the New Agreements, the Board also considered investment performance information provided for each Fund in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. In this regard, the Board compared each Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and, for certain Funds, a custom peer group of similarly managed funds. The Board also considered, where applicable, Fund-specific performance explanations based on criteria established by the Board in connection with the 2020 Annual Approval Process and, where applicable, performance explanations as of a more recent date. In addition to the foregoing information, it was also noted that the Board has received and discussed with management information throughout the year at periodic intervals comparing each Fund’s performance against applicable benchmark indices and peer groups. In addition, the Board considered each Fund’s performance in light of overall financial market conditions. Where a Fund’s relative underperformance to its peers was significant during one or more specified periods, the Board noted the explanation from the applicable Adviser concerning the Fund’s relative performance versus its peer group.

64

Eaton Vance

Municipal Income Funds

January 31, 2021

Board of Trustees’ Contract Approval — continued

After consideration of the foregoing factors, among others, and based on their review of the materials provided and the assurances received from, and recommendations of, the Advisers and Morgan Stanley, the Board determined that the Transaction was not expected to adversely affect the nature, extent and quality of services provided to the Funds by the Advisers and their affiliates, including the Affiliated Sub-Advisers, and that the Transaction was not expected to have an adverse effect on the ability of the Advisers and their affiliates, including the Affiliated Sub-Advisers, to provide those services. The Board concluded that the nature, extent and quality of services expected to be provided by the Advisers and the Sub-Advisers, taken as a whole, are appropriate and expected to be consistent with the terms of the New Agreements.

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”) in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. As part of its review, the Board considered each Fund’s management fees and total expense ratio over various periods, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors, and, where applicable, certain Fund-specific factors, that had an impact on a Fund’s total expense ratio relative to comparable funds, as identified by the Advisers in response to inquiries from the Contract Review Committee. The Board considered that the New Agreements do not change a Fund’s management fee rate or the computation method for calculating such fees, including any separately executed permanent contractual management fee reduction currently in place for the Fund.

The Board also received and considered, where applicable, information about the services offered and the fee rates charged by the Advisers and the Sub-Advisers to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as a Fund. In this regard, the Board received information about the differences in the nature and scope of services the Advisers and the Sub-Advisers, as applicable, provide to the Funds as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Advisers and such Sub-Advisers as between each Fund and other types of accounts.

After considering the foregoing information, and in light of the nature, extent and quality of the services expected to be provided by the Advisers and the Sub-Advisers, the Board concluded that the management fees charged for advisory and related services are reasonable with respect to its approval of the New Agreements.

Profitability and “Fall-Out” Benefits

During the 2020 Annual Approval Process, the Board considered the level of profits realized by the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers, in providing investment advisory and administrative services to the Funds and to all Eaton Vance funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Advisers and their affiliates to third parties in respect of distribution or other services. In light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Advisers and their affiliates, including the Sub-Advisers, were not deemed to be excessive by the Board.

The Board noted that Morgan Stanley and the Advisers are expected to realize, over time, cost savings from the Transaction based on eliminating duplicate corporate overhead expenses. The Board considered, however, information from the Advisers and Morgan Stanley that such cost savings are not expected to be realized immediately upon the Closing and that, accordingly, there are currently no specific expected changes in the levels of profitability associated with the advisory and other services provided to the Funds that are contemplated as a result of the Transaction. The Board noted that it will continue to receive information regarding profitability during its annual contract review processes, including the extent to which cost savings and/or other efficiencies result in changes to profitability levels.

The Board also considered direct or indirect fall-out benefits received by the Advisers and their affiliates, including the Affiliated Sub-Advisers, in connection with their respective relationships with the Funds, including the benefits of research services that may be available to the Advisers and their affiliates as a result of securities transactions effected for the Funds and other investment advisory clients. In evaluating the fall-out benefits to be received by the Advisers and their affiliates under the New Agreements, the Board considered whether the Transaction would have an impact on the fall-out benefits currently realized by the Advisers and their affiliates in connection with services provided pursuant to the Current Advisory Agreements.

The Board of each Fund considered that Morgan Stanley may derive reputational and other benefits from its ability to use the names of the Advisers and their affiliates in connection with operating and marketing the Funds. The Board considered that the Transaction, if completed, would significantly increase Morgan Stanley’s assets under management and expand Morgan Stanley’s investment capabilities.

Economies of Scale

The Board also considered the extent to which the Advisers and their affiliates, on the one hand, and the Funds, on the other hand, can expect to realize benefits from economies of scale as the assets of the Funds increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific Fund or group of funds. As part of the 2020 Annual Approval Process, the Board reviewed data summarizing the increases and decreases in the assets of the Funds and of all Eaton Vance funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of the Advisers and their affiliates may have been affected by such increases or decreases.

65

Eaton Vance

Municipal Income Funds

January 31, 2021

Board of Trustees’ Contract Approval — continued

The Board noted that Morgan Stanley and the Advisers are expected to benefit from possible growth of the Funds resulting from enhanced distribution capabilities, including with respect to the Funds’ potential access to Morgan Stanley’s institutional client base. Based upon the foregoing, the Board concluded that the Funds currently share in the benefits from economies of scale, if any, when they are realized by the Advisers, and that the Transaction is not expected to impede a Fund from continuing to benefit from any future economies of scale realized by its Adviser.

Conclusion

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described above, the Contract Review Committee recommended to the Board approval of the New Agreements. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, unanimously voted to approve the New Agreements for the Funds and recommended that shareholders approve the New Agreements.

66

Eaton Vance

Municipal Income Funds

January 31, 2021

Officers and Trustees

Officers of Eaton Vance Municipals Trust

Eric A. Stein

President

Deidre E. Walsh

Vice President

Maureen A. Gemma

Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Municipals Trust

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

67

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted 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 share your personal information with our affiliates. Eaton Vance may also share your information as required or permitted by applicable law.

• We have adopted a Privacy Program we believe is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to your 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 WaterOak Advisors, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., 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 notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

68

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7703    1.31.21

Eaton Vance

Municipal Opportunities Fund

Semiannual Report

January 31, 2021

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations 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 the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. 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 call 1-800-262-1122.

Semiannual Report January 31, 2021

Eaton Vance

Municipal Opportunities Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	32
Officers and Trustees	37
Important Notices	38

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Performance^1,2

Portfolio Manager Adam A. Weigold, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		05/31/2011		05/31/2011		4.37	%		3.77	%		3.54	%		5.03	%
Class A with 4.75% Maximum Sales Charge		—		—		–0.55			–1.19			2.55			4.50
Class C at NAV		08/18/2014		05/31/2011		3.89			2.92			2.77			4.48
Class C with 1% Maximum Sales Charge		—		—		2.89			1.92			2.77			4.48
Class I at NAV		05/31/2011		05/31/2011		4.49			4.03			3.81			5.31
Bloomberg Barclays Municipal Bond Index		—		—		2.01	%		4.01	%		3.79	%		4.42	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.92	%		1.67	%		0.67	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.12	%		1.38	%		2.37	%
Taxable-Equivalent Distribution Rate									3.58			2.33			4.00
SEC 30-day Yield									0.94			0.25			1.23
Taxable-Equivalent SEC 30-day Yield									1.59			0.42			2.08

Fund Profile

Credit Quality (% of total investments)⁵

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Endnotes and Additional Disclosures

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

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

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

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

⁴  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-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 each year-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 lower tax-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 a 30-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  For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based

largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

Fund profile subject to change due to active management.

3

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2020 – January 31, 2021).

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

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

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

	Beginning Account Value (8/1/20)		Ending Account Value (1/31/21)		Expenses Paid During Period* (8/1/20 – 1/31/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,043.70	$	4.74		0.92	%
Class C	$	1,000.00	$	1,038.90	$	8.58		1.67	%
Class I	$	1,000.00	$	1,044.90	$	3.45		0.67	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.60	$	4.69		0.92	%
Class C	$	1,000.00	$	1,016.80	$	8.49		1.67	%
Class I	$	1,000.00	$	1,021.80	$	3.41		0.67	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2020.

4

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Portfolio of Investments (Unaudited)

Corporate Bonds & Notes — 1.1%
Security	Principal Amount (000’s omitted)		Value
Hospital — 1.1%
Care New England Health System, 5.50%, 9/1/26	$	11,000	$	11,156,942
Harnett Health System, Inc., 4.25% to 4/1/25 (Put Date), 4/1/32		3,685		3,629,725
Total Corporate Bonds & Notes — 1.1% (identified cost $14,504,401)			$	14,786,667
Tax-Exempt Mortgage-Backed Securities — 0.0%(1)
Security	Principal Amount (000’s omitted)		Value
Housing — 0.0%(1)
FRETE 2017-ML01 Trust, Class A, (Freddie Mac guaranteed), 0.627%, (1 mo. USD LIBOR + 0.50%), 1/25/33(2)(3)	$	472	$	475,077
Total Tax-Exempt Mortgage-Backed Securities — 0.0%(1) (identified cost $471,812)			$	475,077
Tax-Exempt Municipal Securities — 84.7%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.3%
Delaware Valley Regional Finance Authority, PA, 0.856%, (67% of 1 mo. USD LIBOR + 0.76%), 9/1/24 (Put Date), 9/1/48(3)	$	8,000	$	7,988,240
Illinois Finance Authority, (Revolving Fund), Green Bonds, 4.00%, 1/1/32		7,800		9,964,500
			$	17,952,740
Education — 3.9%
Arizona Industrial Development Authority, (Academies of Math & Science), 5.00%, 7/1/39(2)	$	525	$	606,779
Arizona Industrial Development Authority, (Doral Academy of Nevada), 3.55%, 7/15/29(2)		1,360		1,462,354
Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/40(2)		865		912,904
Arizona State University, 5.00%, 7/1/33		500		570,990
Arizona State University, 5.00%, 7/1/34		580		661,449
Build NYC Resource Corp., NY, (Ethical Culture Fieldston School), 5.00%, 6/1/24		600		684,522

Security	Principal Amount (000’s omitted)		Value
Education (continued)
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/31	$	600	$	751,008
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/35		1,125		1,388,160
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/37		1,400		1,718,990
California School Finance Authority, (KIPP SoCal Public Schools), 5.00%, 7/1/39(2)		1,000		1,280,030
California School Finance Authority, (KIPP SoCal Public Schools), 5.00%, 7/1/49(2)		1,000		1,257,160
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 4.50%, 6/15/28(2)		550		588,418
Delaware County Authority, PA, (Villanova University), 5.00%, 8/1/22		600		642,096
District of Columbia, (District of Columbia International School), 5.00%, 7/1/39		680		816,136
District of Columbia, (KIPP DC), 4.00%, 7/1/39		280		317,089
District of Columbia, (KIPP DC), 4.00%, 7/1/44		270		301,909
District of Columbia, (Rocketship DC Obligated Group), 5.00%, 6/1/39(2)		1,425		1,594,262
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 4.50%, 6/1/33(2)		2,535		2,915,630
Florida Higher Educational Facilities Financing Authority, (Ringling College of Art and Design), 5.00%, 3/1/32		315		381,323
Florida Higher Educational Facilities Financing Authority, (Ringling College of Art and Design), 5.00%, 3/1/33		355		426,749
Florida Higher Educational Facilities Financing Authority, (Ringling College of Art and Design), 5.00%, 3/1/34		350		420,455
Massachusetts Development Finance Agency, (Dexter Southfield), 5.00%, 5/1/31		500		579,275
Massachusetts Development Finance Agency, (Dexter Southfield), 5.00%, 5/1/32		1,695		1,958,606
Massachusetts Development Finance Agency, (Suffolk University), 5.00%, 7/1/28		525		668,446
Massachusetts Development Finance Agency, (Suffolk University), 5.00%, 7/1/29		500		645,115
Massachusetts Development Finance Agency, (Suffolk University), 5.00%, 7/1/30		715		910,095
Michigan Finance Authority, (Cesar Chavez Academy), 5.00%, 2/1/33		830		927,567
Monroe County Industrial Development Corp., NY, (Nazareth College of Rochester), 5.00%, 10/1/26		980		1,164,779
Monroe County Industrial Development Corp., NY, (Nazareth College of Rochester), 5.00%, 10/1/27		1,035		1,253,913
Monroe County Industrial Development Corp., NY, (University of Rochester), Series 2017C, 5.00%, 7/1/29		650		821,243
Monroe County Industrial Development Corp., NY, (University of Rochester), Series 2017D, 5.00%, 7/1/29		750		947,588

5 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Education (continued)
New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/26	$	2,460	$	2,913,796
New York Dormitory Authority, (Oneida-Herkimer-Madison BOCES), 5.00%, 8/15/22		510		541,181
New York Dormitory Authority, (Oneida-Herkimer-Madison BOCES), 5.00%, 8/15/23		275		302,184
New York Dormitory Authority, (Oneida-Herkimer-Madison BOCES), 5.00%, 8/15/24		300		340,257
New York Dormitory Authority, (Pratt Institute), Prerefunded to 7/1/24, 5.00%, 7/1/25		500		581,425
New York Dormitory Authority, (Pratt Institute), Prerefunded to 7/1/24, 5.00%, 7/1/26		545		633,753
Philadelphia Industrial Development Authority, PA, (La Salle University), 5.00%, 5/1/25		910		986,185
Philadelphia Industrial Development Authority, PA, (La Salle University), 5.00%, 5/1/26		1,850		2,030,208
Philadelphia Industrial Development Authority, PA, (La Salle University), 5.00%, 5/1/29		1,000		1,101,390
Pinellas County Educational Facilities Authority, FL, (Pinellas Academy of Math and Science), 4.125%, 12/15/28(2)		540		597,645
Pinellas County Educational Facilities Authority, FL, (Pinellas Academy of Math and Science), 5.00%, 12/15/38(2)		2,690		3,122,444
Public Finance Authority, WI, (North Carolina Leadership Academy), 5.00%, 6/15/39(2)		205		219,614
Public Finance Authority, WI, (North Carolina Leadership Academy), 5.00%, 6/15/49(2)		260		275,402
Public Finance Authority, WI, (Roseman University of Health Sciences), 5.00%, 4/1/40(2)		840		975,895
Public Finance Authority, WI, (Roseman University of Health Sciences), 5.00%, 4/1/50(2)		1,010		1,154,228
Romeoville, IL, (Lewis University), 5.00%, 10/1/24		500		563,805
Romeoville, IL, (Lewis University), 5.00%, 10/1/26		500		569,215
University of Arkansas, 5.00%, 11/1/24		450		528,822
University of Arkansas, 5.00%, 11/1/25		500		609,450
University of Idaho, 5.00%, 4/1/24		500		574,345
University of North Carolina at Charlotte, 4.00%, 4/1/37		625		689,563
University of North Carolina at Greensboro, 5.00%, 4/1/27		400		506,316
University of Pittsburgh, PA, 0.40%, (SIFMA + 0.36%), 2/15/24(3)		3,000		3,011,730
Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC – Charter School of Educational Excellence), 5.00%, 10/15/49		285		322,298
Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC – Charter School of Educational Excellence), 5.00%, 10/15/54		430		484,541
			$	53,210,732

Security	Principal Amount (000’s omitted)		Value
Electric Utilities — 2.7%
American Municipal Power, Inc., OH, (Prairie State Energy Campus), 5.00%, 2/15/36	$	5,000	$	6,490,950
Arkansas River Power Authority, CO, 5.00%, 10/1/27		2,255		2,755,858
Arkansas River Power Authority, CO, 5.00%, 10/1/28		1,110		1,381,129
Arkansas River Power Authority, CO, 5.00%, 10/1/29		2,000		2,474,160
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39		4,505		4,942,886
Long Island Power Authority, NY, Electric System Revenue, 0.851%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(3)		6,000		6,008,400
Long Island Power Authority, NY, Electric System Revenue, 1.00%, 9/1/25		3,600		3,665,484
Long Island Power Authority, NY, Electric System Revenue, 5.00%, 9/1/29		500		639,905
Missouri Joint Municipal Electric Utility Commission, (Prairie State Energy Campus), 5.00%, 1/1/28		1,515		1,938,139
Nebraska Public Power District, 5.00%, 1/1/24		750		851,040
Omaha Public Power District, NE, 5.00%, 2/1/25		550		651,805
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/25		2,525		2,972,203
Unified Government of Wyandotte County/Kansas City, KS, Utility System Revenue, 5.00%, 9/1/26		1,165		1,399,561
Unified Government of Wyandotte County/Kansas City, KS, Utility System Revenue, 5.00%, 9/1/27		1,000		1,197,140
			$	37,368,660
Escrowed / Prerefunded — 0.1%
Detroit, MI, Sewage Disposal System, Prerefunded to 7/1/22, 5.00%, 7/1/32	$	125	$	133,651
Detroit, MI, Water Supply System, Prerefunded to 7/1/21, 5.25%, 7/1/41		295		301,334
District of Columbia, (Association of American Medical Colleges), Prerefunded to 10/1/23, 5.00%, 10/1/30		570		643,632
Norfolk Economic Development Authority, VA, (Bon Secours Health System, Inc.), Prerefunded to 11/1/22, 5.00%, 11/1/28		225		243,621
			$	1,322,238
General Obligations — 8.5%
Ann Arbor Public Schools, MI, 5.00%, 5/1/23	$	10	$	11,080
Ann Arbor Public Schools, MI, 5.00%, 5/1/27		1,000		1,193,910
Bergen County, NJ, 3.00%, 7/15/30		2,185		2,500,995
Burlington, VT, 5.00%, 11/1/24		400		469,084
Champaign County Community Unit School District No. 4, IL, 5.00%, 1/1/33		1,650		2,094,890
Chicago Board of Education, IL, 0.00%, 12/1/25		3,500		3,273,585
Chicago Board of Education, IL, 5.00%, 12/1/26		2,905		3,542,560

6 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Chicago Park District, IL, 5.00%, 1/1/24	$	500	$	558,380
Chicago, IL, 5.00%, 1/1/28		3,000		3,684,900
Chicago, IL, 5.00%, 1/1/30		9,780		12,374,536
Chicago, IL, 5.625%, 1/1/30		6,000		7,282,500
Chicago, IL, 6.00%, 1/1/38		4,000		4,873,200
Connecticut, 5.00%, 4/15/34		1,000		1,292,930
Dallas, TX, 5.00%, 2/15/25		1,000		1,189,940
District of Columbia, 5.00%, 10/15/32		10,000		13,277,400
Heard County Public Facilities Authority, GA, (Heard County School District), 4.00%, 3/1/29		850		1,044,531
Hermiston School District No. 8R, OR, 0.00%, 6/15/43		3,165		1,690,395
Illinois, 3.25%, 11/1/26		2,400		2,575,392
Illinois, 5.00%, 11/1/24		2,750		3,099,003
Illinois, 5.50%, 5/1/39		1,740		2,187,110
Illinois, 5.75%, 5/1/45		1,780		2,245,363
Johnson County, KS, 2.00%, 9/1/32		1,510		1,644,903
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/26		900		1,019,277
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29		2,000		2,256,360
Mattawan Consolidated School, Van Buren and Kalamazoo Counties, MI, 5.00%, 5/1/26		750		900,698
Mattawan Consolidated School, Van Buren and Kalamazoo Counties, MI, 5.00%, 5/1/27		1,000		1,196,240
Mattawan Consolidated School, Van Buren and Kalamazoo Counties, MI, 5.00%, 5/1/28		500		596,485
New Jersey, 4.00%, 6/1/32		1,150		1,458,637
New York, NY, 5.00%, 8/1/29		450		501,750
Ottawa County, MI, 5.00%, 11/1/22		500		542,480
Ottawa County, MI, 5.00%, 11/1/24		195		230,277
Passaic County Improvement Authority, NJ, (Passaic County Community College), 5.375%, 7/1/41		1,535		2,395,107
Portland School District No. 1, OR, 3.00%, 6/15/33		5,000		5,816,750
Portland School District No. 1, OR, 3.00%, 6/15/34		5,000		5,771,850
Sedgwick County Unified School District No. 265, KS, 5.00%, 10/1/26		1,000		1,260,340
Sonoma County Junior College District, CA, (Election of 2014), 4.00%, 8/1/33		3,000		3,739,200
St. Joseph Public Schools, MI, 5.00%, 5/1/28		1,880		2,241,035
St. Joseph Public Schools, MI, 5.00%, 5/1/29		1,650		1,963,038
Thornapple Kellogg School, MI, 5.00%, 5/1/24		400		460,292
Upper Merion Area School District, PA, 5.00%, 1/15/29		500		588,540
Upper Merion Area School District, PA, 5.00%, 1/15/30		300		352,866
Washington, 5.00%, 6/1/35(4)		2,500		3,359,250
Washington, 5.00%, 6/1/36(4)		2,200		2,945,756
Washington, 5.00%, 6/1/37(4)		2,500		3,336,350

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Will and Cook Counties Community High School District No. 210, IL, 0.00%, 1/1/27	$	65	$	58,215
Will and Cook Counties Community High School District No. 210, IL, 5.00%, 1/1/29		1,185		1,253,576
			$	116,350,956
Hospital — 18.2%
Astoria Hospital Facilities Authority, OR, (Columbia Memorial Hospital), 5.00%, 8/1/41	$	940	$	1,095,288
Augusta Development Authority, GA, (AU Health System, Inc.), 5.00%, 7/1/26		2,525		2,959,350
Augusta Development Authority, GA, (AU Health System, Inc.), 5.00%, 7/1/27		2,635		3,143,792
Baxter County, AR, (Baxter Regional Medical Center), 5.00%, 9/1/21		1,140		1,161,090
Baxter County, AR, (Baxter Regional Medical Center), 5.00%, 9/1/23		930		1,002,707
Baxter County, AR, (Baxter Regional Medical Center), 5.00%, 9/1/25		1,125		1,272,971
Baxter County, AR, (Baxter Regional Medical Center), Series A, 5.00%, 9/1/22		1,660		1,742,386
Baxter County, AR, (Baxter Regional Medical Center), Series A, 5.00%, 9/1/24		1,350		1,492,182
Baxter County, AR, (Baxter Regional Medical Center), Series A, 5.00%, 9/1/26		1,000		1,151,750
Baxter County, AR, (Baxter Regional Medical Center), Series B, 5.00%, 9/1/22		265		278,152
Baxter County, AR, (Baxter Regional Medical Center), Series B, 5.00%, 9/1/24		290		320,543
Baxter County, AR, (Baxter Regional Medical Center), Series B, 5.00%, 9/1/26		320		368,560
Berks County Municipal Authority, PA, (Tower Health), 5.00% to 2/1/25 (Put Date), 2/1/40		3,000		3,359,130
Boone County, MO, (Boone Hospital Center), 5.00%, 8/1/29		1,410		1,579,990
Boone County, MO, (Boone Hospital Center), 5.00%, 8/1/31		3,215		3,580,192
Calhoun County Hospital Finance Authority, MI, (Oaklawn Hospital), 5.00%, 2/15/32		2,110		2,432,619
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/23		100		110,223
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/27		360		406,080
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/28		300		337,194
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/29		110		123,173
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/30		150		167,538

7 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/35	$	250	$	276,640
California Municipal Finance Authority, (NorthBay Healthcare Group), Series 2015, 5.00%, 11/1/25		200		227,238
California Statewide Communities Development Authority, (Cottage Health System Obligated Group), Prerefunded to 11/1/24, 5.00%, 11/1/26		425		499,201
Connecticut Health and Educational Facilities Authority, (Griffin Hospital), 5.00%, 7/1/50(2)		3,730		4,238,063
Conway, AR, (Conway Regional Medical Center), 5.00%, 8/1/28		500		600,380
Conway, AR, (Conway Regional Medical Center), 5.00%, 8/1/29		200		238,434
Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/36		2,660		2,986,435
Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/51		4,715		5,168,394
Darke County, OH, (Wayne HealthCare), 4.00%, 9/1/40		1,000		1,065,110
Darke County, OH, (Wayne HealthCare), 4.00%, 9/1/45		2,580		2,710,729
Decatur Hospital Authority, TX, (Wise Regional Health System), 5.00%, 9/1/21		330		336,841
Decatur Hospital Authority, TX, (Wise Regional Health System), 5.00%, 9/1/22		150		158,411
Decatur Hospital Authority, TX, (Wise Regional Health System), 5.00%, 9/1/23		200		218,550
Delaware Health Facilities Authority, (Beebe Medical Center), 5.00%, 6/1/30		600		748,764
Delaware Health Facilities Authority, (Beebe Medical Center), 5.00%, 6/1/31		1,200		1,491,336
Deschutes County Hospital Facilities Authority, OR, (St. Charles Health System), 4.00%, 1/1/33		500		559,250
Doylestown Hospital Authority, PA, (Doylestown Health), 4.00%, 7/1/45		315		336,515
Doylestown Hospital Authority, PA, (Doylestown Health), 5.00%, 7/1/46		850		943,160
Doylestown Hospital Authority, PA, (Doylestown Health), 5.00%, 7/1/49		2,375		2,726,619
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/50		16,330		18,774,438
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 5.00%, 8/15/36		3,900		4,993,443
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 5.00%, 8/15/37		6,015		7,677,726
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 5.00%, 8/15/38		1,360		1,731,226
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 5.00%, 8/15/40		4,080		5,184,905
Fredericksburg Economic Development Authority, VA, (Mary Washington Healthcare), 5.00%, 6/15/24		1,000		1,144,610

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/35	$	750	$	883,402
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/36		750		880,163
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/37		750		875,835
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System), 4.00%, 8/1/38		1,750		2,037,682
Halifax Hospital Medical Center, FL, 5.00%, 6/1/27		2,890		3,470,370
Halifax Hospital Medical Center, FL, 5.00%, 6/1/29		1,830		2,175,358
Illinois Finance Authority, (Presence Health Network), 3.75%, 2/15/34		3,145		3,575,456
Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/28		8,000		10,090,320
Illinois Finance Authority, (Silver Cross Hospital and Medical Centers), 5.00%, 8/15/23		1,000		1,108,430
Illinois Finance Authority, (Silver Cross Hospital and Medical Centers), 5.00%, 8/15/28		1,670		1,955,987
Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), 5.125%, 6/1/26		475		501,999
Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), 5.25%, 6/1/27		415		438,833
Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), 5.375%, 6/1/28		455		481,163
Indiana Finance Authority, (Parkview Health), 5.00%, 11/1/26		1,200		1,509,180
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.00%, 11/1/29		505		562,095
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.00%, 11/1/30		1,605		1,774,440
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 5.00%, 11/1/26		1,375		1,643,785
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 5.00%, 11/1/27		1,440		1,751,342
Klamath Falls Intercommunity Hospital Authority, OR, (Sky Lakes Medical Center), 4.00%, 9/1/24		475		528,357
Klamath Falls Intercommunity Hospital Authority, OR, (Sky Lakes Medical Center), 4.00%, 9/1/25		550		625,235
Klamath Falls Intercommunity Hospital Authority, OR, (Sky Lakes Medical Center), 5.00%, 9/1/28		795		951,321
Klamath Falls Intercommunity Hospital Authority, OR, (Sky Lakes Medical Center), 5.00%, 9/1/31		600		707,982
Lexington County Health Services District, Inc., SC, 5.00%, 11/1/27		200		256,644
Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center), 5.00%, 7/1/34		960		1,260,835
Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center), 5.00%, 7/1/35		1,510		1,977,541

8 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center), 5.00%, 7/1/36	$	1,615	$	2,107,543
Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center), 5.00%, 7/1/37		1,690		2,198,166
Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center), 5.00%, 7/1/38		1,780		2,308,678
Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center), 5.00%, 7/1/39		1,865		2,412,918
Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center), 5.00%, 7/1/40		1,960		2,529,792
Massachusetts Development Finance Agency, (Atrius Health), 4.00%, 6/1/49		850		955,230
Massachusetts Development Finance Agency, (Atrius Health), 5.00%, 6/1/39		710		881,302
Massachusetts Development Finance Agency, (Lawrence General Hospital), 5.00%, 7/1/32		500		495,185
Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/27		125		134,951
Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/33(2)		320		386,390
Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/34(2)		300		361,074
Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/35(2)		275		330,039
Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/36(2)		235		281,041
Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/37(2)		245		292,060
Massachusetts Development Finance Agency, (Milford Regional Medical Center), 5.00%, 7/15/46(2)		1,390		1,628,051
Massachusetts Development Finance Agency, (UMass Memorial Health Care Obligated Group), 5.00%, 7/1/27		1,460		1,832,373
Massachusetts Development Finance Agency, (UMass Memorial Health Care Obligated Group), 5.00%, 7/1/28		2,000		2,486,620
Massachusetts Development Finance Agency, (UMass Memorial Health Care Obligated Group), 5.00%, 7/1/29		2,700		3,337,038
Massachusetts Development Finance Agency, (Wellforce), 5.00%, 7/1/27		1,430		1,756,669
Massachusetts Development Finance Agency, (Wellforce), 5.00%, 7/1/28		1,250		1,565,312
Michigan Finance Authority, (Oakwood Obligated Group), 5.00%, 11/1/27		1,400		1,510,586

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Missouri Health and Educational Facilities Authority, (SSM Health Care), 5.00%, 6/1/26	$	1,000	$	1,145,440
Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/27		1,250		1,381,975
Nassau County Local Economic Assistance Corp., NY, (Catholic Health Services of Long Island), 5.00%, 7/1/29		1,000		1,130,650
New Hampshire Health and Education Facilities Authority, (Concord Hospital), 5.00%, 10/1/32		500		611,600
New Hampshire Health and Education Facilities Authority, (Concord Hospital), 5.00%, 10/1/33		1,000		1,218,990
New Hampshire Health and Education Facilities Authority, (Concord Hospital), 5.00%, 10/1/34		1,070		1,301,505
New Hampshire Health and Education Facilities Authority, (Concord Hospital), 5.00%, 10/1/35		1,550		1,880,987
New Jersey Health Care Facilities Financing Authority, (Barnabas Health), 5.00%, 7/1/23		605		646,896
New Jersey Health Care Facilities Financing Authority, (Hunterdon Medical Center Obligated Group), Prerefunded to 7/1/24, 5.00%, 7/1/30		500		581,240
New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 5.00%, 7/1/29		2,600		3,180,398
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/24		1,000		1,161,560
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 4.00%, 7/1/48		7,500		8,360,700
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 5.00%, 7/1/30		30		36,377
New Jersey Health Care Facilities Financing Authority, (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/29		500		597,540
New Jersey Health Care Facilities Financing Authority, (Valley Health System Obligated Group), 4.00%, 7/1/35		1,000		1,200,720
New Jersey Health Care Facilities Financing Authority, (Valley Health System Obligated Group), 4.00%, 7/1/36		1,000		1,196,740
New Jersey Health Care Facilities Financing Authority, (Valley Health System Obligated Group), 4.00%, 7/1/37		1,000		1,193,070
New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.00%, 7/1/27		500		567,050
New York Dormitory Authority, (Catholic Health System Obligated Group), 5.00%, 7/1/34		550		681,505
New York Dormitory Authority, (Catholic Health System Obligated Group), 5.00%, 7/1/35		625		769,719
New York Dormitory Authority, (Catholic Health System Obligated Group), 5.00%, 7/1/36		550		675,180
New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), 5.00%, 7/1/29		750		958,372
New York Dormitory Authority, (NYU Hospitals Center), 5.00%, 7/1/22		440		468,829

9 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
New York Dormitory Authority, (NYU Hospitals Center), 5.00%, 7/1/23	$	600	$	665,658
New York Dormitory Authority, (NYU Hospitals Center), 5.00%, 7/1/25		2,000		2,389,820
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/33(2)		1,100		1,261,359
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/34(2)		1,200		1,374,216
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/35(2)		1,000		1,143,250
New York Dormitory Authority, (Orange Regional Medical Center), Series 2015, 5.00%, 12/1/32(2)		1,100		1,264,131
New York Dormitory Authority, (Orange Regional Medical Center), Series 2017, 5.00%, 12/1/32(2)		1,500		1,782,615
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network), 1.141%, (70% of 1 mo. USD LIBOR + 1.04%), 8/15/24 (Put Date), 8/15/48(3)		1,000		1,008,290
Ohio, (University Hospitals Health System, Inc.), 5.00%, 1/15/27		850		1,034,212
Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/33		3,165		3,815,376
Oregon Facilities Authority, (PeaceHealth), 5.00%, 11/15/29		500		566,005
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/29		300		392,421
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/40		875		1,102,701
Oroville, CA, (Oroville Hospital), 5.00%, 4/1/31		1,705		2,049,001
Oroville, CA, (Oroville Hospital), 5.25%, 4/1/34		2,000		2,423,120
Rhode Island Health and Educational Building Corp., (Care New England Health System), 5.00%, 9/1/31		4,000		4,446,320
Savannah Hospital Authority, GA, (St. Joseph’s/Candler Health System, Inc.), 4.00%, 7/1/43		2,500		2,849,575
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/25		1,530		1,841,998
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/26		1,410		1,689,829
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/28		1,550		1,832,224
St. Cloud, MN, (CentraCare Health System), 5.00%, 5/1/27		1,000		1,217,670
Tallahassee, FL, (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/26		500		588,315
Tallahassee, FL, (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/27		500		585,445
Virginia Small Business Financing Authority, (Sentara Healthcare), 4.00%, 11/1/39		2,750		3,276,597
Ward County, ND, (Trinity Obligated Group), 5.00%, 6/1/29		1,300		1,565,512
Ward County, ND, (Trinity Obligated Group), 5.00%, 6/1/30		1,815		2,165,930

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Ward County, ND, (Trinity Obligated Group), 5.00%, 6/1/31	$	1,885	$	2,240,718
Ward County, ND, (Trinity Obligated Group), 5.00%, 6/1/34		3,000		3,515,280
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/30		1,600		1,993,680
Washington Health Care Facilities Authority, (PeaceHealth), Prerefunded to 5/15/24, 5.00%, 11/15/26		1,000		1,152,860
Wisconsin Health and Educational Facilities Authority, (Ascension Senior Credit Group), 5.00%, 11/15/27		1,000		1,238,570
Yavapai County Industrial Development Authority, AZ, (Yavapai Regional Medical Center), 5.25%, 8/1/33		250		274,695
			$	250,630,537
Housing — 2.9%
California Municipal Finance Authority, (CHF-Riverside II, LLC), 5.00%, 5/15/32	$	415	$	519,402
California Municipal Finance Authority, (CHF-Riverside II, LLC), 5.00%, 5/15/33		2,870		3,573,580
California Municipal Finance Authority, (CHF-Riverside II, LLC), 5.00%, 5/15/34		915		1,135,140
California Municipal Finance Authority, (CHF-Riverside II, LLC), 5.00%, 5/15/36		1,260		1,551,740
California Municipal Finance Authority, (CHF-Riverside II, LLC), 5.00%, 5/15/37		1,495		1,835,755
California Municipal Finance Authority, (CHF-Riverside II, LLC), 5.00%, 5/15/38		500		612,170
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.), 5.00%, 7/1/29		500		512,030
Independent Cities Finance Authority, CA, (Union City Tropics), 4.00%, 5/15/32		1,060		1,236,702
Independent Cities Finance Authority, CA, (Union City Tropics), 4.00%, 5/15/33		1,100		1,273,470
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 4.00%, 7/1/32		300		341,664
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 4.00%, 7/1/33		330		374,408
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 4.00%, 7/1/34		340		383,707
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 4.00%, 7/1/35		350		393,201
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 4.00%, 7/1/40		450		497,943
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 4.00%, 7/1/50		935		1,020,637
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue, 5.00%, 7/1/55		2,200		2,583,218
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Galveston I, LLC), 5.00%, 4/1/23		910		950,158

10 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
New York City Housing Development Corp., NY, 2.10% to 10/1/29 (Put Date), 11/1/46	$	8,295	$	8,988,545
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/31		355		409,777
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University), 5.00%, 7/1/35		770		886,840
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University), 5.00%, 7/1/37		1,235		1,413,482
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University), 5.00%, 7/1/39		860		978,809
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University), 5.00%, 7/1/59		1,500		1,667,340
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/27		705		815,622
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/28		665		778,615
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/29		365		431,722
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/34		2,560		2,957,286
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/39		1,595		1,815,923
			$	39,938,886
Industrial Development Revenue — 4.1%
Arkansas Development Finance Authority, (Big River Steel), Green Bonds, (AMT), 4.75%, 9/1/49(2)	$	4,000	$	4,498,960
Florida Development Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00%, 5/1/29(2)		2,155		2,341,278
Florida Development Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00% to 8/1/22 (Put Date), 8/1/29(2)		2,250		2,351,453
Illinois Finance Authority, (Navistar International Corp.), 4.75% to 8/1/30 (Put Date), 10/15/40(2)		2,190		2,367,215
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 4.375% to 8/1/25 (Put Date), 8/1/35(2)		875		973,516
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(2)		940		1,076,197
Michigan Strategic Fund, (Waste Management, Inc.), (AMT), 2.85% to 8/2/21 (Put Date), 8/1/27		4,000		4,053,360
National Finance Authority, NH, (Waste Management, Inc.), (AMT), 0.79%, (SIFMA + 0.75%), 10/1/21 (Put Date), 10/1/33(3)		2,500		2,500,650
New Hampshire Business Finance Authority, (United Illuminating Co.), 2.80% to 10/2/23 (Put Date), 10/1/33		1,500		1,583,055

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue (continued)
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.625%, 11/15/30	$	215	$	241,221
New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (AMT), 2.45% to 4/1/26 (Put Date), 4/1/59		2,500		2,667,100
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44(2)		1,675		1,743,407
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 1/1/34		5,000		5,961,950
Niagara Area Development Corp., NY, (Covanta), 3.50%, 11/1/24(2)		1,920		2,013,485
Pennsylvania Economic Development Financing Authority, (Covanta), Green Bonds, (AMT), 3.25%, 8/1/39(2)		5,500		5,626,170
Public Finance Authority, WI, (Celanese Corp.), (AMT), 5.00%, 12/1/25		1,000		1,179,870
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(2)		9,045		10,096,119
Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 4.50%, 5/1/32(2)		4,595		5,206,319
			$	56,481,325
Insured – Education — 0.1%
Missouri Southern State University, (AGM), 4.00%, 10/1/33	$	220	$	251,255
Missouri Southern State University, (AGM), 4.00%, 10/1/35		125		141,943
Missouri Southern State University, (AGM), 4.00%, 10/1/36		150		169,753
Missouri Southern State University, (AGM), 4.00%, 10/1/37		85		95,912
Missouri Southern State University, (AGM), 4.00%, 10/1/38		70		78,775
Missouri Southern State University, (AGM), 4.00%, 10/1/39		55		61,760
University of Puerto Rico, (NPFG), 5.00%, 6/1/25		120		121,576
			$	920,974
Insured – Electric Utilities — 1.0%
Brownsville, TX, Utility System Revenue, (AGM), 4.00%, 9/1/45	$	1,505	$	1,814,789
Paducah Electric Plant Board, KY, (AGM), 5.00%, 10/1/29		1,500		1,811,310
Puerto Rico Electric Power Authority, (AGC), 5.00%, 7/1/26		280		290,184
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/22		3,500		3,596,425
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/23		335		349,522
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/25		170		181,324
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26		135		144,771
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		1,110		1,209,811
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/30		530		580,811
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		125		139,578
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35		125		140,379

11 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Electric Utilities (continued)
Puerto Rico Electric Power Authority, (NPFG), Series PP, 5.00%, 7/1/25	$	1,165	$	1,180,296
Puerto Rico Electric Power Authority, (NPFG), Series SS, 5.00%, 7/1/25		1,820		1,843,897
			$	13,283,097
Insured – Escrowed / Prerefunded — 0.1%
Bolingbrook, IL, (AGM), Escrowed to Maturity, 5.00%, 1/1/24	$	875	$	995,592
Cambria County, PA, (BAM), Escrowed to Maturity, 5.00%, 8/1/23		240		268,747
Cambria County, PA, (BAM), Escrowed to Maturity, 5.00%, 8/1/23		275		307,940
Detroit, MI, Sewage Disposal System, (AGM), Prerefunded to 7/1/22, 5.00%, 7/1/39		175		187,112
			$	1,759,391
Insured – General Obligations — 2.6%
Atlantic City, NJ, (BAM), 5.00%, 3/1/23	$	500	$	544,765
Atlantic City, NJ, (BAM), 5.00%, 3/1/24		300		339,405
Bayonne, NJ, (AGM), 5.00%, 8/1/23		300		334,899
Bayonne, NJ, (AGM), 5.00%, 8/1/24		300		348,474
Bayonne, NJ, (AGM), 5.00%, 8/1/25		885		1,067,177
Bayonne, NJ, (AGM), 5.00%, 8/1/26		915		1,098,366
Bolingbrook, IL, (AGM), 5.00%, 1/1/24		125		141,294
Bolingbrook, IL, (AGM), 5.00%, 1/1/25		1,000		1,171,150
Cambria County, PA, (AGM), 4.00%, 8/1/34		745		851,826
Cambria County, PA, (BAM), 5.00%, 8/1/23		985		1,092,276
Chicago Board of Education, IL, (AGM), 5.00%, 12/1/25		1,000		1,206,040
Chicago Board of Education, IL, (NPFG), 0.00%, 12/1/22		4,300		4,228,749
Chicago Board of Education, IL, (NPFG), 0.00%, 12/1/26		1,580		1,454,627
Chicago Board of Education, IL, (NPFG), 0.00%, 12/1/28		1,560		1,359,228
Community College District No. 536, IL, (Lewis and Clark Community College), (AGM), 4.00%, 5/1/29		500		584,930
Detroit, MI, (AMBAC), 5.00%, 4/1/21		13		13,145
Detroit, MI, (AMBAC), 5.00%, 4/1/22		66		64,913
Detroit, MI, (AMBAC), 5.00%, 4/1/24		329		316,728
Luzerne County, PA, (AGM), 5.00%, 11/15/24		2,480		2,876,998
McCook, IL, (AGM), 4.00%, 12/1/24		200		225,722
McCook, IL, (AGM), 4.00%, 12/1/25		275		319,033
McCook, IL, (AGM), 4.00%, 12/1/26		260		308,394
McCook, IL, (AGM), 4.00%, 12/1/27		300		362,691
McCook, IL, (AGM), 4.00%, 12/1/28		300		368,961
McHenry County Community Unit School District No. 12, IL, (AGM), 5.00%, 1/1/25		890		1,002,968

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
McHenry County Community Unit School District No. 12, IL, (AGM), 5.00%, 1/1/26	$	925	$	1,042,123
Monroe County Industrial Development Corp., NY, (Monroe Community College Association, Inc.), (AGM), 5.00%, 1/15/25		750		843,315
Proviso Township High School District No. 209, IL, (AGM), 5.00%, 12/1/28		1,000		1,295,550
Puerto Rico Public Buildings Authority, (AMBAC), 5.45%, 7/1/30		930		947,038
Puerto Rico Public Buildings Authority, (NPFG), 6.00%, 7/1/28		2,685		2,762,006
Puerto Rico, (AGC), 5.00%, 7/1/34		310		321,451
Puerto Rico, (AGM), 5.00%, 7/1/35		1,055		1,111,485
Puerto Rico, (NPFG), 5.25%, 7/1/22		530		534,897
Puerto Rico, (NPFG), 6.00%, 7/1/27		570		586,348
Rockland County, NY, (AGM), 5.00%, 3/1/24		350		400,592
Vauxmont Metropolitan District, CO, (AGM), 5.00%, 12/1/34		1,140		1,462,027
Vauxmont Metropolitan District, CO, (AGM), 5.00%, 12/1/50		1,500		1,848,585
Will and Cook Counties Community High School District No. 210, IL, (AGM), 0.00%, 1/1/28		500		449,865
Will and Cook Counties Community High School District No. 210, IL, (BAM), 0.00%, 1/1/33		200		155,020
			$	35,443,061
Insured – Housing — 0.1%
Maryland Economic Development Corp., (University of Maryland, College Park), (AGM), 4.00%, 6/1/21	$	400	$	403,836
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing College Station I, LLC), (AGM), 4.00%, 4/1/22		445		458,617
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing College Station I, LLC), (AGM), 4.00%, 4/1/24		400		432,764
			$	1,295,217
Insured – Lease Revenue / Certificates of Participation — 0.2%
Georgia Local Government 1998A Grantor Trust, Certificates of Participation, (NPFG), 4.75%, 6/1/28	$	800	$	911,984
Kentucky Asset/Liability Commission, (NPFG), 0.694%, (67% of 3 mo. USD LIBOR + 0.55%), 11/1/25(3)		2,000		1,974,380
			$	2,886,364
Insured – Other Revenue — 0.1%
Albany Parking Authority, NY, (AGM), 5.00%, 7/15/24	$	300	$	346,086
Albany Parking Authority, NY, (AGM), 5.00%, 7/15/25		315		375,225

12 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Other Revenue (continued)
Puerto Rico Public Buildings Authority, (AGC), 5.00%, 7/1/36	$	120	$	123,806
			$	845,117
Insured – Special Tax Revenue — 1.0%
Illinois Sports Facilities Authority, (AGM), 5.00%, 6/15/27	$	2,325	$	2,627,924
Illinois Sports Facilities Authority, (AMBAC), 0.00%, 6/15/22		500		490,160
Puerto Rico Convention Center District Authority, (AMBAC), 5.00%, 7/1/31		3,325		3,368,657
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/43		955		362,652
Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/24		305		331,258
Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/26		1,145		1,274,339
Sales Tax Securitization Corp., IL, (BAM), 5.00%, 1/1/37		4,000		5,108,360
			$	13,563,350
Insured – Transportation — 2.3%
Cleveland, OH, Airport System Revenue, (AGM), 5.00%, 1/1/25	$	1,225	$	1,430,518
Metropolitan Transportation Authority, NY, (AGM), 0.779%, (69% of 1 mo. USD LIBOR + 0.68%), 4/6/21 (Put Date), 11/1/32(3)		5,000		4,995,550
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31		185		209,341
New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/28		1,185		1,051,782
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/32		2,000		2,199,980
Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/26		1,000		1,178,970
Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/36		795		967,762
Puerto Rico Highway and Transportation Authority, (AGM), 5.00%, 7/1/32		1,675		1,739,705
Puerto Rico Highway and Transportation Authority, (AGM), 5.25%, 7/1/36		535		651,464
Puerto Rico Highway and Transportation Authority, (AGM), 5.50%, 7/1/31		100		121,990
Puerto Rico Highway and Transportation Authority, (AMBAC), 5.25%, 7/1/30		3,650		4,027,045
Puerto Rico Highway and Transportation Authority, (AMBAC), 5.25%, 7/1/31		2,760		3,041,023
Puerto Rico Highway and Transportation Authority, (AMBAC), 5.25%, 7/1/38		2,475		2,725,594

Security	Principal Amount (000’s omitted)		Value
Insured – Transportation (continued)
Puerto Rico Highway and Transportation Authority, (AMBAC), 5.50%, 7/1/29	$	1,320	$	1,481,132
Puerto Rico Highway and Transportation Authority, (NPFG), 5.00%, 7/1/29		2,570		2,603,744
Puerto Rico Highway and Transportation Authority, (NPFG), 5.25%, 7/1/23		380		396,473
Puerto Rico Highway and Transportation Authority, (NPFG), 5.25%, 7/1/32		100		110,641
Puerto Rico Highway and Transportation Authority, (NPFG), 5.25%, 7/1/33		200		221,996
Puerto Rico Highway and Transportation Authority, (NPFG), 5.25%, 7/1/35		2,470		2,755,804
			$	31,910,514
Insured – Water and Sewer — 0.3%
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/26	$	4,000	$	4,601,920
			$	4,601,920
Lease Revenue / Certificates of Participation — 0.8%
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/28	$	3,000	$	3,886,200
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/29		2,000		2,570,380
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/30		3,000		3,830,040
Michigan Strategic Fund, (Facility for Rare Isotope Beams), 5.00%, 3/1/27		1,000		1,135,350
			$	11,421,970
Other Revenue — 6.0%
Allentown Neighborhood Improvement Zone Development Authority, PA, (City Center Project), Series 2017, 5.00%, 5/1/42(2)	$	7,000	$	7,958,370
Allentown Neighborhood Improvement Zone Development Authority, PA, (City Center Project), Series 2018, 5.00%, 5/1/42(2)		4,500		5,221,935
Black Belt Energy Gas District, AL, 0.41%, (SIFMA + 0.37%), 10/1/26 (Put Date), 10/1/49(3)		5,000		4,919,050
Buckeye Tobacco Settlement Financing Authority, OH, 4.00%, 6/1/37		2,000		2,437,380
Buckeye Tobacco Settlement Financing Authority, OH, 4.00%, 6/1/38		2,000		2,424,120
Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/36		2,000		2,626,020
California Infrastructure and Economic Development Bank, (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/26		1,000		1,128,930

13 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
California Infrastructure and Economic Development Bank, (Academy of Motion Picture Arts and Sciences Obligated Group), 5.00%, 11/1/27	$	1,010	$	1,137,836
Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.00%, 12/1/28		1,320		1,430,128
Kalispel Tribe of Indians, WA, Series A, 5.00%, 1/1/32(2)		1,465		1,688,149
Kalispel Tribe of Indians, WA, Series B, 5.00%, 1/1/32(2)		1,000		1,152,320
Kansas City Land Clearance for Redevelopment Authority, MO, (Convention Center Hotel), 5.00%, 2/1/40(2)		4,550		4,876,963
Main Street Natural Gas, Inc., GA, 0.846%, (67% of 1 mo. USD LIBOR + 0.75%), 9/1/23 (Put Date), 4/1/48(3)		5,500		5,511,550
Metropolitan Transportation Authority, NY, Dedicated Tax Fund Revenue, 0.49%, (SIFMA + 0.45%), 6/1/22 (Put Date), 11/1/26(3)		8,295		8,287,783
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(2)		1,775		1,998,260
New Jersey Economic Development Authority, (The Seeing Eye, Inc.), 5.00%, 3/1/25		3,500		4,094,090
New York City Cultural Resources Trust, NY, (Lincoln Center for the Performing Arts, Inc.), 4.00%, 12/1/35		1,250		1,526,288
New York City Cultural Resources Trust, NY, (Whitney Museum of American Art), Green Bonds, 5.00%, 7/1/31		3,750		5,259,900
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.25%, 12/1/27		5,200		6,606,444
Southeast Alabama Gas Supply District, (Project No. 2), 0.946%, (67% of 1 mo. USD LIBOR + 0.85%), 6/1/24 (Put Date), 6/1/49(3)		3,000		2,997,270
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 0.845%, (67% of 3 mo. USD LIBOR + 0.70%), 12/15/26(3)		4,430		4,416,045
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, Prerefunded to 2/25/21, 5.00%, 12/15/30		100		109,437
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 1.182%, (67% of 1 mo. USD LIBOR + 1.10%), 7/1/22 (Put Date), 1/1/42(3)		1,000		1,005,150
Will and Kankakee Counties Community Unit School District No. 255-U, IL, 5.00%, 6/1/26		635		754,729
Will and Kankakee Counties Community Unit School District No. 255-U, IL, 5.00%, 6/1/28		1,370		1,617,997
Will and Kankakee Counties Community Unit School District No. 255-U, IL, 5.00%, 6/1/29		700		826,714
			$	82,012,858
Senior Living / Life Care — 9.7%
Alexandria Industrial Development Authority, VA, (Goodwin House, Inc.), 5.00%, 10/1/21	$	500	$	512,990
Alexandria Industrial Development Authority, VA, (Goodwin House, Inc.), 5.00%, 10/1/22		605		643,684

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Alexandria Industrial Development Authority, VA, (Goodwin House, Inc.), 5.00%, 10/1/23	$	350	$	384,857
Alexandria Industrial Development Authority, VA, (Goodwin House, Inc.), 5.00%, 10/1/24		310		351,382
Alexandria Industrial Development Authority, VA, (Goodwin House, Inc.), 5.00%, 10/1/25		445		518,830
Berks County Industrial Development Authority, PA, (Highlands at Wyomissing), 5.00%, 5/15/33		500		564,950
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/26		1,730		1,963,169
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/27		1,320		1,489,554
Centerville, OH, (Graceworks Lutheran Services), 5.00%, 11/1/23		450		473,909
Centerville, OH, (Graceworks Lutheran Services), 5.00%, 11/1/24		705		753,039
Centerville, OH, (Graceworks Lutheran Services), 5.00%, 11/1/26		770		839,662
Centerville, OH, (Graceworks Lutheran Services), 5.00%, 11/1/27		425		467,283
Clackamas County Hospital Facility Authority, OR, (Rose Villa), 3.25%, 11/15/25		1,500		1,515,225
Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.00%, 11/15/27		285		317,929
Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.00%, 11/15/28		300		333,069
Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.00%, 11/15/29		315		348,069
Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.00%, 11/15/30		330		363,545
Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.125%, 11/15/40		260		281,923
Clackamas County Hospital Facility Authority, OR, (Rose Villa), 5.375%, 11/15/55		300		324,291
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 4.00%, 1/1/29		600		662,886
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 4.00%, 1/1/38		550		571,940
Colorado Health Facilities Authority, (Christian Living Neighborhoods), 5.00%, 1/1/38		1,210		1,345,217
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.00%, 5/15/24		525		570,817
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.00%, 5/15/25		300		333,648
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.00%, 5/15/26		350		397,520
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.00%, 5/15/27		400		463,116
District of Columbia, (Ingleside at Rock Creek), 4.125%, 7/1/27		1,000		1,019,160

14 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/29	$	195	$	219,744
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/30		500		559,800
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/39		370		401,587
Glendale Industrial Development Authority, AZ, (Terraces of Phoenix), 4.00%, 7/1/28		225		233,888
Hanover County Economic Development Authority, VA, (Covenant Woods), 5.00%, 7/1/38		125		131,716
Hanover County Economic Development Authority, VA, (Covenant Woods), 5.00%, 7/1/48		465		485,176
Hanover County Economic Development Authority, VA, (Covenant Woods), 5.00%, 7/1/51		1,000		1,041,680
Howard County, MD, (Vantage House), 5.00%, 4/1/21		169		169,490
Howard County, MD, (Vantage House), 5.00%, 4/1/26		1,570		1,632,078
Howard County, MD, (Vantage House), 5.00%, 4/1/36		2,035		2,106,835
Illinois Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/27		370		420,342
Illinois Finance Authority, (Plymouth Place, Inc.), 5.00%, 5/15/25		1,605		1,691,124
Iowa Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/55		2,075		2,370,397
Lancaster County Hospital Authority, PA, (Brethren Village), 5.00%, 7/1/23		700		739,550
Lancaster County Hospital Authority, PA, (Brethren Village), 5.00%, 7/1/24		915		984,723
Lancaster County Hospital Authority, PA, (Brethren Village), 5.00%, 7/1/25		650		711,516
Lee County Industrial Development Authority, FL, (Shell Point), 5.50%, 11/15/21		30		30,962
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/28(2)		1,200		1,353,588
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 4.00%, 2/1/30		1,500		1,720,695
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 4.00%, 2/1/32		395		446,879
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 4.00%, 2/1/33		865		970,513
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 4.00%, 2/1/34		1,280		1,428,224
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 4.00%, 2/1/35		310		343,517
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/46		1,480		1,651,325
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/30		200		222,726
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/31		150		166,350

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/32	$	200	$	220,890
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/33		100		110,078
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/34		200		219,346
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/35		350		383,303
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/36		350		382,694
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/37		300		327,474
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.), 4.00%, 12/1/38		300		326,955
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 4.00%, 1/1/23		195		199,594
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.00%, 1/1/33		1,890		2,029,406
National Finance Authority, NH, (The Vista), 5.25%, 7/1/39(2)		920		964,234
National Finance Authority, NH, (The Vista), 5.625%, 7/1/46(2)		560		592,805
National Finance Authority, NH, (The Vista), 5.75%, 7/1/54(2)		1,725		1,830,553
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/25		1,000		1,104,830
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/26		1,040		1,149,439
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/27		1,095		1,207,916
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/29		1,205		1,326,368
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/30		630		691,942
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/30		430		505,052
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/31		670		784,670
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/32		295		344,657
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/33		305		355,142
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/34		195		226,184
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/39		3,075		3,529,239
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group), 5.00%, 7/1/49		8,875		10,064,516

15 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge), 4.00%, 1/1/29	$	1,335	$	1,391,350
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge), 5.25%, 1/1/54		250		266,913
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/28		255		288,479
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/30		1,300		1,462,045
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/31		775		905,921
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/32		650		756,983
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/53		2,465		2,818,777
Polk County Industrial Development Authority, FL, (Carpenter’s Home Estates, Inc.), 5.00%, 1/1/39		400		442,528
Public Finance Authority, WI, (Penick Village), 5.00%, 9/1/39(2)		1,540		1,624,007
Salem Hospital Facility Authority, OR, (Capital Manor), 5.00%, 5/15/27		250		294,290
Salem Hospital Facility Authority, OR, (Capital Manor), 5.00%, 5/15/28		270		316,786
Santa Fe, NM, (El Castillo Retirement Residences), 5.00%, 5/15/34		650		726,329
Santa Fe, NM, (El Castillo Retirement Residences), 5.00%, 5/15/39		480		530,880
South Carolina Jobs-Economic Development Authority, (Bishop Gadsden Episcopal Retirement Community), 4.00%, 4/1/34		600		650,574
South Carolina Jobs-Economic Development Authority, (Bishop Gadsden Episcopal Retirement Community), 5.00%, 4/1/44		1,285		1,438,776
South Carolina Jobs-Economic Development Authority, (Bishop Gadsden Episcopal Retirement Community), 5.00%, 4/1/49		1,510		1,681,430
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/28		1,675		1,842,048
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/29		1,000		1,097,790
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/38		2,000		2,161,060
South Carolina Jobs-Economic Development Authority, (Woodlands at Furman), 5.00%, 11/15/42		300		321,816
South Carolina Jobs-Economic Development Authority, (Woodlands at Furman), 5.00%, 11/15/54		1,000		1,058,650

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
St. Louis County Industrial Development Authority, MO, (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/27	$	1,930	$	2,240,614
St. Louis County Industrial Development Authority, MO, (Friendship Village St. Louis Obligated Group), 5.00%, 9/1/38		5,225		5,878,020
St. Louis County Industrial Development Authority, MO, (St. Andrew’s Resources for Seniors Obligated Group), 5.00%, 12/1/25		995		1,046,690
Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.), 5.00%, 12/1/29		500		579,030
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.875%, 11/15/55		4,650		5,251,617
Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 5.35%, 10/1/25(2)		3,000		3,035,160
Tulsa County Industrial Authority, OK, (Montereau, Inc.), 5.00%, 11/15/28		540		611,685
Tulsa County Industrial Authority, OK, (Montereau, Inc.), 5.00%, 11/15/29		400		451,740
Vermont Economic Development Authority, (Wake Robin Corp.), 5.00%, 5/1/23		1,690		1,762,095
Vermont Economic Development Authority, (Wake Robin Corp.), 5.00%, 5/1/25		745		799,355
Vermont Economic Development Authority, (Wake Robin Corp.), 5.00%, 5/1/26		585		634,286
Vermont Economic Development Authority, (Wake Robin Corp.), 5.00%, 5/1/27		500		547,015
Washington Housing Finance Commission, (Bayview Manor Homes), 4.00%, 7/1/26(2)		1,105		1,150,161
Washington Housing Finance Commission, (Bayview Manor Homes), 5.00%, 7/1/31(2)		750		811,605
Washington Housing Finance Commission, (Judson Park), 4.00%, 7/1/28(2)		250		265,688
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/27(2)		840		947,864
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/28(2)		445		507,523
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/29(2)		460		522,873
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/34(2)		500		557,295
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/39(2)		750		827,212
Wayzata, MN, (Folkestone Senior Living Community), 3.25%, 8/1/29		500		505,785
Wayzata, MN, (Folkestone Senior Living Community), 3.375%, 8/1/30		425		431,294
Wayzata, MN, (Folkestone Senior Living Community), 3.75%, 8/1/36		250		255,360

16 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Wayzata, MN, (Folkestone Senior Living Community), 3.75%, 8/1/37	$	500	$	508,455
Wayzata, MN, (Folkestone Senior Living Community), 4.00%, 8/1/38		175		179,783
Wayzata, MN, (Folkestone Senior Living Community), 4.00%, 8/1/39		125		128,416
Wayzata, MN, (Folkestone Senior Living Community), 5.00%, 8/1/31		350		377,801
Wayzata, MN, (Folkestone Senior Living Community), 5.00%, 8/1/32		250		269,253
Wayzata, MN, (Folkestone Senior Living Community), 5.00%, 8/1/33		350		376,467
Wayzata, MN, (Folkestone Senior Living Community), 5.00%, 8/1/34		100		107,528
Wayzata, MN, (Folkestone Senior Living Community), 5.00%, 8/1/35		100		107,459
Westchester County Local Development Corp., NY, (Kendal on Hudson), 4.00%, 1/1/23		2,410		2,514,835
Westchester County Local Development Corp., NY, (Kendal on Hudson), 5.00%, 1/1/28		3,390		3,605,028
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 4.00%, 9/15/25		500		526,570
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 4.00%, 9/15/26		685		719,421
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 4.00%, 9/15/27		1,015		1,063,882
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 5.00%, 9/15/29		1,365		1,461,369
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 5.00%, 9/15/30		500		534,510
			$	133,101,552
Special Tax Revenue — 3.9%
Atlanta Development Authority, GA, (New Downtown Atlanta Stadium), 5.00%, 7/1/24	$	1,500	$	1,684,470
Atlanta, GA, (Atlantic Station), Tax Allocation Increments, 5.00%, 12/1/24		1,000		1,139,870
Baltimore, MD, (Harbor Point), 3.25%, 6/1/31(2)		220		228,422
Baltimore, MD, (Harbor Point), 3.30%, 6/1/32(2)		250		257,883
Baltimore, MD, (Harbor Point), 3.35%, 6/1/33(2)		270		278,826
Baltimore, MD, (Harbor Point), 3.40%, 6/1/34(2)		285		294,585
Baltimore, MD, (Harbor Point), 3.45%, 6/1/35(2)		310		321,011
Baltimore, MD, (Harbor Point), 3.50%, 6/1/39(2)		650		664,885
Detroit Downtown Development Authority, MI, 0.00%, 7/1/21		75		73,944
Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion), 5.00%, 12/1/36		1,360		1,447,638

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion), 5.00%, 12/1/37	$	650	$	690,014
Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion), 5.00%, 12/1/39		905		960,449
Illinois Sports Facilities Authority, 5.00%, 6/15/28		2,000		2,340,280
Illinois, Sales Tax Revenue, 4.00%, 6/15/27		1,065		1,186,048
Illinois, Sales Tax Revenue, 4.00%, 6/15/28		2,170		2,403,709
Illinois, Sales Tax Revenue, 4.00%, 6/15/29		8,280		9,116,280
Irving, TX, Hotel Occupancy Tax Revenue, 5.00%, 8/15/31		225		257,180
Irving, TX, Hotel Occupancy Tax Revenue, 5.00%, 8/15/33		300		339,720
Irving, TX, Hotel Occupancy Tax Revenue, 5.00%, 8/15/35		150		168,929
Jurupa Public Financing Authority, CA, 5.00%, 9/1/25		735		851,321
Marquette Brownfield Redevelopment Authority, MI, 5.00%, 5/1/31		1,655		2,031,148
Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.50%, 10/1/29		2,145		2,262,739
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/27		4,000		4,996,880
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58		4,881		5,565,365
Sales Tax Securitization Corp., IL, 5.00%, 1/1/30		2,000		2,617,640
San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue, 4.00%, 7/1/34		1,615		1,935,222
South Village Community Development District, FL, 2.00%, 5/1/21		100		100,387
South Village Community Development District, FL, 2.125%, 5/1/22		100		101,191
South Village Community Development District, FL, 2.375%, 5/1/23		100		102,859
South Village Community Development District, FL, 2.50%, 5/1/24		100		104,097
South Village Community Development District, FL, 2.75%, 5/1/25		100		106,305
South Village Community Development District, FL, 3.25%, 5/1/27		100		108,638
South Village Community Development District, FL, 4.35%, 5/1/26		420		443,554
Sparks, NV, (Legends at Sparks Marina), 2.75%, 6/15/28(2)		3,250		3,326,212
St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35		990		953,944
Winter Garden Village at Fowler Groves Community Development District, FL, 3.75%, 5/1/31		4,000		4,204,080
			$	53,665,725
Student Loan — 0.8%
Connecticut Higher Education Supplemental Loan Authority, (AMT), 5.00%, 11/15/24	$	600	$	693,852

17 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Student Loan (continued)
Massachusetts Educational Financing Authority, (AMT), 5.00%, 7/1/22	$	1,000	$	1,066,000
Massachusetts Educational Financing Authority, (AMT), 5.00%, 1/1/23		500		544,045
New Jersey Higher Education Student Assistance Authority, (AMT), 3.35%, 12/1/29		7,610		8,110,357
			$	10,414,254
Transportation — 13.4%
Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/32	$	1,690	$	2,170,281
Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/33		1,720		2,199,622
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/34		1,700		2,100,384
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/35		3,300		4,065,831
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/36		3,910		4,803,279
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/37		1,715		2,101,853
Central Texas Regional Mobility Authority, 5.00%, 1/1/25		350		409,902
Central Texas Regional Mobility Authority, 5.00%, 1/1/26		500		594,925
Central Texas Regional Mobility Authority, 5.00%, 1/1/27		550		651,750
Central Texas Regional Mobility Authority, 5.00%, 1/1/28		750		886,545
Central Texas Regional Mobility Authority, 5.00%, 1/1/29		600		707,484
Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/25		7,255		8,398,896
Chicago, IL, (Midway International Airport), (AMT), 5.00%, 1/1/27		1,000		1,117,990
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/27		5,000		5,830,400
Colorado Bridge Enterprise, (Central 70 Project), (AMT), 4.00%, 12/31/26		3,950		4,591,124
Colorado Bridge Enterprise, (Central 70 Project), (AMT), 4.00%, 6/30/27		4,475		5,243,313
Colorado Bridge Enterprise, (Central 70 Project), (AMT), 4.00%, 12/31/27		2,425		2,862,882
Colorado Bridge Enterprise, (Central 70 Project), (AMT), 4.00%, 6/30/30		790		904,653
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.00%, 11/1/24		500		565,350
Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 11/15/30		6,955		8,670,381
Florida Development Finance Corp., (Brightline Florida Passenger Rail), Green Bonds, (AMT), 7.375%, 1/1/49(2)		17,925		17,505,376
Greater Orlando Aviation Authority, FL, (AMT), 5.00%, 10/1/21		250		257,650

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Hawaii, Airports System Revenue, 5.00%, 7/1/33	$	10,000	$	13,375,600
Illinois Toll Highway Authority, 5.00%, 1/1/27		1,250		1,414,112
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AMT), 5.00%, 3/1/30		1,000		1,274,930
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AMT), 5.00%, 3/1/32		1,000		1,263,880
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AMT), 5.00%, 3/1/33		2,000		2,515,180
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AMT), 5.00%, 3/1/34		1,800		2,255,922
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/25		3,105		3,710,910
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/27		2,700		3,196,530
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/34		1,710		2,148,940
Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.00%, 5/15/36		2,515		3,144,731
Los Angeles Harbor Department, CA, (AMT), 5.00%, 8/1/26		1,230		1,418,707
Maryland Economic Development Corp., (Seagirt Marine Terminal), (AMT), 5.00%, 6/1/44		500		567,915
Maryland Economic Development Corp., (Seagirt Marine Terminal), (AMT), 5.00%, 6/1/49		750		847,162
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/27		1,330		1,658,882
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/29		1,470		1,855,507
Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/23		810		909,938
Miami-Dade County, FL, Aviation Revenue, 4.00%, 10/1/39		1,675		2,018,844
Miami-Dade County, FL, Aviation Revenue, 5.00%, 10/1/25		1,000		1,171,800
Miami-Dade County, FL, Aviation Revenue, (AMT), 5.00%, 10/1/34		5,000		5,705,400
New Jersey Turnpike Authority, 5.00%, 1/1/32		4,520		5,163,829
New Orleans Aviation Board, LA, (AMT), 5.00%, 1/1/24		1,600		1,803,088
New Orleans Aviation Board, LA, (AMT), 5.00%, 1/1/25		1,600		1,867,072
New Orleans Aviation Board, LA, (AMT), 5.00%, 1/1/27		1,000		1,158,930
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/41		1,705		1,926,957
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/46		235		264,669
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.25%, 1/1/50		1,175		1,331,369

18 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
North Texas Tollway Authority, 5.00%, 1/1/30	$	1,000	$	1,205,900
Pennsylvania Turnpike Commission, 5.00%, 12/1/37		6,000		7,611,900
Phoenix Civic Improvement Corp., AZ, Airport Revenue, (AMT), 5.00%, 7/1/30		2,140		2,653,814
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/33(4)		2,080		2,744,643
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/34(4)		2,200		2,886,906
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/35(4)		2,000		2,611,160
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/36(4)		2,150		2,796,225
Port of Oakland, CA, (AMT), 5.00%, 11/1/24		2,300		2,673,865
Port of Portland, OR, (Portland International Airport), (AMT), 5.00%, 7/1/32		1,500		1,928,220
Port of Portland, OR, (Portland International Airport), (AMT), 5.00%, 7/1/33		1,405		1,797,754
Port of Portland, OR, (Portland International Airport), (AMT), 5.00%, 7/1/34		1,510		1,926,262
San Jose, CA, Airport Revenue, (AMT), 5.00%, 3/1/27		1,500		1,873,995
San Jose, CA, Airport Revenue, (AMT), 5.00%, 3/1/41		5,000		6,043,100
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/34		3,000		3,862,830
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/35		1,000		1,283,410
			$	184,510,659
Water and Sewer — 0.6%
Cape Fear Public Utility Authority, NC, 4.00%, 8/1/32	$	445	$	521,469
Coldwater Local Development Finance Authority, MI, Series A, (AMT), 5.00%, 12/1/27		390		454,420
Coldwater Local Development Finance Authority, MI, Series B, (AMT), 5.00%, 12/1/27		505		588,416
Luzerne County Industrial Development Authority, PA, (Pennsylvania-American Water Co.), (AMT), 2.45% to 12/3/29 (Put Date), 12/1/39		2,750		3,039,052
San Francisco City and County Public Utilities Commission, CA, Green Bonds, Prerefunded to 11/1/24, 5.00%, 11/1/37		2,575		3,035,127
			$	7,638,484
Total Tax-Exempt Municipal Securities — 84.7% (identified cost $1,085,847,842)			$	1,162,530,581

Taxable Municipal Securities — 4.3%
Security	Principal Amount (000’s omitted)		Value
Electric Utilities — 0.2%
Vernon, CA, Electric System Revenue, 4.05%, 8/1/23	$	2,000	$	2,099,220
			$	2,099,220
General Obligations — 1.9%
Atlantic City, NJ, 7.00%, 3/1/28	$	2,910	$	3,409,211
Chicago, IL, 7.375%, 1/1/33		3,250		4,219,052
Chicago, IL, 7.75%, 1/1/42		3,811		4,300,180
Chicago, IL, 7.781%, 1/1/35		2,600		3,534,752
Lakeside School District No. 9, AR, 1.10%, 4/1/31(4)		2,295		2,249,513
Lakeside School District No. 9, AR, 1.45%, 4/1/34(4)		2,390		2,351,258
Metropolitan Government of Nashville and Davidson County, TN, 1.386%, 7/1/30(4)		4,250		4,262,070
Scottsdale, AZ, 1.47%, 7/1/34(4)		1,080		1,071,684
Scottsdale, AZ, 1.57%, 7/1/35(4)		550		545,402
			$	25,943,122
Hospital — 0.6%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	7,250	$	8,145,737
			$	8,145,737
Insured – General Obligations — 0.8%
Addison Fire Protection District No. 1, IL, (BAM), 1.642%, 12/30/29(4)	$	560	$	575,730
Addison Fire Protection District No. 1, IL, (BAM), 1.942%, 12/30/31(4)		505		519,145
Addison Fire Protection District No. 1, IL, (BAM), 2.402%, 12/30/34(4)		400		410,552
Detroit, MI, (AMBAC), 5.15%, 4/1/25		7,923		7,922,091
Sterling, IL, (BAM), 2.45%, 11/1/34		740		759,077
Sterling, IL, (BAM), 2.65%, 11/1/36		1,325		1,358,364
			$	11,544,959
Insured – Hospital — 0.1%
Oklahoma Development Finance Authority, (OU Medicine), (AGM), 4.65%, 8/15/30	$	1,500	$	1,770,015
			$	1,770,015
Insured – Special Tax Revenue — 0.2%
Successor Agency to Pittsburg Redevelopment Agency, CA, (AGM), 3.684%, 8/1/24	$	1,030	$	1,098,474

19 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Special Tax Revenue (continued)
Successor Agency to San Bernardino County Redevelopment Agency, CA, (AGM), 3.25%, 9/1/22	$	350	$	363,479
Successor Agency to San Bernardino County Redevelopment Agency, CA, (AGM), 3.50%, 9/1/23		510		543,089
Successor Agency to San Bernardino County Redevelopment Agency, CA, (AGM), 3.75%, 9/1/25		500		554,095
Successor Agency to San Bernardino County Redevelopment Agency, CA, (AGM), 4.00%, 9/1/26		500		552,290
			$	3,111,427
Senior Living / Life Care — 0.1%
Berks County Industrial Development Authority, PA, (Highlands at Wyomissing), 3.95%, 5/15/24	$	1,450	$	1,490,121
			$	1,490,121
Special Tax Revenue — 0.3%
Louisiana, Highway Improvement Revenue, 1.592%, 6/15/30(4)	$	400	$	405,632
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), 3.65%, 7/1/21		500		505,060
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), 3.80%, 7/1/22		1,000		1,032,070
Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 5.25%, 3/1/31		335		335,657
Scottsdale Municipal Property Corp., AZ, Excise Tax Revenue, 1.406%, 7/1/29(4)		2,500		2,533,975
			$	4,812,394
Water and Sewer — 0.1%
Honolulu City and County, HI, Wastewater System Revenue, 1.473%, 7/1/30	$	750	$	755,235
			$	755,235
Total Taxable Municipal Securities — 4.3% (identified cost $55,216,914)			$	59,672,230
Total Investments — 90.1% (identified cost $1,156,040,969)			$	1,237,464,555
Other Assets, Less Liabilities — 9.9%			$	135,724,842
Net Assets — 100.0%			$	1,373,189,397

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

At January 31, 2021, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows:

Illinois	11.9%
Others, representing less than 10% individually	78.2%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2021, 9.9% 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 0.1% to 4.3% of total investments.

⁽¹⁾  Amount is less than 0.05%.

⁽²⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2021, the aggregate value of these securities is $130,838,015 or 9.5% of the Fund’s net assets.

⁽³⁾  Floating rate security. The stated interest rate represents the rate in effect at January 31, 2021.

⁽⁴⁾  When-issued/delayed delivery security.

Abbreviations:

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

Currency Abbreviations:

USD – United States Dollar

20 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Statement of Assets and Liabilities (Unaudited)

Assets	January 31, 2021
Investments, at value (identified cost, $1,156,040,969)	$	1,237,464,555
Cash		138,268,815
Interest receivable		10,315,825
Receivable for investments sold		44,510,121
Receivable for Fund shares sold		2,471,545
Total assets	$	1,433,030,861
Liabilities
Payable for when-issued/delayed delivery securities	$	55,457,655
Payable for Fund shares redeemed		2,833,290
Distributions payable		387,057
Payable to affiliates:
Investment adviser and administration fee		671,292
Distribution and service fees		60,462
Accrued expenses		431,708
Total liabilities	$	59,841,464
Net Assets	$	1,373,189,397
Sources of Net Assets
Paid-in capital	$	1,285,377,084
Distributable earnings		87,812,313
Net Assets	$	1,373,189,397
Class A Shares
Net Assets	$	128,723,155
Shares Outstanding		10,113,701
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.73
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	13.36
Class C Shares
Net Assets	$	39,101,013
Shares Outstanding		3,073,173
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	12.72
Class I Shares
Net Assets	$	1,205,365,229
Shares Outstanding		94,572,931
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.75

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.

21 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Statement of Operations (Unaudited)

Investment Income	Six Months Ended January 31, 2021
Interest	$	20,977,477
Dividends		172,465
Total investment income	$	21,149,942
Expenses
Investment adviser and administration fee	$	3,993,800
Distribution and service fees
Class A		161,718
Class C		202,575
Trustees’ fees and expenses		33,773
Custodian fee		151,173
Transfer and dividend disbursing agent fees		204,158
Legal and accounting services		63,458
Printing and postage		30,337
Registration fees		60,739
Interest expense and fees		1,667
Miscellaneous		123,272
Total expenses	$	5,026,670
Net investment income	$	16,123,272
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	20,064,092
Net realized gain	$	20,064,092
Change in unrealized appreciation (depreciation) —
Investments	$	22,627,087
Net change in unrealized appreciation (depreciation)	$	22,627,087
Net realized and unrealized gain	$	42,691,179
Net increase in net assets from operations	$	58,814,451

22 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31, 2020
From operations —
Net investment income	$	16,123,272		$	32,567,573
Net realized gain (loss)		20,064,092			(5,867,471	)
Net change in unrealized appreciation (depreciation)		22,627,087			2,513,103
Net increase in net assets from operations	$	58,814,451		$	29,213,205
Distributions to shareholders —
Class A	$	(1,393,304	)	$	(2,725,376	)
Class C		(284,550	)		(647,375	)
Class I		(14,586,492	)		(28,898,436	)
Total distributions to shareholders	$	(16,264,346	)	$	(32,271,187	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	10,464,090		$	33,587,569
Class C		1,207,363			8,321,332
Class I		150,113,073			541,100,650
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,248,161			2,499,134
Class C		246,928			514,318
Class I		12,275,157			24,283,320
Cost of shares redeemed
Class A		(17,163,393	)		(34,220,640	)
Class C		(4,778,272	)		(13,958,348	)
Class I		(239,601,579	)		(446,174,826	)
Net asset value of shares converted
Class A		741,010			483,395
Class C		(741,010	)		(483,395	)
Net increase (decrease) in net assets from Fund share transactions	$	(85,988,472	)	$	115,952,509
Net increase (decrease) in net assets	$	(43,438,367	)	$	112,894,527
Net Assets
At beginning of period	$	1,416,627,764		$	1,303,733,237
At end of period	$	1,373,189,397		$	1,416,627,764

23 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Financial Highlights

	Class A
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	12.330		$	12.310		$	11.880		$	11.960		$	12.250		$	11.490
Income (Loss) From Operations
Net investment income	$	0.133	(1)	$	0.262	(1)	$	0.277	(1)	$	0.251	(1)	$	0.236		$	0.218
Net realized and unrealized gain (loss)		0.402			0.018	(2)		0.427			(0.084	)		(0.239	)		0.760
Total income (loss) from operations	$	0.535		$	0.280		$	0.704		$	0.167		$	(0.003	)	$	0.978
Less Distributions
From net investment income	$	(0.135	)	$	(0.260	)	$	(0.274	)	$	(0.247	)	$	(0.236	)	$	(0.218	)
From net realized gain		—			—			—			—			(0.051	)		—
Total distributions	$	(0.135	)	$	(0.260	)	$	(0.274	)	$	(0.247	)	$	(0.287	)	$	(0.218	)
Net asset value — End of period	$	12.730		$	12.330		$	12.310		$	11.880		$	11.960		$	12.250
Total Return(3)		4.37	%(4)		2.32	%		6.02	%		1.41	%		0.04	%		8.59	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	128,723		$	129,416		$	127,094		$	116,961		$	112,632		$	154,283
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(5)		0.92	%(6)		0.92	%		0.94	%		0.93	%		0.96	%		0.97	%
Interest and fee expense(7)		0.00	%(6)(8)		0.00	%(8)		—			—			—			—
Total expenses(5)		0.92	%(6)		0.92	%		0.94	%		0.93	%		0.96	%		0.97	%
Net investment income		2.13	%(6)		2.15	%		2.32	%		2.11	%		2.02	%		1.85	%
Portfolio Turnover		17	%(4)		56	%		34	%		30	%		53	%		58	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

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

⁽⁴⁾  Not annualized.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

⁽⁷⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

⁽⁸⁾  Amount is less than 0.005%.

24 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Financial Highlights — continued

	Class C
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	12.330		$	12.300		$	11.870		$	11.960		$	12.250		$	11.480
Income (Loss) From Operations
Net investment income	$	0.087	(1)	$	0.171	(1)	$	0.188	(1)	$	0.161	(1)	$	0.146		$	0.129
Net realized and unrealized gain (loss)		0.391			0.027	(2)		0.426			(0.093	)		(0.239	)		0.770
Total income (loss) from operations	$	0.478		$	0.198		$	0.614		$	0.068		$	(0.093	)	$	0.899
Less Distributions
From net investment income	$	(0.088	)	$	(0.168	)	$	(0.184	)	$	(0.158	)	$	(0.146	)	$	(0.129	)
From net realized gain		—			—			—			—			(0.051	)		—
Total distributions	$	(0.088	)	$	(0.168	)	$	(0.184	)	$	(0.158	)	$	(0.197	)	$	(0.129	)
Net asset value — End of period	$	12.720		$	12.330		$	12.300		$	11.870		$	11.960		$	12.250
Total Return(3)		3.89	%(4)		1.64	%		5.23	%		0.57	%		(0.71	)%		7.87	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	39,101		$	41,939		$	47,617		$	51,587		$	54,001		$	47,302
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(5)		1.67	%(6)		1.67	%		1.69	%		1.69	%		1.71	%		1.72	%
Interest and fee expense(7)		0.00	%(6)(8)		0.00	%(8)		—			—			—			—
Total expenses(5)		1.67	%(6)		1.67	%		1.69	%		1.69	%		1.71	%		1.72	%
Net investment income		1.38	%(6)		1.40	%		1.57	%		1.35	%		1.27	%		1.09	%
Portfolio Turnover		17	%(4)		56	%		34	%		30	%		53	%		58	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

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

⁽⁴⁾  Not annualized.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

⁽⁷⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

⁽⁸⁾  Amount is less than 0.005%.

25 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Financial Highlights — continued

	Class I
	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	12.350		$	12.320		$	11.900		$	11.980		$	12.270		$	11.500
Income (Loss) From Operations
Net investment income	$	0.149	(1)	$	0.293	(1)	$	0.306	(1)	$	0.282	(1)	$	0.265		$	0.248
Net realized and unrealized gain (loss)		0.401			0.028	(2)		0.418			(0.085	)		(0.239	)		0.770
Total income from operations	$	0.550		$	0.321		$	0.724		$	0.197		$	0.026		$	1.018
Less Distributions
From net investment income	$	(0.150	)	$	(0.291	)	$	(0.304	)	$	(0.277	)	$	(0.265	)	$	(0.248	)
From net realized gain		—			—			—			—			(0.051	)		—
Total distributions	$	(0.150	)	$	(0.291	)	$	(0.304	)	$	(0.277	)	$	(0.316	)	$	(0.248	)
Net asset value — End of period	$	12.750		$	12.350		$	12.320		$	11.900		$	11.980		$	12.270
Total Return(3)		4.49	%(4)		2.66	%		6.19	%		1.67	%		0.29	%		8.95	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,205,365		$	1,245,273		$	1,129,022		$	840,654		$	630,358		$	501,541
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(5)		0.67	%(6)		0.67	%		0.69	%		0.68	%		0.71	%		0.72	%
Interest and fee expense(7)		0.00	%(6)(8)		0.00	%(8)		—			—			—			—
Total expenses(5)		0.67	%(6)		0.67	%		0.69	%		0.68	%		0.71	%		0.72	%
Net investment income		2.38	%(6)		2.40	%		2.56	%		2.37	%		2.27	%		2.09	%
Portfolio Turnover		17	%(4)		56	%		34	%		30	%		53	%		58	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

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

⁽⁴⁾  Not annualized.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

⁽⁷⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

⁽⁸⁾  Amount is less than 0.005%.

26 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Municipal Opportunities Fund (the Fund) is a diversified series of Eaton Vance Municipals Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund seeks to maximize after-tax total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

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

B  Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

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

As of January 31, 2021, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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.

27

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Notes to Financial Statements (Unaudited) — continued

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

H  Floating Rate Notes Issued in Conjunction with Securities Held — The Fund may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby the 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 the 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 Fund accounts for the transaction described above as a secured borrowing by including the Bond in its Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in its Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the 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 January 31, 2021. Interest expense related to the Fund’s liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At January 31, 2021, the Fund had no Floating Rate Notes outstanding. For the six months ended January 31, 2021, the Fund’s average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were $293,478 and 1.13%, respectively.

In certain circumstances, the Fund may enter into shortfall and forbearance agreements with brokers by which the 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 Fund had no shortfalls as of January 31, 2021.

The Fund 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 Fund’s 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 Fund’s investment policies do not allow the Fund to borrow money except as permitted by the 1940 Act. Management believes that the Fund’s restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Fund’s Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Fund’s restrictions apply. Residual interest bonds held by the Fund are securities exempt from registration under Rule 144A of the Securities Act of 1933.

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

J  Interim Financial Statements — The interim financial statements relating to January 31, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

28

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Notes to Financial Statements (Unaudited) — continued

2  Distributions to Shareholders and Income Tax Information

The net investment income of the Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At July 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $14,479,931 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at July 31, 2020, $12,134,740 are short-term and $2,345,191 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2021, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,156,783,484
Gross unrealized appreciation	$	81,473,424
Gross unrealized depreciation		(792,353	)
Net unrealized appreciation	$	80,681,071

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), a wholly-owned subsidiary of Eaton Vance Corp., as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 0.60% of the Fund’s average daily net assets up to $500 million, 0.575% from $500 million up to $1 billion, 0.55% from $1 billion up to $2.5 billion and at reduced rates on daily net assets of $2.5 billion or more, and is payable monthly. For the six months ended January 31, 2021, the investment adviser and administration fee amounted to $3,993,800 or 0.58% (annualized) of the Fund’s average daily net assets. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended January 31, 2021, EVM earned $3,802 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $5,322 as its portion of the sales charge on sales of Class A shares for the six months ended January 31, 2021. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended January 31, 2021, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended January 31, 2021 amounted to $161,718 for Class A shares. The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended January 31, 2021, the Fund paid or accrued to EVD $151,931 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended January 31, 2021 amounted to $50,644 for Class C shares.

29

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Notes to Financial Statements (Unaudited) — continued

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended January 31, 2021, the Fund was informed that EVD received approximately $2,000 and $3,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including paydowns, aggregated $226,596,397 and $387,776,673, respectively, for the six months ended January 31, 2021.

7  Shares of Beneficial Interest

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

Class A	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31, 2020
Sales		845,298			2,755,631
Issued to shareholders electing to receive payments of distributions in Fund shares		100,496			204,632
Redemptions		(1,384,698	)		(2,835,592	)
Converted from Class C shares		59,676			39,693
Net increase (decrease)		(379,228	)		164,364
Class C	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31, 2020
Sales		97,316			681,942
Issued to shareholders electing to receive payments of distributions in Fund shares		19,898			42,165
Redemptions		(385,820	)		(1,153,964	)
Converted to Class A shares		(59,719	)		(39,709	)
Net decrease		(328,325	)		(469,566	)
Class I	Six Months Ended January 31, 2021 (Unaudited)			Year Ended July 31, 2020
Sales		12,101,885			44,448,190
Issued to shareholders electing to receive payments of distributions in Fund shares		986,806			1,986,723
Redemptions		(19,340,917	)		(37,230,570	)
Net increase (decrease)		(6,252,226	)		9,204,343

30

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Notes to Financial Statements (Unaudited) — continued

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 26, 2021. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended January 31, 2021.

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.

At January 31, 2021, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes	$	—	$	14,786,667	$	—	$	14,786,667
Tax-Exempt Mortgage-Backed Securities		—		475,077		—		475,077
Tax-Exempt Municipal Securities		—		1,162,530,581		—		1,162,530,581
Taxable Municipal Securities		—		59,672,230		—		59,672,230
Total Investments	$	—	$	1,237,464,555	$	—	$	1,237,464,555

10  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

11  Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may have been deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Fund’s Board approved a new investment advisory and administrative agreement. The new investment advisory and administrative agreement was approved by Fund shareholders at a joint special meeting of shareholders held on February 18, 2021, and became effective upon the consummation of the transaction on March 1, 2021.

31

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

Even though the following description of the Board’s (as defined below) consideration of investment advisory and, as applicable, sub-advisory agreements covers multiple funds, for purposes of this shareholder report, the description is only relevant as to Eaton Vance Municipal Opportunities Fund.

Fund	Investment Adviser	Investment Sub-Adviser
Eaton Vance Municipal Opportunities Fund	Eaton Vance Management	None

At a meeting held on November 24, 2020 (the “November Meeting”), the Board of each Eaton Vance open-end Fund and portfolios in which each such Fund invests, as applicable (each, a “Fund” and, collectively, the “Funds”), including a majority of the Board members (the “Independent Trustees”) who are not “interested persons” (as defined in the Investment Company Act of 1940 (the “1940 Act”)) of the Funds, Eaton Vance Management (“EVM”) or Boston Management and Research (“BMR” and, together with EVM, the “Advisers”), voted to approve a new investment advisory agreement between each Fund and either EVM or BMR (the “New Investment Advisory Agreements”) and, for certain Funds, a new investment sub-advisory agreement between an Adviser and the applicable Sub-Adviser (the “New Investment Sub-Advisory Agreements”⁽¹⁾ and, together with the New Investment Advisory Agreements, the “New Agreements”), each of which is intended to go into effect upon the completion of the Transaction (as defined below), as more fully described below. In voting its approval of the New Agreements at the November Meeting, the Board relied on an order issued by the Securities and Exchange Commission in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.

In voting its approval of the New Agreements, the Board of each Fund relied upon the recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to and during meetings leading up to the November Meeting, the Contract Review Committee reviewed and discussed information furnished by the Advisers, the Sub-Advisers, and Morgan Stanley, as requested by the Independent Trustees, that the Contract Review Committee considered reasonably necessary to evaluate the terms of the New Agreements and to form its recommendation. Such information included, among other things, the terms and anticipated impacts of Morgan Stanley’s pending acquisition of Eaton Vance Corp. (the “Transaction”) on the Funds and their shareholders. In addition to considering information furnished specifically to evaluate the impact of the Transaction on the Funds and their respective shareholders, the Board and its Contract Review Committee also considered information furnished for prior meetings of the Board and its committees, including information provided in connection with the annual contract review process for the Funds, which most recently culminated in April 2020 (the “2020 Annual Approval Process”).

The Board of each Fund, including the Independent Trustees, concluded that the applicable New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement, including the fees payable thereunder, was fair and reasonable, and it voted to approve the New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement and to recommend that shareholders do so as well.

Shortly after the announcement of the Transaction, the Board, including all of the Independent Trustees, met with senior representatives from the Advisers and Morgan Stanley at its meeting held on October 13, 2020 to discuss certain aspects of the Transaction and the expected impacts of the Transaction on the Funds and their shareholders. As part of the Board’s evaluation process, counsel to the Independent Trustees, on behalf of the Contract Review Committee, requested additional information to assist the Independent Trustees in their evaluation of the New Agreements and the implications of the Transaction, as well as other contractual arrangements that may be affected by the Transaction. The Contract Review Committee considered information furnished by the Advisers and Morgan Stanley, their respective affiliates, and, as applicable, the Sub-Advisers during meetings on November 5, 2020, November 10, 2020, November 13, 2020, November 17, 2020 and November 24, 2020.

During its meetings on November 10, 2020 and November 17, 2020, the Contract Review Committee further discussed the approval of the New Agreements with senior representatives of the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley. The representatives from the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley each made presentations to, and responded to questions from, the Independent Trustees. The Contract Review Committee considered the Advisers’, the Affiliated Sub-Advisers’ and Morgan Stanley’s responses related to the Transaction and specifically to the Funds, as well as information received in connection with the 2020 Annual Approval Process, with respect to its evaluation of the New Agreements. Among other information, the Board considered:

Information about the Transaction and its Terms

• Information about the material terms and conditions, and expected impacts, of the Transaction that relate to the Funds, including the expected impacts on the businesses conducted by the Advisers, the Affiliated Sub-Advisers and Eaton Vance Distributors, Inc., as the distributor of Fund shares;

⁽¹⁾  With respect to certain of the Funds, the applicable Adviser is currently a party to a sub-advisory agreement (collectively, the “Current Sub-Advisory Agreements”) with Atlanta Capital Management Company, LLC (“Atlanta Capital”), BMO Global Asset Management (Asia) Limited, Eaton Vance Advisers International Ltd. (“EVAIL”), Goldman Sachs Asset Management, L.P., Hexavest Inc. (“Hexavest”), Parametric Portfolio Associates LLC (“Parametric”) or Richard Bernstein Advisors LLC (collectively, the “Sub-Advisers” and, with respect to Atlanta Capital, EVAIL, Hexavest and Parametric, each an affiliate of the Advisers, the “Affiliated Sub-Advisers”). Accordingly, references to the “Sub-Advisers,” the “Affiliated Sub-Advisers” or the “New Sub-Advisory Agreements” are not applicable to all Funds.

32

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Board of Trustees’ Contract Approval — continued

• Information about the advantages of the Transaction as they relate to the Funds and their shareholders;

• A commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction;

• A commitment that, for a period of three years after the Closing, at least 75% of each Fund’s Board members must not be “interested persons” (as defined in the 1940 Act) of the investment adviser (or predecessor investment adviser, if applicable) pursuant to Section 15(f)(1)(A) of the 1940 Act;

• A commitment that Morgan Stanley would use its reasonable best efforts to ensure that it did not impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction;

• Information with respect to personnel and/or other resources of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as a result of the Transaction, as well as any expected changes to compensation, including any retention-based compensation intended to incentivize key personnel at the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• Information regarding any changes that are expected with respect to the Funds’ slate of officers as a result of the Transaction;

Information about Morgan Stanley

• Information about Morgan Stanley’s overall business, including information about the advisory, brokerage and related businesses that Morgan Stanley operates;

• Information about Morgan Stanley’s financial condition, including its access to capital and other resources required to support the investment advisory businesses related to the Funds;

• Information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy, and any changes that Morgan Stanley contemplates implementing to the Funds in the short- or long-term following the closing of the Transaction (the “Closing”);

• Information regarding risk management functions at Morgan Stanley and its affiliates, including how existing risk management protocols and procedures may impact the Funds and/or the businesses of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as they relate to the Funds;

• Information on the anticipated benefits of the Transaction to the Funds with respect to potential additional distribution capabilities and the ability to access new markets and customer segments through Morgan Stanley’s distribution network, including, in particular, its institutional client base;

• Information regarding the financial condition and reputation of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry;

Information about the New Agreements for Funds

• A representation that, after the Closing, all of the Funds will continue to be advised by their current Adviser and Sub-Adviser, as applicable;

• Information regarding the terms of the New Agreements, including certain changes as compared to the current investment advisory agreement between each Fund and its Adviser (collectively, the “Current Advisory Agreements”) and, as applicable, the current investment sub-advisory agreement between a Fund and a Sub-Adviser (together with the Current Advisory Agreements, the “Current Agreements”);

• Information confirming that the fee rates payable under the New Agreements are not changed as compared to the Current Agreements;

• A representation that the New Agreements will not cause any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers to the Funds and their respective shareholders, including with respect to compliance and other non-advisory services;

Information about Fund Performance, Fees and Expenses

• A report from an independent data provider comparing the investment performance of each Fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods as of the 2020 Annual Approval Process, as well as performance information as of a more recent date;

• A report from an independent data provider comparing each Fund’s total expense ratio (and its components) to those of comparable funds as of the 2020 Annual Approval Process, as well as fee and expense information as of a more recent date;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the Advisers in consultation with the Portfolio Management Committee of the Board as of the 2020 Annual Approval Process, as well as corresponding performance information as of a more recent date;

• Comparative information concerning the fees charged and services provided by the Adviser and the Sub-Adviser to each Fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such Fund(s), if any;

• Profitability analyses of the Advisers and the Affiliated Sub-Advisers, as applicable, with respect to each of the Funds as of the 2020 Annual Approval Process, as well as information regarding the impact of the Transaction on profitability;

Information about Portfolio Management and Trading

• Descriptions of the investment management services currently provided and expected to be provided to each Fund after the Transaction, as well as each of the Funds’ investment strategies and policies;

33

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Board of Trustees’ Contract Approval — continued

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

• Information about any changes to the policies and practices of the Advisers and, as applicable, each Fund’s Sub-Adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

��

• Information regarding the impact on trading and access to capital markets associated with the Funds’ affiliations with Morgan Stanley and its affiliates, including potential restrictions with respect to the Funds’ ability to execute portfolio transactions with Morgan Stanley and its affiliates;

Information about the Advisers and the Sub-Advisers

• Information about the financial results and condition of the Advisers and the Affiliated Sub-Advisers since the culmination of the 2020 Annual Approval Process and any material changes in financial condition that are reasonably expected to occur before and after the Closing;

• Information regarding contemplated changes to the individual investment professionals whose responsibilities include portfolio management and investment research for the Funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable, post-Closing;

• The Code of Ethics of the Advisers and their affiliates, including the Affiliated Sub-Advisers, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the Advisers and their affiliates, including the Affiliated Sub-Advisers, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• A description of the Advisers’ oversight of the Sub-Advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by the Advisers and their affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by EVM and/or administrator to each of the Funds;

• Confirmation that the Advisers intend to continue to manage the Funds in a manner materially consistent with each Fund’s current investment objective(s) and principal investment strategies;

• Information regarding Morgan Stanley’s commitment to maintaining competitive compensation arrangements to attract and retain highly qualified personnel;

• Confirmation that the Advisers’ current senior management teams have indicated their strong support of the Transaction; and

• Information regarding the fact that Morgan Stanley and Eaton Vance Corp. will each derive benefits from the Transaction and that, as a result, they have a financial interest in the matters that were being considered.

As indicated above, the Board and its Contract Review Committee also considered information received at its regularly scheduled meetings throughout the year, which included information from portfolio managers and other investment professionals of the Advisers and the Sub-Advisers regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the Funds’ investment objectives. The Board also received information regarding risk management techniques employed in connection with the management of the Funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the Funds, and received and participated in reports and presentations provided by the Advisers and their affiliates, including the Affiliated Sub-Advisers, with respect to such matters.

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

Nature, Extent and Quality of Services

In considering whether to approve the New Agreements, the Board evaluated the nature, extent and quality of services currently provided to each Fund by the Advisers and, as applicable, the Sub-Advisers under the Current Agreements. In evaluating the nature, extent and quality of services to be provided by the Advisers and the Sub-Advisers under the New Agreements, the Board considered, among other information, the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of the Advisers and the Sub-Advisers, and that Morgan Stanley and the Advisers have advised the Board that, following the Transaction, there is not expected to be any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers, as applicable, to the Funds and their shareholders, including compliance and other non-advisory services, and that there are not expected to be any changes in portfolio management personnel as a result of the Transaction.

34

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Board of Trustees’ Contract Approval — continued

The Board also considered the financial resources of Morgan Stanley and the Advisers and the importance of having a Fund manager with, or with access to, significant organizational and financial resources. The Board considered the benefits to the Funds of being part of a larger combined organization with greater financial resources following the Transaction, particularly during periods of market disruptions and volatility. In this regard, the Board considered information provided by Morgan Stanley regarding its business and operating structure, scale of operation, leadership and reputation, distribution capabilities, and financial condition, as well as information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy and any changes that Morgan Stanley contemplates in the short- or long-term following the Closing. The Board also noted Morgan Stanley’s and the Advisers’ commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers, and existing Morgan Stanley affiliates and their respective personnel.

The Board considered the Advisers’ and the Sub-Advisers’ management capabilities and investment processes in light of the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to each Fund. In particular, the Board considered the abilities and experience of the Advisers’ and, as applicable, the Sub-Advisers’ investment professionals in implementing each Fund’s investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Advisers and other factors, including the reputation and resources of the Advisers to recruit and retain highly qualified research, advisory and supervisory investment professionals. With respect to the recruitment and retention of key personnel, the Board noted information from Morgan Stanley and the Advisers regarding the benefits of joining Morgan Stanley. In addition, the Board considered the time and attention devoted to the Funds by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Funds, including the provision of administrative services. With respect to the foregoing, the Board also considered information from the Advisers and Morgan Stanley regarding the anticipated impact of the Transaction on such matters. The Board also considered the business-related and other risks to which the Advisers or their affiliates may be subject in managing the Funds and in connection with the Transaction.

The Board considered the compliance programs of the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Advisers and their affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority. The Board also considered certain information relating to the compliance record of Morgan Stanley and its affiliates, including information requests in recent years from regulatory authorities. With respect to the foregoing, including the compliance programs of the Advisers and the Sub-Advisers, the Board noted information regarding the impacts of the Transaction, as well as the Advisers’ and Morgan Stanley’s commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers and existing Morgan Stanley affiliates and their respective personnel.

The Board considered other administrative services provided and to be provided or overseen by the Advisers and their affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges. The Board noted information that the Transaction was not expected to have any material impact on such matters in the near-term.

In evaluating the nature, extent and quality of the services to be provided under the New Agreements, the Board also considered investment performance information provided for each Fund in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. In this regard, the Board compared each Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and, for certain Funds, a custom peer group of similarly managed funds. The Board also considered, where applicable, Fund-specific performance explanations based on criteria established by the Board in connection with the 2020 Annual Approval Process and, where applicable, performance explanations as of a more recent date. In addition to the foregoing information, it was also noted that the Board has received and discussed with management information throughout the year at periodic intervals comparing each Fund’s performance against applicable benchmark indices and peer groups. In addition, the Board considered each Fund’s performance in light of overall financial market conditions. Where a Fund’s relative underperformance to its peers was significant during one or more specified periods, the Board noted the explanation from the applicable Adviser concerning the Fund’s relative performance versus its peer group.

After consideration of the foregoing factors, among others, and based on their review of the materials provided and the assurances received from, and recommendations of, the Advisers and Morgan Stanley, the Board determined that the Transaction was not expected to adversely affect the nature, extent and quality of services provided to the Funds by the Advisers and their affiliates, including the Affiliated Sub-Advisers, and that the Transaction was not expected to have an adverse effect on the ability of the Advisers and their affiliates, including the Affiliated Sub-Advisers, to provide those services. The Board concluded that the nature, extent and quality of services expected to be provided by the Advisers and the Sub-Advisers, taken as a whole, are appropriate and expected to be consistent with the terms of the New Agreements.

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”) in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. As part of its review, the Board considered each Fund’s management fees and total expense ratio over various periods, as compared to those of comparable funds, before and after giving effect to any

35

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Board of Trustees’ Contract Approval — continued

undertaking to waive fees or reimburse expenses. The Board also considered factors, and, where applicable, certain Fund-specific factors, that had an impact on a Fund’s total expense ratio relative to comparable funds, as identified by the Advisers in response to inquiries from the Contract Review Committee. The Board considered that the New Agreements do not change a Fund’s management fee rate or the computation method for calculating such fees, including any separately executed permanent contractual management fee reduction currently in place for the Fund.

The Board also received and considered, where applicable, information about the services offered and the fee rates charged by the Advisers and the Sub-Advisers to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as a Fund. In this regard, the Board received information about the differences in the nature and scope of services the Advisers and the Sub-Advisers, as applicable, provide to the Funds as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Advisers and such Sub-Advisers as between each Fund and other types of accounts.

After considering the foregoing information, and in light of the nature, extent and quality of the services expected to be provided by the Advisers and the Sub-Advisers, the Board concluded that the management fees charged for advisory and related services are reasonable with respect to its approval of the New Agreements.

Profitability and “Fall-Out” Benefits

During the 2020 Annual Approval Process, the Board considered the level of profits realized by the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers, in providing investment advisory and administrative services to the Funds and to all Eaton Vance funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Advisers and their affiliates to third parties in respect of distribution or other services. In light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Advisers and their affiliates, including the Sub-Advisers, were not deemed to be excessive by the Board.

The Board noted that Morgan Stanley and the Advisers are expected to realize, over time, cost savings from the Transaction based on eliminating duplicate corporate overhead expenses. The Board considered, however, information from the Advisers and Morgan Stanley that such cost savings are not expected to be realized immediately upon the Closing and that, accordingly, there are currently no specific expected changes in the levels of profitability associated with the advisory and other services provided to the Funds that are contemplated as a result of the Transaction. The Board noted that it will continue to receive information regarding profitability during its annual contract review processes, including the extent to which cost savings and/or other efficiencies result in changes to profitability levels.

The Board also considered direct or indirect fall-out benefits received by the Advisers and their affiliates, including the Affiliated Sub-Advisers, in connection with their respective relationships with the Funds, including the benefits of research services that may be available to the Advisers and their affiliates as a result of securities transactions effected for the Funds and other investment advisory clients. In evaluating the fall-out benefits to be received by the Advisers and their affiliates under the New Agreements, the Board considered whether the Transaction would have an impact on the fall-out benefits currently realized by the Advisers and their affiliates in connection with services provided pursuant to the Current Advisory Agreements.

The Board of each Fund considered that Morgan Stanley may derive reputational and other benefits from its ability to use the names of the Advisers and their affiliates in connection with operating and marketing the Funds. The Board considered that the Transaction, if completed, would significantly increase Morgan Stanley’s assets under management and expand Morgan Stanley’s investment capabilities.

Economies of Scale

The Board also considered the extent to which the Advisers and their affiliates, on the one hand, and the Funds, on the other hand, can expect to realize benefits from economies of scale as the assets of the Funds increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific Fund or group of funds. As part of the 2020 Annual Approval Process, the Board reviewed data summarizing the increases and decreases in the assets of the Funds and of all Eaton Vance funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of the Advisers and their affiliates may have been affected by such increases or decreases.

The Board noted that Morgan Stanley and the Advisers are expected to benefit from possible growth of the Funds resulting from enhanced distribution capabilities, including with respect to the Funds’ potential access to Morgan Stanley’s institutional client base. Based upon the foregoing, the Board concluded that the Funds currently share in the benefits from economies of scale, if any, when they are realized by the Advisers, and that the Transaction is not expected to impede a Fund from continuing to benefit from any future economies of scale realized by its Adviser.

Conclusion

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described above, the Contract Review Committee recommended to the Board approval of the New Agreements. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, unanimously voted to approve the New Agreements for the Funds and recommended that shareholders approve the New Agreements.

36

Eaton Vance

Municipal Opportunities Fund

January 31, 2021

Officers and Trustees

Officers

Eric A. Stein

President

Deidre E. Walsh

Vice 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

37

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted 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 share your personal information with our affiliates. Eaton Vance may also share your information as required or permitted by applicable law.

• We have adopted a Privacy Program we believe is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to your 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 WaterOak Advisors, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., 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 notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

38

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7778    1.31.21

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 Form N-CSR.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-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/ Eric A. Stein
	Eric A. Stein
	President
Date:	March 22, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	March 22, 2021

By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	March 22, 2021