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)

September 30

Date of Fiscal Year End

March 31, 2021

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Municipal Income Funds

Semiannual Report

March 31, 2021

AMT-Free    •    National

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. Each investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of each Fund. Accordingly, neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, each Fund’s adviser is registered with the CFTC as a commodity pool operator. Each adviser is also registered as a commodity trading advisor.

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

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report March 31, 2021

Eaton Vance

Municipal Income Funds

Table of Contents
Performance and Fund Profile
AMT-Free Municipal Income Fund	2
National Municipal Income Fund	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	7
Joint Special Meeting of Shareholders	42
Board of Trustees’ Contract Approval	44
Officers and Trustees	49
Privacy Notice	50
Important Notices	52

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2021

Performance^1,2

Portfolio Manager Cynthia J. Clemson

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		01/06/1998		03/16/1978		1.54	%		4.09	%		3.30	%		5.34	%
Class A with 4.75% Maximum Sales Charge		—		—		–3.27			–0.88			2.30			4.83
Class C at NAV		05/02/2006		03/16/1978		1.17			3.44			2.53			4.56
Class C with 1% Maximum Sales Charge		—		—		0.17			2.44			2.53			4.56
Class I at NAV		03/16/1978		03/16/1978		1.56			4.36			3.54			5.59
Bloomberg Barclays Municipal Bond Index		—		—		1.46	%		5.51	%		3.49	%		4.53	%
% 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									2.75	%		2.05	%		3.01	%
Taxable-Equivalent Distribution Rate									4.65			3.46			5.08
SEC 30-day Yield									0.81			0.17			1.09
Taxable-Equivalent SEC 30-day Yield									1.37			0.28			1.85
% Total Leverage5
Residual Interest Bond (RIB) Financing															5.15	%

Fund Profile

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

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

National Municipal Income Fund

March 31, 2021

Performance^1,2

Portfolio Manager Craig R. Brandon, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		04/05/1994		12/19/1985		1.92	%		6.13	%		3.97	%		5.86	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.92			1.06			2.96			5.35
Class C at NAV		12/03/1993		12/19/1985		1.54			5.34			3.20			5.08
Class C with 1% Maximum Sales Charge		—		—		0.54			4.34			3.20			5.08
Class I at NAV		07/01/1999		12/19/1985		2.05			6.39			4.23			6.13
Bloomberg Barclays Municipal Bond Index		—		—		1.46	%		5.51	%		3.49	%		4.53	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.69	%		1.44	%		0.44	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.15	%		1.38	%		2.40	%
Taxable-Equivalent Distribution Rate									3.63			2.33			4.05
SEC 30-day Yield									0.88			0.18			1.17
Taxable-Equivalent SEC 30-day Yield									1.48			0.30			1.97
% Total Leverage5
RIB Financing															2.70	%

Fund Profile

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

See Endnotes and Additional Disclosures in this report.

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

3

Eaton Vance

Municipal Income Funds

March 31, 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.

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.

4

Eaton Vance

Municipal Income Funds

March 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 (October 1, 2020 – March 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 AMT-Free Municipal Income Fund

	Beginning Account Value (10/1/20)		Ending Account Value (3/31/21)		Expenses Paid During Period* (10/1/20 – 3/31/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,015.40	$	4.07		0.81	%
Class C	$	1,000.00	$	1,011.70	$	7.82		1.56	%
Class I	$	1,000.00	$	1,015.60	$	2.81		0.56	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.90	$	4.08		0.81	%
Class C	$	1,000.00	$	1,017.20	$	7.85		1.56	%
Class I	$	1,000.00	$	1,022.10	$	2.82		0.56	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (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 September 30, 2020.

5

Eaton Vance

Municipal Income Funds

March 31, 2021

Fund Expenses — continued

Eaton Vance National Municipal Income Fund

	Beginning Account Value (10/1/20)		Ending Account Value (3/31/21)		Expenses Paid During Period* (10/1/20 – 3/31/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,019.20	$	3.17		0.63	%
Class C	$	1,000.00	$	1,015.40	$	6.93		1.38	%
Class I	$	1,000.00	$	1,020.50	$	1.91		0.38	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.80	$	3.18		0.63	%
Class C	$	1,000.00	$	1,018.10	$	6.94		1.38	%
Class I	$	1,000.00	$	1,023.00	$	1.92		0.38	%

* 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 182/365 (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 September 30, 2020.

6

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Obligations — 99.0%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.1%
Texas Water Development Board, 3.00%, 10/15/38	$	3,500	$	3,909,045
			$	3,909,045
Education — 5.4%
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall):
4.00%, 7/1/38	$	315	$	376,791
4.00%, 7/1/39		380		452,861
4.00%, 7/1/42		860		1,017,698
5.00%, 7/1/32		175		229,150
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/46		5,000		5,757,100
Connecticut Health and Educational Facilities Authority, (Sacred Heart University):
4.00%, 7/1/45		875		988,111
5.00%, 7/1/40		900		1,115,919
District of Columbia, (KIPP DC):
4.00%, 7/1/39		100		111,310
4.00%, 7/1/44		100		110,330
4.00%, 7/1/49		135		148,219
Florida Development Finance Corp., (River City Science Academy), 4.00%, 7/1/45		200		213,602
Pennsylvania Higher Educational Facilities Authority, (Drexel University), 5.00%, 5/1/37		1,750		2,060,993
Pima County Community College District, AZ, 5.00%, 7/1/35		725		903,800
University of California, 5.25%, 5/15/35		3,555		4,067,453
Waco Education Finance Corp., TX, (Baylor University), 4.00%, 3/1/37		1,000		1,157,590
			$	18,710,927
Electric Utilities — 3.8%
Long Island Power Authority, NY, Electric System Revenue:
1.00%, 9/1/25	$	1,800	$	1,819,044
5.00%, 9/1/37		2,000		2,588,640
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.00%, 5/15/40		1,000		1,242,960
New York Power Authority:
4.00%, 11/15/45		2,285		2,654,530
4.00%, 11/15/50		715		826,133
Northern Municipal Power Agency, MN:
5.00%, 1/1/31		200		237,302
5.00%, 1/1/35		170		199,379
5.00%, 1/1/36		160		187,240
Utility Debt Securitization Authority, NY, 5.00%, 12/15/33		2,895		3,250,419
			$	13,005,647

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded — 5.8%
California Health Facilities Financing Authority, (Sutter Health), Prerefunded to 8/15/21, 5.25%, 8/15/31	$	1,325	$	1,349,618
Henrico County Economic Development Authority, VA, (Bon Secours Health System, Inc.), Prerefunded to 11/1/22, 5.00%, 11/1/30		1,185		1,275,013
New Jersey Turnpike Authority, Prerefunded to 7/1/22, 5.00%, 1/1/30		3,060		3,245,589
North Carolina Capital Facilities Finance Agency, (Duke University), Prerefunded to 10/1/25, 5.00%, 10/1/41		1,480		1,778,176
Oklahoma Development Finance Authority, (St. John Health System), Prerefunded to 2/15/22, 5.00%, 2/15/34		2,035		2,120,246
Oregon Facilities Authority, (Lewis & Clark College), Prerefunded to 10/1/21, 5.625%, 10/1/36		1,050		1,078,444
Savannah Economic Development Authority, GA, Escrowed to Maturity, 0.00%, 12/1/21		6,000		5,994,840
West Virginia University, Prerefunded to 10/1/22, 5.00%, 10/1/31		3,000		3,218,640
			$	20,060,566
General Obligations — 15.9%
California:
5.00%, 4/1/35	$	2,125	$	2,408,985
5.25%, 10/1/29		560		574,017
5.25%, 10/1/32		3,480		3,566,930
Carrollton-Farmers Branch Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/41		1,000		1,107,680
Chicago Board of Education, IL:
5.00%, 12/1/21		230		236,964
5.00%, 12/1/42		260		269,651
5.00%, 12/1/44		1,405		1,607,854
Chicago, IL:
5.00%, 1/1/39		1,400		1,646,918
5.00%, 1/1/44		1,490		1,732,900
Corpus Christi Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/45		2,250		2,640,015
District of Columbia, 5.00%, 6/1/37(1)		7,000		8,590,120
Fennville Public Schools, MI, 4.00%, 5/1/34		1,000		1,153,130
Foothill-De Anza Community College District, CA:
5.00%, 8/1/34		1,150		1,318,268
5.00%, 8/1/36		1,150		1,315,807
Gallatin County School District No. 44, MT, 4.00%, 6/1/35		520		606,372
Illinois:
4.00%, 6/1/33		1,000		1,082,680
4.00%, 11/1/40		1,000		1,087,690
5.00%, 5/1/35		2,000		2,165,440
5.50%, 5/1/39		205		252,392
5.75%, 5/1/45		210		261,419

7 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/31	$	4,470	$	5,008,814
Lodi Unified School District, CA, (Election of 2016), 4.00%, 8/1/33		1,250		1,468,687
New York, NY, 4.00%, 8/1/42(1)		7,000		7,961,450
Salem-Keizer School District No. 24J, OR, 0.00%, 6/15/24		1,220		1,196,454
Springfield School District No. 19, OR, 5.00%, 6/15/30		1,085		1,277,674
Union R-XI School District, MO, 5.00%, 3/1/38		2,100		2,429,280
University of Connecticut, 5.00%, 2/15/32		650		726,005
Washington, 5.00%, 6/1/38		710		919,471
			$	54,613,067
Hospital — 10.1%
California Health Facilities Financing Authority, (St. Joseph Health System):
5.00%, 7/1/33	$	1,720	$	1,893,101
5.00%, 7/1/37		2,300		2,528,758
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.25%, 12/1/34		3,000		3,386,970
Chattanooga Health, Educational and Housing Facility Board, TN, (CommonSpirit Health), 4.00%, 8/1/37		1,250		1,430,325
Colorado Health Facilities Authority, (Vail Valley Medical Center), 5.00%, 1/15/35		2,000		2,332,980
Delaware Health Facilities Authority, (Beebe Medical Center):
5.00%, 6/1/36		3,730		4,488,831
5.00%, 6/1/37		1,000		1,199,780
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/50		520		573,263
Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31		2,110		2,398,395
Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 11/15/47		3,000		3,582,780
Ohio, (University Hospitals Health Systems, Inc.), 5.00%, 1/15/36		2,500		2,891,900
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System):
5.00%, 8/15/23(2)		500		525,880
5.00%, 8/15/24(2)		550		599,214
5.00%, 8/15/25(2)		500		562,050
5.00%, 8/15/26(2)		600		692,694
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(1)		5,000		5,579,450
			$	34,666,371

Security	Principal Amount (000’s omitted)		Value
Housing — 0.7%
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University):
5.00%, 7/1/37	$	500	$	568,440
5.00%, 7/1/42		1,250		1,403,713
Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(3)		285		285,000
			$	2,257,153
Industrial Development Revenue — 0.2%
George L. Smith II Georgia World Congress Center Authority, 4.00%, 1/1/36(2)	$	715	$	819,705
			$	819,705
Insured – Education — 1.0%
Northern Illinois University, IL, (BAM), 5.00%, 4/1/31	$	950	$	1,203,546
Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31		1,750		2,259,722
			$	3,463,268
Insured – Electric Utilities — 1.1%
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/29	$	2,865	$	2,503,523
Philadelphia, PA, Gas Works Revenue, (AGM), 4.00%, 8/1/45		1,000		1,144,550
			$	3,648,073
Insured – Escrowed / Prerefunded — 1.9%
Detroit, MI, Sewage Disposal System, (AGM), Prerefunded to 7/1/22, 5.00%, 7/1/39	$	4,825	$	5,117,636
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), Escrowed to Maturity, 0.00%, 8/15/21		1,560		1,559,267
			$	6,676,903
Insured – General Obligations — 1.9%
Atlantic City, NJ, (AGM), 4.00%, 3/1/42	$	145	$	157,936
Chicago Board of Education, IL, (AGM), 5.00%, 12/1/24		505		579,129
McCook, IL:
(AGM), 4.00%, 12/1/29		240		284,736
(AGM), 4.00%, 12/1/30		200		235,864
(AGM), 4.00%, 12/1/33		500		582,875
(AGM), 4.00%, 12/1/34		190		220,913
Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38		1,500		1,688,880

8 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Yonkers, NY:
(AGM), 4.00%, 2/15/35	$	800	$	955,256
(AGM), 5.00%, 2/15/31		810		1,067,580
(AGM), 5.00%, 2/15/33		720		945,518
			$	6,718,687
Insured – Lease Revenue / Certificates of Participation — 2.1%
Anaheim Public Financing Authority, CA, (Anaheim Public Improvements), (AGM), 0.00%, 9/1/31	$	8,680	$	7,138,345
			$	7,138,345
Insured – Other Revenue — 2.0%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	10,600	$	6,213,508
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGM), 3.00%, 3/1/38		555		592,352
			$	6,805,860
Insured – Special Tax Revenue — 3.5%
Massachusetts, Dedicated Tax Revenue:
(NPFG), 5.50%, 1/1/27	$	6,000	$	7,417,320
(NPFG), 5.50%, 1/1/30		2,565		3,338,424
Successor Agency to San Francisco City and County Redevelopment Agency, CA, (NPFG), 5.00%, 8/1/43		1,100		1,253,395
			$	12,009,139
Insured – Transportation — 8.6%
Chicago, IL, (O’Hare International Airport):
(AGM), 5.00%, 1/1/28	$	1,000	$	1,079,410
(AGM), 5.125%, 1/1/31		1,000		1,075,940
(AGM), 5.25%, 1/1/32		785		846,159
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39		7,120		3,365,838
Metropolitan Transportation Authority, NY, Green Bonds:
(AGM), 4.00%, 11/15/46		1,195		1,336,954
(AGM), 5.00%, 11/15/44		1,705		2,056,400
Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38		11,000		14,586,550
Texas Transportation Commission, (Central Texas Turnpike System), (AMBAC), 0.00%, 8/15/21		5,285		5,276,650
			$	29,623,901
Insured – Water and Sewer — 0.7%
Michigan Finance Authority, (Detroit Water and Sewerage Department):
(AGM), 5.00%, 7/1/32	$	655	$	746,006

Security	Principal Amount (000’s omitted)		Value
Insured – Water and Sewer (continued)
Michigan Finance Authority, (Detroit Water and Sewerage Department): (continued)
(AGM), 5.00%, 7/1/33	$	565	$	643,111
(AGM), 5.00%, 7/1/35		280		318,033
(AGM), 5.00%, 7/1/37		565		640,382
			$	2,347,532
Lease Revenue / Certificates of Participation — 2.7%
Hudson Yards Infrastructure Corp., NY, 4.00%, 2/15/44	$	1,820	$	2,010,172
New Jersey Economic Development Authority, (School Facilities Construction):
4.00%, 6/15/34		500		576,315
4.00%, 6/15/35		400		459,708
4.00%, 6/15/38		600		682,140
4.00%, 6/15/39		650		737,392
4.00%, 6/15/40		700		792,715
4.00%, 6/15/46		315		351,871
5.00%, 6/15/37		3,000		3,629,610
			$	9,239,923
Other Revenue — 0.4%
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(3)	$	1,200	$	216,000
Mercer County Improvement Authority, NJ, 4.00%, 3/15/40		935		1,090,790
			$	1,306,790
Senior Living / Life Care — 3.6%
National Finance Authority, NH, (The Vista):
5.25%, 7/1/39(4)	$	265	$	262,218
5.625%, 7/1/46(4)		360		360,068
5.75%, 7/1/54(4)		775		777,193
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton):
7.25%, 6/1/39		570		611,969
7.50%, 6/1/49		2,690		2,891,481
Saint Louis County Industrial Development Authority, MO, (St. Andrew’s Resources for Seniors Obligated Group), 5.00%, 12/1/35		1,700		1,765,603
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe):
6.00%, 12/1/32		160		162,770
6.25%, 12/1/42		660		670,712
Washington Housing Finance Commission, (Horizon House):
5.00%, 1/1/32(4)		1,575		1,814,668
5.00%, 1/1/38(4)		2,325		2,642,432

9 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/34(4)	$	245	$	273,087
			$	12,232,201
Special Tax Revenue — 5.5%
Connecticut, Special Tax Revenue, 4.00%, 5/1/36	$	3,500	$	4,079,985
Jurupa Public Financing Authority, CA, 5.00%, 9/1/31		1,200		1,374,732
Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/40		115		127,140
New York City Transitional Finance Authority, NY, Future Tax Revenue:
4.00%, 11/1/38		2,490		2,871,543
4.00%, 5/1/41		3,500		4,008,550
New York Dormitory Authority, Personal Income Tax Revenue, 4.00%, 3/15/36		1,500		1,765,770
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/34		3,065		3,648,637
River Hall Community Development District, FL, (Capital Improvements), 5.45%, 5/1/36		930		935,134
			$	18,811,491
Transportation — 14.4%
Central Texas Regional Mobility Authority, 5.00%, 1/1/45	$	1,550	$	1,902,083
Chicago, IL, (O’Hare International Airport):
4.00%, 1/1/35		2,500		2,926,350
4.00%, 1/1/36		2,750		3,208,535
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport):
5.25%, 11/1/30		1,100		1,231,329
5.25%, 11/1/31		1,455		1,626,734
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43		1,100		1,167,243
Memphis-Shelby County Airport Authority, TN:
4.00%, 7/1/37		500		581,305
4.00%, 7/1/38		375		435,338
4.00%, 7/1/39		500		578,310
Miami-Dade County, FL, Aviation Revenue, 5.00%, 10/1/33		2,650		3,031,838
New Jersey Transportation Trust Fund Authority, (Transportation Program):
3.00%, 6/15/50		1,150		1,139,363
4.00%, 6/15/39		2,750		3,119,737
4.00%, 6/15/40		1,665		1,885,529
New Orleans Aviation Board, LA, 5.00%, 1/1/43		1,555		1,843,872
New York Thruway Authority:
5.00%, 1/1/38		2,000		2,532,460
5.00%, 1/1/46		1,875		2,181,788

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport):
4.00%, 12/1/40	$	3,000	$	3,353,220
4.00%, 12/1/41		2,900		3,241,504
Philadelphia, PA, Airport Revenue, 4.00%, 7/1/40		5,000		5,701,150
San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/34		5,235		5,905,446
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project):
4.00%, 12/31/37		275		315,865
4.00%, 12/31/38		510		584,067
4.00%, 12/31/39		265		302,760
5.00%, 12/31/35		355		443,274
Texas Transportation Commission, 0.00%, 8/1/40		1,000		470,300
			$	49,709,400
Water and Sewer — 6.6%
Atlanta, GA, Water and Wastewater Revenue, 5.00%, 11/1/35(1)	$	6,990	$	8,678,574
Eastern Municipal Water District Financing Authority, CA, 5.00%, 7/1/36		1,000		1,321,920
Fulton County, GA, Water and Sewerage Revenue, 4.00%, 1/1/32		1,375		1,684,939
New York City Municipal Water Finance Authority, NY, (Water and Sewer System):
4.00%, 6/15/41		4,000		4,643,280
5.00%, 6/15/48		4,400		5,272,916
San Diego Public Facilities Financing Authority, CA, Water Revenue, 4.00%, 8/1/40		1,000		1,204,270
			$	22,805,899
Total Tax-Exempt Municipal Obligations — 99.0% (identified cost $315,894,317)			$	340,579,893
Other Assets, Less Liabilities — 1.0%			$	3,598,399
Net Assets — 100.0%			$	344,178,292

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

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

New York	17.9%
California	12.2%
Texas	10.8%
Others, representing less than 10% individually	58.1%

10 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2021, 23.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.4% to 14.8% of total investments.

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

⁽²⁾  When-issued/delayed delivery security.

⁽³⁾  Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy.

⁽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 March 31, 2021, the aggregate value of these securities is $6,129,666 or 1.8% of the Fund’s net assets.

Abbreviations:

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

11 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Obligations — 92.2%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 3.2%
Connecticut, (State Revolving Fund), Green Bonds, 5.00%, 3/1/28	$	10,000	$	11,736,400
Illinois Finance Authority, (Revolving Fund), Green Bonds, 4.00%, 7/1/32		11,480		14,217,750
Iowa Finance Authority, (State Revolving Fund), 5.00%, 8/1/32		12,000		13,290,600
New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds, 5.00%, 8/15/44		12,330		15,529,142
Ohio Water Development Authority, Water Pollution Control Loan Fund, 5.00%, 6/1/29		30,000		39,179,700
Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		11,310		14,445,132
Texas Water Development Board, (State Revolving Fund), 4.00%, 8/1/36		3,000		3,662,970
Wisconsin, Environmental Improvement Fund Revenue, Green Bonds, 5.00%, 6/1/36		5,000		6,454,800
			$	118,516,494
Cogeneration — 0.1%
Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 12/31/23(1)	$	14,652	$	3,663,079
			$	3,663,079
Education — 5.6%
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 5.00%, 8/1/27	$	3,335	$	4,196,997
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall):
4.00%, 7/1/36		480		577,099
4.00%, 7/1/37		150		179,691
5.00%, 7/1/29		220		285,793
Connecticut Health and Educational Facilities Authority, (Yale University), 5.00%, 7/1/27		5,000		6,310,800
District of Columbia, (District of Columbia International School), 5.00%, 7/1/49		2,290		2,615,249
Florida Development Finance Corp., (River City Science Academy), 4.00%, 7/1/45		400		427,204
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 4.75%, 6/1/38(2)		2,245		2,617,176
Maryland Health and Higher Educational Facilities Authority, (Loyola University Maryland):
5.00%, 10/1/22		500		534,570
5.00%, 10/1/23		500		556,810
5.00%, 10/1/24		500		576,905

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Maryland Health and Higher Educational Facilities Authority, (Stevenson University):
4.00%, 6/1/36	$	400	$	455,124
4.00%, 6/1/38		500		564,805
4.00%, 6/1/40		500		560,570
4.00%, 6/1/46		1,000		1,106,900
5.00%, 6/1/28		200		246,114
5.00%, 6/1/30		350		439,289
Massachusetts Development Finance Agency, (Harvard University), 5.00%, 7/15/34		18,855		22,873,755
Michigan State University, 5.00%, 2/15/31		1,200		1,535,304
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/33		4,370		5,442,354
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38		19,045		23,685,314
New York Dormitory Authority, (Rockefeller University):
5.00%, 7/1/35		2,750		3,543,815
5.00%, 7/1/53		15,000		18,833,550
Purdue University, IN:
5.00%, 7/1/30		600		804,372
5.00%, 7/1/31		1,000		1,331,500
5.00%, 7/1/35		685		898,371
5.00%, 7/1/36		1,500		1,960,050
Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute), 5.00%, 9/1/39		6,000		7,507,800
University of California:
5.25%, 5/15/36		5,720		6,540,763
5.25%, 5/15/37		13,000		14,856,660
5.25%, 5/15/38		7,700		8,797,173
Prerefunded to 5/15/24, 5.25%, 5/15/36		1,360		1,568,760
University of Virginia:
5.00%, 4/1/38		13,205		16,030,870
5.00%, 4/1/39		40,970		49,633,926
Waco Education Finance Corp., TX, (Baylor University), 4.00%, 3/1/36		1,000		1,160,980
			$	209,256,413
Electric Utilities — 5.0%
Colorado Springs, CO, Utilities System Revenue:
4.00%, 11/15/36	$	525	$	640,999
4.00%, 11/15/37		650		790,881
Long Island Power Authority, NY, Electric System Revenue, 1.00%, 9/1/25		7,020		7,094,272
Los Angeles Department of Water & Power, CA, Power System Revenue:
5.00%, 7/1/38		6,130		7,821,328
5.00%, 7/1/42		1,870		2,274,126

12 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.00%, 5/15/45	$	1,500	$	1,842,030
New Smyrna Beach Utilities Commission, FL:
4.00%, 10/1/31		880		1,076,548
4.00%, 10/1/41		435		514,683
4.00%, 10/1/42		300		353,979
4.00%, 10/1/45		700		820,106
New York Power Authority, 4.00%, 11/15/55		21,925		25,234,359
Omaha Public Power District, NE, 5.00%, 2/1/39		10,805		12,483,341
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/28		6,025		6,954,175
Sacramento Municipal Utility District, CA:
5.00%, 8/15/35		1,000		1,321,960
5.00%, 8/15/37		8,800		11,549,736
5.00%, 8/15/38		11,000		14,393,500
Green Bonds, 4.00%, 8/15/40		6,200		7,440,682
San Antonio, TX, Electric and Gas Systems Revenue, 4.00%, 2/1/30		2,000		2,459,540
Utility Debt Securitization Authority, NY:
5.00%, 12/15/30(3)		22,500		25,301,025
5.00%, 12/15/31(3)		27,500		30,907,800
5.00%, 12/15/40		13,260		16,392,012
Series 2015, 5.00%, 12/15/33		10,000		11,959,500
			$	189,626,582
Escrowed / Prerefunded — 5.2%
Bexar County Health Facilities Development Corp., TX, (St. Luke’s Lutheran Hospital), Escrowed to Maturity, 7.00%, 5/1/21	$	860	$	864,016
California Health Facilities Financing Authority, (Sutter Health), Prerefunded to 8/15/21, 5.25%, 8/15/31		13,675		13,929,081
Columbia, SC, Waterworks and Sewer System Revenue, Prerefunded to 2/1/29, 5.00%, 2/1/49		2,340		3,052,764
Detroit, MI, Sewage Disposal System, Prerefunded to 7/1/22, 5.25%, 7/1/39		22,500		23,934,150
Detroit, MI, Water Supply System:
Prerefunded to 7/1/21, 5.00%, 7/1/41		2,185		2,210,652
Prerefunded to 7/1/21, 5.25%, 7/1/41		56,420		57,116,223
Michigan Finance Authority, (Detroit Water and Sewerage Department), Prerefunded to 7/1/22, 5.00%, 7/1/44		8,090		8,580,659
New Jersey Turnpike Authority, Prerefunded to 7/1/24, 5.00%, 1/1/31		10,000		11,517,200
Oregon Department of Transportation, Prerefunded to 11/15/23, 5.00%, 11/15/38		250		281,445
Oregon Facilities Authority, (Lewis & Clark College), Prerefunded to 10/1/21, 5.625%, 10/1/36		9,930		10,199,004

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Rutgers State University, NJ, Prerefunded to 5/1/23, 5.00%, 5/1/43(3)	$	37,000	$	40,702,960
Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33		9,170		10,793,915
Unified Government of Wyandotte County/Kansas City, KS, Utility System Revenue, Prerefunded to 9/1/22, 5.00%, 9/1/32		10,000		10,680,700
			$	193,862,769
General Obligations — 22.4%
Allen Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/37	$	800	$	897,624
Anaheim Union High School District, CA, (Election of 2014):
4.00%, 8/1/30		2,070		2,440,282
4.00%, 8/1/31		2,295		2,690,681
Antelope Valley Community College District, CA, (Election of 2016), 4.00%, 8/1/45		2,500		2,930,100
Arlington County, VA, 5.00%, 8/1/29		7,580		10,023,489
Belmont, MA, 4.00%, 3/15/32		3,030		3,600,640
Cabrillo Unified School District, CA, (Election of 2018):
5.00%, 8/1/45		1,750		2,155,387
5.00%, 8/1/50		10,355		12,696,369
California:
0.50%, (SIFMA + 0.43%), 12/1/23 (Put Date), 12/1/29(4)		15,000		15,023,850
4.00%, 3/1/38		4,650		5,554,192
5.00%, 12/1/22		5,000		5,402,550
5.00%, 3/1/34		3,145		4,106,238
5.00%, 3/1/35		23,410		30,488,013
5.00%, 3/1/35		5,000		6,511,750
5.00%, 4/1/35		4,000		5,104,640
Centennial School District No. 28Jt, OR, 5.00%, 6/15/45		10,000		12,721,200
Chester County, PA:
4.00%, 7/15/39		500		586,025
4.00%, 7/15/40		500		585,135
Chicago Board of Education, IL:
5.00%, 12/1/21		1,980		2,039,954
5.00%, 12/1/22		400		427,692
5.00%, 12/1/30		1,435		1,786,417
5.00%, 12/1/42		2,770		2,872,822
5.00%, 12/1/44		15,110		17,291,582
Chicago, IL:
5.00%, 1/1/39		2,100		2,470,377
5.00%, 1/1/40		1,500		1,760,985
Clackamas Community College District, OR:
5.00%, 6/15/38		760		920,018
5.00%, 6/15/39		1,000		1,208,080
5.00%, 6/15/40		1,250		1,507,512

13 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Collin County Community College District, TX, 4.00%, 8/15/37	$	1,000	$	1,185,150
Collin County, TX, 4.00%, 2/15/36		5,705		6,756,888
Connecticut:
3.00%, 1/15/33		7,000		7,786,100
4.00%, 1/15/37		15,000		17,670,450
Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/37		3,000		3,699,750
Dallas Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/33		480		545,482
Dane County, WI:
2.00%, 4/1/27		3,405		3,654,791
2.00%, 4/1/28		1,235		1,322,450
2.00%, 4/1/29		230		245,146
2.00%, 4/1/30		190		201,560
Desert Community College District, CA, 5.00%, 8/1/37		5,350		6,330,922
District of Columbia:
5.00%, 10/15/30		4,000		5,194,960
5.00%, 10/15/32		10,000		12,907,500
Erie County, NY, 3.00%, 6/24/21		7,500		7,548,525
Forney Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/33		1,000		1,137,310
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/45		2,765		3,294,525
Garden City Public Schools, MI:
4.00%, 5/1/43		1,560		1,830,457
5.00%, 5/1/32		430		561,210
5.00%, 5/1/33		1,345		1,747,949
5.00%, 5/1/35		1,060		1,368,704
5.00%, 5/1/37		815		1,044,830
5.00%, 5/1/39		900		1,151,424
5.00%, 5/1/46		3,505		4,442,342
Hall County School District, GA, 4.00%, 2/1/38		1,500		1,822,875
Hartford County Metropolitan District, CT:
5.00%, 7/15/23		1,000		1,105,870
5.00%, 7/15/24		1,000		1,145,650
Hawaii, 5.00%, 1/1/34		13,700		17,012,523
Hennepin County Regional Railroad Authority, MN, 5.00%, 12/1/30		4,040		5,196,935
Hermiston School District No. 8R, OR:
0.00%, 6/15/42		6,475		3,534,897
0.00%, 6/15/45		4,595		2,220,350
Hillsboro School District No. 1J, OR:
4.00%, 6/15/37		1,870		2,252,920
4.00%, 6/15/39		5,500		6,586,635
4.00%, 6/15/40		2,500		2,986,500

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Howard County, MD:
4.00%, 8/15/35	$	2,065	$	2,532,371
4.00%, 8/15/36		6,610		8,075,173
4.00%, 8/15/37		5,000		6,086,500
4.00%, 8/15/38		1,245		1,506,002
Hudsonville Public Schools, MI:
4.00%, 5/1/37		1,500		1,790,070
4.00%, 5/1/39		1,060		1,257,414
4.00%, 5/1/44		1,975		2,311,421
Illinois:
5.00%, 2/1/24		10,705		11,913,487
5.00%, 11/1/24		11,295		12,829,200
5.00%, 2/1/27		18,500		20,330,205
5.00%, 2/1/29		15,000		17,555,400
5.00%, 5/1/39		10,000		10,765,400
5.25%, 7/1/30		6,150		6,605,223
5.50%, 5/1/39		870		1,071,127
5.75%, 5/1/45		890		1,107,917
Issaquah School District No. 411, WA, 4.00%, 12/1/33		13,935		17,047,243
Johnson County, KS:
2.00%, 9/1/33		2,370		2,486,296
3.00%, 9/1/30		2,415		2,771,454
Kane, Cook and DuPage Counties School District No. 46, IL:
5.00%, 1/1/29		1,920		2,151,994
5.00%, 1/1/30		4,105		4,601,007
La Canada Unified School District, CA, (Election of 2017), 4.00%, 8/1/49		970		1,108,681
Lake Washington School District No. 414, WA, 4.00%, 12/1/28		10,000		12,242,500
Lodi Unified School District, CA, (Election of 2016):
4.00%, 8/1/36		1,250		1,457,813
4.00%, 8/1/39		2,935		3,399,699
Lower Merion School District, PA, 4.00%, 11/15/28		2,000		2,473,360
Madison Metropolitan School District, WI, 4.00%, 3/1/30		2,450		3,024,892
Massachusetts:
5.00%, 7/1/35		10,000		11,721,900
5.00%, 3/1/37		10,900		12,200,588
Metropolitan Government of Nashville and Davidson County, TN, 3.00%, 1/1/33		5,000		5,699,900
Minneapolis-St. Paul Metropolitan Council, MN, 4.00%, 3/1/30		1,250		1,487,450
Mississippi, 4.00%, 6/1/33		1,000		1,228,820
Montgomery, AL:
3.00%, 12/1/24		500		545,260
3.00%, 12/1/25		500		553,775
5.00%, 12/1/26		500		618,560
5.00%, 12/1/27		500		632,020

14 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
New Jersey:
5.00%, 6/1/25	$	5,000	$	5,885,200
5.00%, 6/1/27		4,000		4,942,800
5.00%, 6/1/29		3,000		3,837,630
New York, NY:
4.00%, 8/1/38		6,530		7,537,318
4.00%, 8/1/42(3)		28,000		31,845,800
North Carolina, 5.00%, 6/1/30		10,000		13,084,500
Novi Community School District, MI:
5.00%, 5/1/41		1,100		1,389,355
5.00%, 5/1/42		1,700		2,140,827
5.00%, 5/1/43		1,150		1,444,757
Ocean City, NJ, 2.25%, 9/15/32		1,760		1,845,061
Ocean County, NJ, 3.00%, 8/1/33		3,330		3,755,208
Oxnard Union High School District, CA, (Election of 2018), 5.00%, 8/1/43		3,750		4,449,787
Park City, UT, 4.00%, 2/1/31		3,490		4,193,654
Piscataway Township, NJ:
2.00%, 10/15/36		1,600		1,625,632
3.00%, 10/15/32		1,610		1,838,797
Port of Houston Authority, TX, 3.00%, 10/1/39		1,325		1,461,767
Portland School District No. 1, OR, 4.00%, 6/15/32		3,945		4,860,358
Portland, OR:
2021 Series A, 5.00%, 6/1/26		2,665		3,264,971
2021 Series B, 5.00%, 6/1/26		975		1,194,502
Prosper Independent School District, TX, (PSF Guaranteed):
3.00%, 2/15/34		240		274,198
3.00%, 2/15/35		500		569,540
3.00%, 2/15/36		500		567,320
Richmond Community Schools, MI:
4.00%, 5/1/36		2,200		2,590,302
4.00%, 5/1/37		2,655		3,115,616
4.00%, 5/1/38		2,665		3,118,876
4.00%, 5/1/39		2,665		3,110,428
Riverside Unified School District, CA, (Election of 2016):
4.00%, 8/1/32		2,250		2,642,962
4.00%, 8/1/33		1,350		1,584,373
4.00%, 8/1/34		1,100		1,287,583
San Bernardino Community College District, CA, (Election of 2018):
4.00%, 8/1/38		675		780,374
4.00%, 8/1/39		600		692,250
San Francisco Bay Area Rapid Transit District, CA, (Election of 2016), Green Bonds, 4.00%, 8/1/45		10,290		12,066,466

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
San Francisco Unified School District, CA, (Election of 2016):
4.00%, 6/15/33	$	4,000	$	4,715,800
4.00%, 6/15/36		3,000		3,507,390
Scottsdale, AZ, 4.00%, 7/1/31		1,120		1,398,040
St. Paul, MN, 5.00%, 3/1/22(5)		3,705		3,861,203
Tennessee, 5.00%, 9/1/28		3,000		3,784,740
Texas, (AMT), 4.50%, 8/1/28		1,585		1,962,943
Texas, (Texas Transportation Commission), Prerefunded to 10/1/24, 5.00%, 10/1/44		10,000		11,626,200
Virginia Beach, VA, 4.00%, 7/15/32		2,300		2,794,408
Walled Lake Consolidated School District, MI:
5.00%, 5/1/41		700		907,872
5.00%, 5/1/42		1,000		1,288,200
5.00%, 5/1/45		1,365		1,745,330
5.00%, 5/1/50		2,500		3,198,225
Washington:
5.00%, 2/1/33		13,140		14,751,752
5.00%, 8/1/34		12,915		17,002,468
5.00%, 6/1/36		6,280		8,017,676
5.00%, 8/1/36		13,010		17,015,389
5.00%, 2/1/37		3,695		4,766,809
5.00%, 8/1/38		25,430		33,042,979
5.00%, 2/1/39		1,445		1,676,417
5.00%, 6/1/39		2,125		2,744,012
5.00%, 6/1/41		2,000		2,568,740
Series 2021A, 5.00%, 8/1/35		20,890		27,422,303
Series R-2018D, 5.00%, 8/1/35		14,355		17,756,417
Washington County, OR, 4.00%, 3/1/30		1,000		1,146,760
West Linn-Wilsonville School District No. 3JT, OR:
0.00%, 6/15/40		1,200		744,984
0.00%, 6/15/41		1,500		898,980
West Sonoma County Union High School District, CA, (Election of 2018):
5.00%, 8/1/46		1,000		1,222,690
5.00%, 8/1/49		3,430		4,182,645
Wilmington, DE:
5.00%, 1/1/33		1,000		1,339,230
5.00%, 1/1/35		1,330		1,768,049
Wisconsin, 5.00%, 5/1/38		22,500		26,422,425
			$	842,766,594
Hospital — 6.9%
Allegheny County Hospital Development Authority, PA, (UPMC Health System), 5.00%, 7/15/32	$	2,250	$	2,885,580

15 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Arlington County Industrial Development Authority, VA, (Virginia Hospital Center):
4.00%, 7/1/38	$	1,000	$	1,168,220
4.00%, 7/1/45		3,000		3,438,600
Berks County Industrial Development Authority, PA, (Tower Health), 5.00%, 11/1/47		510		511,607
Brookhaven Development Authority, GA, (Children’s Healthcare of Atlanta), 5.00%, 7/1/31		755		982,255
Bucks County Industrial Development Authority, PA, (Grand View Hospital), 4.00%, 7/1/46		4,000		4,253,880
California Health Facilities Financing Authority, (St. Joseph Health System):
5.00%, 7/1/33		17,530		19,294,219
5.00%, 7/1/37		25,465		27,997,749
Colorado Health Facilities Authority, (SCL Health System), 4.00%, 1/1/36		2,000		2,359,920
Connecticut Health and Educational Facilities Authority, (Nuvance Health), 4.00%, 7/1/34		2,455		2,792,440
DeKalb Private Hospital Authority, GA, (Children’s Healthcare of Atlanta), 5.00%, 7/1/31		1,000		1,301,000
Douglas County Hospital Authority No. 2, NE, (Children’s Hospital Obligated Group):
4.00%, 11/15/36		425		505,516
4.00%, 11/15/41		590		691,002
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/50		4,340		4,784,546
Fulton County Development Authority, GA, (Piedmont Healthcare, Inc.), 4.00%, 7/1/37		2,000		2,337,480
Hamilton County, OH, (UC Health), 5.00%, 9/15/50		8,000		9,785,360
Illinois Finance Authority, (Edward-Elmhurst Healthcare), 0.82%, (SIFMA + 0.75%), 7/1/23 (Put Date), 1/1/46(4)		9,500		9,507,790
Illinois Finance Authority, (Presence Health Network):
5.00%, 2/15/26		7,500		9,042,225
5.00%, 2/15/33		1,500		1,806,525
Kentucky Economic Development Finance Authority, (CommonSpirit Health), 5.00%, 8/1/44		6,000		7,280,400
Medford Hospital Facilities Authority, OR, (Asante Health System):
4.00%, 8/15/50		2,000		2,259,200
5.00%, 8/15/45		3,000		3,758,640
Minneapolis and St. Paul Housing and Redevelopment Authority, MN, (Allina Health System), 5.00%, 11/15/23		1,700		1,906,091
Missouri Health and Educational Facilities Authority, (Mosaic Health System), 4.00%, 2/15/44		2,200		2,505,558
Missouri Health and Educational Facilities Authority, (SSM Health Care), 5.00%, 6/1/30		7,505		8,468,942
Montana Facility Finance Authority, (SCL Health System), 4.00%, 1/1/38		2,150		2,519,994

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
New Jersey Health Care Facilities Financing Authority, (RWJ Barnabas Health Obligated Group), 5.00%, 7/1/33	$	5,000	$	6,009,550
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 4.00%, 7/1/38		3,400		3,971,200
New York Dormitory Authority, (NYU Langone Hospitals Obligated Group):
4.00%, 7/1/50		5,330		6,084,302
4.00%, 7/1/53		10,000		11,343,600
North Carolina Medical Care Commission, (Rex Healthcare), 4.00%, 7/1/40		1,400		1,609,426
Oklahoma Development Finance Authority, (OU Medicine):
5.00%, 8/15/38		1,750		2,088,940
5.25%, 8/15/43		5,200		6,264,804
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/35		2,260		2,640,674
Oregon Health and Science University, 4.00%, 7/1/44		1,685		1,943,900
Pennsylvania Economic Development Financing Authority, (UPMC), 4.00%, 4/15/45		3,250		3,745,072
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System):
5.00%, 8/15/23(5)		500		525,880
5.00%, 8/15/24(5)		550		599,214
5.00%, 8/15/25(5)		500		562,050
5.00%, 8/15/26(5)		600		692,694
Public Finance Authority, WI, (Blue Ridge HealthCare):
5.00%, 1/1/36		470		589,883
5.00%, 1/1/37		500		625,335
Tampa, FL, (BayCare Health System), 5.00%, 11/15/46		10,500		12,160,785
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 4.00%, 12/1/34		2,685		3,191,418
University of Kansas Hospital Authority, 5.00%, 9/1/45		25,500		29,400,735
Virginia Small Business Financing Authority, (Sentara Healthcare), 4.00%, 11/1/38		5,000		5,788,400
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/42		2,250		2,660,580
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), Prerefunded to 6/1/23, 5.375%, 6/1/38		21,895		24,300,604
			$	260,943,785
Housing — 0.4%
Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 5.00%, 7/1/56	$	1,750	$	2,059,855
Massachusetts Housing Finance Agency, (Mill Road Apartments), 0.62%, (SIFMA + 0.55%), 11/1/23 (Put date), 11/1/48(4)		3,920		3,920,000
Texas Student Housing Corp., (University of Northern Texas), 6.85%, 7/1/31		10,640		10,638,723
			$	16,618,578

16 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue — 2.4%
Arkansas Development Finance Authority, (Big River Steel), (AMT), 4.50%, 9/1/49(2)	$	1,000	$	1,087,210
George L. Smith II Georgia World Congress Center Authority, 4.00%, 1/1/54(5)		3,690		4,101,804
Metropolitan Nashville Airport Authority, TN, (Aero Nashville), 5.20%, 7/1/26		265		265,193
Miami-Dade County Industrial Development Authority, FL, (Waste Management, Inc.), (AMT), 0.87%, (SIFMA + 0.80%), 11/1/21 (Put Date), 11/1/48(4)		5,000		5,000,750
Mission Economic Development Corp., TX, (Waste Management, Inc.), (AMT), 0.87%, (SIFMA + 0.80%), 11/1/21 (Put Date), 11/1/48(4)		10,000		10,003,300
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 2.20% to 12/3/29 (Put Date), 10/1/39		13,900		14,570,536
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment):
(AMT), 4.00%, 10/1/30		12,500		14,521,750
(AMT), 5.00%, 10/1/35		29,085		36,238,165
Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 5.25%, 5/1/44(2)		3,685		4,196,073
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(2)		475		540,056
			$	90,524,837
Insured – General Obligations — 0.8%
Grandville Public Schools, MI:
(AGM), 4.00%, 5/1/35	$	785	$	934,244
(AGM), 4.00%, 5/1/36		1,045		1,238,168
(AGM), 4.00%, 5/1/37		1,000		1,179,560
(AGM), 4.00%, 5/1/38		1,000		1,175,120
(AGM), 4.00%, 5/1/39		1,000		1,170,710
(AGM), 4.00%, 5/1/40		650		759,753
Nassau County, NY, (AGM), 5.00%, 4/1/44		10,205		12,721,961
Santa Rosa High School District, CA, (Election of 2014), (AGM), 5.00%, 8/1/43		3,930		4,685,661
Ukiah Unified School District, CA, (Election of 2020):
(AGM), 5.00%, 8/1/38		1,330		1,632,987
(AGM), 5.00%, 8/1/45		2,000		2,418,780
(AGM), 5.00%, 8/1/49		2,250		2,712,870
			$	30,629,814
Insured – Hospital — 0.1%
Connecticut Health and Educational Facilities Authority, (Hartford HealthCare Obligated Group), (AGM), 4.00%, 7/1/36	$	1,700	$	1,947,537
			$	1,947,537

Security	Principal Amount (000’s omitted)		Value
Insured – Other Revenue — 1.0%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	58,155	$	34,089,298
New York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGM), 5.00%, 1/1/26		1,000		1,200,660
New York City Industrial Development Agency, NY, (Yankee Stadium):
(AGM), 3.00%, 3/1/39		2,895		3,067,223
(AGM), 3.00%, 3/1/40		430		452,958
			$	38,810,139
Insured – Special Tax Revenue — 0.5%
Massachusetts, Dedicated Tax Revenue:
(NPFG), 5.50%, 1/1/29	$	11,000	$	14,095,840
(NPFG), 5.50%, 1/1/30		3,080		4,008,713
			$	18,104,553
Insured – Transportation — 2.3%
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37	$	13,335	$	6,999,141
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AGM), (AMT), 5.00%, 3/1/49		14,800		17,752,896
Metropolitan Transportation Authority, NY, Green Bonds:
(AGM), 4.00%, 11/15/46		5,970		6,679,176
(AGM), 4.00%, 11/15/48(3)		8,900		10,027,096
North Texas Tollway Authority, (AGC), 6.20%, 1/1/42		37,070		43,840,836
			$	85,299,145
Insured – Water and Sewer — 0.2%
Bloomington, IN, Sewage Works Revenue, Green Bonds:
(BAM), 4.00%, 1/1/32	$	545	$	664,883
(BAM), 4.00%, 1/1/33		580		706,620
(BAM), 4.00%, 1/1/34		500		605,925
(BAM), 4.00%, 1/1/35		375		452,295
(BAM), 4.00%, 1/1/36		375		451,054
(BAM), 4.00%, 1/1/37		625		748,775
(BAM), 4.00%, 1/1/38		725		865,650
(BAM), 4.00%, 1/1/39		1,000		1,189,160
			$	5,684,362
Lease Revenue / Certificates of Participation — 2.7%
Florida Department of Transportation Financing Corp.:
3.00%, 7/1/31	$	9,180	$	10,570,035
3.00%, 7/1/32		10,000		11,461,300
3.00%, 7/1/33		10,000		11,399,900

17 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Gwinnett County Water and Sewerage Authority, GA, 3.00%, 8/1/31	$	5,125	$	5,924,859
Hillsborough County, FL, 4.00%, 8/1/31		4,760		5,819,576
Hudson Yards Infrastructure Corp., NY, 4.00%, 2/15/44		2,420		2,672,866
Los Angeles County, CA, Tax and Revenue Anticipation Notes, 4.00%, 6/30/21		20,000		20,193,200
New Jersey Economic Development Authority, (Juvenile Justice Commission Facilities), 5.00%, 6/15/47		3,605		4,202,276
New Jersey Economic Development Authority, (School Facilities Construction):
4.00%, 6/15/37		1,800		2,052,918
5.00%, 6/15/34		8,460		10,337,528
5.00%, 6/15/35		13,300		16,202,459
5.00%, 6/15/39		2,165		2,625,842
			$	103,462,759
Nursing Home — 0.1%
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25	$	4,940	$	4,986,535
			$	4,986,535
Other Revenue — 1.8%
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(6)	$	250	$	45,000
Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.25%, 12/1/38		750		802,575
DuPage County, IL, (The Morton Arboretum), Green Bonds, 3.00%, 5/15/47		5,085		5,122,222
Kalispel Tribe of Indians, WA:
Series A, 5.25%, 1/1/38(2)		1,865		2,121,643
Series B, 5.25%, 1/1/38(2)		1,000		1,137,610
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/43		23,295		27,354,387
New York City Trust for Cultural Resources, NY, (Whitney Museum of American Art), Green Bonds, 5.00%, 7/1/31		4,625		6,229,598
Oregon, Lottery Revenue, 5.00%, 4/1/36		4,045		4,920,257
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 6.25%, 12/15/26		16,055		18,869,120
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 1.173%, (67% of 1 mo. USD LIBOR + 1.10%), 7/1/22 (Put Date), 1/1/42(4)		1,000		1,004,090
			$	67,606,502
Senior Living / Life Care — 0.7%
Clackamas County Hospital Facility Authority, OR, (Rose Villa):
5.25%, 11/15/50	$	250	$	267,850
5.375%, 11/15/55		300		321,933

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Iowa Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/48	$	8,000	$	9,044,320
Logan County, CO, (TLC Care Choices, Inc.), 6.875%, 12/1/23(6)		409		98,200
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/47		8,000		8,581,120
Rockville, MD, (Ingleside at King Farm):
5.00%, 11/1/31		1,010		1,076,933
5.00%, 11/1/32		525		558,878
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks):
6.625%, 11/15/41		730		812,709
6.75%, 11/15/51		3,250		3,601,845
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.):
5.00%, 9/15/37		495		510,087
5.00%, 9/15/40		750		785,085
			$	25,658,960
Special Tax Revenue — 7.0%
Connecticut, Special Tax Revenue, 4.00%, 5/1/39	$	2,650	$	3,059,452
District of Columbia, Income Tax Revenue:
4.00%, 5/1/45		6,500		7,646,470
5.00%, 3/1/39		5,060		6,500,481
Illinois Sports Facilities Authority:
5.00%, 6/15/29		2,250		2,705,963
5.00%, 6/15/30		1,200		1,426,140
Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/40		1,285		1,420,657
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Revenue, 4.00%, 7/1/32		4,260		5,251,941
Nassau County Interim Finance Authority, NY, Sales Tax Revenue, 5.00%, 11/15/32		5,000		6,766,500
New River Community Development District, FL, (Capital Improvements):
5.00%, 5/1/13(6)		230		0
5.35%, 5/1/38(6)		80		0
5.75%, 5/1/38		355		357,922
New York City Transitional Finance Authority, NY, Future Tax Revenue:
4.00%, 11/1/35		11,380		13,505,898
4.00%, 8/1/38		5,000		5,740,250
4.00%, 5/1/42		5,695		6,285,742
5.00%, 8/1/35		10,485		12,847,375
5.00%, 5/1/36		4,050		4,984,294
5.00%, 5/1/39		9,240		11,176,519
2015 Series B, 5.00%, 8/1/39		4,585		5,205,442
2018 Series A, 5.00%, 8/1/39		11,845		14,419,274

18 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
New York Dormitory Authority, Personal Income Tax Revenue:
4.00%, 3/15/36	$	18,500	$	21,777,833
5.00%, 2/15/45		9,995		11,460,867
5.00%, 2/15/48		8,940		11,005,229
New York Dormitory Authority, Sales Tax Revenue:
5.00%, 3/15/36		7,840		9,493,534
5.00%, 3/15/40		10,000		11,992,900
(AMT), 5.00%, 3/15/27		1,620		2,001,494
(AMT), 5.00%, 3/15/28		1,705		2,154,694
(AMT), 5.00%, 3/15/29		1,790		2,276,898
(AMT), 5.00%, 3/15/31		970		1,216,710
(AMT), 5.00%, 3/15/32		2,070		2,585,368
New York State Urban Development Corp., Personal Income Tax Revenue:
4.00%, 3/15/35		10,000		11,754,400
4.00%, 3/15/38		6,790		7,918,226
5.00%, 3/15/35		12,000		14,172,840
5.00%, 3/15/41		10,000		12,303,500
Puerto Rico Sales Tax Financing Corp.:
4.329%, 7/1/40		5,536		5,935,810
4.784%, 7/1/58		2,219		2,406,727
San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue:
4.00%, 7/1/37		3,075		3,569,337
4.00%, 7/1/38		7,495		8,681,009
Southern Hills Plantation I Community Development District, FL:
Series A1, 5.80%, 5/1/35		440		376,983
Series A2, 5.80%, 5/1/35		310		246,875
Sterling Hill Community Development District, FL, 6.20%, 5/1/35		1,532		918,988
Texas Transportation Commission, Prerefunded to 4/1/24, 5.00%, 4/1/33(3)		10,000		11,407,100
			$	264,957,642
Student Loan — 0.1%
New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/28	$	3,880	$	4,159,942
			$	4,159,942
Transportation — 20.2%
Atlanta, GA, Airport Revenue:
(AMT), 4.00%, 7/1/34	$	3,480	$	4,015,050
(AMT), 4.00%, 7/1/36		5,000		5,734,700

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/35	$	2,625	$	3,277,444
Central Texas Regional Mobility Authority, 5.00%, 1/1/36(5)		500		641,065
Charleston County Airport District, SC, (AMT), 5.50%, 7/1/38		10,000		11,046,500
Chicago, IL, (Midway International Airport):
5.00%, 1/1/33		3,830		4,245,172
(AMT), 5.00%, 1/1/34		5,250		5,796,525
Chicago, IL, (O’Hare International Airport):
4.00%, 1/1/36		7,000		8,167,180
5.00%, 1/1/32		15,160		19,409,045
5.00%, 1/1/36		6,000		7,008,480
(AMT), 5.00%, 1/1/23		1,125		1,216,215
(AMT), 5.00%, 1/1/25		16,100		17,354,995
(AMT), 5.00%, 1/1/33		7,300		8,351,492
(AMT), 5.00%, 1/1/39		4,000		4,806,560
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport):
4.00%, 11/1/34		9,895		11,888,348
4.00%, 11/1/35		1,105		1,323,204
5.25%, 11/1/31		10,395		11,621,922
(AMT), 5.25%, 11/1/30		11,015		12,258,153
Delaware River and Bay Authority of Delaware and New Jersey:
4.00%, 1/1/34		2,600		3,052,972
4.00%, 1/1/39		2,725		3,131,488
Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 12/1/37		10,000		12,147,900
Florida Department of Transportation, Turnpike System Revenue:
3.00%, 7/1/33		6,420		7,194,380
4.00%, 7/1/32		6,170		7,618,778
Florida Development Finance Corp., (Brightline Florida Passenger Rail), Green Bonds, (AMT), 7.375%, 1/1/49(2)		15,685		15,469,331
Harris County, TX, Toll Road Revenue:
4.00%, 8/15/36		1,750		2,122,575
4.00%, 8/15/45		2,500		2,940,950
Hawaii, Airports System Revenue:
(AMT), 5.00%, 7/1/30		1,420		1,827,384
(AMT), 5.00%, 7/1/41		2,935		3,363,011
(AMT), 5.00%, 7/1/48		10,000		11,833,600
Hawaii, Harbor System Revenue, (AMT), 4.00%, 7/1/36		180		210,191
Houston, TX, Airport System Revenue:
(AMT), 4.00%, 7/1/35		1,500		1,733,445
(AMT), 4.00%, 7/1/36		2,000		2,302,680

19 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AMT), 5.00%, 3/1/46	$	17,130	$	20,373,565
Kansas Department of Transportation, 5.00%, 9/1/30		20,000		22,974,800
Los Angeles Department of Airports, CA, (Los Angeles International Airport):
(AMT), 5.00%, 5/15/24		1,200		1,366,944
(AMT), 5.00%, 5/15/26		1,335		1,613,895
(AMT), 5.00%, 5/15/33		5,000		6,193,650
(AMT), 5.00%, 5/15/40		6,000		6,894,060
(AMT), 5.00%, 5/15/41		9,000		10,419,120
Louisiana Offshore Terminal Authority, (LOOP LLC), 2.00% to 10/1/22 (Put Date), 10/1/40		2,000		2,017,320
Love Field Airport Modernization Corp., TX, (AMT), 5.00%, 11/1/24		1,500		1,721,655
Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/35		1,050		1,202,418
Massachusetts Port Authority:
5.00%, 7/1/32		3,800		4,889,916
(AMT), 5.00%, 7/1/26		10,105		12,276,059
(AMT), 5.00%, 7/1/30		3,000		3,818,700
(AMT), 5.00%, 7/1/31		2,965		3,756,210
(AMT), 5.00%, 7/1/32		4,200		5,299,896
(AMT), 5.00%, 7/1/33		3,855		4,852,443
Memphis-Shelby County Airport Authority, TN:
(AMT), 5.00%, 7/1/35		3,440		4,156,724
(AMT), 5.00%, 7/1/36		3,200		3,855,360
Metropolitan Washington Airports Authority, D.C.:
(AMT), 5.00%, 10/1/28		4,500		5,148,405
(AMT), 5.00%, 10/1/32		10,000		11,878,600
(AMT), 5.00%, 10/1/42		2,000		2,371,320
Miami-Dade County, FL, Aviation Revenue:
(AMT), 4.00%, 10/1/44		5,000		5,579,550
(AMT), 5.00%, 10/1/33		23,250		26,427,810
(AMT), 5.00%, 10/1/36		9,125		10,378,957
(AMT), 5.00%, 10/1/38		1,935		2,344,872
(AMT), 5.00%, 10/1/40		26,730		31,702,315
(AMT), 5.00%, 10/1/41		2,320		2,791,958
Minneapolis-St. Paul Metropolitan Airports Commission, MN, (AMT), 5.00%, 1/1/32		3,710		4,587,378
New Jersey Economic Development Authority, (Transit Transportation Project), 4.00%, 11/1/44		8,250		9,140,257
New Jersey Transportation Trust Fund Authority, (Transportation Program):
1.27%, (SIFMA + 1.20%), 12/15/21 (Put Date), 6/15/34(4)		2,275		2,276,684
4.00%, 6/15/36		6,635		7,479,370

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
New Jersey Transportation Trust Fund Authority, (Transportation Program): (continued)
4.00%, 6/15/39	$	8,000	$	9,075,600
4.00%, 6/15/40		3,335		3,776,721
4.00%, 6/15/45		18,500		20,696,505
5.00%, 6/15/45		13,205		16,042,754
New Jersey Turnpike Authority:
Series 2015E, 5.00%, 1/1/31		2,680		3,091,621
Series 2017B, 5.00%, 1/1/31		3,560		4,387,380
New York Thruway Authority:
4.00%, 1/1/41		9,950		11,568,069
4.00%, 1/1/42		10,000		11,591,500
4.00%, 1/1/43		10,000		11,562,300
5.00%, 1/1/36		12,500		15,850,125
5.00%, 1/1/39		1,845		2,327,781
5.00%, 1/1/40		17,155		21,593,342
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment):
(AMT), 5.00%, 7/1/41		1,705		1,911,612
(AMT), 5.00%, 7/1/46		14,325		16,017,212
(AMT), 5.25%, 1/1/50		1,180		1,329,943
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport):
5.00%, 12/1/25		800		939,192
5.00%, 12/1/26		1,000		1,203,860
5.00%, 12/1/34		1,750		2,172,013
5.00%, 12/1/35		2,225		2,767,678
(AMT), 5.00%, 12/1/25		1,100		1,283,227
(AMT), 5.00%, 12/1/30		1,710		2,156,549
(AMT), 5.00%, 12/1/34		2,150		2,664,259
North Texas Tollway Authority, 5.00%, 1/1/29		5,000		5,931,950
Port Authority of New York and New Jersey:
(AMT), 4.00%, 9/1/34		8,310		9,047,928
(AMT), 5.00%, 9/15/31		15,000		18,505,200
(AMT), 5.00%, 10/1/35		5,000		5,981,650
(AMT), 5.00%, 4/1/36		10,230		12,190,579
(AMT), 5.00%, 10/15/41(5)		2,500		3,100,375
Port of Seattle, WA:
(AMT), 5.00%, 4/1/23		2,000		2,173,720
(AMT), 5.00%, 4/1/24		2,165		2,438,461
(AMT), 5.00%, 4/1/25		1,500		1,742,580
Raleigh-Durham Airport Authority, NC, (AMT), Series 2020A, 5.00%, 5/1/36		1,000		1,272,100
Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/38		7,165		8,667,500

20 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
San Francisco City and County Airport Commission, CA, (San Francisco International Airport):
(AMT), 5.00%, 5/1/41	$	25,630	$	29,861,000
(AMT), 5.00%, 5/1/44		8,535		9,583,866
(AMT), 5.00%, 5/1/46		5,000		5,784,650
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project):
4.00%, 12/31/37		2,230		2,561,378
4.00%, 12/31/38		4,140		4,741,252
4.00%, 12/31/39		2,140		2,444,929
5.00%, 12/31/35		2,885		3,602,384
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58		12,635		15,101,984
			$	761,643,675
Water and Sewer — 3.5%
Baltimore, MD, (Water Projects):
4.00%, 7/1/40	$	470	$	558,703
4.00%, 7/1/45		1,005		1,176,614
Charlotte, NC, Water and Sewer System Revenue, 4.00%, 7/1/36		2,000		2,458,480
East Bay Municipal Utility District, CA, Water System Revenue:
5.00%, 6/1/35		2,905		3,594,879
5.00%, 6/1/37		7,280		8,578,679
Green Bonds, 5.00%, 6/1/35		1,000		1,297,010
Green Bonds, 5.00%, 6/1/37		4,200		5,415,732
Eastern Municipal Water District Financing Authority, CA:
4.00%, 7/1/38		1,200		1,454,808
5.00%, 7/1/37		1,300		1,712,412
Fulton County, GA, Water and Sewerage Revenue, 4.00%, 1/1/34		1,750		2,123,398
Grand Rapids, MI, Sanitary Sewer System Revenue, 5.00%, 1/1/45		1,245		1,557,084
Great Lakes Water Authority, MI:
5.00%, 7/1/40		350		435,631
5.00%, 7/1/45		750		921,225
Horsham Water and Sewer Authority, PA:
4.00%, 11/15/31		300		364,803
4.00%, 11/15/32		275		333,135
4.00%, 11/15/33		275		331,108
4.00%, 11/15/34		335		402,034
4.00%, 11/15/35		230		275,317
4.00%, 11/15/36		360		428,551

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Madison Water and Wastewater Board, AL:
4.00%, 12/1/32	$	335	$	404,596
4.00%, 12/1/33		260		312,736
4.00%, 12/1/34		350		419,759
4.00%, 12/1/36		610		726,675
4.00%, 12/1/38		535		633,488
4.00%, 12/1/39		240		282,432
Metropolitan Water District of Southern California, 5.00%, 7/1/38		4,270		5,427,085
Michigan Finance Authority, (Detroit Water and Sewerage Department):
5.00%, 7/1/33		8,095		9,214,134
5.00%, 7/1/44		5		5,264
Missoula, MT, Water System Revenue:
4.00%, 7/1/37		600		700,368
5.00%, 7/1/33		565		708,934
5.00%, 7/1/35		1,135		1,416,684
5.00%, 7/1/36		800		995,592
New York City Municipal Water Finance Authority, NY, (Water and Sewer System):
4.00%, 6/15/24		2,755		3,074,993
5.00%, 6/15/35		3,955		4,711,829
5.00%, 6/15/48		12,960		15,531,134
Omaha, NE, Sanitary Sewerage System Revenue, 4.00%, 4/1/34		650		792,220
Orange County, FL, Water and Wastewater Utility Revenue, 5.00%, 10/1/38		10,060		13,239,664
Port St. Lucie, FL, Stormwater Utility Revenue:
4.00%, 5/1/37		500		584,780
4.00%, 5/1/38		1,000		1,167,090
4.00%, 5/1/39		1,075		1,251,053
Salt Lake City, UT, Public Utilities Revenue:
4.00%, 2/1/38		1,600		1,898,000
4.00%, 2/1/39		1,000		1,183,060
4.00%, 2/1/45		805		938,831
San Diego Public Facilities Financing Authority, CA, Water Revenue:
4.00%, 8/1/38		1,000		1,214,780
4.00%, 8/1/39		1,250		1,514,100
4.00%, 8/1/45		3,400		4,039,064
Sarasota County, FL, Utility System Revenue:
5.00%, 10/1/28		300		389,559
5.00%, 10/1/29		250		331,410
5.00%, 10/1/30		300		404,553
5.00%, 10/1/45		4,625		5,899,881
5.00%, 10/1/50		3,750		4,757,287

21 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Tarrant Regional Water District, TX, Prerefunded to 3/1/24, 5.00%, 3/1/30	$	10,000	$	11,371,100
Trinity River Authority, TX, (Mountain Creek Regional Wastewater System), 4.00%, 8/1/36		695		837,169
Virginia Beach, VA, Storm Water Utility Revenue, 4.00%, 11/15/31		1,085		1,308,857
			$	131,107,764
Total Tax-Exempt Municipal Obligations — 92.2% (identified cost $3,281,128,645)			$	3,469,838,460
Taxable Municipal Obligations — 4.2%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.0%(7)
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(1)	$	4,942	$	1,235,500
			$	1,235,500
General Obligations — 1.1%
Bradley, IL, 2.45%, 12/15/36	$	520	$	502,570
Chicago, IL, 7.75%, 1/1/42		4,050		4,492,746
Detroit, MI, 2.96%, 4/1/27		1,000		989,700
Kauai County, HI:
1.18%, 8/1/26(5)		2,235		2,225,456
1.60%, 8/1/28(5)		320		317,539
1.875%, 8/1/29(5)		600		594,498
Lakeside School District No. 9, AR:
1.25%, 4/1/32		1,320		1,231,204
1.55%, 4/1/35		1,425		1,310,701
1.65%, 4/1/36		1,365		1,251,295
1.80%, 4/1/37		1,515		1,395,618
1.85%, 4/1/38		610		560,468
1.90%, 4/1/39		1,605		1,465,846
Larkspur-Corte Madera School District, CA, (Election of 2011 and 2014), 2.302%, 8/1/36		1,405		1,371,533
Metropolitan Government of Nashville and Davidson County, TN, 1.486%, 7/1/31		2,840		2,714,472
New York, 1.50%, 3/15/26		19,870		20,255,081
Tustin Unified School District, CA, 2.254%, 8/1/36		1,155		1,129,140
			$	41,807,867

Security	Principal Amount (000’s omitted)		Value
Hospital — 1.0%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	34,250	$	38,277,800
			$	38,277,800
Insured – General Obligations — 0.3%
Bellwood, IL:
(AGM), 3.00%, 12/1/36(5)	$	1,000	$	1,005,960
(AGM), 3.07%, 12/1/37(5)		1,250		1,254,088
Sterling, IL, (BAM), 2.70%, 11/1/37		1,075		1,021,422
Westland, MI:
(BAM), 2.505%, 11/1/40		2,995		2,849,173
(BAM), 2.655%, 11/1/43		3,000		2,876,280
			$	9,006,923
Insured – Special Tax Revenue — 0.0%(7)
St. Clair County Board of Education, AL, (BAM), 2.14%, 2/1/30(5)	$	500	$	498,140
			$	498,140
Insured – Transportation — 1.3%
Alameda Corridor Transportation Authority, CA:
(AMBAC), 0.00%, 10/1/26	$	22,500	$	19,676,025
(AMBAC), 0.00%, 10/1/27		34,390		28,845,644
			$	48,521,669
Senior Living / Life Care — 0.1%
Montgomery County Industrial Development Authority, PA, (ACTS Retirement-Life Communities, Inc. Obligated Group), 2.45%, 11/15/23	$	1,250	$	1,257,000
			$	1,257,000
Water and Sewer — 0.4%
Tarrant Regional Water District, TX:
1.70%, 9/1/33	$	7,585	$	7,266,885
2.00%, 9/1/36		9,010		8,678,522
			$	15,945,407
Total Taxable Municipal Obligations — 4.2% (identified cost $148,123,437)			$	156,550,306
Total Investments — 96.4% (identified cost $3,429,252,082)			$	3,626,388,766
Other Assets, Less Liabilities — 3.6%			$	134,684,639
Net Assets — 100.0%			$	3,761,073,405

22 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

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

At March 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:

New York	20.7%
California	13.9%
Others, representing less than 10% individually	61.8%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2021, 6.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.4% to 3.0% of total investments.

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

⁽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 March 31, 2021, the aggregate value of these securities is $27,169,099 or 0.7% of the Fund’s net assets.

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

⁽⁴⁾  Floating rate security. The stated interest rate represents the rate in effect at March 31, 2021.

⁽⁵⁾  When-issued/delayed delivery security.

⁽⁶⁾  Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy.

⁽⁷⁾  Amount is less than 0.05%.

Futures Contracts
Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation
Interest Rate Futures
U.S. Long Treasury Bond		(925	)		Short		6/21/21	$	(142,999,219	)	$	4,218,574
											$	4,218,574

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.
PSF	–	Permanent School Fund
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index

Currency Abbreviations:

USD – United States Dollar

23 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Statements of Assets and Liabilities (Unaudited)

	March 31, 2021
Assets	AMT-Free Fund			National Fund
Investments —
Identified cost	$	315,894,317		$	3,429,252,082
Unrealized appreciation		24,685,576			197,136,684
Investments, at value	$	340,579,893		$	3,626,388,766
Cash	$	23,124,311		$	216,319,201
Deposits for derivatives collateral — financial futures contracts		—			3,700,000
Interest receivable		3,754,854			38,653,671
Receivable for investments sold		295,607			5,725,058
Receivable for Fund shares sold		333,683			8,389,629
Receivable for variation margin on open financial futures contracts		—			404,688
Total assets	$	368,088,348		$	3,899,581,013
Liabilities
Payable for floating rate notes issued	$	18,762,702		$	104,604,568
Payable for investments purchased		1,099,950			—
Payable for when-issued/delayed delivery securities		3,183,041			23,174,967
Payable for Fund shares redeemed		431,161			7,182,079
Distributions payable		122,004			1,136,494
Payable to affiliates:
Investment adviser fee		116,597			920,250
Distribution and service fees		42,607			425,718
Interest expense and fees payable		38,956			201,791
Accrued expenses		113,038			861,741
Total liabilities	$	23,910,056		$	138,507,608
Net Assets	$	344,178,292		$	3,761,073,405
Sources of Net Assets
Paid-in capital	$	345,671,069		$	3,700,838,419
Distributable earnings (accumulated loss)		(1,492,777	)		60,234,986
Net Assets	$	344,178,292		$	3,761,073,405
Class A Shares
Net Assets	$	159,878,031		$	1,596,696,151
Shares Outstanding		17,268,649			154,888,622
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.26		$	10.31
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	9.72		$	10.82
Class C Shares
Net Assets	$	10,024,641		$	98,666,947
Shares Outstanding		1,088,976			9,572,202
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.21		$	10.31
Class I Shares
Net Assets	$	174,275,620		$	2,065,710,307
Shares Outstanding		17,235,897			200,400,500
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.11		$	10.31

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.

24 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Statements of Operations (Unaudited)

	Six Months Ended March 31, 2021
Investment Income	AMT-Free Fund			National Fund
Interest	$	5,955,246		$	53,039,131
Total investment income	$	5,955,246		$	53,039,131
Expenses
Investment adviser fee	$	696,020		$	5,428,064
Distribution and service fees
Class A		201,224			2,033,888
Class C		58,828			553,895
Trustees’ fees and expenses		8,990			54,250
Custodian fee		43,540			335,404
Transfer and dividend disbursing agent fees		44,486			535,651
Legal and accounting services		34,002			86,576
Printing and postage		1,709			44,286
Registration fees		39,314			103,610
Interest expense and fees		86,817			330,256
Miscellaneous		23,188			109,858
Total expenses	$	1,238,118		$	9,615,738
Net investment income	$	4,717,128		$	43,423,393
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	1,293,199		$	15,466,806
Financial futures contracts		—			7,340,050
Net realized gain	$	1,293,199		$	22,806,856
Change in unrealized appreciation (depreciation) —
Investments	$	(1,018,209	)	$	166,759
Financial futures contracts		—			4,218,574
Net change in unrealized appreciation (depreciation)	$	(1,018,209	)	$	4,385,333
Net realized and unrealized gain	$	274,990		$	27,192,189
Net increase in net assets from operations	$	4,992,118		$	70,615,582

25 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Statements of Changes in Net Assets

	Six Months Ended March 31, 2021 (Unaudited)
Increase (Decrease) in Net Assets	AMT-Free Fund			National Fund
From operations —
Net investment income	$	4,717,128		$	43,423,393
Net realized gain		1,293,199			22,806,856
Net change in unrealized appreciation (depreciation)		(1,018,209	)		4,385,333
Net increase in net assets from operations	$	4,992,118		$	70,615,582
Distributions to shareholders —
Class A	$	(2,295,165	)	$	(19,923,532	)
Class C		(124,241	)		(947,215	)
Class I		(2,695,668	)		(26,131,280	)
Total distributions to shareholders	$	(5,115,074	)	$	(47,002,027	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	17,360,930		$	75,907,992
Class C		874,330			10,006,145
Class I		25,002,381			484,353,214
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,978,485			16,886,188
Class C		119,158			845,680
Class I		2,281,342			21,822,630
Cost of shares redeemed
Class A		(22,307,134	)		(159,284,094	)
Class C		(1,822,288	)		(12,995,241	)
Class I		(21,121,752	)		(248,955,860	)
Net asset value of shares converted
Class A		4,268,580			31,503,892
Class C		(4,268,580	)		(31,503,892	)
Net increase in net assets from Fund share transactions	$	2,365,452		$	188,586,654
Net increase in net assets	$	2,242,496		$	212,200,209
Net Assets
At beginning of period	$	341,935,796		$	3,548,873,196
At end of period	$	344,178,292		$	3,761,073,405

26 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Statements of Changes in Net Assets – continued

	Year Ended September 30, 2020
Increase (Decrease) in Net Assets	AMT-Free Fund			National Fund
From operations —
Net investment income	$	10,040,250		$	87,611,878
Net realized gain (loss)		(778,647	)		32,976,127
Net change in unrealized appreciation (depreciation)		(3,878,667	)		(3,801,019	)
Net increase in net assets from operations	$	5,382,936		$	116,786,986
Distributions to shareholders —
Class A	$	(4,671,695	)	$	(44,576,688	)
Class C		(421,058	)		(3,225,704	)
Class I		(5,343,767	)		(45,916,178	)
Total distributions to shareholders	$	(10,436,520	)	$	(93,718,570	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	23,022,478		$	191,525,800
Class C		2,632,842			28,102,719
Class I		148,037,705			1,035,176,603
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		4,121,688			37,938,752
Class C		351,377			2,661,618
Class I		3,986,156			38,645,320
Cost of shares redeemed
Class A		(20,744,572	)		(255,941,582	)
Class C		(6,017,910	)		(46,493,384	)
Class I		(124,755,998	)		(632,198,120	)
Net asset value of shares converted
Class A		1,573,683			26,478,940
Class C		(1,573,683	)		(26,478,940	)
Net increase in net assets from Fund share transactions	$	30,633,766		$	399,417,726
Net increase in net assets	$	25,580,182		$	422,486,142
Net Assets
At beginning of year	$	316,355,614		$	3,126,387,054
At end of year	$	341,935,796		$	3,548,873,196

27 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Financial Highlights

	AMT-Free Fund — Class A
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.250		$	9.250		$	8.870		$	9.130		$	9.430		$	9.210
Income (Loss) From Operations
Net investment income(1)	$	0.122		$	0.274		$	0.317		$	0.336		$	0.351		$	0.358
Net realized and unrealized gain (loss)		0.021			0.011	(2)		0.381			(0.262	)		(0.298	)		0.218
Total income from operations	$	0.143		$	0.285		$	0.698		$	0.074		$	0.053		$	0.576
Less Distributions
From net investment income	$	(0.133	)	$	(0.285	)	$	(0.318	)	$	(0.334	)	$	(0.353	)	$	(0.356	)
Total distributions	$	(0.133	)	$	(0.285	)	$	(0.318	)	$	(0.334	)	$	(0.353	)	$	(0.356	)
Net asset value — End of period	$	9.260		$	9.250		$	9.250		$	8.870		$	9.130		$	9.430
Total Return(3)		1.54	%(4)		3.12	%		8.02	%		0.83	%		0.64	%		6.33	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	159,878		$	158,729		$	150,853		$	139,623		$	155,589		$	198,762
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.76	%(5)		0.78	%		0.81	%		0.81	%		0.82	%		0.81	%
Interest and fee expense(6)		0.05	%(5)		0.14	%		0.23	%		0.24	%		0.16	%		0.10	%
Total expenses		0.81	%(5)		0.92	%		1.04	%		1.05	%		0.98	%		0.91	%
Net investment income		2.62	%(5)		2.97	%		3.51	%		3.74	%		3.86	%		3.81	%
Portfolio Turnover		13	%(4)		58	%		33	%		18	%		33	%		21	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions 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⁾  Annualized.

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

28 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Financial Highlights — continued

	AMT-Free Fund — Class C
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.200		$	9.200		$	8.820		$	9.080		$	9.380		$	9.160
Income (Loss) From Operations
Net investment income(1)	$	0.088		$	0.204		$	0.249		$	0.267		$	0.281		$	0.286
Net realized and unrealized gain (loss)		0.020			0.011	(2)		0.380			(0.262	)		(0.298	)		0.218
Total income (loss) from operations	$	0.108		$	0.215		$	0.629		$	0.005		$	(0.017	)	$	0.504
Less Distributions
From net investment income	$	(0.098	)	$	(0.215	)	$	(0.249	)	$	(0.265	)	$	(0.283	)	$	(0.284	)
Total distributions	$	(0.098	)	$	(0.215	)	$	(0.249	)	$	(0.265	)	$	(0.283	)	$	(0.284	)
Net asset value — End of period	$	9.210		$	9.200		$	9.200		$	8.820		$	9.080		$	9.380
Total Return(3)		1.17	%(4)		2.36	%		7.24	%		0.06	%		(0.12	)%		5.56	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	10,025		$	15,094		$	19,715		$	32,545		$	39,099		$	45,606
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.51	%(5)		1.53	%		1.56	%		1.56	%		1.57	%		1.56	%
Interest and fee expense(6)		0.05	%(5)		0.14	%		0.23	%		0.24	%		0.16	%		0.10	%
Total expenses		1.56	%(5)		1.67	%		1.79	%		1.80	%		1.73	%		1.66	%
Net investment income		1.90	%(5)		2.23	%		2.78	%		2.99	%		3.11	%		3.06	%
Portfolio Turnover		13	%(4)		58	%		33	%		18	%		33	%		21	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions 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⁾  Annualized.

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

29 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Financial Highlights — continued

	AMT-Free Fund — Class I
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	10.110		$	10.100		$	9.680		$	9.970		$	10.300		$	10.060
Income (Loss) From Operations
Net investment income(1)	$	0.146		$	0.323		$	0.370		$	0.391		$	0.407		$	0.415
Net realized and unrealized gain (loss)		0.011			0.023	(2)		0.422			(0.292	)		(0.327	)		0.240
Total income from operations	$	0.157		$	0.346		$	0.792		$	0.099		$	0.080		$	0.655
Less Distributions
From net investment income	$	(0.157	)	$	(0.336	)	$	(0.372	)	$	(0.389	)	$	(0.410	)	$	(0.415	)
Total distributions	$	(0.157	)	$	(0.336	)	$	(0.372	)	$	(0.389	)	$	(0.410	)	$	(0.415	)
Net asset value — End of period	$	10.110		$	10.110		$	10.100		$	9.680		$	9.970		$	10.300
Total Return(3)		1.56	%(4)		3.48	%		8.34	%		1.02	%		0.87	%		6.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	174,276		$	168,113		$	145,788		$	132,313		$	154,177		$	154,458
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.51	%(5)		0.53	%		0.56	%		0.56	%		0.57	%		0.56	%
Interest and fee expense(6)		0.05	%(5)		0.14	%		0.23	%		0.24	%		0.16	%		0.10	%
Total expenses		0.56	%(5)		0.67	%		0.79	%		0.80	%		0.73	%		0.66	%
Net investment income		2.87	%(5)		3.21	%		3.76	%		3.98	%		4.09	%		4.04	%
Portfolio Turnover		13	%(4)		58	%		33	%		18	%		33	%		21	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions 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⁾  Annualized.

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

30 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Financial Highlights — continued

	National Fund — Class A
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	10.240		$	10.140		$	9.650		$	9.930		$	10.170		$	9.810
Income (Loss) From Operations
Net investment income(1)	$	0.116		$	0.265		$	0.322		$	0.350		$	0.366		$	0.385
Net realized and unrealized gain (loss)		0.080			0.119			0.491			(0.277	)		(0.242	)		0.357
Total income from operations	$	0.196		$	0.384		$	0.813		$	0.073		$	0.124		$	0.742
Less Distributions
From net investment income	$	(0.126	)	$	(0.284	)	$	(0.323	)	$	(0.353	)	$	(0.364	)	$	(0.382	)
Total distributions	$	(0.126	)	$	(0.284	)	$	(0.323	)	$	(0.353	)	$	(0.364	)	$	(0.382	)
Net asset value — End of period	$	10.310		$	10.240		$	10.140		$	9.650		$	9.930		$	10.170
Total Return(2)		1.92	%(3)		3.84	%		8.57	%		0.76	%		1.31	%		7.68	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,596,696		$	1,620,505		$	1,605,407		$	1,419,239		$	1,600,127		$	1,857,375
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.61	%(4)		0.64	%		0.68	%		0.69	%		0.68	%		0.67	%
Interest and fee expense(5)		0.02	%(4)		0.05	%		0.12	%		0.19	%		0.16	%		0.12	%
Total expenses		0.63	%(4)		0.69	%		0.80	%		0.88	%		0.84	%		0.79	%
Net investment income		2.25	%(4)		2.61	%		3.26	%		3.58	%		3.71	%		3.83	%
Portfolio Turnover		33	%(3)		105	%		89	%		67	%		70	%		71	%

⁽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⁾  Annualized.

⁽⁵⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

31 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Financial Highlights — continued

	National Fund — Class C
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	10.240		$	10.140		$	9.650		$	9.930		$	10.170		$	9.810
Income (Loss) From Operations
Net investment income(1)	$	0.078		$	0.190		$	0.252		$	0.276		$	0.292		$	0.310
Net realized and unrealized gain (loss)		0.080			0.119			0.488			(0.276	)		(0.242	)		0.357
Total income from operations	$	0.158		$	0.309		$	0.740		$	—		$	0.050		$	0.667
Less Distributions
From net investment income	$	(0.088	)	$	(0.209	)	$	(0.250	)	$	(0.280	)	$	(0.290	)	$	(0.307	)
Total distributions	$	(0.088	)	$	(0.209	)	$	(0.250	)	$	(0.280	)	$	(0.290	)	$	(0.307	)
Net asset value — End of period	$	10.310		$	10.240		$	10.140		$	9.650		$	9.930		$	10.170
Total Return(2)		1.54	%(3)		3.08	%		7.77	%		0.01	%		0.56	%		6.88	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	98,667		$	131,330		$	172,417		$	363,026		$	462,269		$	576,664
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.36	%(4)		1.39	%		1.43	%		1.44	%		1.43	%		1.42	%
Interest and fee expense(5)		0.02	%(4)		0.05	%		0.12	%		0.19	%		0.16	%		0.12	%
Total expenses		1.38	%(4)		1.44	%		1.55	%		1.63	%		1.59	%		1.54	%
Net investment income		1.51	%(4)		1.87	%		2.57	%		2.83	%		2.96	%		3.08	%
Portfolio Turnover		33	%(3)		105	%		89	%		67	%		70	%		71	%

⁽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⁾  Annualized.

⁽⁵⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

32 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Financial Highlights — continued

	National Fund — Class I
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	10.240		$	10.140		$	9.650		$	9.930		$	10.170		$	9.810
Income (Loss) From Operations
Net investment income(1)	$	0.129		$	0.289		$	0.341		$	0.374		$	0.390		$	0.410
Net realized and unrealized gain (loss)		0.080			0.120			0.495			(0.277	)		(0.241	)		0.357
Total income from operations	$	0.209		$	0.409		$	0.836		$	0.097		$	0.149		$	0.767
Less Distributions
From net investment income	$	(0.139	)	$	(0.309	)	$	(0.346	)	$	(0.377	)	$	(0.389	)	$	(0.407	)
Total distributions	$	(0.139	)	$	(0.309	)	$	(0.346	)	$	(0.377	)	$	(0.389	)	$	(0.407	)
Net asset value — End of period	$	10.310		$	10.240		$	10.140		$	9.650		$	9.930		$	10.170
Total Return(2)		2.05	%(3)		4.10	%		8.83	%		1.01	%		1.56	%		7.94	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,065,710		$	1,797,038		$	1,348,563		$	756,446		$	777,063		$	701,153
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.36	%(4)		0.39	%		0.43	%		0.44	%		0.43	%		0.42	%
Interest and fee expense(5)		0.02	%(4)		0.05	%		0.12	%		0.19	%		0.16	%		0.12	%
Total expenses		0.38	%(4)		0.44	%		0.55	%		0.63	%		0.59	%		0.54	%
Net investment income		2.50	%(4)		2.85	%		3.45	%		3.83	%		3.95	%		4.09	%
Portfolio Turnover		33	%(3)		105	%		89	%		67	%		70	%		71	%

⁽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⁾  Annualized.

⁽⁵⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

33 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance AMT-Free Municipal Income Fund (AMT-Free Fund) and Eaton Vance National Municipal Income Fund (National Fund) (each individually referred to as the Fund, and collectively, the Funds) are a diversified series of Eaton Vance Mutual Funds Trust and Eaton Vance Municipals Trust, respectively (collectively, the Trusts). The Trusts are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. Each Fund’s investment objective is to provide current income exempt from regular federal income tax. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase 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.

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

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

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

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

As of March 31, 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 Trusts are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

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

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

34

Eaton Vance

Municipal Income Funds

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

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

H  Floating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 10) at March 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 March 31, 2021, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:

	AMT-Free Fund		National Fund
Floating Rate Notes Outstanding	$	18,762,702	$	104,604,568
Interest Rate or Range of Interest Rates (%)		0.10		0.10 - 0.17
Collateral for Floating Rate Notes Outstanding	$	30,809,594	$	150,191,781

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

	AMT-Free Fund			National Fund
Average Floating Rate Notes Outstanding	$	24,508,516		$	104,175,000
Average Interest Rate		0.71	%		0.64	%

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

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

35

Eaton Vance

Municipal Income Funds

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Funds’ Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Funds’ restrictions apply. Residual interest bonds held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

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

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

K  Interim Financial Statements — The interim financial statements relating to March 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 September 30, 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:

	AMT-Free Fund		National Fund
Deferred capital losses:
Short-term	$	15,794,902	$	111,957,326
Long-term	$	12,845,489	$	54,324,542

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

	AMT-Free Fund			National Fund
Aggregate cost	$	297,035,754		$	3,323,059,637
Gross unrealized appreciation	$	26,996,924		$	228,829,310
Gross unrealized depreciation		(2,215,487	)		(25,886,175	)
Net unrealized appreciation	$	24,781,437		$	202,943,135

36

Eaton Vance

Municipal Income Funds

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) for AMT-Free Fund and Boston Management and Research (BMR), an affiliate of EVM, for National Fund as compensation for management and investment advisory services rendered to each Fund. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and EVM and BMR became indirect, wholly-owned subsidiaries of Morgan Stanley. In connection with the Transaction, AMT-Free Fund entered into a new investment advisory agreement with EVM and National Fund entered into a new investment advisory agreement with BMR (the “New Agreements”), which took effect on March 1, 2021. Pursuant to the New Agreements (and each Fund’s investment advisory agreement with EVM or BMR, as applicable, in effect prior to March 1, 2021), the fee is based upon a percentage of total daily net assets plus a percentage of total daily gross income (i.e., income other than gains from the sale of securities) as presented in the following table and is payable monthly.

Daily Net Assets	Annual Asset Rate			Daily Income Rate
Up to $500 million		0.300	%		3.00	%
$500 million but less than $1 billion		0.275			2.75
$1 billion but less than $1.5 billion		0.250			2.50
$1.5 billion but less than $2 billion		0.225			2.25
$2 billion but less than $3 billion		0.200			2.00
$3 billion and over		0.175			1.75

For the six months ended March 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:

	AMT-Free Fund			National Fund
Investment Adviser Fee	$	696,020		$	5,428,064
Effective Annual Rate		0.40	%		0.29	%

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 March 31, 2021 were as follows:

	AMT-Free Fund		National Fund
EVM’s Sub-Transfer Agent Fees	$	448	$	1,732
EVD’s Class A Sales Charges	$	5,368	$	56,538

Trustees and officers of the Funds who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment advisers may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended March 31, 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. Pursuant to the Class A Plan, each Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution

37

Eaton Vance

Municipal Income Funds

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2021 for Class A shares amounted to the following:

	AMT-Free Fund		National Fund
Class A Distribution and Service Fees	$	201,224	$	2,033,888

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 March 31, 2021, the Funds paid or accrued to EVD the following distribution fees:

	AMT-Free Fund		National Fund
Class C Distribution Fees	$	44,121	$	415,421

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

	AMT-Free Fund		National Fund
Class C Service Fees	$	14,707	$	138,474

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

5  Contingent Deferred Sales Charges

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

	AMT-Free Fund		National Fund
Class A	$	19,000	$	49,000
Class C	$	—	$	6,000

6  Purchases and Sales of Investments

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

	AMT-Free Fund		National Fund
Purchases	$	44,833,078	$	1,181,547,803
Sales	$	70,489,629	$	1,246,421,297

38

Eaton Vance

Municipal Income Funds

March 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:

AMT-Free Fund
	Six Months Ended March 31, 2021 (Unaudited)
	Class A			Class C			Class I
Sales		1,854,358			93,904			2,454,181
Issued to shareholders electing to receive payments of distributions in Fund shares		212,544			12,883			224,426
Redemptions		(2,408,979	)		(197,192	)		(2,076,310	)
Converted from Class C shares		458,442			—			—
Converted to Class A shares		—			(460,988	)		—
Net increase (decrease)		116,365			(551,393	)		602,297
	Year Ended September 30, 2020
	Class A			Class C			Class I
Sales		2,489,112			286,876			14,620,548
Issued to shareholders electing to receive payments of distributions in Fund shares		446,020			38,242			394,814
Redemptions		(2,260,135	)		(657,145	)		(12,811,555	)
Converted from Class C shares		169,973			—			—
Converted to Class A shares		—			(170,955	)		—
Net increase (decrease)		844,970			(502,982	)		2,203,807
National Fund
	Six Months Ended March 31, 2021 (Unaudited)
	Class A			Class C			Class I
Sales		7,335,291			968,251			46,844,706
Issued to shareholders electing to receive payments of distributions in Fund shares		1,634,968			81,945			2,112,739
Redemptions		(15,403,250	)		(1,259,077	)		(24,086,871	)
Converted from Class C shares		3,045,621			—			—
Converted to Class A shares		—			(3,045,646	)		—
Net increase (decrease)		(3,387,370	)		(3,254,527	)		24,870,574
	Year Ended September 30, 2020
	Class A			Class C			Class I
Sales		18,938,747			2,768,098			102,367,062
Issued to shareholders electing to receive payments of distributions in Fund shares		3,734,240			262,024			3,801,170
Redemptions		(25,343,714	)		(4,575,561	)		(63,630,096	)
Converted from Class C shares		2,628,910			—			—
Converted to Class A shares		—			(2,628,854	)		—
Net increase (decrease)		(41,817	)		(4,174,293	)		42,538,136

39

Eaton Vance

Municipal Income Funds

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

8  Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at March 31, 2021 is included in the Portfolio of Investments. At March 31, 2021, National Fund had sufficient cash and/or securities to cover commitments under these contracts.

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Funds hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. During the six months ended March 31, 2021, National Fund entered into U.S. Treasury futures contracts to hedge against changes in interest rates.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at March 31, 2021 were as follows:

	National Fund
Asset Derivative:
Futures Contracts	$	4,218,574	(1)
Total	$	4,218,574

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended March 31, 2021 was as follows:

	National Fund
Realized Gain (Loss) on Derivatives Recognized in Income	$	7,340,050	(1)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	$	4,218,574	(2)

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

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

The average notional cost of futures contracts outstanding during the six months ended March 31, 2021, which is indicative of the volume of this derivative type, was approximately as follows:

	National Fund
Average Notional Cost:
Futures Contracts — Short	$	64,347,000

9  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 March 31, 2021.

40

Eaton Vance

Municipal Income Funds

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

10  Fair Value Measurements

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

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

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

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

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

At March 31, 2021, the hierarchy of inputs used in valuing the Funds’ investments and open derivative instruments, which are carried at value, were as follows:

AMT-Free Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Obligations	$	—	$	340,579,893	$	—	$	340,579,893
Total Investments	$	—	$	340,579,893	$	—	$	340,579,893
National Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Obligations	$	—	$	3,469,838,460	$	—	$	3,469,838,460
Taxable Municipal Obligations		—		156,550,306		—		156,550,306
Total Investments	$	—	$	3,626,388,766	$	—	$	3,626,388,766
Futures Contracts	$	4,218,574	$	—	$	—	$	4,218,574
Total	$	4,218,574	$	3,626,388,766	$	—	$	3,630,607,340

11  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 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.

41

Eaton Vance

AMT-Free Municipal Income Fund

March 31, 2021

Joint Special Meeting of Shareholders (Unaudited)

Eaton Vance AMT-Free Municipal Income Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Eaton Vance funds on February 18, 2021 in order to approve a new investment advisory agreement with Eaton Vance Management to serve as the Fund’s investment adviser (the “Proposal”). The shareholder meeting results are as follows:

Number of Shares(1)
For		Against		Abstain(2)		Broker Non-Votes(2)
	18,083,259.880		192,493.549		1,345,470.082		0

⁽¹⁾  Fractional shares were voted proportionately.

⁽²⁾ Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on the Proposal.

42

Eaton Vance

National Municipal Income Fund

March 31, 2021

Joint Special Meeting of Shareholders (Unaudited)

Eaton Vance National Municipal Income Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Eaton Vance funds on February 18, 2021 in order to approve a new investment advisory agreement with Boston Management and Research to serve as the Fund’s investment adviser (the “Proposal”). The shareholder meeting results are as follows:

Number of Shares(1)
For		Against		Abstain(2)		Broker Non-Votes(2)
	188,593,250.606		3,531,690.600		8,687,727.272		0

⁽¹⁾  Fractional shares were voted proportionately.

⁽²⁾ Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on the Proposal.

43

Eaton Vance

Municipal Income Funds

March 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 National Municipal Income Fund and Eaton Vance AMT-Free Municipal Income Fund.

Fund	Investment Adviser	Investment Sub-Adviser
Eaton Vance National Municipal Income Fund	Boston Management and Research	None
Eaton Vance AMT-Free Municipal Income 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:

⁽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.

44

Eaton Vance

Municipal Income Funds

March 31, 2021

Board of Trustees’ Contract Approval — continued

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;

• 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;

45

Eaton Vance

Municipal Income Funds

March 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.

46

Eaton Vance

Municipal Income Funds

March 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

47

Eaton Vance

Municipal Income Funds

March 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.

48

Eaton Vance

Municipal Income Funds

March 31, 2021

Officers and Trustees

Officers

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

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

49

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎    investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

50

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, 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, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ∎   open an account or make deposits or withdrawals from your account ∎    buy securities from us or make a wire transfer ∎   give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ∎   sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎   affiliates from using your information to market to you ∎    sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎   Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎   Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎   Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

51

Eaton Vance Funds

IMPORTANT NOTICES

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.

52

Investment Advisers

AMT-Free Municipal Income Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

National Municipal Income Fund

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by 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.

7714    3.31.21

Eaton Vance

Municipal Income Funds

Semiannual Report

March 31, 2021

California Opportunities    •    Massachusetts    •    New York    •    Ohio

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 March 31, 2021

Eaton Vance

Municipal Income Funds

Table of Contents
Performance and Fund Profile
California Municipal Opportunities Fund	2
Massachusetts Municipal Income Fund	3
New York Municipal Income Fund	4
Ohio Municipal Income Fund	5
Endnotes and Additional Disclosures	6
Fund Expenses	7
Financial Statements	10
Joint Special Meeting of Shareholders	59
Board of Trustees’ Contract Approval	60
Officers and Trustees	66
Privacy Notice	67
Important Notices	69

Eaton Vance

California Municipal Opportunities Fund

March 31, 2021

Performance^1,2

Portfolio Managers Craig R. Brandon, CFA and Adam A. Weigold, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		05/27/1994		12/19/1985		1.01	%		5.42	%		3.22	%		5.30	%
Class A with 4.75% Maximum Sales Charge		—		—		–3.83			0.39			2.21			4.80
Class C at NAV		08/31/2004		12/19/1985		0.56			4.64			2.44			4.52
Class C with 1% Maximum Sales Charge		—		—		–0.44			3.64			2.44			4.52
Class I at NAV		03/03/2008		12/19/1985		1.13			5.78			3.47			5.56
Bloomberg Barclays Municipal Bond Index		—		—		1.46	%		5.51	%		3.49	%		4.53	%
Bloomberg Barclays California Municipal Bond Index		—		—		1.01			4.96			3.37			4.93
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.72	%		1.47	%		0.47	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									0.95	%		0.18	%		1.21	%
Taxable-Equivalent Distribution Rate									2.07			0.39			2.64
SEC 30-day Yield									0.34			–0.38			0.61
Taxable-Equivalent SEC 30-day Yield									0.75			–0.83			1.32

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

Massachusetts Municipal Income Fund

March 31, 2021

Performance^1,2

Portfolio Manager Craig R. Brandon, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date			Six Months			One Year			Five Years			Ten Years
Class A at NAV		12/07/1993		04/18/1991			0.45	%		3.53	%		2.53	%		4.59	%
Class A with 4.75% Maximum Sales Charge		—		—			–4.31			–1.36			1.53			4.09
Class C at NAV		05/02/2006		04/18/1991			–0.00	*		2.70			1.72			3.80
Class C with 1% Maximum Sales Charge		—		—			–1.00			1.70			1.72			3.80
Class I at NAV		06/17/1993		04/18/1991			0.54			3.81			2.72			4.81
Bloomberg Barclays Municipal Bond Index		—		—			1.46	%		5.51	%		3.49	%		4.53	%
Bloomberg Barclays Massachusetts Municipal Bond Index		—		—			0.83			4.35			3.21			4.21
*  Amount is less than –0.005%.
% Total Annual Operating Expense Ratios3									Class A			Class C			Class I
										0.71	%		1.46	%		0.51	%
% Distribution Rates/Yields4									Class A			Class C			Class I
Distribution Rate										1.69	%		0.93	%		1.90	%
Taxable-Equivalent Distribution Rate										3.12			1.72			3.51
SEC 30-day Yield										0.45			–0.27			0.67
Taxable-Equivalent SEC 30-day Yield					��					0.82			–0.50			1.23
% Total Leverage5
Residual Interest Bond (RIB) Financing																1.65	%

Fund Profile

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

See Endnotes and Additional Disclosures in this report.

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

3

Eaton Vance

New York Municipal Income Fund

March 31, 2021

Performance^1,2

Portfolio Manager Craig R. Brandon, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		04/15/1994		08/30/1990		2.15	%		4.95	%		3.29	%		5.17	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.68			0.00	*		2.30			4.67
Class C at NAV		09/30/2003		08/30/1990		1.77			4.07			2.52			4.39
Class C with 1% Maximum Sales Charge		—		—		0.78			3.07			2.52			4.39
Class I at NAV		03/03/2008		08/30/1990		2.25			5.15			3.49			5.38
Bloomberg Barclays Municipal Bond Index		—		—		1.46	%		5.51	%		3.49	%		4.53	%
Bloomberg Barclays New York Municipal Bond Index		—		—		2.06			5.01			3.18			4.25
*  Amount is less than 0.005%.
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.67	%		1.42	%		0.47	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									1.44	%		0.67	%		1.64	%
Taxable-Equivalent Distribution Rate									2.86			1.33			3.26
SEC 30-day Yield									0.80			0.10			1.04
Taxable-Equivalent SEC 30-day Yield									1.59			0.19			2.06

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

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

4

Eaton Vance

Ohio Municipal Income Fund

March 31, 2021

Performance^1,2

Portfolio Manager Cynthia J. Clemson

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		12/07/1993		04/18/1991		1.01	%		4.85	%		3.28	%		4.79	%
Class A with 4.75% Maximum Sales Charge		—		—		–3.75			–0.09			2.28			4.28
Class C at NAV		02/03/2006		04/18/1991		0.52			4.07			2.49			4.01
Class C with 1% Maximum Sales Charge		—		—		–0.48			3.07			2.49			4.01
Class I at NAV		08/03/2010		04/18/1991		1.00			5.06			3.47			4.99
Bloomberg Barclays Municipal Bond Index		—		—		1.46	%		5.51	%		3.49	%		4.53	%
Bloomberg Barclays Ohio Municipal Bond Index		—		—		0.78			5.14			3.42			4.55
% 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									2.62	%		1.86	%		2.82	%
Taxable-Equivalent Distribution Rate									4.83			3.43			5.20
SEC 30-day Yield									0.96			0.27			1.21
Taxable-Equivalent SEC 30-day Yield									1.77			0.49			2.23
% Total Leverage5
RIB Financing															4.68	%

Fund Profile

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

See Endnotes and Additional Disclosures in this report.

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

5

Eaton Vance

Municipal Income Funds

March 31, 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 California Municipal Bond Index is an unmanaged index of California municipal bonds. Bloomberg Barclays Massachusetts Municipal Bond Index is an unmanaged index of Massachusetts municipal bonds. Bloomberg Barclays New York Municipal Bond Index is an unmanaged index of New York municipal bonds. Bloomberg Barclays Ohio Municipal Bond Index is an unmanaged index of Ohio municipal bonds. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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

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

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

⁴  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes 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.

6

Eaton Vance

Municipal Income Funds

March 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 (October 1, 2020 – March 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 California Municipal Opportunities Fund

	Beginning Account Value (10/1/20)		Ending Account Value (3/31/21)		Expenses Paid During Period* (10/1/20 – 3/31/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,010.10	$	3.46		0.69	%
Class C	$	1,000.00	$	1,005.60	$	7.20		1.44	%
Class I	$	1,000.00	$	1,011.30	$	2.26		0.45	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.50	$	3.48		0.69	%
Class C	$	1,000.00	$	1,017.80	$	7.24		1.44	%
Class I	$	1,000.00	$	1,022.70	$	2.27		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 182/365 (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 September 30, 2020.

7

Eaton Vance

Municipal Income Funds

March 31, 2021

Fund Expenses — continued

Eaton Vance Massachusetts Municipal Income Fund

	Beginning Account Value (10/1/20)		Ending Account Value (3/31/21)		Expenses Paid During Period* (10/1/20 – 3/31/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,004.50	$	3.30		0.66	%
Class C	$	1,000.00	$	1,000.00	$	7.03		1.41	%
Class I	$	1,000.00	$	1,005.40	$	2.30		0.46	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.60	$	3.33		0.66	%
Class C	$	1,000.00	$	1,017.90	$	7.09		1.41	%
Class I	$	1,000.00	$	1,022.60	$	2.32		0.46	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (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 September 30, 2020.

Eaton Vance New York Municipal Income Fund

	Beginning Account Value (10/1/20)		Ending Account Value (3/31/21)		Expenses Paid During Period* (10/1/20 – 3/31/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,021.50	$	3.28		0.65	%
Class C	$	1,000.00	$	1,017.70	$	7.04		1.40	%
Class I	$	1,000.00	$	1,022.50	$	2.27		0.45	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.70	$	3.28		0.65	%
Class C	$	1,000.00	$	1,018.00	$	7.04		1.40	%
Class I	$	1,000.00	$	1,022.70	$	2.27		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 182/365 (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 September 30, 2020.

8

Eaton Vance

Municipal Income Funds

March 31, 2021

Fund Expenses — continued

Eaton Vance Ohio Municipal Income Fund

	Beginning Account Value (10/1/20)		Ending Account Value (3/31/21)		Expenses Paid During Period* (10/1/20 – 3/31/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,010.10	$	3.61		0.72	%
Class C	$	1,000.00	$	1,005.20	$	7.35		1.47	%
Class I	$	1,000.00	$	1,010.00	$	2.61		0.52	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.30	$	3.63		0.72	%
Class C	$	1,000.00	$	1,017.60	$	7.39		1.47	%
Class I	$	1,000.00	$	1,022.30	$	2.62		0.52	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (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 September 30, 2020.

9

Eaton Vance

California Municipal Opportunities Fund

March 31, 2021

Portfolio of Investments (Unaudited)

Corporate Bonds — 0.8%
Security	Principal Amount (000’s omitted)		Value
Other — 0.4%
Morongo Band of Mission Indians, 7.00%, 10/1/39(1)	$	2,080	$	2,415,296
			$	2,415,296
Other Revenue — 0.4%
J. Paul Getty Trust (The), 0.39%, 1/1/24	$	3,000	$	2,981,739
			$	2,981,739
Total Corporate Bonds — 0.8% (identified cost $5,080,000)			$	5,397,035
Tax-Exempt Mortgage-Backed Securities — 0.4%
Security	Principal Amount (000’s omitted)		Value
Housing — 0.4%
California Housing Finance Agency, Municipal Certificates, Series 2021-1, Class A, 3.50%, 11/20/35	$	2,625	$	2,997,278
Total Tax-Exempt Mortgage-Backed Securities — 0.4% (identified cost $2,961,828)			$	2,997,278
Tax-Exempt Municipal Obligations — 87.0%
Security	Principal Amount (000’s omitted)		Value
Education — 7.6%
California Education Notes Program, 2.00%, 1/31/22	$	4,850	$	4,925,078
California Educational Facilities Authority, (Chapman University):
5.00%, 4/1/22(2)		665		697,193
5.00%, 4/1/23(2)		550		602,371
5.00%, 4/1/24(2)		525		597,513
5.00%, 4/1/25(2)		425		500,319
5.00%, 4/1/26(2)		475		577,234
5.00%, 4/1/27(2)		475		592,843
5.00%, 4/1/28(2)		395		504,545
5.00%, 4/1/29(2)		425		552,598
5.00%, 4/1/30(2)		425		561,272
5.00%, 4/1/31(2)		475		637,839
California Educational Facilities Authority, (Stanford University), 5.00%, 5/1/45		400		596,268

Security	Principal Amount (000’s omitted)		Value
Education (continued)
California Enterprise Development Authority, (The Thacher School):
4.00%, 9/1/32	$	425	$	512,542
4.00%, 9/1/34		400		474,380
California Municipal Finance Authority, (University of the Pacific):
4.00%, 11/1/35		1,000		1,200,390
4.00%, 11/1/37		1,000		1,181,950
4.00%, 11/1/42(2)		1,620		1,823,780
California School Finance Authority, (Green Dot Public Schools):
5.00%, 8/1/28(1)		380		462,445
5.00%, 8/1/38(1)		2,500		2,934,000
California School Finance Authority, (KIPP SoCal Public Schools):
4.00%, 7/1/40(1)		800		920,080
5.00%, 7/1/24(1)		100		113,342
5.00%, 7/1/25(1)		105		122,432
5.00%, 7/1/26(1)		110		131,696
5.00%, 7/1/27(1)		100		122,651
5.00%, 7/1/28(1)		100		124,775
5.00%, 7/1/29(1)		100		126,851
5.00%, 7/1/30(1)		100		128,492
California State University, Prerefunded to 11/1/21, 5.25%, 11/1/31		1,465		1,508,144
Riverside County Office of Education, CA, 2.00%, 12/1/21		10,000		10,124,500
University of California:
0.03%, 5/15/48(3)		15,000		15,000,000
5.00%, 5/15/35		4,215		5,058,126
			$	53,415,649
Electric Utilities — 2.6%
Glendale, CA, Electric System Revenue, 5.00%, 2/1/38	$	1,005	$	1,188,222
Modesto Irrigation District, CA, Electric System Revenue, 5.00%, 7/1/21(2)		275		278,226
Sacramento Municipal Utility District, CA:
5.00%, 8/15/27		1,080		1,098,986
5.00%, 8/15/28		1,455		1,480,040
Sacramento Municipal Utility District, CA, Green Bonds:
4.00%, 8/15/40		1,575		1,890,173
5.00%, 8/15/36		7,000		9,219,420
Southern California Public Power Authority, Green Bonds:
5.00%, 7/1/25(2)		1,600		1,904,880
5.00%, 7/1/26(2)		750		921,780
			$	17,981,727

10 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded — 1.5%
California Health Facilities Financing Authority, (Sutter Health):
Prerefunded to 11/15/25, 5.00%, 11/15/32	$	1,040	$	1,253,585
Prerefunded to 11/15/25, 5.00%, 11/15/41		4,985		6,008,769
California Municipal Finance Authority, (University of San Diego):
Prerefunded to 10/1/21, 5.25%, 10/1/27		915		938,021
Prerefunded to 10/1/21, 5.25%, 10/1/28		960		984,154
San Francisco City and County Public Utilities Commission, CA, Water Revenue, Green Bonds, Prerefunded to 11/1/24, 5.00%, 11/1/39		890		1,037,473
			$	10,222,002
General Obligations — 35.7%
Allan Hancock Joint Community College District, CA, (Election of 2006), 4.00%, 8/1/40	$	3,500	$	4,171,580
Anaheim Union High School District, CA, (Election of 2014):
4.00%, 8/1/30		1,000		1,178,880
4.00%, 8/1/31		1,000		1,172,410
Baldwin Park Unified School District, CA, (Election of 2018):
3.00%, 8/1/35		170		185,660
3.00%, 8/1/36		200		217,738
3.00%, 8/1/37		300		324,564
3.00%, 8/1/38		325		350,707
3.00%, 8/1/39		450		482,845
4.00%, 8/1/30		100		119,288
4.00%, 8/1/32		100		118,111
4.00%, 8/1/33		100		117,537
4.00%, 8/1/34		100		117,110
Beverly Hills Unified School District, CA, (Election of 2018), 4.00%, 8/1/31		1,885		2,223,848
Brisbane School District, CA, (Election of 2020):
4.00%, 8/1/35		155		182,289
4.00%, 8/1/40		310		361,888
5.00%, 8/1/45		535		652,925
Burlingame Elementary School District, CA, (Election of 2020):
3.00%, 8/1/37		150		165,669
3.00%, 8/1/38		175		191,301
3.00%, 8/1/39		175		190,085
3.00%, 8/1/40		200		215,912
3.00%, 8/1/41		360		387,511
4.00%, 8/1/33		175		211,766
4.00%, 8/1/46		2,885		3,357,361
Cabrillo Unified School District, CA, (Election of 2018), 4.00%, 8/1/33		100		118,299

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
California:
0.45%, (SIFMA + 0.38%), 12/1/22 (Put Date), 12/1/27(4)	$	1,000	$	1,000,410
0.50%, (SIFMA + 0.43%), 12/1/23 (Put Date), 12/1/29(4)		3,000		3,004,770
3.00%, 3/1/22		1,270		1,303,325
3.00%, 9/1/35		1,010		1,086,053
4.00%, 3/1/36		7,845		9,433,612
4.00%, 3/1/38		3,765		4,497,104
5.00%, 12/1/21		2,360		2,436,228
5.00%, 10/1/22		250		268,103
5.00%, 3/1/35		5,850		7,618,747
5.00%, 3/1/35		2,000		2,604,700
5.00%, 4/1/35		1,000		1,276,160
5.00%, 4/1/38		2,260		2,857,906
Chino Valley Unified School District, CA, (Election of 2016):
4.00%, 8/1/45		3,000		3,516,120
5.00%, 8/1/38		650		841,321
5.00%, 8/1/39		650		838,968
5.00%, 8/1/40		925		1,189,957
Desert Community College District, CA, 5.00%, 8/1/37		7,395		8,750,873
Franklin-McKinley School District, CA, (Election of 2020):
4.00%, 8/1/35		100		116,906
4.00%, 8/1/36		100		116,473
4.00%, 8/1/37		205		238,077
4.00%, 8/1/39		245		283,159
4.00%, 8/1/40		415		478,624
Fresno Unified School District, CA, (Election of 2016):
4.00%, 8/1/30		570		681,703
4.00%, 8/1/31		475		565,630
4.00%, 8/1/33		565		665,802
4.00%, 8/1/34		185		217,355
Geyserville Unified School District, CA, (Election of 2020):
5.00%, 8/1/40		630		786,857
5.00%, 8/1/45		700		866,516
5.00%, 8/1/49		1,220		1,505,602
Gilroy Unified School District, CA, (Elections of 2008 and 2016), 4.00%, 8/1/30		245		289,482
Gilroy Unified School District, CA, (Election of 2016):
4.00%, 8/1/22		300		315,330
4.00%, 8/1/23		300		326,646
4.00%, 8/1/24		250		280,560
4.00%, 8/1/25		250		288,195
4.00%, 8/1/26		250		295,123
4.00%, 8/1/27		400		481,512
4.00%, 8/1/28		500		612,320
4.00%, 8/1/29		250		303,605

11 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Gilroy Unified School District, CA, (Election of 2016): (continued)
4.00%, 8/1/30	$	350	$	422,131
4.00%, 8/1/31		250		300,217
4.00%, 8/1/32		350		417,690
4.00%, 8/1/33		660		782,793
4.00%, 8/1/34		1,075		1,267,909
4.00%, 8/1/35		500		587,555
4.00%, 8/1/36		400		468,000
4.00%, 8/1/37		450		524,970
4.00%, 8/1/38		500		581,465
4.00%, 8/1/39		350		406,080
4.00%, 8/1/40		675		780,995
4.00%, 8/1/41		750		865,012
Glendale Unified School District, CA, (Election of 2011):
3.00%, 9/1/37		2,400		2,624,184
3.00%, 9/1/38		2,195		2,377,887
Hartnell Community College District, CA, (Election of 2016), 4.00%, 8/1/33		200		237,824
La Canada Unified School District, CA, (Election of 2017):
4.00%, 8/1/33		500		594,560
4.00%, 8/1/40		1,000		1,160,010
4.00%, 8/1/45		1,445		1,657,820
Liberty Union High School District, CA, (Election of 2016):
3.00%, 8/1/35		670		739,017
3.00%, 8/1/36		750		824,662
3.00%, 8/1/37		810		885,046
3.00%, 8/1/38		890		963,576
3.00%, 8/1/39		1,000		1,072,990
4.00%, 8/1/34		250		294,483
Long Beach Unified School District, CA, (Election of 2008), 4.00%, 8/1/32		1,275		1,556,966
Madera Unified School District, CA, (Election of 2018):
4.00%, 8/1/33		170		201,238
4.00%, 8/1/34		355		417,895
4.00%, 8/1/36		430		501,806
4.00%, 8/1/37		325		378,170
4.00%, 8/1/43		1,305		1,496,496
Manhattan Beach Unified School District, CA, (Election of 2016), 3.00%, 9/1/21		1,095		1,107,954
Manteca Unified School District, CA, (Election of 2014):
4.00%, 8/1/29		100		120,579
4.00%, 8/1/31		180		214,344
4.00%, 8/1/32		360		427,129
4.00%, 8/1/34		1,075		1,266,275
4.00%, 8/1/35		500		587,555

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Mariposa County Unified School District, CA, (Election of 2016):
5.00%, 8/1/40	$	1,315	$	1,569,347
5.00%, 8/1/43		1,265		1,508,234
Mendocino Unified School District, CA, (Election of 2020):
4.00%, 8/1/29		185		226,279
4.00%, 8/1/40		500		580,005
4.00%, 8/1/44		1,000		1,149,410
4.00%, 8/1/49		3,020		3,451,769
Menifee Union School District, CA:
4.00%, 8/1/28		150		183,101
4.00%, 8/1/30		150		187,439
4.00%, 8/1/31		135		167,125
Moreland School District, CA, (Election of 2020):
3.00%, 8/1/21(2)		575		580,267
3.00%, 8/1/22(2)		520		539,666
3.00%, 8/1/40(2)		510		544,496
4.00%, 8/1/30(2)		110		134,936
4.00%, 8/1/31(2)		115		139,980
4.00%, 8/1/33(2)		200		240,956
4.00%, 8/1/34(2)		320		383,133
4.00%, 8/1/38(2)		700		823,207
Mt. San Antonio Community College District, CA, (Election of 2008), 5.00%, 6/1/33		750		886,837
Mt. San Jacinto Community College District, CA, (Election of 2014):
3.00%, 8/1/32		800		894,112
3.00%, 8/1/33		900		1,000,854
3.00%, 8/1/34		850		939,862
3.00%, 8/1/35		1,000		1,103,010
3.00%, 8/1/36		1,000		1,099,550
3.00%, 8/1/37		1,775		1,939,454
3.00%, 8/1/38		2,955		3,199,290
Old Adobe Union School District, CA, (Election of 2018):
4.00%, 8/1/33		200		237,516
4.00%, 8/1/37		200		233,020
4.00%, 8/1/38		300		348,654
4.00%, 8/1/39		375		434,524
4.00%, 8/1/40		200		231,108
4.00%, 8/1/42		405		466,289
4.00%, 8/1/44		750		860,400
4.00%, 8/1/48		2,625		2,997,645
5.00%, 8/1/44		1,860		2,217,641
Oxnard Union High School District, CA, (Election of 2018):
4.00%, 8/1/33		110		130,213
4.00%, 8/1/38		1,000		1,133,980

12 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Oxnard Union High School District, CA, (Election of 2018): (continued)
4.00%, 8/1/39	$	1,000	$	1,156,490
5.00%, 8/1/35		1,805		2,179,989
Pittsburg Unified School District, CA, (Election of 2014):
5.00%, 8/1/40		1,235		1,473,874
5.00%, 8/1/42		1,545		1,836,820
Placer Union High School District, CA, (Election of 2018):
4.00%, 8/1/34		1,000		1,180,210
4.00%, 8/1/40		2,030		2,354,820
5.00%, 8/1/45		3,175		3,885,946
Portola Valley School District, CA, (Election of 2018):
3.00%, 8/1/35		700		787,220
4.00%, 8/1/31		205		255,207
Riverside Unified School District, CA, (Election of 2016), 4.00%, 8/1/31		1,250		1,471,350
San Diego Community College District, CA, 4.00%, 8/1/34		4,500		5,174,865
San Francisco Bay Area Rapid Transit District, CA, (Election of 2004), Green Bonds, 4.00%, 8/1/37		1,500		1,746,885
San Francisco Bay Area Rapid Transit District, CA, (Election of 2016), Green Bonds:
4.00%, 8/1/34		3,285		3,970,448
4.00%, 8/1/35		1,200		1,446,516
4.00%, 8/1/44		1,200		1,410,108
4.00%, 8/1/45		8,295		9,727,049
5.00%, 8/1/34		1,765		2,297,659
5.00%, 8/1/35		250		324,597
San Francisco City and County, CA:
4.00%, 6/15/32		3,810		4,574,362
4.00%, 6/15/33		200		239,270
4.00%, 6/15/34		275		327,968
4.00%, 6/15/35		200		237,988
San Francisco Unified School District, CA, (Election of 2016):
4.00%, 6/15/34		3,855		4,530,704
4.00%, 6/15/35		2,000		2,345,300
San Juan Unified School District, CA, (Election of 2016):
3.00%, 8/1/35		1,900		2,095,719
3.00%, 8/1/36		3,000		3,298,650
4.00%, 8/1/31		590		706,678
4.00%, 8/1/33		3,300		3,924,096
4.00%, 8/1/34		2,800		3,319,568
San Luis Coastal Unified School District, CA, (Election of 2014):
5.00%, 8/1/36		3,550		4,277,288
5.00%, 8/1/37		1,835		2,205,652
San Luis Obispo County Community College District, CA, (Election of 2014), 4.00%, 8/1/37		500		587,075

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
San Mateo-Foster City School District, CA, (Election of 2015):
4.00%, 8/1/31	$	235	$	289,612
4.00%, 8/1/32		300		367,674
4.00%, 8/1/33		400		487,908
4.00%, 8/1/34		335		406,077
4.00%, 8/1/35		500		602,280
4.00%, 8/1/36		325		389,012
San Mateo-Foster City School District, CA, (Election of 2020):
3.00%, 8/1/22		6,145		6,381,214
4.00%, 8/1/31		290		357,393
4.00%, 8/1/32		200		245,116
4.00%, 8/1/33		300		365,931
4.00%, 8/1/34		410		496,990
4.00%, 8/1/35		260		313,186
4.00%, 8/1/36		275		329,164
San Rafael City Elementary School District, CA, (Election of 2015), 5.00%, 8/1/38		500		621,300
Santa Clara County, CA, (Election of 2008), 4.00%, 8/1/34		1,605		1,882,970
Santa Monica-Malibu Unified School District, CA, (School Facilities Improvement District No. 2), (Election of 2018), 4.00%, 8/1/37		815		950,217
Saugus Union School District, CA, (Election of 2014), 4.00%, 8/1/33		500		609,565
Simi Valley Unified School District, CA, (Election of 2016):
4.00%, 8/1/31		150		179,084
4.00%, 8/1/33		200		236,750
4.00%, 8/1/36		375		440,167
4.00%, 8/1/37		450		526,666
4.00%, 8/1/38		1,080		1,260,835
4.00%, 8/1/39		1,215		1,415,135
4.00%, 8/1/40		1,380		1,600,814
4.00%, 8/1/41		1,545		1,787,673
Tahoe-Truckee Unified School District, CA, (Election of 2014):
5.00%, 8/1/33		500		606,765
5.00%, 8/1/36		1,000		1,206,590
Vacaville Unified School District, CA, (Election of 2014):
4.00%, 8/1/33		140		166,477
4.00%, 8/1/42		2,145		2,474,386
Vista Unified School District, CA, (Election of 2018), 5.00%, 8/1/32		155		201,519
West Sonoma County Union High School District, CA, (Election of 2018):
5.00%, 8/1/37		500		622,830
5.00%, 8/1/40		1,125		1,391,861
5.00%, 8/1/43		1,000		1,228,770

13 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Westminster School District, CA, (Election of 2016):
5.00%, 8/1/38	$	400	$	479,652
5.00%, 8/1/39		585		699,818
5.00%, 8/1/42		1,000		1,189,440
			$	249,092,922
Health Care-Miscellaneous — 0.1%
California Municipal Finance Authority, (Institute on Aging), 5.00%, 8/15/24	$	570	$	654,867
			$	654,867
Hospital — 4.6%
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/39	$	3,415	$	3,772,414
California Health Facilities Financing Authority, (City of Hope):
5.00%, 11/15/32		735		784,973
5.00%, 11/15/35		1,050		1,119,636
California Health Facilities Financing Authority, (CommonSpirit Health), 4.00%, 4/1/35		3,500		4,100,635
California Health Facilities Financing Authority, (Lucile Packard Children’s Hospital at Stanford), 5.00%, 8/15/32		1,210		1,435,447
California Health Facilities Financing Authority, (Providence Health & Services), 5.00%, 10/1/44		4,100		4,671,007
California Health Facilities Financing Authority, (Providence St. Joseph Health):
5.00%, 10/1/30		400		482,432
5.00% to 10/1/27 (Put Date), 10/1/39		1,200		1,503,312
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		1,500		1,650,960
California Municipal Finance Authority, (NorthBay Healthcare Group):
5.00%, 11/1/24		800		898,936
5.00%, 11/1/26		500		588,400
5.00%, 11/1/27		165		183,232
5.00%, 11/1/29		105		115,611
5.00%, 11/1/30		150		164,651
Series 2015, 5.00%, 11/1/25		200		223,866
Series 2017A, 5.00%, 11/1/25		800		921,264
California Public Finance Authority, (Henry Mayo Newhall Hospital):
4.00%, 10/15/25		390		439,663
4.00%, 10/15/26		415		475,793
5.00%, 10/15/33		425		492,945
California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/38		2,000		2,367,140

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Oroville, CA, (Oroville Hospital), 5.25%, 4/1/49	$	5,000	$	5,667,000
			$	32,059,317
Housing — 0.3%
Independent Cities Finance Authority, CA, (Union City Tropics), 5.00%, 5/15/48	$	2,000	$	2,409,080
			$	2,409,080
Industrial Development Revenue — 1.5%
California Pollution Control Financing Authority, (Republic Services, Inc.), Series 2017 A1, (AMT), 0.20%, 11/1/42(1)(5)	$	7,500	$	7,500,150
California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 2.50% to 5/1/24 (Put Date), 11/1/38		2,500		2,649,075
			$	10,149,225
Insured – Electric Utilities — 0.7%
Puerto Rico Electric Power Authority:
(NPFG), 5.00%, 7/1/23	$	125	$	127,029
(NPFG), 5.25%, 7/1/22		1,500		1,547,100
(NPFG), 5.25%, 7/1/32		2,100		2,334,402
(NPFG), Series QQ, 5.00%, 7/1/22		180		182,505
(NPFG), Series RR, 5.00%, 7/1/22		140		141,949
(NPFG), Series RR, 5.00%, 7/1/24		300		306,261
(NPFG), Series SS, 5.00%, 7/1/24		130		132,713
			$	4,771,959
Insured – General Obligations — 3.7%
Cambrian School District, CA, (Election of 2020), (AGM), 5.00%, 8/1/22(2)	$	1,645	$	1,750,115
Compton Community College District, CA, (Election of 2014), (BAM), 5.00%, 8/1/36		1,690		2,037,194
Cotati-Rohnert Park Unified School District, CA, (Election of 2016):
(AGM), 5.00%, 8/1/33		710		860,783
(AGM), 5.00%, 8/1/34		825		998,299
(AGM), 5.00%, 8/1/35		955		1,153,401
(AGM), 5.00%, 8/1/36		1,015		1,223,522
(AGM), 5.00%, 8/1/37		1,135		1,365,564
(AGM), 5.00%, 8/1/38		1,175		1,410,987
Galt Joint Union High School District, CA, (Election of 2016):
(BAM), 5.00%, 8/1/37		500		601,570
(BAM), 5.00%, 8/1/38		500		600,420
(BAM), 5.00%, 8/1/43		1,000		1,192,280

14 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Menifee Union School District, CA:
(AGM), 4.00%, 8/1/33	$	225	$	275,621
(AGM), 4.00%, 8/1/35		330		398,693
(AGM), 4.00%, 8/1/37		300		359,214
Paramount Unified School District, CA, (Election of 2016):
(BAM), 4.00%, 8/1/35		150		180,792
(BAM), 4.00%, 8/1/36		200		239,764
Rio Elementary School District, CA, (Election of 2018), (BAM), 5.00%, 8/1/47		1,750		2,127,160
San Leandro Unified School District, CA, (Election of 2016), (BAM), 5.00%, 8/1/38		1,000		1,228,590
South Whittier School District, CA, (Election of 2016), (AGM), 4.00%, 8/1/45		1,000		1,141,390
Ukiah Unified School District, CA, (Election of 2020):
(AGM), 5.00%, 8/1/34		800		992,736
(AGM), 5.00%, 8/1/36		1,025		1,265,188
(AGM), 5.00%, 8/1/40		1,000		1,222,490
(AGM), 5.00%, 8/1/42		1,085		1,320,022
Washington Unified School District, CA, (Election of 2020):
(AGM), 4.00%, 8/1/34		250		292,965
(AGM), 4.00%, 8/1/35		285		333,182
(AGM), 4.00%, 8/1/36		320		372,954
Winters Joint Unified School District, CA, (Election of 2018), (AGM), 4.00%, 8/1/39		630		728,122
			$	25,673,018
Insured – Special Tax Revenue — 1.0%
Dana Point Community Facilities District No. 2006-1, CA:
(BAM), 4.00%, 9/1/37	$	600	$	717,492
(BAM), 4.00%, 9/1/41		2,000		2,361,700
Lake Elsinore School Financing Authority, CA:
(BAM), 5.00%, 10/1/36		1,570		1,973,113
(BAM), 5.00%, 10/1/37		470		588,844
Successor Agency to San Francisco City and County Redevelopment Agency, CA, (NPFG), 5.00%, 8/1/41		1,320		1,509,011
			$	7,150,160
Insured – Transportation — 1.1%
Alameda Corridor Transportation Authority, CA, (AGM), 5.00%, 10/1/37	$	5,075	$	6,014,129
San Joaquin Hills Transportation Corridor Agency, CA, (NPFG), 0.00%, 1/15/24		1,800		1,727,568
			$	7,741,697

Security	Principal Amount (000’s omitted)		Value
Other Revenue — 1.7%
California Infrastructure and Economic Development Bank, (Academy of Motion Picture Arts and Sciences Obligated Group):
5.00%, 11/1/33	$	1,740	$	1,942,832
5.00%, 11/1/34		1,290		1,438,956
Green Bonds, 5.00%, 11/1/30		275		366,168
California Infrastructure and Economic Development Bank, (California Academy of Sciences):
Series 2018A, 0.455%, (70% of 1 mo. USD LIBOR + 0.38%), 8/1/21 (Put Date), 8/1/47(4)		2,500		2,499,950
Series 2018B, 0.455%, (70% of 1 mo. USD LIBOR + 0.38%), 8/1/21 (Put Date), 8/1/47(4)		450		449,991
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), Series 2013A, 0.406%, (70% of 1 mo. USD LIBOR + 0.33%), 4/1/22 (Put Date), 10/1/47(4)		4,800		4,804,176
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(1)		440		504,025
			$	12,006,098
Senior Living / Life Care — 1.3%
ABAG Finance Authority for Nonprofit Corporations, CA, (Episcopal Senior Communities), 6.00%, 7/1/31	$	615	$	622,392
California Municipal Finance Authority, (Channing House), 5.00%, 5/15/37		250		295,775
California Municipal Finance Authority, (HumanGood - California Obligated Group):
4.00%, 10/1/34		755		843,244
4.00%, 10/1/37		3,300		3,649,140
California Municipal Finance Authority, (Mt. San Antonio Gardens), 5.00%, 11/15/39		1,000		1,154,470
California Statewide Communities Development Authority, (American Baptist Homes of the West):
5.00%, 10/1/23		500		549,600
5.00%, 10/1/26		500		578,660
5.00%, 10/1/27		780		898,038
California Statewide Communities Development Authority, (The Redwoods, a Community of Seniors), 5.125%, 11/15/35		715		784,348
			$	9,375,667
Solid Waste — 0.1%
Yolo County Public Agencies Financing Authority, CA, Solid Waste Revenue, 4.00%, 12/1/35	$	500	$	593,330
			$	593,330
Special Tax Revenue — 7.6%
Chula Vista Municipal Financing Authority, CA, 5.50%, 9/1/30	$	1,525	$	1,692,613

15 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Contra Costa Transportation Authority, CA, Sales Tax Revenue, 0.331%, (70% of 1 mo. USD LIBOR + 0.25%), 9/1/21 (Put Date), 3/1/34(4)	$	7,000	$	7,000,070
Irvine Community Facilities District No. 2013-3, CA, (Great Park):
5.00%, 9/1/30		580		657,848
5.00%, 9/1/31		465		525,980
5.00%, 9/1/33		545		613,708
5.00%, 9/1/35		1,150		1,348,778
5.00%, 9/1/38		1,000		1,165,770
Series 2014, 5.00%, 9/1/32		450		507,780
Series 2014, 5.00%, 9/1/34		360		404,687
Series 2018, 5.00%, 9/1/32		625		737,700
Series 2018, 5.00%, 9/1/34		765		898,974
Los Angeles, CA, Tax and Revenue Anticipation Notes, 4.00%, 6/24/21		1,000		1,008,980
Los Angeles County Community Facilities District No. 3, CA, (Valencia/Newhall Area), 5.00%, 9/1/23		520		530,332
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 6/1/35		1,500		1,803,810
Santa Clara Valley Transportation Authority, CA, Sales Tax Revenue, (SPA: TD Bank, N.A.), 0.03%, 4/1/36(3)		14,970		14,970,000
San Diego County Regional Transportation Commission, CA, Sales Tax Revenue:
(SPA: Bank of America, N.A.), 0.02%, 4/1/38(6)		9,325		9,325,000
5.00%, 4/1/26		335		409,688
San Mateo County Transportation Authority, CA, Sales Tax Revenue, (LOC: Bank of America, N.A.), 0.03%, 6/1/49(3)		6,000		6,000,000
South Orange County Public Financing Authority, CA, Special Tax Revenue, (Ladera Ranch):
5.00%, 8/15/27		515		533,947
5.00%, 8/15/28		775		803,125
Successor Agency to San Francisco City and County Redevelopment Agency, CA, 5.00%, 8/1/37		1,630		1,887,165
			$	52,825,955
Transportation — 8.9%
Alameda Corridor Transportation Authority, CA:
5.00%, 10/1/36	$	2,250	$	2,642,152
5.00%, 10/1/37		2,200		2,575,452
Bay Area Toll Authority, CA, (San Francisco Bay Area):
0.35%, (SIFMA + 0.28%), 4/1/24 (Put Date), 4/1/56(4)		2,500		2,502,275
0.52%, (SIFMA + 0.45%), 4/1/26 (Put Date), 4/1/56(4)		800		802,136
Burbank-Glendale-Pasadena Airport Authority, CA, (AMT), 5.00%, 7/1/22		1,000		1,053,830

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
California Municipal Finance Authority, (LINXS Automated People Mover):
(AMT), 5.00%, 12/31/36	$	2,570	$	3,095,334
(AMT), 5.00%, 12/31/37		1,025		1,231,373
(AMT), 5.00%, 12/31/43		2,060		2,434,529
Long Beach, CA, Harbor Revenue, (AMT), 5.00%, 5/15/30		500		611,910
Los Angeles Department of Airports, CA, (Los Angeles International Airport):
(AMT), 5.00%, 5/15/25		1,500		1,762,365
(AMT), 5.00%, 5/15/29		1,000		1,280,010
(AMT), 5.00%, 5/15/33		1,675		2,074,873
(AMT), 5.00%, 5/15/41		1,660		1,905,912
(AMT), 5.00%, 5/15/46		4,500		5,201,640
Los Angeles Harbor Department, CA, (AMT), 5.00%, 8/1/21		1,000		1,014,950
San Diego County Regional Airport Authority, CA:
(AMT), 5.00%, 7/1/22		500		528,520
(AMT), 5.00%, 7/1/30		1,000		1,212,300
San Francisco City and County Airport Commission, CA, (San Francisco International Airport):
(AMT), 5.00%, 5/1/24		3,600		3,612,456
(AMT), 5.00%, 5/1/41		4,905		5,714,717
(AMT), 5.00%, 5/1/44		2,465		2,767,924
(AMT), 5.00%, 5/1/46		2,330		2,695,647
San Jose, CA, Airport Revenue:
(AMT), 5.00%, 3/1/24(2)		750		847,972
(AMT), 5.00%, 3/1/25(2)		815		951,154
(AMT), 5.00%, 3/1/26(2)		1,535		1,838,869
(AMT), 5.00%, 3/1/37		1,735		2,057,051
(AMT), 5.00%, 3/1/41		3,000		3,537,000
(AMT), 5.00%, 3/1/47		5,500		6,446,330
			$	62,398,681
Water and Sewer — 7.0%
Beverly Hills Public Financing Authority, CA, Water Revenue:
4.00%, 6/1/33	$	125	$	155,305
4.00%, 6/1/34		175		215,892
4.00%, 6/1/35		125		153,911
4.00%, 6/1/36		325		397,745
4.00%, 6/1/37		500		609,190
4.00%, 6/1/38		2,250		2,730,892
4.00%, 6/1/39		1,715		2,072,114
4.00%, 6/1/40		1,080		1,299,661
California Department of Water Resources, 5.00%, 12/1/32		220		278,489
Dublin San Ramon Services District, CA, Water Revenue, 5.00%, 8/1/30		980		1,230,047

16 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
East Bay Municipal Utility District, CA, Water System Revenue, 5.00%, 6/1/32	$	1,500	$	1,774,365
Eastern Municipal Water District, CA, Water and Wastewater Revenue:
0.32%, (SIFMA + 0.25%), 10/1/21 (Put Date), 7/1/46(4)		2,000		2,000,120
0.381%, (70% of 1 mo. USD LIBOR + 0.30%), 10/1/21 (Put Date), 7/1/30(4)		2,450		2,450,441
Los Angeles Department of Water and Power, CA, Water System Revenue, (SPA: TD Bank, N.A.), 0.04%, 7/1/51(3)		14,000		14,000,000
Marin Public Financing Authority, CA, (Las Gallinas Valley Sanitary District), 4.00%, 4/1/26		1,000		1,171,000
Oceanside, CA, Water Revenue, 4.00%, 5/1/33		100		122,442
Orange County Sanitation District, CA, 5.00%, 2/1/22		300		312,129
Orange County Water District, CA, 5.00%, 8/15/33		200		261,076
Pasadena, CA, Water Revenue:
5.00%, 6/1/38		1,480		1,919,575
5.00%, 6/1/39		1,500		1,939,905
Petaluma, CA, Wastewater Revenue, 5.00%, 5/1/21		470		471,669
Rancho California Water District Financing Authority:
4.00%, 8/1/38		1,500		1,799,160
4.00%, 8/1/39		2,800		3,349,220
Ross Valley Public Financing Authority, CA, (Sanitary District No. 1 of Marin County), 5.00%, 1/1/39		500		575,795
San Diego Public Facilities Financing Authority, CA, Water Revenue:
4.00%, 8/1/36		1,000		1,226,850
4.00%, 8/1/37		1,000		1,222,440
South Gate Utility Authority, CA, Water Revenue, 4.00%, 10/1/34		2,360		2,771,820
Upper Santa Clara Valley Joint Powers Authority, CA:
4.00%, 8/1/45		1,320		1,460,474
5.00%, 8/1/35		50		63,006
5.00%, 8/1/36		300		377,139
5.00%, 8/1/37		300		376,302
5.00%, 8/1/38		250		313,013
			$	49,101,187
Total Tax-Exempt Municipal Obligations — 87.0% (identified cost $587,215,170)			$	607,622,541

Taxable Municipal Obligations — 4.5%
Security	Principal Amount (000’s omitted)		Value
General Obligations — 1.2%
Ojai Unified School District, CA:
2.019%, 8/1/31	$	480	$	468,048
2.519%, 8/1/36		400		388,512
Tamalpais Union High School District, CA:
1.414%, 8/1/30		475		458,893
1.514%, 8/1/31		1,500		1,451,295
Tustin Unified School District, CA:
1.654%, 8/1/30		1,230		1,206,224
1.754%, 8/1/31		1,510		1,479,498
1.854%, 8/1/32		1,070		1,048,108
1.954%, 8/1/33		590		577,568
2.649%, 8/1/42		1,125		1,089,990
			$	8,168,136
Hospital — 0.6%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	3,875	$	4,330,700
			$	4,330,700
Insured – General Obligations — 0.4%
Mojave Unified School District, CA, (BAM), 2.731%, 8/1/37	$	500	$	500,700
Sanger Unified School District, CA:
(BAM), 2.371%, 8/1/35		445		433,350
(BAM), 2.734%, 8/1/42		2,000		1,943,360
			$	2,877,410
Insured – Special Tax Revenue — 0.1%
Successor Agency to Pittsburg Redevelopment Agency, CA, (AGM), 3.388%, 8/1/22	$	955	$	989,896
			$	989,896
Insured – Transportation — 0.1%
Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/27	$	740	$	620,697
			$	620,697
Lease Revenue / Certificates of Participation — 1.2%
Downey, CA, Pension Obligation Bonds:
1.75%, 6/1/29	$	550	$	527,775
1.85%, 6/1/30		650		623,018
1.95%, 6/1/31		835		798,519

17 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Downey, CA, Pension Obligation Bonds: (continued)
2.05%, 6/1/32	$	850	$	811,758
2.15%, 6/1/33		1,110		1,057,353
2.25%, 6/1/34		1,250		1,188,537
2.35%, 6/1/35		2,045		1,942,505
Monterey Park, CA, Pension Obligation Bonds:
2.193%, 6/1/33		560		542,198
2.293%, 6/1/34		750		724,770
			$	8,216,433
Special Tax Revenue — 0.2%
Successor Agency to San Diego Redevelopment Agency, CA:
3.25%, 9/1/22	$	250	$	260,498
3.375%, 9/1/23		250		267,307
3.50%, 9/1/24		250		273,067
3.625%, 9/1/25		250		277,580
3.75%, 9/1/26		250		278,000
			$	1,356,452
Transportation — 0.7%
Los Angeles Department of Airports, CA, (Los Angeles International Airport):
1.513%, 5/15/29	$	775	$	741,745
1.613%, 5/15/30		900		857,115
1.713%, 5/15/31		800		758,912
1.863%, 5/15/32		1,300		1,229,605
San Jose, CA, Airport Revenue:
0.65%, 3/1/24(2)		250		249,702
1.359%, 3/1/26(2)		250		248,878
1.732%, 3/1/27(2)		250		248,440
2.21%, 3/1/29(2)		500		495,150
			$	4,829,547
Total Taxable Municipal Obligations — 4.5% (identified cost $31,672,179)			$	31,389,271
Total Investments — 92.7% (identified cost $626,929,177)			$	647,406,125
Other Assets, Less Liabilities — 7.3%			$	50,678,963
Net Assets — 100.0%			$	698,085,088

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

The Fund invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2021, 7.7% 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 0.1% to 3.8% 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 March 31, 2021, the aggregate value of these securities is $15,606,235 or 2.2% of the Fund’s net assets.

⁽²⁾  When-issued security.

⁽³⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at March 31, 2021.

⁽⁴⁾  Floating rate security. The stated interest rate represents the rate in effect at March 31, 2021.

⁽⁵⁾  Variable rate security that may be tendered at par quarterly. The stated interest rate, which resets quarterly, is determined by the remarketing agent and represents the rate in effect at March 31, 2021.

⁽⁶⁾  Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at March 31, 2021.

Abbreviations:

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

Currency Abbreviations:

USD - United States Dollar

18 See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Obligations — 80.7%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 2.1%
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34	$	3,105	$	4,514,856
			$	4,514,856
Education — 18.4%
Massachusetts Development Finance Agency, (Babson College), 5.00%, 10/1/42	$	1,500	$	1,793,640
Massachusetts Development Finance Agency, (Berklee College of Music):
5.00%, 10/1/29		1,000		1,203,580
5.00%, 10/1/39		2,000		2,346,640
Massachusetts Development Finance Agency, (Boston University):
5.00%, 10/1/46		3,000		3,586,380
5.45%, 5/15/59		400		523,096
Series U-6C, (LOC: TD Bank, N.A.), 0.04%, 10/1/42(1)		1,000		1,000,000
Series U-6E, (LOC: TD Bank, N.A.), 0.04%, 10/1/42(1)		1,500		1,500,000
Massachusetts Development Finance Agency, (Dexter Southfield):
5.00%, 5/1/33		1,550		1,768,659
5.00%, 5/1/35		1,660		1,893,828
Massachusetts Development Finance Agency, (Harvard University), 5.00%, 7/15/34		2,570		3,117,770
Massachusetts Development Finance Agency, (Northeastern University), 5.00%, 3/1/33		1,950		2,169,667
Massachusetts Development Finance Agency, (Olin College), 5.00%, 11/1/38		1,750		1,936,742
Massachusetts Development Finance Agency, (Suffolk University):
5.00%, 7/1/31		620		776,190
5.00%, 7/1/32		770		958,196
5.00%, 7/1/38		340		414,610
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/36		1,575		1,812,904
Massachusetts Development Finance Agency, (Williams College), 5.00%, 7/1/46		2,000		2,408,040
Massachusetts Development Finance Agency, (Worcester Polytechnic Institute), 5.00%, 9/1/42		3,150		3,759,682
Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.50%, 7/1/32		5,000		7,153,700
			$	40,123,324
Escrowed / Prerefunded — 1.0%
Massachusetts Development Finance Agency, (Partners HealthCare System), Prerefunded to 7/1/21, 5.00%, 7/1/44	$	1,100	$	1,218,932

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Massachusetts Development Finance Agency, (UMass Memorial), Prerefunded to 7/1/21, 5.50%, 7/1/31	$	1,040	$	1,053,458
			$	2,272,390
General Obligations — 28.6%
Acton-Boxborough Regional School District, MA, 5.00%, 3/1/32	$	2,075	$	2,672,268
Attleboro, MA, 3.00%, 10/15/36		2,630		2,896,787
Belmont, MA:
4.00%, 2/15/29		1,195		1,440,668
4.00%, 2/15/30		1,245		1,489,555
4.00%, 2/15/31		1,045		1,244,292
4.00%, 3/15/31		2,910		3,470,233
Boston, MA, 4.00%, 3/1/31		3,000		3,267,120
Danvers, MA:
4.00%, 8/15/30		600		724,146
4.00%, 8/15/33		540		644,225
5.25%, 7/1/36		2,800		2,832,648
Franklin, MA:
4.00%, 5/15/30		200		240,000
4.00%, 5/15/32		455		539,612
4.00%, 5/15/33		455		536,017
5.00%, 5/15/29		210		268,273
Harvard, MA:
4.00%, 8/15/30		1,025		1,237,083
4.00%, 8/15/31		1,270		1,526,184
Hingham, MA:
3.00%, 2/15/37		1,700		1,876,766
4.00%, 2/15/32		425		509,788
4.00%, 2/15/33		410		489,991
Lexington, MA, 4.00%, 2/1/29		1,855		2,235,053
Lincoln, MA:
4.00%, 3/1/30		2,120		2,538,276
4.00%, 3/1/31		2,205		2,627,699
4.00%, 3/1/33		2,285		2,704,001
Manchester Essex Regional School District, MA:
4.00%, 2/1/41		1,075		1,235,207
4.00%, 2/1/42		975		1,117,604
Massachusetts, 5.00%, 3/1/31		3,000		3,376,980
Medford, MA, 5.00%, 7/15/29		735		942,351
Plymouth, MA:
2.00%, 6/10/21		1,000		1,003,560
5.00%, 5/1/26		710		712,485
5.00%, 5/1/28		1,160		1,163,932
5.00%, 5/1/31		1,090		1,093,684
5.00%, 5/1/32		1,000		1,003,380

19 See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Shrewsbury, MA, 4.00%, 7/15/33	$	2,370	$	2,823,286
Swampscott, MA, 5.00%, 1/15/26		355		432,340
Weston, MA:
4.00%, 1/15/31		1,275		1,546,766
4.00%, 1/15/32		1,495		1,801,355
Winchester, MA, 5.00%, 4/15/36		775		777,581
Worcester, MA, 2.00%, 2/1/22		5,000		5,076,550
			$	62,117,746
Hospital — 7.5%
Massachusetts Development Finance Agency, (Berkshire Health Systems), 5.00%, 10/1/27	$	1,100	$	1,123,276
Massachusetts Development Finance Agency, (Beth Israel Lahey Health):
5.00%, 7/1/33		625		790,562
5.00%, 7/1/38		600		746,034
Massachusetts Development Finance Agency, (CareGroup), 5.00%, 7/1/27		1,000		1,212,860
Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31		1,840		2,091,491
Massachusetts Development Finance Agency, (Dana-Farber Cancer Institute), 5.00%, 12/1/36		1,690		2,017,421
Massachusetts Development Finance Agency, (Lahey Health System Obligated Group), 5.00%, 8/15/40		2,000		2,326,340
Massachusetts Development Finance Agency, (Partners HealthCare System), 5.00%, 7/1/37		1,600		1,965,904
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/41		2,795		3,228,784
Massachusetts Development Finance Agency, (UMass Memorial), 5.50%, 7/1/31		55		55,643
Massachusetts Development Finance Agency, (Wellforce), 5.00%, 7/1/21		800		808,792
			$	16,367,107
Housing — 1.4%
Massachusetts Housing Finance Agency, (Mill Road Apartments), 0.62%, (SIFMA + 0.55%), 11/1/23 (Put Date), 11/1/48(2)	$	2,935	$	2,935,000
			$	2,935,000
Industrial Development Revenue — 0.7%
National Finance Authority, NH, (Covanta):
4.625%, 11/1/42(3)	$	670	$	698,850
(AMT), 4.875%, 11/1/42(3)		740		775,861
			$	1,474,711

Security	Principal Amount (000’s omitted)		Value
Insured – Education — 3.5%
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(4)	$	5,460	$	7,651,644
			$	7,651,644
Insured – Special Tax Revenue — 3.9%
Martha’s Vineyard Land Bank, MA, (BAM), 5.00%, 5/1/26	$	1,760	$	2,028,330
Massachusetts, Special Obligations, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		4,955		6,449,081
			$	8,477,411
Insured – Transportation — 3.7%
Massachusetts Turnpike Authority, Metropolitan Highway System, (NPFG), 0.00%, 1/1/22	$	8,000	$	7,977,120
			$	7,977,120
Senior Living / Life Care — 0.7%
Massachusetts Development Finance Agency, (Carleton-Willard Village):
4.00%, 12/1/42	$	490	$	521,683
5.00%, 12/1/42		525		592,709
Massachusetts Development Finance Agency, (Linden Ponds, Inc.):
5.00%, 11/15/33(3)		205		227,134
5.00%, 11/15/38(3)		135		148,098
			$	1,489,624
Special Tax Revenue — 1.9%
Massachusetts Bay Transportation Authority, Sales Tax Revenue:
5.00%, 7/1/26	$	2,000	$	2,455,080
5.25%, 7/1/31		1,240		1,709,737
			$	4,164,817
Student Loan — 2.3%
Massachusetts Educational Financing Authority, (AMT), 5.00%, 7/1/21	$	5,000	$	5,056,550
			$	5,056,550
Transportation — 4.7%
Massachusetts Port Authority:
(AMT), 5.00%, 7/1/31	$	1,555	$	1,969,952
(AMT), 5.00%, 7/1/34		2,110		2,552,572
(AMT), 5.00%, 7/1/43		3,000		3,491,670
Massachusetts, (Accelerated Bridge Program), 5.00%, 6/15/27		2,000		2,273,720
			$	10,287,914

20 See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer — 0.3%
Springfield Water and Sewer Commission, MA:
4.00%, 4/15/30	$	225	$	271,636
4.00%, 4/15/33		335		396,462
			$	668,098
Total Tax-Exempt Municipal Obligations — 80.7% (identified cost $161,518,857)			$	175,578,312
Taxable Municipal Obligations — 6.3%
Security	Principal Amount (000’s omitted)		Value
Education — 3.9%
Massachusetts Development Finance Agency, (Berklee College of Music), 2.582%, 10/1/35	$	1,000	$	918,810
Massachusetts School Building Authority:
2.95%, 5/15/43		2,500		2,502,825
3.395%, 10/15/40		2,000		2,100,620
University of Massachusetts Building Authority, 2.917%, 11/1/33		2,850		2,995,835
			$	8,518,090
General Obligations — 1.9%
Massachusetts, 2.514%, 7/1/41	$	4,000	$	3,967,280
			$	3,967,280
Insured – Hospital — 0.5%
Massachusetts Development Finance Agency, (Wellforce), (AGM), 3.89%, 7/1/25	$	1,000	$	1,100,210
			$	1,100,210
Total Taxable Municipal Obligations — 6.3% (identified cost $13,393,720)			$	13,585,580
Total Investments — 87.0% (identified cost $174,912,577)			$	189,163,892
Other Assets, Less Liabilities — 13.0%			$	28,370,718
Net Assets — 100.0%			$	217,534,610

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

The Fund invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2021, 13.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.6% to 7.6% of total investments.

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

⁽²⁾  Floating rate security. The stated interest rate represents the rate in effect at March 31, 2021.

⁽³⁾  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 March 31, 2021, the aggregate value of these securities is $1,849,943 or 0.9% of the Fund’s net assets.

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

Abbreviations:

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

21 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited)

Corporate Bonds — 0.6%
Security	Principal Amount (000’s omitted)		Value
Hospital — 0.6%
Montefiore Obligated Group, NY, 4.29%, 9/1/50	$	2,630	$	2,696,153
Total Corporate Bonds — 0.6% (identified cost $2,630,000)			$	2,696,153
Tax-Exempt Municipal Obligations — 84.4%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 2.4%
New York State Environmental Facilities Corp., (New York City Municipal Water Finance Authority):
5.00%, 6/15/35	$	1,000	$	1,289,150
5.00%, 6/15/36		1,140		1,463,771
New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds:
4.00%, 10/15/34		400		486,564
4.00%, 10/15/38		750		894,720
5.00%, 4/15/33		400		537,332
5.00%, 10/15/33		250		335,123
5.00%, 8/15/44		4,840		6,095,786
			$	11,102,446
Cogeneration — 0.3%
Suffolk County Industrial Development Agency, NY, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23	$	1,320	$	1,331,220
			$	1,331,220
Education — 11.4%
Albany Capital Resource Corp., NY, (Albany College of Pharmacy and Health Sciences), 5.00%, 12/1/30	$	250	$	277,513
Monroe County Industrial Development Corp., NY, (Nazareth College of Rochester):
5.00%, 10/1/31		235		276,097
5.00%, 10/1/32		260		303,813
Monroe County Industrial Development Corp., NY, (True North Rochester Preparatory Charter School):
5.00%, 6/1/40(1)		430		501,784
5.00%, 6/1/59(1)		1,600		1,830,192
New York Dormitory Authority, (Barnard College):
4.00%, 7/1/34		450		521,784
4.00%, 7/1/36		300		345,309
4.00%, 7/1/37		700		803,089

Security	Principal Amount (000’s omitted)		Value
Education (continued)
New York Dormitory Authority, (Brooklyn Law School), 5.00%, 7/1/33	$	1,650	$	1,996,236
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38		9,275		11,534,854
New York Dormitory Authority, (Cornell University), (SPA: U.S. Bank, N.A.), 0.04%, 7/1/39(2)		3,000		3,000,000
New York Dormitory Authority, (Rochester Institute of Technology):
5.00%, 7/1/29		1,060		1,379,897
5.00%, 7/1/37		1,450		1,811,572
5.00%, 7/1/38		1,425		1,775,536
5.00%, 7/1/40		1,265		1,567,537
New York Dormitory Authority, (Rockefeller University), Green Bonds, 5.00%, 7/1/50		8,950		11,047,790
New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/31		250		253,060
Saratoga County Capital Resource Corp., NY, (Skidmore College):
3.00%, 7/1/38		450		474,660
5.00%, 7/1/31(3)		360		466,535
5.00%, 7/1/32(3)		360		465,232
5.00%, 7/1/45		1,320		1,640,021
Syracuse Industrial Development Agency, NY, (Syracuse City School District), 4.00%, 5/1/36		855		994,545
Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute):
5.00%, 9/1/37		1,750		2,202,427
5.00%, 9/1/38		3,925		4,924,815
5.00%, 9/1/39		1,500		1,876,950
Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence), 5.00%, 10/15/40		775		890,831
			$	53,162,079
Electric Utilities — 5.4%
Long Island Power Authority, NY, Electric System Revenue:
1.00%, 9/1/25	$	1,800	$	1,819,044
5.00%, 9/1/31		1,550		2,059,717
5.00%, 9/1/32		750		990,690
5.00%, 9/1/35		2,400		2,997,624
5.00%, 9/1/39		2,500		3,087,675
New York Power Authority:
4.00%, 11/15/45		4,575		5,314,869
4.00%, 11/15/50		1,430		1,652,265
4.00%, 11/15/55		2,490		2,865,841
Prerefunded to 11/15/21, 5.00%, 11/15/31		1,000		1,030,110

22 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
Utility Debt Securitization Authority, NY, 5.00%, 12/15/33	$	2,895	$	3,250,419
			$	25,068,254
Escrowed / Prerefunded — 0.5%
Geneva Development Corp., NY, (Hobart and William Smith Colleges), Series 2012, Prerefunded to 9/1/22, 5.00%, 9/1/32	$	1,250	$	1,335,263
Metropolitan Transportation Authority, NY, Prerefunded to 11/15/21, 5.00%, 11/15/27		940		968,303
			$	2,303,566
General Obligations — 5.5%
Bedford Village Fire District, NY:
2.00%, 11/15/33	$	420	$	432,340
2.00%, 11/15/34		430		440,995
2.00%, 11/15/35		490		498,462
East Hampton Union Free School District, NY, 1.50%, 6/25/21		4,000		4,011,800
Erie County, NY, 3.00%, 6/24/21		1,500		1,509,705
Mamaroneck, NY, 2.00%, 3/15/30		105		109,458
New York City, NY:
4.00%, 3/1/36		2,520		2,943,562
4.00%, 8/1/38		3,425		3,953,340
North Hempstead, NY:
2.00%, 9/15/31		175		181,638
2.00%, 9/15/33		85		86,346
2.00%, 9/15/35		270		272,344
2.00%, 9/15/36		120		120,562
Northport-East Northport Union Free School District, NY, 3.00%, 11/1/30		370		410,123
Pelham Union Free School District, NY:
2.00%, 11/1/31		2,280		2,375,030
2.00%, 11/1/32		1,605		1,659,458
2.00%, 11/1/33		580		595,283
2.00%, 11/1/34		2,015		2,059,269
2.00%, 11/1/35		2,225		2,264,227
Rensselaer County, NY, 4.00%, 8/15/30		170		204,508
Valley Stream, NY:
2.25%, 5/15/27		250		238,362
2.375%, 5/15/28		255		241,187
Westchester County, NY:
2.00%, 12/15/31		290		301,185
2.00%, 10/15/33		610		628,276
			$	25,537,460

Security	Principal Amount (000’s omitted)		Value
Hospital — 5.9%
Brookhaven Local Development Corp., NY, (Long Island Community Hospital):
5.00%, 10/1/32	$	700	$	890,449
5.00%, 10/1/33		730		923,895
5.00%, 10/1/34		750		942,337
5.00%, 10/1/35		800		1,000,496
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 5.00%, 11/1/37		1,615		1,873,045
Monroe County Industrial Development Corp., NY, (Rochester Regional Health), 5.00%, 12/1/34		500		636,530
New York Dormitory Authority, (Catholic Health System Obligated Group):
4.00%, 7/1/38		975		1,095,861
4.00%, 7/1/39		1,130		1,266,753
New York Dormitory Authority, (Montefiore Obligated Group), 5.00%, 8/1/30		750		925,718
New York Dormitory Authority, (NYU Hospitals Center), 5.00%, 7/1/30		3,480		3,889,700
New York Dormitory Authority, (NYU Langone Hospitals Obligated Group), 4.00%, 7/1/50		3,000		3,424,560
New York Dormitory Authority, (Orange Regional Medical Center):
5.00%, 12/1/21(1)		500		514,200
5.00%, 12/1/30(1)		4,500		5,272,245
5.00%, 12/1/32(1)		2,200		2,552,946
Suffolk County Economic Development Corp., NY, (Catholic Health Services of Long Island Obligated Group), 5.00%, 7/1/28		2,190		2,213,586
			$	27,422,321
Housing — 2.5%
Albany Capital Resource Corp., NY, (Empire Commons Student Housing, Inc.):
5.00%, 5/1/28	$	300	$	344,292
5.00%, 5/1/29		540		617,479
5.00%, 5/1/30		635		723,481
5.00%, 5/1/31		450		510,615
5.00%, 5/1/32		1,095		1,237,438
New York City Housing Development Corp., NY:
1.45%, 11/1/29		1,180		1,173,274
(SPA: Wells Fargo Bank, N.A.), 0.05%, 5/1/57(4)		3,500		3,500,000
New York Mortgage Agency, 3.65%, 4/1/32		1,000		1,086,400
Westchester County Local Development Corp., NY, (Purchase Housing Corp. II):
5.00%, 6/1/27		185		215,473
5.00%, 6/1/28		550		636,130
5.00%, 6/1/29		160		183,866
5.00%, 6/1/42		1,250		1,383,587
			$	11,612,035

23 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue — 3.2%
Build NYC Resource Corp., (Pratt Paper (NY), Inc.), (AMT), 4.50%, 1/1/25(1)	$	615	$	655,892
New York Energy Research and Development Authority, (Rochester Gas and Electric Corp.), 2.875% to 7/1/25 (Put Date), 5/15/32		3,845		4,183,898
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44(1)		930		951,148
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 10/1/35		4,165		5,189,340
Niagara Area Development Corp., NY, (Covanta), (AMT), 4.75%, 11/1/42(1)		4,000		4,183,040
			$	15,163,318
Insured – Education — 1.9%
New York Dormitory Authority, (CUNY Student Housing), (AMBAC), (BAM), 5.50%, 7/1/35	$	6,600	$	9,138,756
			$	9,138,756
Insured – Escrowed / Prerefunded — 2.2%
New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/30	$	11,530	$	10,361,434
			$	10,361,434
Insured – General Obligations — 4.5%
East Ramapo Central School District, NY, (AGM), 4.00%, 12/15/28	$	1,070	$	1,250,445
Monroe County, NY:
(AGM), 5.00%, 6/1/29		300		389,943
(AGM), 5.00%, 6/1/30		1,420		1,874,343
Nassau County, NY, (AGM), 5.00%, 4/1/38		4,025		5,105,995
Oyster Bay, NY:
(AGM), 4.00%, 3/1/26		925		1,072,676
(AGM), 4.00%, 3/1/27		800		946,104
(AGM), 4.00%, 3/1/28		950		1,142,071
(AGM), 4.00%, 8/1/28		1,995		2,083,877
Rockland County, NY:
(AGM), 4.00%, 4/1/31		1,190		1,408,829
(AGM), 4.00%, 4/1/32		1,180		1,390,382
Yonkers, NY:
(AGM), 2.00%, 2/15/40		635		604,819
(AGM), 3.00%, 2/15/39		600		637,320
(AGM), 4.00%, 2/15/35		675		805,997
(AGM), 4.00%, 2/15/37		1,200		1,418,220
(AGM), 5.00%, 2/15/33		600		787,932
			$	20,918,953

Security	Principal Amount (000’s omitted)		Value
Insured – Hospital — 0.4%
Oneida County Local Development Corp., NY, (Mohawk Valley Health System), (AGM), 5.00%, 12/1/30	$	1,500	$	1,905,045
			$	1,905,045
Insured – Lease Revenue / Certificates of Participation — 0.1%
Rensselaer City School District, NY, Certificates of Participation, (AGM), 5.00%, 6/1/26	$	210	$	254,657
			$	254,657
Insured – Other Revenue — 1.8%
New York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGM), 5.00%, 1/1/29	$	1,500	$	1,917,960
New York City Industrial Development Agency, NY, (Yankee Stadium):
(AGC), 0.00%, 3/1/31		1,690		1,362,208
(AGM), 3.00%, 3/1/39		3,905		4,137,308
(AGM), 3.00%, 3/1/40		785		826,911
			$	8,244,387
Insured – Solid Waste — 0.5%
Onondaga County Resource Recovery Agency, NY:
(AGM), (AMT), 5.00%, 5/1/30	$	275	$	330,688
(AGM), (AMT), 5.00%, 5/1/31		350		419,506
(AGM), (AMT), 5.00%, 5/1/32		450		537,457
(AGM), (AMT), 5.00%, 5/1/33		375		446,059
(AGM), (AMT), 5.00%, 5/1/34		500		593,105
			$	2,326,815
Insured – Transportation — 0.7%
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 5.00%, 11/15/44	$	2,765	$	3,334,867
			$	3,334,867
Lease Revenue / Certificates of Participation — 1.0%
Hudson Yards Infrastructure Corp., NY, 5.00%, 2/15/42	$	3,855	$	4,519,371
			$	4,519,371
Other Revenue — 5.0%
Battery Park City Authority, NY, Sustainability Bonds, 5.00%, 11/1/49	$	3,200	$	4,055,776
Build NYC Resource Corp., NY, (Children’s Aid Society):
4.00%, 7/1/36		125		144,393
4.00%, 7/1/37		165		189,974
4.00%, 7/1/38		150		172,229

24 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Chautauqua County Capital Resource Corp, NY, (Jamestown Center City Development Corp.), 2.50% to 5/1/22 (Put Date), 11/1/31	$	2,375	$	2,385,497
New York City Transitional Finance Authority, NY, (Building Aid):
5.00%, 7/15/25		2,000		2,378,500
5.00%, 7/15/43		3,715		4,362,376
New York City Cultural Resources Trust, NY, (Lincoln Center for the Performing Arts, Inc.), 5.00%, 12/1/31		1,800		2,348,838
New York City Cultural Resources Trust, NY, (Whitney Museum of American Art), Green Bonds, 5.00%, 7/1/31		1,500		2,020,410
New York Liberty Development Corp., (7 World Trade Center), 5.00%, 9/15/32		5,000		5,214,800
			$	23,272,793
Senior Living / Life Care — 3.1%
Brookhaven Local Development Corp., NY, (Jefferson’s Ferry):
4.00%, 11/1/45	$	1,650	$	1,731,642
5.25%, 11/1/30		650		758,244
5.25%, 11/1/31		650		755,638
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/37		4,500		4,890,780
Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.), 5.00%, 12/1/40		2,000		2,256,280
Tompkins County Development Corp., NY, (Kendal at Ithaca), 5.00%, 7/1/34		100		108,769
Westchester County Local Development Corp., NY, (Kendal on Hudson):
5.00%, 1/1/28		1,090		1,148,838
5.00%, 1/1/34		1,485		1,549,271
Westchester County Local Development Corp., NY, (Miriam Osborn Memorial Home Association):
5.00%, 7/1/27		270		310,160
5.00%, 7/1/28		640		731,821
5.00%, 7/1/29		250		284,663
	��		$	14,526,106
Special Tax Revenue — 10.8%
Nassau County Interim Finance Authority, NY, Sales Tax Revenue:
4.00%, 11/15/32	$	3,000	$	3,766,320
4.00%, 11/15/35		1,250		1,547,137
5.00%, 11/15/32		2,500		3,383,250
5.00%, 11/15/35		1,750		2,345,472

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
New York City Transitional Finance Authority, NY, Future Tax Revenue:
4.00%, 11/1/38	$	3,010	$	3,471,222
4.00%, 5/1/41		5,420		6,207,526
5.00%, 5/1/39		2,160		2,612,693
5.00%, 11/1/39		5		5,022
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/48		3,580		4,407,016
New York Dormitory Authority, Sales Tax Revenue:
5.00%, 3/15/36		1,960		2,373,384
5.00%, 3/15/40		4,000		4,877,320
(AMT), 5.00%, 3/15/33		890		1,107,578
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/38		2,135		2,489,752
Sales Tax Asset Receivable Corp., NY:
5.00%, 10/15/27		5,000		5,784,000
5.00%, 10/15/28		5,000		5,778,300
			$	50,155,992
Transportation — 12.5%
Albany County Airport Authority, NY:
(AMT), 5.00%, 12/15/24	$	1,000	$	1,151,640
(AMT), 5.00%, 12/15/25		500		593,140
(AMT), 5.00%, 12/15/26		1,000		1,214,720
Buffalo and Fort Erie Public Bridge Authority, NY, 5.00%, 1/1/37		200		236,462
Nassau County Bridge Authority, NY, 5.00%, 10/1/40		1,915		1,921,320
New York Thruway Authority:
5.00%, 1/1/33		1,910		2,451,389
5.00%, 1/1/37		775		945,097
5.00%, 1/1/38		3,000		3,798,690
5.00%, 1/1/39		210		264,951
5.00%, 1/1/40		1,940		2,441,917
Series 2016A, 5.00%, 1/1/33		3,125		3,698,375
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/46		8,100		9,056,853
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport):
4.00%, 12/1/39		3,760		4,204,770
4.00%, 12/1/42		1,425		1,589,673
(AMT), 4.00%, 12/1/40		100		111,503
(AMT), 5.00%, 12/1/35		550		680,900
Niagara Frontier Transportation Authority, NY, (Buffalo Niagara International Airport):
(AMT), 5.00%, 4/1/26		1,210		1,350,251
(AMT), 5.00%, 4/1/28		525		651,709

25 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Niagara Frontier Transportation Authority, NY, (Buffalo Niagara International Airport): (continued)
(AMT), 5.00%, 4/1/29	$	275	$	346,052
(AMT), 5.00%, 4/1/30		460		572,079
(AMT), 5.00%, 4/1/31		180		222,010
Port Authority of New York and New Jersey:
4.00%, 7/15/38		3,000		3,520,020
6.125%, 6/1/94		2,500		2,847,950
(AMT), 4.00%, 3/15/30		4,000		4,657,960
(AMT), 4.00%, 9/1/38		1,000		1,144,580
(AMT), 5.00%, 10/15/35		1,520		1,816,962
(AMT), 5.00%, 11/15/37		1,250		1,508,413
Triborough Bridge and Tunnel Authority, NY:
(LOC: State Street Bank and Trust Company), 0.06%, 1/1/32(2)		1,165		1,165,000
(LOC: State Street Bank and Trust Company), 0.08%, 1/1/32(4)		4,100		4,100,000
			$	58,264,386
Water and Sewer — 2.8%
New York City Municipal Water Finance Authority, NY, (Water and Sewer System):
4.00%, 6/15/37	$	1,000	$	1,173,020
4.00%, 6/15/40		1,700		1,978,919
4.00%, 6/15/41		1,000		1,178,820
5.00%, 6/15/35		1,630		1,941,917
5.00%, 6/15/48		2,200		2,636,458
5.00%, 6/15/48		1,920		2,410,579
(SPA: State Street Bank and Trust Company), 0.07%, 6/15/49(2)		1,585		1,585,000
			$	12,904,713
Total Tax-Exempt Municipal Obligations — 84.4% (identified cost $375,972,355)			$	392,830,974
Taxable Municipal Obligations — 2.4%
Security	Principal Amount (000’s omitted)		Value
General Obligations — 2.2%
New York, 1.50%, 3/15/26	$	10,000	$	10,193,800
			$	10,193,800

Security	Principal Amount (000’s omitted)		Value
Insured – Other Revenue — 0.2%
New York City Industrial Development Agency, NY, (Queens Baseball Stadium):
(AGM), 2.236%, 1/1/34	$	530	$	498,778
(AGM), 2.336%, 1/1/35		795		748,405
			$	1,247,183
Total Taxable Municipal Obligations — 2.4% (identified cost $11,556,185)			$	11,440,983
Miscellaneous — 0.2%
Security	Units		Value
Real Estate — 0.2%
CMS Liquidating Trust(1)(5)(6)		1,975,984	$	873,385
Total Miscellaneous — 0.2% (identified cost $1,280,000)			$	873,385
Total Investments — 87.6% (identified cost $391,438,540)			$	407,841,495
Other Assets, Less Liabilities — 12.4%			$	57,475,927
Net Assets — 100.0%			$	465,317,422

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

The Fund invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2021, 14.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.3% to 9.0% 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 March 31, 2021, the aggregate value of these securities is $17,334,832 or 3.7% of the Fund’s net assets.

⁽²⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at March 31, 2021.

⁽³⁾  When-issued security.

26 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

⁽⁴⁾  Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at March 31, 2021.

⁽⁵⁾  Non-income producing security.

⁽⁶⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

Futures Contracts
Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
U.S. Long Treasury Bond		(113	)		Short		6/21/21	$	(17,469,094	)	$	515,350
											$	515,350

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

27 See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Obligations — 101.6%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 4.1%
Ohio Water Development Authority:
4.00%, 6/1/36	$	1,500	$	1,689,481
5.00%, 12/1/35		2,000		2,407,320
Ohio Water Development Authority, Water Pollution Control Loan Fund, 5.00%, 12/1/40		1,000		1,291,220
Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		1,780		2,273,416
			$	7,661,437
Education — 12.1%
Bowling Green State University, OH:
4.00%, 6/1/39	$	750	$	868,702
4.00%, 6/1/45		1,300		1,481,740
Kent State University, OH:
5.00%, 5/1/37		215		271,493
5.00%, 5/1/38		250		314,770
5.00%, 5/1/39		265		332,686
5.00%, 5/1/40		405		507,279
Ohio Higher Educational Facility Commission, (Case Western Reserve University):
5.00%, 12/1/26		350		430,154
5.00%, 12/1/27		300		366,312
5.00%, 12/1/40		1,000		1,189,550
Ohio Higher Educational Facility Commission, (Denison University), 5.25%, 11/1/46		1,355		1,645,309
Ohio Higher Educational Facility Commission, (Kenyon College), 4.00%, 7/1/40		1,000		1,149,200
Ohio Higher Educational Facility Commission, (Oberlin College):
5.00%, 10/1/33		2,000		2,211,440
5.00%, 10/1/38		910		1,006,205
Ohio Higher Educational Facility Commission, (The College of Wooster), 5.00%, 9/1/36		1,000		1,217,810
Ohio Higher Educational Facility Commission, (University of Dayton), 5.00%, 12/1/32		550		632,329
Ohio State University, 5.00%, 12/1/29		1,060		1,394,123
Ohio University, 5.00%, 12/1/35		500		597,190
Port of Greater Cincinnati Development Authority, OH, (St. Xavier High School, Inc.):
4.00%, 4/1/33		335		385,193
4.00%, 4/1/34		510		581,782
4.00%, 4/1/35		350		398,286
4.00%, 4/1/36		350		396,855
4.00%, 4/1/37		560		632,621
4.00%, 4/1/38		400		450,544
4.00%, 4/1/39		415		466,033
4.00%, 4/1/40		415		461,447

Security	Principal Amount (000’s omitted)		Value
Education (continued)
University of Cincinnati, OH:
5.00%, 6/1/34	$	585	$	688,229
5.00%, 6/1/45		2,000		2,402,560
			$	22,479,842
Electric Utilities — 2.9%
American Municipal Power, Inc., OH, (Combined Hydroelectric Projects), 5.00%, 2/15/29	$	1,000	$	1,280,520
American Municipal Power, Inc., OH, (Greenup Hydroelectric Facility), 5.00%, 2/15/46		1,000		1,175,230
American Municipal Power, Inc., OH, (Meldahl Hydroelectric):
4.00%, 2/15/34		2,005		2,228,718
5.00%, 2/15/33		595		705,123
			$	5,389,591
Escrowed / Prerefunded — 3.9%
Cleveland, OH, Income Tax Revenue, (Bridges and Roadways Improvements), Prerefunded to 10/1/22, 5.00%, 10/1/32	$	500	$	536,440
Cleveland, OH, Income Tax Revenue, (Parks and Recreation Facilities Improvements), Prerefunded to 10/1/22, 5.00%, 10/1/35		1,000		1,072,100
Cuyahoga County, OH, Sales Tax Revenue, Prerefunded to 12/1/24, 5.00%, 12/1/35		1,000		1,170,340
Highland Local School District, OH:
Prerefunded to 6/1/23, 5.00%, 12/1/37		540		596,214
Prerefunded to 6/1/23, 5.00%, 12/1/39		1,100		1,214,510
Lakewood City School District, OH, Prerefunded to 11/1/22, 5.00%, 11/1/36		1,030		1,109,094
Northeast Ohio Regional Sewer District, OH, Prerefunded to 11/15/24, 5.00%, 11/15/44		1,255		1,463,719
Ohio State University, Escrowed to Maturity, 5.00%, 12/1/29		45		59,800
Ohio, (Cleveland Clinic Health System), Prerefunded to 1/1/28, 4.00%, 1/1/43		20		23,958
			$	7,246,175
General Obligations — 7.6%
Butler County, OH, Special Tax Assessment, 5.50%, 12/1/28	$	1,000	$	1,003,780
Columbus City School District, OH, 5.00%, 12/1/30		1,500		1,811,370
Columbus, OH:
5.00%, 4/1/40		1,900		2,477,125
5.00%, 4/1/41		1,325		1,722,155
Cuyahoga Community College District, OH:
3.50%, 12/1/39		1,400		1,503,348
4.00%, 12/1/42		1,500		1,715,595

28 See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Northwest Local School District, OH, Prerefunded to 12/1/23, 5.00%, 12/1/40	$	500	$	563,100
Ohio, 5.00%, 5/1/33		1,500		1,851,450
Streetsboro City School District, OH, 4.00%, 12/1/36		210		246,635
Westerville City School District, OH:
4.00%, 12/1/32		425		512,112
4.00%, 12/1/33		625		750,188
			$	14,156,858
Hospital — 16.1%
Akron, OH, Bath and Copley Joint Township Hospital District, (Children’s Hospital Medical Center of Akron):
5.00%, 11/15/32	$	2,450	$	2,563,508
5.00%, 11/15/38		1,155		1,256,097
Akron, OH, Bath and Copley Joint Township Hospital District, (Summa Health Obligated Group), 4.00%, 11/15/37		150		171,561
Allen County, OH, (Bon Secours Mercy Health, Inc.), 4.00%, 12/1/40		1,000		1,160,010
Allen County, OH, (Mercy Health), 4.00%, 8/1/47(1)		5,150		5,747,966
Bluffton, OH, (Blanchard Valley Health System), 5.00%, 12/1/31		750		905,520
Butler County, OH, (UC Health):
4.00%, 11/15/37		920		1,038,726
5.00%, 11/15/28		590		729,978
Franklin County, OH, (Nationwide Children’s Hospital), 5.00%, 11/1/34		750		898,448
Franklin County, OH, (OhioHealth Corp.), 5.00%, 5/15/40		1,200		1,380,888
Franklin County, OH, (Trinity Health Credit Group), 5.00%, 12/1/46		2,000		2,371,100
Hamilton County, OH, (UC Health), 5.00%, 9/15/45		1,125		1,381,275
Miami County, OH, (Kettering Health Network Obligated Group), 5.00%, 8/1/38		1,000		1,226,270
Middleburg Heights, OH, (Southwest General Health Center), 4.00%, 8/1/47		2,000		2,246,280
Montgomery County, OH, (Kettering Health Network Obligated Group), 4.00%, 8/1/41		500		583,980
Muskingum County, OH, (Genesis HealthCare System Obligated Group), 5.00%, 2/15/33		460		481,192
Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.):
5.00%, 1/15/27		1,500		1,613,910
5.00%, 1/15/29		450		481,932
Ohio, (Cleveland Clinic Health System), 4.00%, 1/1/43		2,190		2,485,672
Ohio, (University Hospitals Health Systems, Inc.), 3.00%, 1/15/45		1,000		1,025,830
Southeastern Ohio Port Authority, OH, (Memorial Health System Obligated Group), 5.00%, 12/1/24		215		240,542
			$	29,990,685

Security	Principal Amount (000’s omitted)		Value
Housing — 0.4%
Ohio Housing Finance Agency, 3.00%, 9/1/39	$	615	$	645,922
			$	645,922
Industrial Development Revenue — 1.9%
Cleveland, OH, (Continental Airlines), (AMT), 5.375%, 9/15/27	$	1,630	$	1,635,118
Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 4.25%, 1/15/38(2)		1,700		1,881,016
			$	3,516,134
Insured – Electric Utilities — 8.2%
Cleveland, OH, Public Power System Revenue:
(AGM), 4.00%, 11/15/36	$	1,000	$	1,177,350
(AGM), 5.00%, 11/15/24		1,265		1,467,868
(NPFG), 0.00%, 11/15/27		2,540		2,316,556
Ohio Municipal Electric Generation Agency:
(NPFG), 0.00%, 2/15/26		3,000		2,831,730
(NPFG), 0.00%, 2/15/27		2,500		2,309,025
(NPFG), 0.00%, 2/15/28		4,750		4,275,190
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		770		853,876
			$	15,231,595
Insured – Escrowed / Prerefunded — 0.9%
Cleveland, OH, Airport System Revenue, (AGM), Prerefunded to 1/1/22, 5.00%, 1/1/30	$	1,170	$	1,212,506
Cleveland, OH, Public Power System Revenue, (AGM), Escrowed to Maturity, 5.00%, 11/15/24		235		274,083
Warrensville Heights City School District, OH, (BAM), Prerefunded to 12/1/24, 5.00%, 12/1/44		215		250,767
			$	1,737,356
Insured – General Obligations — 19.9%
Cincinnati City School District, OH, (AGM), 5.25%, 12/1/29(1)	$	7,500	$	10,032,675
Cleveland, OH, (AMBAC), 5.50%, 10/1/23		2,105		2,378,061
Gahanna-Jefferson City School District, OH, (AGM), 4.00%, 12/1/44		1,500		1,770,375
Kettering City School District, OH, (AGM), 5.25%, 12/1/31		4,505		5,713,241
Mason City School District, OH, (AGM), 5.25%, 12/1/31		3,525		4,683,385
Springboro Community City School District, OH, (AGM), 5.25%, 12/1/30		5,000		6,586,150
Warrensville Heights City School District, OH, (BAM), 5.00%, 12/1/44		85		95,711
Westerville City School District, OH, (XLCA), 5.00%, 12/1/27		4,590		5,694,079
			$	36,953,677

29 See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Hospital — 1.0%
Lucas County, OH, (ProMedica Healthcare Obligated Group), (AGM), 4.00%, 11/15/45	$	1,725	$	1,837,349
			$	1,837,349
Insured – Transportation — 5.4%
Cleveland, OH, Airport System Revenue, (AGM), (AMT), 5.00%, 1/1/43	$	1,000	$	1,168,260
Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/35		1,500		1,711,980
Ohio Turnpike Commission, (NPFG), 5.50%, 2/15/24		5,000		5,486,000
Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/41		1,300		1,607,541
			$	9,973,781
Insured – Water and Sewer — 2.4%
Newark, OH, Water System Revenue, (AGM), 5.00%, 12/1/39	$	3,680	$	4,381,445
			$	4,381,445
Other Revenue — 3.1%
Cuyahoga County, OH, (Cleveland Orchestra):
5.00%, 1/1/33	$	400	$	467,752
5.00%, 1/1/34		300		349,506
5.00%, 1/1/35		500		581,015
5.00%, 1/1/41		725		828,675
Riversouth Authority, OH, (Lazarus Building Redevelopment), 5.75%, 12/1/27		1,980		1,982,634
Summit County Port Authority, OH, 5.00%, 12/1/31		1,410		1,518,908
			$	5,728,490
Senior Living / Life Care — 1.3%
Butler County Port Authority, OH, (Community First Solutions), 4.00%, 5/15/46	$	650	$	726,609
Lorain County Port Authority, OH, (Kendal at Oberlin), 5.00%, 11/15/30		580		622,543
Warren County, OH, (Otterbein Homes Obligated Group), 5.75%, 7/1/33		905		978,477
			$	2,327,629
Special Tax Revenue — 4.7%
Akron, OH, Income Tax Revenue:
4.00%, 12/1/36	$	655	$	733,181
4.00%, 12/1/37		520		580,824
Delaware County, OH, Sales Tax Revenue, 5.00%, 12/1/28		2,000		2,356,780
Franklin County Convention Facilities Authority, OH, 5.00%, 12/1/26		1,000		1,147,320

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%, 12/1/39	$	525	$	613,389
Franklin County, OH, Sales Tax Revenue, 5.00%, 6/1/43		1,000		1,224,280
Greater Cleveland Regional Transit Authority, OH, Sales Tax Revenue, 5.00%, 12/1/31		435		532,466
Green, OH, Income Tax Revenue, (Community Learning Centers):
5.00%, 12/1/26		570		614,620
5.00%, 12/1/28		940		1,012,935
			$	8,815,795
Transportation — 1.4%
Cleveland, OH, Airport System Revenue, (AMT), 5.00%, 1/1/27	$	625	$	758,075
Ohio Turnpike and Infrastructure Commission, 5.00%, 2/15/46		1,500		1,917,945
			$	2,676,020
Water and Sewer — 4.3%
Cleveland, OH, Water Pollution Control Revenue, 5.00%, 11/15/41	$	945	$	1,097,457
Columbus, OH, Sewerage System Revenue, 5.00%, 6/1/30		1,500		1,818,975
Hamilton County, OH, Sewer System Revenue, 5.00%, 12/1/35		1,000		1,316,210
Lancaster, OH, Wastewater System Revenue, 4.00%, 12/1/33		1,265		1,416,167
Toledo, OH, Water System Revenue, 5.00%, 11/15/41		2,000		2,394,439
			$	8,043,248
Total Tax-Exempt Municipal Obligations — 101.6% (identified cost $170,690,905)			$	188,793,029
Other Assets, Less Liabilities — (1.6)%			$	(2,980,668	)
Net Assets — 100.0%			$	185,812,361

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

The Fund invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2021, 37.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.2% to 22.3% of total investments.

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

⁽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 March 31, 2021, the aggregate value of these securities is $1,881,016 or 1.0% of the Fund’s net assets.

30 See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

Futures Contracts
Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
U.S. Long Treasury Bond		(30	)		Short		6/21/21	$	(4,637,813	)	$	136,819
											$	136,819

Abbreviations:

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

31 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Statements of Assets and Liabilities (Unaudited)

	March 31, 2021
Assets	California Opportunities Fund			Massachusetts Fund		New York Fund		Ohio Fund
Investments —
Identified cost	$	626,929,177		$	174,912,577	$	391,438,540	$	170,690,905
Unrealized appreciation		20,476,948			14,251,315		16,402,955		18,102,124
Investments, at value	$	647,406,125		$	189,163,892	$	407,841,495	$	188,793,029
Cash	$	66,292,372		$	30,525,705	$	53,185,937	$	1,518,207
Deposits for derivatives collateral — financial futures contracts		—			—		452,000		120,047
Interest receivable		4,402,210			1,733,402		4,060,892		2,249,261
Receivable for investments sold		227,689			—		223,477		2,500,000
Receivable for Fund shares sold		2,240,399			422,707		1,290,582		311,173
Receivable for variation margin on open financial futures contracts		—			—		49,438		13,168
Total assets	$	720,568,795		$	221,845,706	$	467,103,821	$	195,504,885
Liabilities
Payable for floating rate notes issued	$	—		$	3,701,188	$	—	$	9,215,397
Payable for when-issued securities		20,707,024			—		907,200		—
Payable for Fund shares redeemed		1,237,474			378,924		437,042		245,918
Distributions payable		75,168			56,426		81,210		48,848
Payable to affiliates:
Investment adviser fee		201,054			62,152		134,992		56,373
Distribution and service fees		57,517			24,290		63,634		26,970
Interest expense and fees payable		—			1,069		—		15,124
Accrued expenses		205,470			87,047		162,321		83,894
Total liabilities	$	22,483,707		$	4,311,096	$	1,786,399	$	9,692,524
Net Assets	$	698,085,088		$	217,534,610	$	465,317,422	$	185,812,361
Sources of Net Assets
Paid-in capital	$	675,446,311		$	203,698,417	$	445,262,033	$	176,816,429
Distributable earnings		22,638,777			13,836,193		20,055,389		8,995,932
Net Assets	$	698,085,088		$	217,534,610	$	465,317,422	$	185,812,361
Class A Shares
Net Assets	$	149,508,103		$	101,167,891	$	255,468,694	$	109,830,755
Shares Outstanding		13,664,283	��		11,271,047		24,660,165		11,827,952
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.94		$	8.98	$	10.36	$	9.29
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	11.49		$	9.43	$	10.88	$	9.75
Class C Shares
Net Assets	$	30,569,120		$	8,514,062	$	25,844,435	$	10,339,186
Shares Outstanding		3,022,787			948,744		2,493,659		1,114,042
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	10.11		$	8.97	$	10.36	$	9.28
Class I Shares
Net Assets	$	518,007,865		$	107,852,657	$	184,004,293	$	65,642,420
Shares Outstanding		47,313,384			12,013,491		17,765,885		7,065,265
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.95		$	8.98	$	10.36	$	9.29

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.

32 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Statements of Operations (Unaudited)

	Six Months Ended March 31, 2021
Investment Income	California Opportunities Fund			Massachusetts Fund			New York Fund		Ohio Fund
Interest	$	6,396,344		$	2,715,287		$	5,120,728	$	3,150,077
Total investment income	$	6,396,344		$	2,715,287		$	5,120,728	$	3,150,077
Expenses
Investment adviser fee	$	1,135,329		$	362,909		$	790,965	$	331,523
Distribution and service fees
Class A		187,937			100,503			246,812		109,708
Class C		149,083			42,353			135,072		48,098
Trustees’ fees and expenses		16,314			5,517			11,385		4,884
Custodian fee		88,024			27,204			54,662		24,302
Transfer and dividend disbursing agent fees		80,618			26,675			65,351		29,266
Legal and accounting services		38,986			30,514			42,196		26,440
Printing and postage		18,502			8,671			15,432		10,354
Registration fees		1,471			5,961			2,897		4,129
Interest expense and fees		—			4,295			—		29,932
Miscellaneous		54,023			14,391			27,198		20,165
Total expenses	$	1,770,287		$	628,993		$	1,391,970	$	638,801
Net investment income	$	4,626,057		$	2,086,294		$	3,728,758	$	2,511,276
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	2,456,612		$	10,004		$	2,612,693	$	162,494
Financial futures contracts		—			—			896,683		506,024
Net realized gain	$	2,456,612		$	10,004		$	3,509,376	$	668,518
Change in unrealized appreciation (depreciation) —
Investments	$	(1,280,851	)	$	(1,374,565	)	$	1,792,484	$	(1,590,291	)
Financial futures contracts		—			—			515,350		138,751
Net change in unrealized appreciation (depreciation)	$	(1,280,851	)	$	(1,374,565	)	$	2,307,834	$	(1,451,540	)
Net realized and unrealized gain (loss)	$	1,175,761		$	(1,364,561	)	$	5,817,210	$	(783,022	)
Net increase in net assets from operations	$	5,801,818		$	721,733		$	9,545,968	$	1,728,254

33 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Statements of Changes in Net Assets

	Six Months Ended March 31, 2021 (Unaudited)
Increase (Decrease) in Net Assets	California Opportunities Fund			Massachusetts Fund			New York Fund			Ohio Fund
From operations —
Net investment income	$	4,626,057		$	2,086,294		$	3,728,758		$	2,511,276
Net realized gain		2,456,612			10,004			3,509,376			668,518
Net change in unrealized appreciation (depreciation)		(1,280,851	)		(1,374,565	)		2,307,834			(1,451,540	)
Net increase in net assets from operations	$	5,801,818		$	721,733		$	9,545,968		$	1,728,254
Distributions to shareholders —
Class A	$	(1,373,874	)	$	(1,014,712	)	$	(7,861,607	)	$	(1,455,592	)
Class C		(164,886	)		(59,678	)		(799,041	)		(96,362	)
Class I		(4,739,623	)		(1,126,576	)		(5,623,438	)		(940,109	)
Total distributions to shareholders	$	(6,278,383	)	$	(2,200,966	)	$	(14,284,086	)	$	(2,492,063	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	13,977,736		$	6,452,226		$	20,128,732		$	10,483,646
Class C		5,531,517			792,986			1,777,162			2,148,382
Class I		161,147,887			21,719,093			35,234,222			14,390,032
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,181,808			863,050			6,998,987			1,269,354
Class C		155,990			52,404			704,408			90,139
Class I		4,181,616			904,964			4,573,414			838,017
Cost of shares redeemed
Class A		(14,500,363	)		(7,215,782	)		(12,847,264	)		(8,660,956	)
Class C		(2,951,016	)		(426,671	)		(4,903,428	)		(1,375,969	)
Class I		(56,892,202	)		(10,819,400	)		(19,489,669	)		(12,594,955	)
Net asset value of shares converted
Class A		1,149,222			1,656,967			2,837,547			1,292,130
Class C		(1,149,222	)		(1,656,967	)		(2,837,547	)		(1,292,130	)
Net increase in net assets from Fund share transactions	$	111,832,973		$	12,322,870		$	32,176,564		$	6,587,690
Net increase in net assets	$	111,356,408		$	10,843,637		$	27,438,446		$	5,823,881
Net Assets
At beginning of period	$	586,728,680		$	206,690,973		$	437,878,976		$	179,988,480
At end of period	$	698,085,088		$	217,534,610		$	465,317,422		$	185,812,361

34 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Statements of Changes in Net Assets — continued

	Year Ended September 30, 2020
Increase (Decrease) in Net Assets	California Opportunities Fund			Massachusetts Fund			New York Fund			Ohio Fund
From operations —
Net investment income	$	8,431,209		$	4,260,092		$	8,759,776		$	4,910,811
Net realized gain (loss)		1,985,246			460,741			10,832,917			(389,339	)
Net change in unrealized appreciation (depreciation)		5,412,163			1,058,785			(7,165,169	)		2,276,259
Net increase in net assets from operations	$	15,828,618		$	5,779,618		$	12,427,524		$	6,797,731
Distributions to shareholders —
Class A	$	(2,986,808	)	$	(2,418,548	)	$	(5,208,432	)	$	(2,952,797	)
Class C		(452,264	)		(205,672	)		(537,160	)		(255,331	)
Class I		(6,608,798	)		(2,051,634	)		(3,536,895	)		(1,719,234	)
Total distributions to shareholders	$	(10,047,870	)	$	(4,675,854	)	$	(9,282,487	)	$	(4,927,362	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	46,991,993		$	11,415,559		$	29,498,404		$	12,868,702
Class C		10,573,188			1,670,862			4,316,098			1,925,733
Class I		298,243,909			47,876,460			54,119,433			20,950,152
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,519,326			2,005,437			4,608,951			2,570,097
Class C		403,471			177,513			421,303			219,886
Class I		5,947,402			1,729,462			2,837,054			1,542,280
Cost of shares redeemed
Class A		(30,589,685	)		(9,169,777	)		(32,322,098	)		(14,807,589	)
Class C		(8,987,297	)		(2,621,884	)		(12,588,531	)		(3,198,897	)
Class I		(93,266,108	)		(17,130,824	)		(29,309,105	)		(9,767,980	)
Net asset value of shares converted
Class A		672,084			1,954,783			1,758,196			1,512,505
Class C		(672,084	)		(1,954,783	)		(1,758,196	)		(1,512,505	)
Net increase in net assets from Fund share transactions	$	231,836,199		$	35,952,808		$	21,581,509		$	12,302,384
Net increase in net assets	$	237,616,947		$	37,056,572		$	24,726,546		$	14,172,753
Net Assets
At beginning of year	$	349,111,733		$	169,634,401		$	413,152,430		$	165,815,727
At end of year	$	586,728,680		$	206,690,973		$	437,878,976		$	179,988,480

35 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Financial Highlights

	California Opportunities Fund — Class A
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	10.930		$	10.800		$	10.210		$	10.410		$	10.740		$	10.250
Income (Loss) From Operations
Net investment income(1)	$	0.071		$	0.203		$	0.258		$	0.263		$	0.262		$	0.302
Net realized and unrealized gain (loss)		0.039			0.177			0.590			(0.200	)		(0.332	)		0.491
Total income (loss) from operations	$	0.110		$	0.380		$	0.848		$	0.063		$	(0.070	)	$	0.793
Less Distributions
From net investment income	$	(0.071	)	$	(0.214	)	$	(0.258	)	$	(0.263	)	$	(0.260	)	$	(0.303	)
From net realized gain		(0.029	)		(0.036	)		—			—			—			—
Total distributions	$	(0.100	)	$	(0.250	)	$	(0.258	)	$	(0.263	)	$	(0.260	)	$	(0.303	)
Net asset value — End of period	$	10.940		$	10.930		$	10.800		$	10.210		$	10.410		$	10.740
Total Return(2)		1.01	%(3)		3.58	%		8.52	%		0.52	%		(0.60	)%		7.83	%
Ratios/Supplemental Data							��
Net assets, end of period (000’s omitted)	$	149,508		$	147,662		$	126,381		$	107,204		$	124,821		$	148,675
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.69	%(4)		0.71	%		0.76	%		0.77	%		0.77	%		0.78	%
Interest and fee expense(5)		—			0.01	%		0.04	%		0.07	%		0.05	%		0.04	%
Total expenses		0.69	%(4)		0.72	%		0.80	%		0.84	%		0.82	%		0.82	%
Net investment income		1.30	%(4)		1.88	%		2.47	%		2.56	%		2.53	%		2.86	%
Portfolio Turnover		66	%(3)		184	%		235	%		293	%		146	%		219	%

⁽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⁾  Annualized.

⁽⁵⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

36 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Financial Highlights — continued

	California Opportunities Fund — Class C
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	10.110		$	9.990		$	9.440		$	9.620		$	9.930		$	9.480
Income (Loss) From Operations
Net investment income(1)	$	0.028		$	0.113		$	0.166		$	0.172		$	0.170		$	0.198
Net realized and unrealized gain (loss)		0.029			0.166			0.550			(0.180	)		(0.311	)		0.459
Total income (loss) from operations	$	0.057		$	0.279		$	0.716		$	(0.008	)	$	(0.141	)	$	0.657
Less Distributions
From net investment income	$	(0.028	)	$	(0.123	)	$	(0.166	)	$	(0.172	)	$	(0.169	)	$	(0.207	)
From net realized gain		(0.029	)		(0.036	)		—			—			—			—
Total distributions	$	(0.057	)	$	(0.159	)	$	(0.166	)	$	(0.172	)	$	(0.169	)	$	(0.207	)
Net asset value — End of period	$	10.110		$	10.110		$	9.990		$	9.440		$	9.620		$	9.930
Total Return(2)		0.56	%(3)		2.83	%		7.66	%		(0.08	)%		(1.40	)%		6.98	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	30,569		$	28,977		$	27,616		$	24,437		$	30,020		$	35,006
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.44	%(4)		1.46	%		1.51	%		1.52	%		1.52	%		1.53	%
Interest and fee expense(5)		—			0.01	%		0.04	%		0.07	%		0.05	%		0.04	%
Total expenses		1.44	%(4)		1.47	%		1.55	%		1.59	%		1.57	%		1.57	%
Net investment income		0.55	%(4)		1.13	%		1.72	%		1.80	%		1.78	%		2.02	%
Portfolio Turnover		66	%(3)		184	%		235	%		293	%		146	%		219	%

⁽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⁾  Annualized.

⁽⁵⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

37 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Financial Highlights — continued

	California Opportunities Fund — Class I
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	10.940		$	10.810		$	10.210		$	10.420		$	10.750		$	10.260
Income (Loss) From Operations
Net investment income(1)	$	0.085		$	0.225		$	0.282		$	0.289		$	0.287		$	0.312
Net realized and unrealized gain (loss)		0.039			0.181			0.602			(0.210	)		(0.331	)		0.507
Total income (loss) from operations	$	0.124		$	0.406		$	0.884		$	0.079		$	(0.044	)	$	0.819
Less Distributions
From net investment income	$	(0.085	)	$	(0.240	)	$	(0.284	)	$	(0.289	)	$	(0.286	)	$	(0.329	)
From net realized gain		(0.029	)		(0.036	)		—			—			—			—
Total distributions	$	(0.114	)	$	(0.276	)	$	(0.284	)	$	(0.289	)	$	(0.286	)	$	(0.329	)
Net asset value — End of period	$	10.950		$	10.940		$	10.810		$	10.210		$	10.420		$	10.750
Total Return(2)		1.13	%(3)		3.82	%		8.79	%		0.77	%		(0.35	)%		8.09	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	518,008		$	410,090		$	195,115		$	116,940		$	118,737		$	109,169
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.45	%(4)		0.46	%		0.51	%		0.51	%		0.52	%		0.52	%
Interest and fee expense(5)		—			0.01	%		0.04	%		0.07	%		0.05	%		0.04	%
Total expenses		0.45	%(4)		0.47	%		0.55	%		0.58	%		0.57	%		0.56	%
Net investment income		1.54	%(4)		2.08	%		2.68	%		2.80	%		2.77	%		2.93	%
Portfolio Turnover		66	%(3)		184	%		235	%		293	%		146	%		219	%

⁽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⁾  Annualized.

⁽⁵⁾ Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

38 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Financial Highlights — continued

	Massachusetts Fund — Class A
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.030		$	8.980		$	8.600		$	8.890		$	9.180		$	9.030
Income (Loss) From Operations
Net investment income(1)	$	0.086		$	0.206		$	0.252		$	0.265		$	0.285		$	0.304
Net realized and unrealized gain (loss)		(0.045	)		0.071			0.382			(0.280	)		(0.292	)		0.160
Total income (loss) from operations	$	0.041		$	0.277		$	0.634		$	(0.015	)	$	(0.007	)	$	0.464
Less Distributions
From net investment income	$	(0.091	)	$	(0.227	)	$	(0.254	)	$	(0.275	)	$	(0.283	)	$	(0.314	)
Total distributions	$	(0.091	)	$	(0.227	)	$	(0.254	)	$	(0.275	)	$	(0.283	)	$	(0.314	)
Net asset value — End of period	$	8.980		$	9.030		$	8.980		$	8.600		$	8.890		$	9.180
Total Return(2)		0.45	%(3)		3.13	%		7.48	%		(0.17	)%		(0.02	)%		5.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	101,168		$	100,099		$	93,288		$	88,205		$	99,934		$	116,883
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.66	%(4)		0.68	%		0.71	%		0.72	%		0.70	%		0.72	%
Interest and fee expense(5)		0.00	%(4)(6)		0.03	%		0.05	%		0.05	%		0.06	%		0.06	%
Total expenses		0.66	%(4)		0.71	%		0.76	%		0.77	%		0.76	%		0.78	%
Net investment income		1.90	%(4)		2.30	%		2.87	%		3.03	%		3.21	%		3.31	%
Portfolio Turnover		7	%(3)		15	%		49	%		41	%		28	%		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⁾  Annualized.

⁽⁵⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

⁽⁶⁾  Amount is less than 0.005%.

39 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Financial Highlights — continued

	Massachusetts Fund — Class C
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.040		$	8.990		$	8.610		$	8.890		$	9.190		$	9.040
Income (Loss) From Operations
Net investment income(1)	$	0.052		$	0.140		$	0.186		$	0.200		$	0.219		$	0.234
Net realized and unrealized gain (loss)		(0.062	)		0.073			0.382			(0.270	)		(0.302	)		0.162
Total income (loss) from operations	$	(0.010	)	$	0.213		$	0.568		$	(0.070	)	$	(0.083	)	$	0.396
Less Distributions
From net investment income	$	(0.060	)	$	(0.163	)	$	(0.188	)	$	(0.210	)	$	(0.217	)	$	(0.246	)
Total distributions	$	(0.060	)	$	(0.163	)	$	(0.188	)	$	(0.210	)	$	(0.217	)	$	(0.246	)
Net asset value — End of period	$	8.970		$	9.040		$	8.990		$	8.610		$	8.890		$	9.190
Total Return(2)		(0.00	)%(3)(4)		2.40	%		6.55	%		(0.80	)%		(0.87	)%		4.41	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	8,514		$	9,811		$	12,518		$	14,848		$	19,219		$	24,165
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.41	%(5)		1.43	%		1.46	%		1.47	%		1.46	%		1.47	%
Interest and fee expense(6)		0.00	%(4)(5)		0.03	%		0.05	%		0.05	%		0.06	%		0.06	%
Total expenses		1.41	%(5)		1.46	%		1.51	%		1.52	%		1.52	%		1.53	%
Net investment income		1.15	%(5)		1.56	%		2.12	%		2.29	%		2.47	%		2.55	%
Portfolio Turnover		7	%(3)		15	%		49	%		41	%		28	%		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⁾  Amount is less than 0.005% or (0.005)%, as applicable.

⁽⁵⁾  Annualized.

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

40 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Financial Highlights — continued

	Massachusetts Fund — Class I
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.030		$	8.980		$	8.600		$	8.880		$	9.180		$	9.030
Income (Loss) From Operations
Net investment income(1)	$	0.095		$	0.222		$	0.268		$	0.283		$	0.302		$	0.320
Net realized and unrealized gain (loss)		(0.046	)		0.071			0.384			(0.270	)		(0.301	)		0.162
Total income from operations	$	0.049		$	0.293		$	0.652		$	0.013		$	0.001		$	0.482
Less Distributions
From net investment income	$	(0.099	)	$	(0.243	)	$	(0.272	)	$	(0.293	)	$	(0.301	)	$	(0.332	)
Total distributions	$	(0.099	)	$	(0.243	)	$	(0.272	)	$	(0.293	)	$	(0.301	)	$	(0.332	)
Net asset value — End of period	$	8.980		$	9.030		$	8.980		$	8.600		$	8.880		$	9.180
Total Return(2)		0.54	%(3)		3.31	%		7.69	%		0.15	%		0.07	%		5.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	107,853		$	96,780		$	63,829		$	40,691		$	45,551		$	44,995
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.46	%(4)		0.48	%		0.51	%		0.52	%		0.50	%		0.52	%
Interest and fee expense(5)		0.00	%(4)(6)		0.03	%		0.05	%		0.05	%		0.06	%		0.06	%
Total expenses		0.46	%(4)		0.51	%		0.56	%		0.57	%		0.56	%		0.58	%
Net investment income		2.09	%(4)		2.48	%		3.05	%		3.23	%		3.41	%		3.49	%
Portfolio Turnover		7	%(3)		15	%		49	%		41	%		28	%		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⁾  Annualized.

⁽⁵⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

⁽⁶⁾  Amount is less than 0.005%.

41 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Financial Highlights — continued

	New York Fund — Class A
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	10.470		$	10.380		$	9.800		$	10.110		$	10.390		$	10.070
Income (Loss) From Operations
Net investment income(1)	$	0.085		$	0.216		$	0.265		$	0.285		$	0.304		$	0.326
Net realized and unrealized gain (loss)		0.139			0.103			0.580			(0.311	)		(0.276	)		0.320
Total income (loss) from operations	$	0.224		$	0.319		$	0.845		$	(0.026	)	$	0.028		$	0.646
Less Distributions
From net investment income	$	(0.085	)	$	(0.229	)	$	(0.265	)	$	(0.284	)	$	(0.308	)	$	(0.326	)
From net realized gain		(0.249	)		—			—			—			—			—
Total distributions	$	(0.334	)	$	(0.229	)	$	(0.265	)	$	(0.284	)	$	(0.308	)	$	(0.326	)
Net asset value — End of period	$	10.360		$	10.470		$	10.380		$	9.800		$	10.110		$	10.390
Total Return(2)		2.15	%(3)		3.11	%		8.74	%		(0.26	)%		0.33	%		6.49	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	255,469		$	240,960		$	235,528		$	218,892		$	247,160		$	291,077
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.65	%(4)		0.67	%		0.69	%		0.70	%		0.70	%		0.70	%
Interest and fee expense		—			—			0.04	%(5)		0.09	%(5)		0.07	%(5)		0.05	%(5)
Total expenses		0.65	%(4)		0.67	%		0.73	%		0.79	%		0.77	%		0.75	%
Net investment income		1.63	%(4)		2.07	%		2.63	%		2.86	%		3.02	%		3.16	%
Portfolio Turnover		39	%(3)		125	%		114	%		75	%		56	%		38	%

⁽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⁾  Annualized.

⁽⁵⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

42 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Financial Highlights — continued

	New York Fund — Class C
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	10.470		$	10.390		$	9.800		$	10.120		$	10.390		$	10.070
Income (Loss) From Operations
Net investment income(1)	$	0.046		$	0.139		$	0.192		$	0.211		$	0.229		$	0.248
Net realized and unrealized gain (loss)		0.139			0.093			0.588			(0.321	)		(0.266	)		0.320
Total income (loss) from operations	$	0.185		$	0.232		$	0.780		$	(0.110	)	$	(0.037	)	$	0.568
Less Distributions
From net investment income	$	(0.046	)	$	(0.152	)	$	(0.190	)	$	(0.210	)	$	(0.233	)	$	(0.248	)
From net realized gain		(0.249	)		—			—			—			—			—
Total distributions	$	(0.295	)	$	(0.152	)	$	(0.190	)	$	(0.210	)	$	(0.233	)	$	(0.248	)
Net asset value — End of period	$	10.360		$	10.470		$	10.390		$	9.800		$	10.120		$	10.390
Total Return(2)		1.77	%(3)		2.25	%		8.03	%		(1.10	)%		(0.32	)%		5.69	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	25,844		$	31,347		$	40,711		$	55,817		$	66,727		$	80,371
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.40	%(4)		1.42	%		1.44	%		1.45	%		1.45	%		1.44	%
Interest and fee expense		—			—			0.04	%(5)		0.09	%(5)		0.07	%(5)		0.05	%(5)
Total expenses		1.40	%(4)		1.42	%		1.48	%		1.54	%		1.52	%		1.49	%
Net investment income		0.89	%(4)		1.33	%		1.91	%		2.11	%		2.27	%		2.40	%
Portfolio Turnover		39	%(3)		125	%		114	%		75	%		56	%		38	%

⁽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⁾  Annualized.

⁽⁵⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

43 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Financial Highlights — continued

	New York Fund — Class I
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	10.470		$	10.380		$	9.800		$	10.110		$	10.390		$	10.070
Income (Loss) From Operations
Net investment income(1)	$	0.095		$	0.236		$	0.285		$	0.305		$	0.322		$	0.342
Net realized and unrealized gain (loss)		0.140			0.103			0.580			(0.311	)		(0.274	)		0.324
Total income (loss) from operations	$	0.235		$	0.339		$	0.865		$	(0.006	)	$	0.048		$	0.666
Less Distributions
From net investment income	$	(0.096	)	$	(0.249	)	$	(0.285	)	$	(0.304	)	$	(0.328	)	$	(0.346	)
From net realized gain		(0.249	)		—			—			—			—			—
Total distributions	$	(0.345	)	$	(0.249	)	$	(0.285	)	$	(0.304	)	$	(0.328	)	$	(0.346	)
Net asset value — End of period	$	10.360		$	10.470		$	10.380		$	9.800		$	10.110		$	10.390
Total Return(2)		2.25	%(3)		3.30	%		8.96	%		(0.06	)%		0.53	%		6.70	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	184,004		$	165,573		$	136,913		$	123,119		$	126,524		$	104,643
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.45	%(4)		0.47	%		0.49	%		0.50	%		0.50	%		0.49	%
Interest and fee expense		—			—			0.04	%(5)		0.09	%(5)		0.07	%(5)		0.05	%(5)
Total expenses		0.45	%(4)		0.47	%		0.53	%		0.59	%		0.57	%		0.54	%
Net investment income		1.83	%(4)		2.27	%		2.83	%		3.06	%		3.20	%		3.31	%
Portfolio Turnover		39	%(3)		125	%		114	%		75	%		56	%		38	%

⁽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⁾  Annualized.

⁽⁵⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

44 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Financial Highlights — continued

	Ohio Fund — Class A
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.320		$	9.210		$	8.700		$	9.020		$	9.300		$	9.060
Income (Loss) From Operations
Net investment income(1)	$	0.125		$	0.262		$	0.276		$	0.283		$	0.313		$	0.329
Net realized and unrealized gain (loss)		(0.031	)		0.111			0.506			(0.324	)		(0.283	)		0.237
Total income (loss) from operations	$	0.094		$	0.373		$	0.782		$	(0.041	)	$	0.030		$	0.566
Less Distributions
From net investment income	$	(0.124	)	$	(0.263	)	$	(0.272	)	$	(0.279	)	$	(0.310	)	$	(0.326	)
Total distributions	$	(0.124	)	$	(0.263	)	$	(0.272	)	$	(0.279	)	$	(0.310	)	$	(0.326	)
Net asset value — End of period	$	9.290		$	9.320		$	9.210		$	8.700		$	9.020		$	9.300
Total Return(2)		1.01	%(3)		4.11	%		9.12	%		(0.45	)%		0.39	%		6.33	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	109,831		$	105,917		$	102,651		$	97,736		$	114,303		$	136,271
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.69	%(4)		0.69	%		0.71	%		0.71	%		0.72	%		0.71	%
Interest and fee expense(5)		0.03	%(4)		0.07	%		0.13	%		0.14	%		0.11	%		0.05	%
Total expenses		0.72	%(4)		0.76	%		0.84	%		0.85	%		0.83	%		0.76	%
Net investment income		2.67	%(4)		2.84	%		3.08	%		3.20	%		3.48	%		3.56	%
Portfolio Turnover		3	%(3)		11	%		11	%		13	%		10	%		9	%

⁽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⁾  Annualized.

⁽⁵⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

45 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

March 31, 2021

Financial Highlights — continued

	Ohio Fund — Class C
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.320		$	9.200		$	8.700		$	9.010		$	9.300		$	9.060
Income (Loss) From Operations
Net investment income(1)	$	0.090		$	0.193		$	0.209		$	0.217		$	0.245		$	0.259
Net realized and unrealized gain (loss)		(0.041	)		0.121			0.496			(0.314	)		(0.293	)		0.237
Total income (loss) from operations	$	0.049		$	0.314		$	0.705		$	(0.097	)	$	(0.048	)	$	0.496
Less Distributions
From net investment income	$	(0.089	)	$	(0.194	)	$	(0.205	)	$	(0.213	)	$	(0.242	)	$	(0.256	)
Total distributions	$	(0.089	)	$	(0.194	)	$	(0.205	)	$	(0.213	)	$	(0.242	)	$	(0.256	)
Net asset value — End of period	$	9.280		$	9.320		$	9.200		$	8.700		$	9.010		$	9.300
Total Return(2)		0.52	%(3)		3.45	%		8.19	%		(1.09	)%		(0.47	)%		5.53	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	10,339		$	10,805		$	13,233		$	19,191		$	22,210		$	24,822
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.44	%(4)		1.44	%		1.47	%		1.46	%		1.47	%		1.46	%
Interest and fee expense(5)		0.03	%(4)		0.07	%		0.13	%		0.14	%		0.11	%		0.05	%
Total expenses		1.47	%(4)		1.51	%		1.60	%		1.60	%		1.58	%		1.51	%
Net investment income		1.92	%(4)		2.09	%		2.35	%		2.45	%		2.73	%		2.80	%
Portfolio Turnover		3	%(3)		11	%		11	%		13	%		10	%		9	%

⁽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⁾  Annualized.

⁽⁵⁾  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

March 31, 2021

Financial Highlights — continued

	Ohio Fund — Class I
	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	9.330		$	9.210		$	8.710		$	9.020		$	9.310		$	9.070
Income (Loss) From Operations
Net investment income(1)	$	0.134		$	0.281		$	0.293		$	0.300		$	0.331		$	0.346
Net realized and unrealized gain (loss)		(0.041	)		0.121			0.498			(0.313	)		(0.293	)		0.239
Total income (loss) from operations	$	0.093		$	0.402		$	0.791		$	(0.013	)	$	0.038		$	0.585
Less Distributions
From net investment income	$	(0.133	)	$	(0.282	)	$	(0.291	)	$	(0.297	)	$	(0.328	)	$	(0.345	)
Total distributions	$	(0.133	)	$	(0.282	)	$	(0.291	)	$	(0.297	)	$	(0.328	)	$	(0.345	)
Net asset value — End of period	$	9.290		$	9.330		$	9.210		$	8.710		$	9.020		$	9.310
Total Return(2)		1.00	%(3)		4.43	%		9.21	%		(0.14	)%		0.48	%		6.54	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	65,642		$	63,267		$	49,932		$	35,722		$	32,065		$	20,957
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.49	%(4)		0.49	%		0.51	%		0.51	%		0.52	%		0.51	%
Interest and fee expense(5)		0.03	%(4)		0.07	%		0.13	%		0.14	%		0.11	%		0.05	%
Total expenses		0.52	%(4)		0.56	%		0.64	%		0.65	%		0.63	%		0.56	%
Net investment income		2.88	%(4)		3.04	%		3.26	%		3.39	%		3.68	%		3.73	%
Portfolio Turnover		3	%(3)		11	%		11	%		13	%		10	%		9	%

⁽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⁾  Annualized.

⁽⁵⁾  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

March 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, four of which, each non-diversified, are included in these financial statements. They include Eaton Vance California Municipal Opportunities Fund (California Opportunities Fund), Eaton Vance Massachusetts Municipal Income Fund (Massachusetts Fund), Eaton Vance New York Municipal Income Fund (New York Fund) and Eaton Vance Ohio Municipal Income Fund (Ohio Fund), (each individually referred to as the Fund, and collectively, the Funds). The investment objective of the Massachusetts Fund, New York Fund and Ohio Fund is to provide current income exempt from regular federal income tax and from particular state or local income or other taxes. The investment objective of the California Opportunities Fund is to seek to maximize after-tax total return. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase 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.

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

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

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

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

As of March 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.

48

Eaton Vance

Municipal Income Funds

March 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 10) at March 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 March 31, 2021, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:

	Massachusetts Fund		Ohio Fund
Floating Rate Notes Outstanding	$	3,701,188	$	9,215,397
Interest Rate or Range of Interest Rates (%)		0.10		0.10-0.16
Collateral for Floating Rate Notes Outstanding	$	7,651,644	$	15,780,641

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

	Massachusetts Fund			Ohio Fund
Average Floating Rate Notes Outstanding	$	3,640,000		$	9,120,000
Average Interest Rate		0.24	%		0.66	%

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

49

Eaton Vance

Municipal Income Funds

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

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

K  Interim Financial Statements — The interim financial statements relating to March 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 September 30, 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:

	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
Deferred capital losses:
Short-term	$	—	$	499,676	$	—	$	5,298,973
Long-term	$	—	$	47,684	$	—	$	4,977,725

50

Eaton Vance

Municipal Income Funds

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

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

	California Opportunities Fund			Massachusetts Fund			New York Fund			Ohio Fund
Aggregate cost	$	627,223,419		$	171,102,375		$	391,521,524		$	161,262,339
Gross unrealized appreciation	$	22,613,748		$	14,575,799		$	19,068,245		$	18,754,803
Gross unrealized depreciation		(2,431,042	)		(215,470	)		(2,232,924	)		(302,691	)
Net unrealized appreciation	$	20,182,706		$	14,360,329		$	16,835,321		$	18,452,112

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR) as compensation for investment advisory services rendered to each Fund. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and BMR became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, each Fund entered into a new investment advisory agreement (the “New Agreement”) with BMR, which took effect on March 1, 2021. Pursuant to the New Agreement (and each Fund’s investment advisory agreement with BMR in effect prior to March 1, 2021), the fee is based upon a percentage of total daily net assets plus a percentage of total daily gross income (i.e., income other than gains from the sale of securities) as presented in the following table (except for California Opportunities Fund) and is payable monthly.

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

On daily net assets of $500 million or more, the rates are reduced. For California Opportunities Fund, the annual asset rate and daily income rate are as follows: 0.30% and 3.00%, respectively, on daily net assets of up to $500 million; 0.275% and 2.75%, respectively, on daily net assets of $500 million but less than $1 billion, and at reduced rates on daily net assets of $1 billion or more.

For the six months ended March 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:

	California Opportunities Fund			Massachusetts Fund			New York Fund			Ohio Fund
Investment Adviser Fee	$	1,135,329		$	362,909		$	790,965		$	331,523
Effective Annual Rate		0.35	%		0.34	%		0.35	%		0.36	%

Eaton Vance Management (EVM), an affiliate of BMR and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley, 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

51

Eaton Vance

Municipal Income Funds

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD for the six months ended March 31, 2021 were as follows:

	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
EVM’s Sub-Transfer Agent Fees	$	306	$	351	$	434	$	150
EVD’s Class A Sales Charges	$	6,295	$	3,658	$	13,642	$	16,015

Trustees and officers of the Funds who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended March 31, 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% (0.25% for California Opportunities Fund) per annum of each Fund’s average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2021 for Class A shares amounted to the following:

	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
Class A Distribution and Service Fees	$	187,937	$	100,503	$	246,812	$	109,708

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 March 31, 2021, the Funds paid or accrued to EVD the following distribution fees:

	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
Class C Distribution Fees	$	111,812	$	33,437	$	106,636	$	37,972

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

	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
Class C Service Fees	$	37,271	$	8,916	$	28,436	$	10,126

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

52

Eaton Vance

Municipal Income Funds

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

5  Contingent Deferred Sales Charges

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

	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
Class A	$	200	$	—	$	—	$	—
Class C	$	1,000	$	—	$	3,000	$	300

6  Purchases and Sales of Investments

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

	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
Purchases	$	445,090,540	$	14,235,937	$	160,113,162	$	13,659,091
Sales	$	381,259,314	$	12,560,449	$	160,652,838	$	5,332,686

7  Shares of Beneficial Interest

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

California Opportunities Fund
	Six Months Ended March 31, 2021 (Unaudited)
	Class A			Class C			Class I
Sales		1,266,870			543,774			14,611,797
Issued to shareholders electing to receive payments of distributions in Fund shares		107,237			15,295			379,222
Redemptions		(1,318,284	)		(290,422	)		(5,159,475	)
Converted from Class C shares		103,909			—			—
Converted to Class A shares		—			(112,420	)		—
Net increase		159,732			156,227			9,831,544
	Year Ended September 30, 2020
	Class A			Class C			Class I
Sales		4,353,170			1,054,708			27,619,182
Issued to shareholders electing to receive payments of distributions in Fund shares		233,475			40,483			550,014
Redemptions		(2,847,678	)		(926,093	)		(8,744,787	)
Converted from Class C shares		62,761			—			—
Converted to Class A shares		—			(67,889	)		—
Net increase		1,801,728			101,209			19,424,409

53

Eaton Vance

Municipal Income Funds

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

Massachusetts Fund
	Six Months Ended March 31, 2021 (Unaudited)
	Class A			Class C			Class I
Sales		711,614			87,305			2,396,568
Issued to shareholders electing to receive payments of distributions in Fund shares		95,447			5,796			100,053
Redemptions		(798,446	)		(47,325	)		(1,195,409	)
Converted from Class C shares		182,943			—			—
Converted to Class A shares		—			(182,938	)		—
Net increase (decrease)		191,558			(137,162	)		1,301,212
	Year Ended September 30, 2020
	Class A			Class C			Class I
Sales		1,272,606			185,726			5,336,738
Issued to shareholders electing to receive payments of distributions in Fund shares		223,214			19,756			192,513
Redemptions		(1,020,919	)		(293,865	)		(1,925,528	)
Converted from Class C shares		218,881			—			—
Converted to Class A shares		—			(218,863	)		—
Net increase (decrease)		693,782			(307,246	)		3,603,723
New York Fund
	Six Months Ended March 31, 2021 (Unaudited)
	Class A			Class C			Class I
Sales		1,930,721			169,919			3,372,506
Issued to shareholders electing to receive payments of distributions in Fund shares		672,631			67,725			439,514
Redemptions		(1,231,148	)		(469,200	)		(1,867,612	)
Converted from Class C shares		268,290			—			—
Converted to Class A shares		—			(268,263	)		—
Net increase (decrease)		1,640,494			(499,819	)		1,944,408
	Year Ended September 30, 2020
	Class A			Class C			Class I
Sales		2,826,972			413,817			5,202,310
Issued to shareholders electing to receive payments of distributions in Fund shares		442,448			40,441			272,329
Redemptions		(3,100,933	)		(1,210,405	)		(2,841,917	)
Converted from Class C shares		169,249			—			—
Converted to Class A shares		—			(169,222	)		—
Net increase (decrease)		337,736			(925,369	)		2,632,722

54

Eaton Vance

Municipal Income Funds

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

Ohio Fund
	Six Months Ended March 31, 2021 (Unaudited)
	Class A			Class C			Class I
Sales		1,119,395			229,793			1,537,599
Issued to shareholders electing to receive payments of distributions in Fund shares		135,929			9,661			89,705
Redemptions		(927,481	)		(147,340	)		(1,345,040	)
Converted from Class C shares		137,698			—			—
Converted to Class A shares		—			(137,837	)		—
Net increase (decrease)		465,541			(45,723	)		282,264
	Year Ended September 30, 2020
	Class A			Class C			Class I
Sales		1,386,374			207,595			2,266,721
Issued to shareholders electing to receive payments of distributions in Fund shares		278,037			23,808			166,691
Redemptions		(1,614,683	)		(345,970	)		(1,070,260	)
Converted from Class C shares		163,567			—			—
Converted to Class A shares		—			(163,645	)		—
Net increase (decrease)		213,295			(278,212	)		1,363,152

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 March 31, 2021.

9  Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at March 31, 2021 is included in the Portfolio of Investments. At March 31, 2021, the Ohio and New York Funds had sufficient cash and/or securities to cover commitments under these contracts.

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Funds hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. During the six months ended March 31, 2021, the Ohio and New York Funds entered into U.S. Treasury futures contracts to hedge against changes in interest rates.

55

Eaton Vance

Municipal Income Funds

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

The fair values of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at March 31, 2021 were as follows:

	New York Fund			Ohio Fund
Asset Derivative:
Futures Contracts	$	515,350	(1)	$	136,819	(1)
Total	$	515,350		$	136,819

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statements of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended March 31, 2021 was as follows:

	New York Fund			Ohio Fund
Realized Gain (Loss) on Derivatives Recognized in Income	$	896,683	(1)	$	506,024	(1)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	$	515,350	(2)	$	138,751	(2)

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

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

The average notional cost of futures contracts outstanding during the six months ended March 31, 2021, which is indicative of the volume of this derivative type, was approximately as follows:

	New York Fund		Ohio Fund
Average Notional Cost:
Futures Contracts — Short	$	7,861,000	$	5,128,000

10  Fair Value Measurements

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

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

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

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

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

56

Eaton Vance

Municipal Income Funds

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

At March 31, 2021, the hierarchy of inputs used in valuing the Funds’ investments and open derivative instruments, which are carried at value, were as follows:

California Opportunities Fund
Asset Description	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	5,397,035	$	—	$	5,397,035
Tax-Exempt Mortgage-Backed Securities		—		2,997,278		—		2,997,278
Tax-Exempt Municipal Obligations		—		607,622,541		—		607,622,541
Taxable Municipal Obligations		—		31,389,271		—		31,389,271
Total Investments	$	—	$	647,406,125	$	—	$	647,406,125
Massachusetts Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Obligations	$	—	$	175,578,312	$	—	$	175,578,312
Taxable Municipal Obligations		—		13,585,580		—		13,585,580
Total Investments	$	—	$	189,163,892	$	—	$	189,163,892
New York Fund
Asset Description	Level 1		Level 2		Level 3*		Total
Corporate Bonds	$	—	$	2,696,153	$	—	$	2,696,153
Tax-Exempt Municipal Obligations		—		392,830,974		—		392,830,974
Taxable Municipal Obligations		—		11,440,983		—		11,440,983
Miscellaneous		—		—		873,385		873,385
Total Investments	$	—	$	406,968,110	$	873,385	$	407,841,495
Futures Contracts	$	515,350	$	—	$	—	$	515,350
Total	$	515,350	$	406,968,110	$	873,385	$	408,356,845
Ohio Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Obligations	$	—	$	188,793,029	$	—	$	188,793,029
Total Investments	$	—	$	188,793,029	$	—	$	188,793,029
Futures Contracts	$	136,819	$	—	$	—	$	136,819
Total	$	136,819	$	188,793,029	$	—	$	188,929,848

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

Level 3 investments held by the New York Fund at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended March 31, 2021 is not presented.

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Eaton Vance

Municipal Income Funds

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

11  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 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.

58

Eaton Vance

Municipal Income Funds

March 31, 2021

Joint Special Meeting of Shareholders (Unaudited)

The Funds held a Joint Special Meeting of Shareholders with certain other Eaton Vance funds on February 18, 2021 in order to approve a new investment advisory agreement with Boston Management and Research to serve as the Funds’ investment adviser (the “Proposal”). The shareholder meeting results are as follows:

	Number of Shares(1)
	For		Against		Abstain(2)		Broker Non-Votes(2)
California Municipal Opportunities Fund		27,878,654.319		502,961,035		1,713,146.610		0
Massachusetts Municipal Income Fund		12,024,356.697		434,497.631		772,728.455		0
New York Municipal Income Fund		21,354,794.011		344,738.132		1,344,918.931		0
Ohio Municipal Income Fund		9,929,539.805		190,454.009		698,260.420		0

⁽¹⁾  Fractional shares were voted proportionately.

⁽²⁾ Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on the Proposal.

59

Eaton Vance

Municipal Income Funds

March 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 California Municipal Opportunities Fund, Eaton Vance Massachusetts Municipal Income Fund, Eaton Vance New York Municipal Income Fund and Eaton Vance Ohio Municipal Income Fund.

Fund	Investment Adviser	Investment Sub-Adviser
Eaton Vance California Municipal Opportunities Fund	Boston Management and Research	None
Eaton Vance Massachusetts Municipal Income Fund
Eaton Vance New York Municipal Income Fund
Eaton Vance Ohio 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 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:

⁽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.

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Eaton Vance

Municipal Income Funds

March 31, 2021

Board of Trustees’ Contract Approval — continued

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;

• 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;

61

Eaton Vance

Municipal Income Funds

March 31, 2021

Board of Trustees’ Contract Approval — continued

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.

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

62

Eaton Vance

Municipal Income Funds

March 31, 2021

Board of Trustees’ Contract Approval — continued

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.

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.

63

Eaton Vance

Municipal Income Funds

March 31, 2021

Board of Trustees’ Contract Approval — continued

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.

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.

64

Eaton Vance

Municipal Income Funds

March 31, 2021

Board of Trustees’ Contract Approval — continued

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.

65

Eaton Vance

Municipal Income Funds

March 31, 2021

Officers and Trustees

Officers

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

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

66

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎    investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

67

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, 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, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ∎   open an account or make deposits or withdrawals from your account ∎    buy securities from us or make a wire transfer ∎   give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ∎   sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎   affiliates from using your information to market to you ∎    sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎   Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎   Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎   Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

68

Eaton Vance Funds

IMPORTANT NOTICES

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.

69

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Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7708    3.31.21

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

Item 12. Disclosure of Securities Lending Activities 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:	May 24, 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:	May 24, 2021
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	May 24, 2021