Eaton Vance Municipals Trust N-CSR Certified 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)

Deidre E. Walsh

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

September 30, 2021

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Municipal Income Funds

Annual Report

September 30, 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.

Annual Report September 30, 2021

Eaton Vance

Municipal Income Funds

Table of Contents
Management’s Discussion of Fund Performance	2
Performance and Fund Profile
AMT-Free Municipal Income Fund	4
National Municipal Income Fund	6
Endnotes and Additional Disclosures	8
Fund Expenses	9
Financial Statements	11
Report of Independent Registered Public Accounting Firm	49
Federal Tax Information	51
Liquidity Risk Management Program	52
Management and Organization	53
Privacy Notice	56
Important Notices	58

Eaton Vance

Municipal Income Funds

September 30, 2021

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

In the opening month of the 12-month period starting October 1, 2020, municipal bond prices fell and yields rose, driven in part by investor uncertainty ahead of the U.S. presidential election and Congress’ failure to pass a second COVID-19 pandemic stimulus bill — $400-$500 billion of which had been projected for state and local government assistance.

In November 2020, however, the municipal market reversed course, beginning a rally that would last through mid-February 2021. Joe Biden’s presidential victory eased the political uncertainties that had dogged investment markets through much of the fall. The announcement that two coronavirus vaccine candidates had proven more than 90% effective in late-stage trials buoyed the markets as well. In December, the beginning of the COVID-19 vaccination process and Congress’ passage of a fiscal stimulus bill added more fuel to the bond rally.

From mid-February through June 2021, however, bonds reversed course again. Municipal and Treasury yields rose and bond prices declined in anticipation of rising economic growth, driven by a new, larger federal stimulus bill and accelerating progress on vaccinating the U.S. population. In late spring and early summer, higher than expected year-over-year inflation numbers also raised investor concerns and put further upward pressure on interest rates.

By July, however, the emergence of a more contagious Delta variant of COVID-19 and breakthrough cases in vaccinated people threatened the U.S. economic rebound and diminished inflation concerns. Investors again turned to U.S. Treasurys and municipal bonds as safe-haven assets, leading bond prices to rise and interest rates to fall in July.

In the final months of the period, bond prices declined once again. A combination of wage inflation and anticipation that the U.S. Federal Reserve (the Fed) would begin tapering its monthly bond purchases — which had bolstered the economy and helped hold rates down through most of the pandemic — conspired to push municipal rates modestly higher. The Fed’s acknowledgement after its September meeting that tapering could begin as early as November put further upward pressure on municipal and Treasury interest rates as the period came to a close.

Nonetheless, demand for municipal bonds remained strong amid concerns over rising taxes for high-income earners under new legislation proposed by the Biden administration.

For the period as a whole, interest rates rose across the municipal bond yield curve, but less at the long — 30-year — end of the curve. As a result, the curve flattened. Throughout the curve, however, rates remained near historic lows. The Bloomberg Municipal Bond Index (the Index), a broad measure of the municipal bond market, returned 2.63% for the period. Municipal bonds outperformed U.S. Treasurys, as Treasury interest rates in every part of the curve rose significantly more than municipal rates. Reflecting investors’ general optimism about an economic rebound and their search for yield in a low-yield environment, high-yield municipal bonds outperformed investment-grade municipal bonds during the period.

Fund Performance

For the 12-month period ended September 30, 2021, Eaton Vance AMT-Free Municipal Income Fund Class A shares at net asset value (NAV) and Eaton Vance National Municipal Income Fund Class A shares at NAV both outperformed their common benchmark, the Index, which returned 2.63%.

In pursuing its objective, each Fund normally acquires municipal obligations with maturities of 10 years or more.

The Funds may seek to enhance tax-exempt income through the use of leveraged investments by purchasing residual interest bonds. Leveraged investments have the effect of magnifying the Funds’ exposure to their underlying investments in both up and down markets. Although municipal bond prices generally declined during the period due to rising interest rates, the use of leverage generated additional tax-exempt bond income for both Funds and, thus, enhanced their performance relative to the Index, which does not employ leverage.

Fund-Specific Results

Eaton Vance AMT-Free Municipal Income Fund returned 3.14% for Class A shares at NAV, outperforming the 2.63% return of the Index during the period.

Contributors to Fund performance versus the Index included security selections and an overweight position relative to the Index in the health care sector, which was the best-performing sector within the Index during the period. Fund performance was also supported by an overweight position in BBB rated bonds during a period when lower rated BBB bonds outperformed higher rated AAA and AA bonds. In addition, an overweight position in bonds with 12-22 years remaining to maturity helped returns during a period when longer maturity bonds generally outperformed shorter-maturity bonds.

In contrast, detractors from returns relative to the Index included an overweight position in prerefunded, or escrowed, bonds; security selections in zero-coupon bonds, which were the best-performing coupon structure within the Index during the period; and an underweight position in bonds with more than 22 years remaining to maturity.

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

Municipal Income Funds

September 30, 2021

Management’s Discussion of Fund Performance¹ — continued

Eaton Vance National Municipal Income Fund returned 2.99% for Class A shares at NAV, outperforming the 2.63% return of the Index during the period.

Contributors to performance relative to the Index included an overweight position in the transportation sector, which was the second-best performing sector within the Index during the period; security selection and an overweight position in bonds rated BBB and below, including nonrated issues; and the Fund’s allocation to taxable municipal bonds, which were not represented within the Index.

Detractors from performance versus the Index included an underweight position in the health care sector, an overweight position in AAA rated bonds, and security selections in the education sector.

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

AMT-Free Municipal Income Fund

September 30, 2021

Performance^2,3

Portfolio Manager Cynthia J. Clemson

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A at NAV		01/06/1998		03/16/1978		3.14	%		3.12	%		4.50	%
Class A with 4.75% Maximum Sales Charge		—		—		–1.74			2.12			4.00
Class C at NAV		05/02/2006		03/16/1978		2.38			2.35			3.73
Class C with 1% Maximum Sales Charge		—		—		1.38			2.35			3.73
Class I at NAV		03/16/1978		03/16/1978		3.36			3.38			4.77
Bloomberg Municipal Bond Index		—		—		2.63	%		3.26	%		3.86	%
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
						0.92	%		1.67	%		0.67	%
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						2.59	%		1.83	%		2.84	%
Taxable-Equivalent Distribution Rate						4.37			3.09			4.80
SEC 30-day Yield						0.64			–0.08			0.92
Taxable-Equivalent SEC 30-day Yield						1.07			–0.14			1.55
% Total Leverage6
Residual Interest Bond (RIB) Financing												5.05	%

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C		$10,000		09/30/2011		$14,428		N.A.
Class I		$250,000		09/30/2011		$398,519		N.A.

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

AMT-Free Municipal Income Fund

September 30, 2021

Fund Profile

Credit Quality (% of total investments)^7,8

See Endnotes and Additional Disclosures in this report.

5

Eaton Vance

National Municipal Income Fund

September 30, 2021

Performance^2,3

Portfolio Manager Craig R. Brandon, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A at NAV		04/05/1994		12/19/1985		2.99	%		3.45	%		4.84	%
Class A with 4.75% Maximum Sales Charge		—		—		–1.90			2.45			4.33
Class C at NAV		12/03/1993		12/19/1985		2.22			2.69			4.07
Class C with 1% Maximum Sales Charge		—		—		1.22			2.69			4.07
Class I at NAV		07/01/1999		12/19/1985		3.24			3.71			5.10
Bloomberg Municipal Bond Index		—		—		2.63	%		3.26	%		3.86	%
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
						0.69	%		1.44	%		0.44	%
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						2.11	%		1.35	%		2.36	%
Taxable-Equivalent Distribution Rate						3.56			2.28			3.98
SEC 30-day Yield						0.76			0.05			1.04
Taxable-Equivalent SEC 30-day Yield						1.28			0.08			1.76
% Total Leverage6
RIB Financing												2.54	%

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C		$10,000		09/30/2011		$14,902		N.A.
Class I		$250,000		09/30/2011		$411,445		N.A.

See Endnotes and Additional Disclosures in this report.

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

6

Eaton Vance

National Municipal Income Fund

September 30, 2021

Fund Profile

Credit Quality (% of total investments)^7,8

See Endnotes and Additional Disclosures in this report.

7

Eaton Vance

Municipal Income Funds

September 30, 2021

Endnotes and Additional Disclosures

¹  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

²  Bloomberg 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.

³  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.

⁴  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵  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.

⁶  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.

⁷  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.

⁸  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.

Additional Information

Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall.

Important Notice to Shareholders

Effective October 1, 2021, Cynthia J. Clemson and Julie P. Callahan are the portfolio managers of the AMT-Free Municipal Income Fund, and Craig R. Brandon and Christopher J. Eustance are the portfolio managers of the National Municipal Income Fund.

Effective August 24, 2021, the Bloomberg Barclays fixed income indices were rebranded as Bloomberg indices.

8

Eaton Vance

Municipal Income Funds

September 30, 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 (April 1, 2021 – September 30, 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 (4/1/21)		Ending Account Value (9/30/21)		Expenses Paid During Period* (4/1/21 – 9/30/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,015.80	$	4.04		0.80	%
Class C	$	1,000.00	$	1,012.00	$	7.82		1.55	%
Class I	$	1,000.00	$	1,017.80	$	2.78		0.55	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.10	$	4.05		0.80	%
Class C	$	1,000.00	$	1,017.30	$	7.84		1.55	%
Class I	$	1,000.00	$	1,022.30	$	2.79		0.55	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (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 March 31, 2021.

9

Eaton Vance

Municipal Income Funds

September 30, 2021

Fund Expenses — continued

Eaton Vance National Municipal Income Fund

	Beginning Account Value (4/1/21)		Ending Account Value (9/30/21)		Expenses Paid During Period* (4/1/21 – 9/30/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,010.50	$	3.12		0.62	%
Class C	$	1,000.00	$	1,006.70	$	6.89		1.37	%
Class I	$	1,000.00	$	1,011.70	$	1.87		0.37	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,022.00	$	3.14		0.62	%
Class C	$	1,000.00	$	1,018.20	$	6.93		1.37	%
Class I	$	1,000.00	$	1,023.20	$	1.88		0.37	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (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 March 31, 2021.

10

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2021

Portfolio of Investments

Tax-Exempt Mortgage-Backed Securities — 0.3%
Security	Principal Amount (000’s omitted)		Value
Housing — 0.3%
Washington Housing Finance Commission, Municipal Certificates, Series 2021-1, Class A, 3.50%, 12/20/35	$	1,085	$	1,253,151
Total Tax-Exempt Mortgage-Backed Securities — 0.3% (identified cost $1,227,735)			$	1,253,151
Tax-Exempt Municipal Obligations — 105.2%
Security	Principal Amount (000’s omitted)		Value
Education — 5.4%
Build NYC Resource Corp., NY, (New World Preparatory Charter School), 4.00%, 6/15/41(1)	$	245	$	268,716
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall):
4.00%, 7/1/38		315		373,297
4.00%, 7/1/39		380		449,160
4.00%, 7/1/42		860		1,008,720
5.00%, 7/1/32		175		227,064
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/46		5,000		5,836,000
Connecticut Health and Educational Facilities Authority, (Sacred Heart University):
4.00%, 7/1/45		875		993,598
5.00%, 7/1/40		900		1,127,421
District of Columbia, (KIPP DC):
4.00%, 7/1/39		100		113,082
4.00%, 7/1/44		100		111,639
4.00%, 7/1/49		135		149,637
Erie Higher Education Building Authority, PA, (Gannon University):
5.00%, 5/1/22		100		102,504
5.00%, 5/1/24		120		132,449
5.00%, 5/1/26		125		146,191
5.00%, 5/1/30		390		491,989
Florida Development Finance Corp., (River City Science Academy), 4.00%, 7/1/45		200		212,864
Pennsylvania Higher Educational Facilities Authority, (Drexel University), 5.00%, 5/1/37		1,750		2,131,762
Pima County Community College District, AZ, 5.00%, 7/1/35		725		894,186
University of California, 5.25%, 5/15/35		3,555		4,000,157
			$	18,770,436

Security	Principal Amount (000’s omitted)		Value
Electric Utilities — 3.6%
Delaware Municipal Electric Corp., (Beasley Power Station):
4.00%, 7/1/35	$	310	$	372,685
5.00%, 7/1/32		470		617,773
5.00%, 7/1/33		400		522,608
5.00%, 7/1/34		440		572,779
Florida Municipal Power Agency, 3.00%, 10/1/33		1,750		1,907,570
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.00%, 5/15/40		1,000		1,239,160
New York Power Authority:
4.00%, 11/15/45		2,285		2,670,388
4.00%, 11/15/50		715		830,480
Northern Municipal Power Agency, MN:
5.00%, 1/1/31		200		238,292
5.00%, 1/1/35		170		201,455
5.00%, 1/1/36		160		188,934
Utility Debt Securitization Authority, NY, 5.00%, 12/15/33		2,895		3,193,330
			$	12,555,454
Escrowed / Prerefunded — 5.7%
Foothill-De Anza Community College District, CA:
Prerefunded to 8/1/24, 5.00%, 8/1/34	$	1,150	$	1,304,019
Prerefunded to 8/1/24, 5.00%, 8/1/36		1,150		1,304,019
Henrico County Economic Development Authority, VA, (Bon Secours Health System, Inc.), Prerefunded to 11/1/22, 5.00%, 11/1/30		1,185		1,246,312
New Jersey Turnpike Authority, Prerefunded to 7/1/22, 5.00%, 1/1/30		3,060		3,170,650
North Carolina Capital Facilities Finance Agency, (Duke University), Prerefunded to 10/1/25, 5.00%, 10/1/41		1,480		1,748,028
Oklahoma Development Finance Authority, (St. John Health System), Prerefunded to 2/15/22, 5.00%, 2/15/34		2,035		2,070,796
Savannah Economic Development Authority, GA, Escrowed to Maturity, 0.00%, 12/1/21		6,000		5,998,560
West Virginia University, Prerefunded to 10/1/22, 5.00%, 10/1/31		3,000		3,145,020
			$	19,987,404
General Obligations — 17.5%
California:
4.00%, 10/1/37	$	1,000	$	1,205,830
5.00%, 4/1/35		2,125		2,359,430
5.25%, 10/1/29		560		560,874
5.25%, 10/1/32		3,480		3,485,429
Carrollton-Farmers Branch Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/41		1,000		1,091,090

11 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Chandler Unified School District No. 80, AZ:
4.00%, 7/1/32	$	450	$	551,502
4.00%, 7/1/33		1,000		1,221,420
Chicago Board of Education, IL:
5.00%, 12/1/21		230		231,691
5.00%, 12/1/42		260		270,067
5.00%, 12/1/44		1,405		1,657,422
Chicago, IL:
5.00%, 1/1/39		1,400		1,684,200
5.00%, 1/1/44		1,490		1,774,530
District of Columbia, 5.00%, 6/1/37(2)		7,000		8,502,760
Fennville Public Schools, MI, 4.00%, 5/1/34		1,000		1,143,090
Gallatin County School District No. 44, MT, 4.00%, 6/1/35		520		602,992
Illinois:
4.00%, 6/1/33		1,000		1,102,900
4.00%, 11/1/40		1,000		1,124,610
5.00%, 5/1/35		2,000		2,183,480
5.50%, 5/1/39		205		259,376
5.75%, 5/1/45		210		265,967
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/31		4,470		4,921,470
Lane Community College, OR, 4.00%, 6/15/37		5,345		6,383,266
Lodi Unified School District, CA, (Election of 2016), 4.00%, 8/1/33		1,250		1,454,400
New York, NY, 4.00%, 8/1/42(2)		7,000		8,103,550
Prince George’s County, MD, 4.00%, 7/1/32		1,000		1,252,940
Salem-Keizer School District No. 24J, OR, 0.00%, 6/15/24		1,220		1,207,410
Springfield School District No. 19, OR, 5.00%, 6/15/30		1,085		1,259,859
Union R-XI School District, MO, 5.00%, 3/1/38		2,100		2,392,677
University of Connecticut, 5.00%, 2/15/32		650		716,443
Washington, 5.00%, 6/1/38		710		906,989
Will County, IL, Green Bonds:
4.00%, 11/15/32		750		903,322
4.00%, 11/15/33		535		642,091
			$	61,423,077
Hospital — 12.4%
Brookhaven Development Authority, GA, (Children’s Healthcare of Atlanta), 4.00%, 7/1/49	$	2,000	$	2,294,260
California Health Facilities Financing Authority, (St. Joseph Health System):
5.00%, 7/1/33		1,720		1,860,558
5.00%, 7/1/37		2,300		2,486,277
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.25%, 12/1/34		3,000		3,399,270

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Chattanooga Health, Educational and Housing Facility Board, TN, (CommonSpirit Health), 4.00%, 8/1/37	$	1,250	$	1,440,150
Colorado Health Facilities Authority, (AdventHealth Obligated Group), 3.00%, 11/15/51		4,200		4,431,672
Colorado Health Facilities Authority, (Vail Valley Medical Center), 5.00%, 1/15/35		2,000		2,304,020
Delaware Health Facilities Authority, (Beebe Medical Center):
5.00%, 6/1/36		3,730		4,509,123
5.00%, 6/1/37		1,000		1,205,910
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/50		520		580,460
Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31		2,110		2,393,605
Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 11/15/47		3,000		3,570,450
Mobile Infirmary Health System Special Care Facilities Financing Authority, AL, (Infirmary Health System, Inc.), 3.00%, 2/1/46		1,000		1,030,280
Montana Facility Finance Authority, (Bozeman Deaconess Health Services Obligated Group), 4.00%, 6/1/39		1,070		1,260,610
Ohio, (University Hospitals Health Systems, Inc.), 5.00%, 1/15/36		2,500		2,901,850
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System):
5.00%, 8/15/23(3)		500		527,570
5.00%, 8/15/24(3)		550		602,256
5.00%, 8/15/25(3)		500		565,655
5.00%, 8/15/26(3)		600		698,256
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(2)		5,000		5,477,600
			$	43,539,832
Housing — 1.0%
Cuyahoga Metropolitan Housing Authority, OH, 2.00%, 12/1/31	$	1,250	$	1,257,387
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University):
5.00%, 7/1/37		500		593,800
5.00%, 7/1/42		1,250		1,472,425
Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(4)		285		285,000
			$	3,608,612
Insured – Education — 1.0%
Northern Illinois University, IL, (BAM), 5.00%, 4/1/31	$	950	$	1,208,685

12 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Education (continued)
Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31	$	1,750	$	2,228,747
			$	3,437,432
Insured – Electric Utilities — 1.8%
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/29	$	2,865	$	2,535,439
Philadelphia, PA, Gas Works Revenue, (AGM), 4.00%, 8/1/45		1,000		1,155,730
Texas Municipal Power Agency, (AGM), 2.00%, 9/1/33		2,790		2,761,235
			$	6,452,404
Insured – Escrowed / Prerefunded — 1.4%
Detroit, MI, Sewage Disposal System, (AGM), Prerefunded to 7/1/22, 5.00%, 7/1/39	$	4,825	$	4,999,472
			$	4,999,472
Insured – General Obligations — 2.4%
Atlantic City, NJ, (AGM), 4.00%, 3/1/42	$	145	$	161,223
Chicago Board of Education, IL, (AGM), 5.00%, 12/1/24		505		572,958
McCook, IL:
(AGM), 4.00%, 12/1/29		240		282,826
(AGM), 4.00%, 12/1/30		200		234,216
(AGM), 4.00%, 12/1/33		500		580,130
(AGM), 4.00%, 12/1/34		190		219,872
Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38		1,500		1,698,990
Santa Rosa Elementary School District, CA, (Election of 2014), (BAM), 4.00%, 8/1/39		1,005		1,190,995
Santa Rosa High School District, CA, (Election of 2014), (BAM), 4.00%, 8/1/39		1,135		1,346,893
Yonkers, NY:
(AGM), 4.00%, 2/15/35		800		957,416
(AGM), 5.00%, 2/15/31		810		1,068,746
			$	8,314,265
Insured – Housing — 0.1%
California Municipal Finance Authority, (CHF-Davis II, LLC - Orchard Park Student Housing), Green Bonds:
(BAM), 3.00%, 5/15/51	$	90	$	93,957
(BAM), 4.00%, 5/15/46		90		104,326
			$	198,283

Security	Principal Amount (000’s omitted)		Value
Insured – Lease Revenue / Certificates of Participation — 2.1%
Anaheim Public Financing Authority, CA, (Anaheim Public Improvements), (AGM), 0.00%, 9/1/31	$	8,680	$	7,268,719
			$	7,268,719
Insured – Other Revenue — 2.0%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	10,600	$	6,468,226
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGM), 3.00%, 3/1/38		555		599,539
			$	7,067,765
Insured – Special Tax Revenue — 3.4%
Massachusetts, Dedicated Tax Revenue:
(NPFG), 5.50%, 1/1/27	$	6,000	$	7,390,620
(NPFG), 5.50%, 1/1/30		2,565		3,375,514
Successor Agency to San Francisco City and County Redevelopment Agency, CA, (NPFG), 5.00%, 8/1/43		1,100		1,283,205
			$	12,049,339
Insured – Transportation — 7.4%
Chicago, IL, (O’Hare International Airport):
(AGM), 5.00%, 1/1/28	$	1,000	$	1,056,790
(AGM), 5.125%, 1/1/31		1,000		1,058,340
(AGM), 5.25%, 1/1/32		785		832,014
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39		7,120		3,415,108
Metropolitan Transportation Authority, NY, Green Bonds:
(AGM), 4.00%, 11/15/46		1,195		1,370,641
(AGM), 5.00%, 11/15/41		1,500		1,868,475
(AGM), 5.00%, 11/15/44		1,675		2,041,456
Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38		11,000		14,391,080
			$	26,033,904
Insured – Water and Sewer — 0.7%
Michigan Finance Authority, (Detroit Water and Sewerage Department):
(AGM), 5.00%, 7/1/32	$	655	$	734,419
(AGM), 5.00%, 7/1/33		565		633,179
(AGM), 5.00%, 7/1/35		280		313,216
(AGM), 5.00%, 7/1/37		565		630,879
			$	2,311,693
Lease Revenue / Certificates of Participation — 3.0%
Hudson Yards Infrastructure Corp., NY, 4.00%, 2/15/44	$	1,155	$	1,297,770

13 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
New Jersey Economic Development Authority, (School Facilities Construction):
4.00%, 6/15/34	$	500	$	591,750
4.00%, 6/15/35		400		472,348
4.00%, 6/15/38		600		700,944
4.00%, 6/15/39		650		757,568
4.00%, 6/15/40		700		814,597
4.00%, 6/15/46		315		361,390
5.00%, 6/15/37		3,000		3,704,940
Palm Beach County, FL, Public Improvement Revenue, 4.00%, 12/1/38		1,430		1,733,289
			$	10,434,596
Other Revenue — 0.4%
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(4)	$	1,200	$	216,000
Mercer County Improvement Authority, NJ, 4.00%, 3/15/40		935		1,085,189
			$	1,301,189
Senior Living / Life Care — 5.0%
California Public Finance Authority, (Enso Village), Green Bonds:
2.375%, 11/15/28(1)	$	140	$	141,564
5.00%, 11/15/36(1)		140		164,447
Manhattan, KS, (Meadowlark Hills), 4.00%, 6/1/46		1,150		1,248,958
National Finance Authority, NH, (The Vista):
5.25%, 7/1/39(1)		265		277,839
5.625%, 7/1/46(1)		360		380,509
5.75%, 7/1/54(1)		775		821,027
New Hope Cultural Education Facilities Finance Corp., TX, (Westminster):
4.00%, 11/1/49		535		602,212
4.00%, 11/1/55		750		840,098
North Carolina Medical Care Commission, (EveryAge), 4.00%, 9/1/41(3)		840		949,015
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton):
7.25%, 6/1/39		570		600,039
7.50%, 6/1/49		2,690		2,833,727
Saint Louis County Industrial Development Authority, MO, (St. Andrew’s Resources for Seniors Obligated Group), 5.00%, 12/1/35		1,700		1,869,626
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe):
4.00%, 12/1/38(3)		445		492,508
4.00%, 12/1/46(3)		415		449,955

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe): (continued)
4.00%, 12/1/56(3)	$	355	$	379,126
6.00%, 12/1/32		160		161,462
6.25%, 12/1/42		660		666,290
Washington Housing Finance Commission, (Horizon House):
5.00%, 1/1/32(1)		1,575		1,821,740
5.00%, 1/1/38(1)		2,325		2,670,541
Washington Housing Finance Commission, (Transforming Age), 5.00%, 1/1/34(1)		245		280,660
			$	17,651,343
Special Tax Revenue — 5.7%
Connecticut, Special Tax Revenue, 4.00%, 5/1/36	$	3,500	$	4,158,665
Illinois, Sales Tax Revenue, 4.00%, 6/15/33		250		297,998
Jacksonville, FL, Special Revenue, 4.00%, 10/1/41		1,640		1,950,304
Jurupa Public Financing Authority, CA, 5.00%, 9/1/31		1,200		1,343,892
Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/40		115		131,460
New York City Transitional Finance Authority, NY, Future Tax Revenue:
4.00%, 11/1/38		2,490		2,922,189
4.00%, 5/1/41		3,325		3,850,782
New York Dormitory Authority, Personal Income Tax Revenue, 4.00%, 3/15/36		1,500		1,788,180
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/34		2,065		2,462,802
Washington Convention and Sports Authority, D.C., Dedicated Tax Revenue, 4.00%, 10/1/38		1,000		1,181,760
			$	20,088,032
Transportation — 16.3%
Central Texas Regional Mobility Authority, 5.00%, 1/1/45	$	1,550	$	1,901,571
Charlotte, NC, (Charlotte Douglas International Airport):
4.00%, 7/1/35		1,500		1,822,800
4.00%, 7/1/36		1,790		2,165,560
Chicago, IL, (O’Hare International Airport):
4.00%, 1/1/35		2,500		2,946,075
4.00%, 1/1/36		2,750		3,225,557
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport):
5.25%, 11/1/30		1,100		1,210,594
5.25%, 11/1/31		1,455		1,600,646
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43		1,100		1,186,834

14 See Notes to Financial Statements.

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Memphis-Shelby County Airport Authority, TN:
4.00%, 7/1/37	$	500	$	590,880
4.00%, 7/1/38		375		442,065
4.00%, 7/1/39		500		587,900
Miami-Dade County, FL, Aviation Revenue, 5.00%, 10/1/33		2,650		3,000,250
Miami-Dade County, FL, Seaport Revenue, 4.00%, 10/1/43		2,000		2,343,580
New Jersey Transportation Trust Fund Authority, (Transportation Program):
3.00%, 6/15/50		120		123,304
4.00%, 6/15/39		2,750		3,205,097
4.00%, 6/15/40		1,665		1,937,577
New Orleans Aviation Board, LA, 5.00%, 1/1/43		1,555		1,854,617
New York Thruway Authority:
5.00%, 1/1/38		2,000		2,522,820
5.00%, 1/1/46		875		1,011,395
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport):
4.00%, 12/1/40		3,000		3,433,620
4.00%, 12/1/41		2,900		3,284,279
North Texas Tollway Authority, 4.00%, 1/1/39		2,530		2,991,067
Philadelphia, PA, Airport Revenue, 4.00%, 7/1/40		5,000		5,861,700
San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/34		5,235		5,895,448
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project):
4.00%, 12/31/37		275		318,665
4.00%, 12/31/38		510		589,596
4.00%, 12/31/39		265		305,609
5.00%, 12/31/35		355		445,035
Texas Transportation Commission, 0.00%, 8/1/40		1,000		482,970
			$	57,287,111
Water and Sewer — 6.9%
Atlanta, GA, Water and Wastewater Revenue, 5.00%, 11/1/35(2)	$	6,990	$	8,618,320
Carroll County Water Authority, GA, 4.00%, 7/1/31		345		428,594
Eastern Municipal Water District Financing Authority, CA, 5.00%, 7/1/36		1,000		1,306,860
Fulton County, GA, Water and Sewerage Revenue, 4.00%, 1/1/32		1,375		1,669,676
New York City Municipal Water Finance Authority, NY, (Water and Sewer System):
4.00%, 6/15/41		4,000		4,670,240
5.00%, 6/15/48		4,400		5,277,580
Phoenix Civic Improvement Corp., AZ, Water System Revenue, 4.00%, 7/1/42		1,000		1,198,890

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
San Diego Public Facilities Financing Authority, CA, Water Revenue, 4.00%, 8/1/40	$	1,000	$	1,189,990
			$	24,360,150
Total Tax-Exempt Municipal Obligations — 105.2% (identified cost $343,801,486)			$	369,140,512
Total Investments — 105.5% (identified cost $345,029,221)			$	370,393,663
Other Assets, Less Liabilities — (5.5)%			$	(19,394,765	)
Net Assets — 100.0%			$	350,998,898

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

At September 30, 2021, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

New York	15.8%
California	12.7%
Others, representing less than 10% individually	77.0%

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 September 30, 2021, 21.1% 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 1.1% to 14.6% 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 September 30, 2021, the aggregate value of these securities is $6,827,043 or 1.9% of the Fund’s net assets.

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

⁽³⁾  When-issued/delayed delivery security.

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

Abbreviations:

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

15 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2021

Portfolio of Investments

Corporate Bonds — 0.6%
Security	Principal Amount (000’s omitted)		Value
Education — 0.3%
Chapman University:
1.371%, 4/1/26	$	4,425	$	4,399,448
1.56%, 4/1/27		4,995		4,955,163
1.867%, 4/1/29		5,160		5,110,113
			$	14,464,724
Hospital — 0.2%
Tower Health, 4.451%, 2/1/50	$	8,870	$	7,959,317
			$	7,959,317
Other Revenue — 0.1%
YMCA of Greater New York, 2.303%, 8/1/26	$	2,590	$	2,600,590
			$	2,600,590
Total Corporate Bonds — 0.6% (identified cost $25,068,668)			$	25,024,631
Tax-Exempt Municipal Obligations — 94.7%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 2.7%
Connecticut, (State Revolving Fund), Green Bonds, 5.00%, 3/1/28	$	10,000	$	11,539,800
Illinois Finance Authority, (Revolving Fund), Green Bonds, 4.00%, 7/1/32		11,480		14,085,730
Iowa Finance Authority, (State Revolving Fund), 5.00%, 8/1/32		12,000		13,031,280
New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds, 5.00%, 8/15/44		11,890		15,029,673
Ohio Water Development Authority, Water Pollution Control Loan Fund, 5.00%, 6/1/29		30,000		38,526,300
Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		11,145		14,403,687
Texas Water Development Board, (State Revolving Fund), 4.00%, 8/1/36		3,000		3,643,020
			$	110,259,490
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

Security	Principal Amount (000’s omitted)		Value
Education — 6.7%
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University), 5.00%, 8/1/27	$	3,335	$	4,126,696
Arizona Industrial Development Authority, (Somerset Academy of Las Vegas), 4.00%, 12/15/41(2)		600		654,228
Build NYC Resource Corp., NY, (New World Preparatory Charter School):
4.00%, 6/15/51		400		431,676
4.00%, 6/15/56		300		322,452
California State University, 3.00%, 11/1/38		600		655,566
Connecticut Health and Educational Facilities Authority, (Trinity College):
4.00%, 6/1/39		1,695		2,023,135
4.00%, 6/1/40		1,760		2,095,491
5.00%, 6/1/37		400		522,296
5.00%, 6/1/38		500		651,090
Connecticut Health and Educational Facilities Authority, (Yale University), 5.00%, 7/1/27		5,000		6,205,800
District of Columbia, (District of Columbia International School), 5.00%, 7/1/49		2,290		2,705,910
Douglas County, NE, (Creighton University), 4.00%, 7/1/46		6,500		7,666,945
Erie Higher Education Building Authority, PA, (Gannon University), 4.00%, 5/1/41		460		525,122
Florida Development Finance Corp., (River City Science Academy), 4.00%, 7/1/45		400		425,728
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 4.75%, 6/1/38(2)		2,245		2,637,201
Georgia Private Colleges and Universities Authority, (Mercer University):
5.00%, 10/1/27		535		656,996
5.00%, 10/1/28		470		590,010
Kentucky Bond Development Corp., (Centre College):
3.00%, 6/1/39		285		306,649
3.00%, 6/1/41		380		406,630
4.00%, 6/1/40		210		246,819
Louisiana Public Facilities Authority, (Loyola University), 4.00%, 10/1/41		650		749,340
Maryland Health and Higher Educational Facilities Authority, (Loyola University Maryland):
5.00%, 10/1/22		500		523,265
5.00%, 10/1/23		500		546,170
5.00%, 10/1/24		500		567,045
Maryland Health and Higher Educational Facilities Authority, (Stevenson University):
4.00%, 6/1/36		400		467,316
4.00%, 6/1/38		500		581,160
4.00%, 6/1/40		500		577,685
4.00%, 6/1/46		1,000		1,135,550
5.00%, 6/1/28		200		246,144
5.00%, 6/1/30		350		444,969

16 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Massachusetts Development Finance Agency, (Harvard University), 5.00%, 7/15/34	$	18,855	$	22,524,749
Michigan Building Authority, 4.00%, 10/15/40		6,900		8,283,933
Michigan State University, 5.00%, 2/15/31		1,200		1,519,884
New Jersey Educational Facilities Authority, (Princeton University):
5.00%, 3/1/31		5,765		7,764,302
5.00%, 3/1/32		6,730		9,032,939
5.00%, 7/1/33		4,370		5,367,409
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38		18,310		22,718,499
New York Dormitory Authority, (New York University), 4.00%, 7/1/40		7,000		8,394,540
New York Dormitory Authority, (Rockefeller University):
5.00%, 7/1/35		2,750		3,537,957
5.00%, 7/1/53		15,000		19,042,650
Purdue University, IN:
5.00%, 7/1/31		1,000		1,317,490
5.00%, 7/1/35		685		891,493
5.00%, 7/1/36		1,500		1,945,905
San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 4.00%, 4/1/51		3,500		3,920,735
Swarthmore Borough Authority, PA, (Swarthmore College), 4.00%, 9/15/49		6,000		7,075,500
Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute), 5.00%, 9/1/39		6,000		7,570,440
University of California:
5.25%, 5/15/36		5,720		6,429,852
5.25%, 5/15/37		13,000		14,602,380
5.25%, 5/15/38		7,700		8,640,555
University of Nebraska Facilities Corp., 5.00%, 7/15/31		725		979,221
University of Virginia:
5.00%, 4/1/38		13,205		15,948,867
5.00%, 4/1/39		40,970		49,399,987
Waco Education Finance Corp., TX, (Baylor University), 4.00%, 3/1/36		1,000		1,179,620
			$	267,783,991
Electric Utilities — 4.6%
Energy Northwest, WA, 4.00%, 7/1/42	$	7,735	$	9,235,203
Los Angeles Department of Water & Power, CA, Power System Revenue:
5.00%, 7/1/38		6,130		7,778,970
5.00%, 7/1/42		1,870		2,250,134
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.00%, 5/15/45		1,500		1,838,790

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
New Smyrna Beach Utilities Commission, FL:
4.00%, 10/1/41	$	435	$	513,391
4.00%, 10/1/42		300		352,833
New York Power Authority, 4.00%, 11/15/55		21,475		24,834,120
Omaha Public Power District, NE, 5.00%, 2/1/39		10,805		12,284,961
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/28		6,025		6,836,748
Sacramento Municipal Utility District, CA:
5.00%, 8/15/35		1,000		1,311,980
5.00%, 8/15/37		8,800		11,493,064
5.00%, 8/15/38		11,000		14,331,240
Green Bonds, 4.00%, 8/15/40		6,200		7,427,910
San Antonio, TX, Electric and Gas Systems Revenue, 4.00%, 2/1/30		2,000		2,454,520
Utility Debt Securitization Authority, NY:
5.00%, 12/15/30(3)		22,500		24,834,375
5.00%, 12/15/31(3)		27,500		30,346,525
5.00%, 12/15/33		10,000		11,802,800
5.00%, 12/15/40		13,260		16,336,320
			$	186,263,884
Escrowed / Prerefunded — 2.7%
Columbia, SC, Waterworks and Sewer System Revenue, Prerefunded to 2/1/29, 5.00%, 2/1/49	$	2,340	$	3,009,006
Detroit, MI, Sewage Disposal System, Prerefunded to 7/1/22, 5.25%, 7/1/39		22,500		23,355,225
Michigan Finance Authority, (Detroit Water and Sewerage Department), Prerefunded to 7/1/22, 5.00%, 7/1/44		8,090		8,382,535
New Jersey Turnpike Authority, Prerefunded to 7/1/24, 5.00%, 1/1/31		10,000		11,291,100
Rutgers State University, NJ, Prerefunded to 5/1/23, 5.00%, 5/1/43(3)		37,000		39,797,200
Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33		9,170		10,483,144
Unified Government of Wyandotte County/Kansas City, KS, Utility System Revenue, Prerefunded to 9/1/22, 5.00%, 9/1/32		10,000		10,438,100
University of California, Prerefunded to 5/15/24, 5.25%, 5/15/36		1,360		1,535,902
			$	108,292,212
General Obligations — 20.1%
Anaheim Union High School District, CA, (Election of 2014):
4.00%, 8/1/30	$	2,070	$	2,413,516
4.00%, 8/1/31		2,295		2,661,948

17 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Antelope Valley Community College District, CA, (Election of 2016), 4.00%, 8/1/45	$	2,500	$	2,944,500
Belmont, MA, 4.00%, 3/15/32		3,030		3,589,217
Cabrillo Unified School District, CA, (Election of 2018), 5.00%, 8/1/50		10,355		12,717,493
California:
0.48%, (SIFMA + 0.43%), 12/1/23 (Put Date), 12/1/29(4)		15,000		15,034,200
4.00%, 3/1/38		8,425		10,001,486
4.00%, 10/1/41		5,000		5,955,800
5.00%, 9/1/27		500		623,235
5.00%, 9/1/28		1,500		1,910,580
5.00%, 9/1/29		1,500		1,951,560
5.00%, 3/1/35		23,410		30,100,812
5.00%, 3/1/35		5,000		6,429,050
Centennial School District No. 28Jt, OR, 5.00%, 6/15/45		10,000		12,647,400
Chester County, PA:
4.00%, 7/15/39		400		468,848
4.00%, 7/15/40		500		584,965
Chicago Board of Education, IL:
5.00%, 12/1/21		1,980		1,994,553
5.00%, 12/1/22		400		420,872
5.00%, 12/1/30		1,435		1,830,615
5.00%, 12/1/42		2,770		2,877,254
5.00%, 12/1/44		15,110		17,824,663
Chicago, IL:
5.00%, 1/1/39		2,100		2,526,300
5.00%, 1/1/40		1,500		1,801,215
Clackamas Community College District, OR:
5.00%, 6/15/38		760		919,433
5.00%, 6/15/39		1,000		1,207,670
5.00%, 6/15/40		1,250		1,507,362
Collin County Community College District, TX, 4.00%, 8/15/37		1,000		1,193,900
Collin County, TX, 4.00%, 2/15/36		5,705		6,705,086
Connecticut:
3.00%, 1/15/33		7,000		7,822,920
4.00%, 1/15/37		15,000		17,643,300
Desert Community College District, CA, 5.00%, 8/1/37		5,350		6,326,482
District of Columbia:
5.00%, 10/15/30		4,000		5,139,440
5.00%, 10/15/32		10,000		12,762,600
Eagle Mountain-Saginaw Independent School District, TX, (PSF Guaranteed):
4.00%, 8/15/34		2,700		3,275,316
4.00%, 8/15/35		1,150		1,391,213
4.00%, 8/15/36		1,350		1,626,831

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Forney Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/33	$	500	$	561,090
Garden City Public Schools, MI:
4.00%, 5/1/43		1,560		1,832,064
5.00%, 5/1/35		1,060		1,353,472
5.00%, 5/1/46		3,505		4,424,992
Glendale Community College District, CA, (Election of 2016), 4.00%, 8/1/50		14,950		17,324,359
Hall County School District, GA, 4.00%, 2/1/38		1,500		1,820,610
Hawaii, 5.00%, 1/1/34		13,700		16,901,827
Hennepin County Regional Railroad Authority, MN, 5.00%, 12/1/30		4,040		5,127,164
Hermiston School District No. 8R, OR:
0.00%, 6/15/42		6,475		3,583,524
0.00%, 6/15/45		4,595		2,250,907
Hillsboro School District No. 1J, OR:
4.00%, 6/15/39		5,500		6,550,060
4.00%, 6/15/40		2,500		2,970,800
Howard County, MD:
4.00%, 8/15/35		2,065		2,517,297
4.00%, 8/15/36		6,610		8,014,228
4.00%, 8/15/37		5,000		6,043,700
4.00%, 8/15/38		1,245		1,499,964
Hudsonville Public Schools, MI:
4.00%, 5/1/37		1,500		1,787,565
4.00%, 5/1/39		1,060		1,256,948
4.00%, 5/1/44		1,975		2,314,246
Illinois:
5.00%, 2/1/24		10,705		11,814,359
5.00%, 11/1/24		11,295		12,795,767
5.00%, 2/1/27		18,500		20,268,415
5.00%, 2/1/29		15,000		17,721,300
5.00%, 5/1/39		10,000		10,876,300
5.25%, 7/1/30		6,150		6,588,741
5.50%, 5/1/39		870		1,100,768
5.75%, 5/1/45		890		1,127,194
Johnson County, KS, 3.00%, 9/1/30		1,620		1,862,595
Kane, Cook and DuPage Counties School District No. 46, IL:
5.00%, 1/1/29		1,920		2,114,381
5.00%, 1/1/30		4,105		4,520,590
Lake Washington School District No. 414, WA, 4.00%, 12/1/28		10,000		12,126,900
Lodi Unified School District, CA, (Election of 2016):
4.00%, 8/1/36		1,250		1,445,675
4.00%, 8/1/39		2,935		3,375,338

18 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Massachusetts:
5.00%, 7/1/35	$	10,000	$	11,583,300
5.00%, 3/1/37		10,900		12,061,940
Memphis, TN, 4.00%, 5/1/46		1,305		1,545,420
Minnesota, 4.00%, 9/1/39		15,000		18,339,000
Mississippi, 4.00%, 6/1/33		1,000		1,225,280
New Jersey:
3.00%, 6/1/32		12,500		14,061,875
5.00%, 6/1/25		5,000		5,804,600
5.00%, 6/1/27		4,000		4,909,000
5.00%, 6/1/29		3,000		3,842,130
New Orleans, LA, 5.00%, 12/1/46		10,000		12,548,700
New York, NY:
4.00%, 8/1/38		3,590		4,206,475
4.00%, 8/1/42(3)		28,000		32,414,200
Novi Community School District, MI:
5.00%, 5/1/41		1,100		1,405,558
5.00%, 5/1/42		1,700		2,175,762
5.00%, 5/1/43		1,150		1,467,802
Ocean City, NJ, 2.25%, 9/15/32		1,760		1,839,446
Oklahoma City, OK:
4.00%, 3/1/30		160		197,882
4.00%, 3/1/31		315		393,939
Oxnard Union High School District, CA, (Election of 2018), 5.00%, 8/1/43		3,750		4,403,100
Park City, UT, 4.00%, 2/1/31		3,490		4,180,531
Pflugerville, TX, 4.00%, 8/1/34		495		594,668
Piscataway Township, NJ:
2.00%, 10/15/36		1,600		1,577,744
3.00%, 10/15/32		1,610		1,826,577
Port of Houston Authority, TX, 3.00%, 10/1/39		1,325		1,462,734
Portland, OR:
2021 Series A, 5.00%, 6/1/26		2,665		3,211,858
2021 Series B, 5.00%, 6/1/26		975		1,175,070
Prince George’s County, MD, 4.00%, 7/1/32		5,500		6,891,170
Prosper Independent School District, TX, (PSF Guaranteed), 3.00%, 2/15/36		500		560,250
Puerto Rico:
5.75%, 7/1/41(5)		8,340		7,735,350
8.00%, 7/1/35(5)		2,765		2,391,725
8.00%, 7/1/35(5)		1,985		1,694,694
Richmond Community Schools, MI:
4.00%, 5/1/36		2,200		2,582,360
4.00%, 5/1/37		2,655		3,108,155
4.00%, 5/1/38		2,665		3,113,066
4.00%, 5/1/39		2,665		3,105,951

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Riverside Unified School District, CA, (Election of 2016):
4.00%, 8/1/32	$	2,250	$	2,615,850
4.00%, 8/1/33		1,350		1,569,091
4.00%, 8/1/34		1,100		1,275,472
San Francisco Bay Area Rapid Transit District, CA, (Election of 2016), Green Bonds, 4.00%, 8/1/45		10,290		12,232,032
San Francisco City and County, CA:
4.00%, 6/15/42		6,000		7,044,420
4.00%, 6/15/43		9,515		11,150,248
St. Paul, MN, 5.00%, 3/1/22		3,705		3,778,100
Sumner County, TN, 3.00%, 6/1/32		2,460		2,828,213
Tennessee, 5.00%, 9/1/28		3,000		3,724,950
Texas, (AMT), 4.50%, 8/1/28		1,585		1,940,294
Texas, (Texas Transportation Commission), Prerefunded to 10/1/24, 5.00%, 10/1/44		10,000		11,398,700
Virginia Beach, VA, 4.00%, 7/15/32		2,300		2,785,047
Walled Lake Consolidated School District, MI:
5.00%, 5/1/41		700		903,553
5.00%, 5/1/42		1,000		1,280,790
5.00%, 5/1/45		1,365		1,734,137
5.00%, 5/1/50		2,500		3,145,775
Washington:
5.00%, 2/1/33		13,140		14,520,357
5.00%, 8/1/35		14,355		17,590,043
5.00%, 8/1/38		24,430		31,329,765
5.00%, 6/1/39		2,125		2,707,802
5.00%, 6/1/41		3,000		3,804,720
5.00%, 8/1/46		32,965		42,330,027
Washington County, OR, 4.00%, 3/1/30		1,000		1,134,190
Weld County School District No. 6, CO, 4.00%, 12/1/45		1,250		1,485,375
West Linn-Wilsonville School District No. 3JT, OR:
0.00%, 6/15/40		1,200		754,200
0.00%, 6/15/41		1,500		910,575
West Sonoma County Union High School District, CA, (Election of 2018):
5.00%, 8/1/46		1,000		1,226,400
5.00%, 8/1/49		3,430		4,202,642
Wilmington, DE:
5.00%, 1/1/33		1,000		1,323,450
5.00%, 1/1/35		1,330		1,748,657
Wisconsin, 5.00%, 5/1/38		22,500		25,894,350
			$	802,711,312

19 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital — 8.9%
Allegheny County Hospital Development Authority, PA, (Allegheny Health Network Obligated Group), 4.00%, 4/1/44	$	5,000	$	5,620,000
Allegheny County Hospital Development Authority, PA, (UPMC Health System), 5.00%, 7/15/32		2,250		2,851,222
Arlington County Industrial Development Authority, VA, (Virginia Hospital Center):
4.00%, 7/1/38		1,000		1,180,620
4.00%, 7/1/45		3,000		3,481,380
Berks County Industrial Development Authority, PA, (Tower Health), 5.00%, 11/1/47		510		561,464
Brookhaven Development Authority, GA, (Children’s Healthcare of Atlanta):
4.00%, 7/1/49		7,235		8,299,486
5.00%, 7/1/31		755		971,730
Bucks County Industrial Development Authority, PA, (Grand View Hospital), 4.00%, 7/1/46		4,000		4,447,160
California Health Facilities Financing Authority, (St. Joseph Health System):
5.00%, 7/1/33		17,530		18,962,552
5.00%, 7/1/37		25,465		27,527,410
Colorado Health Facilities Authority, (AdventHealth Obligated Group), 3.00%, 11/15/51		8,400		8,863,344
Colorado Health Facilities Authority, (SCL Health System), 4.00%, 1/1/36		2,000		2,361,000
Connecticut Health and Educational Facilities Authority, (Hartford HealthCare), 4.00%, 7/1/46		15,500		17,761,760
Connecticut Health and Educational Facilities Authority, (Nuvance Health), 4.00%, 7/1/34		2,455		2,840,533
DeKalb Private Hospital Authority, GA, (Children’s Healthcare of Atlanta), 5.00%, 7/1/31		1,000		1,287,060
Douglas County Hospital Authority No. 2, NE, (Children’s Hospital Obligated Group):
4.00%, 11/15/36		425		503,714
4.00%, 11/15/41		590		689,421
Duluth Economic Development Authority, MN, (St. Luke’s Hospital of Duluth Obligated Group), 4.00%, 6/15/35(6)		1,260		1,431,826
Escambia County Health Facilities Authority, FL, (Baptist Health Care Corp. Obligated Group), 4.00%, 8/15/50		4,340		4,844,612
Florida Development Finance Corp., (Lakeland Regional Health Systems):
5.00%, 11/15/28		1,300		1,654,354
5.00%, 11/15/29		1,250		1,621,838
5.00%, 11/15/30		1,200		1,586,448
Fulton County Development Authority, GA, (Piedmont Healthcare, Inc.), 4.00%, 7/1/37		2,000		2,342,040
Hamilton County, OH, (UC Health), 5.00%, 9/15/50		8,000		9,784,640

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Illinois Finance Authority, (Edward-Elmhurst Healthcare), 0.80%, (SIFMA + 0.75%), 7/1/23 (Put Date), 1/1/46(4)	$	9,500	$	9,505,890
Illinois Finance Authority, (Presence Health Network):
5.00%, 2/15/26		7,500		8,925,075
5.00%, 2/15/33		1,500		1,806,150
Kentucky Economic Development Finance Authority, (CommonSpirit Health), 5.00%, 8/1/44		6,000		7,309,020
Massachusetts Development Finance Agency, (CareGroup), 5.00%, 7/1/43		2,785		3,356,900
Medford Hospital Facilities Authority, OR, (Asante Health System):
4.00%, 8/15/50		2,000		2,294,760
5.00%, 8/15/45		3,000		3,746,790
Michigan Finance Authority, (Henry Ford Health System), 5.00%, 11/15/48		5,000		6,189,100
Minneapolis and St. Paul Housing and Redevelopment Authority, MN, (Allina Health System), 5.00%, 11/15/23		1,700		1,868,827
Missouri Health and Educational Facilities Authority, (Mosaic Health System), 4.00%, 2/15/44		2,200		2,500,388
Missouri Health and Educational Facilities Authority, (SSM Health Care), 5.00%, 6/1/30		7,505		8,380,608
Mobile Infirmary Health System Special Care Facilities Financing Authority, AL, (Infirmary Health System, Inc.):
3.00%, 2/1/46		6,000		6,181,680
4.00%, 2/1/46		10,000		11,508,300
Montana Facility Finance Authority, (SCL Health System), 4.00%, 1/1/38		2,150		2,528,507
New Jersey Health Care Facilities Financing Authority, (AtlantiCare Health System Obligated Group), 3.00%, 7/1/46		4,000		4,179,760
New Jersey Health Care Facilities Financing Authority, (RWJ Barnabas Health Obligated Group), 5.00%, 7/1/33		5,000		5,966,000
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 4.00%, 7/1/38		3,400		4,035,052
New York Dormitory Authority, (NYU Langone Hospitals Obligated Group):
4.00%, 7/1/50		5,330		6,133,178
4.00%, 7/1/53		10,000		11,481,600
North Carolina Medical Care Commission, (Rex Healthcare):
4.00%, 7/1/40		1,400		1,607,746
4.00%, 7/1/49		2,635		2,970,895
Oklahoma Development Finance Authority, (OU Medicine):
5.00%, 8/15/38		1,750		2,097,358
5.25%, 8/15/43		5,200		6,309,836
Oregon Facilities Authority, (Samaritan Health Services), 5.00%, 10/1/35		2,260		2,643,725
Oregon Health and Science University, 4.00%, 7/1/44		1,685		1,941,693

20 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Pennsylvania Economic Development Financing Authority, (UPMC):
4.00%, 4/15/45	$	3,250	$	3,740,717
4.00%, 10/15/51		5,000		5,799,850
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System):
4.00%, 8/15/49		2,235		2,563,389
5.00%, 8/15/23(6)		500		527,570
5.00%, 8/15/24(6)		550		602,256
5.00%, 8/15/25(6)		500		565,655
5.00%, 8/15/26(6)		600		698,256
Pima County Industrial Development Authority, AZ, (Tucson Medical Center), 4.00%, 4/1/46		4,500		5,250,150
Public Finance Authority, WI, (Blue Ridge HealthCare):
5.00%, 1/1/36		470		588,036
5.00%, 1/1/37		500		623,830
Tampa, FL, (BayCare Health System), 5.00%, 11/15/46		10,500		12,214,860
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 4.00%, 12/1/34		2,685		3,173,455
University of Kansas Hospital Authority, 5.00%, 9/1/45		25,500		29,359,170
Virginia Small Business Financing Authority, (Sentara Healthcare), 4.00%, 11/1/38		5,000		5,851,350
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/42		2,250		2,695,500
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), Prerefunded to 6/1/23, 5.375%, 6/1/38		21,895		23,754,542
			$	354,953,038
Housing — 0.7%
California Community Housing Agency, (Summit at Sausalito Apartments), 3.00%, 2/1/57(2)	$	6,000	$	5,686,020
CSCDA Community Improvement Authority, CA, Essential Housing Revenue:
2.80%, 3/1/47(2)		1,800		1,723,878
3.00%, 12/1/56(2)		3,580		3,388,828
Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 5.00%, 7/1/56		1,750		2,116,573
Massachusetts Housing Finance Agency, (Mill Road Apartments), 0.60%, (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
			$	27,474,022

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue — 2.0%
Arkansas Development Finance Authority, (Big River Steel), (AMT), 4.50%, 9/1/49(2)	$	1,000	$	1,097,760
George L. Smith II Georgia World Congress Center Authority, 4.00%, 1/1/54		3,690		4,188,814
Metropolitan Nashville Airport Authority, TN, (Aero Nashville), 5.20%, 7/1/26		230		230,202
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		14,605,842
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment):
(AMT), 4.00%, 10/1/30		12,500		14,626,500
(AMT), 4.375%, 10/1/45		4,475		5,193,640
(AMT), 5.00%, 10/1/35		29,085		36,380,682
Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 5.25%, 5/1/44(2)		3,685		4,270,031
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(2)		475		559,479
			$	81,152,950
Insured – Education — 0.3%
University of Wyoming:
(AGM), 4.00%, 6/1/40	$	5,560	$	6,604,668
(AGM), 4.00%, 6/1/51		5,000		5,825,134
			$	12,429,802
Insured – Electric Utilities — 0.1%
Texas Municipal Power Agency:
(AGM), 3.00%, 9/1/29	$	1,000	$	1,088,190
(AGM), 3.00%, 9/1/32		750		807,720
West Memphis, AR, Public Utility System Revenue, (BAM), 3.00%, 12/1/41(6)		1,750		1,847,790
			$	3,743,700
Insured – Escrowed / Prerefunded — 1.1%
North Texas Tollway Authority, (AGC), Prerefunded to 1/1/25, 6.20%, 1/1/42	$	37,070	$	44,000,607
			$	44,000,607
Insured – General Obligations — 1.6%
Grandville Public Schools, MI:
(AGM), 4.00%, 5/1/35	$	785	$	930,500
(AGM), 4.00%, 5/1/36		1,045		1,232,504

21 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Grandville Public Schools, MI: (continued)
(AGM), 4.00%, 5/1/38	$	1,000	$	1,171,360
(AGM), 4.00%, 5/1/39		1,000		1,168,390
(AGM), 4.00%, 5/1/40		650		758,374
Nassau County, NY, (AGM), 5.00%, 4/1/44		10,205		12,705,225
New Haven, CT, (AGM), 5.00%, 8/1/39		3,000		3,711,090
Oceanside Unified School District, CA, (Election of 2020), (AGM), 4.00%, 8/1/51		13,600		15,984,760
Pomona Unified School District, CA, (Election of 2016), (BAM), 3.00%, 8/1/48		5,000		5,328,600
Santa Rosa Elementary School District, CA, (Election of 2014), (BAM), 4.00%, 8/1/43		1,000		1,174,530
Santa Rosa High School District, CA, (Election of 2014):
(AGM), 5.00%, 8/1/43		3,930		4,628,597
(BAM), 4.00%, 8/1/40		180		213,179
(BAM), 4.00%, 8/1/41		1,000		1,181,420
(BAM), 4.00%, 8/1/42		1,200		1,414,080
(BAM), 4.00%, 8/1/43		1,000		1,176,140
Ukiah Unified School District, CA, (Election of 2020):
(AGM), 5.00%, 8/1/38		1,330		1,651,222
(AGM), 5.00%, 8/1/45		2,000		2,452,360
(AGM), 5.00%, 8/1/49		2,250		2,750,287
Upper Darby School District, PA, (BAM), 4.00%, 4/1/51		2,790		3,242,092
			$	62,874,710
Insured – Hospital — 0.0%(7)
Connecticut Health and Educational Facilities Authority, (Hartford HealthCare Obligated Group), (AGM), 4.00%, 7/1/36	$	1,700	$	1,991,142
			$	1,991,142
Insured – Housing — 0.1%
California Municipal Finance Authority, (CHF-Davis II, LLC - Orchard Park Student Housing), Green Bonds:
(BAM), 3.00%, 5/15/51	$	1,005	$	1,049,190
(BAM), 4.00%, 5/15/46		1,005		1,164,966
			$	2,214,156
Insured – Other Revenue — 1.0%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	58,155	$	35,486,763
New York City Industrial Development Agency, NY, (Yankee Stadium):
(AGM), 3.00%, 3/1/39		2,680		2,885,020
(AGM), 3.00%, 3/1/40		395		423,910
			$	38,795,693

Security	Principal Amount (000’s omitted)		Value
Insured – Special Tax Revenue — 0.4%
Massachusetts, Dedicated Tax Revenue:
(NPFG), 5.50%, 1/1/29	$	11,000	$	14,216,290
(NPFG), 5.50%, 1/1/30		3,080		4,053,249
			$	18,269,539
Insured – Transportation — 1.2%
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37	$	13,335	$	7,099,421
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AGM), (AMT), 5.00%, 3/1/49		14,800		17,906,964
Metropolitan Transportation Authority, NY, Green Bonds:
(AGM), 4.00%, 11/15/46		5,970		6,847,470
(AGM), 4.00%, 11/15/48(3)		8,900		10,276,296
(AGM), 5.00%, 11/15/41		3,500		4,359,775
Philadelphia, PA, Airport Revenue, (AGM), (AMT), 4.00%, 7/1/46		910		1,043,643
			$	47,533,569
Insured – Water and Sewer — 0.1%
Bloomington, IN, Sewage Works Revenue, Green Bonds:
(BAM), 4.00%, 1/1/33	$	480	$	580,978
(BAM), 4.00%, 1/1/34		500		602,540
(BAM), 4.00%, 1/1/35		225		269,867
(BAM), 4.00%, 1/1/36		375		448,166
(BAM), 4.00%, 1/1/37		625		744,588
(BAM), 4.00%, 1/1/38		725		861,488
(BAM), 4.00%, 1/1/39		1,000		1,184,110
West Harris County Regional Water Authority, TX, (BAM), 4.00%, 12/15/39(6)		1,300		1,563,211
			$	6,254,948
Lease Revenue / Certificates of Participation — 1.9%
Florida Department of Transportation Financing Corp.:
3.00%, 7/1/32	$	10,000	$	11,263,000
3.00%, 7/1/33		10,000		11,223,900
Hillsborough County, FL, 4.00%, 8/1/31		4,760		5,762,932
Hudson Yards Infrastructure Corp., NY, 4.00%, 2/15/44		1,530		1,719,123
New Jersey Economic Development Authority, (Juvenile Justice Commission Facilities), 5.00%, 6/15/47		3,605		4,310,426
New Jersey Economic Development Authority, (School Facilities Construction):
4.00%, 6/15/37		1,800		2,109,978
5.00%, 6/15/34		8,460		10,484,309
5.00%, 6/15/35		13,300		16,458,085
5.00%, 6/15/39		2,165		2,695,490

22 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Palm Beach County, FL, Public Improvement Revenue:
4.00%, 12/1/39	$	3,570	$	4,315,488
4.00%, 12/1/40		3,715		4,480,476
			$	74,823,207
Nursing Home — 0.1%
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25	$	4,100	$	4,139,770
			$	4,139,770
Other Revenue — 2.1%
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(5)	$	250	$	45,000
Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.25%, 12/1/38		750		882,772
DuPage County, IL, (The Morton Arboretum), Green Bonds, 3.00%, 5/15/47		5,085		5,193,260
Houston, TX, Hotel Occupancy Tax and Special Revenue:
3.00%, 9/1/32		500		547,890
3.00%, 9/1/33		315		344,125
4.00%, 9/1/29		435		519,142
4.00%, 9/1/30		445		535,638
4.00%, 9/1/31		425		515,992
Kalispel Tribe of Indians, WA:
Series A, 5.25%, 1/1/38(2)		1,865		2,213,718
Series B, 5.25%, 1/1/38(2)		1,000		1,186,980
Metropolitan Pier and Exposition Authority, IL, (McCormick Place), 4.00%, 12/15/42(6)		10,805		12,280,531
Missouri-Illinois Metropolitan District Bi-State Development Agency, 4.00%, 10/1/44		6,000		6,995,580
New York City Cultural Resources Trust, NY, (Whitney Museum of American Art), Green Bonds, 5.00%, 7/1/31		3,915		5,266,654
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/43		22,350		26,156,875
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 6.25%, 12/15/26		16,055		18,667,309
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 1.156%, (67% of 1 mo. USD LIBOR + 1.10%), 7/1/22 (Put Date), 1/1/42(4)		1,000		1,001,430
			$	82,352,896
Senior Living / Life Care — 1.2%
California Public Finance Authority, (Enso Village), Green Bonds:
2.125%, 11/15/27(2)	$	1,155	$	1,165,534
2.375%, 11/15/28(2)		970		980,835

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
California Public Finance Authority, (Enso Village), Green Bonds: (continued)
5.00%, 11/15/46(2)	$	540	$	619,396
5.00%, 11/15/56(2)		360		410,980
Clackamas County Hospital Facility Authority, OR, (Rose Villa):
5.25%, 11/15/50		250		275,620
5.375%, 11/15/55		300		331,569
Florida Development Finance Corp., (Mayflower Retirement Community):
4.00%, 6/1/27(2)		1,270		1,436,433
4.00%, 6/1/28(2)		1,325		1,511,573
Iowa Finance Authority, (Lifespace Communities, Inc.):
4.00%, 5/15/28		2,355		2,721,132
5.00%, 5/15/48		8,000		9,172,080
Manhattan, KS, (Meadowlark Hills), 4.00%, 6/1/36		1,000		1,112,250
Multnomah County Hospital Facilities Authority, OR, (Terwilliger Plaza):
4.00%, 12/1/36		1,500		1,709,085
4.00%, 12/1/41		3,860		4,337,714
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/47		8,000		8,590,320
North Carolina Medical Care Commission, (The Forest at Duke), 4.00%, 9/1/46		715		819,490
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.):
4.00%, 5/15/28		1,280		1,479,002
4.00%, 5/15/29		1,440		1,680,048
Rockville, MD, (Ingleside at King Farm):
5.00%, 11/1/31		1,010		1,106,617
5.00%, 11/1/32		525		574,397
St. Johns County Industrial Development Authority, FL, (Vicar’s Landing):
4.00%, 12/15/36		1,000		1,108,850
4.00%, 12/15/41		750		823,418
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks):
6.625%, 11/15/41		730		862,458
6.75%, 11/15/51		3,250		3,824,372
6.875%, 11/15/55		200		236,214
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.):
5.00%, 9/15/37		495		511,419
5.00%, 9/15/40		750		798,540
			$	48,199,346

23 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 9.0%
Connecticut, Special Tax Revenue, 4.00%, 5/1/39	$	2,650	$	3,116,903
Denver City and County, CO, Dedicated Tax Revenue, 4.00%, 8/1/51		2,640		3,079,877
District of Columbia, Income Tax Revenue:
4.00%, 5/1/45		6,500		7,597,395
5.00%, 3/1/39		5,060		6,469,817
Harris County Metropolitan Transit Authority, TX, Sales and Use Tax Revenue, 5.00%, 11/1/38		7,950		10,168,845
Illinois Sports Facilities Authority:
5.00%, 6/15/29		2,250		2,759,963
5.00%, 6/15/30		2,400		2,929,512
Illinois, Sales Tax Revenue, 5.00%, 6/15/32		2,500		3,247,575
Jacksonville, FL, Special Revenue:
4.00%, 10/1/37		4,600		5,531,684
4.00%, 10/1/38		4,665		5,594,315
4.00%, 10/1/39		3,075		3,676,900
4.00%, 10/1/40		2,450		2,922,385
Maryland Economic Development Corp., (Port Covington), 4.00%, 9/1/40		1,285		1,468,922
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Revenue, 4.00%, 7/1/32		4,260		5,228,809
Miami-Dade County, FL, Transit System Sales Surtax Revenue, 4.00%, 7/1/50		4,655		5,360,465
Michigan Trunk Line Fund, 4.00%, 11/15/41		10,000		11,943,400
New River Community Development District, FL, (Capital Improvements):
5.00%, 5/1/13(5)		230		—
5.35%, 5/1/38(5)		80		—
5.75%, 5/1/38		355		358,315
New York City Transitional Finance Authority, NY, Future Tax Revenue:
4.00%, 11/1/35		11,380		13,547,435
4.00%, 8/1/38		5,000		5,803,950
4.00%, 5/1/42		5,695		6,248,497
5.00%, 11/1/31		4,000		5,430,440
5.00%, 8/1/35		10,485		12,794,741
5.00%, 5/1/36		4,050		5,020,623
5.00%, 5/1/39		9,240		11,157,947
2015 Series B, 5.00%, 8/1/39		4,585		5,115,576
2018 Series A, 5.00%, 8/1/39		11,845		14,410,272
New York Dormitory Authority, Personal Income Tax Revenue:
4.00%, 3/15/36		18,500		22,054,220
5.00%, 2/15/45		9,995		11,379,307
5.00%, 2/15/48		7,890		9,731,447

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
New York Dormitory Authority, Sales Tax Revenue:
5.00%, 3/15/36	$	7,840	$	9,373,190
5.00%, 3/15/40		10,000		12,053,600
(AMT), 5.00%, 3/15/27		1,620		1,972,771
(AMT), 5.00%, 3/15/28		1,705		2,133,705
(AMT), 5.00%, 3/15/29		1,790		2,271,403
(AMT), 5.00%, 3/15/31		970		1,220,085
(AMT), 5.00%, 3/15/32		2,070		2,598,533
New York State Urban Development Corp., Personal Income Tax Revenue:
4.00%, 3/15/35		10,000		11,778,600
4.00%, 3/15/38		6,090		7,136,932
5.00%, 3/15/35		12,000		13,972,440
5.00%, 3/15/41		10,000		12,315,100
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue, 5.00%, 12/1/46		20,000		25,559,000
Puerto Rico Sales Tax Financing Corp.:
4.329%, 7/1/40		5,536		6,152,766
4.784%, 7/1/58		2,219		2,493,180
Regional Transportation District, CO, Sales Tax Revenue, Green Bonds, 4.00%, 11/1/39		15,000		17,940,300
San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue:
4.00%, 7/1/37		3,075		3,540,493
4.00%, 7/1/38		7,495		8,614,828
Southern Hills Plantation I Community Development District, FL:
Series A1, 5.80%, 5/1/35		440		439,582
Series A2, 5.80%, 5/1/35		310		249,606
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		11,173,800
Washington Convention and Sports Authority, D.C., Dedicated Tax Revenue:
4.00%, 10/1/37		1,000		1,184,750
4.00%, 10/1/39		1,000		1,177,730
			$	360,420,919
Student Loan — 0.1%
New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/28	$	3,200	$	3,372,160
Pennsylvania Higher Education Assistance Agency, (AMT), 5.00%, 6/1/30		400		502,656
			$	3,874,816

24 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation — 22.3%
Atlanta, GA, Airport Revenue:
(AMT), 4.00%, 7/1/34	$	3,480	$	4,040,141
(AMT), 4.00%, 7/1/36		5,000		5,772,550
(AMT), 4.00%, 7/1/38(6)		1,000		1,181,810
(AMT), 4.00%, 7/1/39(6)		1,000		1,178,470
(AMT), 4.00%, 7/1/40(6)		1,000		1,175,640
(AMT), 4.00%, 7/1/41(6)		1,000		1,172,180
(AMT), 4.00%, 7/1/42(6)		1,000		1,168,570
Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/35		2,625		3,309,442
Central Texas Regional Mobility Authority, 5.00%, 1/1/36		500		642,105
Charleston County Airport District, SC, (AMT), 5.50%, 7/1/38		10,000		10,823,500
Chicago, IL, (Midway International Airport):
5.00%, 1/1/33		3,830		4,207,791
(AMT), 5.00%, 1/1/34		5,250		5,743,132
Chicago, IL, (O’Hare International Airport):
4.00%, 1/1/36		7,000		8,210,510
5.00%, 1/1/32		15,160		19,428,450
5.00%, 1/1/36		6,000		7,013,640
(AMT), 5.00%, 1/1/23		1,125		1,190,486
(AMT), 5.00%, 1/1/25		16,100		16,993,711
(AMT), 5.00%, 1/1/33		7,300		8,287,179
(AMT), 5.00%, 1/1/39		4,000		4,890,920
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport):
4.00%, 11/1/35		1,105		1,318,530
5.25%, 11/1/31		10,395		11,435,539
(AMT), 5.25%, 11/1/30		11,015		12,069,356
Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 12/1/37		10,000		12,254,000
Florida Department of Transportation, Turnpike System Revenue, 3.00%, 7/1/33		6,420		7,205,744
Florida Development Finance Corp., (Brightline Florida Passenger Rail), Green Bonds, (AMT), 7.375%, 1/1/49(2)		15,685		17,078,926
Harris County, TX, Toll Road Revenue:
4.00%, 8/15/36		1,750		2,107,245
4.00%, 8/15/45		2,500		2,921,775
Hawaii, Airports System Revenue:
(AMT), 5.00%, 7/1/30		1,420		1,828,946
(AMT), 5.00%, 7/1/41		2,935		3,362,365
(AMT), 5.00%, 7/1/48		10,000		12,093,000
Houston, TX, Airport System Revenue:
(AMT), 4.00%, 7/1/35		1,500		1,759,860
(AMT), 4.00%, 7/1/36		2,000		2,338,780

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	$	20,681,220
Kansas Department of Transportation, 5.00%, 9/1/30		20,000		22,592,800
Los Angeles Department of Airports, CA, (Los Angeles International Airport):
(AMT), 5.00%, 5/15/24		1,200		1,343,472
(AMT), 5.00%, 5/15/26		1,335		1,592,628
(AMT), 5.00%, 5/15/33		5,000		6,192,000
(AMT), 5.00%, 5/15/40		6,000		6,867,180
(AMT), 5.00%, 5/15/41		9,000		10,534,500
Louisiana Offshore Terminal Authority, (LOOP, LLC), 2.00% to 10/1/22 (Put Date), 10/1/40		2,000		2,011,220
Love Field Airport Modernization Corp., TX, (AMT), 5.00%, 11/1/24		1,500		1,705,080
Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/35		1,050		1,264,106
Massachusetts Port Authority:
5.00%, 7/1/32		3,800		4,868,978
(AMT), 5.00%, 7/1/26		10,105		12,078,102
(AMT), 5.00%, 7/1/30		3,000		3,785,670
(AMT), 5.00%, 7/1/31		2,965		3,723,566
(AMT), 5.00%, 7/1/32		4,200		5,258,022
(AMT), 5.00%, 7/1/33		3,855		4,811,850
Memphis-Shelby County Airport Authority, TN:
(AMT), 5.00%, 7/1/35		3,440		4,185,861
(AMT), 5.00%, 7/1/36		3,200		3,883,840
Metropolitan Washington Airports Authority, D.C.:
(AMT), 4.00%, 10/1/37		580		689,875
(AMT), 4.00%, 10/1/38		715		847,389
(AMT), 4.00%, 10/1/41		580		679,951
(AMT), 4.00%, 10/1/51		3,160		3,654,572
(AMT), 5.00%, 10/1/28		4,500		5,074,695
(AMT), 5.00%, 10/1/32		10,000		11,928,600
(AMT), 5.00%, 10/1/42		2,000		2,412,640
Miami-Dade County, FL, Aviation Revenue:
(AMT), 4.00%, 10/1/44		5,000		5,634,150
(AMT), 5.00%, 10/1/33		23,250		26,145,555
(AMT), 5.00%, 10/1/36		9,125		10,255,679
(AMT), 5.00%, 10/1/38		1,730		2,103,403
(AMT), 5.00%, 10/1/40		25,230		30,200,310
(AMT), 5.00%, 10/1/41		2,320		2,803,836
Miami-Dade County, FL, Seaport Revenue, (AMT), 4.00%, 10/1/46		10,000		11,521,700
Middlesex County Improvement Authority, NJ, (New Brunswick Parking Deck), 4.00%, 9/1/46		4,000		4,776,200

25 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Minneapolis-St. Paul Metropolitan Airports Commission, MN, (AMT), 5.00%, 1/1/32	$	3,710	$	4,678,978
New Jersey Economic Development Authority, (Transit Transportation Project), 4.00%, 11/1/44		8,250		9,412,425
New Jersey Transportation Trust Fund Authority, (Transportation Program):
4.00%, 6/15/36		6,635		7,599,132
4.00%, 6/15/39		8,000		9,323,920
4.00%, 6/15/40		3,335		3,880,973
4.00%, 6/15/45		18,500		21,251,875
5.00%, 6/15/45		13,205		16,454,354
New Jersey Transportation Trust Fund Authority, (Transportation System):
4.00%, 6/15/39(6)		3,000		3,441,000
4.00%, 6/15/40(6)		3,000		3,432,300
4.00%, 6/15/42(6)		2,750		3,127,712
New Jersey Turnpike Authority:
Series 2015E, 5.00%, 1/1/31		2,680		3,057,264
Series 2017B, 5.00%, 1/1/31		3,560		4,427,323
New York Thruway Authority:
4.00%, 1/1/41		9,775		11,349,459
4.00%, 1/1/42		10,000		11,579,700
4.00%, 1/1/43		10,000		11,556,600
5.00%, 1/1/36		12,200		15,456,912
5.00%, 1/1/39		1,845		2,321,711
5.00%, 1/1/40		17,155		21,543,592
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment):
(AMT), 5.00%, 7/1/41		1,705		1,893,334
(AMT), 5.00%, 7/1/46		14,325		15,896,309
(AMT), 5.25%, 1/1/50		1,180		1,315,830
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport):
5.00%, 12/1/25		800		932,712
5.00%, 12/1/26		1,000		1,194,260
5.00%, 12/1/34		2,965		3,748,116
5.00%, 12/1/35		3,725		4,685,342
(AMT), 5.00%, 12/1/25		1,100		1,277,584
(AMT), 5.00%, 12/1/30		1,710		2,177,890
(AMT), 5.00%, 12/1/34		2,150		2,711,666
North Texas Tollway Authority:
4.00%, 1/1/40		2,000		2,353,480
5.00%, 1/1/29		5,000		5,843,900
Pennsylvania Turnpike Commission, 4.00%, 12/1/46		4,000		4,633,360
Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 7/1/51		1,600		1,987,232

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Port Authority of New York and New Jersey:
4.00%, 11/1/41	$	6,600	$	7,696,986
5.00%, 9/1/37		6,000		7,596,960
(AMT), 3.00%, 10/1/27		27,470		30,502,139
(AMT), 3.00%, 10/1/28		8,845		9,894,548
(AMT), 4.00%, 9/1/34		8,310		9,054,410
(AMT), 5.00%, 9/15/31		15,000		18,430,500
(AMT), 5.00%, 10/1/35		5,000		5,941,800
(AMT), 5.00%, 4/1/36		10,230		12,129,609
(AMT), 5.00%, 10/15/41		2,500		3,170,550
Port Freeport, TX, (AMT), 4.00%, 6/1/46		1,000		1,130,940
Port of Seattle, WA, (AMT), 5.00%, 8/1/46		10,000		12,534,200
Raleigh-Durham Airport Authority, NC, (AMT), Series 2020A, 5.00%, 5/1/36		1,000		1,256,960
Salt Lake City, UT, (Salt Lake City International Airport):
(AMT), 5.00%, 7/1/38		7,165		8,689,640
(AMT), 5.00%, 7/1/46		25,000		31,187,500
San Francisco City and County Airport Commission, CA, (San Francisco International Airport):
(AMT), 5.00%, 5/1/41		25,630		30,026,570
(AMT), 5.00%, 5/1/44		8,535		9,448,160
(AMT), 5.00%, 5/1/46		5,000		5,826,900
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project):
4.00%, 12/31/37		2,230		2,584,079
4.00%, 12/31/38		4,140		4,786,130
4.00%, 12/31/39		2,140		2,467,934
5.00%, 12/31/35		2,885		3,616,694
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58		12,635		15,129,402
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport):
5.00%, 12/1/36		1,500		1,976,640
5.00%, 12/1/38		2,000		2,619,560
5.00%, 12/1/40		2,000		2,603,580
5.00%, 12/1/46		5,000		6,400,300
			$	891,561,879
Water and Sewer — 3.6%
Baltimore, MD, (Water Projects):
4.00%, 7/1/40	$	470	$	556,832
4.00%, 7/1/45		1,005		1,175,046
Central Valley Water Reclamation Facility, CA, Green Bonds:
4.00%, 3/1/38		1,385		1,672,720
4.00%, 3/1/39		1,200		1,445,292
4.00%, 3/1/40		1,250		1,502,000

26 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Charlotte, NC, Water and Sewer System Revenue, 4.00%, 7/1/36	$	2,000	$	2,430,360
East Bay Municipal Utility District, CA, Water System Revenue:
5.00%, 6/1/35		2,905		3,567,282
5.00%, 6/1/37		7,280		8,428,493
Green Bonds, 5.00%, 6/1/37		4,200		5,379,066
Fairfax County, VA, Sewer Revenue, 4.00%, 7/15/39		1,840		2,224,284
Fulton County, GA, Water and Sewerage Revenue, 4.00%, 1/1/34		1,750		2,108,505
Grand Rapids, MI, Sanitary Sewer System Revenue, 5.00%, 1/1/45		1,245		1,554,183
Horsham Water and Sewer Authority, PA:
4.00%, 11/15/31		300		365,394
4.00%, 11/15/36		360		429,012
Jordan Valley Water Conservancy District, UT:
4.00%, 10/1/39		750		914,385
4.00%, 10/1/40		615		747,945
4.00%, 10/1/41		440		533,500
King County, WA, Sewer Revenue, 4.00%, 1/1/44		1,400		1,631,798
Lakehaven Water and Sewer District, WA, 4.00%, 10/1/46		2,725		3,238,717
Madison Water and Wastewater Board, AL, 4.00%, 12/1/38		435		513,400
Metropolitan Water District of Southern California:
0.19%, (SIFMA + 0.14%), 5/21/24 (Put Date), 7/1/37(4)		3,335		3,336,134
5.00%, 7/1/38		4,270		5,388,270
Miami-Dade County, FL, Water and Sewer System Revenue:
5.00%, 10/1/27		3,700		4,594,697
5.00%, 10/1/28		3,085		3,920,140
Michigan Finance Authority, (Detroit Water and Sewerage Department):
5.00%, 7/1/33		8,095		9,071,824
5.00%, 7/1/44		5		5,160
Missoula, MT, Water System Revenue:
5.00%, 7/1/35		1,135		1,401,509
5.00%, 7/1/36		200		246,328
New York City Municipal Water Finance Authority, NY, (Water and Sewer System):
5.00%, 6/15/35		3,955		4,642,854
5.00%, 6/15/48		12,960		15,544,872
Omaha, NE, Sanitary Sewerage System Revenue, 4.00%, 4/1/34		650		786,909
Orange County, FL, Water and Wastewater Utility Revenue, 5.00%, 10/1/38		10,060		13,108,482
Phoenix Civic Improvement Corp., AZ, Water System Revenue, 4.00%, 7/1/42		2,000		2,397,780

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Port St. Lucie, FL, Stormwater Utility Revenue:
4.00%, 5/1/37	$	500	$	590,620
4.00%, 5/1/38		250		294,422
Salt Lake City, UT, Public Utilities Revenue, 4.00%, 2/1/45		805		928,954
San Diego Public Facilities Financing Authority, CA, Water Revenue:
4.00%, 8/1/38		1,000		1,197,560
4.00%, 8/1/39		1,250		1,493,050
4.00%, 8/1/45		3,400		3,995,442
Sarasota County, FL, Utility System Revenue:
5.00%, 10/1/28		300		383,775
5.00%, 10/1/29		250		327,155
5.00%, 10/1/30		300		399,525
5.00%, 10/1/45		4,625		5,826,436
5.00%, 10/1/50		7,645		9,549,905
Tarrant Regional Water District, TX, Prerefunded to 3/1/24, 5.00%, 3/1/30		10,000		11,134,600
Trinity River Authority, TX, (Mountain Creek Regional Wastewater System), 4.00%, 8/1/36		695		840,755
Virginia Beach, VA, Storm Water Utility Revenue, 4.00%, 11/15/31		1,085		1,299,787
			$	143,125,159
Total Tax-Exempt Municipal Obligations — 94.7% (identified cost $3,604,132,308)			$	3,789,159,836
Taxable Municipal Obligations — 5.8%
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)	$	5,432	$	1,357,964
			$	1,357,964
Education — 0.1%
San Antonio Education Facilities Corp., TX, (University of the Incarnate Word):
2.65%, 4/1/30	$	1,100	$	1,098,119
2.73%, 4/1/31		840		837,446
3.15%, 4/1/37		1,750		1,753,553
			$	3,689,118

27 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations — 1.5%
Campbell Union High School District, CA:
2.032%, 8/1/33	$	4,600	$	4,543,926
2.162%, 8/1/34		9,630		9,530,137
Cecil County, MD, 2.55%, 11/1/43		1,870		1,843,016
Chicago, IL, 7.75%, 1/1/42		4,050		4,595,373
Detroit, MI, 2.96%, 4/1/27		1,000		998,040
Douglas County School District No. 17, NE, 2.192%, 6/15/35		775		767,451
Homewood, AL:
2.00%, 9/1/30		630		646,248
2.00%, 9/1/31		415		422,976
Lakeside School District No. 9, AR:
1.55%, 4/1/35		925		871,433
1.65%, 4/1/36		1,365		1,282,049
1.80%, 4/1/37		1,415		1,334,769
1.85%, 4/1/38		610		572,699
1.90%, 4/1/39		1,605		1,498,332
Larkspur-Corte Madera School District, CA, (Election of 2011 and 2014), 2.302%, 8/1/36		1,405		1,409,089
Marin Community College District, CA, 2.01%, 8/1/33		1,865		1,841,855
Mattawan Consolidated School, MI, 2.096%, 5/1/33		1,120		1,117,794
Mesquite Independent School District, TX, (PSF Guaranteed), 2.30%, 8/15/37		1,080		1,053,907
Naugatuck, CT:
2.79%, 9/15/38		800		800,592
2.94%, 9/15/41		1,700		1,701,037
New York, 1.50%, 3/15/26		19,870		20,191,695
Norwalk, CT:
1.325%, 8/1/28		1,000		988,350
1.514%, 8/1/29		1,645		1,627,925
Tustin Unified School District, CA, 2.254%, 8/1/36		1,155		1,169,819
			$	60,808,512
Hospital — 1.0%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	34,250	$	38,934,372
			$	38,934,372
Insured – General Obligations — 0.2%
Bureau County Township High School District No. 502, IL:
(BAM), 1.899%, 12/1/30	$	1,000	$	985,790
(BAM), 2.429%, 12/1/34		745		745,268
(BAM), 2.529%, 12/1/35		1,165		1,165,722
Elmwood Park, IL:
(AGM), 1.319%, 12/1/27		1,685		1,673,862
(AGM), 1.574%, 12/1/28		1,710		1,691,669
(AGM), 1.694%, 12/1/29		1,000		989,660

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Westland Tax Increment Finance Authority, MI:
(AGM), 2.31%, 4/1/33	$	1,165	$	1,199,065
(AGM), 2.41%, 4/1/34		195		201,086
			$	8,652,122
Insured – Special Tax Revenue — 0.1%
Bexar County, TX, Venue Project Revenue, (AGM), 2.534%, 8/15/34	$	2,805	$	2,785,505
Rio Elementary School District Community Facilities District No. 1, CA, (BAM), 2.557%, 9/1/33		1,055		1,074,760
			$	3,860,265
Insured – Transportation — 1.7%
Alameda Corridor Transportation Authority, CA:
(AMBAC), 0.00%, 10/1/26	$	22,500	$	20,573,775
(AMBAC), 0.00%, 10/1/27		34,390		30,335,419
Miami-Dade County, FL, Seaport Revenue:
(AGM), 1.522%, 10/1/27		12,425		12,317,275
(AGM), 1.692%, 10/1/28		3,000		2,962,200
			$	66,188,669
Lease Revenue / Certificates of Participation — 0.1%
Golden State Tobacco Securitization Corp., CA, 1.60%, 6/1/26(6)	$	5,000	$	5,031,043
			$	5,031,043
Other Revenue — 0.1%
Santa Cruz County, CA, Pension Obligation Bonds, 2.291%, 6/1/33	$	3,000	$	2,963,880
			$	2,963,880
Senior Living / Life Care — 0.0%(7)
Montgomery County Industrial Development Authority, PA, (ACTS Retirement-Life Communities, Inc. Obligated Group), 2.45%, 11/15/23	$	1,250	$	1,265,838
			$	1,265,838
Special Tax Revenue — 0.6%
Illinois, Sales Tax Revenue, 1.999%, 6/15/28	$	3,000	$	2,972,010
Massachusetts School Building Authority, 1.85%, 2/15/30		9,170		9,054,000
New York Dormitory Authority, Personal Income Tax Revenue, 1.187%, 3/15/26		10,515		10,501,961
			$	22,527,971

28 See Notes to Financial Statements.

Eaton Vance

National Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Student Loan — 0.1%
Massachusetts Educational Financing Authority, 2.305%, 7/1/29	$	2,200	$	2,193,158
			$	2,193,158
Water and Sewer — 0.3%
Henrico County, VA, Water and Sewer System Revenue:
1.30%, 5/1/28	$	8,175	$	8,127,667
2.40%, 5/1/39		3,395		3,346,927
2.45%, 5/1/40		1,975		1,962,360
			$	13,436,954
Total Taxable Municipal Obligations — 5.8% (identified cost $220,166,318)			$	230,909,866
Total Investments — 101.1% (identified cost $3,849,367,294)			$	4,045,094,333
Other Assets, Less Liabilities — (1.1)%			$	(44,648,377	)
Net Assets — 100.0%			$	4,000,445,956

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

At September 30, 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	20.9%
California	14.9%
Others, representing less than 10% individually	65.3%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At September 30, 2021, 7.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.7% to 4.2% 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 September 30, 2021, the aggregate value of these securities is $46,621,800 or 1.2% 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 September 30, 2021.

⁽⁵⁾  Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy.

⁽⁶⁾  When-issued/delayed delivery security.

⁽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		12/21/21	$	(147,277,344	)	$	4,023,456
											$	4,023,456

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

29 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2021

Statements of Assets and Liabilities

	September 30, 2021
Assets	AMT-Free Fund			National Fund
Investments —
Identified cost	$	345,029,221		$	3,849,367,294
Unrealized appreciation		25,364,442			195,727,039
Investments, at value	$	370,393,663		$	4,045,094,333
Cash	$	8,365		$	27,947,830
Deposits for derivatives collateral — financial futures contracts		—			3,237,550
Interest receivable		4,104,673			39,727,172
Receivable for investments sold		1,050,000			58,776,007
Receivable for Fund shares sold		342,674			6,092,269
Total assets	$	375,899,375		$	4,180,875,161
Liabilities
Payable for floating rate notes issued	$	18,748,903		$	104,475,184
Demand note payable		60,000			—
Payable for investments purchased		—			22,795,586
Payable for when-issued/delayed delivery securities		4,668,395			40,496,426
Payable for variation margin on open financial futures contracts		—			115,609
Payable for Fund shares redeemed		966,926			8,814,875
Distributions payable		111,268			1,282,145
Payable to affiliates:
Investment adviser fee		116,086			942,691
Distribution and service fees		40,415			402,771
Interest expense and fees payable		39,734			218,268
Accrued expenses		148,750			885,650
Total liabilities	$	24,900,477		$	180,429,205
Net Assets	$	350,998,898		$	4,000,445,956
Sources of Net Assets
Paid-in capital	$	351,400,880		$	3,941,609,580
Distributable earnings (accumulated loss)		(401,982	)		58,836,376
Net Assets	$	350,998,898		$	4,000,445,956
Class A Shares
Net Assets	$	157,980,683		$	1,558,418,019
Shares Outstanding		17,005,837			151,120,133
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.29		$	10.31
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	9.75		$	10.82
Class C Shares
Net Assets	$	9,016,517		$	94,850,568
Shares Outstanding		976,119			9,198,623
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.24		$	10.31
Class I Shares
Net Assets	$	184,001,698		$	2,347,177,369
Shares Outstanding		18,135,707			227,623,182
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.15		$	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.

30 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2021

Statements of Operations

	Year Ended September 30, 2021
Investment Income	AMT-Free Fund			National Fund
Interest	$	11,671,056		$	105,316,335
Total investment income	$	11,671,056		$	105,316,335
Expenses
Investment adviser fee	$	1,397,382		$	11,045,036
Distribution and service fees
Class A		403,666			4,035,160
Class C		107,959			1,043,973
Trustees’ fees and expenses		17,581			108,500
Custodian fee		86,648			682,943
Transfer and dividend disbursing agent fees		88,282			1,165,648
Legal and accounting services		68,477			163,443
Printing and postage		10,006			82,342
Registration fees		70,060			160,980
Interest expense and fees		152,640			680,160
Miscellaneous		54,067			237,557
Total expenses	$	2,456,768		$	19,405,742
Net investment income	$	9,214,288		$	85,910,593
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	1,787,813		$	23,243,063
Financial futures contracts		—			359,352
Net realized gain	$	1,787,813		$	23,602,415
Change in unrealized appreciation (depreciation) —
Investments	$	(339,343	)	$	(1,242,886	)
Financial futures contracts		—			4,023,456
Net change in unrealized appreciation (depreciation)	$	(339,343	)	$	2,780,570
Net realized and unrealized gain	$	1,448,470		$	26,382,985
Net increase in net assets from operations	$	10,662,758		$	112,293,578

31 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2021

Statements of Changes in Net Assets

	Year Ended September 30, 2021
Increase (Decrease) in Net Assets	AMT-Free Fund			National Fund
From operations —
Net investment income	$	9,214,288		$	85,910,593
Net realized gain		1,787,813			23,602,415
Net change in unrealized appreciation (depreciation)		(339,343	)		2,780,570
Net increase in net assets from operations	$	10,662,758		$	112,293,578
Distributions to shareholders —
Class A	$	(4,300,571	)	$	(36,519,653	)
Class C		(208,934	)		(1,594,901	)
Class I		(5,185,414	)		(51,964,079	)
Total distributions to shareholders	$	(9,694,919	)	$	(90,078,633	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	24,766,387		$	114,627,273
Class C		1,235,057			19,296,295
Class I		52,068,921			938,155,202
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		3,658,118			30,945,109
Class C		200,701			1,423,778
Class I		4,431,087			43,217,465
Cost of shares redeemed
Class A		(34,629,729	)		(254,580,665	)
Class C		(2,541,459	)		(23,567,153	)
Class I		(41,093,820	)		(440,159,489	)
Net asset value of shares converted
Class A		5,049,181			34,698,532
Class C		(5,049,181	)		(34,698,532	)
Net increase in net assets from Fund share transactions	$	8,095,263		$	429,357,815
Net increase in net assets	$	9,063,102		$	451,572,760
Net Assets
At beginning of year	$	341,935,796		$	3,548,873,196
At end of year	$	350,998,898		$	4,000,445,956

32 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 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

33 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2021

Financial Highlights

	AMT-Free Fund — Class A
	Year Ended September 30,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	9.250		$	9.250		$	8.870		$	9.130		$	9.430
Income (Loss) From Operations
Net investment income(1)	$	0.236		$	0.274		$	0.317		$	0.336		$	0.351
Net realized and unrealized gain (loss)		0.053			0.011	(2)		0.381			(0.262	)		(0.298	)
Total income from operations	$	0.289		$	0.285		$	0.698		$	0.074		$	0.053
Less Distributions
From net investment income	$	(0.249	)	$	(0.285	)	$	(0.318	)	$	(0.334	)	$	(0.353	)
Total distributions	$	(0.249	)	$	(0.285	)	$	(0.318	)	$	(0.334	)	$	(0.353	)
Net asset value — End of year	$	9.290		$	9.250		$	9.250		$	8.870		$	9.130
Total Return(3)		3.14	%		3.12	%		8.02	%		0.83	%		0.64	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	157,981		$	158,729		$	150,853		$	139,623		$	155,589
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.76	%		0.78	%		0.81	%		0.81	%		0.82	%
Interest and fee expense(4)		0.04	%		0.14	%		0.23	%		0.24	%		0.16	%
Total expenses		0.80	%		0.92	%		1.04	%		1.05	%		0.98	%
Net investment income		2.53	%		2.97	%		3.51	%		3.74	%		3.86	%
Portfolio Turnover		32	%		58	%		33	%		18	%		33	%

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

34 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2021

Financial Highlights — continued

	AMT-Free Fund — Class C
	Year Ended September 30,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	9.200		$	9.200		$	8.820		$	9.080		$	9.380
Income (Loss) From Operations
Net investment income(1)	$	0.167		$	0.204		$	0.249		$	0.267		$	0.281
Net realized and unrealized gain (loss)		0.051			0.011	(2)		0.380			(0.262	)		(0.298	)
Total income (loss) from operations	$	0.218		$	0.215		$	0.629		$	0.005		$	(0.017	)
Less Distributions
From net investment income	$	(0.178	)	$	(0.215	)	$	(0.249	)	$	(0.265	)	$	(0.283	)
Total distributions	$	(0.178	)	$	(0.215	)	$	(0.249	)	$	(0.265	)	$	(0.283	)
Net asset value — End of year	$	9.240		$	9.200		$	9.200		$	8.820		$	9.080
Total Return(3)		2.38	%		2.36	%		7.24	%		0.06	%		(0.12	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	9,017		$	15,094		$	19,715		$	32,545		$	39,099
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.51	%		1.53	%		1.56	%		1.56	%		1.57	%
Interest and fee expense(4)		0.04	%		0.14	%		0.23	%		0.24	%		0.16	%
Total expenses		1.55	%		1.67	%		1.79	%		1.80	%		1.73	%
Net investment income		1.80	%		2.23	%		2.78	%		2.99	%		3.11	%
Portfolio Turnover		32	%		58	%		33	%		18	%		33	%

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

35 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2021

Financial Highlights — continued

	AMT-Free Fund — Class I
	Year Ended September 30,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	10.110		$	10.100		$	9.680		$	9.970		$	10.300
Income (Loss) From Operations
Net investment income(1)	$	0.283		$	0.323		$	0.370		$	0.391		$	0.407
Net realized and unrealized gain (loss)		0.055			0.023	(2)		0.422			(0.292	)		(0.327	)
Total income from operations	$	0.338		$	0.346		$	0.792		$	0.099		$	0.080
Less Distributions
From net investment income	$	(0.298	)	$	(0.336	)	$	(0.372	)	$	(0.389	)	$	(0.410	)
Total distributions	$	(0.298	)	$	(0.336	)	$	(0.372	)	$	(0.389	)	$	(0.410	)
Net asset value — End of year	$	10.150		$	10.110		$	10.100		$	9.680		$	9.970
Total Return(3)		3.36	%		3.48	%		8.34	%		1.02	%		0.87	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	184,002		$	168,113		$	145,788		$	132,313		$	154,177
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.51	%		0.53	%		0.56	%		0.56	%		0.57	%
Interest and fee expense(4)		0.04	%		0.14	%		0.23	%		0.24	%		0.16	%
Total expenses		0.55	%		0.67	%		0.79	%		0.80	%		0.73	%
Net investment income		2.77	%		3.21	%		3.76	%		3.98	%		4.09	%
Portfolio Turnover		32	%		58	%		33	%		18	%		33	%

⁽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⁾  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

September 30, 2021

Financial Highlights — continued

	National Fund — Class A
	Year Ended September 30,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	10.240		$	10.140		$	9.650		$	9.930		$	10.170
Income (Loss) From Operations
Net investment income(1)	$	0.223		$	0.265		$	0.322		$	0.350		$	0.366
Net realized and unrealized gain (loss)		0.082			0.119			0.491			(0.277	)		(0.242	)
Total income from operations	$	0.305		$	0.384		$	0.813		$	0.073		$	0.124
Less Distributions
From net investment income	$	(0.235	)	$	(0.284	)	$	(0.323	)	$	(0.353	)	$	(0.364	)
Total distributions	$	(0.235	)	$	(0.284	)	$	(0.323	)	$	(0.353	)	$	(0.364	)
Net asset value — End of year	$	10.310		$	10.240		$	10.140		$	9.650		$	9.930
Total Return(2)		2.99	%		3.84	%		8.57	%		0.76	%		1.31	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	1,558,418		$	1,620,505		$	1,605,407		$	1,419,239		$	1,600,127
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.61	%		0.64	%		0.68	%		0.69	%		0.68	%
Interest and fee expense(3)		0.02	%		0.05	%		0.12	%		0.19	%		0.16	%
Total expenses		0.63	%		0.69	%		0.80	%		0.88	%		0.84	%
Net investment income		2.15	%		2.61	%		3.26	%		3.58	%		3.71	%
Portfolio Turnover		56	%		105	%		89	%		67	%		70	%

⁽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⁾  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

September 30, 2021

Financial Highlights — continued

	National Fund — Class C
	Year Ended September 30,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	10.240		$	10.140		$	9.650		$	9.930		$	10.170
Income (Loss) From Operations
Net investment income(1)	$	0.146		$	0.190		$	0.252		$	0.276		$	0.292
Net realized and unrealized gain (loss)		0.081			0.119			0.488			(0.276	)		(0.242	)
Total income from operations	$	0.227		$	0.309		$	0.740		$	—		$	0.050
Less Distributions
From net investment income	$	(0.157	)	$	(0.209	)	$	(0.250	)	$	(0.280	)	$	(0.290	)
Total distributions	$	(0.157	)	$	(0.209	)	$	(0.250	)	$	(0.280	)	$	(0.290	)
Net asset value — End of year	$	10.310		$	10.240		$	10.140		$	9.650		$	9.930
Total Return(2)		2.22	%		3.08	%		7.77	%		0.01	%		0.56	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	94,851		$	131,330		$	172,417		$	363,026		$	462,269
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.36	%		1.39	%		1.43	%		1.44	%		1.43	%
Interest and fee expense(3)		0.02	%		0.05	%		0.12	%		0.19	%		0.16	%
Total expenses		1.38	%		1.44	%		1.55	%		1.63	%		1.59	%
Net investment income		1.41	%		1.87	%		2.57	%		2.83	%		2.96	%
Portfolio Turnover		56	%		105	%		89	%		67	%		70	%

⁽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⁾  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

September 30, 2021

Financial Highlights — continued

	National Fund — Class I
	Year Ended September 30,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	10.240		$	10.140		$	9.650		$	9.930		$	10.170
Income (Loss) From Operations
Net investment income(1)	$	0.248		$	0.289		$	0.341		$	0.374		$	0.390
Net realized and unrealized gain (loss)		0.082			0.120			0.495			(0.277	)		(0.241	)
Total income from operations	$	0.330		$	0.409		$	0.836		$	0.097		$	0.149
Less Distributions
From net investment income	$	(0.260	)	$	(0.309	)	$	(0.346	)	$	(0.377	)	$	(0.389	)
Total distributions	$	(0.260	)	$	(0.309	)	$	(0.346	)	$	(0.377	)	$	(0.389	)
Net asset value — End of year	$	10.310		$	10.240		$	10.140		$	9.650		$	9.930
Total Return(2)		3.24	%		4.10	%		8.83	%		1.01	%		1.56	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	2,347,177		$	1,797,038		$	1,348,563		$	756,446		$	777,063
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.36	%		0.39	%		0.43	%		0.44	%		0.43	%
Interest and fee expense(3)		0.02	%		0.05	%		0.12	%		0.19	%		0.16	%
Total expenses		0.38	%		0.44	%		0.55	%		0.63	%		0.59	%
Net investment income		2.39	%		2.85	%		3.45	%		3.83	%		3.95	%
Portfolio Turnover		56	%		105	%		89	%		67	%		70	%

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

39 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2021

Notes to Financial Statements

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 companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C  Federal Taxes — Each Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, 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 September 30, 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.

40

Eaton Vance

Municipal Income Funds

September 30, 2021

Notes to Financial Statements — 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 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 September 30, 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 September 30, 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	$	18,748,903	$	104,475,184
Interest Rate or Range of Interest Rates (%)		0.08		0.07 - 0.10
Collateral for Floating Rate Notes Outstanding	$	30,702,230	$	148,842,396

For the year ended September 30, 2021, the Funds’ average settled Floating Rate Notes outstanding and the average interest rate including fees were as follows:

	AMT-Free Fund			National Fund
Average Floating Rate Notes Outstanding	$	21,583,767		$	104,175,000
Average Interest Rate		0.71	%		0.65	%

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 September 30, 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.

41

Eaton Vance

Municipal Income Funds

September 30, 2021

Notes to Financial Statements — 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 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. Such securities are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

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.

The tax character of distributions declared for the years ended September 30, 2021 and September 30, 2020 was as follows:

	AMT-Free Fund				National Fund
	Year Ended September 30,				Year Ended September 30,
	2021		2020		2021		2020
Tax-exempt income	$	9,682,218	$	10,435,763	$	83,800,571	$	88,786,223
Ordinary income	$	12,701	$	757	$	6,278,062	$	4,932,347

As of September 30, 2021, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

	AMT-Free Fund			National Fund
Undistributed tax-exempt income	$	738,410		$	1,499,517
Deferred capital losses		(26,558,253	)		(138,416,525	)
Net unrealized appreciation		25,529,129			197,035,529
Distributions payable		(111,268	)		(1,282,145	)
Distributable earnings (accumulated loss)	$	(401,982	)	$	58,836,376

42

Eaton Vance

Municipal Income Funds

September 30, 2021

Notes to Financial Statements — continued

At September 30, 2021, 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	$	15,332,582	$	103,411,907
Long-term	$	11,225,671	$	35,004,618

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of each Fund at September 30, 2021, as determined on a federal income tax basis, were as follows:

	AMT-Free Fund			National Fund
Aggregate cost	$	326,115,631		$	3,743,583,620
Gross unrealized appreciation	$	27,451,933		$	227,797,827
Gross unrealized depreciation		(1,922,804	)		(30,762,298	)
Net unrealized appreciation	$	25,529,129		$	197,035,529

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 follows and is payable monthly:

Total 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 year ended September 30, 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	$	1,397,382		$	11,045,036
Effective Annual Rate		0.40	%		0.29	%

43

Eaton Vance

Municipal Income Funds

September 30, 2021

Notes to Financial Statements — continued

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. Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of BMR, EVM and EVD, also received a portion of the sales charge on the sales of Class A shares from March 1, 2021 through September 30, 2021. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). 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 and Morgan Stanley affiliated broker-dealers for the year ended September 30, 2021 were as follows:

	AMT-Free Fund		National Fund
EVM’s Sub-Transfer Agent Fees	$	2,642	$	52,458
EVD’s Class A Sales Charges	$	9,321	$	116,699
Morgan Stanley affiliated broker-dealers’ Class A Sales Charges	$	2,750	$	28,184

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 year ended September 30, 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 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 year ended September 30, 2021 for Class A shares amounted to the following:

	AMT-Free Fund		National Fund
Class A Distribution and Service Fees	$	403,666	$	4,035,160

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 year ended September 30, 2021, the Funds paid or accrued to EVD the following distribution fees:

	AMT-Free Fund		National Fund
Class C Distribution Fees	$	80,969	$	782,980

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 year ended September 30, 2021 amounted to the following:

	AMT-Free Fund		National Fund
Class C Service Fees	$	26,990	$	260,993

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

44

Eaton Vance

Municipal Income Funds

September 30, 2021

Notes to Financial Statements — 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 year ended September 30, 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	$	22,000	$	55,000
Class C	$	100	$	12,000

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended September 30, 2021 were as follows:

	AMT-Free Fund		National Fund
Purchases	$	117,428,648	$	2,488,924,136
Sales	$	113,625,717	$	2,099,655,159

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
	Year Ended September 30, 2021
	Class A			Class C			Class I
Sales		2,641,027			132,529			5,087,241
Issued to shareholders electing to receive payments of distributions in Fund shares		391,532			21,623			434,152
Redemptions		(3,720,359	)		(274,046	)		(4,019,286	)
Converted from Class C shares		541,353			—			—
Converted to Class A shares		—			(544,356	)		—
Net increase (decrease)		(146,447	)		(664,250	)		1,502,107
	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

45

Eaton Vance

Municipal Income Funds

September 30, 2021

Notes to Financial Statements — continued

National Fund
	Year Ended September 30, 2021
	Class A			Class C			Class I
Sales		11,047,967			1,859,069			90,354,141
Issued to shareholders electing to receive payments of distributions in Fund shares		2,984,855			137,455			4,167,096
Redemptions		(24,540,436	)		(2,272,863	)		(42,427,981	)
Converted from Class C shares		3,351,755			—			—
Converted to Class A shares		—			(3,351,767	)		—
Net increase (decrease)		(7,155,859	)		(3,628,106	)		52,093,256
	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

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 September 30, 2021 is included in the Portfolio of Investments. At September 30, 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 year ended September 30, 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 September 30, 2021 were as follows:

	National Fund
Asset Derivative:
Futures Contracts	$	4,023,456	(1)
Total	$	4,023,456

⁽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.

46

Eaton Vance

Municipal Income Funds

September 30, 2021

Notes to Financial Statements — continued

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 year ended September 30, 2021 was as follows:

	National Fund
Realized Gain (Loss) on Derivatives Recognized in Income	$	359,352	(1)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	$	4,023,456	(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 year ended September 30, 2021, which is indicative of the volume of this derivative type, was approximately as follows:

	National Fund
Average Notional Cost:
Futures Contracts — Short	$	102,828,000

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. At September 30, 2021, the AMT-Free Fund had a balance outstanding pursuant to this line of credit of $60,000 at an interest rate of 1.33%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at September 30, 2021. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 10) at September 30, 2021. The Funds’ average borrowings or allocated fees during the year ended September 30, 2021 were not significant.

Effective October 26, 2021, the Funds renewed their line of credit agreement, which expires October 25, 2022, at substantially the same terms.

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.

47

Eaton Vance

Municipal Income Funds

September 30, 2021

Notes to Financial Statements — continued

At September 30, 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 Mortgage-Backed Securities	$	—	$	1,253,151	$	—	$	1,253,151
Tax-Exempt Municipal Obligations		—		369,140,512		—		369,140,512
Total Investments	$	—	$	370,393,663	$	—	$	370,393,663
National Fund
Asset Description	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	25,024,631	$	—	$	25,024,631
Tax-Exempt Municipal Obligations		—		3,789,159,836		—		3,789,159,836
Taxable Municipal Obligations		—		230,909,866		—		230,909,866
Total Investments	$	—	$	4,045,094,333	$	—	$	4,045,094,333
Futures Contracts	$	4,023,456	$	—	$	—	$	4,023,456
Total	$	4,023,456	$	4,045,094,333	$	—	$	4,049,117,789

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.

48

Eaton Vance

AMT-Free Municipal Income Fund

September 30, 2021

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Eaton Vance AMT-Free Municipal Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance AMT-Free Municipal Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of September 30, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 19, 2021

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

49

Eaton Vance

National Municipal Income Fund

September 30, 2021

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Municipals Trust and Shareholders of Eaton Vance National Municipal Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance National Municipal Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Municipals Trust), including the portfolio of investments, as of September 30, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 19, 2021

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

50

Eaton Vance

Municipal Income Funds

September 30, 2021

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2022 will show the tax status of all distributions paid to your account in calendar year 2021. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.

Exempt-Interest Dividends.  For the fiscal year ended September 30, 2021, the Funds designate the following percentages of distributions from net investment income as exempt-interest dividends:

AMT-Free Municipal Income Fund	99.87	%
National Municipal Income Fund	93.03	%

51

Eaton Vance

Municipal Income Funds

September 30, 2021

Liquidity Risk Management Program

Each Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. Each Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of each Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews each Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of each Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of each Fund’s Board of Trustees/Directors on June 8, 2021, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2020 through December 31, 2020 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, each Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

52

Eaton Vance

Municipal Income Funds

September 30, 2021

Management and Organization

Fund Management.  The Trustees of Eaton Vance Municipals Trust and Eaton Vance Mutual Funds Trust (collectively, the Trusts) are responsible for the overall management and supervision of the Trusts’ affairs. The Trustees and officers of the Trusts are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trusts hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trusts, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 138 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 137 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Trust Position(s)	Trustee Since(1)	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Trustee and/or officer of 137 registered investment companies. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust, and his former position with EVC, which was an affiliate of the Trust prior to March 1, 2021. Other Directorships in the Last Five Years. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.
George J. Gorman 1952	Chairperson of the Board and Trustee	2021 (Chairperson) and 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. None.
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).

53

Eaton Vance

Municipal Income Funds

September 30, 2021

Management and Organization — continued

Name and Year of Birth	Trust Position(s)	Trustee Since(1)	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Trustee	2003	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	2018	Private investor. Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).
Scott E. Wennerholm 1959	Trustee	2016	Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

Name and Year of Birth	Trust Position(s)	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).
Deidre E. Walsh 1971	Vice President and Chief Legal Officer	2009	Vice President of EVM and BMR. Also Vice President of CRM.

54

Eaton Vance

Municipal Income Funds

September 30, 2021

Management and Organization — continued

Name and Year of Birth	Trust Position(s)	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
Kimberly M. Roessiger 1985	Secretary	2021	Vice President of EVM and BMR.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

⁽¹⁾  Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

The SAI for the Funds includes additional information about the Trustees and officers of the Funds and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.

55

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

56

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.

57

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.

58

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Investment Advisers

AMT-Free Municipal Income Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

National Municipal Income Fund

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

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.

448    9.30.21

Eaton Vance

Municipal Income Funds

Annual Report

September 30, 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.

Annual Report September 30, 2021

Eaton Vance

Municipal Income Funds

Table of Contents
Management’s Discussion of Fund Performance	2
Performance and Fund Profile
California Municipal Opportunities Fund	4
Massachusetts Municipal Income Fund	6
New York Municipal Income Fund	8
Ohio Municipal Income Fund	10
Endnotes and Additional Disclosures	12
Fund Expenses	13
Financial Statements	15
Report of Independent Registered Public Accounting Firm	67
Federal Tax Information	68
Liquidity Risk Management Program	69
Management and Organization	70
Privacy Notice	73
Important Notices	75

Eaton Vance

Municipal Income Funds

September 30, 2021

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

In the opening month of the 12-month period starting October 1, 2020, municipal bond prices fell and yields rose, driven in part by investor uncertainty ahead of the U.S. presidential election and Congress’ failure to pass a second COVID-19 pandemic stimulus bill — $400-$500 billion of which had been projected for state and local government assistance.

In November 2020, however, the municipal market reversed course, beginning a rally that would last through mid-February 2021. Joe Biden’s presidential victory eased the political uncertainties that had dogged investment markets through much of the fall. The announcement that two coronavirus vaccine candidates had proven more than 90% effective in late-stage trials buoyed the markets as well. In December, the beginning of the COVID-19 vaccination process and Congress’ passage of a fiscal stimulus bill added more fuel to the bond rally.

From mid-February through June 2021, however, bonds reversed course again. Municipal and Treasury yields rose and bond prices declined in anticipation of rising economic growth, driven by a new, larger federal stimulus bill and accelerating progress on vaccinating the U.S. population. In late spring and early summer, higher than expected year-over-year inflation numbers also raised investor concerns and put further upward pressure on interest rates.

By July, however, the emergence of a more contagious Delta variant of COVID-19 and breakthrough cases in vaccinated people threatened the U.S. economic rebound and diminished inflation concerns. Investors again turned to U.S. Treasurys and municipal bonds as safe-haven assets, leading bond prices to rise and interest rates to fall in July.

In the final months of the period, bond prices declined once again. A combination of wage inflation and anticipation that the U.S. Federal Reserve (the Fed) would begin tapering its monthly bond purchases — which had bolstered the economy and helped hold rates down through most of the pandemic — conspired to push municipal rates modestly higher. The Fed’s acknowledgement after its September meeting that tapering could begin as early as November put further upward pressure on municipal and Treasury interest rates as the period came to a close.

Nonetheless, demand for municipal bonds remained strong amid concerns over rising taxes for high-income earners under new legislation proposed by the Biden administration.

For the period as a whole, interest rates rose across the municipal bond yield curve, but less at the long — 30-year — end of the curve. As a result, the curve flattened. Throughout the curve, however, rates remained near historic lows. The Bloomberg Municipal Bond Index (the Index), a broad measure of the municipal bond market, returned 2.63% for the period. Municipal bonds outperformed U.S. Treasurys, as Treasury interest rates in every part of the curve rose significantly more than municipal rates. Reflecting investors’ general optimism about an economic rebound and their search for yield in a low-yield environment, high-yield municipal bonds outperformed investment-grade municipal bonds during the period.

Fund Performance

For the 12-month period ended September 30, 2021, the California Opportunities, Massachusetts, and Ohio Funds’ Class A shares at net asset value (NAV) underperformed the 2.63% return of the Funds’ primary benchmark, the Index. The New York Fund’s Class A shares at NAV outperformed the Index during the period.

Generally, in pursuing its investment objective, each of the Massachusetts, New York, and Ohio Funds normally acquires municipal bonds with maturities of 10 years or more. The California Municipal Opportunities Fund has a flexible investment strategy and may invest in obligations of any duration and credit quality.

Management has the ability to be opportunistic in pursuing the California Municipal Opportunities Fund’s after-tax total return objective with the ability to invest up to 20% of net assets in debt obligations other than tax-exempt municipal bonds, including, but not limited to, taxable municipal obligations, U.S. Treasury securities, and obligations of the U.S. government, its agencies and instrumentalities. Up to 50% of the California Municipal Opportunities Fund’s net assets may be invested in obligations rated below investment grade.

Management may attempt to hedge the portfolios to various degrees against the potential risk of interest rate volatility at the long end of the yield curve by using Treasury futures or interest rate swaps. In a period when Treasury bonds generally declined in price as yields moved higher, the Ohio and New York Funds’ Treasury futures hedges contributed to relative returns versus the unhedged Index. The California Municipal Opportunities and Massachusetts Funds did not employ an interest rate hedge during the period.

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

Municipal Income Funds

September 30, 2021

Management’s Discussion of Fund Performance¹ — continued

Fund-Specific Results

Eaton Vance California Municipal Opportunities Fund returned 2.06% for Class A shares at NAV, underperforming the Index, which returned 2.63%.

Detractors from performance relative to the Index included an underweight position relative to the Index in the health care sector, which was the best-performing sector within the Index during the period. Relative Fund performance was also hurt by an underweight position in A rated bonds during a period when lower rated A and BBB bonds outperformed higher rated AAA and AA bonds. In addition, security selections and an underweight position in bonds with 22 or more years remaining to maturity dragged on relative returns during a period when longer maturity bonds generally outperformed shorter maturity issues.

In contrast, the main contributors to performance versus the Index were the Fund’s allocation to taxable municipal bonds, which were not represented within the Index; security selections in the transportation sector; and an overweight position in 4% coupon bonds.

Eaton Vance Massachusetts Municipal Income Fund returned 1.23% for Class A shares at NAV, underperforming the Index, which returned 2.63%.

Security selections and an overweight position in AAA rated bonds; an overweight position in the education sector; and an underweight position in bonds with 22 years or more remaining to maturity all detracted from performance versus the Index. In contrast, contributors to returns versus the Index included an overweight position in the health care sector and security selections in bonds with 17 years or more remaining to maturity.

Eaton Vance New York Municipal Income Fund returned 3.30% for Class A shares at NAV, outperforming the Index, which returned 2.63%.

Contributors to performance relative to the Index included security selections in the health care and education sectors; an overweight position in BBB rated bonds; and the Fund’s Treasury futures hedge. Detractors from performance versus the Index included an underweight position in A rated bonds, and an overweight position in bonds with coupons less than 4%, excluding zero-coupon bonds.

Eaton Vance Ohio Municipal Income Fund returned 1.95% for Class A shares at NAV, underperforming the Index, which returned 2.63%.

An underweight position in the transportation sector, security selections in zero-coupon bonds, and an underweight position in BBB rated bonds all detracted from performance versus the Index. Contributors to performance relative to the Index included the Fund’s Treasury futures hedge, an overweight position in the health care sector, and security selections and an overweight position in insured Puerto Rico bonds. As Puerto Rico continued to work through debt restructuring proceedings, bonds issued by its various entities continued to be impacted by proposed recovery levels and current nonpayment. Insured Puerto Rico bonds, however, continued to meet principal and interest obligations as insurers maintained adequate capital to meet their insured policies. As the period ended, Puerto Rico was continuing to negotiate with creditors and address its current debt structure under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) passed by the U.S. Congress.

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

California Municipal Opportunities Fund

September 30, 2021

Performance^2,3

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A at NAV		05/27/1994		12/19/1985		2.06	%		2.77	%		4.42	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.83			1.76			3.91
Class C at NAV		08/31/2004		12/19/1985		1.16			1.99			3.63
Class C with 1% Maximum Sales Charge		—		—		0.16			1.99			3.63
Class I at NAV		03/03/2008		12/19/1985		2.22			3.00			4.68
Bloomberg Municipal Bond Index		—		—		2.63	%		3.26	%		3.86	%
Bloomberg California Municipal Bond Index		—		—		2.10			3.14			4.15
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
						0.72	%		1.47	%		0.47	%
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						1.28	%		0.53	%		1.53	%
Taxable-Equivalent Distribution Rate						2.79			1.14			3.34
SEC 30-day Yield						0.49			–0.23			0.77
Taxable-Equivalent SEC 30-day Yield						1.08			–0.49			1.67

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C		$10,000		09/30/2011		$14,295		N.A.
Class I	$	250,000		09/30/2011	$	395,044		N.A.

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

California Municipal Opportunities Fund

September 30, 2021

Fund Profile

Credit Quality (% of total investments)⁷

See Endnotes and Additional Disclosures in this report.

5

Eaton Vance

Massachusetts Municipal Income Fund

September 30, 2021

Performance^2,3

Portfolio Manager Craig R. Brandon, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A at NAV		12/07/1993		04/18/1991		1.23	%		2.29	%		3.58	%
Class A with 4.75% Maximum Sales Charge		—		—		–3.57			1.30			3.09
Class C at NAV		05/02/2006		04/18/1991		0.39			1.50			2.80
Class C with 1% Maximum Sales Charge		—		—		–0.60			1.50			2.80
Class I at NAV		06/17/1993		04/18/1991		1.42			2.49			3.79
Bloomberg Municipal Bond Index		—		—		2.63	%		3.26	%		3.86	%
Bloomberg Massachusetts Municipal Bond Index		—		—		1.64			2.95			3.55
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
						0.71	%		1.46	%		0.51	%
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						1.83	%		1.08	%		2.03	%
Taxable-Equivalent Distribution Rate						3.38			1.99			3.76
SEC 30-day Yield						0.42			–0.30			0.64
Taxable-Equivalent SEC 30-day Yield						0.78			–0.55			1.19
% Total Leverage6
Residual Interest Bond (RIB) Financing												1.75	%

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C		$10,000		09/30/2011		$13,178		N.A.
Class I		$250,000		09/30/2011		$362,622		N.A.

See Endnotes and Additional Disclosures in this report.

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

6

Eaton Vance

Massachusetts Municipal Income Fund

September 30, 2021

Fund Profile

Credit Quality (% of total investments)^7,8

See Endnotes and Additional Disclosures in this report.

7

Eaton Vance

New York Municipal Income Fund

September 30, 2021

Performance^2,3

Portfolio Manager Craig R. Brandon, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A at NAV		04/15/1994		08/30/1990		3.30	%		2.99	%		4.24	%
Class A with 4.75% Maximum Sales Charge		—		—		–1.59			1.99			3.73
Class C at NAV		09/30/2003		08/30/1990		2.53			2.23			3.46
Class C with 1% Maximum Sales Charge		—		—		1.53			2.23			3.46
Class I at NAV		03/03/2008		08/30/1990		3.41			3.18			4.43
Bloomberg Municipal Bond Index		—		—		2.63	%		3.26	%		3.86	%
Bloomberg New York Municipal Bond Index		—		—		3.42			3.00			3.67
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
						0.67	%		1.42	%		0.47	%
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						1.60	%		0.84	%		1.80	%
Taxable-Equivalent Distribution Rate						3.17			1.67			3.57
SEC 30-day Yield						0.62			–0.09			0.85
Taxable-Equivalent SEC 30-day Yield						1.24			–0.19			1.70

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C		$10,000		09/30/2011		$14,057		N.A.
Class I		$250,000		09/30/2011		$385,906		N.A.

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.

8

Eaton Vance

New York Municipal Income Fund

September 30, 2021

Fund Profile

Credit Quality (% of total investments)⁷

See Endnotes and Additional Disclosures in this report.

9

Eaton Vance

Ohio Municipal Income Fund

September 30, 2021

Performance^2,3

Portfolio Manager Cynthia J. Clemson

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A at NAV		12/07/1993		04/18/1991		1.95	%		2.97	%		4.02	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.84			1.98			3.51
Class C at NAV		02/03/2006		04/18/1991		1.19			2.20			3.24
Class C with 1% Maximum Sales Charge		—		—		0.20			2.20			3.24
Class I at NAV		08/03/2010		04/18/1991		2.16			3.17			4.22
Bloomberg Municipal Bond Index		—		—		2.63	%		3.26	%		3.86	%
Bloomberg Ohio Municipal Bond Index		—		—		1.83			3.19			3.92
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
						0.76	%		1.51	%		0.56	%
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						2.52	%		1.77	%		2.72	%
Taxable-Equivalent Distribution Rate						4.65			3.26			5.02
SEC 30-day Yield						0.65			–0.06			0.88
Taxable-Equivalent SEC 30-day Yield						1.20			–0.12			1.63
% Total Leverage6
RIB Financing												4.43	%

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C		$10,000		09/30/2011		$13,760		N.A.
Class I		$250,000		09/30/2011		$378,175		N.A.

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.

10

Eaton Vance

Ohio Municipal Income Fund

September 30, 2021

Fund Profile

Credit Quality (% of total investments)^7,8

See Endnotes and Additional Disclosures in this report.

11

Eaton Vance

Municipal Income Funds

September 30, 2021

Endnotes and Additional Disclosures

¹  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

²  Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg California Municipal Bond Index is an unmanaged index of California municipal bonds. Bloomberg Massachusetts Municipal Bond Index is an unmanaged index of Massachusetts municipal bonds. Bloomberg New York Municipal Bond Index is an unmanaged index of New York municipal bonds. Bloomberg 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.

³  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.

⁴  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵  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.

⁶  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.

⁷  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.

⁸  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.

Additional Information

Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes.

Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall.

Important Notice to Shareholders

Effective October 1, 2021, Craig R. Brandon and Julie P. Callahan are the portfolio managers of the Massachusetts Municipal Income Fund, Craig R. Brandon and Christopher J. Eustance are the portfolio managers of the New York Municipal Income Fund, and Cynthia J. Clemson and Julie P. Callahan are the portfolio managers of the Ohio Municipal Income Fund.

Effective August 24, 2021, the Bloomberg Barclays fixed income indices were rebranded as Bloomberg indices.

12

Eaton Vance

Municipal Income Funds

September 30, 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 (April 1, 2021 – September 30, 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 (4/1/21)		Ending Account Value (9/30/21)		Expenses Paid During Period* (4/1/21 – 9/30/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,010.40	$	3.43		0.68	%
Class C	$	1,000.00	$	1,006.00	$	7.19		1.43	%
Class I	$	1,000.00	$	1,010.80	$	2.17		0.43	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.70	$	3.45		0.68	%
Class C	$	1,000.00	$	1,017.90	$	7.23		1.43	%
Class I	$	1,000.00	$	1,022.90	$	2.18		0.43	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (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 March 31, 2021.

Eaton Vance Massachusetts Municipal Income Fund

	Beginning Account Value (4/1/21)		Ending Account Value (9/30/21)		Expenses Paid During Period* (4/1/21 – 9/30/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,007.70	$	3.32		0.66	%
Class C	$	1,000.00	$	1,004.00	$	7.08		1.41	%
Class I	$	1,000.00	$	1,008.80	$	2.32		0.46	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.80	$	3.35		0.66	%
Class C	$	1,000.00	$	1,018.00	$	7.13		1.41	%
Class I	$	1,000.00	$	1,022.80	$	2.33		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 183/365 (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 March 31, 2021.

13

Eaton Vance

Municipal Income Funds

September 30, 2021

Fund Expenses — continued

Eaton Vance New York Municipal Income Fund

	Beginning Account Value (4/1/21)		Ending Account Value (9/30/21)		Expenses Paid During Period* (4/1/21 – 9/30/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,011.20	$	3.28		0.65	%
Class C	$	1,000.00	$	1,007.40	$	7.05		1.40	%��
Class I	$	1,000.00	$	1,011.30	$	2.27		0.45	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.80	$	3.29		0.65	%
Class C	$	1,000.00	$	1,018.00	$	7.08		1.40	%
Class I	$	1,000.00	$	1,022.80	$	2.28		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 183/365 (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 March 31, 2021.

Eaton Vance Ohio Municipal Income Fund

	Beginning Account Value (4/1/21)		Ending Account Value (9/30/21)		Expenses Paid During Period* (4/1/21 – 9/30/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,009.40	$	3.73		0.74	%
Class C	$	1,000.00	$	1,006.70	$	7.50		1.49	%
Class I	$	1,000.00	$	1,011.50	$	2.72		0.54	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.40	$	3.75		0.74	%
Class C	$	1,000.00	$	1,017.60	$	7.54		1.49	%
Class I	$	1,000.00	$	1,022.40	$	2.74		0.54	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (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 March 31, 2021.

14

Eaton Vance

California Municipal Opportunities Fund

September 30, 2021

Portfolio of Investments

Corporate Bonds — 0.4%
Security	Principal Amount (000’s omitted)		Value
Other — 0.4%
Morongo Band of Mission Indians, 7.00%, 10/1/39(1)	$	2,080	$	2,731,934
Total Corporate Bonds — 0.4% (identified cost $2,080,000)			$	2,731,934
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	$	2,606	$	3,025,522
Total Tax-Exempt Mortgage-Backed Securities — 0.4% (identified cost $2,931,122)			$	3,025,522
Tax-Exempt Municipal Obligations — 84.3%
Security	Principal Amount (000’s omitted)		Value
Education — 7.5%
California Education Notes Program, 2.00%, 1/31/22	$	4,850	$	4,880,555
California Educational Facilities Authority, (Chapman University):
5.00%, 4/1/22		665		680,953
5.00%, 4/1/23		550		589,209
5.00%, 4/1/24		525		586,252
5.00%, 4/1/25		425		492,473
5.00%, 4/1/28		395		498,806
5.00%, 4/1/29		425		545,993
5.00%, 4/1/30		425		557,039
California Educational Facilities Authority, (Stanford University), 5.00%, 5/1/45		400		593,752
California Enterprise Development Authority, (The Thacher School):
4.00%, 9/1/32		425		513,702
4.00%, 9/1/34		400		480,464
California Municipal Finance Authority, (University of the Pacific):
4.00%, 11/1/35		1,000		1,195,090
4.00%, 11/1/37		1,000		1,178,980
4.00%, 11/1/42		1,620		1,901,653

Security	Principal Amount (000’s omitted)		Value
Education (continued)
California School Finance Authority, (Granada Hills Charter Obligated Group):
4.00%, 7/1/29(1)	$	350	$	402,553
4.00%, 7/1/38(1)		465		519,284
California School Finance Authority, (Green Dot Public Schools):
5.00%, 8/1/28(1)		380		465,869
5.00%, 8/1/38(1)		2,500		2,960,175
California School Finance Authority, (KIPP SoCal Public Schools):
4.00%, 7/1/40(1)		800		912,904
5.00%, 7/1/24(1)		100		111,284
5.00%, 7/1/25(1)		105		120,372
5.00%, 7/1/26(1)		110		129,456
5.00%, 7/1/27(1)		100		120,550
5.00%, 7/1/28(1)		100		122,767
5.00%, 7/1/29(1)		100		125,007
5.00%, 7/1/30(1)		100		126,735
California State University:
3.00%, 11/1/37		625		687,856
Prerefunded to 11/1/21, 5.25%, 11/1/31		1,465		1,470,611
Riverside County Office of Education, CA, 2.00%, 12/1/21		10,000		10,031,800
University of California:
0.04%, 5/15/48(2)		15,000		15,000,000
5.00%, 5/15/32		2,800		3,350,200
5.00%, 5/15/35		4,215		5,011,551
			$	56,363,895
Electric Utilities — 1.6%
Glendale, CA, Electric System Revenue, 5.00%, 2/1/38	$	1,005	$	1,171,609
Sacramento Municipal Utility District, CA, Green Bonds:
4.00%, 8/15/40		1,575		1,886,929
5.00%, 8/15/36		7,000		9,169,580
			$	12,228,118
Escrowed / Prerefunded — 1.1%
California Health Facilities Financing Authority, (Sutter Health):
Prerefunded to 11/15/25, 5.00%, 11/15/32	$	1,040	$	1,235,468
Prerefunded to 11/15/25, 5.00%, 11/15/41		4,985		5,921,931
San Francisco City and County Public Utilities Commission, CA, Water Revenue, Green Bonds, Prerefunded to 11/1/24, 5.00%, 11/1/39		890		1,017,635
			$	8,175,034

15 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations — 38.5%
Albany Unified School District, CA, (Election of 2016):
4.00%, 8/1/34	$	135	$	162,036
4.00%, 8/1/34		800		960,216
4.00%, 8/1/35		505		605,020
4.00%, 8/1/35		150		179,709
4.00%, 8/1/36		615		734,697
4.00%, 8/1/37		345		411,019
4.00%, 8/1/37		1,100		1,310,496
4.00%, 8/1/38		315		374,434
4.00%, 8/1/39		750		889,410
4.00%, 8/1/40		800		946,816
4.00%, 8/1/41		900		1,062,549
Allan Hancock Joint Community College District, CA, (Election of 2006), 4.00%, 8/1/40		3,500		4,164,965
Anaheim Union High School District, CA, (Election of 2014):
4.00%, 8/1/30		1,000		1,165,950
4.00%, 8/1/31		1,000		1,159,890
Baldwin Park Unified School District, CA, (Election of 2018):
3.00%, 8/1/37		300		324,051
3.00%, 8/1/38		325		349,258
Beverly Hills Unified School District, CA, (Election of 2018), 4.00%, 8/1/31		1,885		2,199,116
Brisbane School District, CA, (Election of 2020):
4.00%, 8/1/35		155		180,611
4.00%, 8/1/40		310		359,163
5.00%, 8/1/45		535		646,339
Burlingame Elementary School District, CA, (Election of 2020):
3.00%, 8/1/37		150		165,404
3.00%, 8/1/41		360		385,391
4.00%, 8/1/46		2,885		3,369,738
California:
0.43%, (SIFMA + 0.38%), 12/1/22 (Put Date), 12/1/27(3)		1,000		1,000,280
0.48%, (SIFMA + 0.43%), 12/1/23 (Put Date), 12/1/29(3)		3,000		3,006,840
3.00%, 3/1/22		1,270		1,285,113
3.00%, 9/1/35		1,010		1,082,478
4.00%, 10/1/39		2,000		2,396,660
5.00%, 12/1/21		2,360		2,378,408
5.00%, 10/1/22		250		262,043
5.00%, 9/1/27		1,500		1,869,705
5.00%, 9/1/28		1,500		1,910,580
5.00%, 9/1/29		1,500		1,951,560
5.00%, 9/1/32		750		904,575
5.00%, 3/1/35		5,850		7,521,988
5.00%, 3/1/35		2,000		2,571,620
5.00%, 4/1/35		1,000		1,269,110
5.00%, 9/1/35		250		300,990

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
California: (continued)
5.00%, 4/1/38	$	2,260	$	2,852,979
5.00%, 8/1/38		270		323,746
Carlsbad Unified School District, CA, (Election of 2018), 3.00%, 8/1/38		170		185,706
Chino Valley Unified School District, CA, (Election of 2016):
4.00%, 8/1/45		3,000		3,504,090
5.00%, 8/1/38		650		838,539
5.00%, 8/1/39		650		836,401
5.00%, 8/1/40		925		1,187,691
Coast Community College District, CA, 5.00%, 8/1/22		440		457,697
Desert Community College District, CA, 5.00%, 8/1/37		7,395		8,744,735
Geyserville Unified School District, CA, (Election of 2020):
5.00%, 8/1/40		630		779,669
5.00%, 8/1/45		700		859,341
5.00%, 8/1/49		1,220		1,493,927
Gilroy Unified School District, CA, (Election of 2016):
4.00%, 8/1/23		300		320,952
4.00%, 8/1/24		250		276,408
4.00%, 8/1/28		500		604,820
4.00%, 8/1/33		660		785,770
4.00%, 8/1/34		1,075		1,276,326
4.00%, 8/1/35		500		592,675
4.00%, 8/1/38		500		588,555
4.00%, 8/1/40		675		791,485
4.00%, 8/1/41		750		877,515
Glendale Unified School District, CA, (Election of 2011):
3.00%, 9/1/37		2,400		2,619,144
3.00%, 9/1/38		2,195		2,360,722
La Canada Unified School District, CA, (Election of 2017):
4.00%, 8/1/33		500		597,095
4.00%, 8/1/40		1,000		1,176,140
4.00%, 8/1/45		1,445		1,682,500
Liberty Union High School District, CA, (Election of 2016):
3.00%, 8/1/35		20		21,957
3.00%, 8/1/36		50		54,649
3.00%, 8/1/37		810		880,381
3.00%, 8/1/38		890		961,182
Long Beach Unified School District, CA, (Election of 2008), 4.00%, 8/1/32		1,275		1,543,030
Long Beach Unified School District, CA, (Election of 2016), 5.00%, 8/1/37		250		296,245
Madera Unified School District, CA, (Election of 2018), 4.00%, 8/1/43		1,305		1,520,821

16 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Manteca Unified School District, CA, (Election of 2014):
4.00%, 8/1/34	$	1,075	$	1,275,552
4.00%, 8/1/35		500		592,310
Mariposa County Unified School District, CA, (Election of 2016):
5.00%, 8/1/40		1,315		1,548,071
5.00%, 8/1/43		1,265		1,486,615
Mendocino Unified School District, CA, (Election of 2020):
4.00%, 8/1/40		500		587,000
4.00%, 8/1/44		1,000		1,164,650
4.00%, 8/1/49		3,020		3,498,791
Milpitas Unified School District, CA, (Election of 2018), 3.00%, 8/1/38		3,000		3,302,550
Moreland School District, CA, (Election of 2020):
3.00%, 8/1/22		520		532,345
4.00%, 8/1/38		700		829,801
Mt. Diablo Unified School District, CA:
4.00%, 8/1/25(4)		3,100		3,426,430
4.00%, 8/1/26(4)		3,485		3,938,398
4.00%, 8/1/27(4)		3,000		3,451,890
4.00%, 8/1/28(4)		3,300		3,861,660
4.00%, 8/1/29(4)		3,300		3,916,737
Mt. San Antonio Community College District, CA, (Election of 2008), Prerefunded to 6/1/25, 5.00%, 6/1/33		750		876,353
Mt. San Jacinto Community College District, CA, (Election of 2014):
3.00%, 8/1/32		800		893,560
3.00%, 8/1/33		900		999,945
3.00%, 8/1/34		850		935,901
3.00%, 8/1/35		1,000		1,095,820
3.00%, 8/1/36		1,000		1,089,590
3.00%, 8/1/37		1,775		1,923,248
3.00%, 8/1/38		2,955		3,195,301
Old Adobe Union School District, CA, (Election of 2018):
4.00%, 8/1/42		155		181,161
4.00%, 8/1/44		750		873,488
4.00%, 8/1/48		2,625		3,043,530
5.00%, 8/1/44		1,860		2,185,853
Oxnard Union High School District, CA, (Election of 2018):
4.00%, 8/1/38		1,000		1,134,820
4.00%, 8/1/39		1,000		1,171,090
5.00%, 8/1/35		1,805		2,148,257
Pittsburg Unified School District, CA, (Election of 2014):
5.00%, 8/1/40		1,235		1,457,078
5.00%, 8/1/42		1,545		1,816,456

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Placer Union High School District, CA, (Election of 2018):
4.00%, 8/1/34	$	1,000	$	1,188,730
4.00%, 8/1/40		2,030		2,383,220
5.00%, 8/1/45		3,175		3,927,951
Riverside Unified School District, CA, (Election of 2016), 4.00%, 8/1/31		1,250		1,455,225
San Bernardino City Unified School District, CA, 2.00%, 12/30/21		3,500		3,516,345
San Diego Community College District, CA, 4.00%, 8/1/34		4,500		5,154,930
San Francisco Bay Area Rapid Transit District, CA, (Election of 2004), Green Bonds, 4.00%, 8/1/37		1,500		1,741,230
San Francisco Bay Area Rapid Transit District, CA, (Election of 2016), Green Bonds:
4.00%, 8/1/33		1,000		1,223,190
4.00%, 8/1/34		3,285		4,005,663
4.00%, 8/1/35		1,200		1,460,556
4.00%, 8/1/44		1,200		1,429,812
4.00%, 8/1/45		8,295		9,860,515
5.00%, 8/1/34		1,765		2,293,582
5.00%, 8/1/35		250		324,283
San Francisco City and County, CA:
4.00%, 6/15/32		3,810		4,547,464
4.00%, 6/15/33		200		238,218
4.00%, 6/15/33		2,620		3,164,488
4.00%, 6/15/34		275		326,662
4.00%, 6/15/35		200		237,150
4.00%, 6/15/44		9,895		11,563,990
4.00%, 6/15/45		7,290		8,500,140
San Francisco Unified School District, CA, (Election of 2016):
4.00%, 6/15/34		3,855		4,565,515
4.00%, 6/15/35		2,000		2,364,420
San Juan Unified School District, CA, (Election of 2016):
3.00%, 8/1/35		1,900		2,088,537
3.00%, 8/1/36		3,000		3,289,110
4.00%, 8/1/31		590		705,894
4.00%, 8/1/33		3,300		3,928,848
4.00%, 8/1/34		2,800		3,324,384
San Luis Coastal Unified School District, CA, (Election of 2014):
5.00%, 8/1/36		3,550		4,215,873
5.00%, 8/1/37		1,835		2,174,438
San Luis Obispo County Community College District, CA, (Election of 2014), 4.00%, 8/1/37		500		589,730
San Mateo-Foster City School District, CA, (Election of 2015), 4.00%, 8/1/35		500		602,325

17 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
San Mateo-Foster City School District, CA, (Election of 2020), 3.00%, 8/1/22	$	6,145	$	6,290,882
San Rafael City Elementary School District, CA, (Election of 2015), 5.00%, 8/1/38		500		619,655
Santa Clara County, CA, (Election of 2008), 4.00%, 8/1/34		1,605		1,864,962
Santa Monica-Malibu Unified School District, CA, (Election of 2018):
3.00%, 8/1/42		3,365		3,613,034
3.00%, 8/1/44		3,500		3,737,475
Santa Monica-Malibu Unified School District, CA, (School Facilities Improvement District No. 2), (Election of 2018), 4.00%, 8/1/37		815		947,568
Simi Valley Unified School District, CA, (Election of 2016):
4.00%, 8/1/37		290		342,458
4.00%, 8/1/38		1,080		1,272,823
4.00%, 8/1/39		1,215		1,428,937
4.00%, 8/1/40		1,380		1,620,120
4.00%, 8/1/41		1,545		1,809,875
4.00%, 8/1/50		1,615		1,869,895
Sonoma Valley Unified School District, CA, (Election of 2016):
4.00%, 8/1/34		530		630,027
4.00%, 8/1/35		500		593,395
4.00%, 8/1/36		500		591,885
4.00%, 8/1/37		750		885,667
4.00%, 8/1/38		500		589,270
4.00%, 8/1/39		1,000		1,176,080
Tahoe-Truckee Unified School District, CA, (Election of 2014):
5.00%, 8/1/33		500		597,435
5.00%, 8/1/36		1,000		1,188,090
Vacaville Unified School District, CA, (Election of 2014), 4.00%, 8/1/42		2,145		2,507,033
West Sonoma County Union High School District, CA, (Election of 2018):
5.00%, 8/1/37		500		619,755
5.00%, 8/1/40		1,125		1,389,791
5.00%, 8/1/43		1,000		1,228,680
Westminster School District, CA, (Election of 2016):
5.00%, 8/1/38		400		472,960
5.00%, 8/1/39		585		690,195
5.00%, 8/1/42		1,000		1,174,160
			$	288,289,897
Hospital — 3.7%
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/39	$	3,415	$	3,766,199

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
California Health Facilities Financing Authority, (City of Hope):
5.00%, 11/15/32	$	735	$	773,440
5.00%, 11/15/35		1,050		1,104,190
California Health Facilities Financing Authority, (Lucile Packard Children’s Hospital at Stanford), 5.00%, 8/15/32		1,210		1,441,025
California Health Facilities Financing Authority, (Providence Health & Services), 5.00%, 10/1/44		4,100		4,611,926
California Health Facilities Financing Authority, (Providence St. Joseph Health):
5.00%, 10/1/30		400		483,344
5.00% to 10/1/27 (Put Date), 10/1/39		1,200		1,491,756
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		1,500		1,622,580
California Municipal Finance Authority, (NorthBay Healthcare Group):
5.00%, 11/1/24		800		897,624
5.00%, 11/1/25		200		223,890
5.00%, 11/1/26		500		589,160
5.00%, 11/1/27		165		183,756
5.00%, 11/1/29		105		116,152
5.00%, 11/1/30		150		165,443
Series 2017A, 5.00%, 11/1/25		800		921,832
California Public Finance Authority, (Henry Mayo Newhall Hospital):
4.00%, 10/15/25		390		437,810
4.00%, 10/15/26		415		475,138
5.00%, 10/15/33		425		501,470
California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/38		2,000		2,390,360
Oroville, CA, (Oroville Hospital), 5.25%, 4/1/49		5,000		5,501,850
			$	27,698,945
Housing — 1.3%
California Community Housing Agency, (Summit at Sausalito Apartments), 3.00%, 2/1/57(1)	$	2,100	$	1,990,107
CSCDA Community Improvement Authority, CA, Essential Housing Revenue:
2.65%, 12/1/46(1)		1,590		1,497,176
2.80%, 3/1/47(1)		1,000		957,710
Independent Cities Finance Authority, CA, (Castle Mobile Estates), 3.00%, 5/15/36		1,205		1,285,940
Independent Cities Finance Authority, CA, (Union City Tropics), 5.00%, 5/15/48		2,000		2,387,380

18 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Independent Cities Finance Authority, CA, (Vista de Santa Barbara Mobilehome Park), 3.00%, 9/15/36	$	1,725	$	1,862,344
			$	9,980,657
Industrial Development Revenue — 0.3%
California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 2.50% to 5/1/24 (Put Date), 11/1/38	$	2,500	$	2,626,425
			$	2,626,425
Insured – Electric Utilities — 0.6%
Puerto Rico Electric Power Authority:
(NPFG), 5.00%, 7/1/23	$	125	$	126,730
(NPFG), 5.25%, 7/1/22		1,500		1,511,115
(NPFG), 5.25%, 7/1/32		2,100		2,279,445
(NPFG), Series QQ, 5.00%, 7/1/22		180		182,491
(NPFG), Series RR, 5.00%, 7/1/22		140		141,938
(NPFG), Series RR, 5.00%, 7/1/24		300		304,152
(NPFG), Series SS, 5.00%, 7/1/24		130		131,799
			$	4,677,670
Insured – General Obligations — 4.3%
Cambrian School District, CA, (Election of 2020), (AGM), 5.00%, 8/1/22	$	1,645	$	1,711,162
Compton Community College District, CA, (Election of 2014), (BAM), 5.00%, 8/1/36		1,690		2,007,872
Cotati-Rohnert Park Unified School District, CA, (Election of 2016):
(AGM), 5.00%, 8/1/33		710		847,989
(AGM), 5.00%, 8/1/34		825		983,615
(AGM), 5.00%, 8/1/35		955		1,136,612
(AGM), 5.00%, 8/1/36		1,015		1,205,911
(AGM), 5.00%, 8/1/37		1,135		1,346,133
(AGM), 5.00%, 8/1/38		1,175		1,391,141
Galt Joint Union High School District, CA, (Election of 2016):
(BAM), 5.00%, 8/1/37		500		593,010
(BAM), 5.00%, 8/1/38		500		591,975
(BAM), 5.00%, 8/1/43		1,000		1,175,190
La Mesa-Spring Valley School District, CA, (Election of 2020), (BAM), 4.00%, 8/1/46		1,775		2,015,477
Mountain View School District, CA, (Election of 2016), (AGM), 4.00%, 8/1/38		375		439,541
Natomas Unified School District, CA, (BAM), 5.00%, 8/1/32		830		990,879
Porterville Unified School District, CA, (BAM), 4.00%, 8/1/22		600		618,882

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Rio Elementary School District, CA, (Election of 2018):
(AGM), 5.00%, 8/1/39	$	555	$	672,754
(BAM), 5.00%, 8/1/47		1,750		2,144,520
San Leandro Unified School District, CA, (Election of 2016), (BAM), 5.00%, 8/1/38		1,000		1,235,630
Santa Rosa High School District, CA, (Election of 2014):
(BAM), 4.00%, 8/1/33		1,260		1,518,086
(BAM), 4.00%, 8/1/36		1,660		1,984,447
(BAM), 4.00%, 8/1/37		425		506,672
(BAM), 4.00%, 8/1/38		500		594,745
South Whittier School District, CA, (Election of 2016), (AGM), 4.00%, 8/1/45		1,000		1,157,320
Ukiah Unified School District, CA, (Election of 2020):
(AGM), 5.00%, 8/1/34		800		998,048
(AGM), 5.00%, 8/1/36		1,025		1,275,049
(AGM), 5.00%, 8/1/40		1,000		1,238,310
(AGM), 5.00%, 8/1/42		1,085		1,337,718
Winters Joint Unified School District, CA, (Election of 2018), (AGM), 4.00%, 8/1/39		250		292,773
			$	32,011,461
Insured – Housing — 0.5%
California Municipal Finance Authority, (CHF-Davis II, LLC - Orchard Park Student Housing), Green Bonds:
(BAM), 4.00%, 5/15/32	$	600	$	726,024
(BAM), 4.00%, 5/15/33		600		723,390
(BAM), 5.00%, 5/15/26		350		415,968
(BAM), 5.00%, 5/15/28		375		466,204
(BAM), 5.00%, 5/15/30		450		580,909
(BAM), 5.00%, 5/15/31		400		525,700
			$	3,438,195
Insured – Special Tax Revenue — 1.0%
Dana Point Community Facilities District No. 2006-1, CA:
(BAM), 4.00%, 9/1/37	$	600	$	716,442
(BAM), 4.00%, 9/1/41		2,000		2,364,100
Lake Elsinore School Financing Authority, CA:
(BAM), 5.00%, 10/1/36		1,570		1,982,596
(BAM), 5.00%, 10/1/37		470		591,500
Successor Agency to San Francisco City and County Redevelopment Agency, CA, (NPFG), 5.00%, 8/1/41		1,320		1,544,241
			$	7,198,879

19 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Transportation — 1.4%
Alameda Corridor Transportation Authority, CA, (AGM), 5.00%, 10/1/37	$	5,075	$	6,055,439
Ontario International Airport Authority, CA:
(AGM), (AMT), 4.00%, 5/15/35		1,100		1,306,151
(AGM), (AMT), 4.00%, 5/15/38		1,000		1,175,900
San Joaquin Hills Transportation Corridor Agency, CA, (NPFG), 0.00%, 1/15/24		1,800		1,767,168
			$	10,304,658
Lease Revenue / Certificates of Participation — 0.2%
San Francisco City and County Airport Commission, CA, (SFO Fuel Company, LLC), (AMT), 5.00%, 1/1/39	$	1,510	$	1,839,437
			$	1,839,437
Other Revenue — 2.1%
California Infrastructure and Economic Development Bank, (Academy of Motion Picture Arts and Sciences Obligated Group):
5.00%, 11/1/33	$	1,740	$	1,907,092
5.00%, 11/1/34		1,290		1,413,595
Green Bonds, 5.00%, 11/1/30		275		367,449
California Infrastructure and Economic Development Bank, (California Academy of Sciences), Sustainability Bonds, 0.40%, (SIFMA + 0.35%), 8/1/24 (Put Date), 8/1/47(3)		4,380		4,396,600
California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles County):
5.00%, 12/1/28		640		807,706
5.00%, 12/1/29		675		869,292
5.00%, 12/1/30		705		925,059
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), Series 2013A, 0.39%, (70% of 1 mo. USD LIBOR + 0.33%), 4/1/22 (Put Date), 10/1/47(3)		4,800		4,800,576
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(1)		440		520,370
			$	16,007,739
Senior Living / Life Care — 1.3%
California Municipal Finance Authority, (Channing House), 5.00%, 5/15/37	$	250	$	291,555
California Municipal Finance Authority, (HumanGood - California Obligated Group):
4.00%, 10/1/34		755		852,931
4.00%, 10/1/37		3,300		3,710,817
California Municipal Finance Authority, (Mt. San Antonio Gardens), 5.00%, 11/15/39		1,000		1,170,600
California Public Finance Authority, (Enso Village), Green Bonds, 2.125%, 11/15/27(1)		575		580,244

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
California Statewide Communities Development Authority, (American Baptist Homes of the West):
5.00%, 10/1/23	$	500	$	543,975
5.00%, 10/1/26		500		579,765
5.00%, 10/1/27		780		899,082
California Statewide Communities Development Authority, (The Redwoods, a Community of Seniors), 5.125%, 11/15/35		715		772,372
			$	9,401,341
Solid Waste — 0.1%
Yolo County Public Agencies Financing Authority, CA, Solid Waste Revenue, 4.00%, 12/1/35	$	500	$	598,745
			$	598,745
Special Tax Revenue — 3.9%
Chula Vista Municipal Financing Authority, CA, 5.50%, 9/1/30	$	1,525	$	1,662,784
Folsom Ranch Financing Authority, CA, (White Rock Springs Ranch):
3.00%, 9/1/24		130		136,733
4.00%, 9/1/27		100		112,397
4.00%, 9/1/30		100		112,893
4.00%, 9/1/32		100		112,121
4.00%, 9/1/34		115		128,457
4.00%, 9/1/35		185		206,375
4.00%, 9/1/36		195		217,302
4.00%, 9/1/37		215		239,207
4.00%, 9/1/38		230		255,316
4.00%, 9/1/39		165		183,021
Fontana Community Facilities District No. 90, CA, (Summit at Rosena Phase One):
3.00%, 9/1/23		435		453,936
3.00%, 9/1/24		150		158,654
4.00%, 9/1/26		125		139,929
4.00%, 9/1/27		125		141,470
4.00%, 9/1/28		130		148,737
4.00%, 9/1/29		135		156,403
4.00%, 9/1/30		135		156,597
4.00%, 9/1/31		100		115,607
4.00%, 9/1/32		150		172,838
4.00%, 9/1/33		205		235,703
4.00%, 9/1/41		600		684,714
4.00%, 9/1/46		500		565,505
4.00%, 9/1/51		700		789,047

20 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Irvine Community Facilities District No. 2013-3, CA, (Great Park):
5.00%, 9/1/30	$	580	$	647,680
5.00%, 9/1/31		465		518,052
5.00%, 9/1/33		545		605,201
5.00%, 9/1/35		1,150		1,339,646
5.00%, 9/1/38		1,000		1,159,350
Series 2014, 5.00%, 9/1/32		450		500,463
Series 2014, 5.00%, 9/1/34		360		399,161
Series 2018, 5.00%, 9/1/32		625		731,631
Series 2018, 5.00%, 9/1/34		765		892,281
Los Angeles County Community Facilities District No. 3, CA, (Valencia/Newhall Area), 5.00%, 9/1/23		520		521,903
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 6/1/35		1,500		1,792,515
Ontario Community Facilities District No. 53, CA, (Tevelde Facilities):
4.00%, 9/1/24		200		217,378
4.00%, 9/1/26		250		279,607
4.00%, 9/1/29		300		343,992
4.00%, 9/1/36		500		575,580
Riverside County Transportation Commission, CA, Sales Tax Revenue, 5.00%, 6/1/34		1,150		1,430,105
San Diego County Regional Transportation Commission, CA, Sales Tax Revenue, 5.00%, 4/1/26		335		402,526
San Luis Obispo Community Facilities District No. 2019-1, CA, (San Luis Ranch):
3.00%, 9/1/24		150		158,123
4.00%, 9/1/27		130		147,521
4.00%, 9/1/29		185		214,920
4.00%, 9/1/31		100		116,033
4.00%, 9/1/33		125		144,338
4.00%, 9/1/36		175		201,577
4.00%, 9/1/39		200		228,868
4.00%, 9/1/41		175		199,587
San Mateo County Transportation Authority, CA, Sales Tax Revenue, (LOC: Bank of America, N.A.), 0.07%, 6/1/49(2)		5,000		5,000,000
South Orange County Public Financing Authority, CA, Special Tax Revenue, (Ladera Ranch):
5.00%, 8/15/27		515		527,916
5.00%, 8/15/28		775		794,367
Successor Agency to San Francisco City and County Redevelopment Agency, CA, 5.00%, 8/1/37		1,630		1,917,956
			$	29,294,023

Security	Principal Amount (000’s omitted)		Value
Transportation — 8.2%
Alameda Corridor Transportation Authority, CA:
5.00%, 10/1/36	$	2,250	$	2,639,385
5.00%, 10/1/37		2,200		2,574,924
Bay Area Toll Authority, CA, (San Francisco Bay Area):
0.33%, (SIFMA + 0.28%), 4/1/24 (Put Date), 4/1/56(3)		2,500		2,503,600
0.50%, (SIFMA + 0.45%), 4/1/26 (Put Date), 4/1/56(3)		800		809,264
Burbank-Glendale-Pasadena Airport Authority, CA, (AMT), 5.00%, 7/1/22		1,000		1,034,890
California Municipal Finance Authority, (LINXS Automated People Mover):
(AMT), 5.00%, 12/31/31		2,915		3,563,500
(AMT), 5.00%, 12/31/36		2,570		3,108,055
(AMT), 5.00%, 12/31/37		1,025		1,236,693
(AMT), 5.00%, 12/31/43		2,060		2,469,837
Long Beach, CA, Harbor Revenue, (AMT), 5.00%, 5/15/30		500		606,400
Los Angeles Department of Airports, CA, (Los Angeles International Airport):
(AMT), 5.00%, 5/15/25		1,500		1,738,860
(AMT), 5.00%, 5/15/29		1,000		1,271,200
(AMT), 5.00%, 5/15/33		1,675		2,074,320
(AMT), 5.00%, 5/15/41		1,660		1,899,920
(AMT), 5.00%, 5/15/46		4,500		5,250,330
San Diego County Regional Airport Authority, CA:
(AMT), 5.00%, 7/1/22		500		517,445
(AMT), 5.00%, 7/1/30		1,000		1,211,690
San Francisco City and County Airport Commission, CA, (San Francisco International Airport):
(AMT), 5.00%, 5/1/41		4,905		5,746,404
(AMT), 5.00%, 5/1/44		2,465		2,728,730
(AMT), 5.00%, 5/1/46		2,330		2,715,336
San Jose, CA, Airport Revenue:
(AMT), 5.00%, 3/1/24		750		832,035
(AMT), 5.00%, 3/1/25		815		936,011
(AMT), 5.00%, 3/1/26		1,535		1,818,162
(AMT), 5.00%, 3/1/37		1,735		2,057,380
(AMT), 5.00%, 3/1/41		3,000		3,546,750
(AMT), 5.00%, 3/1/47		5,500		6,486,700
			$	61,377,821
Water and Sewer — 6.7%
Beverly Hills Public Financing Authority, CA, Water Revenue:
4.00%, 6/1/37	$	500	$	605,715
4.00%, 6/1/38		2,250		2,716,988
4.00%, 6/1/39		1,715		2,062,545
4.00%, 6/1/40		1,080		1,294,088

21 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
California Department of Water Resources, 5.00%, 12/1/32	$	220	$	274,153
Dublin San Ramon Services District, CA, Water Revenue, 5.00%, 8/1/30		980		1,211,594
East Bay Municipal Utility District, CA, Water System Revenue, 5.00%, 6/1/32		1,500		1,742,565
Eastern Municipal Water District, CA, Water and Wastewater Revenue, 5.00%, 7/1/37		500		590,975
Metropolitan Water District of Southern California, 0.19%, (SIFMA + 0.14%), 5/21/24 (Put Date), 7/1/37(3)		3,330		3,331,132
Orange County Sanitation District, CA, 5.00%, 2/1/22		300		304,764
Orange County Water District, CA, 5.00%, 8/15/33		200		258,842
Pasadena, CA, Water Revenue:
5.00%, 6/1/38		1,480		1,918,406
5.00%, 6/1/39		1,500		1,939,455
Rancho California Water District Financing Authority:
4.00%, 8/1/38		1,500		1,800,045
4.00%, 8/1/39		2,800		3,351,740
Ross Valley Public Financing Authority, CA, (Sanitary District No. 1 of Marin County), 5.00%, 1/1/39		500		566,925
San Diego Public Facilities Financing Authority, CA, Water Revenue:
4.00%, 8/1/36		1,000		1,208,800
4.00%, 8/1/37		1,000		1,205,130
San Francisco City and County Public Utilities Commission, CA, Wastewater Revenue, Green Bonds, 4.00%, 10/1/43		14,140		16,388,684
San Mateo-Foster City Public Financing Authority, CA, Wastewater Revenue, 4.00%, 8/1/39		1,500		1,786,155
South Gate Utility Authority, CA, Water Revenue, 4.00%, 10/1/34		2,360		2,753,223
Upper Santa Clara Valley Joint Powers Authority, CA:
4.00%, 8/1/45		1,320		1,458,758
5.00%, 8/1/36		300		373,629
5.00%, 8/1/37		300		372,741
5.00%, 8/1/38		250		310,010
			$	49,827,062
Total Tax-Exempt Municipal Obligations — 84.3% (identified cost $609,875,395)			$	631,340,002

Taxable Municipal Obligations — 11.1%
Security	Principal Amount (000’s omitted)		Value
Education — 0.7%
California Municipal Finance Authority, (Albert Einstein Academies), 3.75%, 8/1/31(1)	$	2,885	$	2,891,260
California School Finance Authority, (Granada Hills Charter Obligated Group), 2.00%, 7/1/24(1)		205		207,409
California State University, 1.361%, 11/1/27		2,500		2,485,875
			$	5,584,544
General Obligations — 3.9%
Belmont-Redwood Shores School District, CA:
1.317%, 8/1/27	$	500	$	497,495
1.477%, 8/1/28		1,415		1,406,029
1.477%, 8/1/28		900		891,990
1.676%, 8/1/29		1,010		999,738
Campbell Union High School District, CA, 1.113%, 8/1/27		1,000		994,180
El Monte Union High School District, CA:
1.526%, 6/1/28		1,325		1,306,927
1.656%, 6/1/29		1,000		983,950
Marin Community College District, CA, 2.29%, 8/1/35		750		748,027
Mountain View Whisman School District, CA:
1.491%, 9/1/28		1,110		1,112,575
1.711%, 9/1/29		1,560		1,572,511
Mt. San Antonio Community College District, CA:
1.289%, 8/1/28		720		710,395
1.497%, 8/1/29		575		568,738
Ohlone Community College District, CA, 2.243%, 8/1/33		220		221,648
Ojai Unified School District, CA, 2.019%, 8/1/31		480		487,234
Palmdale School District, CA:
1.322%, 8/1/27		500		496,525
1.67%, 8/1/29		500		495,060
Riverside Community College District, CA:
1.124%, 8/1/26		2,000		2,009,140
1.399%, 8/1/27		1,900		1,907,657
1.589%, 8/1/28		2,000		2,009,520
San Mateo Union High School District, CA, 2.111%, 9/1/34		1,220		1,217,353
Santa Clarita Community College District, CA:
1.146%, 8/1/26		1,250		1,258,775
1.393%, 8/1/27		900		904,842
1.563%, 8/1/28		1,250		1,255,475
1.791%, 8/1/29		265		267,812
Tamalpais Union High School District, CA, 1.414%, 8/1/30		475		465,358
Tustin Unified School District, CA:
1.654%, 8/1/30		1,230		1,226,150
1.854%, 8/1/32		1,070		1,072,793

22 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Tustin Unified School District, CA: (continued)
1.954%, 8/1/33	$	590	$	593,410
2.649%, 8/1/42		1,125		1,135,035
			$	28,816,342
Hospital — 0.6%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	4,000	$	4,547,080
			$	4,547,080
Housing — 0.6%
Independent Cities Finance Authority, CA, (Sahara Mobile Home Park):
3.20%, 6/15/41	$	775	$	771,482
3.20%, 6/15/56		3,685		3,539,258
			$	4,310,740
Insured – General Obligations — 0.9%
Byron Union School District, CA:
(BAM), 1.551%, 8/1/27	$	265	$	267,722
(BAM), 2.10%, 8/1/30		345		351,645
(BAM), 2.20%, 8/1/31		380		388,003
Mojave Unified School District, CA, (BAM), 2.731%, 8/1/37		500		513,365
Oak Grove School District, CA:
(BAM), 2.397%, 8/1/34		275		275,514
(BAM), 2.497%, 8/1/35		285		286,103
(BAM), 2.597%, 8/1/36		290		291,963
Sanger Unified School District, CA:
(BAM), 2.371%, 8/1/35		445		443,367
(BAM), 2.734%, 8/1/42		3,415		3,302,885
Santa Rosa High School District, CA:
(BAM), 1.676%, 8/1/28		255		255,339
(BAM), 1.932%, 8/1/29		220		220,893
			$	6,596,799
Insured – Other Revenue — 0.2%
San Fernando, CA, Pension Obligation Bonds:
(AGM), 1.109%, 1/1/26	$	700	$	695,058
(AGM), 1.379%, 1/1/27		1,060		1,049,792
			$	1,744,850

Security	Principal Amount (000’s omitted)		Value
Insured – Special Tax Revenue — 1.0%
Lake Elsinore Reassessment District No. 2021-1, CA:
(AGM), 1.153%, 9/2/25	$	335	$	334,461
(AGM), 1.403%, 9/2/26		345		345,124
Rio Elementary School District Community Facilities District No. 1, CA:
(BAM), 1.826%, 9/1/28		1,000		1,000,020
(BAM), 2.00%, 9/1/27		1,810		1,846,417
(BAM), 2.107%, 9/1/29		500		504,165
(BAM), 2.307%, 9/1/31		1,500		1,522,605
Successor Agency to Pittsburg Redevelopment Agency, CA, (AGM), 3.388%, 8/1/22		955		978,445
Successor Agency to West Hollywood Community Development Commission, CA:
(AGM), 1.518%, 9/1/27		375		370,736
(AGM), 1.668%, 9/1/28		400		394,388
(AGM), 1.847%, 9/1/29		385		378,971
			$	7,675,332
Insured – Transportation — 0.1%
Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/27	$	740	$	652,754
			$	652,754
Lease Revenue / Certificates of Participation — 1.1%
Downey, CA, Pension Obligation Bonds:
1.95%, 6/1/31	$	185	$	179,498
2.05%, 6/1/32		850		824,041
Golden State Tobacco Securitization Corp., CA, 1.886%, 6/1/27(4)		5,845		5,900,878
Monterey Park, CA, Pension Obligation Bonds:
2.193%, 6/1/33		560		548,699
2.293%, 6/1/34		750		730,365
			$	8,183,481
Other Revenue — 0.9%
Manhattan Beach, CA, Pension Obligation Bonds:
2.141%, 1/1/30	$	400	$	404,056
2.241%, 1/1/31		400		404,564
2.341%, 1/1/32		650		657,930
2.491%, 1/1/33		675		686,387
San Anselmo, CA, Pension Obligation Bonds:
1.759%, 8/1/29		500		491,455
2.299%, 8/1/32		1,465		1,436,374

23 See Notes to Financial Statements.

Eaton Vance

California Municipal Opportunities Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Santa Cruz County, CA, Pension Obligation Bonds:
1.274%, 6/1/27	$	1,000	$	994,910
1.444%, 6/1/28		1,000		991,820
1.661%, 6/1/29		1,000		991,370
			$	7,058,866
Special Tax Revenue — 0.2%
Successor Agency to San Diego Redevelopment Agency, CA:
3.25%, 9/1/22	$	250	$	256,848
3.375%, 9/1/23		250		263,903
3.50%, 9/1/24		250		270,022
3.625%, 9/1/25		250		275,255
3.75%, 9/1/26		250		275,635
			$	1,341,663
Transportation — 0.3%
Los Angeles Department of Airports, CA, (Los Angeles International Airport):
1.513%, 5/15/29	$	775	$	753,393
1.613%, 5/15/30		900		869,076
San Jose, CA, Airport Revenue:
0.65%, 3/1/24		250		249,243
2.21%, 3/1/29		500		505,850
			$	2,377,562
Water and Sewer — 0.6%
California Department of Water Resources:
1.051%, 12/1/26	$	2,500	$	2,493,325
1.352%, 12/1/27		500		500,605
1.502%, 12/1/28		500		499,600
1.732%, 12/1/29		500		503,080
1.882%, 12/1/30		550		554,719
			$	4,551,329
Total Taxable Municipal Obligations — 11.1% (identified cost $83,009,574)			$	83,441,342
Total Investments — 96.2% (identified cost $697,896,091)			$	720,538,800
Other Assets, Less Liabilities — 3.8%			$	28,373,858
Net Assets — 100.0%			$	748,912,658

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 September 30, 2021, 10.3% 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 0.1% to 5.1% 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 September 30, 2021, the aggregate value of these securities is $17,493,166 or 2.3% 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 September 30, 2021.

⁽³⁾  Floating rate security. The stated interest rate represents the rate in effect at September 30, 2021.

⁽⁴⁾  When-issued security.

Abbreviations:

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

Currency Abbreviations:

USD – United States Dollar

24 See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Fund

September 30, 2021

Portfolio of Investments

Tax-Exempt Municipal Obligations — 87.9%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 2.2%
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34	$	3,105	$	4,481,353
			$	4,481,353
Education — 21.2%
Massachusetts Development Finance Agency, (Babson College), 5.00%, 10/1/42	$	1,500	$	1,816,200
Massachusetts Development Finance Agency, (Bentley University):
4.00%, 7/1/38		420		498,036
4.00%, 7/1/40		1,300		1,533,493
Massachusetts Development Finance Agency, (Berklee College of Music):
5.00%, 10/1/29		1,000		1,192,340
5.00%, 10/1/39		2,000		2,348,520
Massachusetts Development Finance Agency, (Boston University):
5.00%, 10/1/46		3,000		3,544,710
5.45%, 5/15/59		400		522,820
Massachusetts Development Finance Agency, (Dexter Southfield):
5.00%, 5/1/33		1,550		1,744,866
5.00%, 5/1/35		1,660		1,868,214
Massachusetts Development Finance Agency, (Harvard University), 5.00%, 7/15/34		2,570		3,070,199
Massachusetts Development Finance Agency, (Northeastern University):
5.00%, 10/1/29		3,845		4,021,139
5.00%, 3/1/33		1,950		2,157,324
Massachusetts Development Finance Agency, (Olin College), 5.00%, 11/1/38		1,750		1,903,160
Massachusetts Development Finance Agency, (Suffolk University):
5.00%, 7/1/31		620		765,855
5.00%, 7/1/32		770		948,178
5.00%, 7/1/38		340		411,686
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/36		1,575		1,831,048
Massachusetts Development Finance Agency, (Williams College), 5.00%, 7/1/46		2,000		2,371,020
Massachusetts Development Finance Agency, (Worcester Polytechnic Institute), 5.00%, 9/1/42		3,150		3,805,105
Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.50%, 7/1/32		5,000		7,107,550
			$	43,461,463

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded — 0.6%
Massachusetts Development Finance Agency, (Partners HealthCare System), Prerefunded to 7/1/23, 5.00%, 7/1/44	$	1,100	$	1,191,949
			$	1,191,949
General Obligations — 28.4%
Acton-Boxborough Regional School District, MA, 5.00%, 3/1/32	$	2,075	$	2,642,139
Attleboro, MA, 3.00%, 10/15/36		2,630		2,881,533
Belmont, MA:
4.00%, 2/15/29		1,195		1,425,539
4.00%, 2/15/30		1,245		1,484,326
4.00%, 2/15/31		1,045		1,239,527
4.00%, 3/15/31		2,910		3,457,633
Boston, MA, 4.00%, 3/1/31		3,000		3,243,630
Braintree, MA, 4.00%, 10/15/21		585		585,690
Cape Cod Regional Technical High School District, MA, 4.00%, 11/15/35		1,330		1,555,262
Chelmsford, MA, 5.00%, 4/15/22		2,000		2,051,440
Danvers, MA:
4.00%, 8/15/30		600		716,508
4.00%, 8/15/33		540		640,651
Franklin, MA:
4.00%, 5/15/30		200		237,424
4.00%, 5/15/32		455		537,655
4.00%, 5/15/33		455		537,833
5.00%, 5/15/29		210		264,333
Harvard, MA:
4.00%, 8/15/30		1,025		1,224,035
4.00%, 8/15/31		1,270		1,511,338
Hingham, MA:
3.00%, 2/15/37		1,700		1,869,388
4.00%, 2/15/32		425		508,436
4.00%, 2/15/33		410		489,179
Lexington, MA, 4.00%, 2/1/29		1,855		2,210,121
Lincoln, MA:
4.00%, 3/1/30		2,120		2,512,285
4.00%, 3/1/31		2,205		2,607,368
4.00%, 3/1/33		2,285		2,691,524
Manchester Essex Regional School District, MA:
4.00%, 2/1/41		1,075		1,240,733
4.00%, 2/1/42		975		1,121,650
Massachusetts, 5.00%, 3/1/31		3,000		3,325,950
Medford, MA, 5.00%, 7/15/29		735		928,768
Shrewsbury, MA, 4.00%, 7/15/33		2,370		2,807,218
Swampscott, MA, 5.00%, 1/15/26		355		424,715

25 See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Weston, MA:
4.00%, 1/15/31	$	1,275	$	1,530,995
4.00%, 1/15/32		1,495		1,784,103
Winchester, MA, 5.00%, 4/15/36		775		777,775
Worcester, MA, 2.00%, 2/1/22		5,000		5,030,500
			$	58,097,204
Hospital — 11.1%
Massachusetts Development Finance Agency, (Berkshire Health Systems):
5.00%, 10/1/28	$	1,600	$	2,031,888
5.00%, 10/1/29		600		776,628
5.00%, 10/1/31		400		535,868
Massachusetts Development Finance Agency, (Beth Israel Lahey Health):
5.00%, 7/1/33		625		782,719
5.00%, 7/1/38		600		740,526
Massachusetts Development Finance Agency, (CareGroup):
5.00%, 7/1/27		1,000		1,195,210
5.00%, 7/1/43		2,000		2,410,700
Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31		1,840		2,087,314
Massachusetts Development Finance Agency, (Dana-Farber Cancer Institute), 5.00%, 12/1/36		1,690		2,021,122
Massachusetts Development Finance Agency, (Lahey Health System Obligated Group), 5.00%, 8/15/40		2,000		2,294,920
Massachusetts Development Finance Agency, (Partners HealthCare System), 5.00%, 7/1/37		1,600		1,952,864
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/41		2,795		3,239,573
Massachusetts Health and Educational Facilities Authority, (Partners HealthCare System), (LOC: TD Bank, N.A.), 0.05%, 7/1/40(1)		2,690		2,690,000
			$	22,759,332
Housing — 1.4%
Massachusetts Housing Finance Agency, (Mill Road Apartments), 0.60%, (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	$	699,232
(AMT), 4.875%, 11/1/42(3)		740		775,431
			$	1,474,663

Security	Principal Amount (000’s omitted)		Value
Insured – Education — 3.7%
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(4)	$	5,460	$	7,570,891
			$	7,570,891
Insured – Special Tax Revenue — 4.2%
Martha’s Vineyard Land Bank, MA, (BAM), 5.00%, 5/1/26	$	1,760	$	1,991,986
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30		4,955		6,520,730
			$	8,512,716
Insured – Transportation — 3.9%
Massachusetts Turnpike Authority, Metropolitan Highway System, (NPFG), 0.00%, 1/1/22	$	8,000	$	7,993,120
			$	7,993,120
Senior Living / Life Care — 0.8%
Massachusetts Development Finance Agency, (Carleton- Willard Village):
4.00%, 12/1/42	$	490	$	544,361
5.00%, 12/1/42		525		604,133
Massachusetts Development Finance Agency, (Linden Ponds, Inc.):
5.00%, 11/15/33(3)		205		229,946
5.00%, 11/15/38(3)		135		150,073
			$	1,528,513
Special Tax Revenue — 3.5%
American Samoa Economic Development Authority, 5.00%, 9/1/38(3)	$	100	$	122,692
Massachusetts Bay Transportation Authority, Sales Tax Revenue:
4.00%, 7/1/40		2,500		3,003,000
5.00%, 7/1/26		2,000		2,411,240
5.25%, 7/1/31		1,240		1,701,950
			$	7,238,882
Transportation — 5.9%
Massachusetts Port Authority:
(AMT), 5.00%, 7/1/31	$	1,555	$	1,952,831
(AMT), 5.00%, 7/1/34		2,110		2,530,713
(AMT), 5.00%, 7/1/38		1,400		1,796,998
(AMT), 5.00%, 7/1/43		3,000		3,510,840
Massachusetts, (Accelerated Bridge Program), 5.00%, 6/15/27		2,000		2,240,200
			$	12,031,582

26 See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Fund

September 30, 2021

Portfolio of Investments — 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	$	269,982
4.00%, 4/15/33		335		397,276
			$	667,258
Total Tax-Exempt Municipal Obligations — 87.9% (identified cost $166,269,148)			$	179,943,926
Taxable Municipal Obligations — 12.6%
Security	Principal Amount (000’s omitted)		Value
Education — 3.7%
Massachusetts Development Finance Agency, (Bentley University):
0.944%, 7/1/24	$	650	$	649,363
1.192%, 7/1/25		765		762,437
1.392%, 7/1/26		550		546,315
1.60%, 7/1/27		850		841,577
1.82%, 7/1/28		650		641,654
Massachusetts Development Finance Agency, (Berklee College of Music), 2.582%, 10/1/35		1,000		987,280
University of Massachusetts Building Authority, 2.917%, 11/1/33		2,850		3,047,647
			$	7,476,273
General Obligations — 2.0%
Massachusetts, 2.514%, 7/1/41	$	4,000	$	4,008,840
			$	4,008,840
Insured-Hospital — 0.5%
Massachusetts Development Finance Agency, (Wellforce), (AGM), 3.89%, 7/1/25	$	1,000	$	1,088,390
			$	1,088,390
Special Tax Revenue — 5.4%
Massachusetts Bay Transportation Authority, Sales Tax Revenue:
1.24%, 7/1/26	$	1,715	$	1,723,764
1.525%, 7/1/27		1,500		1,513,440
Massachusetts School Building Authority:
1.75%, 2/15/29		3,295		3,259,941
2.95%, 5/15/43		2,500		2,553,100
3.395%, 10/15/40		2,000		2,104,020
			$	11,154,265

Security	Principal Amount (000’s omitted)		Value
Student Loan — 1.0%
Massachusetts Educational Financing Authority, 2.305%, 7/1/29	$	2,000	$	1,993,780
			$	1,993,780
Total Taxable Municipal Obligations — 12.6% (identified cost $25,380,128)			$	25,721,548
Total Investments — 100.5% (identified cost $191,649,276)			$	205,665,474
Other Assets, Less Liabilities — (0.5)%			$	(1,018,640	)
Net Assets — 100.0%			$	204,646,834

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 September 30, 2021, 12.2% 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 0.5% to 7.1% of total investments.

⁽¹⁾  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 September 30, 2021.

⁽²⁾  Floating rate security. The stated interest rate represents the rate in effect at September 30, 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 September 30, 2021, the aggregate value of these securities is $1,977,374 or 1.0% of the Fund’s net assets.

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

Abbreviations:

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

27 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Fund

September 30, 2021

Portfolio of Investments

Corporate Bonds — 0.5%
Security	Principal Amount (000’s omitted)		Value
Hospital — 0.5%
Montefiore Obligated Group, 4.29%, 9/1/50	$	2,080	$	2,166,740
Total Corporate Bonds — 0.5% (identified cost $2,080,000)			$	2,166,740
Tax-Exempt Municipal Obligations — 93.8%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 2.6%
New York State Environmental Facilities Corp., (New York City Municipal Water Finance Authority):
5.00%, 6/15/34	$	1,000	$	1,287,560
5.00%, 6/15/35		1,000		1,285,040
5.00%, 6/15/36		1,140		1,460,625
New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds:
4.00%, 10/15/34		400		487,244
4.00%, 10/15/38		750		901,395
5.00%, 4/15/33		400		531,684
5.00%, 8/15/44		4,680		5,915,801
			$	11,869,349
Cogeneration — 0.3%
Suffolk County Industrial Development Agency, NY, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23	$	1,320	$	1,331,801
			$	1,331,801
Education — 11.2%
Albany Capital Resource Corp., NY, (Albany College of Pharmacy and Health Sciences), 5.00%, 12/1/30	$	250	$	277,190
Build NYC Resource Corp., NY, (Academic Leadership Charter School), 4.00%, 6/15/36		200		225,774
Build NYC Resource Corp., NY, (New World Preparatory Charter School):
4.00%, 6/15/31(1)		240		266,218
4.00%, 6/15/41(1)		315		345,492
Hempstead Local Development Corp., NY, (Hofstra University):
5.00%, 7/1/29		100		128,453
5.00%, 7/1/30		100		130,902
5.00%, 7/1/31		130		173,475

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Hempstead Local Development Corp., NY, (Hofstra University): (continued)
5.00%, 7/1/32	$	300	$	398,478
Monroe County Industrial Development Corp., NY, (Nazareth College of Rochester):
5.00%, 10/1/31		235		281,309
5.00%, 10/1/32		260		310,534
Monroe County Industrial Development Corp., NY, (True North Rochester Preparatory Charter School):
5.00%, 6/1/40(1)		430		505,203
5.00%, 6/1/59(1)		1,600		1,845,712
New York Dormitory Authority, (Brooklyn Law School), 5.00%, 7/1/33		1,650		2,035,192
New York Dormitory Authority, (Columbia University):
5.00%, 10/1/26		250		304,560
5.00%, 10/1/38		8,910		11,055,261
New York Dormitory Authority, (Cornell University), (SPA: U.S. Bank, N.A.), 0.06%, 7/1/39(2)		3,000		3,000,000
New York Dormitory Authority, (New York University):
4.00%, 7/1/37		1,500		1,816,215
4.00%, 7/1/39		1,125		1,353,499
New York Dormitory Authority, (Rochester Institute of Technology):
5.00%, 7/1/37		1,450		1,822,186
5.00%, 7/1/40		1,265		1,579,593
New York Dormitory Authority, (Rockefeller University), Green Bonds, 5.00%, 7/1/50		8,095		10,135,830
Saratoga County Capital Resource Corp., NY, (Skidmore College), 5.00%, 7/1/45		1,320		1,639,625
St. Lawrence County Industrial Development Agency, NY, (Clarkson University):
Series 2021A, 5.00%, 9/1/36		100		127,477
Series 2021A, 5.00%, 9/1/37		130		165,182
Series 2021A, 5.00%, 9/1/38		125		158,406
Series 2021A, 5.00%, 9/1/39		125		157,966
Series 2021A, 5.00%, 9/1/40		100		125,870
Series 2021A, 5.00%, 9/1/41		125		156,881
Series 2021B, 5.00%, 9/1/34(3)		235		293,287
Series 2021B, 5.00%, 9/1/35(3)		230		286,474
Series 2021B, 5.00%, 9/1/36(3)		250		310,645
Series 2021B, 5.00%, 9/1/37(3)		260		322,039
Series 2021B, 5.00%, 9/1/38(3)		210		259,430
Series 2021B, 5.00%, 9/1/39(3)		200		246,400
Series 2021B, 5.00%, 9/1/40(3)		250		306,795
Series 2021B, 5.00%, 9/1/41(3)		250		305,923

28 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute):
5.00%, 9/1/37	$	1,250	$	1,585,087
5.00%, 9/1/38		3,925		4,965,046
5.00%, 9/1/39		1,500		1,892,610
Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence), 5.00%, 10/15/40		775		919,041
			$	52,215,260
Electric Utilities — 7.2%
Long Island Power Authority, NY, Electric System Revenue:
4.00%, 9/1/37	$	1,150	$	1,379,966
4.00%, 9/1/38		2,900		3,470,372
4.00%, 9/1/41		2,030		2,407,133
5.00%, 9/1/32		750		985,433
5.00%, 9/1/35		2,400		3,024,888
5.00%, 9/1/39		2,500		3,115,650
New York Power Authority:
4.00%, 11/15/45		8,675		10,138,125
4.00%, 11/15/50		1,430		1,660,959
4.00%, 11/15/55		2,440		2,821,665
Prerefunded to 11/15/21, 5.00%, 11/15/31		1,000		1,005,570
Utility Debt Securitization Authority, NY, 5.00%, 12/15/33		2,895		3,193,330
			$	33,203,091
Escrowed / Prerefunded — 2.9%
Geneva Development Corp., NY, (Hobart and William Smith Colleges), Series 2012, Prerefunded to 9/1/22, 5.00%, 9/1/32	$	1,250	$	1,304,887
Metropolitan Transportation Authority, NY, Prerefunded to 11/15/21, 5.00%, 11/15/27		940		945,236
Sales Tax Asset Receivable Corp., NY:
Prerefunded to 10/15/24, 5.00%, 10/15/27		5,000		5,710,050
Prerefunded to 10/15/24, 5.00%, 10/15/28		5,000		5,710,050
			$	13,670,223
General Obligations — 5.4%
Bedford Village Fire District, NY:
2.00%, 11/15/33	$	420	$	432,277
2.00%, 11/15/34		430		440,987
2.00%, 11/15/35		490		493,508

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
East Irondequoit Central School District, NY:
4.00%, 6/15/26	$	275	$	318,244
4.00%, 6/15/27		275		324,742
East Meadow Union Free School District, NY:
2.00%, 6/15/33		950		960,934
2.00%, 6/15/34		970		971,086
Series 2021A, 3.00%, 6/15/32		2,845		3,186,144
Series 2021B, 3.00%, 6/15/32		920		1,030,317
Hempstead, NY, 4.00%, 6/15/32		3,000		3,607,440
New Rochelle City School District, NY, 4.00%, 6/15/30		675		821,219
New York City, NY:
4.00%, 3/1/36		260		306,922
4.00%, 8/1/38		1,885		2,208,692
North Hempstead, NY:
2.00%, 9/15/33		85		86,327
2.00%, 9/15/35		170		170,444
Pelham Union Free School District, NY:
2.00%, 11/1/31		2,180		2,266,677
2.00%, 11/1/32		1,445		1,493,277
2.00%, 11/1/33		530		544,273
2.00%, 11/1/34		2,015		2,060,660
2.00%, 11/1/35		2,225		2,239,106
Valley Stream, NY:
2.25%, 5/15/27		250		250,060
2.375%, 5/15/28		255		255,059
Westchester County, NY, 2.00%, 10/15/33		510		525,443
			$	24,993,838
Hospital — 5.6%
Brookhaven Local Development Corp., NY, (Long Island Community Hospital):
5.00%, 10/1/32	$	700	$	892,087
5.00%, 10/1/33		730		927,151
5.00%, 10/1/34		750		949,328
5.00%, 10/1/35		800		1,010,848
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center):
4.00%, 11/1/47		470		492,165
5.00%, 11/1/37		1,615		1,855,102
Monroe County Industrial Development Corp., NY, (Rochester Regional Health), 5.00%, 12/1/34		500		642,745
New York Dormitory Authority, (Catholic Health System Obligated Group):
4.00%, 7/1/38		975		1,107,347
4.00%, 7/1/39		1,130		1,279,555

29 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
New York Dormitory Authority, (Montefiore Obligated Group), 5.00%, 8/1/30	$	750	$	922,680
New York Dormitory Authority, (NYU Hospitals Center), 5.00%, 7/1/30		3,480		3,889,805
New York Dormitory Authority, (NYU Langone Hospitals Obligated Group), 4.00%, 7/1/50		3,000		3,452,070
New York Dormitory Authority, (Orange Regional Medical Center):
5.00%, 12/1/21(1)		500		503,645
5.00%, 12/1/30(1)		4,500		5,410,080
5.00%, 12/1/32(1)		2,200		2,634,104
			$	25,968,712
Housing — 1.6%
Albany Capital Resource Corp., NY, (Empire Commons Student Housing, Inc.):
5.00%, 5/1/28	$	300	$	353,970
5.00%, 5/1/29		540		633,971
5.00%, 5/1/30		635		741,788
5.00%, 5/1/31		450		524,367
5.00%, 5/1/32		1,095		1,272,248
New York City Housing Development Corp., NY, Green Bonds, 0.60% to 7/1/25 (Put Date), 5/1/61		800		799,608
New York Mortgage Agency, 3.65%, 4/1/32		425		458,885
Westchester County Local Development Corp., NY, (Purchase Housing Corp. II):
5.00%, 6/1/27		185		218,894
5.00%, 6/1/28		550		646,206
5.00%, 6/1/29		160		186,859
5.00%, 6/1/42		1,250		1,410,362
			$	7,247,158
Industrial Development Revenue — 3.2%
Build NYC Resource Corp., NY, (Pratt Paper (NY), Inc.), (AMT), 4.50%, 1/1/25(1)	$	540	$	578,054
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		4,123,686
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44(1)		930		996,793
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 10/1/35		4,165		5,209,748
Niagara Area Development Corp., NY, (Covanta), (AMT), 4.75%, 11/1/42(1)		4,000		4,181,600
			$	15,089,881

Security	Principal Amount (000’s omitted)		Value
Insured – Education — 3.3%
New York Dormitory Authority, (CUNY Student Housing), (AMBAC), (BAM), 5.50%, 7/1/35	$	6,600	$	9,234,720
New York Dormitory Authority, (School Districts Revenue Bond Financing Program):
(AGM), 5.00%, 10/1/30		1,750		2,265,725
(AGM), 5.00%, 10/1/31		2,800		3,610,012
			$	15,110,457
Insured – Escrowed / Prerefunded — 2.3%
New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/30	$	11,530	$	10,475,581
			$	10,475,581
Insured – General Obligations — 5.7%
East Ramapo Central School District, NY, (AGM), 4.00%, 12/15/28	$	870	$	1,003,414
Monroe County, NY:
(AGM), 5.00%, 6/1/29		300		388,284
(AGM), 5.00%, 6/1/30		1,420		1,871,049
Nassau County, NY:
(AGM), 4.00%, 4/1/47		3,200		3,714,528
(AGM), 5.00%, 4/1/38		4,025		5,085,185
Oyster Bay, NY:
(AGM), 4.00%, 3/1/26		775		883,330
(AGM), 4.00%, 3/1/27		800		927,440
(AGM), 4.00%, 3/1/28		950		1,119,195
(AGM), 4.00%, 8/1/28		1,995		2,052,675
Rockland County, NY, (AGM), 4.00%, 4/1/31		160		188,629
Suffolk County, NY:
(BAM), 4.00%, 6/15/30		3,415		4,076,759
(BAM), 4.00%, 6/15/31		3,555		4,214,061
Yonkers, NY, (AGM), 4.00%, 2/15/35		675		807,820
			$	26,332,369
Insured – Lease Revenue / Certificates of Participation — 0.1%
New York Dormitory Authority, (St. Lawrence-Lewis):
(BAM), 4.00%, 8/15/27	$	195	$	228,429
(BAM), 4.00%, 8/15/29		225		271,165
			$	499,594
Insured – Other Revenue — 1.7%
New York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGM), 5.00%, 1/1/29	$	1,500	$	1,904,670

30 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Other Revenue (continued)
New York City Industrial Development Agency, NY, (Yankee Stadium):
(AGC), 0.00%, 3/1/31	$	1,690	$	1,420,090
(AGM), 3.00%, 3/1/39		3,620		3,896,930
(AGM), 3.00%, 3/1/40		720		772,697
			$	7,994,387
Insured – Solid Waste — 0.5%
Onondaga County Resource Recovery Agency, NY:
(AGM), (AMT), 5.00%, 5/1/30	$	275	$	326,639
(AGM), (AMT), 5.00%, 5/1/31		350		414,281
(AGM), (AMT), 5.00%, 5/1/32		450		531,054
(AGM), (AMT), 5.00%, 5/1/33		375		441,139
(AGM), (AMT), 5.00%, 5/1/34		500		586,865
			$	2,299,978
Insured – Transportation — 0.7%
Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 5.00%, 11/15/44	$	2,720	$	3,315,082
			$	3,315,082
Lease Revenue / Certificates of Participation — 1.0%
Hudson Yards Infrastructure Corp., NY, 5.00%, 2/15/42	$	3,855	$	4,548,167
			$	4,548,167
Other Revenue — 5.9%
Battery Park City Authority, NY, Sustainability Bonds, 5.00%, 11/1/49	$	3,065	$	3,861,103
Build NYC Resource Corp., NY, (Children’s Aid Society):
4.00%, 7/1/36		125		145,686
4.00%, 7/1/37		165		191,656
4.00%, 7/1/38		150		173,729
Chautauqua County Capital Resource Corp, NY, (Jamestown Center City Development Corp.), 2.50% to 5/1/22 (Put Date), 11/1/31		2,375		2,380,391
New York City Cultural Resources Trust, NY, (Lincoln Center for the Performing Arts, Inc.), 5.00%, 12/1/31		1,800		2,353,158
New York City Cultural Resources Trust, NY, (Whitney Museum of American Art), Green Bonds, 5.00%, 7/1/31		1,270		1,708,468

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
New York City Transitional Finance Authority, NY, (Building Aid):
5.00%, 7/15/30	$	1,950	$	2,457,117
5.00%, 7/15/43		3,560		4,166,375
New York Liberty Development Corp., (7 World Trade Center), 5.00%, 9/15/32		5,000		5,105,700
New York Thruway Authority, Personal Income Tax Revenue, 4.00%, 3/15/52		4,250		4,870,882
			$	27,414,265
Senior Living / Life Care — 3.3%
Brookhaven Local Development Corp., NY, (Jefferson’s Ferry):
4.00%, 11/1/45	$	1,650	$	1,847,257
5.25%, 11/1/30		760		911,445
5.25%, 11/1/31		675		807,671
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/37		4,500		5,055,120
Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.):
Series 2019A, 5.00%, 12/1/40		150		173,652
Series 2020B, 5.00%, 12/1/40		2,000		2,315,360
Tompkins County Development Corp., NY, (Kendal at Ithaca), 5.00%, 7/1/34		100		110,045
Westchester County Local Development Corp., NY, (Kendal on Hudson):
5.00%, 1/1/28		1,090		1,143,083
5.00%, 1/1/34		1,485		1,550,726
Westchester County Local Development Corp., NY, (Miriam Osborn Memorial Home Association):
5.00%, 7/1/27		270		310,152
5.00%, 7/1/28		640		731,994
5.00%, 7/1/29		250		285,380
			$	15,241,885
Special Tax Revenue — 10.6%
Nassau County Interim Finance Authority, NY, Sales Tax Revenue:
4.00%, 11/15/32	$	3,000	$	3,732,150
4.00%, 11/15/35		1,250		1,534,400
5.00%, 11/15/35		1,750		2,313,832
New York City Transitional Finance Authority, NY, Future Tax Revenue:
3.00%, 11/1/37		4,670		5,052,333
4.00%, 11/1/38		3,010		3,532,446

31 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
New York City Transitional Finance Authority, NY, Future Tax Revenue: (continued)
4.00%, 5/1/41	$	5,145	$	5,958,579
5.00%, 11/1/29		4,000		5,218,320
5.00%, 5/1/39		2,160		2,608,351
New York Dormitory Authority, Personal Income Tax Revenue:
4.00%, 3/15/41		1,500		1,759,785
5.00%, 2/15/48		3,165		3,903,679
New York Dormitory Authority, Sales Tax Revenue:
5.00%, 3/15/36		1,960		2,343,298
5.00%, 3/15/40		4,000		4,905,520
(AMT), 5.00%, 3/15/33		890		1,115,624
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/38		1,915		2,244,208
New York State Urban Development Corp., Sales Tax Revenue, 4.00%, 3/15/42		2,500		2,887,875
			$	49,110,400
Transportation — 15.4%
Albany County Airport Authority, NY:
(AMT), 5.00%, 12/15/24	$	1,000	$	1,140,440
(AMT), 5.00%, 12/15/25		500		588,550
(AMT), 5.00%, 12/15/26		1,000		1,207,160
Buffalo and Fort Erie Public Bridge Authority, NY, 5.00%, 1/1/37		200		237,392
Nassau County Bridge Authority, NY, 5.00%, 10/1/40		1,915		1,921,951
New York Bridge Authority:
5.00%, 1/1/31		220		292,967
5.00%, 1/1/32		400		529,520
New York Thruway Authority:
4.00%, 1/1/39		5,000		5,807,450
5.00%, 1/1/37		775		939,703
5.00%, 1/1/38		3,000		3,784,230
5.00%, 1/1/39		210		264,260
5.00%, 1/1/40		1,940		2,436,291
Series 2016A, 5.00%, 1/1/33		3,125		3,664,406
Series 2019B, 5.00%, 1/1/33		1,910		2,443,769
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/46		8,100		8,988,489
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport):
4.00%, 12/1/39		3,760		4,313,246
4.00%, 12/1/42		1,425		1,614,140
5.00%, 12/1/33		500		635,510

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport): (continued)
(AMT), 4.00%, 12/1/40	$	100	$	113,303
(AMT), 4.00%, 12/1/41		1,000		1,129,000
(AMT), 5.00%, 12/1/35		550		688,650
Niagara Frontier Transportation Authority, NY, (Buffalo Niagara International Airport):
(AMT), 5.00%, 4/1/26		1,210		1,340,305
(AMT), 5.00%, 4/1/28		525		650,239
(AMT), 5.00%, 4/1/29		275		347,633
(AMT), 5.00%, 4/1/30		460		578,151
(AMT), 5.00%, 4/1/31		180		225,450
Port Authority of New York and New Jersey:
4.00%, 11/1/41		1,100		1,282,831
4.00%, 11/1/49		2,000		2,301,160
5.00%, 9/1/37		4,000		5,064,640
6.125%, 6/1/94		2,500		2,824,575
(AMT), 3.00%, 10/1/28		1,400		1,566,124
(AMT), 4.00%, 3/15/30		2,500		2,947,500
(AMT), 4.00%, 9/1/38		1,000		1,158,970
(AMT), 5.00%, 10/15/35		1,520		1,806,474
(AMT), 5.00%, 11/15/37		1,250		1,507,200
Triborough Bridge and Tunnel Authority, NY:
(LOC: State Street Bank and Trust Company), 0.06%, 1/1/32(4)		4,100		4,100,000
(LOC: State Street Bank and Trust Company), 0.08%, 1/1/32(2)		1,165		1,165,000
			$	71,606,679
Water and Sewer — 3.3%
New York City Municipal Water Finance Authority, NY, (Water and Sewer System):
4.00%, 6/15/37	$	1,000	$	1,178,810
4.00%, 6/15/40		1,255		1,468,827
4.00%, 6/15/41		1,000		1,170,150
5.00%, 6/15/35		1,630		1,913,490
5.00%, 6/15/40		1,100		1,404,183
Series 2018 CC-1, 5.00%, 6/15/48		2,200		2,638,790
Series 2020 GG-1, 5.00%, 6/15/48		1,920		2,408,928
(SPA: State Street Bank and Trust Company), 0.10%, 6/15/49(2)		1,585		1,585,000
Western Nassau County Water Authority, NY, Green Bonds:
4.00%, 4/1/34		275		334,669
4.00%, 4/1/35		325		393,786

32 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Western Nassau County Water Authority, NY, Green Bonds: (continued)
5.00%, 4/1/30	$	125	$	164,189
5.00%, 4/1/31		140		187,543
5.00%, 4/1/32		225		299,459
5.00%, 4/1/33		275		364,446
			$	15,512,270
Total Tax-Exempt Municipal Obligations — 93.8% (identified cost $416,194,886)			$	435,050,427
Taxable Municipal Obligations — 4.6%
Security	Principal Amount (000’s omitted)		Value
General Obligations — 3.3%
New York, 1.50%, 3/15/26	$	10,000	$	10,161,900
New York City, NY, 1.50%, 8/1/28		5,000		4,953,300
			$	15,115,200
Hospital — 0.3%
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.25%, 11/1/28	$	1,545	$	1,552,941
			$	1,552,941
Special Tax Revenue — 1.0%
New York Dormitory Authority, Personal Income Tax Revenue, 1.538%, 3/15/27	$	4,880	$	4,902,546
			$	4,902,546
Total Taxable Municipal Obligations — 4.6% (identified cost $21,650,629)			$	21,570,687

Miscellaneous — 0.1%
Security	Units		Value
Real Estate — 0.1%
CMS Liquidating Trust(1)(5)(6)		1,975,984	$	395,197
Total Miscellaneous — 0.1% (identified cost $1,280,000)			$	395,197
Total Investments — 99.0% (identified cost $441,205,515)			$	459,183,051
Other Assets, Less Liabilities — 1.0%			$	4,872,461
Net Assets — 100.0%			$	464,055,512

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 September 30, 2021, 14.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.3% to 7.9% 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 September 30, 2021, the aggregate value of these securities is $17,662,098 or 3.8% 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 September 30, 2021.

⁽³⁾  When-issued security.

⁽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 September 30, 2021.

⁽⁵⁾  Non-income producing security.

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

33 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

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		12/21/21	$	(17,991,719	)	$	491,514
											$	491,514

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

34 See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Fund

September 30, 2021

Portfolio of Investments

Tax-Exempt Municipal Obligations —99.9%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 3.9%
Ohio Water Development Authority:
4.00%, 6/1/36	$	1,500	$	1,693,065
5.00%, 12/1/35		2,000		2,376,880
Ohio Water Development Authority, Water Pollution Control Loan Fund, 5.00%, 12/1/40		1,000		1,283,650
Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		1,755		2,268,144
			$	7,621,739
Education — 12.8%
Bowling Green State University, OH:
4.00%, 6/1/39	$	750	$	865,747
4.00%, 6/1/45		1,300		1,479,062
Kent State University, OH:
5.00%, 5/1/37		215		271,220
5.00%, 5/1/38		250		314,628
5.00%, 5/1/39		265		332,681
5.00%, 5/1/40		405		507,368
Miami University, OH, 5.00%, 9/1/35		140		185,737
Ohio Higher Educational Facility Commission, (Case Western Reserve University):
5.00%, 12/1/26		350		425,639
5.00%, 12/1/27		300		363,510
5.00%, 12/1/40		1,000		1,193,660
Ohio Higher Educational Facility Commission, (Denison University):
4.00%, 11/1/39		115		135,766
5.25%, 11/1/46		1,355		1,647,802
Ohio Higher Educational Facility Commission, (Kenyon College), 4.00%, 7/1/40		1,000		1,150,570
Ohio Higher Educational Facility Commission, (Oberlin College):
5.00%, 10/1/33		2,000		2,170,060
5.00%, 10/1/38		910		987,377
Ohio Higher Educational Facility Commission, (The College of Wooster), 5.00%, 9/1/36		1,000		1,223,830
Ohio Higher Educational Facility Commission, (University of Dayton), 5.00%, 12/1/32		550		627,248
Ohio State University:
5.00%, 12/1/29		1,060		1,388,081
Green Bonds, 5.00%, 12/1/36		615		817,888
Ohio University, 5.00%, 12/1/35		500		598,275
Port of Greater Cincinnati Development Authority, OH, (St. Xavier High School, Inc.):
4.00%, 4/1/33		335		394,546

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Port of Greater Cincinnati Development Authority, OH, (St. Xavier High School, Inc.): (continued)
4.00%, 4/1/34	$	510	$	598,658
4.00%, 4/1/35		350		409,815
4.00%, 4/1/36		350		407,435
4.00%, 4/1/37		560		649,986
4.00%, 4/1/38		400		463,160
4.00%, 4/1/39		415		479,325
4.00%, 4/1/40		415		478,304
University of Cincinnati, OH:
4.00%, 6/1/37		1,210		1,437,516
5.00%, 6/1/34		585		692,640
5.00%, 6/1/45		2,000		2,418,100
			$	25,115,634
Electric Utilities — 2.7%
American Municipal Power, Inc., OH, (Combined Hydroelectric Projects), 5.00%, 2/15/29	$	1,000	$	1,268,950
American Municipal Power, Inc., OH, (Greenup Hydroelectric Facility), 5.00%, 2/15/46		1,000		1,160,910
American Municipal Power, Inc., OH, (Meldahl Hydroelectric):
4.00%, 2/15/34		2,005		2,223,685
5.00%, 2/15/33		595		695,442
			$	5,348,987
Escrowed / Prerefunded — 3.6%
Cleveland, OH, Income Tax Revenue, (Bridges and Roadways Improvements), Prerefunded to 10/1/22, 5.00%, 10/1/32	$	500	$	524,170
Cleveland, OH, Income Tax Revenue, (Parks and Recreation Facilities Improvements), Prerefunded to 10/1/22, 5.00%, 10/1/35		1,000		1,047,830
Cuyahoga County, OH, Sales Tax Revenue, Prerefunded to 12/1/24, 5.00%, 12/1/35		1,000		1,147,620
Highland Local School District, OH:
Prerefunded to 6/1/23, 5.00%, 12/1/37		540		582,984
Prerefunded to 6/1/23, 5.00%, 12/1/39		1,100		1,187,560
Lakewood City School District, OH, Prerefunded to 11/1/22, 5.00%, 11/1/36		1,030		1,083,859
Northeast Ohio Regional Sewer District, Prerefunded to 11/15/24, 5.00%, 11/15/44		1,255		1,437,665
Ohio State University, Escrowed to Maturity, 5.00%, 12/1/29		45		59,026
Ohio, (Cleveland Clinic Health System), Prerefunded to 1/1/28, 4.00%, 1/1/43		20		23,648
			$	7,094,362

35 See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations — 13.4%
Butler County, OH, Special Tax Assessment, 5.50%, 12/1/28	$	1,000	$	1,004,030
Cincinnati City School District, OH, 5.25%, 12/1/29(1)		7,500		9,912,676
Columbus City School District, OH, 5.00%, 12/1/30		1,500		1,787,205
Columbus, OH:
5.00%, 4/1/40		1,900		2,458,372
5.00%, 4/1/41		1,325		1,709,767
Cuyahoga Community College District, OH:
3.50%, 12/1/39		1,400		1,504,846
4.00%, 12/1/42		1,500		1,709,370
Northwest Local School District, OH, Prerefunded to 12/1/23, 5.00%, 12/1/40		500		550,860
Ohio, 5.00%, 5/1/33		1,500		1,830,630
Olentangy Local School District, OH, 4.00%, 12/1/29(2)		2,000		2,459,840
Streetsboro City School District, OH, 4.00%, 12/1/36		210		245,373
Westerville City School District, OH:
4.00%, 12/1/32		425		507,896
4.00%, 12/1/33		625		744,631
			$	26,425,496
Hospital — 16.5%
Akron, OH, Bath and Copley Joint Township Hospital District, (Children’s Hospital Medical Center of Akron):
5.00%, 11/15/32	$	2,450	$	2,519,310
5.00%, 11/15/38		1,155		1,235,989
Akron, OH, Bath and Copley Joint Township Hospital District, (Summa Health Obligated Group):
4.00%, 11/15/35		500		584,050
4.00%, 11/15/37		150		173,546
Allen County, OH, (Bon Secours Mercy Health, Inc.), 4.00%, 12/1/40		1,000		1,172,580
Allen County, OH, (Mercy Health), 4.00%, 8/1/47(1)		5,150		5,807,655
Bluffton, OH, (Blanchard Valley Health System), 5.00%, 12/1/31		750		914,647
Butler County, OH, (UC Health):
4.00%, 11/15/37		920		1,038,459
5.00%, 11/15/28		590		724,591
Franklin County, OH, (Nationwide Children’s Hospital), 5.00%, 11/1/34		750		911,858
Franklin County, OH, (OhioHealth Corp.), 5.00%, 5/15/40		1,200		1,369,752
Franklin County, OH, (Trinity Health Credit Group), 5.00%, 12/1/46		2,000		2,411,160
Hamilton County, OH, (UC Health), 5.00%, 9/15/45		1,125		1,382,107
Miami County, OH, (Kettering Health Network Obligated Group), 5.00%, 8/1/38		1,000		1,231,230

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Middleburg Heights, OH, (Southwest General Health Center), 4.00%, 8/1/47	$	2,000	$	2,259,740
Montgomery County, OH, (Kettering Health Network Obligated Group), 4.00%, 8/1/41		500		593,050
Muskingum County, OH, (Genesis HealthCare System Obligated Group), 5.00%, 2/15/33		460		481,427
Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.):
5.00%, 1/15/27		1,500		1,583,835
5.00%, 1/15/29		450		475,448
Ohio, (Cleveland Clinic Health System):
4.00%, 1/1/43		2,190		2,495,921
5.00%, 1/1/28(2)		1,500		1,861,755
Ohio, (University Hospitals Health Systems, Inc.), 3.00%, 1/15/45		1,000		1,045,510
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/24		215		237,736
			$	32,511,356
Housing — 0.3%
Ohio Housing Finance Agency, 3.00%, 9/1/39	$	525	$	551,922
			$	551,922
Industrial Development Revenue — 1.8%
Cleveland, OH, (Continental Airlines), (AMT), 5.375%, 9/15/27	$	1,630	$	1,635,542
Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 4.25%, 1/15/38(3)		1,700		1,945,157
			$	3,580,699
Insured – Electric Utilities — 7.8%
Cleveland, OH, Public Power System Revenue:
(AGM), 4.00%, 11/15/36	$	1,000	$	1,172,920
(AGM), 5.00%, 11/15/24		1,265		1,442,821
(NPFG), 0.00%, 11/15/27		2,540		2,338,426
Ohio Municipal Electric Generation Agency:
(NPFG), 0.00%, 2/15/26		3,000		2,856,840
(NPFG), 0.00%, 2/15/27		2,500		2,330,425
(NPFG), 0.00%, 2/15/28		4,750		4,319,697
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		770		839,192
			$	15,300,321
Insured – Escrowed / Prerefunded — 0.9%
Cleveland, OH, Airport System Revenue, (AGM), Prerefunded to 1/1/22, 5.00%, 1/1/30	$	1,170	$	1,183,841

36 See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Escrowed / Prerefunded (continued)
Cleveland, OH, Public Power System Revenue, (AGM), Escrowed to Maturity, 5.00%, 11/15/24	$	235	$	268,812
Warrensville Heights City School District, OH, (BAM), Prerefunded to 12/1/24, 5.00%, 12/1/44		215		246,373
			$	1,699,026
Insured – General Obligations — 13.5%
Cleveland, OH, (AMBAC), 5.50%, 10/1/23	$	2,105	$	2,324,257
Gahanna-Jefferson City School District, OH, (AGM), 4.00%, 12/1/44		1,500		1,780,710
Kettering City School District, OH, (AGM), 5.25%, 12/1/31		4,505		5,639,629
Mason City School District, OH, (AGM), 5.25%, 12/1/31		3,525		4,628,466
Springboro Community City School District, OH, (AGM), 5.25%, 12/1/30		5,000		6,509,400
Warrensville Heights City School District, OH, (BAM), 5.00%, 12/1/44		85		95,585
Westerville City School District, OH, (XLCA), 5.00%, 12/1/27		4,590		5,604,987
			$	26,583,034
Insured – Hospital — 1.0%
Lucas County, OH, (ProMedica Healthcare Obligated Group), (AGM), 4.00%, 11/15/45	$	1,725	$	1,869,038
			$	1,869,038
Insured – Transportation — 4.7%
Cleveland, OH, Airport System Revenue, (AGM), (AMT), 5.00%, 1/1/43	$	1,000	$	1,206,060
Ohio Turnpike Commission, (NPFG), 5.50%, 2/15/24		5,000		5,361,000
Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/35		1,500		1,700,520
Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/41		940		1,037,986
			$	9,305,566
Insured – Water and Sewer — 2.2%
Newark, OH, Water System Revenue, (AGM), 5.00%, 12/1/39	$	3,680	$	4,370,478
			$	4,370,478
Other Revenue — 3.0%
Cuyahoga County, OH, (Cleveland Orchestra):
5.00%, 1/1/33	$	400	$	489,900
5.00%, 1/1/34		300		366,327

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Cuyahoga County, OH, (Cleveland Orchestra): (continued)
5.00%, 1/1/35	$	500	$	608,950
5.00%, 1/1/41		725		869,848
Riversouth Authority, OH, (Lazarus Building Redevelopment), 5.75%, 12/1/27		1,980		1,983,009
Summit County Port Authority, OH, 5.00%, 12/1/31		1,410		1,486,140
			$	5,804,174
Senior Living / Life Care — 1.2%
Butler County Port Authority, OH, (Community First Solutions), 4.00%, 5/15/46	$	650	$	746,031
Lorain County Port Authority, OH, (Kendal at Oberlin), Prerefunded to 11/15/23, 5.00%, 11/15/30		580		636,619
Warren County, OH, (Otterbein Homes Obligated Group), 5.75%, 7/1/33		905		972,631
			$	2,355,281
Special Tax Revenue — 5.1%
Akron, OH, Income Tax Revenue:
4.00%, 12/1/36	$	655	$	739,318
4.00%, 12/1/37		520		585,832
American Samoa Economic Development Authority, 5.00%, 9/1/38(3)		100		122,692
Cleveland, OH, Income Tax Revenue:
4.00%, 10/1/31		470		570,082
4.00%, 10/1/32		520		626,709
Delaware County, OH, Sales Tax Revenue, 5.00%, 12/1/28		2,000		2,318,680
Franklin County Convention Facilities Authority, OH, 5.00%, 12/1/26		1,000		1,132,600
Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion), 5.00%, 12/1/39		525		617,248
Franklin County, OH, Sales Tax Revenue, 5.00%, 6/1/43		1,000		1,217,700
Greater Cleveland Regional Transit Authority, OH, Sales Tax Revenue, Prerefunded to 12/1/26, 5.00%, 12/1/31		435		532,318
Green, OH, Income Tax Revenue, (Community Learning Centers):
5.00%, 12/1/26		570		601,327
5.00%, 12/1/28		940		991,663
			$	10,056,169
Transportation — 1.4%
Cleveland, OH, Airport System Revenue, (AMT), 5.00%, 1/1/27	$	625	$	756,056
Ohio Turnpike and Infrastructure Commission, 5.00%, 2/15/46		1,500		1,907,805
			$	2,663,861

37 See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Fund

September 30, 2021

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer — 4.1%
Cleveland, OH, Water Pollution Control Revenue, 5.00%, 11/15/41	$	945	$	1,094,556
Columbus, OH, Sewerage System Revenue, 5.00%, 6/1/30		1,500		1,791,750
Hamilton County, OH, Sewer System Revenue, 5.00%, 12/1/35		1,000		1,305,720
Lancaster, OH, Wastewater System Revenue, 4.00%, 12/1/33		1,265		1,425,022
Toledo, OH, Water System Revenue, 5.00%, 11/15/41		2,000		2,368,420
			$	7,985,468
Total Tax-Exempt Municipal Obligations — 99.9% (identified cost $178,546,987)			$	196,242,611
Other Assets, Less Liabilities — 0.1%			$	275,918
Net Assets — 100.0%			$	196,518,529

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 September 30, 2021, 30.1% 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 16.2% of total investments.

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

⁽²⁾  When-issued security.

⁽³⁾  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 September 30, 2021, the aggregate value of these securities is $2,067,849 or 1.1% of the Fund’s net assets.

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		12/21/21	$	(4,776,563	)	$	130,490
											$	130,490

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.

38 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2021

Statements of Assets and Liabilities

	September 30, 2021
Assets	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
Investments —
Identified cost	$	697,896,091	$	191,649,276	$	441,205,515	$	178,546,987
Unrealized appreciation		22,642,709		14,016,198		17,977,536		17,695,624
Investments, at value	$	720,538,800	$	205,665,474	$	459,183,051	$	196,242,611
Cash	$	22,573,827	$	293,088	$	2,275,261	$	11,554,910
Deposits for derivatives collateral — financial futures contracts		—		—		395,550		105,047
Interest receivable		5,637,263		1,855,982		4,548,363		2,310,050
Receivable for investments sold		25,249,288		1,100,000		575,000		—
Receivable for Fund shares sold		1,255,182		157,752		287,481		416,228
Total assets	$	775,254,360	$	209,072,296	$	467,264,706	$	210,628,846
Liabilities
Payable for floating rate notes issued	$	—	$	3,698,877	$	—	$	9,214,493
Payable for when-issued securities		24,565,024		—		2,389,461		4,366,035
Payable for variation margin on open financial futures contracts		—		—		14,124		3,707
Payable for Fund shares redeemed		1,164,450		480,722		337,343		280,825
Distributions payable		94,053		55,159		87,701		44,541
Payable to affiliates:
Investment adviser fee		215,008		58,328		135,170		57,248
Distribution and service fees		55,629		22,720		59,475		27,130
Interest expense and fees payable		—		1,752		—		16,316
Accrued expenses		247,538		107,904		185,920		100,022
Total liabilities	$	26,341,702	$	4,425,462	$	3,209,194	$	14,110,317
Net Assets	$	748,912,658	$	204,646,834	$	464,055,512	$	196,518,529
Sources of Net Assets
Paid-in capital	$	724,032,725	$	190,966,590	$	442,562,558	$	188,090,265
Distributable earnings		24,879,933		13,680,244		21,492,954		8,428,264
Net Assets	$	748,912,658	$	204,646,834	$	464,055,512	$	196,518,529
Class A Shares
Net Assets	$	145,636,389	$	96,498,953	$	250,441,205	$	111,628,610
Shares Outstanding		13,256,188		10,763,475		24,087,229		12,051,218
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.99	$	8.97	$	10.40	$	9.26
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	11.54	$	9.42	$	10.92	$	9.72
Class C Shares
Net Assets	$	30,822,827	$	8,464,088	$	22,375,267	$	11,077,593
Shares Outstanding		3,035,466		944,286		2,151,091		1,196,574
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	10.15	$	8.96	$	10.40	$	9.26
Class I Shares
Net Assets	$	572,453,442	$	99,683,793	$	191,239,040	$	73,812,326
Shares Outstanding		52,073,415		11,116,554		18,397,398		7,964,238
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.99	$	8.97	$	10.39	$	9.27

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.

39 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2021

Statements of Operations

	Year Ended September 30, 2021
Investment Income	California Opportunities Fund		Massachusetts Fund			New York Fund		Ohio Fund
Interest	$	13,139,401	$	5,293,351		$	10,112,178	$	6,263,080
Total investment income	$	13,139,401	$	5,293,351		$	10,112,178	$	6,263,080
Expenses
Investment adviser fee	$	2,399,739	$	720,845		$	1,613,202	$	671,194
Distribution and service fees
Class A		372,894		200,433			503,957		221,118
Class C		304,807		82,773			251,132		99,691
Trustees’ fees and expenses		33,687		10,675			22,754		9,632
Custodian fee		176,652		53,527			115,620		49,274
Transfer and dividend disbursing agent fees		170,829		56,463			138,536		63,460
Legal and accounting services		78,157		60,712			82,272		53,713
Printing and postage		29,551		12,828			26,148		15,486
Registration fees		1,270		12,000			5,798		8,174
Interest expense and fees		—		15,474			—		61,827
Miscellaneous		119,472		30,896			58,854		37,657
Total expenses	$	3,687,058	$	1,256,626		$	2,818,273	$	1,291,226
Net investment income	$	9,452,343	$	4,036,725		$	7,293,905	$	4,971,854
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	2,752,572	$	78,999		$	3,671,401	$	193,746
Financial futures contracts		—		—			43,919		279,627
Net realized gain	$	2,752,572	$	78,999		$	3,715,320	$	473,373
Change in unrealized appreciation (depreciation) —
Investments	$	884,910	$	(1,609,682	)	$	3,367,065	$	(1,996,791	)
Financial futures contracts		—		—			491,514		132,422
Net change in unrealized appreciation (depreciation)	$	884,910	$	(1,609,682	)	$	3,858,579	$	(1,864,369	)
Net realized and unrealized gain (loss)	$	3,637,482	$	(1,530,683	)	$	7,573,899	$	(1,390,996	)
Net increase in net assets from operations	$	13,089,825	$	2,506,042		$	14,867,804	$	3,580,858

40 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2021

Statements of Changes in Net Assets

	Year Ended September 30, 2021
Increase (Decrease) in Net Assets	California Opportunities Fund			Massachusetts Fund			New York Fund			Ohio Fund
From operations —
Net investment income	$	9,452,343		$	4,036,725		$	7,293,905		$	4,971,854
Net realized gain (loss)		2,752,572			78,999			3,715,320			473,373
Net change in unrealized appreciation (depreciation)		884,910			(1,609,682	)		3,858,579			(1,864,369	)
Net increase in net assets from operations	$	13,089,825		$	2,506,042		$	14,867,804		$	3,580,858
Distributions to shareholders —
Class A	$	(2,231,599	)	$	(1,894,087	)	$	(9,739,841	)	$	(2,850,002	)
Class C		(228,505	)		(102,588	)		(885,587	)		(191,452	)
Class I		(8,633,538	)		(2,144,549	)		(7,211,868	)		(1,879,740	)
Total distributions to shareholders	$	(11,093,642	)	$	(4,141,224	)	$	(17,837,296	)	$	(4,921,194	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	24,877,116		$	8,700,440		$	25,052,034		$	16,208,027
Class C		7,934,916			1,564,201			2,703,731			3,542,463
Class I		269,692,428			34,517,897			55,225,016			27,919,924
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,926,260			1,615,374			8,657,427			2,496,131
Class C		216,816			90,334			780,076			180,511
Class I		7,661,751			1,719,339			5,886,137			1,676,394
Cost of shares redeemed
Class A		(30,694,996	)		(15,054,878	)		(26,222,369	)		(13,643,627	)
Class C		(5,229,425	)		(1,041,678	)		(8,761,749	)		(1,959,562	)
Class I		(116,197,071	)		(32,519,986	)		(34,174,275	)		(18,549,876	)
Net asset value of shares converted
Class A		1,206,230			1,891,421			3,587,593			1,419,244
Class C		(1,206,230	)		(1,891,421	)		(3,587,593	)		(1,419,244	)
Net increase (decrease) in net assets from Fund share transactions	$	160,187,795		$	(408,957	)	$	29,146,028		$	17,870,385
Net increase (decrease) in net assets	$	162,183,978		$	(2,044,139	)	$	26,176,536		$	16,530,049
Net Assets
At beginning of year	$	586,728,680		$	206,690,973		$	437,878,976		$	179,988,480
At end of year	$	748,912,658		$	204,646,834		$	464,055,512		$	196,518,529

41 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 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

42 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2021

Financial Highlights

	California Opportunities Fund — Class A
	Year Ended September 30,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	10.930		$	10.800		$	10.210		$	10.410		$	10.740
Income (Loss) From Operations
Net investment income(1)	$	0.136		$	0.203		$	0.258		$	0.263		$	0.262
Net realized and unrealized gain (loss)		0.089			0.177			0.590			(0.200	)		(0.332	)
Total income (loss) from operations	$	0.225		$	0.380		$	0.848		$	0.063		$	(0.070	)
Less Distributions
From net investment income	$	(0.136	)	$	(0.214	)	$	(0.258	)	$	(0.263	)	$	(0.260	)
From net realized gain		(0.029	)		(0.036	)		—			—			—
Total distributions	$	(0.165	)	$	(0.250	)	$	(0.258	)	$	(0.263	)	$	(0.260	)
Net asset value — End of year	$	10.990		$	10.930		$	10.800		$	10.210		$	10.410
Total Return(2)		2.06	%		3.58	%		8.52	%		0.52	%		(0.60	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	145,636		$	147,662		$	126,381		$	107,204		$	124,821
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.69	%		0.71	%		0.76	%		0.77	%		0.77	%
Interest and fee expense(3)		—			0.01	%		0.04	%		0.07	%		0.05	%
Total expenses		0.69	%		0.72	%		0.80	%		0.84	%		0.82	%
Net investment income		1.23	%		1.88	%		2.47	%		2.56	%		2.53	%
Portfolio Turnover		104	%		184	%		235	%		293	%		146	%

⁽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⁾  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

September 30, 2021

Financial Highlights — continued

	California Opportunities Fund — Class C
	Year Ended September 30,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	10.110		$	9.990		$	9.440		$	9.620		$	9.930
Income (Loss) From Operations
Net investment income(1)	$	0.049		$	0.113		$	0.166		$	0.172		$	0.170
Net realized and unrealized gain (loss)		0.069			0.166			0.550			(0.180	)		(0.311	)
Total income (loss) from operations	$	0.118		$	0.279		$	0.716		$	(0.008	)	$	(0.141	)
Less Distributions
From net investment income	$	(0.049	)	$	(0.123	)	$	(0.166	)	$	(0.172	)	$	(0.169	)
From net realized gain		(0.029	)		(0.036	)		—			—			—
Total distributions	$	(0.078	)	$	(0.159	)	$	(0.166	)	$	(0.172	)	$	(0.169	)
Net asset value — End of year	$	10.150		$	10.110		$	9.990		$	9.440		$	9.620
Total Return(2)		1.16	%		2.83	%		7.66	%		(0.08	)%		(1.40	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	30,823		$	28,977		$	27,616		$	24,437		$	30,020
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.44	%		1.46	%		1.51	%		1.52	%		1.52	%
Interest and fee expense(3)		—			0.01	%		0.04	%		0.07	%		0.05	%
Total expenses		1.44	%		1.47	%		1.55	%		1.59	%		1.57	%
Net investment income		0.48	%		1.13	%		1.72	%		1.80	%		1.78	%
Portfolio Turnover		104	%		184	%		235	%		293	%		146	%

⁽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⁾  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

September 30, 2021

Financial Highlights — continued

	California Opportunities Fund — Class I
	Year Ended September 30,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	10.940		$	10.810		$	10.210		$	10.420		$	10.750
Income (Loss) From Operations
Net investment income(1)	$	0.162		$	0.225		$	0.282		$	0.289		$	0.287
Net realized and unrealized gain (loss)		0.080			0.181			0.602			(0.210	)		(0.331	)
Total income (loss) from operations	$	0.242		$	0.406		$	0.884		$	0.079		$	(0.044	)
Less Distributions
From net investment income	$	(0.163	)	$	(0.240	)	$	(0.284	)	$	(0.289	)	$	(0.286	)
From net realized gain		(0.029	)		(0.036	)		—			—			—
Total distributions	$	(0.192	)	$	(0.276	)	$	(0.284	)	$	(0.289	)	$	(0.286	)
Net asset value — End of year	$	10.990		$	10.940		$	10.810		$	10.210		$	10.420
Total Return(2)		2.22	%		3.82	%		8.79	%		0.77	%		(0.35	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	572,453		$	410,090		$	195,115		$	116,940		$	118,737
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.44	%		0.46	%		0.51	%		0.51	%		0.52	%
Interest and fee expense(3)		—			0.01	%		0.04	%		0.07	%		0.05	%
Total expenses		0.44	%		0.47	%		0.55	%		0.58	%		0.57	%
Net investment income		1.47	%		2.08	%		2.68	%		2.80	%		2.77	%
Portfolio Turnover		104	%		184	%		235	%		293	%		146	%

⁽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⁾  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

September 30, 2021

Financial Highlights — continued

	Massachusetts Fund — Class A
	Year Ended September 30,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	9.030		$	8.980		$	8.600		$	8.890		$	9.180
Income (Loss) From Operations
Net investment income(1)	$	0.166		$	0.206		$	0.252		$	0.265		$	0.285
Net realized and unrealized gain (loss)		(0.055	)		0.071			0.382			(0.280	)		(0.292	)
Total income (loss) from operations	$	0.111		$	0.277		$	0.634		$	(0.015	)	$	(0.007	)
Less Distributions
From net investment income	$	(0.171	)	$	(0.227	)	$	(0.254	)	$	(0.275	)	$	(0.283	)
Total distributions	$	(0.171	)	$	(0.227	)	$	(0.254	)	$	(0.275	)	$	(0.283	)
Net asset value — End of year	$	8.970		$	9.030		$	8.980		$	8.600		$	8.890
Total Return(2)		1.23	%		3.13	%		7.48	%		(0.17	)%		(0.02	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	96,499		$	100,099		$	93,288		$	88,205		$	99,934
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.65	%		0.68	%		0.71	%		0.72	%		0.70	%
Interest and fee expense(3)		0.01	%		0.03	%		0.05	%		0.05	%		0.06	%
Total expenses		0.66	%		0.71	%		0.76	%		0.77	%		0.76	%
Net investment income		1.83	%		2.30	%		2.87	%		3.03	%		3.21	%
Portfolio Turnover		26	%		15	%		49	%		41	%		28	%

⁽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⁾  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

September 30, 2021

Financial Highlights — continued

	Massachusetts Fund — Class C
	Year Ended September 30,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	9.040		$	8.990		$	8.610		$	8.890		$	9.190
Income (Loss) From Operations
Net investment income(1)	$	0.098		$	0.140		$	0.186		$	0.200		$	0.219
Net realized and unrealized gain (loss)		(0.072	)		0.073			0.382			(0.270	)		(0.302	)
Total income (loss) from operations	$	0.026		$	0.213		$	0.568		$	(0.070	)	$	(0.083	)
Less Distributions
From net investment income	$	(0.106	)	$	(0.163	)	$	(0.188	)	$	(0.210	)	$	(0.217	)
Total distributions	$	(0.106	)	$	(0.163	)	$	(0.188	)	$	(0.210	)	$	(0.217	)
Net asset value — End of year	$	8.960		$	9.040		$	8.990		$	8.610		$	8.890
Total Return(2)		0.39	%		2.40	%		6.55	%		(0.80	)%		(0.87	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	8,464		$	9,811		$	12,518		$	14,848		$	19,219
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.40	%		1.43	%		1.46	%		1.47	%		1.46	%
Interest and fee expense(3)		0.01	%		0.03	%		0.05	%		0.05	%		0.06	%
Total expenses		1.41	%		1.46	%		1.51	%		1.52	%		1.52	%
Net investment income		1.08	%		1.56	%		2.12	%		2.29	%		2.47	%
Portfolio Turnover		26	%		15	%		49	%		41	%		28	%

⁽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⁾  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

September 30, 2021

Financial Highlights — continued

	Massachusetts Fund — Class I
	Year Ended September 30,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	9.030		$	8.980		$	8.600		$	8.880		$	9.180
Income (Loss) From Operations
Net investment income(1)	$	0.184		$	0.222		$	0.268		$	0.283		$	0.302
Net realized and unrealized gain (loss)		(0.056	)		0.071			0.384			(0.270	)		(0.301	)
Total income from operations	$	0.128		$	0.293		$	0.652		$	0.013		$	0.001
Less Distributions
From net investment income	$	(0.188	)	$	(0.243	)	$	(0.272	)	$	(0.293	)	$	(0.301	)
Total distributions	$	(0.188	)	$	(0.243	)	$	(0.272	)	$	(0.293	)	$	(0.301	)
Net asset value — End of year	$	8.970		$	9.030		$	8.980		$	8.600		$	8.880
Total Return(2)		1.42	%		3.31	%		7.69	%		0.15	%		0.07	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	99,684		$	96,780		$	63,829		$	40,691		$	45,551
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.45	%		0.48	%		0.51	%		0.52	%		0.50	%
Interest and fee expense(3)		0.01	%		0.03	%		0.05	%		0.05	%		0.06	%
Total expenses		0.46	%		0.51	%		0.56	%		0.57	%		0.56	%
Net investment income		2.03	%		2.48	%		3.05	%		3.23	%		3.41	%
Portfolio Turnover		26	%		15	%		49	%		41	%		28	%

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

48 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2021

Financial Highlights — continued

	New York Fund — Class A
	Year Ended September 30,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	10.470		$	10.380		$	9.800		$	10.110		$	10.390
Income (Loss) From Operations
Net investment income(1)	$	0.162		$	0.216		$	0.265		$	0.285		$	0.304
Net realized and unrealized gain (loss)		0.179			0.103			0.580			(0.311	)		(0.276	)
Total income (loss) from operations	$	0.341		$	0.319		$	0.845		$	(0.026	)	$	0.028
Less Distributions
From net investment income	$	(0.162	)	$	(0.229	)	$	(0.265	)	$	(0.284	)	$	(0.308	)
From net realized gain		(0.249	)		—			—			—			—
Total distributions	$	(0.411	)	$	(0.229	)	$	(0.265	)	$	(0.284	)	$	(0.308	)
Net asset value — End of year	$	10.400		$	10.470		$	10.380		$	9.800		$	10.110
Total Return(2)		3.30	%		3.11	%		8.74	%		(0.26	)%		0.33	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	250,441		$	240,960		$	235,528		$	218,892		$	247,160
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.65	%		0.67	%		0.69	%		0.70	%		0.70	%
Interest and fee expense		—			—			0.04	%(3)		0.09	%(3)		0.07	%(3)
Total expenses		0.65	%		0.67	%		0.73	%		0.79	%		0.77	%
Net investment income		1.55	%		2.07	%		2.63	%		2.86	%		3.02	%
Portfolio Turnover		63	%		125	%		114	%		75	%		56	%

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

49 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2021

Financial Highlights — continued

	New York Fund — Class C
	Year Ended September 30,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	10.470		$	10.390		$	9.800		$	10.120		$	10.390
Income (Loss) From Operations
Net investment income(1)	$	0.085		$	0.139		$	0.192		$	0.211		$	0.229
Net realized and unrealized gain (loss)		0.177			0.093			0.588			(0.321	)		(0.266	)
Total income (loss) from operations	$	0.262		$	0.232		$	0.780		$	(0.110	)	$	(0.037	)
Less Distributions
From net investment income	$	(0.083	)	$	(0.152	)	$	(0.190	)	$	(0.210	)	$	(0.233	)
From net realized gain		(0.249	)		—			—			—			—
Total distributions	$	(0.332	)	$	(0.152	)	$	(0.190	)	$	(0.210	)	$	(0.233	)
Net asset value — End of year	$	10.400		$	10.470		$	10.390		$	9.800		$	10.120
Total Return(2)		2.53	%		2.25	%		8.03	%		(1.10	)%		(0.32	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	22,375		$	31,347		$	40,711		$	55,817		$	66,727
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.40	%		1.42	%		1.44	%		1.45	%		1.45	%
Interest and fee expense		—			—			0.04	%(3)		0.09	%(3)		0.07	%(3)
Total expenses		1.40	%		1.42	%		1.48	%		1.54	%		1.52	%
Net investment income		0.81	%		1.33	%		1.91	%		2.11	%		2.27	%
Portfolio Turnover		63	%		125	%		114	%		75	%		56	%

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

50 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2021

Financial Highlights — continued

	New York Fund — Class I
	Year Ended September 30,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	10.470		$	10.380		$	9.800		$	10.110		$	10.390
Income (Loss) From Operations
Net investment income(1)	$	0.183		$	0.236		$	0.285		$	0.305		$	0.322
Net realized and unrealized gain (loss)		0.169			0.103			0.580			(0.311	)		(0.274	)
Total income (loss) from operations	$	0.352		$	0.339		$	0.865		$	(0.006	)	$	0.048
Less Distributions
From net investment income	$	(0.183	)	$	(0.249	)	$	(0.285	)	$	(0.304	)	$	(0.328	)
From net realized gain		(0.249	)		—			—			—			—
Total distributions	$	(0.432	)	$	(0.249	)	$	(0.285	)	$	(0.304	)	$	(0.328	)
Net asset value — End of year	$	10.390		$	10.470		$	10.380		$	9.800		$	10.110
Total Return(2)		3.41	%		3.30	%		8.96	%		(0.06	)%		0.53	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	191,239		$	165,573		$	136,913		$	123,119		$	126,524
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.45	%		0.47	%		0.49	%		0.50	%		0.50	%
Interest and fee expense		—			—			0.04	%(3)		0.09	%(3)		0.07	%(3)
Total expenses		0.45	%		0.47	%		0.53	%		0.59	%		0.57	%
Net investment income		1.74	%		2.27	%		2.83	%		3.06	%		3.20	%
Portfolio Turnover		63	%		125	%		114	%		75	%		56	%

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

51 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2021

Financial Highlights — continued

	Ohio Fund — Class A
	Year Ended September 30,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	9.320		$	9.210		$	8.700		$	9.020		$	9.300
Income (Loss) From Operations
Net investment income(1)	$	0.244		$	0.262		$	0.276		$	0.283		$	0.313
Net realized and unrealized gain (loss)		(0.063	)		0.111			0.506			(0.324	)		(0.283	)
Total income (loss) from operations	$	0.181		$	0.373		$	0.782		$	(0.041	)	$	0.030
Less Distributions
From net investment income	$	(0.241	)	$	(0.263	)	$	(0.272	)	$	(0.279	)	$	(0.310	)
Total distributions	$	(0.241	)	$	(0.263	)	$	(0.272	)	$	(0.279	)	$	(0.310	)
Net asset value — End of year	$	9.260		$	9.320		$	9.210		$	8.700		$	9.020
Total Return(2)		1.95	%		4.11	%		9.12	%		(0.45	)%		0.39	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	111,629		$	105,917		$	102,651		$	97,736		$	114,303
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.68	%		0.69	%		0.71	%		0.71	%		0.72	%
Interest and fee expense(3)		0.03	%		0.07	%		0.13	%		0.14	%		0.11	%
Total expenses		0.71	%		0.76	%		0.84	%		0.85	%		0.83	%
Net investment income		2.60	%		2.84	%		3.08	%		3.20	%		3.48	%
Portfolio Turnover		3	%		11	%		11	%		13	%		10	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

52 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2021

Financial Highlights — continued

	Ohio Fund — Class C
	Year Ended September 30,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	9.320		$	9.200		$	8.700		$	9.010		$	9.300
Income (Loss) From Operations
Net investment income(1)	$	0.173		$	0.193		$	0.209		$	0.217		$	0.245
Net realized and unrealized gain (loss)		(0.062	)		0.121			0.496			(0.314	)		(0.293	)
Total income (loss) from operations	$	0.111		$	0.314		$	0.705		$	(0.097	)	$	(0.048	)
Less Distributions
From net investment income	$	(0.171	)	$	(0.194	)	$	(0.205	)	$	(0.213	)	$	(0.242	)
Total distributions	$	(0.171	)	$	(0.194	)	$	(0.205	)	$	(0.213	)	$	(0.242	)
Net asset value — End of year	$	9.260		$	9.320		$	9.200		$	8.700		$	9.010
Total Return(2)		1.19	%		3.45	%		8.19	%		(1.09	)%		(0.47	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	11,078		$	10,805		$	13,233		$	19,191		$	22,210
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.43	%		1.44	%		1.47	%		1.46	%		1.47	%
Interest and fee expense(3)		0.03	%		0.07	%		0.13	%		0.14	%		0.11	%
Total expenses		1.46	%		1.51	%		1.60	%		1.60	%		1.58	%
Net investment income		1.85	%		2.09	%		2.35	%		2.45	%		2.73	%
Portfolio Turnover		3	%		11	%		11	%		13	%		10	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

53 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2021

Financial Highlights — continued

	Ohio Fund — Class I
	Year Ended September 30,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	9.330		$	9.210		$	8.710		$	9.020		$	9.310
Income (Loss) From Operations
Net investment income(1)	$	0.262		$	0.281		$	0.293		$	0.300		$	0.331
Net realized and unrealized gain (loss)		(0.062	)		0.121			0.498			(0.313	)		(0.293	)
Total income (loss) from operations	$	0.200		$	0.402		$	0.791		$	(0.013	)	$	0.038
Less Distributions
From net investment income	$	(0.260	)	$	(0.282	)	$	(0.291	)	$	(0.297	)	$	(0.328	)
Total distributions	$	(0.260	)	$	(0.282	)	$	(0.291	)	$	(0.297	)	$	(0.328	)
Net asset value — End of year	$	9.270		$	9.330		$	9.210		$	8.710		$	9.020
Total Return(2)		2.16	%		4.43	%		9.21	%		(0.14	)%		0.48	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	73,812		$	63,267		$	49,932		$	35,722		$	32,065
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.48	%		0.49	%		0.51	%		0.51	%		0.52	%
Interest and fee expense(3)		0.03	%		0.07	%		0.13	%		0.14	%		0.11	%
Total expenses		0.51	%		0.56	%		0.64	%		0.65	%		0.63	%
Net investment income		2.80	%		3.04	%		3.26	%		3.39	%		3.68	%
Portfolio Turnover		3	%		11	%		11	%		13	%		10	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

54 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

September 30, 2021

Notes to Financial Statements

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 September 30, 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.

55

Eaton Vance

Municipal Income Funds

September 30, 2021

Notes to Financial Statements — 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 September 30, 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 September 30, 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	$	3,698,877	$	9,214,493
Interest Rate or Range of Interest Rates (%)		0.08		0.08-0.14
Collateral for Floating Rate Notes Outstanding	$	7,570,891	$	15,720,331

For the year ended September 30, 2021, the Funds’ average settled Floating Rate Notes outstanding and the average interest rate including fees were as follows:

	Massachusetts Fund			Ohio Fund
Average Floating Rate Notes Outstanding	$	3,640,000		$	9,120,000
Average Interest Rate		0.43	%		0.68	%

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 September 30, 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.

56

Eaton Vance

Municipal Income Funds

September 30, 2021

Notes to Financial Statements — 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 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. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

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.

The tax character of distributions declared for the years ended September 30, 2021 and September 30, 2020 was as follows:

	Year Ended September 30, 2021
	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
Tax-exempt income	$	8,476,460	$	3,792,735	$	7,121,562	$	4,921,194
Ordinary income	$	2,503,596	$	348,489	$	7,669,584	$	—
Long-term capital gains	$	113,586	$	—	$	3,046,150	$	—
	Year Ended September 30, 2020
	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
Tax-exempt income	$	8,159,485	$	4,510,328	$	9,206,596	$	4,856,532
Ordinary income	$	1,787,744	$	165,526	$	75,891	$	70,830
Long-term capital gains	$	100,641	$	—	$	—	$	—

57

Eaton Vance

Municipal Income Funds

September 30, 2021

Notes to Financial Statements — continued

During the year ended September 30, 2021, the following amounts were reclassified due to the tax treatment of distributions in excess of net tax-exempt income and a Fund’s use of equalization accounting. Tax equalization accounting allows a Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains.

	California Opportunities Fund			Massachusetts Fund		New York Fund			Ohio Fund
Change in:
Paid-in capital	$	231,592		$	—	$	331,061		$	(8,859	)
Distributable earnings	$	(231,592	)	$	—	$	(331,061	)	$	8,859

These reclassifications had no effect on the net assets or net asset value per share of the Funds.

As of September 30, 2021, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

	California Opportunities Fund			Massachusetts Fund			New York Fund			Ohio Fund
Undistributed ordinary income	$	2,365,698		$	—		$	2,330,242		$	—
Undistributed tax-exempt income		92,436			55,161			48,886			—
Undistributed long-term capital gains		158,916			—			1,293,388			—
Deferred capital losses		—			(454,455	)		—			(9,690,081	)
Net unrealized appreciation		22,356,936			14,134,697			17,908,139			18,162,886
Distributions payable		(94,053	)		(55,159	)		(87,701	)		(44,541	)
Distributable earnings	$	24,879,933		$	13,680,244		$	21,492,954		$	8,428,264

At September 30, 2021, 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	$	—	$	406,771	$	—	$	5,134,154
Long-term	$	—	$	47,684	$	—	$	4,555,927

58

Eaton Vance

Municipal Income Funds

September 30, 2021

Notes to Financial Statements — continued

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of each Fund at September 30, 2021, as determined on a federal income tax basis, were as follows:

	California Opportunities Fund			Massachusetts Fund			New York Fund			Ohio Fund
Aggregate cost	$	698,181,864		$	187,831,900		$	441,274,912		$	168,865,232
Gross unrealized appreciation	$	24,727,227		$	14,416,248		$	20,841,643		$	18,437,783
Gross unrealized depreciation		(2,370,291	)		(281,551	)		(2,933,504	)		(274,897	)
Net unrealized appreciation	$	22,356,936		$	14,134,697		$	17,908,139		$	18,162,886

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 each Fund’s New Agreement (and each Fund’s investment advisory agreement with BMR in effect prior to March 1, 2021), the investment adviser 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 follows and is payable monthly:

California Opportunities Fund
Total 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	%

Massachusetts Fund, New York Fund and Ohio Fund
Total Daily Net Assets	Annual Asset Rate			Daily Income Rate
Up to $20 million		0.100	%		1.00	%
$20 million but less than $40 million		0.200	%		2.00	%
$40 million but less than $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	%

59

Eaton Vance

Municipal Income Funds

September 30, 2021

Notes to Financial Statements — continued

For the year ended September 30, 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	$	2,399,739		$	720,845		$	1,613,202		$	671,194
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. Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of BMR, EVM and EVD, also received a portion of the sales charge on sales of Class A shares from March 1, 2021 through September 30, 2021. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). 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 and Morgan Stanley affiliated broker-dealers for the year ended September 30, 2021 were as follows:

	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
EVM’s Sub-Transfer Agent Fees	$	3,008	$	2,848	$	8,364	$	2,976
EVD’s Class A Sales Charges	$	11,649	$	6,202	$	25,356	$	31,953
Morgan Stanley affiliated broker-dealers’ Class A Sales Charges	$	12,674	$	—	$	3,243	$	8,012

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 year ended September 30, 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 year ended September 30, 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	$	372,894	$	200,433	$	503,957	$	221,118

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Municipal Income Funds

September 30, 2021

Notes to Financial Statements — continued

Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the respective Funds. For the year ended September 30, 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	$	228,605	$	65,347	$	198,262	$	78,704

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 year ended September 30, 2021 amounted to the following:

	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
Class C Service Fees	$	76,202	$	17,426	$	52,870	$	20,987

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 year ended September 30, 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	$	10,000	$	—	$	—
Class C	$	4,000	$	200	$	3,000	$	900

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended September 30, 2021 were as follows:

	California Opportunities Fund		Massachusetts Fund		New York Fund		Ohio Fund
Purchases	$	794,772,961	$	70,740,428	$	324,212,180	$	22,573,979
Sales	$	655,847,351	$	51,053,399	$	269,389,998	$	5,892,165

61

Eaton Vance

Municipal Income Funds

September 30, 2021

Notes to Financial Statements — 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:

California Opportunities Fund
	Year Ended September 30, 2021
	Class A			Class C			Class I
Sales		2,251,866			779,123			24,419,903
Issued to shareholders electing to receive payments of distributions in Fund shares		174,575			21,249			693,870
Redemptions		(2,783,870	)		(513,465	)		(10,522,198	)
Converted from Class C shares		109,066			—			—
Converted to Class A shares		—			(118,001	)		—
Net increase (decrease)		(248,363	)		168,906			14,591,575
	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
Massachusetts Fund
	Year Ended September 30, 2021
	Class A			Class C			Class I
Sales		960,047			172,487			3,809,029
Issued to shareholders electing to receive payments of distributions in Fund shares		178,660			9,995			190,117
Redemptions		(1,663,609	)		(115,219	)		(3,594,871	)
Converted from Class C shares		208,888			—			—
Converted to Class A shares		—			(208,883	)		—
Net increase (decrease)		(316,014	)		(141,620	)		404,275
	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

62

Eaton Vance

Municipal Income Funds

September 30, 2021

Notes to Financial Statements — continued

New York Fund
	Year Ended September 30, 2021
	Class A			Class C			Class I
Sales		2,399,151			258,056			5,275,505
Issued to shareholders electing to receive payments of distributions in Fund shares		830,571			74,931			564,609
Redemptions		(2,501,732	)		(835,882	)		(3,264,193	)
Converted from Class C shares		339,568			—			—
Converted to Class A shares		—			(339,492	)		—
Net increase (decrease)		1,067,558			(842,387	)		2,575,921
	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
Ohio Fund
	Year Ended September 30, 2021
	Class A			Class C			Class I
Sales		1,730,747			378,636			2,982,434
Issued to shareholders electing to receive payments of distributions in Fund shares		267,232			19,338			179,378
Redemptions		(1,460,454	)		(209,734	)		(1,980,575	)
Converted from Class C shares		151,282			—			—
Converted to Class A shares		—			(151,431	)		—
Net increase		688,807			36,809			1,181,237
	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

63

Eaton Vance

Municipal Income Funds

September 30, 2021

Notes to Financial Statements — continued

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 year ended September 30, 2021. Effective October 26, 2021, the Funds renewed their line of credit agreement, which expires October 25, 2022, at substantially the same terms.

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 September 30, 2021 is included in the Portfolio of Investments. At September 30, 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 year ended September 30, 2021, the New York and Ohio Funds entered into U.S. Treasury futures contracts to hedge against changes in interest rates.

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 September 30, 2021 were as follows:

	New York Fund			Ohio Fund
Asset Derivative:
Futures Contracts	$	491,514	(1)	$	130,490	(1)
Total	$	491,514		$	130,490

⁽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 year ended September 30, 2021 was as follows:

	New York Fund			Ohio Fund
Realized Gain (Loss) on Derivatives Recognized in Income	$	43,919	(1)	$	279,627	(1)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	$	491,514	(2)	$	132,422	(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.

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Eaton Vance

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September 30, 2021

Notes to Financial Statements — continued

The average notional cost of futures contracts outstanding during the year ended September 30, 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	$	12,562,000	$	4,972,000

10  Fair Value Measurements

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

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

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

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

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

At September 30, 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	$	—	$	2,731,934	$	—	$	2,731,934
Tax-Exempt Mortgage-Backed Securities		—		3,025,522		—		3,025,522
Tax-Exempt Municipal Obligations		—		631,340,002		—		631,340,002
Taxable Municipal Obligations		—		83,441,342		—		83,441,342
Total Investments	$	—	$	720,538,800	$	—	$	720,538,800
Massachusetts Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Obligations	$	—	$	179,943,926	$	—	$	179,943,926
Taxable Municipal Obligations		—		25,721,548		—		25,721,548
Total Investments	$	—	$	205,665,474	$	—	$	205,665,474

65

Eaton Vance

Municipal Income Funds

September 30, 2021

Notes to Financial Statements — continued

New York Fund
Asset Description	Level 1		Level 2		Level 3*		Total
Corporate Bonds	$	—	$	2,166,740	$	—	$	2,166,740
Tax-Exempt Municipal Obligations		—		435,050,427		—		435,050,427
Taxable Municipal Obligations		—		21,570,687		—		21,570,687
Miscellaneous		—		—		395,197		395,197
Total Investments	$	—	$	458,787,854	$	395,197	$	459,183,051
Futures Contracts	$	491,514	$	—	$	—	$	491,514
Total	$	491,514	$	458,787,854	$	395,197	$	459,674,565
Ohio Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Obligations	$	—	$	196,242,611	$	—	$	196,242,611
Total Investments	$	—	$	196,242,611	$	—	$	196,242,611
Futures Contracts	$	130,490	$	—	$	—	$	130,490
Total	$	130,490	$	196,242,611	$	—	$	196,373,101

* 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 year ended September 30, 2021 is not presented.

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.

66

Eaton Vance

Municipal Income Funds

September 30, 2021

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Municipals Trust and Shareholders of 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:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of 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 (collectively, the “Funds”) (certain of the funds constituting Eaton Vance Municipals Trust), including the portfolios of investments, as of September 30, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2021, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte Touche LLP

Boston, Massachusetts

November 19, 2021

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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Eaton Vance

Municipal Income Funds

September 30, 2021

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2022 will show the tax status of all distributions paid to your account in calendar year 2021. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends and capital gains dividends.

Exempt-Interest Dividends.  For the fiscal year ended September 30, 2021, the Funds designate the following percentages of distributions from net investment income as exempt-interest dividends:

California Municipal Opportunities Fund	77.20	%
Massachusetts Municipal Income Fund	91.58	%
New York Municipal Income Fund	48.15	%
Ohio Municipal Income Fund	100.00	%

Capital Gains Dividends.  The Funds hereby designate as a capital gain dividend with respect to the taxable year ended September 30, 2021, the following amounts or, if subsequently determined to be different, the net capital gain of such year:

California Municipal Opportunities Fund	$	176,405
New York Municipal Income Fund	$	1,661,120

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Eaton Vance

Municipal Income Funds

September 30, 2021

Liquidity Risk Management Program

Each Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. Each Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of each Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews each Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of each Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of each Fund’s Board of Trustees/Directors on June 8, 2021, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2020 through December 31, 2020 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, each Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

69

Eaton Vance

Municipal Income Funds

September 30, 2021

Management and Organization

Fund Management.  The Trustees of Eaton Vance Municipals Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 138 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 137 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Trust Position(s)	Trustee Since(1)	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Trustee and/or officer of 137 registered investment companies. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust, and his former position with EVC, which was an affiliate of the Trust prior to March 1, 2021. Other Directorships in the Last Five Years. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.
George J. Gorman 1952	Chairperson of the Board and Trustee	2021 (Chairperson) and 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. None.
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).

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Municipal Income Funds

September 30, 2021

Management and Organization — continued

Name and Year of Birth	Trust Position(s)	Trustee Since(1)	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Trustee	2003	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	2018	Private investor. Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).
Scott E. Wennerholm 1959	Trustee	2016	Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

Name and Year of Birth	Trust Position(s)	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).
Deidre E. Walsh 1971	Vice President and Chief Legal Officer	2009	Vice President of EVM and BMR. Also Vice President of CRM.

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Eaton Vance

Municipal Income Funds

September 30, 2021

Management and Organization — continued

Name and Year of Birth	Trust Position(s)	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
Kimberly M. Roessiger 1985	Secretary	2021	Vice President of EVM and BMR.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

⁽¹⁾  Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

The SAI for the Funds includes additional information about the Trustees and officers of the Funds and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.

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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

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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.

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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.

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This Page Intentionally Left Blank

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

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

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.

438    9.30.21

Item 2. Code of Ethics

The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman, William H. Park and Scott E. Wennerholm, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior

Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm). Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).

Item 4. Principal Accountant Fees and Services

Eaton Vance California Municipal Opportunities Fund, Eaton Vance Massachusetts Municipal Income Fund, Eaton Vance National Municipal Income Fund, Eaton Vance New York Municipal Income Fund and Eaton Vance Ohio Municipal Income Fund (the “Fund(s)”) are series of Eaton Vance Municipals Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 18 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds’ annual reports.

(a)-(d)

The following tables present the aggregate fees billed to each Fund for the Fund’s respective fiscal years ended September 30, 2020 and September 30, 2021 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Funds’ annual financial statements and fees billed for other services rendered by D&T for the same time periods.

Eaton Vance California Municipal Opportunities Fund

Fiscal Years Ended	9/30/20		9/30/21
Audit Fees	$	53,575	$	54,050
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	11,071	$	10,896
All Other Fees(3)	$	0	$	0
Total	$	64,646	$	64,946

Eaton Vance Massachusetts Municipal Income Fund

Fiscal Years Ended	9/30/20		9/30/21
Audit Fees	$	48,850	$	48,850
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	8,712	$	8,712
All Other Fees(3)	$	0	$	0
Total	$	57,562	$	57,562

Eaton Vance National Municipal Income Fund

Fiscal Years Ended	9/30/20		9/30/21
Audit Fees	$	93,200	$	92,250
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	18,467	$	18,817
All Other Fees(3)	$	0	$	0
Total	$	111,667	$	111,067

Eaton Vance New York Municipal Income Fund

Fiscal Years Ended	9/30/20		9/30/21
Audit Fees	$	57,200	$	56,350
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	10,801	$	12,101
All Other Fees(3)	$	0	$	0
Total	$	68,001	$	68,451

Eaton Vance Ohio Municipal Income Fund

Fiscal Years Ended	9/30/20		9/30/21
Audit Fees	$	41,850	$	41,850
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	8,357	$	7,507
All Other Fees(3)	$	0	$	0
Total	$	50,207	$	49,357

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees.

⁽²⁾  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

⁽³⁾  All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

The Series comprising the Trust have varying fiscal year ends (July 31, August 31, and September 30). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.

Fiscal Years Ended	7/31/20		8/31/20		9/30/20		7/31/21		8/31/21		9/30/21
Audit Fees	$	278,575	$	260,300	$	294,675	$	253,000	$	259,550	$	293,350
Audit-Related Fees(1)	$	0	$	0	$	0	$	0	$	0	$	0
Tax Fees(2)	$	41,903	$	54,303	$	57,408	$	43,653	$	53,663	$	58,033
All Other Fees(3)	$	0	$	0	$	0	$	0	$	0	$	0
Total	$	320,478	$	314,603	$	352,083	$	296,653	$	313,203	$	351,383

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees.

⁽²⁾  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

⁽³⁾  All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Series in the Trust by the Series’ principal accountant for the last two fiscal years of each Series; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to the Eaton Vance organization by D&T for the last two fiscal years of each Series.

Fiscal Years Ended	7/31/20		8/31/20		9/30/20		7/31/21		8/31/21		9/30/21
Registrant(1)	$	41,903	$	54,303	$	57,408	$	43,653	$	53,653	$	58,033
Eaton Vance(2)	$	51,800	$	51,800	$	51,800	$	150,300	$	150,300	$	51,800

⁽¹⁾ Includes all of the Series of the Trust.

⁽²⁾ The investment adviser to the Series, as well as any of its affiliates that provide ongoing services to the Series, are subsidiaries of Morgan Stanley.

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits
(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

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

Eaton Vance Municipals Trust
By:	/s/ Eric A. Stein
	Eric A. Stein
	President

Date: November 22, 2021

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer

Date: November 22, 2021

By:	/s/ Eric A. Stein
	Eric A. Stein
	President

Date: November 22, 2021