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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04409

Eaton Vance Municipals Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Deidre E. Walsh

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

July 31

Date of Fiscal Year End

January 31, 2022

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Municipals Trust

Semiannual Report

January 31, 2022

Arizona    •    Connecticut    •     Minnesota    •    New Jersey    •    Pennsylvania

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

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

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

Semiannual Report January 31, 2022

Eaton Vance

Municipal Income Funds

Table of Contents
Performance and Fund Profile
Arizona Municipal Income Fund	2
Connecticut Municipal Income Fund	3
Minnesota Municipal Income Fund	4
New Jersey Municipal Income Fund	5
Pennsylvania Municipal Income Fund	6
Endnotes and Additional Disclosures	7
Fund Expenses	8
Financial Statements	11
Officers and Trustees	61
Privacy Notice	62
Important Notices	64

Eaton Vance

Arizona Municipal Income Fund

January 31, 2022

Performance^1,2

Portfolio Manager(s) Trevor G. Smith

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		12/13/1993		07/25/1991		–2.87	%		–2.10	%		2.91	%		2.76	%
Class A with 4.75% Maximum Sales Charge		—		—		–7.52			–6.79			1.91			2.26
Class C at NAV		12/16/2005		07/25/1991		–3.21			–2.79			2.14			2.14
Class C with 1% Maximum Sales Charge		—		—		–4.17			–3.75			2.14			2.14
Class I at NAV		08/03/2010		07/25/1991		–2.77			–1.91			3.12			2.96
Bloomberg Municipal Bond Index		—		—		–3.10	%		–1.89	%		3.46	%		3.20	%
Bloomberg Arizona Municipal Bond Index						–2.96			–1.88			3.18			3.15
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.67	%		1.42	%		0.47	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									1.98	%		1.22	%		2.19	%
Taxable-Equivalent Distribution Rate									3.63			2.24			4.00
SEC 30-day Yield									0.67			–0.05			0.91
Taxable-Equivalent SEC 30-day Yield									1.23			–0.08			1.66

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

Connecticut Municipal Income Fund

January 31, 2022

Performance^1,2

Portfolio Manager(s) Trevor G. Smith

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		04/19/1994		05/01/1992		–2.84	%		–2.00	%		2.61	%		2.49	%
Class A with 4.75% Maximum Sales Charge		—		—		–7.46			–6.65			1.62			1.99
Class C at NAV		02/09/2006		05/01/1992		–3.22			–2.75			1.84			1.89
Class C with 1% Maximum Sales Charge		—		—		–4.18			–3.71			1.84			1.89
Class I at NAV		03/03/2008		05/01/1992		–2.74			–1.81			2.81			2.69
Bloomberg Municipal Bond Index		—		—		–3.10	%		–1.89	%		3.46	%		3.20	%
Bloomberg Connecticut Municipal Bond Index		—		—		–2.98			–1.89			3.31			2.68
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.69	%		1.44	%		0.49	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.07	%		1.30	%		2.27	%
Taxable-Equivalent Distribution Rate									3.96			2.50			4.35
SEC 30-day Yield									0.70			–0.02			0.94
Taxable-Equivalent SEC 30-day Yield									1.34			–0.03			1.79

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

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

3

Eaton Vance

Minnesota Municipal Income Fund

January 31, 2022

Performance^1,2

Portfolio Manager(s) Christopher J. Eustance, CFA and Julie P. Callahan

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		12/09/1993		07/29/1991		–2.68	%		–1.94	%		2.61	%		2.53	%
Class A with 4.75% Maximum Sales Charge		—		—		–7.29			–6.58			1.60			2.03
Class C at NAV		12/21/2005		07/29/1991		–3.00			–2.71			1.83			1.92
Class C with 1% Maximum Sales Charge		—		—		–3.97			–3.67			1.83			1.92
Class I at NAV		08/03/2010		07/29/1991		–2.59			–1.75			2.81			2.73
Bloomberg Municipal Bond Index		—		—		–3.10	%		–1.89	%		3.46	%		3.20	%
Bloomberg Minnesota Municipal Bond Index		—		—		–3.06			–2.08			3.00			2.71
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.65	%		1.40	%		0.45	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									1.49	%		0.73	%		1.70	%
Taxable-Equivalent Distribution Rate									3.03			1.48			3.44
SEC 30-day Yield									0.51			–0.22			0.74
Taxable-Equivalent SEC 30-day Yield									1.04			–0.44			1.50

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

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

4

Eaton Vance

New Jersey Municipal Income Fund

January 31, 2022

Performance^1,2

Portfolio Manager(s) Cynthia J. Clemson, Christopher J. Eustance, CFA and Julie P. Callahan

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		04/13/1994		01/08/1991		–3.28	%		–2.33	%		3.74	%		3.37	%
Class A with 4.75% Maximum Sales Charge		—		—		–7.88			–6.97			2.74			2.87
Class C at NAV		12/14/2005		01/08/1991		–3.54			–3.00			2.98			2.76
Class C with 1% Maximum Sales Charge		—		—		–4.50			–3.95			2.98			2.76
Class I at NAV		03/03/2008		01/08/1991		–3.10			–2.11			3.96			3.57
Bloomberg Municipal Bond Index		—		—		–3.10	%		–1.89	%		3.46	%		3.20	%
Bloomberg New Jersey Municipal Bond Index		—		—		–3.43			–1.39			4.82			3.80
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.67	%		1.42	%		0.47	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									1.94	%		1.18	%		2.14	%
Taxable-Equivalent Distribution Rate									3.86			2.34			4.27
SEC 30-day Yield									0.88			0.17			1.13
Taxable-Equivalent SEC 30-day Yield									1.75			0.34			2.24

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

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

5

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2022

Performance^1,2

Portfolio Manager(s) Christopher J. Eustance, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		06/01/1994		01/08/1991		–3.03	%		–1.64	%		2.79	%		2.85	%
Class A with 4.75% Maximum Sales Charge		—		—		–7.63			–6.32			1.80			2.35
Class C at NAV		01/13/2006		01/08/1991		–3.37			–2.35			2.02			2.24
Class C with 1% Maximum Sales Charge		—		—		–4.32			–3.31			2.02			2.24
Class I at NAV		03/03/2008		01/08/1991		–2.92			–1.43			3.00			3.04
Bloomberg Municipal Bond Index		—		—		–3.10	%		–1.89	%		3.46	%		3.20	%
Bloomberg Pennsylvania Municipal Bond Index		—		—		–3.17			–1.81			3.88			3.51
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.71	%		1.46	%		0.51	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.42	%		1.65	%		2.62	%
Taxable-Equivalent Distribution Rate									4.31			2.94			4.67
SEC 30-day Yield									0.90			0.18			1.14
Taxable-Equivalent SEC 30-day Yield									1.60			0.33			2.04
% Total Leverage5
Residual Interest Bond (RIB) Financing															2.75	%

Fund Profile

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

See Endnotes and Additional Disclosures in this report.

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

6

Eaton Vance

Municipal Income Funds

January 31, 2022

Endnotes and Additional Disclosures

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

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

Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.

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

⁴  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ.

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

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

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

Fund profiles subject to change due to active management.

7

Eaton Vance

Municipal Income Funds

January 31, 2022

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2021 – January 31, 2022).

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

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

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

Eaton Vance Arizona Municipal Income Fund

	Beginning Account Value (8/1/21)		Ending Account Value (1/31/22)		Expenses Paid During Period* (8/1/21 – 1/31/22)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	971.30	$	3.38		0.68	%
Class C	$	1,000.00	$	967.90	$	7.09		1.43	%
Class I	$	1,000.00	$	972.30	$	2.39		0.48	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.78	$	3.47		0.68	%
Class C	$	1,000.00	$	1,018.00	$	7.27		1.43	%
Class I	$	1,000.00	$	1,022.79	$	2.45		0.48	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2021.

8

Eaton Vance

Municipal Income Funds

January 31, 2022

Fund Expenses — continued

Eaton Vance Connecticut Municipal Income Fund

	Beginning Account Value (8/1/21)		Ending Account Value (1/31/22)		Expenses Paid During Period* (8/1/21 – 1/31/22)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	971.60	$	3.43		0.69	%
Class C	$	1,000.00	$	967.80	$	7.14		1.44	%
Class I	$	1,000.00	$	972.60	$	2.44		0.49	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.73	$	3.52		0.69	%
Class C	$	1,000.00	$	1,017.95	$	7.32		1.44	%
Class I	$	1,000.00	$	1,022.74	$	2.50		0.49	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2021.

Eaton Vance Minnesota Municipal Income Fund

	Beginning Account Value (8/1/21)		Ending Account Value (1/31/22)		Expenses Paid During Period* (8/1/21 – 1/31/22)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	973.20	$	3.23		0.65	%
Class C	$	1,000.00	$	970.00	$	6.95		1.40	%
Class I	$	1,000.00	$	974.10	$	2.24		0.45	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Class C	$	1,000.00	$	1,018.15	$	7.12		1.40	%
Class I	$	1,000.00	$	1,022.94	$	2.29		0.45	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2021.

9

Eaton Vance

Municipal Income Funds

January 31, 2022

Fund Expenses — continued

Eaton Vance New Jersey Municipal Income Fund

	Beginning Account Value (8/1/21)		Ending Account Value (1/31/22)		Expenses Paid During Period* (8/1/21 – 1/31/22)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	967.20	$	3.37		0.68	%
Class C	$	1,000.00	$	964.60	$	7.08		1.43	%
Class I	$	1,000.00	$	969.00	$	2.38		0.48	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.78	$	3.47		0.68	%
Class C	$	1,000.00	$	1,018.00	$	7.27		1.43	%
Class I	$	1,000.00	$	1,022.79	$	2.45		0.48	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2021.

Eaton Vance Pennsylvania Municipal Income Fund

	Beginning Account Value (8/1/21)		Ending Account Value (1/31/22)		Expenses Paid During Period* (8/1/21 – 1/31/22)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	969.70	$	3.57		0.72	%
Class C	$	1,000.00	$	966.30	$	7.29		1.47	%
Class I	$	1,000.00	$	970.80	$	2.58		0.52	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.58	$	3.67		0.72	%
Class C	$	1,000.00	$	1,017.80	$	7.48		1.47	%
Class I	$	1,000.00	$	1,022.58	$	2.65		0.52	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2021.

10

Eaton Vance

Arizona Municipal Income Fund

January 31, 2022

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Obligations — 92.7%
Security	Principal Amount (000’s omitted)		Value
Education — 19.0%
Arizona Industrial Development Authority, (Academies of Math & Science), 5.00%, 7/1/39(1)	$	250	$	283,943
Arizona Industrial Development Authority, (Doral Academy of Nevada):
5.00%, 7/15/39(1)		55		62,267
5.00%, 7/15/40(1)		350		395,671
Arizona Industrial Development Authority, (Pinecrest Academy of Nevada):
4.00%, 7/15/40(1)		60		63,243
4.00%, 7/15/50(1)		60		62,493
Arizona Industrial Development Authority, (Somerset Academy of Las Vegas), 3.00%, 12/15/31(1)		525		529,394
Arizona State University: 5.00%, 7/1/36		1,150		1,285,631
Green Bonds, 5.00%, 7/1/40		1,000		1,225,120
Prerefunded to 7/1/22, 5.00%, 7/1/37		830		845,206
Glendale Industrial Development Authority, AZ, (Midwestern University Foundation):
(AMT), 2.125%, 7/1/33		250		231,163
(AMT), 5.00%, 7/1/28		850		1,011,908
Glendale Industrial Development Authority, AZ, (Midwestern University):
5.00%, 5/15/25		1,500		1,514,610
5.00%, 5/15/31		175		213,127
La Paz County Industrial Development Authority, AZ, (Harmony Public Schools), 4.00%, 2/15/41		430		467,410
Maricopa County Industrial Development Authority, AZ, (Legacy Traditional Schools), 4.00%, 7/1/41(1)		500		544,155
Northern Arizona University, 5.00%, 6/1/38		1,000		1,138,890
Pima County Community College District, AZ:
5.00%, 7/1/33		300		360,033
5.00%, 7/1/35		720		862,517
University of Arizona:
5.00%, 6/1/38		1,500		1,714,410
5.00%, 8/1/38		600		745,008
5.00%, 6/1/42		500		606,490
			$	14,162,689
Electric Utilities — 5.6%
Mesa, AZ, Utility Systems Revenue, 4.00%, 7/1/31	$	1,160	$	1,279,283
Pinal County Electrical District No. 3, AZ:
5.00%, 7/1/29		450		549,562
5.00%, 7/1/33		1,000		1,136,150
Salt River Project Agricultural Improvement and Power District, AZ, 5.00%, 1/1/35		1,000		1,193,030
			$	4,158,025

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded — 2.7%
Arizona State University, Prerefunded to 7/1/22, 5.00%, 7/1/37	$	170	$	173,221
Kyrene Elementary School District No. 28, AZ, Prerefunded to 7/1/23, 5.50%, 7/1/30		200		213,244
Phoenix Civic Improvement Corp., AZ, Water System Revenue, Prerefunded to 7/1/24, 5.00%, 7/1/39		1,500		1,641,735
			$	2,028,200
General Obligations — 9.9%
Agua Fria Union High School District No. 216, AZ, 4.00%, 7/1/36	$	1,000	$	1,152,740
Chandler Unified School District No. 80, AZ, 4.00%, 7/1/33		225		247,531
Flagstaff, AZ, 4.00%, 7/1/28		110		126,553
Kyrene Elementary School District No. 28, AZ:
4.00%, 7/1/35		130		150,484
4.00%, 7/1/36		175		202,388
Paradise Valley Unified School District No. 69, AZ:
4.00%, 7/1/38		350		405,167
4.00%, 7/1/39		600		693,666
4.00%, 7/1/40		1,000		1,154,360
Peoria Unified School District No. 11, AZ, 4.00%, 7/1/31		350		397,271
Phoenix Union High School District No. 210, AZ, 4.00%, 7/1/39		300		344,583
Scottsdale Unified School District No. 48, AZ, 5.00%, 7/1/31		750		884,115
Tempe, AZ, 5.00%, 7/1/30		1,000		1,212,330
Western Maricopa Education Center District No. 402, AZ, 4.50%, 7/1/34		350		374,654
			$	7,345,842
Hospital — 9.3%
Arizona Health Facilities Authority, (Scottsdale Lincoln Hospitals), 5.00%, 12/1/39	$	1,665	$	1,827,604
Maricopa County Industrial Development Authority, AZ, (Banner Health):
4.00%, 1/1/44		500		564,165
5.00%, 1/1/38		1,000		1,157,110
Maricopa County Industrial Development Authority, AZ, (HonorHealth):
4.00%, 9/1/37		250		286,188
5.00%, 9/1/32		400		482,156
Pima County Industrial Development Authority, AZ, (Tucson Medical Center), 4.00%, 4/1/36		840		971,897
Yavapai County Industrial Development Authority, AZ, (Yavapai Regional Medical Center), 5.25%, 8/1/33		500		530,285
Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/32		1,005		1,091,520
			$	6,910,925

11 See Notes to Financial Statements.

Eaton Vance

Arizona Municipal Income Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Housing — 2.1%
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University):
5.00%, 7/1/27	$	125	$	146,176
5.00%, 7/1/37		500		577,485
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University):
5.00%, 7/1/39		500		582,995
5.00%, 7/1/44		250		288,758
			$	1,595,414
Industrial Development Revenue — 1.5%
Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.):
3.60%, 2/1/40	$	250	$	267,115
4.50%, 8/1/42		850		860,089
			$	1,127,204
Insured – Electric Utilities — 2.2%
Mesa, AZ, Utility Systems Revenue:
(NPFG), 5.00%, 7/1/23	$	430	$	455,645
(NPFG), Escrowed to Maturity, 5.00%, 7/1/23		450		475,987
(NPFG), Escrowed to Maturity, 5.00%, 7/1/23		120		126,930
Puerto Rico Electric Power Authority:
(NPFG), 5.25%, 7/1/29		320		337,098
Series SS, (NPFG), 5.00%, 7/1/25		220		225,060
			$	1,620,720
Insured – General Obligations — 11.5%
Apache Junction Unified School District No. 43, AZ, (AGM), 5.00%, 7/1/24	$	1,200	$	1,307,064
Marana Unified School District No. 6, AZ, (AGM), 4.00%, 7/1/37		500		576,020
Maricopa County Elementary School District No. 3, AZ, (AGM), 5.00%, 7/1/25		2,670		3,005,833
Maricopa County Elementary School District No. 66, AZ:
(BAM), 4.00%, 7/1/33		435		505,931
(BAM), 4.00%, 7/1/34		230		266,278
(BAM), 4.00%, 7/1/37		375		432,810
(BAM), 4.00%, 7/1/39		400		460,132
Santa Cruz Valley Unified School District No. 35, AZ:
(AGM), 4.00%, 7/1/25		130		141,335
(AGM), 4.00%, 7/1/27		125		140,676
(AGM), 4.00%, 7/1/28		200		228,258
(AGM), 4.00%, 7/1/29		310		358,561

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Sun City Fire District, AZ, (AGM), 4.00%, 1/1/37	$	1,000	$	1,114,080
			$	8,536,978
Insured – Special Tax Revenue — 5.5%
Glendale, AZ, Transportation Excise Tax Revenue, (AGM), 5.00%, 7/1/30	$	1,250	$	1,398,313
Phoenix Civic Improvement Corp., AZ, (Civic Plaza), (NPFG), 5.50%, 7/1/41		1,635		2,373,529
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28		450		344,043
			$	4,115,885
Other Revenue — 2.4%
Oro Valley, AZ, Excise Tax and Parks and Recreation Tax Revenue:
5.00%, 7/1/27	$	225	$	267,034
5.00%, 7/1/28		175		211,512
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37		1,000		1,320,520
			$	1,799,066
Senior Living / Life Care — 2.4%
Glendale Industrial Development Authority, AZ, (Royal Oaks - Inspirata Pointe), 5.00%, 5/15/41	$	500	$	557,860
Glendale Industrial Development Authority, AZ, (Terraces of Phoenix), 4.00%, 7/1/28		225		231,813
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe):
4.00%, 12/1/29		380		418,593
4.00%, 12/1/30		500		551,990
			$	1,760,256
Special Tax Revenue — 9.2%
American Samoa Economic Development Authority, 5.00%, 9/1/38(1)	$	100	$	119,246
Arizona Sports and Tourism Authority, (Multipurpose Stadium Facility), 5.00%, 7/1/29		1,000		1,015,420
Bullhead City, AZ, Excise Taxes Revenue, 2.10%, 7/1/36		580		539,446
Mesa, AZ, Excise Tax Revenue:
4.00%, 7/1/33		200		234,310
4.00%, 7/1/37		250		290,640
Prerefunded to 7/1/22, 5.00%, 7/1/32		1,000		1,018,530
Pinal County, AZ, Pledged Revenue:
4.00%, 8/1/33		600		682,782
4.00%, 8/1/36		500		567,425

12 See Notes to Financial Statements.

Eaton Vance

Arizona Municipal Income Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Queen Creek, AZ, Excise Tax and State Shared Revenue, 5.00%, 8/1/30	$	1,165	$	1,344,154
Tempe, AZ, Transit Excise Tax Revenue:
5.00%, 7/1/37		625		636,844
Prerefunded to 7/1/22, 5.00%, 7/1/37		375		381,949
			$	6,830,746
Transportation — 4.3%
Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/33	$	1,000	$	1,088,970
Phoenix Civic Improvement Corp., AZ, Airport Revenue, (AMT), 5.00%, 7/1/31		2,000		2,102,140
			$	3,191,110
Water and Sewer — 5.1%
Central Arizona Water Conservation District, 5.00%, 1/1/35	$	1,500	$	1,691,010
Gilbert Water Resources Municipal Property Corp., AZ, 4.00%, 7/1/36		750		819,412
Tucson, AZ, Water System Revenue:
5.00%, 7/1/32		545		640,288
5.00%, 7/1/35		530		619,072
			$	3,769,782
Total Tax-Exempt Municipal Obligations — 92.7% (identified cost $65,663,487)			$	68,952,842
Taxable Municipal Obligations — 4.1%
Security	Principal Amount (000’s omitted)		Value
Education — 0.5%
Arizona Industrial Development Authority, (Doral Academy of Northern Nevada), 3.375%, 7/15/25(1)	$	175	$	173,364
Arizona Industrial Development Authority, (Somerset Academy of Las Vegas), 2.50%, 12/15/22(1)		125		125,061
La Paz County Industrial Development Authority, AZ, (Harmony Public Schools), 3.00%, 2/15/24		95		94,035
			$	392,460

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 3.6%
Cottonwood, AZ, Pledged Revenue, 2.625%, 7/1/35	$	850	$	852,703
Tempe, AZ, Transit Excise Tax Revenue:
1.145%, 7/1/27		540		520,846
1.345%, 7/1/28		1,330		1,283,530
			$	2,657,079
Total Taxable Municipal Obligations — 4.1% (identified cost $3,111,405)			$	3,049,539
Total Investments — 96.8% (identified cost $68,774,892)			$	72,002,381
Other Assets, Less Liabilities — 3.2%			$	2,395,398
Net Assets — 100.0%			$	74,397,779

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

The Fund invests primarily in debt securities issued by Arizona municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2022, 19.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.5% to 11.5% of total investments.

⁽¹⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2022, the aggregate value of these securities is $2,358,837 or 3.2% of the Fund’s net assets.

Abbreviations:

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

13 See Notes to Financial Statements.

Eaton Vance

Connecticut Municipal Income Fund

January 31, 2022

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Obligations — 94.7%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.5%
Connecticut, (Revolving Fund), Green Bonds, 5.00%, 5/1/34	$	1,000	$	1,171,110
			$	1,171,110
Education — 24.8%
Connecticut Health and Educational Facilities Authority, (Avon Old Farms School):
4.00%, 7/1/32	$	250	$	289,275
4.00%, 7/1/41		600		682,158
5.00%, 7/1/30		175		215,110
5.00%, 7/1/31		125		155,774
Connecticut Health and Educational Facilities Authority, (Brunswick School):
5.00%, 7/1/31		500		508,235
5.00%, 7/1/32		1,125		1,143,382
Connecticut Health and Educational Facilities Authority, (Choate Rosemary Hall):
4.00%, 7/1/33		340		394,580
4.00%, 7/1/34		375		434,783
4.00%, 7/1/35		310		358,924
Connecticut Health and Educational Facilities Authority, (Connecticut College), Prerefunded to 7/1/22, 5.00%, 7/1/30		1,255		1,278,519
Connecticut Health and Educational Facilities Authority, (Fairfield University), 4.00%, 7/1/47		2,450		2,648,450
Connecticut Health and Educational Facilities Authority, (Quinnipiac University), 5.00%, 7/1/34		1,475		1,670,541
Connecticut Health and Educational Facilities Authority, (Sacred Heart University):
5.00%, 7/1/33		275		337,538
5.00%, 7/1/37		450		519,934
Connecticut Health and Educational Facilities Authority, (The Taft School):
4.00%, 7/1/28		135		154,251
4.00%, 7/1/29		100		113,797
4.00%, 7/1/30		125		141,720
4.00%, 7/1/33		430		485,272
4.00%, 7/1/34		1,095		1,234,821
4.00%, 7/1/36		430		483,987
Connecticut Health and Educational Facilities Authority, (Trinity College), 4.00%, 6/1/41		705		816,714
Connecticut Health and Educational Facilities Authority, (University of New Haven):
5.00%, 7/1/34		810		934,100
5.00%, 7/1/35		850		979,191

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Connecticut Health and Educational Facilities Authority, (Yale University):
0.375% to 7/12/24 (Put Date), 7/1/35	$	1,000	$	980,650
1.10% to 2/7/23 (Put Date), 7/1/48		500		502,000
5.00%, 7/1/27		1,000		1,191,420
University of Connecticut:
4.00%, 2/15/35		125		142,561
5.00%, 11/15/29		1,000		1,030,830
			$	19,828,517
Escrowed / Prerefunded — 3.3%
Greater New Haven Water Pollution Control Authority, CT, Prerefunded to 8/15/24, 5.00%, 8/15/32	$	1,000	$	1,098,960
Hartford County Metropolitan District, CT, (Clean Water), Prerefunded to 4/1/22, 5.00%, 4/1/36		1,500		1,511,520
			$	2,610,480
General Obligations — 20.8%
Bridgeport, CT:
5.00%, 8/1/29	$	350	$	426,730
5.00%, 8/1/32		175		218,521
Colchester, CT, 4.00%, 10/15/28		440		471,082
Connecticut:
4.00%, 1/15/36		1,000		1,143,730
5.00%, 4/15/30		1,150		1,412,246
5.00%, 4/15/39		100		121,782
Darien, CT, 4.00%, 8/1/37		1,310		1,484,243
East Haddam, CT:
3.00%, 12/1/35		400		428,540
3.00%, 12/1/37		290		308,998
East Lyme, CT, 4.00%, 7/15/30		100		116,295
Ellington, CT:
3.00%, 9/15/33		280		301,846
3.00%, 9/15/35		210		225,093
4.00%, 9/15/30		100		116,558
Enfield, CT, 4.00%, 8/1/29		500		564,250
Fairfield, CT, 5.00%, 1/1/23		1,000		1,040,000
Greenwich, CT:
4.00%, 7/15/29		450		480,123
4.00%, 7/15/30		250		266,610
4.00%, 7/15/32		400		426,176
Guilford, CT, 3.00%, 8/1/34		500		540,545
New Canaan, CT, 5.00%, 4/1/27		250		296,462
New Haven, CT, 4.00%, 8/1/32		250		284,323

14 See Notes to Financial Statements.

Eaton Vance

Connecticut Municipal Income Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
North Branford, CT:
4.00%, 8/1/32	$	150	$	173,751
4.00%, 8/1/33		100		115,786
North Haven, CT:
5.00%, 7/15/23		1,475		1,565,093
5.00%, 7/15/25		1,490		1,685,756
Rocky Hill, CT, 4.00%, 1/15/33		1,000		1,134,450
Trumbull, CT, 4.00%, 9/1/32		610		700,725
West Haven, CT, 4.00%, 9/15/36		500		564,270
			$	16,613,984
Hospital — 10.7%
Connecticut Health and Educational Facilities Authority, (Nuvance Health), 4.00%, 7/1/41	$	1,500	$	1,657,950
Connecticut Health and Educational Facilities Authority, (Stamford Hospital):
4.00%, 7/1/46		1,120		1,205,859
5.00%, 7/1/33(1)		1,000		1,234,330
Connecticut Health and Educational Facilities Authority, (Trinity Health Corp.), 5.00%, 12/1/33		2,000		2,285,880
Connecticut Health and Educational Facilities Authority, (Yale-New Haven Health):
5.00%, 7/1/31		500		544,485
5.00%, 7/1/34		1,520		1,651,830
			$	8,580,334
Housing — 2.2%
Connecticut Housing Finance Authority, 4.00%, 11/15/38	$	750	$	814,620
Connecticut Housing Finance Authority, (FHLMC), (FNMA), (GNMA), 3.20%, 11/15/33		890		916,353
			$	1,730,973
Insured – Education — 6.4%
Connecticut Health and Educational Facilities Authority, (Loomis Chaffee School):
(AMBAC), 5.25%, 7/1/30	$	1,950	$	2,458,560
(AMBAC), 5.25%, 7/1/31		2,050		2,626,480
			$	5,085,040
Insured – General Obligations — 5.9%
Bridgeport, CT, (AGM), 5.00%, 8/15/32	$	1,120	$	1,287,653
Hamden, CT:
(BAM), 5.00%, 8/15/31		300		376,065
(BAM), 5.00%, 8/1/32		500		613,255
(BAM), 5.00%, 8/1/35		500		604,630

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Hartford, CT:
(AGC), 5.00%, 8/15/28	$	500	$	501,990
(AGM), 5.00%, 4/1/31		240		241,670
New Haven, CT, (AGM), 5.00%, 8/1/25		1,000		1,090,470
			$	4,715,733
Insured – Hospital — 1.4%
Connecticut Health and Educational Facilities Authority, (Hartford HealthCare Obligated Group), (AGM), 4.00%, 7/1/37	$	1,000	$	1,139,420
			$	1,139,420
Insured – Transportation — 0.9%
Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/41	$	670	$	721,623
			$	721,623
Insured – Water and Sewer — 4.7%
South Central Connecticut Regional Water Authority, (NPFG), 5.25%, 8/1/24	$	3,420	$	3,772,568
			$	3,772,568
Lease Revenue / Certificates of Participation — 0.4%
Connecticut Health and Educational Facilities Authority, (State Supported Child Care), 5.00%, 7/1/27	$	250	$	294,278
			$	294,278
Senior Living / Life Care — 2.9%
Connecticut Health and Educational Facilities Authority, (Covenant Home, Inc.), 5.00%, 12/1/34	$	1,000	$	1,156,770
Connecticut Health and Educational Facilities Authority, (Jerome Home):
4.00%, 7/1/23		130		134,806
4.00%, 7/1/31		235		261,031
Connecticut Health and Educational Facilities Authority, (McLean Affiliates, Inc.):
3.25%, 1/1/27(2)		250		252,585
5.00%, 1/1/45(2)		500		545,165
			$	2,350,357
Special Tax Revenue — 2.7%
American Samoa Economic Development Authority, 5.00%, 9/1/38(2)	$	100	$	119,246

15 See Notes to Financial Statements.

Eaton Vance

Connecticut Municipal Income Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Connecticut, Special Tax Obligation, (Transportation Infrastructure), 5.00%, 1/1/29	$	2,000	$	2,073,820
			$	2,193,066
Student Loan — 1.4%
Connecticut Higher Education Supplemental Loan Authority:
(AMT), 4.00%, 11/15/30	$	415	$	423,794
(AMT), 4.125%, 11/15/33		150		154,014
(AMT), 5.00%, 11/15/28		250		290,448
(AMT), 5.00%, 11/15/29		250		294,457
			$	1,162,713
Transportation — 1.3%
Connecticut Airport Authority, (Ground Transportation Center), (AMT), 4.00%, 7/1/49	$	1,000	$	1,071,760
			$	1,071,760
Water and Sewer — 3.4%
South Central Connecticut Regional Water Authority:
4.00%, 8/1/34	$	450	$	517,122
5.00%, 8/1/32		355		437,186
Stamford, CT, (Water Pollution Control System):
4.00%, 4/1/44		1,000		1,129,990
5.00%, 9/15/29		200		225,186
5.00%, 9/15/30		125		140,741
5.00%, 4/1/33		100		122,450
5.00%, 4/1/34		100		122,382
			$	2,695,057
Total Tax-Exempt Municipal Obligations — 94.7% (identified cost $72,605,517)			$	75,737,013
Taxable Municipal Obligations — 4.8%
Security	Principal Amount (000’s omitted)		Value
Education — 0.8%
Connecticut Health and Educational Facilities Authority, (Avon Old Farms School):
1.20%, 7/1/22	$	100	$	99,889
1.30%, 7/1/23		250		248,300
1.65%, 7/1/24		300		296,514
			$	644,703

Security	Principal Amount (000’s omitted)		Value
General Obligations — 4.0%
Naugatuck, CT:
1.14%, 9/15/26	$	200	$	193,592
1.40%, 9/15/27		250		242,155
1.60%, 9/15/28		255		247,340
1.79%, 9/15/29		750		731,415
Norwalk, CT, 1.255%, 8/1/27		1,500		1,457,160
Watertown, CT, 2.25%, 10/15/33		290		290,618
			$	3,162,280
Total Taxable Municipal Obligations — 4.8% (identified cost $3,893,754)			$	3,806,983
Total Investments — 99.5% (identified cost $76,499,271)			$	79,543,996
Other Assets, Less Liabilities — 0.5%			$	394,521
Net Assets — 100.0%			$	79,938,517

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

The Fund invests primarily in debt securities issued by Connecticut municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2022, 19.4% 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 1.5% to 6.4% of total investments.

⁽¹⁾  When-issued/delayed delivery security.

⁽²⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2022, the aggregate value of these securities is $916,996 or 1.1% of the Fund’s net assets.

Abbreviations:

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

16 See Notes to Financial Statements.

Eaton Vance

Minnesota Municipal Income Fund

January 31, 2022

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Obligations — 92.3%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.1%
Minnesota Public Facilities Authority, (Revolving Fund):
5.00%, 3/1/29	$	1,000	$	1,147,300
5.00%, 3/1/30		1,000		1,145,160
			$	2,292,460
Education — 14.1%
Minnesota Higher Education Facilities Authority, (Carleton College):
5.00%, 3/1/29	$	2,250	$	2,623,522
5.00%, 3/1/31		1,000		1,169,990
5.00%, 3/1/34		500		583,970
Minnesota Higher Education Facilities Authority, (College of Saint Benedict):
4.00%, 3/1/36		400		435,404
5.00%, 3/1/37		1,500		1,672,335
Minnesota Higher Education Facilities Authority, (College of St. Scholastica), 4.00%, 12/1/40		1,850		2,044,934
Minnesota Higher Education Facilities Authority, (Gustavus Adolphus College), 5.00%, 10/1/35		565		659,954
Minnesota Higher Education Facilities Authority, (Macalester College):
4.00%, 3/1/26		115		127,092
4.00%, 3/1/27		125		140,610
4.00%, 3/1/28		100		113,989
4.00%, 3/1/29		100		115,456
5.00%, 3/1/27		500		554,205
5.00%, 3/1/28		1,010		1,118,525
Minnesota Higher Education Facilities Authority, (St. Catherine University), 5.00%, 10/1/32		500		589,740
Minnesota Higher Education Facilities Authority, (St. Olaf College):
4.00%, 10/1/35		500		546,455
4.00%, 10/1/46		1,500		1,710,765
5.00%, 12/1/29		1,815		2,043,400
Minnesota Higher Education Facilities Authority, (University of St. Thomas):
4.00%, 10/1/32		910		1,032,513
4.00%, 10/1/36		500		554,000
4.00%, 10/1/37		500		553,565
5.00%, 10/1/30		650		765,024
5.00%, 10/1/34		250		303,768
5.00%, 4/1/35		750		843,495
Minnesota State Colleges and Universities:
5.00%, 10/1/26		1,535		1,791,330
5.00%, 10/1/27		1,000		1,196,050

Security	Principal Amount (000’s omitted)		Value
Education (continued)
St. Paul Housing and Redevelopment Authority, MN, (Hmong College Prep Academy), 5.00%, 9/1/43	$	1,000	$	1,138,930
University of Minnesota:
5.00%, 4/1/27		500		574,755
5.00%, 8/1/27		625		704,381
5.00%, 4/1/41		2,000		2,268,560
			$	27,976,717
Electric Utilities — 5.3%
Chaska, MN, Electric System Revenue, 5.00%, 10/1/30	$	550	$	621,473
Hutchinson, MN, Public Utility Revenue, 5.00%, 12/1/26		350		362,334
Minnesota Municipal Power Agency:
5.00%, 10/1/33		250		274,585
5.00%, 10/1/34		250		274,515
5.00%, 10/1/35		200		219,392
Northern Municipal Power Agency, MN:
5.00%, 1/1/30		460		531,093
5.00%, 1/1/31		670		756,410
5.00%, 1/1/41		240		274,171
Rochester, MN, Electric Utility Revenue:
5.00%, 12/1/29		700		817,264
5.00%, 12/1/30		700		816,907
5.00%, 12/1/42		820		939,597
St. Paul Port Authority, MN, District Energy Revenue:
4.00%, 10/1/42		1,250		1,343,737
(AMT), 4.00%, 10/1/40		1,000		1,070,630
Western Minnesota Municipal Power Agency:
5.00%, 1/1/34		1,000		1,132,630
5.00%, 1/1/36		900		1,016,802
			$	10,451,540
Escrowed / Prerefunded — 1.1%
Minnesota Higher Education Facilities Authority, (St. Catherine University):
Prerefunded to 10/1/22, 5.00%, 10/1/26	$	280	$	288,241
Prerefunded to 10/1/22, 5.00%, 10/1/27		310		319,123
Prerefunded to 10/1/22, 5.00%, 10/1/32		560		576,481
Western Minnesota Municipal Power Agency, Prerefunded to 1/1/24, 5.00%, 1/1/34		1,000		1,075,590
			$	2,259,435
General Obligations — 42.3%
Andover, MN, 4.00%, 2/1/30	$	795	$	899,384

17 See Notes to Financial Statements.

Eaton Vance

Minnesota Municipal Income Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Anoka-Hennepin Independent School District No. 11, MN:
5.00%, 2/1/27	$	1,000	$	1,177,730
5.00%, 2/1/28		1,040		1,222,634
Brainerd Independent School District No. 181, MN, 5.00%, 2/1/25		575		641,234
Brooklyn Center, MN, 4.00%, 2/1/30		1,060		1,194,662
Burnsville, MN:
3.00%, 12/20/32		620		673,339
4.00%, 12/20/31		640		759,674
Centennial Independent School District No. 12, MN:
0.00%, 2/1/28		1,000		872,370
0.00%, 2/1/35		350		226,590
Cloquet Independent School District No. 94, MN, 5.00%, 2/1/30		2,000		2,220,980
Dilworth-Glyndon-Felton Independent School District No. 2164, MN, 4.00%, 2/1/27		730		808,439
Duluth, MN:
5.00%, 2/1/34		1,000		1,136,700
Series 2016A, 5.00%, 2/1/31		1,000		1,139,200
Series 2019C, 5.00%, 2/1/31		500		607,385
Eden Prairie Independent School District No. 272, MN, 5.00%, 2/1/30		1,000		1,188,730
Edina Independent School District No. 273, MN, 5.00%, 2/1/28		1,625		1,917,256
Elk River Area Independent School District No. 728, MN, 4.00%, 2/1/32		2,000		2,110,240
Hennepin County Regional Railroad Authority, MN, 5.00%, 12/1/32		675		823,385
Hennepin County, MN:
5.00%, 12/1/35		2,000		2,336,060
5.00%, 12/15/36		500		612,060
(SPA: TD Bank, N.A.), 0.06%, 12/1/38(1)		10,000		10,000,000
Hopkins Independent School District No. 270, MN, 4.00%, 2/1/25		1,250		1,288,425
Mahtomedi Independent School District No. 832, MN, 5.00%, 2/1/31		1,000		1,110,800
Mankato Area Public Schools Independent School District No. 77, MN, 4.00%, 2/1/38		640		727,859
Maple Grove, MN, 4.00%, 2/1/29		520		601,557
Maple River Independent School District No. 2135, MN, 4.00%, 2/1/38		1,315		1,514,170
Minneapolis Special School District No. 1, MN:
4.00%, 2/1/33		1,500		1,725,450
5.00%, 2/1/32		1,500		1,796,715
Minneapolis-St. Paul Metropolitan Council, MN:
4.00%, 3/1/30		1,000		1,145,150

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Minneapolis-St. Paul Metropolitan Council, MN: (continued)
5.00%, 12/1/24	$	2,000	$	2,217,680
5.00%, 3/1/28		2,500		2,942,300
Minnesota:
5.00%, 8/1/32		2,000		2,251,100
5.00%, 8/1/34		500		609,010
5.00%, 10/1/34		1,000		1,189,450
5.00%, 8/1/37		1,250		1,549,137
5.00%, 8/1/39		2,000		2,511,880
North St. Paul-Maplewood-Oakdale Independent School District No. 622, MN:
4.00%, 2/1/31		2,050		2,315,495
5.00%, 2/1/33		1,000		1,187,920
Plymouth, MN:
4.00%, 2/1/27		1,000		1,128,480
4.00%, 2/1/30		390		451,484
Rochester Independent School District No. 535, MN:
4.00%, 2/1/23		2,375		2,452,829
4.00%, 2/1/26		1,160		1,284,166
Rosemount-Apple Valley-Eagan Independent School District No. 196, MN:
4.00%, 2/1/28		2,000		2,193,560
5.00%, 2/1/27		1,000		1,144,230
Russell-Tyler-Ruthton Independent School District No. 2902, MN, 5.00%, 2/1/27		1,400		1,645,854
Sartell-St. Stephen Independent School District No. 748, MN:
0.00%, 2/1/32		1,350		1,027,121
0.00%, 2/1/37		1,500		936,390
Scott County, MN, 4.00%, 12/1/34		2,000		2,279,200
Spring Lake Park Independent School District No. 16, MN, 4.00%, 2/1/29		1,075		1,176,415
St. Louis Park Independent School District No. 283, MN:
4.00%, 2/1/31		2,000		2,210,000
5.00%, 2/1/29		845		1,015,090
St. Louis Park, MN, 4.00%, 2/1/28		1,000		1,124,360
St. Paul Independent School District No. 625, MN, 4.00%, 2/1/31		700		818,307
St. Paul, MN, 5.00%, 12/1/27		750		879,855
Waseca Independent School District No. 829, MN, 4.00%, 2/1/28		1,575		1,727,428
Watertown-Mayer Independent School District No. 111, MN, 0.00%, 2/1/36		1,000		700,060
Worthington Independent School District No. 518, MN, 4.00%, 2/1/31		730		801,847
			$	84,248,826

18 See Notes to Financial Statements.

Eaton Vance

Minnesota Municipal Income Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital — 10.8%
Duluth Economic Development Authority, MN, (Essentia Health Obligated Group), 5.00%, 2/15/37	$	1,000	$	1,174,740
Duluth Economic Development Authority, MN, (St. Luke’s Hospital of Duluth Obligated Group):
4.00%, 6/15/34(2)		520		583,773
4.00%, 6/15/38(2)		375		418,515
4.00%, 6/15/39(2)		225		250,679
Maple Grove, MN, (Maple Grove Hospital Corp.):
5.00%, 5/1/30		850		985,881
5.00%, 5/1/31		500		578,470
5.00%, 5/1/32		500		577,680
Minneapolis and St. Paul Housing and Redevelopment Authority, MN, (Allina Health System):
5.00%, 11/15/27		750		894,007
5.00%, 11/15/29		915		1,074,000
Minneapolis, MN, (Allina Health System), 4.00%, 11/15/40		3,250		3,750,370
Minneapolis, MN, (Fairview Health Services):
5.00%, 11/15/28		225		252,680
(LOC: Wells Fargo Bank, N.A.), 0.10%, 11/15/48(3)		1,650		1,650,000
St. Cloud, MN, (CentraCare Health System), 5.00%, 5/1/46		2,650		2,989,862
St. Paul Housing and Redevelopment Authority, MN, (Fairview Health Services):
5.00%, 11/15/31		1,000		1,172,640
5.00%, 11/15/34		500		584,525
5.00%, 11/15/47		500		577,405
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group):
5.00%, 7/1/29		500		558,970
5.00%, 7/1/30		1,000		1,116,870
5.00%, 7/1/32		1,995		2,223,926
			$	21,414,993
Housing — 2.3%
Mahtomedi, MN, Multifamily Housing Revenue, (Lincoln Place/Vadnais Highlands), 0.25% to 8/1/22 (Put Date), 8/1/23	$	600	$	599,076
Minnesota Housing Finance Agency:
2.15%, 7/1/45		925		852,823
4.00%, 8/1/42		1,815		2,082,658
(FHLMC), (FNMA), (GNMA), 2.40%, 1/1/35		670		678,864
(FHLMC), (FNMA), (GNMA), 3.15%, 1/1/37		345		347,646
			$	4,561,067
Insured – Electric Utilities — 5.3%
Central Minnesota Municipal Power Agency:
(AGM), 4.00%, 1/1/42	$	340	$	383,795
(AGM), 5.00%, 1/1/30		200		245,798

Security	Principal Amount (000’s omitted)		Value
Insured – Electric Utilities (continued)
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/32	$	1,150	$	1,218,287
Southern Minnesota Municipal Power Agency, (NPFG), 0.00%, 1/1/25		9,000		8,622,990
			$	10,470,870
Insured – Hospital — 1.1%
Minneapolis, MN, (Fairview Health Services), (AGM), 5.00%, 11/15/44	$	2,000	$	2,242,140
			$	2,242,140
Lease Revenue / Certificates of Participation — 2.1%
Anoka-Hennepin Independent School District No. 11, MN, 5.00%, 2/1/34	$	1,000	$	1,070,080
Minnesota, 5.00%, 6/1/29		1,335		1,408,972
St. Paul Independent School District No. 625, MN, 5.00%, 2/1/27		1,500		1,761,030
			$	4,240,082
Other Revenue — 1.1%
Center City, MN, (Hazelden Betty Ford Foundation):
4.00%, 11/1/28	$	825	$	877,528
4.00%, 11/1/34		500		560,905
5.00%, 11/1/27		400		437,984
5.00%, 11/1/29		300		325,947
			$	2,202,364
Senior Living / Life Care — 2.5%
Apple Valley, MN, (PHS Apple Valley Senior Housing, Inc.), 5.00%, 9/1/43	$	1,000	$	1,039,720
North Oaks, MN, (Waverly Gardens):
4.00%, 10/1/25		1,600		1,736,992
4.00%, 10/1/26		1,680		1,815,979
Wayzata, MN, (Folkestone Senior Living Community), 4.00%, 8/1/44		435		446,528
			$	5,039,219
Special Tax Revenue — 0.1%
American Samoa Economic Development Authority, 5.00%, 9/1/38(4)	$	100	$	119,246
			$	119,246

19 See Notes to Financial Statements.

Eaton Vance

Minnesota Municipal Income Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation — 3.1%
Minneapolis-St. Paul Metropolitan Airports Commission, MN:
5.00%, 1/1/27	$	1,000	$	1,163,790
5.00%, 1/1/35		1,000		1,066,710
(AMT), 5.00%, 1/1/25		1,000		1,070,450
(AMT), 5.00%, 1/1/28		1,250		1,467,875
(AMT), 5.00%, 1/1/33		1,200		1,440,384
			$	6,209,209
Total Tax-Exempt Municipal Obligations — 92.3% (identified cost $178,532,405)			$	183,728,168
Other Assets, Less Liabilities — 7.7%			$	15,235,123
Net Assets — 100.0%			$	198,963,291

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

The Fund invests primarily in debt securities issued by Minnesota municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2022, 6.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.6% to 5.4% 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 resets daily, represents the rate in effect at January 31, 2022.

⁽²⁾  When-issued/delayed delivery security.

⁽³⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at January 31, 2022.

⁽⁴⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2022, the aggregate value of these securities is $119,246 or 0.1% of the Fund’s net assets.

Abbreviations:

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

20 See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Fund

January 31, 2022

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Obligations — 91.2%
Security	Principal Amount (000’s omitted)		Value
Education — 5.0%
Essex County Improvement Authority, NJ, (Friends of TEAM Charter Schools, Inc.), 4.00%, 6/15/56	$	1,550	$	1,676,898
New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/30		1,765		1,917,761
New Jersey Educational Facilities Authority, (Princeton University):
5.00%, 3/1/28		2,555		3,084,677
5.00%, 3/1/38		1,280		1,625,907
5.00%, 7/1/42		1,000		1,181,540
			$	9,486,783
Escrowed / Prerefunded — 1.2%
New Jersey Economic Development Authority, (The Seeing Eye, Inc.), Prerefunded to 6/1/22, 5.00%, 6/1/32	$	2,250	$	2,283,953
			$	2,283,953
General Obligations — 18.5%
Bergen County, NJ:
2.00%, 6/1/35	$	340	$	323,017
2.00%, 6/1/36		85		80,203
2.00%, 6/1/37		825		769,362
2.00%, 6/1/38		135		124,234
Bergen County Improvement Authority, NJ, 5.00%, 8/1/42		1,250		1,565,400
Burlington County Bridge Commission, NJ:
5.00%, 8/1/27		400		475,652
5.00%, 8/1/30		500		600,460
5.00%, 8/1/31		410		491,036
5.00%, 8/1/32		250		299,045
5.00%, 10/1/36		1,000		1,165,790
Chester Township, NJ:
2.00%, 10/1/29		1,415		1,436,593
2.00%, 10/1/30		495		499,544
East Brunswick Board of Education, NJ, 4.00%, 8/1/34		1,200		1,385,352
East Brunswick, NJ:
2.00%, 7/15/30		2,875		2,902,341
2.00%, 2/15/31		250		251,642
2.00%, 2/15/32		505		505,485
2.00%, 2/15/33		515		510,355
Essex County, NJ:
2.00%, 9/1/31		1,095		1,097,037
2.00%, 9/1/32		2,935		2,910,346
Gloucester County Improvement Authority, NJ, 4.00%, 4/1/35		2,000		2,191,780

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Hazlet Board of Education, NJ:
4.00%, 2/1/25	$	125	$	134,684
4.00%, 2/1/26		125		137,303
Jersey City, NJ, 5.00%, 11/1/33		800		943,640
Livingston Township, NJ:
4.00%, 1/15/36		500		583,675
5.00%, 1/15/30		500		627,500
Monmouth County Improvement Authority, NJ:
3.00%, 12/1/34		175		190,325
3.00%, 12/1/35		350		380,215
3.00%, 12/1/36		100		108,078
4.00%, 12/1/36		580		675,219
Morris County Improvement Authority, NJ:
3.00%, 3/1/34		235		258,119
3.00%, 3/1/35		145		158,979
3.00%, 3/1/36		150		164,156
3.00%, 3/1/37		260		283,975
3.00%, 3/1/39		275		298,782
3.00%, 3/1/41		290		313,757
3.00%, 3/1/44		930		999,657
4.00%, 3/1/32		220		261,076
4.00%, 3/1/33		230		272,803
New Jersey:
2.00%, 6/1/29		1,250		1,250,587
2.00%, 6/1/30		1,250		1,234,950
4.00%, 6/1/30		1,000		1,149,560
Ocean City, NJ, 2.00%, 10/15/30		2,205		2,222,706
Passaic County Improvement Authority, NJ:
3.00%, 8/15/36		110		117,765
3.00%, 8/15/38		150		159,945
4.00%, 8/15/32		185		216,456
4.00%, 8/15/33		110		128,643
4.00%, 8/15/34		100		116,816
Piscataway Township, NJ, 2.00%, 10/15/37		1,600		1,502,592
Princeton, NJ, 2.00%, 12/15/31		1,030		1,036,808
			$	35,513,445
Hospital — 15.4%
Camden County Improvement Authority, NJ, (Cooper Health System):
5.00%, 2/15/35	$	750	$	800,692
5.75%, 2/15/42		1,100		1,146,057
New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27		175		175,744

21 See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
New Jersey Health Care Facilities Financing Authority, (AtlantiCare Health System Obligated Group):
4.00%, 7/1/35	$	750	$	874,875
4.00%, 7/1/37		710		827,974
New Jersey Health Care Facilities Financing Authority, (Barnabas Health Obligated Group), 4.25%, 7/1/44		500		532,640
New Jersey Health Care Facilities Financing Authority, (Hackensack Meridian Health Obligated Group), 5.00%, 7/1/28		100		118,395
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System):
5.00%, 7/1/32		590		678,453
5.00%, 7/1/39		2,750		3,144,542
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital):
5.00%, 7/1/32		50		54,461
5.00%, 7/1/33		1,155		1,258,049
New Jersey Health Care Facilities Financing Authority, (RWJ Barnabas Health Obligated Group):
4.00%, 7/1/45		1,500		1,708,335
5.00%, 7/1/31		2,355		2,715,692
5.00%, 7/1/33		2,300		2,650,129
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group):
3.00%, 7/1/32		1,100		1,141,624
3.125%, 7/1/33		835		870,738
4.00%, 7/1/48		3,000		3,229,890
New Jersey Health Care Facilities Financing Authority, (Trinitas Regional Medical Center Obligated Group):
5.00%, 7/1/28		1,000		1,154,550
5.00%, 7/1/29		500		577,275
New Jersey Health Care Facilities Financing Authority, (Valley Health System Obligated Group), 4.00%, 7/1/39		5,230		5,929,669
			$	29,589,784
Housing — 1.4%
New Jersey Housing and Mortgage Finance Agency, SFMR, (AMT), 3.80%, 10/1/32	$	2,565	$	2,697,687
			$	2,697,687
Industrial Development Revenue — 4.4%
New Jersey Economic Development Authority, (Middlesex Water Co.), (AMT), 5.00%, 8/1/59	$	3,000	$	3,478,470
New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), 3.375%, 4/1/38		3,000		3,074,280

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue (continued)
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 2.20% to 12/3/29 (Put Date), 10/1/39	$	1,850	$	1,874,550
			$	8,427,300
Insured – Education — 0.7%
Atlantic County Improvement Authority, NJ, (Stockton University Atlantic City Campus Phase II):
(AGM), 5.00%, 7/1/30	$	100	$	124,495
(AGM), 5.00%, 7/1/31		100		126,472
(AGM), 5.00%, 7/1/32		100		126,234
(AGM), 5.00%, 7/1/33		150		189,257
(AGM), 5.00%, 7/1/34		100		126,041
(AGM), 5.00%, 7/1/35		135		169,904
New Jersey Educational Facilities Authority, (William Paterson University):
(AGM), 4.00%, 7/1/36		135		155,303
(AGM), 5.00%, 7/1/24		160		173,877
(AGM), 5.00%, 7/1/26		130		148,950
(AGM), 5.00%, 7/1/28		60		71,629
			$	1,412,162
Insured – Electric Utilities — 1.7%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34	$	3,020	$	3,203,223
			$	3,203,223
Insured – Escrowed / Prerefunded — 0.7%
Bayonne, NJ, (AGM), Prerefunded to 8/1/25, 5.00%, 8/1/26	$	865	$	977,398
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (NPFG), Escrowed to Maturity, 5.25%, 7/1/26		380		442,784
			$	1,420,182
Insured – General Obligations — 5.3%
Atlantic City, NJ:
(AGM), 4.00%, 3/1/42	$	250	$	272,947
(AGM), 5.00%, 3/1/37		1,500		1,735,980
Bayonne, NJ, (AGM), 5.00%, 8/1/25		615		692,435
East Orange, NJ:
(AGM), 5.00%, 10/15/29		130		160,333
(AGM), 5.00%, 10/15/30		175		214,109
(AGM), 5.00%, 10/15/31		400		487,040
Irvington Township, NJ, (AGM), 0.00%, 7/15/23		3,775		3,705,993
Lakewood Township, NJ:
(BAM), 4.00%, 11/1/26		250		279,572
(BAM), 4.00%, 11/1/27		120		136,271

22 See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Newark Board of Education, NJ, Sustainability Bonds, (BAM), 4.00%, 7/15/37	$	430	$	498,112
Paterson, NJ, (BAM), 5.00%, 1/15/26		1,305		1,353,168
Trenton, NJ, (BAM), 5.00%, 12/1/26		500		570,525
			$	10,106,485
Insured – Special Tax Revenue — 8.0%
Garden State Preservation Trust, NJ, (AGM), 0.00%, 11/1/24	$	6,000	$	5,742,240
New Jersey Economic Development Authority, (Motor Vehicle Surcharges):
(AGC), 0.00%, 7/1/26		6,500		5,995,535
(AGC), 0.00%, 7/1/27		1,900		1,708,309
(NPFG), 5.25%, 7/1/26		1,620		1,878,098
			$	15,324,182
Insured – Transportation — 1.5%
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31	$	2,015	$	2,158,790
South Jersey Transportation Authority, NJ, (AGM), 5.00%, 11/1/33		500		611,720
			$	2,770,510
Lease Revenue / Certificates of Participation — 1.8%
Burlington County Bridge Commission, NJ:
4.00%, 4/1/32	$	635	$	750,399
4.00%, 4/1/34		500		590,150
4.00%, 4/1/35		350		412,409
Essex County Improvement Authority, NJ, 2.00%, 12/15/23		750		765,277
New Jersey Economic Development Authority, (School Facilities Construction), 4.00%, 6/15/36		900		1,005,669
			$	3,523,904
Other Revenue — 3.7%
Bergen County Improvement Authority, NJ:
4.00%, 2/15/32	$	475	$	564,172
5.00%, 2/15/31		200		256,808
Mercer County Improvement Authority, NJ:
4.00%, 4/1/32		1,500		1,716,930
5.00%, 4/1/34		1,000		1,224,580
Monmouth County Improvement Authority, NJ:
5.00%, 3/1/28		625		756,194
5.00%, 3/1/29		500		618,050
5.00%, 3/1/30		570		720,109

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
New Jersey Economic Development Authority, (The Seeing Eye, Inc.), 5.00%, 6/1/32	$	1,000	$	1,177,290
			$	7,034,133
Special Tax Revenue — 0.1%
American Samoa Economic Development Authority, 5.00%, 9/1/38(1)	$	100	$	119,246
			$	119,246
Student Loan — 1.9%
New Jersey Higher Education Student Assistance Authority:
(AMT), 1.121%, (3 mo. USD LIBOR + 0.95%), 6/1/36(2)	$	1,985	$	1,986,687
(AMT), 3.25%, 12/1/29		895		904,326
(AMT), 4.00%, 12/1/34		720		748,361
			$	3,639,374
Transportation — 19.9%
Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/39	$	1,000	$	1,132,960
Delaware River Port Authority of Pennsylvania and New Jersey:
5.00%, 1/1/28		2,000		2,150,380
5.00%, 1/1/33		1,000		1,220,140
5.00%, 1/1/35		2,270		2,758,459
5.00%, 1/1/36		1,250		1,514,100
Middlesex County Improvement Authority, NJ, (New Brunswick Parking Deck):
4.00%, 9/1/46		1,360		1,575,642
5.00%, 9/1/32		525		676,557
New Jersey Economic Development Authority, (Port Newark Container Terminal, LLC), (AMT), 5.00%, 10/1/37		1,500		1,723,305
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.375%, 1/1/43		275		294,992
New Jersey Economic Development Authority, (Transit Transportation Project):
4.00%, 11/1/38		375		414,679
4.00%, 11/1/39		375		413,951
New Jersey Transportation Trust Fund Authority, (Transportation Program):
3.00%, 6/15/50		95		89,606
4.00%, 6/15/40		1,500		1,661,460
5.00%, 6/15/35(3)		1,000		1,227,140
5.00%, 6/15/38		3,220		3,767,690
New Jersey Transportation Trust Fund Authority, (Transportation System), 4.00%, 6/15/34		1,000		1,124,130

23 See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
New Jersey Turnpike Authority:
4.00%, 1/1/48	$	580	$	646,630
4.00%, 1/1/51		2,495		2,815,034
5.00%, 1/1/31		375		425,040
5.00%, 1/1/45		2,780		3,036,038
Newark Housing Authority, NJ, (Newark Marine Terminal), 4.00%, 1/1/37		1,500		1,627,485
Port Authority of New York and New Jersey:
(AMT), 5.00%, 10/15/34		2,305		2,574,477
(AMT), 5.00%, 10/15/35		2,530		2,924,326
(AMT), 5.00%, 11/15/36		1,160		1,327,307
South Jersey Transportation Authority, NJ, 5.00%, 11/1/31		1,000		1,087,450
			$	38,208,978
Total Tax-Exempt Municipal Obligations — 91.2% (identified cost $168,735,992)			$	174,761,331
Taxable Municipal Obligations — 4.6%
Security	Principal Amount (000’s omitted)		Value
General Obligations — 2.0%
Atlantic City, NJ, 7.50%, 3/1/40	$	455	$	616,202
Monroe Township Board of Education, NJ:
1.126%, 3/1/26		585		566,806
1.357%, 3/1/27		500		482,700
1.547%, 3/1/28		500		481,900
2.729%, 8/1/33		700		718,487
2.849%, 8/1/35		1,000		1,032,000
			$	3,898,095
Transportation — 2.6%
New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28(4)	$	4,250	$	4,910,663
			$	4,910,663
Total Taxable Municipal Obligations — 4.6% (identified cost $8,305,291)			$	8,808,758
Total Investments — 95.8% (identified cost $177,041,283)			$	183,570,089
Other Assets, Less Liabilities — 4.2%			$	8,013,126
Net Assets — 100.0%			$	191,583,215

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

The Fund invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2022, 18.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.5% to 9.9% 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 January 31, 2022, the aggregate value of these securities is $119,246 or 0.1% of the Fund’s net assets.

⁽²⁾  Floating rate security. The stated interest rate represents the rate in effect at January 31, 2022.

⁽³⁾  When-issued/delayed delivery security.

⁽⁴⁾  Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support.

Abbreviations:

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

Currency Abbreviations:

USD – United States Dollar

24 See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2022

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Obligations — 101.4%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 3.5%
Delaware Valley Regional Finance Authority, PA:
2.00%, 10/1/29	$	55	$	54,821
5.75%, 7/1/32		4,500		6,045,255
			$	6,100,076
Cogeneration — 0.2%
Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 12/31/23(1)	$	1,323	$	330,859
			$	330,859
Education — 13.5%
Adams County General Authority, PA, (Gettysburg College), 4.00%, 8/15/45	$	1,250	$	1,392,613
Allegheny County Higher Education Building Authority, PA, (Carnegie Mellon University):
0.325%, (70% of SOFR + 0.29%), 8/1/27 (Put Date), 2/1/33(2)		1,500		1,492,665
5.00%, 8/1/27		1,000		1,191,460
Allegheny County Higher Education Building Authority, PA, (Duquesne University), 4.00%, 3/1/40		2,000		2,251,120
Bethlehem Redevelopment Authority, PA, (Moravian University):
4.00%, 10/1/38		300		334,164
5.00%, 10/1/28(3)		700		811,937
Cumberland County Municipal Authority, PA, (Dickinson College):
5.00%, 5/1/30		775		880,516
5.00%, 5/1/31		1,145		1,299,884
5.00%, 11/1/37		1,000		1,028,900
Delaware County Authority, PA, (Haverford College), 5.00%, 10/1/42		1,470		1,706,743
Delaware County Authority, PA, (Villanova University), 5.00%, 8/1/40		1,120		1,250,021
Erie Higher Education Building Authority, PA, (Gannon University), 4.00%, 5/1/36		300		335,679
Montgomery County Industrial Development Authority, PA, (Germantown Academy):
4.00%, 10/1/41		450		482,432
4.00%, 10/1/46		625		693,750
Northampton County General Purpose Authority, PA, (Lehigh University), 4.00%, 11/15/35		500		547,625
Pennsylvania Higher Educational Facilities Authority, (Drexel University), 4.00%, 5/1/36		4,000		4,334,640
Pennsylvania State University, 5.00%, 9/1/34		1,585		1,826,506
Union County Higher Educational Facilities Financing Authority, PA, (Bucknell University), Prerefunded to 4/1/22, 5.00%, 4/1/37		2,000		2,015,180
			$	23,875,835

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded — 1.8%
Chartiers Valley School District, PA, Prerefunded to 4/15/25, 5.00%, 10/15/35	$	1,000	$	1,118,670
Hatboro-Horsham School District, PA, Prerefunded to 3/15/23, 5.00%, 9/15/27		1,100		1,152,987
Lancaster Industrial Development Authority, PA, (Garden Spot Village), Prerefunded to 5/1/23, 5.375%, 5/1/28		300		317,085
Owen J. Roberts School District, PA, Prerefunded to 5/15/23, 5.00%, 5/15/28		535		564,206
			$	3,152,948
General Obligations — 6.0%
Allegheny County, PA, 5.00%, 11/1/43	$	1,000	$	1,200,520
Boyertown Area School District, PA, 5.00%, 10/1/38		1,000		1,077,390
Cumberland Valley School District, PA, 4.00%, 11/15/38		750		845,955
Lewisburg Area School District, PA:
4.00%, 2/15/31		150		170,868
4.00%, 2/15/32		160		181,859
4.00%, 2/15/33		175		198,826
Lower Paxton Township, PA:
4.00%, 4/1/43		300		340,113
4.00%, 4/1/45		310		350,833
Manheim Central School District, PA, 4.00%, 5/1/40		1,000		1,130,030
Penn-Delco School District, PA, 4.00%, 6/1/45		1,500		1,631,445
Pennsylvania, 4.00%, 5/1/34		1,000		1,165,100
Pequea Valley School District, PA, 4.00%, 5/15/46		825		940,607
Phoenixville Area School District, PA, 4.00%, 11/15/29		370		422,167
Seneca Valley School District, PA, 5.00%, 4/1/31		750		905,243
			$	10,560,956
Hospital — 22.1%
Allegheny County Hospital Development Authority, PA, (UPMC Health System):
4.00%, 7/15/38	$	500	$	562,800
4.00%, 7/15/39		2,000		2,248,260
5.00%, 7/15/33		1,000		1,218,010
Berks County Industrial Development Authority, PA, (Tower Health):
4.00%, 11/1/38		210		214,582
4.00%, 11/1/47		1,100		1,092,014
5.00%, 11/1/26		250		278,108
5.00%, 11/1/34		150		161,978
Berks County Municipal Authority, PA, (Tower Health):
5.00% to 2/1/25 (Put Date), 2/1/40		1,000		1,069,990
5.00% to 2/1/27 (Put Date), 2/1/40		500		551,725

25 See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Bucks County Industrial Development Authority, PA, (Grand View Hospital):
5.00%, 7/1/27	$	475	$	543,984
5.00%, 7/1/35		500		606,770
Bucks County Industrial Development Authority, PA, (St. Luke’s University Health Network), 4.00%, 8/15/38		1,500		1,675,560
Centre County Hospital Authority, PA, (Mount Nittany Medical Center), 5.00%, 11/15/30		505		570,504
Chester County Health and Education Facilities Authority, PA, (Main Line Health System):
5.00%, 10/1/31		1,350		1,592,095
5.00%, 10/1/35		2,000		2,346,840
DuBois Hospital Authority, PA, (Penn Highlands Healthcare):
5.00%, 7/15/30		755		932,591
5.00%, 7/15/31		790		992,042
5.00%, 7/15/37		500		621,300
Geisinger Authority, PA, (Geisinger Health System), 4.00%, 4/1/39		1,615		1,827,776
Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), 6.00%, 6/1/39		1,345		1,397,428
Lancaster County Hospital Authority, PA, (Penn State Health), 5.00%, 11/1/46		2,000		2,393,840
Lancaster County Hospital Authority, PA, (University of Pennsylvania Health System), 5.00%, 8/15/36		650		745,765
Lehigh County General Purpose Authority, PA, (Lehigh Valley Health Network):
4.00%, 7/1/33		2,700		2,734,911
4.00%, 7/1/35		1,000		1,082,820
4.00%, 7/1/49		1,500		1,640,070
Montgomery County Higher Education and Health Authority, PA, (Thomas Jefferson University Obligated Group):
4.00%, 9/1/34		1,000		1,119,010
5.00%, 9/1/33		1,000		1,208,850
5.00%, 9/1/37		1,000		1,184,770
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System):
4.00%, 8/15/42		150		164,853
4.00%, 8/15/49		1,000		1,123,900
5.00%, 8/15/27(3)		700		815,892
5.00%, 8/15/37		2,600		3,055,078
Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 5.00%, 6/1/36		1,000		1,221,940
			$	38,996,056
Housing — 1.2%
Pennsylvania Higher Educational Facilities Authority, (University Properties, Inc.), 5.00%, 7/1/35	$	750	$	816,413

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Pennsylvania Housing Finance Agency, SFMR, 2.35%, 10/1/40	$	1,405	$	1,349,460
			$	2,165,873
Insured – Electric Utilities — 1.3%
Philadelphia, PA, Gas Works Revenue, (AGM), 4.00%, 8/1/45	$	1,000	$	1,128,320
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		1,130		1,198,557
			$	2,326,877
Insured – Escrowed / Prerefunded — 4.7%
Cambria County, PA, (BAM), Prerefunded to 8/1/24, 5.00%, 8/1/30	$	2,270	$	2,488,306
Erie School District, PA, (NPFG), Escrowed to Maturity, 0.00%, 5/1/22		3,625		3,620,287
McKeesport Area School District, PA:
(AGM), Prerefunded to 9/1/23, 5.00%, 3/1/38		60		63,867
(AMBAC), Escrowed to Maturity, 0.00%, 10/1/25		2,320		2,203,420
			$	8,375,880
Insured – General Obligations — 14.7%
Allentown City School District, PA:
(BAM), 5.00%, 6/1/31	$	500	$	568,320
(BAM), 5.00%, 6/1/32		1,000		1,134,850
(BAM), 5.00%, 6/1/33		1,000		1,133,060
Armstrong School District, PA, (BAM), 4.00%, 3/15/38		500		570,110
Bethlehem Area School District, PA, (BAM), 5.00%, 8/1/32		1,500		1,685,580
Cambria County, PA:
(AGM), 4.00%, 8/1/35		700		769,391
(BAM), 5.00%, 8/1/30		1,050		1,145,529
Coatesville Area School District, PA, (AGM), 5.00%, 8/1/25		300		337,554
Elizabeth Forward School District, PA:
(NPFG), 0.00%, 9/1/22		2,170		2,153,703
(NPFG), 0.00%, 9/1/23		2,170		2,111,236
Erie School District, PA, (AGM), 4.00%, 4/1/33		1,000		1,130,520
Hopewell School District, PA:
(AGM), 0.00%, 9/1/22		1,000		994,730
(AGM), 0.00%, 9/1/26		1,000		916,130
Lake-Lehman School District, PA, (NPFG), 0.00%, 4/1/26		1,315		1,215,954
Lancaster School District, PA, (AGM), 4.00%, 6/1/36		60		68,492
Luzerne County, PA, (AGM), 5.00%, 11/15/29		1,000		1,130,890
McKeesport Area School District, PA, (AMBAC), 0.00%, 10/1/25		1,100		1,018,490
Montour School District, PA:
(AGM), 5.00%, 4/1/32		1,000		1,124,600
(AGM), 5.00%, 4/1/33		1,960		2,201,237

26 See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Oakmont Borough, PA, (AGM), 4.00%, 11/15/46	$	1,300	$	1,473,888
Philadelphia School District, PA, (AGM), 5.00%, 9/1/34		1,000		1,228,080
Upper Darby School District, PA:
(AGM), 4.00%, 4/1/40		500		566,125
(BAM), 4.00%, 4/1/42		325		371,556
(BAM), 4.00%, 4/1/43		250		285,223
(BAM), 4.00%, 4/1/46		600		680,802
			$	26,016,050
Insured – Hospital — 1.3%
Allegheny County Hospital Development Authority, PA, (UPMC Health System), (NPFG), 6.00%, 7/1/24	$	2,000	$	2,225,860
			$	2,225,860
Insured – Lease Revenue / Certificates of Participation — 6.5%
State Public School Building Authority, PA, (Philadelphia School District):
(AGM), 5.50%, 6/1/28(4)	$	6,250	$	7,602,375
(AGM), 5.50%, 6/1/28		3,250		3,953,235
			$	11,555,610
Insured – Transportation — 2.1%
Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38	$	2,000	$	2,534,100
Philadelphia, PA, Airport Revenue, (AGM), (AMT), 4.00%, 7/1/46		1,000		1,105,760
			$	3,639,860
Insured – Water and Sewer — 3.0%
Allegheny County Sanitary Authority, PA, (BAM), 5.00%, 12/1/28	$	1,000	$	1,074,920
Greater Johnstown Water Authority, PA, Sewer Revenue, (AGM), 4.00%, 8/15/38		1,740		1,977,823
Pittsburgh Water and Sewer Authority, PA, (AGM), 4.00%, 9/1/34		2,000		2,307,200
			$	5,359,943
Lease Revenue / Certificates of Participation — 2.0%
Bucks County Community College Authority, PA, 5.00%, 6/15/38	$	605	$	722,775
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/34		2,405		2,840,498
			$	3,563,273
Other Revenue — 0.6%
Allentown Neighborhood Improvement Zone Development Authority, PA, (City Center Project), Series 2018, 5.00%, 5/1/42(5)	$	1,000	$	1,133,500
			$	1,133,500

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care — 5.0%
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries):
5.00%, 1/1/31	$	500	$	598,540
5.00%, 1/1/39		1,810		2,116,904
Prerefunded to 1/1/29, 5.00%, 1/1/39		190		231,390
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.):
5.00%, 12/1/29		815		902,588
5.00%, 12/1/33		455		498,980
Lancaster County Hospital Authority, PA, (Brethren Village), 5.125%, 7/1/37		1,265		1,385,782
Montgomery County Industrial Development Authority, PA, (ACTS Retirement-Life Communities, Inc. Obligated Group):
4.00%, 11/15/43		200		224,504
5.00%, 11/15/45		1,000		1,175,930
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.00%, 1/1/33		1,000		1,075,760
West Cornwall Township Municipal Authority, PA, (Lebanon Valley Brethren Home), 4.00%, 11/15/46		525		582,955
			$	8,793,333
Special Tax Revenue — 0.5%
American Samoa Economic Development Authority, 5.00%, 9/1/38(5)	$	100	$	119,246
Puerto Rico Sales Tax Financing Corp.:
0.00%, 7/1/24		47		44,747
0.00%, 7/1/27		34		30,387
0.00%, 7/1/29		34		28,508
0.00%, 7/1/31		43		33,591
0.00%, 7/1/33		49		35,601
0.00%, 7/1/46		463		150,901
0.00%, 7/1/51		377		88,783
4.329%, 7/1/40		183		199,102
4.50%, 7/1/34		36		38,488
4.536%, 7/1/53		5		5,439
4.784%, 7/1/58		73		80,188
			$	854,981
Student Loan — 0.7%
Pennsylvania Higher Education Assistance Agency, (AMT), 5.00%, 6/1/28	$	1,075	$	1,260,233
			$	1,260,233

27 See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation — 8.6%
Delaware River Joint Toll Bridge Commission of Pennsylvania and New Jersey:
5.00%, 7/1/32	$	1,500	$	1,759,710
5.00%, 7/1/42		1,500		1,749,555
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/38		2,470		2,984,180
Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 5.00%, 11/1/41		1,960		2,012,469
Pennsylvania Turnpike Commission:
4.00%, 12/1/45		500		554,615
5.00%, 12/1/37		1,500		1,825,845
5.00%, 12/1/45		1,000		1,224,760
Philadelphia, PA, Airport Revenue:
(AMT), 5.00%, 7/1/33		1,250		1,448,850
(AMT), 5.00%, 7/1/37		1,000		1,157,080
(AMT), 5.00%, 7/1/51		400		476,632
			$	15,193,696
Water and Sewer — 2.1%
Chester Water Authority, PA, 5.00%, 12/1/35	$	795	$	877,775
Luzerne County Industrial Development Authority, PA, (Pennsylvania-American Water Co.), (AMT), 2.45% to 12/3/29 (Put Date), 12/1/39		750		791,333
Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 3.00%, 4/1/39		2,000		2,098,420
			$	3,767,528
Total Tax-Exempt Municipal Obligations — 101.4% (identified cost $171,374,116)			$	179,249,227
Taxable Municipal Obligations — 0.7%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.1%
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(1)	$	491	$	122,650
			$	122,650
Insured – General Obligations — 0.1%
Valley View School District, PA, (BAM), 2.875%, 5/15/31	$	250	$	256,925
			$	256,925

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 0.5%
Allentown Neighborhood Improvement Zone Development Authority, PA, 1.73%, 5/1/22	$	800	$	799,768
			$	799,768
Total Taxable Municipal Obligations — 0.7% (identified cost $1,540,608)			$	1,179,343
Total Investments — 102.1% (identified cost $172,914,724)			$	180,428,570
Other Assets, Less Liabilities — (2.1)%			$	(3,740,195	)
Net Assets — 100.0%			$	176,688,375

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

The Fund invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2022, 33.1% 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 1.8% to 18.1% of total investments.

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

⁽²⁾  Floating rate security. The stated interest rate represents the rate in effect at January 31, 2022.

⁽³⁾  When-issued/delayed delivery security.

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

⁽⁵⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2022, the aggregate value of these securities is $1,252,746 or 0.7% of the Fund’s net assets.

Abbreviations:

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

28 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Statements of Assets and Liabilities (Unaudited)

	January 31, 2022
Assets	Arizona Fund		Connecticut Fund		Minnesota Fund
Investments —
Identified cost	$	68,774,892	$	76,499,271	$	178,532,405
Unrealized appreciation		3,227,489		3,044,725		5,195,763
Investments, at value	$	72,002,381	$	79,543,996	$	183,728,168
Cash	$	2,472,579	$	1,530,039	$	10,031,719
Interest receivable		418,391		627,997		2,297,413
Receivable for investments sold		45,000		—		4,000,000
Receivable for Fund shares sold		92,214		29,806		494,243
Total assets	$	75,030,565	$	81,731,838	$	200,551,543
Liabilities
Payable for when-issued/delayed delivery securities	$	—	$	1,292,560	$	1,290,936
Payable for Fund shares redeemed		545,006		385,586		88,572
Distributions payable		16,267		27,286		68,725
Payable to affiliates:
Investment adviser fee		17,828		19,850		56,085
Distribution and service fees		8,802		11,553		13,300
Accrued expenses		44,883		56,486		70,634
Total liabilities	$	632,786	$	1,793,321	$	1,588,252
Net Assets	$	74,397,779	$	79,938,517	$	198,963,291
Sources of Net Assets
Paid-in capital	$	71,476,783	$	77,755,915	$	194,536,421
Distributable earnings		2,920,996		2,182,602		4,426,870
Net Assets	$	74,397,779	$	79,938,517	$	198,963,291
Class A Shares
Net Assets	$	38,215,502	$	50,155,929	$	60,688,180
Shares Outstanding		4,001,226		5,011,195		6,376,564
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.55	$	10.01	$	9.52
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	10.03	$	10.51	$	9.99
Class C Shares
Net Assets	$	2,754,892	$	3,580,308	$	3,381,567
Shares Outstanding		259,513		359,076		330,330
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	10.62	$	9.97	$	10.24
Class I Shares
Net Assets	$	33,427,385	$	26,202,280	$	134,893,544
Shares Outstanding		3,500,253		2,617,454		14,173,090
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.55	$	10.01	$	9.52

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

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

29 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Statements of Assets and Liabilities (Unaudited) — continued

	January 31, 2022
Assets	New Jersey Fund		Pennsylvania Fund
Investments —
Identified cost	$	177,041,283	$	172,914,724
Unrealized appreciation		6,528,806		7,513,846
Investments, at value	$	183,570,089	$	180,428,570
Cash	$	8,685,467	$	1,676,533
Interest receivable		1,392,656		1,641,454
Receivable for investments sold		460,757		—
Receivable for Fund shares sold		275,711		66,737
Total assets	$	194,384,680	$	183,813,294
Liabilities
Payable for floating rate notes issued	$	—	$	4,999,975
Payable for investments purchased		764,382		—
Payable for when-issued/delayed delivery securities		1,223,540		1,664,810
Payable for Fund shares redeemed		608,222		226,710
Distributions payable		48,182		79,237
Payable to affiliates:
Investment adviser fee		56,243		53,489
Distribution and service fees		25,775		23,520
Interest expense and fees payable		—		6,117
Accrued expenses		75,121		71,061
Total liabilities	$	2,801,465	$	7,124,919
Net Assets	$	191,583,215	$	176,688,375
Sources of Net Assets
Paid-in capital	$	184,928,504	$	180,857,385
Distributable earnings (accumulated loss)		6,654,711		(4,169,010	)
Net Assets	$	191,583,215	$	176,688,375
Class A Shares
Net Assets	$	102,882,908	$	102,763,986
Shares Outstanding		10,956,658		12,153,799
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.39	$	8.46
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	9.86	$	8.88
Class C Shares
Net Assets	$	9,597,926	$	6,620,652
Shares Outstanding		980,697		756,148
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.79	$	8.76
Class I Shares
Net Assets	$	79,102,381	$	67,303,737
Shares Outstanding		8,409,106		7,930,005
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.41	$	8.49

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

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

30 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Statements of Operations (Unaudited)

	Six Months Ended January 31, 2022
Investment Income	Arizona Fund			Connecticut Fund			Minnesota Fund
Interest	$	1,033,117		$	1,137,457		$	2,151,770
Total investment income	$	1,033,117		$	1,137,457		$	2,151,770
Expenses
Investment adviser fee	$	110,909		$	120,176		$	331,071
Distribution and service fees
Class A		40,727			52,732			62,888
Class C		15,997			17,663			18,786
Trustees’ fees and expenses		2,115			2,266			5,273
Custodian fee		13,688			14,404			25,390
Transfer and dividend disbursing agent fees		11,714			20,252			38,246
Legal and accounting services		25,520			22,066			25,610
Printing and postage		4,942			6,072			7,010
Registration fees		5,844			2,686			3,288
Miscellaneous		13,090			13,987			18,035
Total expenses	$	244,546		$	272,304		$	535,597
Net investment income	$	788,571		$	865,153		$	1,616,173
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(9,362	)	$	5,687		$	2,010
Net realized gain (loss)	$	(9,362	)	$	5,687		$	2,010
Change in unrealized appreciation (depreciation) —
Investments	$	(3,016,261	)	$	(3,192,369	)	$	(6,919,012	)
Net change in unrealized appreciation (depreciation)	$	(3,016,261	)	$	(3,192,369	)	$	(6,919,012	)
Net realized and unrealized loss	$	(3,025,623	)	$	(3,186,682	)	$	(6,917,002	)
Net decrease in net assets from operations	$	(2,237,052	)	$	(2,321,529	)	$	(5,300,829	)

31 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Statements of Operations (Unaudited) — continued

	Six Months Ended January 31, 2022
Investment Income	New Jersey Fund			Pennsylvania Fund
Interest	$	2,658,714		$	2,812,725
Total investment income	$	2,658,714		$	2,812,725
Expenses
Investment adviser fee	$	344,532		$	325,292
Distribution and service fees
Class A		107,746			110,446
Class C		45,872			34,984
Trustees’ fees and expenses		5,109			4,770
Custodian fee		25,568			23,932
Transfer and dividend disbursing agent fees		42,936			46,772
Legal and accounting services		31,948			34,922
Printing and postage		10,404			8,922
Registration fees		2,924			2,450
Interest expense and fees		—			18,283
Miscellaneous		20,319			18,430
Total expenses	$	637,358		$	629,203
Net investment income	$	2,021,356		$	2,183,522
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(107,904	)	$	174,988
Net realized gain (loss)	$	(107,904	)	$	174,988
Change in unrealized appreciation (depreciation) —
Investments	$	(8,346,043	)	$	(7,995,158	)
Net change in unrealized appreciation (depreciation)	$	(8,346,043	)	$	(7,995,158	)
Net realized and unrealized loss	$	(8,453,947	)	$	(7,820,170	)
Net decrease in net assets from operations	$	(6,432,591	)	$	(5,636,648	)

32 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Statements of Changes in Net Assets

	Six Months Ended January 31, 2022 (Unaudited)
Increase (Decrease) in Net Assets	Arizona Fund			Connecticut Fund			Minnesota Fund
From operations —
Net investment income	$	788,571		$	865,153		$	1,616,173
Net realized gain (loss)		(9,362	)		5,687			2,010
Net change in unrealized appreciation (depreciation)		(3,016,261	)		(3,192,369	)		(6,919,012	)
Net decrease in net assets from operations	$	(2,237,052	)	$	(2,321,529	)	$	(5,300,829	)
Distributions to shareholders —
Class A	$	(399,470	)	$	(541,052	)	$	(490,322	)
Class C		(20,372	)		(24,169	)		(16,051	)
Class I		(373,491	)		(299,587	)		(1,178,090	)
Total distributions to shareholders	$	(793,333	)	$	(864,808	)	$	(1,684,463	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	2,312,410		$	1,161,679		$	4,418,267
Class C		191,950			312,567			19,980
Class I		5,368,639			2,080,165			21,684,024
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		371,911			443,761			457,054
Class C		18,958			19,369			15,049
Class I		303,978			238,435			765,597
Cost of shares redeemed
Class A		(4,796,084	)		(2,534,600	)		(4,898,556	)
Class C		(790,162	)		(252,885	)		(830,334	)
Class I		(7,092,282	)		(1,502,385	)		(12,309,573	)
Net asset value of shares converted
Class A		231,283			170,869			169,186
Class C		(231,283	)		(170,869	)		(169,186	)
Net increase (decrease) in net assets from Fund share transactions	$	(4,110,682	)	$	(33,894	)	$	9,321,508
Net increase (decrease) in net assets	$	(7,141,067	)	$	(3,220,231	)	$	2,336,216
Net Assets
At beginning of period	$	81,538,846		$	83,158,748		$	196,627,075
At end of period	$	74,397,779		$	79,938,517		$	198,963,291

33 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Statements of Changes in Net Assets — continued

	Six Months Ended January 31, 2022 (Unaudited)
Increase (Decrease) in Net Assets	New Jersey Fund			Pennsylvania Fund
From operations —
Net investment income	$	2,021,356		$	2,183,522
Net realized gain (loss)		(107,904	)		174,988
Net change in unrealized appreciation (depreciation)		(8,346,043	)		(7,995,158	)
Net decrease in net assets from operations	$	(6,432,591	)	$	(5,636,648	)
Distributions to shareholders —
Class A	$	(1,216,541	)	$	(1,312,198	)
Class C		(75,385	)		(59,816	)
Class I		(1,021,547	)		(877,918	)
Total distributions to shareholders	$	(2,313,473	)	$	(2,249,932	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	5,952,731		$	3,902,273
Class C		984,637			387,909
Class I		16,454,177			8,516,903
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,006,860			1,147,820
Class C		67,092			57,305
Class I		912,985			560,864
Cost of shares redeemed
Class A		(6,680,751	)		(10,610,533	)
Class C		(744,884	)		(1,077,371	)
Class I		(15,279,209	)		(5,575,539	)
Net asset value of shares converted
Class A		179,183			219,879
Class C		(179,183	)		(219,879	)
Net increase (decrease) in net assets from Fund share transactions	$	2,673,638		$	(2,690,369	)
Net decrease in net assets	$	(6,072,426	)	$	(10,576,949	)
Net Assets
At beginning of period	$	197,655,641		$	187,265,324
At end of period	$	191,583,215		$	176,688,375

34 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Statements of Changes in Net Assets — continued

	Year Ended July 31, 2021
Increase (Decrease) in Net Assets	Arizona Fund			Connecticut Fund			Minnesota Fund
From operations —
Net investment income	$	1,550,956		$	1,911,744		$	3,496,037
Net realized gain		22,696			282,550			141,836
Net change in unrealized appreciation (depreciation)		266,614			169,069			173,987
Net increase in net assets from operations	$	1,840,266		$	2,363,363		$	3,811,860
Distributions to shareholders —
Class A	$	(879,219	)	$	(1,243,775	)	$	(1,081,431	)
Class C		(59,638	)		(69,809	)		(52,958	)
Class I		(692,485	)		(596,272	)		(2,373,833	)
Total distributions to shareholders	$	(1,631,342	)	$	(1,909,856	)	$	(3,508,222	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	11,411,894		$	3,617,364		$	7,724,184
Class C		519,235			714,223			822,432
Class I		18,584,174			7,753,480			41,170,916
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		814,206			1,015,992			990,725
Class C		54,365			52,613			50,445
Class I		571,972			487,953			1,438,070
Cost of shares redeemed
Class A		(10,298,807	)		(5,062,103	)		(7,665,346	)
Class C		(584,058	)		(1,602,974	)		(1,824,310	)
Class I		(5,698,257	)		(3,510,459	)		(35,444,801	)
Net asset value of shares converted
Class A		800,381			562,799			1,183,895
Class C		(800,381	)		(562,799	)		(1,183,895	)
Net increase in net assets from Fund share transactions	$	15,374,724		$	3,466,089		$	7,262,315
Net increase in net assets	$	15,583,648		$	3,919,596		$	7,565,953
Net Assets
At beginning of year	$	65,955,198		$	79,239,152		$	189,061,122
At end of year	$	81,538,846		$	83,158,748		$	196,627,075

35 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Statements of Changes in Net Assets — continued

	Year Ended July 31, 2021
Increase (Decrease) in Net Assets	New Jersey Fund			Pennsylvania Fund
From operations —
Net investment income	$	4,013,258		$	4,927,490
Net realized gain		2,451,476			678,006
Net change in unrealized appreciation (depreciation)		1,399,455			1,315,093
Net increase in net assets from operations	$	7,864,189		$	6,920,589
Distributions to shareholders —
Class A	$	(2,549,686	)	$	(2,938,598	)
Class C		(185,151	)		(180,430	)
Class I		(1,904,410	)		(1,808,942	)
Total distributions to shareholders	$	(4,639,247	)	$	(4,927,970	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	10,858,658		$	14,631,614
Class C		2,665,581			2,375,338
Class I		23,563,893			15,212,858
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,068,163			2,585,153
Class C		166,580			173,450
Class I		1,674,188			1,082,020
Cost of shares redeemed
Class A		(9,995,809	)		(23,679,708	)
Class C		(1,870,921	)		(3,989,259	)
Class I		(12,367,164	)		(14,958,627	)
Net asset value of shares converted
Class A		2,016,853			2,688,507
Class C		(2,016,853	)		(2,688,507	)
Net increase (decrease) in net assets from Fund share transactions	$	16,763,169		$	(6,567,161	)
Net increase (decrease) in net assets	$	19,988,111		$	(4,574,542	)
Net Assets
At beginning of year	$	177,667,530		$	191,839,866
At end of year	$	197,655,641		$	187,265,324

36 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Financial Highlights

	Arizona Fund — Class A
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	9.930		$	9.910		$	9.750		$	9.440		$	9.580		$	9.840
Income (Loss) From Operations
Net investment income(1)	$	0.096		$	0.206		$	0.238		$	0.258		$	0.276		$	0.292
Net realized and unrealized gain (loss)		(0.379	)		0.032			0.182			0.310			(0.132	)		(0.262	)
Total income (loss) from operations	$	(0.283	)	$	0.238		$	0.420		$	0.568		$	0.144		$	0.030
Less Distributions
From net investment income	$	(0.097	)	$	(0.218	)	$	(0.260	)	$	(0.258	)	$	(0.284	)	$	(0.290	)
Total distributions	$	(0.097	)	$	(0.218	)	$	(0.260	)	$	(0.258	)	$	(0.284	)	$	(0.290	)
Net asset value — End of period	$	9.550		$	9.930		$	9.910		$	9.750		$	9.440		$	9.580
Total Return(2)		(2.87	)%(3)		2.44	%		4.38	%		6.12	%		1.53	%		0.35	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	38,216		$	41,643		$	38,854		$	34,704		$	33,704		$	40,674
Ratios (as a percentage of average daily net assets):
Expenses		0.68	%(4)		0.67	%		0.68	%		0.70	%		0.71	%		0.71	%
Net investment income		1.95	%(4)		2.08	%		2.44	%		2.73	%		2.90	%		3.05	%
Portfolio Turnover		6	%(3)		26	%		16	%		6	%		8	%		22	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

37 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Financial Highlights — continued

	Arizona Fund — Class C
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	11.040		$	11.020		$	10.840		$	10.500		$	10.650		$	10.940
Income (Loss) From Operations
Net investment income(1)	$	0.066		$	0.148		$	0.183		$	0.208		$	0.227		$	0.245
Net realized and unrealized gain (loss)		(0.419	)		0.034			0.208			0.339			(0.140	)		(0.293	)
Total income (loss) from operations	$	(0.353	)	$	0.182		$	0.391		$	0.547		$	0.087		$	(0.048	)
Less Distributions
From net investment income	$	(0.067	)	$	(0.162	)	$	(0.211	)	$	(0.207	)	$	(0.237	)	$	(0.242	)
Total distributions	$	(0.067	)	$	(0.162	)	$	(0.211	)	$	(0.207	)	$	(0.237	)	$	(0.242	)
Net asset value — End of period	$	10.620		$	11.040		$	11.020		$	10.840		$	10.500		$	10.650
Total Return(2)		(3.21	)%(3)		1.67	%		3.65	%		5.28	%		0.83	%		(0.41	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,755		$	3,684		$	4,490		$	4,279		$	5,025		$	6,025
Ratios (as a percentage of average daily net assets):
Expenses		1.43	%(4)		1.42	%		1.43	%		1.45	%		1.46	%		1.46	%
Net investment income		1.20	%(4)		1.35	%		1.69	%		1.98	%		2.15	%		2.30	%
Portfolio Turnover		6	%(3)		26	%		16	%		6	%		8	%		22	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

38 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Financial Highlights — continued

	Arizona Fund — Class I
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	9.930		$	9.910		$	9.750		$	9.440		$	9.580		$	9.830
Income (Loss) From Operations
Net investment income(1)	$	0.106		$	0.223		$	0.257		$	0.276		$	0.295		$	0.310
Net realized and unrealized gain (loss)		(0.379	)		0.034			0.184			0.310			(0.132	)		(0.251	)
Total income (loss) from operations	$	(0.273	)	$	0.257		$	0.441		$	0.586		$	0.163		$	0.059
Less Distributions
From net investment income	$	(0.107	)	$	(0.237	)	$	(0.281	)	$	(0.276	)	$	(0.303	)	$	(0.309	)
Total distributions	$	(0.107	)	$	(0.237	)	$	(0.281	)	$	(0.276	)	$	(0.303	)	$	(0.309	)
Net asset value — End of period	$	9.550		$	9.930		$	9.910		$	9.750		$	9.440		$	9.580
Total Return(2)		(2.77	)%(3)		2.64	%		4.60	%		6.33	%		1.74	%		0.65	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	33,427		$	36,212		$	22,611		$	19,612		$	13,292		$	16,990
Ratios (as a percentage of average daily net assets):
Expenses		0.48	%(4)		0.47	%		0.48	%		0.49	%		0.51	%		0.51	%
Net investment income		2.15	%(4)		2.26	%		2.64	%		2.91	%		3.10	%		3.24	%
Portfolio Turnover		6	%(3)		26	%		16	%		6	%		8	%		22	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

39 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Financial Highlights — continued

	Connecticut Fund — Class A
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	10.410		$	10.350		$	10.230		$	9.960		$	10.200		$	10.520
Income (Loss) From Operations
Net investment income(1)	$	0.106		$	0.242		$	0.265		$	0.296		$	0.324		$	0.328
Net realized and unrealized gain (loss)		(0.400	)		0.059			0.136			0.269			(0.243	)		(0.323	)
Total income (loss) from operations	$	(0.294	)	$	0.301		$	0.401		$	0.565		$	0.081		$	0.005
Less Distributions
From net investment income	$	(0.106	)	$	(0.241	)	$	(0.281	)	$	(0.295	)	$	(0.321	)	$	(0.325	)
Total distributions	$	(0.106	)	$	(0.241	)	$	(0.281	)	$	(0.295	)	$	(0.321	)	$	(0.325	)
Net asset value — End of period	$	10.010		$	10.410		$	10.350		$	10.230		$	9.960		$	10.200
Total Return(2)		(2.84	)%(3)		2.95	%		3.99	%		5.78	%		0.82	%		0.08	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	50,156		$	52,924		$	52,501		$	52,275		$	54,900		$	59,405
Ratios (as a percentage of average daily net assets):
Expenses		0.69	%(4)		0.69	%		0.72	%		0.73	%		0.73	%		0.70	%
Net investment income		2.05	%(4)		2.34	%		2.59	%		2.97	%		3.22	%		3.20	%
Portfolio Turnover		9	%(3)		19	%		26	%		16	%		10	%		11	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

40 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Financial Highlights — continued

	Connecticut Fund — Class C
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	10.370		$	10.310		$	10.190		$	9.920		$	10.160		$	10.490
Income (Loss) From Operations
Net investment income(1)	$	0.067		$	0.164		$	0.187		$	0.220		$	0.247		$	0.250
Net realized and unrealized gain (loss)		(0.400	)		0.059			0.136			0.269			(0.242	)		(0.333	)
Total income (loss) from operations	$	(0.333	)	$	0.223		$	0.323		$	0.489		$	0.005		$	(0.083	)
Less Distributions
From net investment income	$	(0.067	)	$	(0.163	)	$	(0.203	)	$	(0.219	)	$	(0.245	)	$	(0.247	)
Total distributions	$	(0.067	)	$	(0.163	)	$	(0.203	)	$	(0.219	)	$	(0.245	)	$	(0.247	)
Net asset value — End of period	$	9.970		$	10.370		$	10.310		$	10.190		$	9.920		$	10.160
Total Return(2)		(3.22	)%(3)		2.19	%		3.21	%		5.01	%		0.06	%		(0.77	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,580		$	3,815		$	5,194		$	4,782		$	4,588		$	5,847
Ratios (as a percentage of average daily net assets):
Expenses		1.44	%(4)		1.44	%		1.47	%		1.47	%		1.48	%		1.45	%
Net investment income		1.30	%(4)		1.59	%		1.84	%		2.21	%		2.47	%		2.45	%
Portfolio Turnover		9	%(3)		19	%		26	%		16	%		10	%		11	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

41 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Financial Highlights — continued

	Connecticut Fund — Class I
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	10.410		$	10.350		$	10.230		$	9.960		$	10.200		$	10.520
Income (Loss) From Operations
Net investment income(1)	$	0.117		$	0.262		$	0.286		$	0.316		$	0.344		$	0.348
Net realized and unrealized gain (loss)		(0.400	)		0.060			0.136			0.269			(0.242	)		(0.322	)
Total income (loss) from operations	$	(0.283	)	$	0.322		$	0.422		$	0.585		$	0.102		$	0.026
Less Distributions
From net investment income	$	(0.117	)	$	(0.262	)	$	(0.302	)	$	(0.315	)	$	(0.342	)	$	(0.346	)
Total distributions	$	(0.117	)	$	(0.262	)	$	(0.302	)	$	(0.315	)	$	(0.342	)	$	(0.346	)
Net asset value — End of period	$	10.010		$	10.410		$	10.350		$	10.230		$	9.960		$	10.200
Total Return(2)		(2.74	)%(3)		3.16	%		4.20	%		6.00	%		1.03	%		0.28	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	26,202		$	26,420		$	21,544		$	21,081		$	13,842		$	16,216
Ratios (as a percentage of average daily net assets):
Expenses		0.49	%(4)		0.49	%		0.52	%		0.53	%		0.53	%		0.50	%
Net investment income		2.25	%(4)		2.53	%		2.80	%		3.16	%		3.42	%		3.40	%
Portfolio Turnover		9	%(3)		19	%		26	%		16	%		10	%		11	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

42 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Financial Highlights — continued

	Minnesota Fund — Class A
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	9.860		$	9.840		$	9.610		$	9.250		$	9.480		$	9.770
Income (Loss) From Operations
Net investment income(1)	$	0.073		$	0.170		$	0.187		$	0.224		$	0.241		$	0.263
Net realized and unrealized gain (loss)		(0.336	)		0.021			0.233			0.361			(0.227	)		(0.289	)
Total income (loss) from operations	$	(0.263	)	$	0.191		$	0.420		$	0.585		$	0.014		$	(0.026	)
Less Distributions
From net investment income	$	(0.077	)	$	(0.171	)	$	(0.190	)	$	(0.225	)	$	(0.244	)	$	(0.264	)
Total distributions	$	(0.077	)	$	(0.171	)	$	(0.190	)	$	(0.225	)	$	(0.244	)	$	(0.264	)
Net asset value — End of period	$	9.520		$	9.860		$	9.840		$	9.610		$	9.250		$	9.480
Total Return(2)		(2.68	)%(3)		1.96	%		4.42	%		6.42	%		0.15	%		(0.22	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	60,688		$	62,712		$	60,367		$	57,812		$	56,760		$	62,310
Ratios (as a percentage of average daily net assets):
Expenses		0.65	%(4)		0.65	%		0.66	%		0.70	%		0.69	%		0.70	%
Net investment income		1.49	%(4)		1.73	%		1.93	%		2.41	%		2.57	%		2.77	%
Portfolio Turnover		5	%(3)		9	%		14	%		21	%		20	%		23	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

43 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Financial Highlights — continued

	Minnesota Fund — Class C
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	10.600		$	10.580		$	10.330		$	9.950		$	10.200		$	10.500
Income (Loss) From Operations
Net investment income(1)	$	0.039		$	0.104		$	0.123		$	0.168		$	0.184		$	0.206
Net realized and unrealized gain (loss)		(0.356	)		0.020			0.253			0.379			(0.247	)		(0.298	)
Total income (loss) from operations	$	(0.317	)	$	0.124		$	0.376		$	0.547		$	(0.063	)	$	(0.092	)
Less Distributions
From net investment income	$	(0.043	)	$	(0.104	)	$	(0.126	)	$	(0.167	)	$	(0.187	)	$	(0.208	)
Total distributions	$	(0.043	)	$	(0.104	)	$	(0.126	)	$	(0.167	)	$	(0.187	)	$	(0.208	)
Net asset value — End of period	$	10.240		$	10.600		$	10.580		$	10.330		$	9.950		$	10.200
Total Return(2)		(3.00	)%(3)		1.19	%		3.67	%		5.56	%		(0.62	)%		(0.85	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,382		$	4,478		$	6,616		$	6,595		$	9,484		$	11,668
Ratios (as a percentage of average daily net assets):
Expenses		1.40	%(4)		1.40	%		1.41	%		1.46	%		1.44	%		1.45	%
Net investment income		0.75	%(4)		0.99	%		1.18	%		1.68	%		1.82	%		2.02	%
Portfolio Turnover		5	%(3)		9	%		14	%		21	%		20	%		23	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

44 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Financial Highlights — continued

	Minnesota Fund — Class I
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	9.860		$	9.840		$	9.610		$	9.250		$	9.480		$	9.770
Income (Loss) From Operations
Net investment income(1)	$	0.083		$	0.190		$	0.205		$	0.242		$	0.260		$	0.280
Net realized and unrealized gain (loss)		(0.337	)		0.020			0.234			0.361			(0.227	)		(0.287	)
Total income (loss) from operations	$	(0.254	)	$	0.210		$	0.439		$	0.603		$	0.033		$	(0.007	)
Less Distributions
From net investment income	$	(0.086	)	$	(0.190	)	$	(0.209	)	$	(0.243	)	$	(0.263	)	$	(0.283	)
Total distributions	$	(0.086	)	$	(0.190	)	$	(0.209	)	$	(0.243	)	$	(0.263	)	$	(0.283	)
Net asset value — End of period	$	9.520		$	9.860		$	9.840		$	9.610		$	9.250		$	9.480
Total Return(2)		(2.59	)%(3)		2.17	%		4.63	%		6.64	%		0.36	%		(0.02	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	134,894		$	129,437		$	122,078		$	88,841		$	73,789		$	75,120
Ratios (as a percentage of average daily net assets):
Expenses		0.45	%(4)		0.45	%		0.46	%		0.50	%		0.49	%		0.50	%
Net investment income		1.69	%(4)		1.93	%		2.13	%		2.59	%		2.77	%		2.96	%
Portfolio Turnover		5	%(3)		9	%		14	%		21	%		20	%		23	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

45 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Financial Highlights — continued

	New Jersey Fund — Class A
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	9.820		$	9.650		$	9.480		$	9.080		$	9.230		$	9.520
Income (Loss) From Operations
Net investment income(1)	$	0.095		$	0.203		$	0.244		$	0.287		$	0.317		$	0.326
Net realized and unrealized gain (loss)		(0.414	)		0.206			0.193			0.398			(0.146	)		(0.293	)
Total income (loss) from operations	$	(0.319	)	$	0.409		$	0.437		$	0.685		$	0.171		$	0.033
Less Distributions
From net investment income	$	(0.103	)	$	(0.239	)	$	(0.267	)	$	(0.285	)	$	(0.321	)	$	(0.323	)
From net realized gain		(0.008	)		—			—			—			—			—
Total distributions	$	(0.111	)	$	(0.239	)	$	(0.267	)	$	(0.285	)	$	(0.321	)	$	(0.323	)
Net asset value — End of period	$	9.390		$	9.820		$	9.650		$	9.480		$	9.080		$	9.230
Total Return(2)		(3.28	)%(3)		4.29	%		4.68	%		7.69	%		1.89	%		0.41	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	102,883		$	107,117		$	100,417		$	101,283		$	98,224		$	104,121
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.68	%(4)		0.67	%		0.69	%		0.72	%		0.73	%		0.72	%
Interest and fee expense(5)		—			—			—			—			—			0.01	%
Total expenses		0.68	%(4)		0.67	%		0.69	%		0.72	%		0.73	%		0.73	%
Net investment income		1.95	%(4)		2.09	%		2.57	%		3.14	%		3.47	%		3.53	%
Portfolio Turnover		7	%(3)		39	%		37	%		39	%		13	%		14	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

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

46 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Financial Highlights — continued

	New Jersey Fund — Class C
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	10.230		$	10.070		$	9.890		$	9.470		$	9.630		$	9.930
Income (Loss) From Operations
Net investment income(1)	$	0.061		$	0.136		$	0.180		$	0.229		$	0.259		$	0.267
Net realized and unrealized gain (loss)		(0.421	)		0.205			0.205			0.416			(0.155	)		(0.302	)
Total income (loss) from operations	$	(0.360	)	$	0.341		$	0.385		$	0.645		$	0.104		$	(0.035	)
Less Distributions
From net investment income	$	(0.072	)	$	(0.181	)	$	(0.205	)	$	(0.225	)	$	(0.264	)	$	(0.265	)
From net realized gain		(0.008	)		—			—			—			—			—
Total distributions	$	(0.080	)	$	(0.181	)	$	(0.205	)	$	(0.225	)	$	(0.264	)	$	(0.265	)
Net asset value — End of period	$	9.790		$	10.230		$	10.070		$	9.890		$	9.470		$	9.630
Total Return(2)		(3.54	)%(3)		3.43	%		3.94	%		6.92	%		1.10	%		(0.32	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	9,598		$	9,904		$	10,804		$	12,202		$	17,481		$	21,115
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.43	%(4)		1.42	%		1.44	%		1.47	%		1.48	%		1.47	%
Interest and fee expense(5)		—			—			—			—			—			0.01	%
Total expenses		1.43	%(4)		1.42	%		1.44	%		1.47	%		1.48	%		1.48	%
Net investment income		1.20	%(4)		1.35	%		1.81	%		2.41	%		2.72	%		2.78	%
Portfolio Turnover		7	%(3)		39	%		37	%		39	%		13	%		14	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

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

47 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Financial Highlights — continued

	New Jersey Fund — Class I
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	9.830		$	9.660		$	9.480		$	9.080		$	9.230		$	9.520
Income (Loss) From Operations
Net investment income(1)	$	0.105		$	0.222		$	0.262		$	0.303		$	0.335		$	0.345
Net realized and unrealized gain (loss)		(0.407	)		0.198			0.202			0.400			(0.146	)		(0.293	)
Total income (loss) from operations	$	(0.302	)	$	0.420		$	0.464		$	0.703		$	0.189		$	0.052
Less Distributions
From net investment income	$	(0.110	)	$	(0.250	)	$	(0.284	)	$	(0.303	)	$	(0.339	)	$	(0.342	)
From net realized gain		(0.008	)		—			—			—			—			—
Total distributions	$	(0.118	)	$	(0.250	)	$	(0.284	)	$	(0.303	)	$	(0.339	)	$	(0.342	)
Net asset value — End of period	$	9.410		$	9.830		$	9.660		$	9.480		$	9.080		$	9.230
Total Return(2)		(3.10	)%(3)		4.41	%		4.97	%		7.91	%		2.09	%		0.61	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	79,102		$	80,634		$	66,447		$	51,021		$	32,285		$	31,778
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.48	%(4)		0.47	%		0.49	%		0.52	%		0.53	%		0.52	%
Interest and fee expense(5)		—			—			—			—			—			0.01	%
Total expenses		0.48	%(4)		0.47	%		0.49	%		0.52	%		0.53	%		0.53	%
Net investment income		2.15	%(4)		2.29	%		2.76	%		3.30	%		3.66	%		3.74	%
Portfolio Turnover		7	%(3)		39	%		37	%		39	%		13	%		14	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

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

48 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Financial Highlights — continued

	Pennsylvania Fund — Class A
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	8.830		$	8.740		$	8.650		$	8.500		$	8.730		$	9.110
Income (Loss) From Operations
Net investment income(1)	$	0.101		$	0.219		$	0.269		$	0.310		$	0.334		$	0.323
Net realized and unrealized gain (loss)		(0.367	)		0.090			0.093			0.153			(0.236	)		(0.379	)
Total income (loss) from operations	$	(0.266	)	$	0.309		$	0.362		$	0.463		$	0.098		$	(0.056	)
Less Distributions
From net investment income	$	(0.104	)	$	(0.219	)	$	(0.272	)	$	(0.313	)	$	(0.328	)	$	(0.324	)
Total distributions	$	(0.104	)	$	(0.219	)	$	(0.272	)	$	(0.313	)	$	(0.328	)	$	(0.324	)
Net asset value — End of period	$	8.460		$	8.830		$	8.740		$	8.650		$	8.500		$	8.730
Total Return(2)		(3.03	)%(3)		3.59	%		4.26	%		5.58	%		1.16	%		(0.58	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	102,764		$	112,748		$	115,340		$	119,324		$	112,508		$	125,579
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.70	%(4)		0.69	%		0.71	%		0.75	%		0.75	%		0.73	%
Interest and fee expense(5)		0.02	%(4)		0.02	%		0.05	%		0.07	%		0.05	%		0.04	%
Total expenses		0.72	%(4)		0.71	%		0.76	%		0.82	%		0.80	%		0.77	%
Net investment income		2.31	%(4)		2.51	%		3.11	%		3.65	%		3.89	%		3.67	%
Portfolio Turnover		13	%(3)		34	%		20	%		18	%		9	%		4	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

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

49 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Financial Highlights — continued

	Pennsylvania Fund — Class C
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	9.140		$	9.050		$	8.960		$	8.800		$	9.040		$	9.430
Income (Loss) From Operations
Net investment income(1)	$	0.071		$	0.160		$	0.211		$	0.257		$	0.279		$	0.266
Net realized and unrealized gain (loss)		(0.377	)		0.089			0.093			0.161			(0.246	)		(0.389	)
Total income (loss) from operations	$	(0.306	)	$	0.249		$	0.304		$	0.418		$	0.033		$	(0.123	)
Less Distributions
From net investment income	$	(0.074	)	$	(0.159	)	$	(0.214	)	$	(0.258	)	$	(0.273	)	$	(0.267	)
Total distributions	$	(0.074	)	$	(0.159	)	$	(0.214	)	$	(0.258	)	$	(0.273	)	$	(0.267	)
Net asset value — End of period	$	8.760		$	9.140		$	9.050		$	8.960		$	8.800		$	9.040
Total Return(2)		(3.37	)%(3)		2.78	%		3.45	%		4.84	%		0.39	%		(1.28	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	6,621		$	7,781		$	11,815		$	13,088		$	22,991		$	29,651
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.45	%(4)		1.44	%		1.46	%		1.50	%		1.50	%		1.48	%
Interest and fee expense(5)		0.02	%(4)		0.02	%		0.05	%		0.07	%		0.05	%		0.04	%
Total expenses		1.47	%(4)		1.46	%		1.51	%		1.57	%		1.55	%		1.52	%
Net investment income		1.55	%(4)		1.77	%		2.36	%		2.93	%		3.13	%		2.92	%
Portfolio Turnover		13	%(3)		34	%		20	%		18	%		9	%		4	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

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

50 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Financial Highlights — continued

	Pennsylvania Fund — Class I
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	8.860		$	8.770		$	8.690		$	8.530		$	8.760		$	9.140
Income (Loss) From Operations
Net investment income(1)	$	0.110		$	0.237		$	0.287		$	0.328		$	0.352		$	0.342
Net realized and unrealized gain (loss)		(0.367	)		0.090			0.083			0.163			(0.235	)		(0.380	)
Total income (loss) from operations	$	(0.257	)	$	0.327		$	0.370		$	0.491		$	0.117		$	(0.038	)
Less Distributions
From net investment income	$	(0.113	)	$	(0.237	)	$	(0.290	)	$	(0.331	)	$	(0.347	)	$	(0.342	)
Total distributions	$	(0.113	)	$	(0.237	)	$	(0.290	)	$	(0.331	)	$	(0.347	)	$	(0.342	)
Net asset value — End of period	$	8.490		$	8.860		$	8.770		$	8.690		$	8.530		$	8.760
Total Return(2)		(2.92	)%(3)		3.80	%		4.34	%		5.90	%		1.37	%		(0.36	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	67,304		$	66,737		$	64,685		$	53,541		$	46,396		$	51,055
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.50	%(4)		0.49	%		0.51	%		0.54	%		0.55	%		0.53	%
Interest and fee expense(5)		0.02	%(4)		0.02	%		0.05	%		0.07	%		0.05	%		0.04	%
Total expenses		0.52	%(4)		0.51	%		0.56	%		0.61	%		0.60	%		0.57	%
Net investment income		2.50	%(4)		2.71	%		3.31	%		3.84	%		4.09	%		3.88	%
Portfolio Turnover		13	%(3)		34	%		20	%		18	%		9	%		4	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

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

51 See Notes to Financial Statements.

Eaton Vance

Municipal Income Funds

January 31, 2022

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

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

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

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

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

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

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

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

As of January 31, 2022, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

52

Eaton Vance

Municipal Income Funds

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

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

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

H  Floating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 9) at January 31, 2022. Interest expense related to a Fund’s liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At January 31, 2022, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:

	Pennsylvania Fund
Floating Rate Notes Outstanding	$	4,999,975
Interest Rate or Range of Interest Rates (%)		0.12
Collateral for Floating Rate Notes Outstanding	$	7,602,375

For the six months ended January 31, 2022, the Funds’ average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were as follows:

	Pennsylvania Fund
Average Floating Rate Notes Outstanding	$	5,000,000
Average Interest Rate		0.73	%

In certain circumstances, the Funds may enter into shortfall and forbearance agreements with brokers by which a Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of January 31, 2022.

The Funds may also purchase residual interest bonds in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.

53

Eaton Vance

Municipal Income Funds

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

The Funds’ investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Funds’ investment policies do not allow the Funds to borrow money except as permitted by the 1940 Act. Management believes that the Funds’ restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Funds’ Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Funds’ restrictions apply. Residual interest bonds held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

I  When-Issued Securities and Delayed Delivery Transactions — The Funds may purchase 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.

J  Interim Financial Statements — The interim financial statements relating to January 31, 2022 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

At July 31, 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:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
Deferred capital losses:
Short-term	$	169,657	$	844,251	$	453,923	$	—	$	5,275,266
Long-term	$	173,649	$	—	$	317,386	$	—	$	6,686,894

The cost and unrealized appreciation (depreciation) of investments of each Fund at January 31, 2022, as determined on a federal income tax basis, were as follows:

	Arizona Fund			Connecticut Fund			Minnesota Fund			New Jersey Fund			Pennsylvania Fund
Aggregate cost	$	68,728,716		$	76,495,490		$	178,532,002		$	176,808,566		$	167,810,422
Gross unrealized appreciation	$	3,679,381		$	3,491,201		$	6,044,962		$	8,611,086		$	9,574,167
Gross unrealized depreciation		(405,716	)		(442,695	)		(848,796	)		(1,849,563	)		(1,955,994	)
Net unrealized appreciation	$	3,273,665		$	3,048,506		$	5,196,166		$	6,761,523		$	7,618,173

54

Eaton Vance

Municipal Income Funds

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to each Fund. 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:

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

For the six months ended January 31, 2022, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

	Arizona Fund			Connecticut Fund			Minnesota Fund			New Jersey Fund			Pennsylvania Fund
Investment Adviser Fee	$	110,909		$	120,176		$	331,071		$	344,532		$	325,292
Effective Annual Rate		0.28	%		0.29	%		0.33	%		0.34	%		0.35	%

Eaton Vance Management (EVM), an affiliate of BMR, 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. 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 six months ended January 31, 2022 were as follows:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
EVM’s Sub-Transfer Agent Fees	$	2,744	$	6,958	$	12,746	$	10,824	$	14,510
EVD’s Class A Sales Charges	$	2,423	$	3,139	$	423	$	4,685	$	4,230
Morgan Stanley affiliated broker-dealers’ Class A Sales Charges	$	—	$	1,875	$	—	$	3,009	$	209

Trustees and officers of the Funds who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended January 31, 2022, 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

55

Eaton Vance

Municipal Income Funds

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

Trustees approved distribution and service fee payments equal to 0.20% per annum of each Fund’s average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the six months ended January 31, 2022 for Class A shares amounted to the following:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
Class A Distribution and Service Fees	$	40,727	$	52,732	$	62,888	$	107,746	$	110,446

Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the respective Funds. For the six months ended January 31, 2022, the Funds paid or accrued to EVD the following distribution fees:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
Class C Distribution Fees	$	12,629	$	13,945	$	14,831	$	36,215	$	27,619

The Class C Plan also authorizes each Fund to make payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of the average daily net assets attributable to Class C shares. The Trustees approved service fee payments equal to 0.20% per annum of each Fund’s average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended January 31, 2022 amounted to the following:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
Class C Service Fees	$	3,368	$	3,718	$	3,955	$	9,657	$	7,365

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended January 31, 2022, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A and Class C shareholders:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
Class A	$	3,000	$	—	$	—	$	—	$	—
Class C	$	—	$	—	$	50	$	1,000	$	1,000

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended January 31, 2022 were as follows:

	Arizona Fund		Connecticut Fund		Minnesota Fund		New Jersey Fund		Pennsylvania Fund
Purchases	$	4,390,290	$	8,682,673	$	18,515,423	$	13,449,017	$	24,770,863
Sales	$	9,342,955	$	7,242,287	$	9,447,848	$	15,858,912	$	27,808,605

56

Eaton Vance

Municipal Income Funds

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

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

Arizona Fund
	Six Months Ended January 31, 2022 (Unaudited)
	Class A			Class C			Class I
Sales		236,317			17,572			548,749
Issued to shareholders electing to receive payments of distributions in Fund shares		38,080			1,745			31,127
Redemptions		(489,297	)		(72,443	)		(725,847	)
Converted from Class C shares		23,407			—			—
Converted to Class A shares		—			(21,055	)		—
Net decrease		(191,493	)		(74,181	)		(145,971	)
	Year Ended July 31, 2021
	Class A			Class C			Class I
Sales		1,155,495			47,418			1,884,523
Issued to shareholders electing to receive payments of distributions in Fund shares		82,622			4,965			58,031
Redemptions		(1,045,524	)		(53,166	)		(577,460	)
Converted from Class C shares		81,090			—			—
Converted to Class A shares		—			(72,964	)		—
Net increase (decrease)		273,683			(73,747	)		1,365,094
Connecticut Fund
	Six Months Ended January 31, 2022 (Unaudited)
	Class A			Class C			Class I
Sales		112,658			30,668			203,025
Issued to shareholders electing to receive payments of distributions in Fund shares		43,373			1,900			23,304
Redemptions		(246,942	)		(24,691	)		(147,021	)
Converted from Class C shares		16,685			—			—
Converted to Class A shares		—			(16,750	)		—
Net increase (decrease)		(74,226	)		(8,873	)		79,308
	Year Ended July 31, 2021
	Class A			Class C			Class I
Sales		350,163			69,156			749,550
Issued to shareholders electing to receive payments of distributions in Fund shares		98,355			5,115			47,229
Redemptions		(489,413	)		(155,411	)		(339,617	)
Converted from Class C shares		54,307			—			—
Converted to Class A shares		—			(54,512	)		—
Net increase (decrease)		13,412			(135,652	)		457,162

57

Eaton Vance

Municipal Income Funds

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

Minnesota Fund
	Six Months Ended January 31, 2022 (Unaudited)
	Class A			Class C			Class I
Sales		452,826			1,908			2,225,454
Issued to shareholders electing to receive payments of distributions in Fund shares		47,051			1,440			78,829
Redemptions		(503,021	)		(79,270	)		(1,263,100	)
Converted from Class C shares		17,319			—			—
Converted to Class A shares		—			(16,105	)		—
Net increase (decrease)		14,175			(92,027	)		1,041,183
	Year Ended July 31, 2021
	Class A			Class C			Class I
Sales		787,289			77,780			4,196,475
Issued to shareholders electing to receive payments of distributions in Fund shares		101,135			4,789			146,796
Redemptions		(781,392	)		(173,189	)		(3,617,031	)
Converted from Class C shares		120,553			—			—
Converted to Class A shares		—			(112,099	)		—
Net increase (decrease)		227,585			(202,719	)		726,240
New Jersey Fund
	Six Months Ended January 31, 2022 (Unaudited)
	Class A			Class C			Class I
Sales		612,920			97,599			1,693,742
Issued to shareholders electing to receive payments of distributions in Fund shares		104,506			6,677			94,564
Redemptions		(692,072	)		(73,573	)		(1,581,474	)
Converted from Class C shares		18,552			—			—
Converted to Class A shares		—			(17,796	)		—
Net increase		43,906			12,907			206,832
	Year Ended July 31, 2021
	Class A			Class C			Class I
Sales		1,119,598			262,734			2,421,739
Issued to shareholders electing to receive payments of distributions in Fund shares		213,209			16,472			172,392
Redemptions		(1,030,835	)		(184,792	)		(1,271,247	)
Converted from Class C shares		207,880			—			—
Converted to Class A shares		—			(199,262	)		—
Net increase (decrease)		509,852			(104,848	)		1,322,884

58

Eaton Vance

Municipal Income Funds

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

Pennsylvania Fund
	Six Months Ended January 31, 2022 (Unaudited)
	Class A			Class C			Class I
Sales		445,420			42,862			974,307
Issued to shareholders electing to receive payments of distributions in Fund shares		132,414			6,384			64,487
Redemptions		(1,218,214	)		(119,474	)		(638,351	)
Converted from Class C shares		25,461			—			—
Converted to Class A shares		—			(24,578	)		—
Net increase (decrease)		(614,919	)		(94,806	)		400,443
	Year Ended July 31, 2021
	Class A			Class C			Class I
Sales		1,679,065			263,106			1,735,727
Issued to shareholders electing to receive payments of distributions in Fund shares		296,393			19,217			123,558
Redemptions		(2,713,784	)		(439,695	)		(1,704,037	)
Converted from Class C shares		307,898			—			—
Converted to Class A shares		—			(297,303	)		—
Net increase (decrease)		(430,428	)		(454,675	)		155,248

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 25, 2022. 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 Secured Overnight Financing Rate (SOFR) 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 2021, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Funds, it may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the six months ended January 31, 2022.

9  Fair Value Measurements

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

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

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

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

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

59

Eaton Vance

Municipal Income Funds

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

At January 31, 2022, the hierarchy of inputs used in valuing the Funds’ investments, which are carried at value, were as follows:

Arizona Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Obligations	$	—	$	68,952,842	$	—	$	68,952,842
Taxable Municipal Obligations		—		3,049,539		—		3,049,539
Total Investments	$	—	$	72,002,381	$	—	$	72,002,381
Connecticut Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Obligations	$	—	$	75,737,013	$	—	$	75,737,013
Taxable Municipal Obligations		—		3,806,983		—		3,806,983
Total Investments	$	—	$	79,543,996	$	—	$	79,543,996
Minnesota Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Obligations	$	—	$	183,728,168	$	—	$	183,728,168
Total Investments	$	—	$	183,728,168	$	—	$	183,728,168
New Jersey Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Obligations	$	—	$	174,761,331	$	—	$	174,761,331
Taxable Municipal Obligations		—		8,808,758		—		8,808,758
Total Investments	$	—	$	183,570,089	$	—	$	183,570,089
Pennsylvania Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Obligations	$	—	$	179,249,227	$	—	$	179,249,227
Taxable Municipal Obligations		—		1,179,343		—		1,179,343
Total Investments	$	—	$	180,428,570	$	—	$	180,428,570

10  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.

60

Eaton Vance

Municipal Income Funds

January 31, 2022

Officers and Trustees

Officers

Eric A. Stein

President

Deidre E. Walsh

Vice President

James F. Kirchner

Treasurer

Jill R. Damon

Secretary

Richard F. Froio

Chief Compliance Officer

Trustees

George J. Gorman

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

Valerie A. Mosley

William H. Park

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

61

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

62

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.

63

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.

64

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7703    1.31.22

Eaton Vance

Municipal Opportunities Fund

Semiannual Report

January 31, 2022

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

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

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

Semiannual Report January 31, 2022

Eaton Vance

Municipal Opportunities Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Officers and Trustees	31
Privacy Notice	32
Important Notices	34

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Performance^1,2

Portfolio Manager(s) Craig R. Brandon, CFA and Trevor G. Smith

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years			Since Inception
Class A at NAV		05/31/2011		05/31/2011		–3.23	%		–1.40	%		3.37	%		3.52	%		4.41	%
Class A with 4.75% Maximum Sales Charge		—		—		–7.81			–6.05			2.37			3.02			3.93
Class C at NAV		08/18/2014		08/18/2014		–3.59			–2.06			2.62			—			2.54
Class C with 1% Maximum Sales Charge		—		—		–4.54			–3.02			2.62			—			2.54
Class I at NAV		05/31/2011		05/31/2011		–3.10			–1.15			3.63			3.79			4.69
Bloomberg Municipal Bond Index		—		—		–3.10	%		–1.89	%		3.46	%		3.20	%		3.81	%
% Total Annual Operating Expense Ratios3											Class A			Class C			Class I
												0.93	%		1.68	%		0.68	%
% Distribution Rates/Yields4											Class A			Class C			Class I
Distribution Rate												1.56	%		0.80	%		1.82	%
Taxable-Equivalent Distribution Rate												2.64			1.35			3.07
SEC 30-day Yield												0.82			0.11			1.11
Taxable-Equivalent SEC 30-day Yield												1.39			0.18			1.89

Fund Profile

Credit Quality (% of total investments)⁵

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Endnotes and Additional Disclosures

¹  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.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

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

⁴  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ.

⁵  For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

Fund profile subject to change due to active management.

3

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2021 – January 31, 2022).

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

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

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

	Beginning Account Value (8/1/21)		Ending Account Value (1/31/22)		Expenses Paid During Period* (8/1/21 – 1/31/22)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	967.70	$	4.51		0.91	%
Class C	$	1,000.00	$	964.10	$	8.22		1.66	%
Class I	$	1,000.00	$	969.00	$	3.28		0.66	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.62	$	4.63		0.91	%
Class C	$	1,000.00	$	1,016.84	$	8.44		1.66	%
Class I	$	1,000.00	$	1,021.88	$	3.36		0.66	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2021.

4

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited)

Corporate Bonds — 1.2%
Security	Principal Amount (000’s omitted)		Value
Hospital — 1.2%
Care New England Health System, 5.50%, 9/1/26	$	11,000	$	11,190,113
Harnett Health System, Inc., 4.25% to 4/1/25 (Put Date), 4/1/32		3,485		3,406,588
Total Corporate Bonds — 1.2% (identified cost $13,748,443)			$	14,596,701
Tax-Exempt Mortgage-Backed Securities — 0.0%(1)
Security	Principal Amount (000’s omitted)		Value
Housing — 0.0%(1)
FRETE 2017-ML01 Trust, Class A, (Freddie Mac guaranteed), 0.608%, (1 mo. USD LIBOR + 0.50%), 1/25/33(2)	$	465	$	471,373
Total Tax-Exempt Mortgage-Backed Securities — 0.0%(1) (identified cost $464,800)			$	471,373
Tax-Exempt Municipal Obligations — 92.1%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 2.1%
Delaware Valley Regional Finance Authority, PA, 0.828%, (67% of 1 mo. USD LIBOR + 0.76%), 9/1/24 (Put Date), 9/1/48(2)	$	8,000	$	8,037,200
Illinois Finance Authority, (Revolving Fund), Green Bonds, 4.00%, 1/1/33		8,190		9,637,337
Indiana Finance Authority, (State Revolving Fund), Green Bonds, 5.00%, 2/1/33		6,445		8,217,633
			$	25,892,170
Education — 5.5%
Arizona Industrial Development Authority, (Academies of Math & Science), 5.00%, 7/1/39(3)	$	525	$	596,279
Arizona Industrial Development Authority, (Doral Academy of Nevada), 3.55%, 7/15/29(3)		1,295		1,373,788
Arizona Industrial Development Authority, (Pinecrest Academy of Nevada), 4.00%, 7/15/40(3)		865		911,753
Arizona State University:
5.00%, 7/1/33		500		542,740
5.00%, 7/1/34		580		629,578

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Build NYC Resource Corp., NY, (Ethical Culture Fieldston School), 5.00%, 6/1/24	$	600	$	650,976
California Municipal Finance Authority, (California Lutheran University):
5.00%, 10/1/31		600		712,062
5.00%, 10/1/35		1,125		1,328,423
5.00%, 10/1/37		1,400		1,649,298
California School Finance Authority, (KIPP SoCal Public Schools):
5.00%, 7/1/39(3)		1,000		1,179,630
5.00%, 7/1/49(3)		1,000		1,166,270
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 4.50%, 6/15/28(3)		550		580,509
Connecticut Health and Educational Facilities Authority, (Avon Old Farms School):
4.00%, 7/1/33		275		318,040
4.00%, 7/1/34		275		317,196
4.00%, 7/1/35		250		287,695
4.00%, 7/1/41		600		682,158
Connecticut Health and Educational Facilities Authority, (Yale University), 0.25% to 2/9/24 (Put Date), 7/1/49		2,665		2,611,407
Delaware County Authority, PA, (Villanova University), 5.00%, 8/1/22		600		613,482
District of Columbia, (District of Columbia International School), 5.00%, 7/1/39		680		795,593
District of Columbia, (Gallaudet University):
3.00%, 4/1/37		750		782,400
3.00%, 4/1/38		900		936,945
3.00%, 4/1/39		750		779,535
3.00%, 4/1/40		725		752,159
3.00%, 4/1/41		775		802,776
4.00%, 4/1/32		325		375,170
4.00%, 4/1/33		160		184,603
4.00%, 4/1/34		165		189,796
4.00%, 4/1/35		200		229,312
4.00%, 4/1/36		375		429,510
District of Columbia, (KIPP DC):
4.00%, 7/1/39		280		308,140
4.00%, 7/1/44		270		294,192
District of Columbia, (Rocketship DC Obligated Group), 5.00%, 6/1/39(3)		1,425		1,572,488
Florida Higher Educational Facilities Financing Authority, (Ringling College of Art and Design):
5.00%, 3/1/32		315		370,601
5.00%, 3/1/33		355		417,494
5.00%, 3/1/34		350		411,177

5 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Kentucky Bond Development Corp., (Transylvania University):
3.00%, 3/1/34	$	350	$	362,999
3.00%, 3/1/35		200		207,094
3.00%, 3/1/38		215		221,613
4.00%, 3/1/33		175		196,380
4.00%, 3/1/36		265		296,482
4.00%, 3/1/37		255		284,802
4.00%, 3/1/39		225		250,495
4.00%, 3/1/40		210		233,417
4.00%, 3/1/41		245		271,952
5.00%, 3/1/30		320		389,600
5.00%, 3/1/31		345		417,253
5.00%, 3/1/32		355		427,761
Michigan Finance Authority, (Cesar Chavez Academy), 5.00%, 2/1/33		830		909,821
Minnesota Higher Education Facilities Authority, (St. Olaf College), 3.00%, 10/1/38		1,000		1,063,930
Monroe County Industrial Development Corp., NY, (University of Rochester):
Series 2017C, 5.00%, 7/1/29		650		764,582
Series 2017D, 5.00%, 7/1/29		750		882,210
New Jersey Educational Facilities Authority, (Princeton University):
5.00%, 3/1/33		6,210		7,938,305
5.00%, 3/1/35		4,680		5,968,919
New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/26		2,460		2,753,429
New York Dormitory Authority, (Oneida-Herkimer-Madison BOCES):
5.00%, 8/15/22		510		522,337
5.00%, 8/15/23		275		289,946
5.00%, 8/15/24		300		326,262
Philadelphia Industrial Development Authority, PA, (La Salle University):
5.00%, 5/1/25		910		971,097
5.00%, 5/1/26		1,850		1,999,498
5.00%, 5/1/29		1,000		1,087,730
Pinellas County Educational Facilities Authority, FL, (Pinellas Academy of Math and Science):
4.125%, 12/15/28(3)		505		538,360
5.00%, 12/15/38(3)		2,690		3,043,789
Public Finance Authority, WI, (North Carolina Leadership Academy):
5.00%, 6/15/39(3)		205		222,628
5.00%, 6/15/49(3)		260		279,812

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Public Finance Authority, WI, (Roseman University of Health Sciences):
5.00%, 4/1/40(3)	$	840	$	955,601
5.00%, 4/1/50(3)		1,010		1,135,796
Romeoville, IL, (Lewis University), 5.00%, 10/1/26		500		549,175
University of Arkansas:
5.00%, 11/1/24		450		497,034
5.00%, 11/1/25		500		568,605
University of Idaho, 5.00%, 4/1/24		500		541,490
University of North Carolina at Greensboro, 5.00%, 4/1/27		400		470,616
University of Pittsburgh, PA, 0.42%, (SIFMA + 0.36%), 2/15/24(2)		3,000		3,010,230
Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence), 5.00%, 10/15/54		430		479,652
			$	67,113,877
Electric Utilities — 4.2%
American Municipal Power, Inc., OH, (Prairie State Energy Campus), 5.00%, 2/15/36	$	5,000	$	6,135,600
Arkansas River Power Authority, CO, 5.00%, 10/1/27		30		34,747
Carroll County, KY, (Kentucky Utilities Co.), (AMT), 2.00%, 2/1/32		1,000		980,820
Delaware Municipal Electric Corp., (Beasley Power Station):
5.00%, 7/1/29		270		331,209
5.00%, 7/1/30		320		399,517
5.00%, 7/1/31		300		380,007
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39		4,505		4,765,389
Long Island Power Authority, NY, Electric System Revenue:
0.821%, (70% of 1 mo. USD LIBOR + 0.75%), 10/1/23 (Put Date), 5/1/33(2)		6,000		6,000,840
5.00%, 9/1/29		500		596,885
Missouri Joint Municipal Electric Utility Commission, (Prairie State Energy Campus), 5.00%, 1/1/28		1,515		1,806,183
Nebraska Public Power District:
5.00%, 1/1/24		750		806,692
2021 Series A, 5.00%, 1/1/35		2,100		2,643,417
2021 Series A, 5.00%, 1/1/36		2,900		3,643,995
2021 Series A, 5.00%, 1/1/37		3,000		3,764,820
2021 Series A, 5.00%, 1/1/38		3,115		3,901,662
2021 Series B, 5.00%, 1/1/35		1,880		2,366,487
2021 Series B, 5.00%, 1/1/36		1,900		2,387,445
2021 Series B, 5.00%, 1/1/37		2,000		2,509,880
2021 Series B, 5.00%, 1/1/38		2,000		2,505,080
Omaha Public Power District, NE, 5.00%, 2/1/25		550		610,940

6 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/25	$	2,525	$	2,790,201
Unified Government of Wyandotte County/Kansas City, KS, Utility System Revenue:
5.00%, 9/1/26		1,165		1,316,031
5.00%, 9/1/27		1,000		1,127,390
			$	51,805,237
Escrowed / Prerefunded — 0.8%
Central Texas Regional Mobility Authority, Prerefunded to 7/1/25, 5.00%, 1/1/29	$	600	$	675,678
Detroit, MI, Sewage Disposal System, Prerefunded to 7/1/22, 5.00%, 7/1/32		125		127,369
District of Columbia, (Association of American Medical Colleges), Prerefunded to 10/1/23, 5.00%, 10/1/30		570		608,880
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.), Prerefunded to 7/1/24, 5.00%, 7/1/29		500		545,990
Illinois Finance Authority, (Plymouth Place, Inc.), Escrowed to Maturity, 5.00%, 5/15/25		1,315		1,406,222
Mattawan Consolidated School, MI:
Prerefunded to 5/1/25, 5.00%, 5/1/26		750		841,267
Prerefunded to 5/1/25, 5.00%, 5/1/27		1,000		1,121,690
Prerefunded to 5/1/25, 5.00%, 5/1/28		500		560,845
Norfolk Economic Development Authority, VA, (Bon Secours Health System, Inc.), Prerefunded to 11/1/22, 5.00%, 11/1/28		225		232,398
San Francisco City and County Public Utilities Commission, CA, Green Bonds, Prerefunded to 11/1/24, 5.00%, 11/1/37		2,575		2,845,632
University of North Carolina at Charlotte, Prerefunded to 4/1/25, 4.00%, 4/1/37		625		679,962
			$	9,645,933
General Obligations — 9.2%
Ann Arbor Public Schools, MI:
5.00%, 5/1/23	$	10	$	10,532
5.00%, 5/1/27		1,000		1,120,330
Auburn, ME:
4.00%, 11/1/30		500		595,630
4.00%, 11/1/31		400		481,680
Burlington, VT, 5.00%, 11/1/24		400		442,040
Champaign County Community Unit School District No. 4, IL, 5.00%, 1/1/33		1,650		1,973,449
Chicago Park District, IL, 5.00%, 1/1/24		500		536,115
Chicago, IL, 5.00%, 1/1/28		3,000		3,467,040

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Connecticut, 5.00%, 4/15/34	$	1,000	$	1,221,090
Dallas, TX, 5.00%, 2/15/25		1,000		1,113,020
District of Columbia:
5.00%, 2/1/31		1,650		2,117,065
5.00%, 2/1/33		3,750		4,792,200
5.00%, 2/1/33		600		766,752
Eagle Mountain-Saginaw Independent School District, TX, (PSF Guaranteed):
4.00%, 8/15/31		1,950		2,305,290
4.00%, 8/15/32		2,660		3,137,576
4.00%, 8/15/33		3,285		3,870,157
Georgia, 4.00%, 7/1/35		5,000		5,959,850
Heard County Public Facilities Authority, GA, (Heard County School District), 4.00%, 3/1/29		850		973,803
Hermiston School District No. 8R, OR, 0.00%, 6/15/43		2,665		1,393,182
Illinois:
5.50%, 5/1/39		1,740		2,120,033
5.75%, 5/1/45		1,780		2,178,702
Kane, Cook and DuPage Counties School District No. 46, IL:
5.00%, 1/1/26		900		968,211
5.00%, 1/1/29		2,000		2,146,820
King County, WA:
4.00%, 12/1/32		1,790		2,153,961
4.00%, 12/1/33		1,885		2,267,127
4.00%, 12/1/34		2,480		2,970,222
4.00%, 12/1/36		2,680		3,201,716
Monroe Township, NJ:
5.00%, 1/15/29		425		517,650
5.00%, 1/15/30		425		525,853
5.00%, 1/15/31		430		528,827
5.00%, 1/15/32		440		539,383
5.00%, 1/15/33		450		551,345
New Jersey:
2.00%, 6/1/30		5,000		4,939,800
4.00%, 6/1/32		1,150		1,348,777
New York, NY, 5.00%, 8/1/29		450		477,810
Ottawa County, MI, 5.00%, 11/1/22		500		516,515
Passaic County Improvement Authority, NJ, (Passaic County Community College), 5.375%, 7/1/41		1,535		2,158,379
Puerto Rico:
5.75%, 7/1/41(4)		2,710		2,662,575
8.00%, 7/1/35(4)		4,260		3,844,650
8.00%, 7/1/35(4)		615		548,119
Sarpy County, NE:
2.00%, 6/1/28		2,365		2,408,942

7 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Sarpy County, NE: (continued)
2.00%, 6/1/29	$	2,395	$	2,416,842
2.00%, 6/1/30		2,430		2,440,327
Sedgwick County Unified School District No. 265, KS, 5.00%, 10/1/26		1,000		1,167,490
St. Joseph Public Schools, MI:
5.00%, 5/1/28		1,880		2,107,499
5.00%, 5/1/29		1,650		1,846,300
Suffolk County, NY, 5.00%, 6/15/32(5)		2,265		2,834,262
Thornapple Kellogg School, MI, 5.00%, 5/1/24		400		433,804
Township High School District No. 203, IL:
5.00%, 12/15/29		2,080		2,597,421
5.00%, 12/15/30		1,190		1,514,204
Upper Merion Area School District, PA:
5.00%, 1/15/29		500		554,360
5.00%, 1/15/30		300		332,616
Wake County, NC, 5.00%, 4/1/22		6,170		6,217,694
Washington:
5.00%, 6/1/35		2,500		3,128,250
5.00%, 6/1/36		2,200		2,750,154
5.00%, 6/1/37		2,500		3,116,250
Will and Cook Counties Community High School District No. 210, IL:
0.00%, 1/1/27		65		57,426
5.00%, 1/1/29		1,185		1,221,794
Wilmington, NC, 5.00%, 5/1/28		1,760		2,142,061
			$	112,730,972
Hospital — 15.9%
Astoria Hospital Facilities Authority, OR, (Columbia Memorial Hospital), 5.00%, 8/1/41	$	940	$	1,060,489
Augusta Development Authority, GA, (AU Health System, Inc.):
5.00%, 7/1/26		2,525		2,836,787
5.00%, 7/1/27		2,635		3,017,681
Berks County Industrial Development Authority, PA, (Tower Health):
5.00%, 11/1/47		2,000		2,125,360
5.00%, 11/1/50		5,465		5,790,167
Berks County Municipal Authority, PA, (The Reading Hospital and Medical Center), 4.25%, 11/1/41		235		234,706
Berks County Municipal Authority, PA, (Tower Health), 5.00% to 2/1/27 (Put Date), 2/1/40		3,000		3,310,350
Boone County, MO, (Boone Hospital Center):
5.00%, 8/1/29		1,410		1,577,240
5.00%, 8/1/31		3,215		3,579,999

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Calhoun County Hospital Finance Authority, MI, (Oaklawn Hospital), 5.00%, 2/15/32	$	2,110	$	2,378,877
California Municipal Finance Authority, (NorthBay Healthcare Group):
5.00%, 11/1/28		300		325,125
5.00%, 11/1/29		110		118,985
5.00%, 11/1/30		150		161,994
5.00%, 11/1/35		250		269,313
California Statewide Communities Development Authority, (Cottage Health System Obligated Group), Prerefunded to 11/1/24, 5.00%, 11/1/26		425		469,668
Connecticut Health and Educational Facilities Authority, (Griffin Hospital), 5.00%, 7/1/50(3)		3,730		4,317,699
Connecticut Health and Educational Facilities Authority, (Stamford Hospital), 5.00%, 7/1/33(5)		2,000		2,468,660
Conway, AR, (Conway Regional Medical Center):
5.00%, 8/1/28		500		568,700
5.00%, 8/1/29		200		226,654
Crawford County Hospital Authority, PA, (Meadville Medical Center):
6.00%, 6/1/36		2,660		2,947,546
6.00%, 6/1/51		4,715		5,166,084
Darke County, OH, (Wayne HealthCare):
4.00%, 9/1/40		1,000		1,048,020
4.00%, 9/1/45		2,580		2,681,420
Decatur Hospital Authority, TX, (Wise Health System), 4.00%, 9/1/36		870		963,864
Delaware Health Facilities Authority, (Beebe Medical Center):
5.00%, 6/1/30		600		716,970
5.00%, 6/1/31		1,200		1,429,548
Deschutes County Hospital Facilities Authority, OR, (St. Charles Health System), 4.00%, 1/1/33		500		537,890
Doylestown Hospital Authority, PA, (Doylestown Health):
4.00%, 7/1/45		315		334,568
5.00%, 7/1/46		850		936,437
5.00%, 7/1/49		2,375		2,692,585
Fredericksburg Economic Development Authority, VA, (Mary Washington Healthcare), 5.00%, 6/15/24		1,000		1,089,680
Glynn-Brunswick Memorial Hospital Authority, GA, (Southeast Georgia Health System):
4.00%, 8/1/35		750		857,393
4.00%, 8/1/36		750		856,485
4.00%, 8/1/37		750		855,975
4.00%, 8/1/38		1,750		1,993,530
Halifax Hospital Medical Center, FL:
5.00%, 6/1/27		2,890		3,313,529
5.00%, 6/1/29		1,830		2,082,522

8 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Illinois Finance Authority, (Presence Health Network):
3.75%, 2/15/34	$	3,145	$	3,439,183
5.00%, 2/15/28		8,000		9,379,520
Illinois Finance Authority, (Silver Cross Hospital and Medical Centers):
5.00%, 8/15/23		1,000		1,060,180
5.00%, 8/15/28		1,670		1,868,763
Indiana County Hospital Authority, PA, (Indiana Regional Medical Center):
5.125%, 6/1/26		475		491,373
5.25%, 6/1/27		415		429,517
5.375%, 6/1/28		455		471,084
Indiana Finance Authority, (Parkview Health), 5.00%, 11/1/26		1,200		1,394,460
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center):
4.00%, 11/1/29		505		539,396
4.00%, 11/1/30		1,605		1,707,126
5.00%, 11/1/26		1,375		1,548,635
5.00%, 11/1/27		1,440		1,650,110
Klamath Falls Intercommunity Hospital Authority, OR, (Sky Lakes Medical Center):
4.00%, 9/1/24		475		506,493
4.00%, 9/1/25		550		597,883
5.00%, 9/1/28		795		909,321
5.00%, 9/1/31		600		679,200
Lancaster County Hospital Authority, PA, (Penn State Health):
5.00%, 11/1/38		1,000		1,213,020
5.00%, 11/1/39		1,100		1,332,562
5.00%, 11/1/40		1,300		1,572,454
5.00%, 11/1/41		1,715		2,071,754
Lexington County Health Services District, Inc., SC, 5.00%, 11/1/27		200		237,720
Maine Health and Higher Educational Facilities Authority, (Northern Light Eastern Maine Medical Center):
5.00%, 7/1/34		960		1,182,211
5.00%, 7/1/35		1,510		1,857,028
5.00%, 7/1/36		1,615		1,984,157
5.00%, 7/1/37		1,690		2,074,931
5.00%, 7/1/38		1,780		2,181,443
5.00%, 7/1/39		1,865		2,282,387
5.00%, 7/1/40		1,960		2,394,728
Massachusetts Development Finance Agency, (Atrius Health):
4.00%, 6/1/49		850		944,138
5.00%, 6/1/39		710		852,085

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Massachusetts Development Finance Agency, (Lawrence General Hospital), 5.00%, 7/1/32	$	500	$	492,240
Massachusetts Development Finance Agency, (Milford Regional Medical Center):
5.00%, 7/15/27		125		130,896
5.00%, 7/15/33(3)		320		382,918
5.00%, 7/15/34(3)		300		358,632
5.00%, 7/15/35(3)		275		328,314
5.00%, 7/15/36(3)		235		280,275
5.00%, 7/15/37(3)		245		292,023
5.00%, 7/15/46(3)		1,390		1,630,289
Massachusetts Development Finance Agency, (UMass Memorial Health Care Obligated Group):
5.00%, 7/1/27		1,460		1,716,916
5.00%, 7/1/28		2,000		2,343,580
5.00%, 7/1/29		2,700		3,151,521
Michigan Finance Authority, (Oakwood Obligated Group), 5.00%, 11/1/27		1,400		1,446,242
Missouri Health and Educational Facilities Authority, (SSM Health Care), 5.00%, 6/1/26		1,000		1,087,140
Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/27		1,050		1,133,895
Nassau County Local Economic Assistance Corp., NY, (Catholic Health Services of Long Island), 5.00%, 7/1/29		1,000		1,084,980
New Hampshire Health and Education Facilities Authority, (Concord Hospital):
5.00%, 10/1/32		500		585,535
5.00%, 10/1/33		1,000		1,169,890
5.00%, 10/1/34		1,070		1,245,523
5.00%, 10/1/35		1,550		1,803,363
New Jersey Health Care Facilities Financing Authority, (AtlantiCare Health System Obligated Group):
5.00%, 7/1/30		1,070		1,341,577
5.00%, 7/1/31		775		989,365
New Jersey Health Care Facilities Financing Authority, (Barnabas Health), Prerefunded to 7/1/22, 5.00%, 7/1/23		605		616,338
New Jersey Health Care Facilities Financing Authority, (Hunterdon Medical Center Obligated Group), Prerefunded to 7/1/24, 5.00%, 7/1/30		500		546,615
New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 5.00%, 7/1/29		2,600		2,982,590
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/24		1,000		1,093,230
New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 5.00%, 7/1/30		30		34,311

9 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
New Jersey Health Care Facilities Financing Authority, (Valley Health System Obligated Group):
4.00%, 7/1/35	$	1,000	$	1,138,900
4.00%, 7/1/36		1,000		1,137,850
4.00%, 7/1/37		1,000		1,137,160
New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.00%, 7/1/27		500		536,115
New York Dormitory Authority, (Catholic Health System Obligated Group):
5.00%, 7/1/34		550		631,384
5.00%, 7/1/35		625		716,631
5.00%, 7/1/36		550		630,069
New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), 5.00%, 7/1/29		750		890,543
New York Dormitory Authority, (NYU Hospitals Center):
5.00%, 7/1/22		440		448,118
5.00%, 7/1/23		600		634,476
5.00%, 7/1/25		2,000		2,251,560
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network), 1.111%, (70% of 1 mo. USD LIBOR + 1.04%), 8/15/24 (Put Date), 8/15/48(2)		1,000		1,004,870
Ohio, (University Hospitals Health System, Inc.), 5.00%, 1/15/27		850		967,190
Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/33		3,165		3,742,992
Oregon Facilities Authority, (PeaceHealth), 5.00%, 11/15/29		500		542,095
Oregon Facilities Authority, (Samaritan Health Services):
5.00%, 10/1/29		300		367,086
5.00%, 10/1/40		875		1,053,570
Oroville, CA, (Oroville Hospital):
5.00%, 4/1/31		1,705		1,890,316
5.25%, 4/1/34		2,000		2,239,940
Rhode Island Health and Educational Building Corp., (Care New England Health System), 5.00%, 9/1/31		4,000		4,461,440
Savannah Hospital Authority, GA, (St. Joseph’s/Candler Health System, Inc.), 4.00%, 7/1/43		2,500		2,779,650
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.):
5.00%, 12/1/25		1,530		1,720,715
5.00%, 12/1/26		1,410		1,585,207
5.00%, 12/1/28		1,550		1,742,603
St. Cloud, MN, (CentraCare Health System), 5.00%, 5/1/27		1,000		1,145,440
Virginia Small Business Financing Authority, (Sentara Healthcare), 4.00%, 11/1/39		2,750		3,135,247
Ward County, ND, (Trinity Obligated Group):
5.00%, 6/1/29		1,300		1,526,304

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Ward County, ND, (Trinity Obligated Group): (continued)
5.00%, 6/1/30	$	1,815	$	2,117,415
5.00%, 6/1/31		1,885		2,186,751
5.00%, 6/1/34		3,000		3,471,600
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/30		1,600		1,901,456
Washington Health Care Facilities Authority, (PeaceHealth), Prerefunded to 5/15/24, 5.00%, 11/15/26		1,000		1,086,430
Wisconsin Health and Educational Facilities Authority, (Ascension Senior Credit Group), 5.00%, 11/15/27		1,000		1,151,990
Yavapai County Industrial Development Authority, AZ, (Yavapai Regional Medical Center), 5.25%, 8/1/33		250		265,143
			$	194,701,816
Housing — 3.5%
California Municipal Finance Authority, (CHF-Riverside II, LLC):
5.00%, 5/15/32	$	415	$	500,685
5.00%, 5/15/33		2,870		3,448,879
5.00%, 5/15/34		915		1,097,378
5.00%, 5/15/36		1,260		1,502,197
5.00%, 5/15/37		1,495		1,777,675
5.00%, 5/15/38		500		592,975
Independent Cities Finance Authority, CA, (Union City Tropics):
4.00%, 5/15/32		1,060		1,175,953
4.00%, 5/15/33		1,100		1,215,940
Maryland Economic Development Corp., (Bowie State University), Student Housing Revenue:
4.00%, 7/1/32		300		333,945
4.00%, 7/1/33		330		366,336
4.00%, 7/1/34		340		376,921
4.00%, 7/1/35		350		387,478
4.00%, 7/1/40		450		492,093
4.00%, 7/1/50		935		1,007,238
5.00%, 7/1/55		2,200		2,541,374
New Mexico Mortgage Finance Authority, 3.00%, 1/1/52		1,985		2,084,151
New York City Housing Development Corp., NY:
2.10% to 10/1/29 (Put Date), 11/1/46		8,295		8,469,361
Green Bonds, 0.60% to 7/1/25 (Put Date), 5/1/61		3,200		3,095,488
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing II, LLC - Arizona State University):
5.00%, 7/1/35		770		904,065
5.00%, 7/1/37		1,235		1,444,555
5.00%, 7/1/39		860		1,002,751
5.00%, 7/1/59		1,500		1,714,110

10 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University), 5.00%, 7/1/31	$	355	$	413,919
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC):
5.00%, 6/1/27		705		816,439
5.00%, 6/1/28		665		783,051
5.00%, 6/1/29		365		436,285
5.00%, 6/1/34		2,560		3,006,694
5.00%, 6/1/39		1,595		1,854,714
			$	42,842,650
Industrial Development Revenue — 3.2%
Arkansas Development Finance Authority, (Big River Steel), Green Bonds, (AMT), 4.75%, 9/1/49(3)	$	4,000	$	4,409,520
Florida Development Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00% to 8/1/22 (Put Date), 8/1/29(3)		2,250		2,279,745
Maine Finance Authority, (Casella Waste Systems, Inc.):
(AMT), 4.375% to 8/1/25 (Put Date), 8/1/35(3)		875		957,889
(AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(3)		940		1,052,941
New Hampshire Business Finance Authority, (United Illuminating Co.), 2.80% to 10/2/23 (Put Date), 10/1/33		1,500		1,533,375
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.625%, 11/15/30		215		232,357
New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (AMT), 2.45% to 4/1/26 (Put Date), 4/1/59		2,500		2,562,925
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44(3)		1,675		1,744,881
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 5.00%, 1/1/34		5,000		5,776,750
Niagara Area Development Corp., NY, (Covanta), 3.50%, 11/1/24(3)		1,920		1,968,057
Pennsylvania Economic Development Financing Authority, (Covanta), Green Bonds, (AMT), 3.25%, 8/1/39(3)		5,500		5,543,395
Public Finance Authority, WI, (Celanese Corp.), (AMT), 5.00%, 12/1/25		1,000		1,132,990
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(3)		9,045		9,953,570
			$	39,148,395
Insured – Education — 0.1%
Missouri Southern State University:
(AGM), 4.00%, 10/1/33	$	220	$	246,044
(AGM), 4.00%, 10/1/35		125		139,481

Security	Principal Amount (000’s omitted)		Value
Insured – Education (continued)
Missouri Southern State University: (continued)
(AGM), 4.00%, 10/1/36	$	150	$	167,209
(AGM), 4.00%, 10/1/37		85		94,655
(AGM), 4.00%, 10/1/38		70		77,818
(AGM), 4.00%, 10/1/39		55		61,061
			$	786,268
Insured – Electric Utilities — 0.8%
Brownsville, TX, Utility System Revenue, (AGM), 4.00%, 9/1/45	$	1,505	$	1,672,582
Paducah Electric Plant Board, KY, (AGM), 5.00%, 10/1/29		1,500		1,736,490
Puerto Rico Electric Power Authority:
(AGC), 5.00%, 7/1/26		280		285,759
(NPFG), 5.25%, 7/1/22		3,500		3,514,455
(NPFG), 5.25%, 7/1/23		335		340,702
(NPFG), 5.25%, 7/1/25		170		176,729
(NPFG), 5.25%, 7/1/29		1,110		1,169,307
(NPFG), 5.25%, 7/1/30		530		553,898
(NPFG), 5.25%, 7/1/34		100		106,067
			$	9,555,989
Insured – Escrowed / Prerefunded — 0.1%
Bolingbrook, IL, (AGM), Escrowed to Maturity, 5.00%, 1/1/24	$	875	$	940,669
Cambria County, PA:
(BAM), Escrowed to Maturity, 5.00%, 8/1/23		240		254,757
(BAM), Escrowed to Maturity, 5.00%, 8/1/23		275		291,910
Detroit, MI, Sewage Disposal System, (AGM), Prerefunded to 7/1/22, 5.00%, 7/1/39		175		178,316
			$	1,665,652
Insured – General Obligations — 2.9%
Atlantic City, NJ:
(BAM), 5.00%, 3/1/23	$	500	$	521,475
(BAM), 5.00%, 3/1/24		300		322,593
Bayonne, NJ:
(AGM), 5.00%, 8/1/23		300		318,123
(AGM), 5.00%, 8/1/24		300		327,993
(AGM), 5.00%, 8/1/25		885		996,430
(AGM), 5.00%, 8/1/26		915		1,029,878
Bolingbrook, IL:
(AGM), 5.00%, 1/1/24		125		134,053
(AGM), 5.00%, 1/1/25		1,000		1,100,800

11 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Cambria County, PA:
(AGM), 4.00%, 8/1/34	$	745	$	819,664
(BAM), 5.00%, 8/1/23		985		1,041,618
Chicago Board of Education, IL:
(NPFG), 0.00%, 12/1/26		1,580		1,435,130
(NPFG), 0.00%, 12/1/28		1,560		1,337,528
Cicero, IL:
(BAM), 4.00%, 1/1/28		1,265		1,415,737
(BAM), 4.00%, 1/1/29		815		921,292
(BAM), 4.00%, 1/1/30		80		91,010
(BAM), 4.00%, 1/1/31		80		91,644
Community College District No. 536, IL, (Lewis and Clark Community College), (AGM), 4.00%, 5/1/29		500		556,740
Detroit, MI:
(AMBAC), 5.00%, 4/1/22		66		67,749
(AMBAC), 5.00%, 4/1/24		329		338,746
Luzerne County, PA, (AGM), 5.00%, 11/15/24		2,480		2,713,814
McCook, IL:
(AGM), 4.00%, 12/1/24		200		213,950
(AGM), 4.00%, 12/1/25		275		299,643
(AGM), 4.00%, 12/1/26		260		288,114
(AGM), 4.00%, 12/1/27		300		337,176
(AGM), 4.00%, 12/1/28		300		341,301
McHenry County Community Unit School District No. 12, IL:
(AGM), 5.00%, 1/1/25		890		955,513
(AGM), 5.00%, 1/1/26		925		992,719
Monroe County Industrial Development Corp., NY, (Monroe Community College Association, Inc.), (AGM), 5.00%, 1/15/25		750		805,313
Proviso Township High School District No. 209, IL, (AGM), 5.00%, 12/1/28		1,000		1,211,570
Puerto Rico:
(AGC), 5.00%, 7/1/34		310		311,302
(AGM), 5.00%, 7/1/35		1,055		1,062,490
(NPFG), 5.25%, 7/1/22		530		532,830
(NPFG), 6.00%, 7/1/27		570		576,800
Rockland County, NY, (AGM), 5.00%, 3/1/24		350		378,917
Suffolk County, NY:
(BAM), 4.00%, 6/15/30		3,420		3,929,135
(BAM), 4.00%, 6/15/31		3,560		4,068,653
Vauxmont Metropolitan District, CO:
(AGM), 5.00%, 12/1/34		1,140		1,399,031
(AGM), 5.00%, 12/1/50		1,500		1,803,510

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
Will and Cook Counties Community High School District No. 210, IL:
(AGM), 0.00%, 1/1/28	$	500	$	439,505
(BAM), 0.00%, 1/1/33		200		150,360
			$	35,679,849
Insured – Housing — 0.1%
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing College Station I, LLC):
(AGM), 4.00%, 4/1/22	$	445	$	447,390
(AGM), 4.00%, 4/1/24		400		423,692
			$	871,082
Insured – Lease Revenue / Certificates of Participation — 0.1%
Georgia Local Government 1998A Grantor Trust, Certificates of Participation, (NPFG), 4.75%, 6/1/28	$	800	$	870,016
Kentucky State University:
(BAM), 3.00%, 11/1/32		325		349,170
(BAM), 4.00%, 11/1/34		260		305,204
			$	1,524,390
Insured – Other Revenue — 0.2%
Albany Parking Authority, NY:
(AGM), 5.00%, 7/15/24	$	300	$	326,319
(AGM), 5.00%, 7/15/25		315		351,279
New York City Industrial Development Agency, NY, (Queens Baseball Stadium), (AGM), 4.00%, 1/1/32		1,000		1,155,300
Puerto Rico Public Buildings Authority, (AGC), 5.00%, 7/1/36		120		120,961
			$	1,953,859
Insured – Special Tax Revenue — 1.0%
Illinois Sports Facilities Authority, (AGM), 5.00%, 6/15/27	$	2,325	$	2,496,678
Puerto Rico Convention Center District Authority, (AMBAC), 5.00%, 7/1/31		1,440		1,473,120
Puerto Rico Infrastructure Financing Authority:
(AMBAC), 0.00%, 7/1/43		955		345,910
(AMBAC), 5.50%, 7/1/24		305		312,933
(AMBAC), 5.50%, 7/1/26		1,145		1,184,709
Sales Tax Securitization Corp., IL, (BAM), 5.00%, 1/1/37		4,000		4,897,160
Vineyard Redevelopment Agency, UT:
(AGM), 4.00%, 5/1/32		270		311,518
(AGM), 4.00%, 5/1/33		150		172,977
(AGM), 4.00%, 5/1/34		300		345,399

12 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Special Tax Revenue (continued)
Vineyard Redevelopment Agency, UT: (continued)
(AGM), 4.00%, 5/1/35	$	360	$	413,482
			$	11,953,886
Insured – Transportation — 1.8%
Allegheny County Airport Authority, PA, (Pittsburgh International Airport), (AGM), (AMT), 4.00%, 1/1/46	$	2,260	$	2,493,435
Cleveland, OH, Airport System Revenue, (AGM), 5.00%, 1/1/25		1,225		1,357,741
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31		185		198,202
New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/28		1,185		1,019,017
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/32		2,000		2,100,160
Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/26		1,000		1,112,890
Puerto Rico Highway and Transportation Authority:
(AGM), 5.00%, 7/1/32		1,675		1,688,417
(AMBAC), 5.25%, 7/1/30		3,650		3,718,474
(AMBAC), 5.25%, 7/1/31		2,760		2,808,990
(NPFG), 5.00%, 7/1/29		2,570		2,610,889
(NPFG), 5.25%, 7/1/23		380		386,467
(NPFG), 5.25%, 7/1/32		100		105,938
(NPFG), 5.25%, 7/1/33		200		212,010
(NPFG), 5.25%, 7/1/35		2,470		2,613,828
			$	22,426,458
Insured – Water and Sewer — 0.4%
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AGM), 5.00%, 7/1/26	$	4,000	$	4,382,000
West Harris County Regional Water Authority, TX, (BAM), 4.00%, 12/15/40		750		876,480
			$	5,258,480
Lease Revenue / Certificates of Participation — 1.4%
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue:
5.00%, 6/1/28	$	3,000	$	3,605,610
5.00%, 6/1/29		2,000		2,388,800
5.00%, 6/1/30		3,000		3,568,230
Michigan Strategic Fund, (Facility for Rare Isotope Beams), 5.00%, 3/1/27		1,000		1,075,520

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Palm Beach County, FL, Public Improvement Revenue:
5.00%, 12/1/27	$	2,065	$	2,481,779
5.00%, 12/1/28		1,245		1,530,030
5.00%, 12/1/29		2,360		2,960,667
			$	17,610,636
Other Revenue — 6.2%
Allentown Neighborhood Improvement Zone Development Authority, PA, (City Center Project):
Series 2017, 5.00%, 5/1/42(3)	$	7,000	$	7,807,870
Series 2018, 5.00%, 5/1/42(3)		4,500		5,100,750
Black Belt Energy Gas District, AL, 0.43%, (SIFMA + 0.37%), 10/1/26 (Put Date), 10/1/49(2)		5,000		4,969,250
Buckeye Tobacco Settlement Financing Authority, OH:
4.00%, 6/1/37		2,000		2,265,920
4.00%, 6/1/38		2,000		2,258,940
5.00%, 6/1/36		2,000		2,434,440
California Infrastructure and Economic Development Bank, (Academy of Motion Picture Arts and Sciences Obligated Group):
5.00%, 11/1/26		1,000		1,071,480
5.00%, 11/1/27		1,010		1,082,195
California Infrastructure and Economic Development Bank, (California Academy of Sciences), Sustainability Bonds, 0.41%, (SIFMA + 0.35%), 8/1/24 (Put Date), 8/1/47(2)		2,630		2,632,972
California Infrastructure and Economic Development Bank, (Los Angeles County Museum of Art), 0.76%, (SIFMA + 0.70%), 6/1/26 (Put Date), 12/1/50(2)		2,300		2,324,196
Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation):
5.00%, 12/1/28		1,200		1,322,568
5.50%, 12/1/53		740		836,859
Gerald R. Ford International Airport Authority, MI, (AMT), 5.00%, 1/1/39		500		626,825
Kalispel Tribe of Indians, WA:
Series A, 5.00%, 1/1/32(3)		1,465		1,698,008
Series B, 5.00%, 1/1/32(3)		1,000		1,159,050
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 0.818%, (67% of 1 mo. USD LIBOR + 0.75%), 9/1/23 (Put Date), 4/1/48(2)		5,500		5,514,905
Metropolitan Transportation Authority, NY, Dedicated Tax Fund Revenue, 0.51%, (SIFMA + 0.45%), 6/1/22 (Put Date), 11/1/26(2)		7,030		7,035,765
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(3)		1,775		2,051,669
New Jersey Economic Development Authority, (The Seeing Eye, Inc.), 5.00%, 3/1/25		3,500		3,896,270

13 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
New York City Cultural Resources Trust, NY, (Lincoln Center for the Performing Arts, Inc.), 4.00%, 12/1/35	$	1,250	$	1,418,725
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.25%, 12/1/27		5,200		6,158,776
Southeast Alabama Gas Supply District, (Project No. 2), 0.918%, (67% of 1 mo. USD LIBOR + 0.85%), 6/1/24 (Put Date), 6/1/49(2)		4,440		4,446,083
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 0.836%, (67% of 3 mo. USD LIBOR + 0.70%), 12/15/26(2)		3,815		3,824,270
Washington Health Care Facilities Authority, (Fred Hutchinson Cancer Research Center), 1.172%, (67% of 1 mo. USD LIBOR + 1.10%), 7/1/22 (Put Date), 1/1/42(2)		1,000		1,000,310
Will and Kankakee Counties Community Unit School District No. 255-U, IL:
5.00%, 6/1/26		635		711,816
5.00%, 6/1/28		1,370		1,530,495
5.00%, 6/1/29		700		780,794
			$	75,961,201
Senior Living / Life Care — 10.1%
Berks County Industrial Development Authority, PA, (Highlands at Wyomissing), 5.00%, 5/15/33	$	500	$	551,915
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.):
5.00%, 11/15/26		1,730		1,949,969
5.00%, 11/15/27		1,320		1,481,093
California Public Finance Authority, (Enso Village), Green Bonds, 2.375%, 11/15/28(3)		615		617,589
Centerville, OH, (Graceworks Lutheran Services):
5.00%, 11/1/23		450		469,490
5.00%, 11/1/24		705		751,481
5.00%, 11/1/26		770		845,498
5.00%, 11/1/27		425		471,678
Clackamas County Hospital Facility Authority, OR, (Rose Villa):
3.25%, 11/15/25		1,500		1,500,810
5.00%, 11/15/27		285		313,796
5.00%, 11/15/28		300		329,169
5.00%, 11/15/29		315		344,430
5.00%, 11/15/30		330		359,585
5.125%, 11/15/40		260		281,533
5.375%, 11/15/55		300		325,251
Colorado Health Facilities Authority, (Christian Living Neighborhoods):
4.00%, 1/1/29		600		664,440

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Colorado Health Facilities Authority, (Christian Living Neighborhoods): (continued)
4.00%, 1/1/38	$	550	$	581,631
5.00%, 1/1/38		1,210		1,337,207
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community):
5.00%, 5/15/24		525		564,900
5.00%, 5/15/25		300		331,401
5.00%, 5/15/26		350		395,371
5.00%, 5/15/27		400		460,548
District of Columbia, (Ingleside at Rock Creek), 4.125%, 7/1/27		1,000		1,044,190
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.):
5.00%, 12/1/29		195		215,957
5.00%, 12/1/30		500		551,800
5.00%, 12/1/39		370		403,219
Glendale Industrial Development Authority, AZ, (Terraces of Phoenix), 4.00%, 7/1/28		225		231,813
Hanover County Economic Development Authority, VA, (Covenant Woods):
5.00%, 7/1/38		125		135,094
5.00%, 7/1/48		465		498,787
5.00%, 7/1/51		1,000		1,071,930
Howard County, MD, (Vantage House):
5.00%, 4/1/26		1,570		1,621,088
5.00%, 4/1/36		2,035		2,115,505
Illinois Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/27		370		409,479
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 0.76%, (SIFMA + 0.70%), 5/1/26 (Put Date), 5/1/42(2)		1,090		1,092,779
Iowa Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/55		2,075		2,278,225
Lancaster County Hospital Authority, PA, (Brethren Village):
5.00%, 7/1/23		700		729,519
5.00%, 7/1/24		915		978,007
5.00%, 7/1/25		650		709,300
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/28(3)		1,200		1,338,120
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services):
4.00%, 2/1/30		1,500		1,678,335
4.00%, 2/1/32		395		438,170
4.00%, 2/1/33		865		957,174
4.00%, 2/1/34		1,280		1,413,798
4.00%, 2/1/35		310		341,772
5.00%, 2/1/46		1,480		1,618,735

14 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Montgomery County Industrial Development Authority, PA, (Waverly Heights, Ltd.):
4.00%, 12/1/30	$	200	$	220,878
4.00%, 12/1/31		150		165,183
4.00%, 12/1/32		200		219,994
4.00%, 12/1/33		100		110,012
4.00%, 12/1/34		200		219,786
4.00%, 12/1/35		350		384,286
4.00%, 12/1/36		350		383,936
4.00%, 12/1/37		300		328,821
4.00%, 12/1/38		300		328,638
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.00%, 1/1/33		1,890		2,033,186
National Finance Authority, NH, (The Vista):
5.25%, 7/1/39(3)		920		958,548
5.625%, 7/1/46(3)		560		589,635
5.75%, 7/1/54(3)		1,725		1,820,306
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village):
5.00%, 1/1/25		1,000		1,072,430
5.00%, 1/1/26		1,040		1,118,634
5.00%, 1/1/27		1,095		1,176,282
5.00%, 1/1/29		1,205		1,292,555
5.00%, 1/1/30		630		674,787
New Mexico Hospital Equipment Loan Council, (Haverland Carter Lifestyle Group):
5.00%, 7/1/30		430		474,531
5.00%, 7/1/31		670		736,739
5.00%, 7/1/32		295		323,742
5.00%, 7/1/33		305		334,182
5.00%, 7/1/34		195		213,404
5.00%, 7/1/39		3,075		3,345,200
5.00%, 7/1/49		9,300		10,017,309
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge):
4.00%, 1/1/29		1,335		1,426,554
5.25%, 1/1/54		250		268,453
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.):
5.00%, 5/15/28		255		280,230
5.00%, 5/15/30		1,300		1,418,625
5.00%, 5/15/31		775		875,680
5.00%, 5/15/32		650		731,685
5.00%, 5/15/53		2,465		2,708,739

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Polk County Industrial Development Authority, FL, (Carpenter’s Home Estates, Inc.), 5.00%, 1/1/39	$	400	$	436,876
Public Finance Authority, WI, (Penick Village), 5.00%, 9/1/39(3)		1,540		1,639,792
Salem Hospital Facility Authority, OR, (Capital Manor):
5.00%, 5/15/27		250		287,368
5.00%, 5/15/28		270		309,026
Santa Fe, NM, (El Castillo Retirement Residences):
5.00%, 5/15/34		650		724,093
5.00%, 5/15/39		480		531,610
South Carolina Jobs-Economic Development Authority, (Bishop Gadsden Episcopal Retirement Community):
4.00%, 4/1/34		600		649,842
5.00%, 4/1/44		1,285		1,435,139
5.00%, 4/1/49		1,510		1,680,464
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes):
5.00%, 4/1/28		1,675		1,818,815
5.00%, 4/1/29		1,000		1,084,520
5.00%, 4/1/38		2,000		2,145,080
South Carolina Jobs-Economic Development Authority, (Woodlands at Furman):
5.00%, 11/15/42		300		330,231
5.00%, 11/15/54		1,000		1,090,810
St. Louis County Industrial Development Authority, MO, (Friendship Village of St. Louis Obligated Group):
5.00%, 9/1/27		1,930		2,185,879
5.00%, 9/1/38		5,225		5,772,893
St. Louis County Industrial Development Authority, MO, (St. Andrew’s Resources for Seniors Obligated Group), 5.00%, 12/1/25		815		867,804
Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.), 5.00%, 12/1/29		500		577,220
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 6.875%, 11/15/55		4,650		5,355,870
Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 5.35%, 10/1/25(3)		3,000		3,004,020
Tulsa County Industrial Authority, OK, (Montereau, Inc.):
5.00%, 11/15/28		540		607,727
5.00%, 11/15/29		400		447,668
Vermont Economic Development Authority, (Wake Robin Corp.):
5.00%, 5/1/23		1,690		1,757,414
5.00%, 5/1/25		745		816,133
5.00%, 5/1/26		585		653,065
5.00%, 5/1/27		500		566,615

15 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Washington Housing Finance Commission, (Bayview Manor Homes):
4.00%, 7/1/26(3)	$	935	$	966,678
5.00%, 7/1/31(3)		750		794,812
Washington Housing Finance Commission, (Judson Park), 4.00%, 7/1/28(3)		250		259,678
Washington Housing Finance Commission, (Transforming Age):
5.00%, 1/1/27(3)		840		921,833
5.00%, 1/1/28(3)		445		493,140
5.00%, 1/1/29(3)		460		507,628
5.00%, 1/1/34(3)		500		543,710
5.00%, 1/1/39(3)		750		809,445
Wayzata, MN, (Folkestone Senior Living Community):
3.25%, 8/1/29		500		510,930
3.375%, 8/1/30		425		434,716
3.75%, 8/1/36		250		256,770
3.75%, 8/1/37		500		512,910
4.00%, 8/1/38		175		181,116
4.00%, 8/1/39		125		129,158
5.00%, 8/1/31		350		374,710
5.00%, 8/1/32		250		267,338
5.00%, 8/1/33		350		373,919
5.00%, 8/1/34		100		106,759
5.00%, 8/1/35		100		106,684
Westchester County Local Development Corp., NY, (Kendal on Hudson):
4.00%, 1/1/23		1,225		1,254,939
5.00%, 1/1/28		3,390		3,499,429
			$	123,136,827
Special Tax Revenue — 2.6%
Atlanta Development Authority, GA, (New Downtown Atlanta Stadium), 5.00%, 7/1/24	$	1,500	$	1,633,830
Atlanta, GA, (Atlantic Station), Tax Allocation Increments, 5.00%, 12/1/24		1,000		1,101,470
Baltimore, MD, (Harbor Point):
3.25%, 6/1/31(3)		220		224,316
3.30%, 6/1/32(3)		250		253,413
3.35%, 6/1/33(3)		270		273,677
3.40%, 6/1/34(3)		285		288,688
3.45%, 6/1/35(3)		310		314,005
3.50%, 6/1/39(3)		650		658,613
Bullhead City, AZ, Excise Taxes Revenue, 2.10%, 7/1/36		585		544,097

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Franklin County Convention Facilities Authority, OH, (Greater Columbus Convention Center Hotel Expansion):
5.00%, 12/1/36	$	1,360	$	1,527,579
5.00%, 12/1/37		650		728,533
5.00%, 12/1/39		905		1,009,980
Irving, TX, Hotel Occupancy Tax Revenue:
5.00%, 8/15/31		225		265,311
5.00%, 8/15/33		300		352,689
5.00%, 8/15/35		150		175,971
Jurupa Public Financing Authority, CA, 5.00%, 9/1/25		735		803,281
Marquette Brownfield Redevelopment Authority, MI, 5.00%, 5/1/31		1,655		1,899,377
Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.50%, 10/1/29		2,145		2,240,946
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/27		4,000		4,629,160
New York State Urban Development Corp., Sales Tax Revenue, 3.00%, 3/15/40		3,000		3,068,310
Sales Tax Securitization Corp., IL, 5.00%, 1/1/30		2,000		2,439,880
San Francisco Bay Area Rapid Transit District, CA, Sales Tax Revenue, 4.00%, 7/1/34		1,615		1,812,191
South Village Community Development District, FL:
2.125%, 5/1/22		100		100,186
2.375%, 5/1/23		100		101,080
2.50%, 5/1/24		100		101,672
2.75%, 5/1/25		95		97,744
3.25%, 5/1/27		95		99,226
4.35%, 5/1/26		365		380,308
Sparks, NV, (Legends at Sparks Marina), 2.75%, 6/15/28(3)		3,250		3,308,890
St. Louis Land Clearance for Redevelopment Authority, MO, (Kiel Opera House Renovation), 3.875%, 10/1/35		965		926,863
Washington Convention and Sports Authority, D.C., Dedicated Tax Revenue, 4.00%, 10/1/33		700		809,298
			$	32,170,584
Student Loan — 0.2%
Connecticut Higher Education Supplemental Loan Authority, (AMT), 5.00%, 11/15/24	$	600	$	657,432
Massachusetts Educational Financing Authority:
(AMT), 5.00%, 7/1/22		1,000		1,018,450
(AMT), 5.00%, 1/1/23		500		518,970
			$	2,194,852

16 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation — 18.2%
Austin, TX, Airport System Revenue:
(AMT), 5.00%, 11/15/32	$	1,690	$	2,052,437
(AMT), 5.00%, 11/15/33		1,720		2,082,507
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area), 0.51%, (SIFMA + 0.45%), 4/1/26 (Put Date), 4/1/56(2)		3,200		3,223,776
California Municipal Finance Authority, (LINXS Automated People Mover):
(AMT), 5.00%, 12/31/34		1,700		1,975,519
(AMT), 5.00%, 12/31/35		3,300		3,831,894
(AMT), 5.00%, 12/31/36		3,910		4,536,187
(AMT), 5.00%, 12/31/37		1,715		1,989,520
Central Florida Expressway Authority, 5.00%, 7/1/42		3,000		3,490,680
Central Texas Regional Mobility Authority:
5.00%, 1/1/25		350		386,442
5.00%, 1/1/26		500		559,650
5.00%, 1/1/27		550		613,679
5.00%, 1/1/28		750		834,045
5.00%, 1/1/33		1,225		1,514,529
5.00%, 1/1/35		500		615,980
Charlotte, NC, (Charlotte Douglas International Airport), (AMT), 5.00%, 7/1/29		900		1,088,703
Chicago, IL, (Midway International Airport):
(AMT), 5.00%, 1/1/25		7,255		7,968,819
(AMT), 5.00%, 1/1/27		1,000		1,070,450
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/27		5,000		5,513,050
Clark County, NV, Airport System Revenue, (AMT), 5.00%, 7/1/27		2,500		2,922,950
Colorado Bridge Enterprise, (Central 70 Project):
(AMT), 4.00%, 12/31/26		3,950		4,390,860
(AMT), 4.00%, 6/30/27		4,475		4,998,978
(AMT), 4.00%, 12/31/27		2,425		2,726,985
(AMT), 4.00%, 6/30/30		790		876,655
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.00%, 11/1/24		500		533,570
Denver City and County, CO, Airport System Revenue, (AMT), 5.00%, 11/15/30		6,955		8,149,313
Houston, TX, Airport System Revenue:
(AMT), 4.00%, 7/1/36		1,100		1,243,473
(AMT), 4.00%, 7/1/37		1,500		1,694,385
(AMT), 4.00%, 7/1/38		1,500		1,690,920
Illinois Toll Highway Authority, 5.00%, 1/1/27		1,250		1,343,000
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization):
(AMT), 5.00%, 3/1/30		1,000		1,196,130

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization): (continued)
(AMT), 5.00%, 3/1/32	$	1,000	$	1,194,540
(AMT), 5.00%, 3/1/33		2,000		2,383,760
(AMT), 5.00%, 3/1/34		1,800		2,137,896
Lee County, FL, Airport Revenue:
(AMT), 5.00%, 10/1/30		6,095		7,483,807
(AMT), 5.00%, 10/1/31		5,950		7,420,840
(AMT), 5.00%, 10/1/32		3,000		3,730,740
Los Angeles Department of Airports, CA, (Los Angeles International Airport):
(AMT), 5.00%, 5/15/25		3,105		3,469,775
(AMT), 5.00%, 5/15/27		2,700		2,998,755
(AMT), 5.00%, 5/15/34		1,710		2,027,718
(AMT), 5.00%, 5/15/36		2,515		2,981,608
Los Angeles Harbor Department, CA, (AMT), 5.00%, 8/1/26		1,230		1,339,396
Maryland Economic Development Corp., (Seagirt Marine Terminal):
(AMT), 5.00%, 6/1/44		500		582,140
(AMT), 5.00%, 6/1/49		750		867,435
Memphis-Shelby County Airport Authority, TN:
(AMT), 5.00%, 7/1/27		1,330		1,549,024
(AMT), 5.00%, 7/1/29		1,470		1,738,216
Metropolitan Transportation Authority, NY, 3.00%, 11/1/22		5,000		5,085,100
Metropolitan Washington Airports Authority, D.C.:
(AMT), 4.00%, 10/1/37		410		468,171
(AMT), 4.00%, 10/1/38		515		586,837
(AMT), 4.00%, 10/1/41		410		462,177
(AMT), 5.00%, 10/1/23		810		864,416
Miami-Dade County, FL, Aviation Revenue:
4.00%, 10/1/39		1,675		1,907,942
5.00%, 10/1/25		1,000		1,094,750
(AMT), 5.00%, 10/1/34		5,000		5,425,750
Miami-Dade County, FL, Seaport Revenue, (AMT), 4.00%, 10/1/46		5,000		5,559,000
New Jersey Turnpike Authority:
0.671%, (70% of 1 mo. USD LIBOR + 0.60%), 1/1/23(2)		1,000		1,001,260
5.00%, 1/1/32		4,520		4,914,234
New Orleans Aviation Board, LA:
(AMT), 5.00%, 1/1/24		1,600		1,714,304
(AMT), 5.00%, 1/1/25		1,600		1,757,424
(AMT), 5.00%, 1/1/27		1,000		1,102,610
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/46		235		251,133

17 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
North Texas Tollway Authority:
4.00%, 1/1/38	$	2,425	$	2,790,132
5.00%, 1/1/30		1,000		1,129,780
Pennsylvania Turnpike Commission, 5.00%, 12/1/37		6,000		7,303,380
Phoenix Civic Improvement Corp., AZ, Airport Revenue, (AMT), 5.00%, 7/1/30		2,140		2,488,884
Port Authority of New York and New Jersey:
4.00%, 11/1/41		2,100		2,361,702
(AMT), 3.00%, 10/1/28		1,330		1,430,628
(AMT), 5.00%, 10/15/33		2,080		2,603,661
(AMT), 5.00%, 10/15/34		2,200		2,747,668
(AMT), 5.00%, 10/15/35		2,000		2,488,780
(AMT), 5.00%, 10/15/36		2,150		2,665,828
Port of Oakland, CA, (AMT), 5.00%, 11/1/24		2,300		2,532,507
Port of Portland, OR, (Portland International Airport):
(AMT), 5.00%, 7/1/32		1,500		1,810,020
(AMT), 5.00%, 7/1/33		1,405		1,695,779
(AMT), 5.00%, 7/1/34		1,510		1,822,132
Port of Seattle, WA:
5.00%, 6/1/33		4,150		5,268,051
(AMT), 5.00%, 9/1/26		2,300		2,622,023
Salt Lake City, UT, (Salt Lake City International Airport), (AMT), 5.00%, 7/1/31		11,490		14,274,372
San Jose, CA, Airport Revenue:
(AMT), 5.00%, 3/1/27		1,500		1,735,050
(AMT), 5.00%, 3/1/41		5,000		5,745,000
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 5.00%, 12/31/34		3,000		3,636,330
Triborough Bridge and Tunnel Authority, NY, Series 2017C, 5.00%, 11/15/42		2,745		3,252,002
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), (AMT), 5.00%, 12/1/46		1,250		1,505,250
			$	223,124,803
Water and Sewer — 1.5%
Cape Fear Public Utility Authority, NC, 4.00%, 8/1/32	$	445	$	494,266
Coldwater Local Development Finance Authority, MI:
(AMT), Series A, 5.00%, 12/1/27		390		430,837
(AMT), Series B, 5.00%, 12/1/27		505		557,879
Denver City and County Board of Water Commissioners, CO, 5.00%, 12/15/28		3,195		3,943,684
Elsinore Valley Municipal Water District Financing Authority, CA:
3.00%, 7/1/33		750		821,197
3.00%, 7/1/34		625		679,644
3.00%, 7/1/35		700		756,266

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Loudoun County Sanitation Authority, VA, 4.00%, 1/1/33	$	4,935	$	5,842,744
Luzerne County Industrial Development Authority, PA, (Pennsylvania-American Water Co.), (AMT), 2.45% to 12/3/29 (Put Date), 12/1/39		2,750		2,901,552
Miami-Dade County, FL, Water and Sewer System Revenue, 3.00%, 10/1/36		1,600		1,709,152
			$	18,137,221
Total Tax-Exempt Municipal Obligations — 92.1% (identified cost $1,101,088,304)			$	1,127,893,087
Taxable Municipal Obligations — 3.6%
Security	Principal Amount (000’s omitted)		Value
Electric Utilities — 0.2%
Vernon, CA, Electric System Revenue, 4.05%, 8/1/23	$	2,000	$	2,056,760
			$	2,056,760
General Obligations — 1.9%
Atlantic City, NJ, 7.00%, 3/1/28	$	2,670	$	2,973,365
Cecil County, MD, 1.40%, 11/1/28		1,150		1,116,270
Chicago, IL:
7.375%, 1/1/33		3,250		4,174,430
7.75%, 1/1/42		3,811		4,299,799
7.781%, 1/1/35		2,600		3,560,362
Collin County, TX, 1.683%, 2/15/30		100		97,065
Dauphin County, PA, 1.83%, 11/15/29		1,200		1,174,500
Lakeside School District No. 9, AR, 1.45%, 4/1/34		2,390		2,217,753
Larkspur-Corte Madera School District, CA, (Election of 2011 and 2014), 2.002%, 8/1/33		650		620,796
Marin Community College District, CA, 2.14%, 8/1/34		1,500		1,441,080
Mattawan Consolidated School, MI, 1.966%, 5/1/32		1,350		1,319,652
Mesquite Independent School District, TX, (PSF Guaranteed), 1.84%, 8/15/33		505		479,260
			$	23,474,332
Insured – General Obligations — 0.7%
Altoona Area School District, PA, (BAM), 2.288%, 12/1/34	$	750	$	724,470
Bureau County Township High School District No. 502, IL, (BAM), 1.756%, 12/1/29		1,000		959,940
Detroit, MI, (AMBAC), 5.15%, 4/1/25		6,427		6,427,135
			$	8,111,545

18 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Hospital — 0.1%
Oklahoma Development Finance Authority, (OU Medicine), (AGM), 4.65%, 8/15/30	$	1,500	$	1,707,375
			$	1,707,375
Insured – Special Tax Revenue — 0.5%
Bexar County, TX, Venue Project Revenue, (AGM), 2.434%, 8/15/33	$	1,505	$	1,457,653
Rio Elementary School District Community Facilities District No. 1, CA, (BAM), 2.457%, 9/1/32		1,500		1,484,535
Successor Agency to Pittsburg Redevelopment Agency, CA, (AGM), 3.684%, 8/1/24		1,030		1,079,924
Successor Agency to San Bernardino County Redevelopment Agency, CA:
(AGM), 3.25%, 9/1/22		350		354,781
(AGM), 3.50%, 9/1/23		510		526,692
(AGM), 3.75%, 9/1/25		500		530,530
(AGM), 4.00%, 9/1/26		500		530,940
			$	5,965,055
Senior Living / Life Care — 0.1%
Berks County Industrial Development Authority, PA, (Highlands at Wyomissing), 3.95%, 5/15/24	$	1,450	$	1,471,156
			$	1,471,156
Special Tax Revenue — 0.1%
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), 3.80%, 7/1/22	$	1,000	$	1,010,070
Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 5.25%, 3/1/31		335		340,048
			$	1,350,118
Total Taxable Municipal Obligations — 3.6% (identified cost $41,106,665)			$	44,136,341
Total Investments — 96.9% (identified cost $1,156,408,212)			$	1,187,097,502
Other Assets, Less Liabilities — 3.1%			$	37,991,060
Net Assets — 100.0%			$	1,225,088,562

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

At January 31, 2022, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is less than 10% individually.

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At January 31, 2022, 9.1% 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 0.1% to 4.2% of total investments.

⁽¹⁾  Amount is less than 0.05%.

⁽²⁾  Floating rate security. The stated interest rate represents the rate in effect at January 31, 2022.

⁽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 January 31, 2022, the aggregate value of these securities is $87,932,107 or 7.2% of the Fund’s net assets.

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

⁽⁵⁾  When-issued/delayed delivery security.

Abbreviations:

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

Currency Abbreviations:

USD – United States Dollar

19 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Statement of Assets and Liabilities (Unaudited)

Assets	January 31, 2022
Investments, at value (identified cost, $1,156,408,212)	$	1,187,097,502
Cash		9,178,279
Interest receivable		9,997,811
Receivable for investments sold		27,987,585
Receivable for Fund shares sold		1,501,741
Total assets	$	1,235,762,918
Liabilities
Payable for when-issued/delayed delivery securities	$	5,544,252
Payable for Fund shares redeemed		3,908,345
Distributions payable		275,971
Payable to affiliates:
Investment adviser and administration fee		623,078
Distribution and service fees		53,444
Accrued expenses		269,266
Total liabilities	$	10,674,356
Net Assets	$	1,225,088,562
Sources of Net Assets
Paid-in capital	$	1,195,994,497
Distributable earnings		29,094,065
Net Assets	$	1,225,088,562
Class A Shares
Net Assets	$	115,310,120
Shares Outstanding		9,471,402
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.17
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	12.78
Class C Shares
Net Assets	$	32,157,756
Shares Outstanding		2,642,274
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	12.17
Class I Shares
Net Assets	$	1,077,620,686
Shares Outstanding		88,389,473
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.19

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.

20 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Statement of Operations (Unaudited)

Investment Income	Six Months Ended January 31, 2022
Interest	$	16,366,188
Total investment income	$	16,366,188
Expenses
Investment adviser and administration fee	$	3,849,441
Distribution and service fees
Class A		154,604
Class C		177,568
Trustees’ fees and expenses		32,083
Custodian fee		150,600
Transfer and dividend disbursing agent fees		180,836
Legal and accounting services		11,826
Printing and postage		37,528
Registration fees		43,540
Miscellaneous		83,690
Total expenses	$	4,721,716
Net investment income	$	11,644,472
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(2,362,440	)
Net realized loss	$	(2,362,440	)
Change in unrealized appreciation (depreciation) —
Investments	$	(50,293,841	)
Net change in unrealized appreciation (depreciation)	$	(50,293,841	)
Net realized and unrealized loss	$	(52,656,281	)
Net decrease in net assets from operations	$	(41,011,809	)

21 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31, 2021
From operations —
Net investment income	$	11,644,472		$	28,023,058
Net realized gain (loss)		(2,362,440	)		36,278,989
Net change in unrealized appreciation (depreciation)		(50,293,841	)		22,186,632
Net increase (decrease) in net assets from operations	$	(41,011,809	)	$	86,488,679
Distributions to shareholders —
Class A	$	(2,815,176	)	$	(2,397,128	)
Class C		(670,627	)		(436,663	)
Class I		(27,943,734	)		(25,440,055	)
Total distributions to shareholders	$	(31,429,537	)	$	(28,273,846	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	5,768,460		$	20,613,652
Class C		1,307,839			2,609,434
Class I		91,400,311			282,749,275
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,560,944			2,150,931
Class C		611,075			379,729
Class I		23,799,519			21,468,194
Cost of shares redeemed
Class A		(14,296,944	)		(30,751,542	)
Class C		(3,936,301	)		(9,337,618	)
Class I		(176,295,441	)		(398,114,206	)
Net asset value of shares converted
Class A		303,026			819,433
Class C		(303,026	)		(819,433	)
Net decrease in net assets from Fund share transactions	$	(69,080,538	)	$	(108,232,151	)
Net decrease in net assets	$	(141,521,884	)	$	(50,017,318	)
Net Assets
At beginning of period	$	1,366,610,446		$	1,416,627,764
At end of period	$	1,225,088,562		$	1,366,610,446

22 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Financial Highlights

	Class A
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	12.870		$	12.330		$	12.310		$	11.880		$	11.960		$	12.250
Income (Loss) From Operations
Net investment income	$	0.099	(1)	$	0.232	(1)	$	0.262	(1)	$	0.277	(1)	$	0.251	(1)	$	0.236
Net realized and unrealized gain (loss)		(0.508	)		0.541			0.018	(2)		0.427			(0.084	)		(0.239	)
Total income (loss) from operations	$	(0.409	)	$	0.773		$	0.280		$	0.704		$	0.167		$	(0.003	)
Less Distributions
From net investment income	$	(0.097	)	$	(0.233	)	$	(0.260	)	$	(0.274	)	$	(0.247	)	$	(0.236	)
From net realized gain		(0.194	)		—			—			—			—			(0.051	)
Total distributions	$	(0.291	)	$	(0.233	)	$	(0.260	)	$	(0.274	)	$	(0.247	)	$	(0.287	)
Net asset value — End of period	$	12.170		$	12.870		$	12.330		$	12.310		$	11.880		$	11.960
Total Return(3)		(3.23	)%(4)		6.34	%		2.32	%		6.02	%		1.41	%		0.04	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	115,310		$	127,729		$	129,416		$	127,094		$	116,961		$	112,632
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.91	%(5)		0.92	%		0.92	%		0.94	%		0.93	%		0.96	%
Interest and fee expense(6)		—			0.00	%(7)		0.00	%(7)		—			—			—
Total expenses		0.91	%(5)		0.92	%		0.92	%		0.94	%		0.93	%		0.96	%
Net investment income		1.55	%(5)		1.84	%		2.15	%		2.32	%		2.11	%		2.02	%
Portfolio Turnover		13	%(4)		62	%		56	%		34	%		30	%		53	%

⁽¹⁾  Computed using average shares outstanding.

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

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

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

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

⁽⁷⁾  Amount is less than 0.005%.

23 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Financial Highlights — continued

	Class C
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,												Period Ended July 31, 2017
				2021			2020			2019			2018
Net asset value — Beginning of period	$	12.870		$	12.330		$	12.300		$	11.870		$	11.960		$	12.250
Income (Loss) From Operations
Net investment income	$	0.051	(1)	$	0.139	(1)	$	0.171	(1)	$	0.188	(1)	$	0.161	(1)	$	0.146
Net realized and unrealized gain (loss)		(0.508	)		0.540			0.027	(2)		0.426			(0.093	)		(0.239	)
Total income (loss) from operations	$	(0.457	)	$	0.679		$	0.198		$	0.614		$	0.068		$	(0.093	)
Less Distributions
From net investment income	$	(0.049	)	$	(0.139	)	$	(0.168	)	$	(0.184	)	$	(0.158	)	$	(0.146	)
From net realized gain		(0.194	)		—			—			—			—			(0.051	)
Total distributions	$	(0.243	)	$	(0.139	)	$	(0.168	)	$	(0.184	)	$	(0.158	)	$	(0.197	)
Net asset value — End of period	$	12.170		$	12.870		$	12.330		$	12.300		$	11.870		$	11.960
Total Return(3)		(3.59	)%(4)		5.55	%		1.64	%		5.23	%		0.57	%		(0.71	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	32,158		$	36,398		$	41,939		$	47,617		$	51,587		$	54,001
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.66	%(5)		1.67	%		1.67	%		1.69	%		1.69	%		1.71	%
Interest and fee expense(6)		—			0.00	%(7)		0.00	%(7)		—			—			—
Total expenses		1.66	%(5)		1.67	%		1.67	%		1.69	%		1.69	%		1.71	%
Net investment income		0.80	%(5)		1.11	%		1.40	%		1.57	%		1.35	%		1.27	%
Portfolio Turnover		13	%(4)		62	%		56	%		34	%		30	%		53	%

⁽¹⁾  Computed using average shares outstanding.

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

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

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

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

⁽⁷⁾  Amount is less than 0.005%.

24 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Financial Highlights — continued

	Class I
	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	12.890		$	12.350		$	12.320		$	11.900		$	11.980		$	12.270
Income (Loss) From Operations
Net investment income	$	0.115	(1)	$	0.263	(1)	$	0.293	(1)	$	0.306	(1)	$	0.282	(1)	$	0.265
Net realized and unrealized gain (loss)		(0.508	)		0.542			0.028	(2)		0.418			(0.085	)		(0.239	)
Total income (loss) from operations	$	(0.393	)	$	0.805		$	0.321		$	0.724		$	0.197		$	0.026
Less Distributions
From net investment income	$	(0.113	)	$	(0.265	)	$	(0.291	)	$	(0.304	)	$	(0.277	)	$	(0.265	)
From net realized gain		(0.194	)					—			—			—			(0.051	)
Total distributions	$	(0.307	)	$	(0.265	)	$	(0.291	)	$	(0.304	)	$	(0.277	)	$	(0.316	)
Net asset value — End of period	$	12.190		$	12.890		$	12.350		$	12.320		$	11.900		$	11.980
Total Return(3)		(3.10	)%(4)		6.60	%		2.66	%		6.19	%		1.67	%		0.29	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,077,621		$	1,202,483		$	1,245,273		$	1,129,022		$	840,654		$	630,358
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.66	%(5)		0.67	%		0.67	%		0.69	%		0.68	%		0.71	%
Interest and fee expense(6)		—			0.00	%(7)		0.00	%(7)		—			—			—
Total expenses		0.66	%(5)		0.67	%		0.67	%		0.69	%		0.68	%		0.71	%
Net investment income		1.80	%(5)		2.10	%		2.40	%		2.56	%		2.37	%		2.27	%
Portfolio Turnover		13	%(4)		62	%		56	%		34	%		30	%		53	%

⁽¹⁾  Computed using average shares outstanding.

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

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

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

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

⁽⁷⁾  Amount is less than 0.005%.

25 See Notes to Financial Statements.

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

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

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

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

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

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

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

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

As of January 31, 2022, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

26

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

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

H  Floating Rate Notes Issued in Conjunction with Securities Held — The Fund may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby the Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by the Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Fund accounts for the transaction described above as a secured borrowing by including the Bond in its Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in its Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. Interest expense related to the Fund’s liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. The Fund had no Floating Rate Notes outstanding during the six months ended January 31, 2022.

In certain circumstances, the Fund may enter into shortfall and forbearance agreements with brokers by which the Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Fund had no shortfalls as of January 31, 2022.

The Fund may also purchase residual interest bonds in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.

The Fund’s investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Fund’s investment policies do not allow the Fund to borrow money except as permitted by the 1940 Act. Management believes that the Fund’s restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Fund’s Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Fund’s restrictions apply. Residual interest bonds held by the Fund are securities exempt from registration under Rule 144A of the Securities Act of 1933.

I  When-Issued Securities and Delayed Delivery Transactions — The Fund may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. 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.

J  Interim Financial Statements — The interim financial statements relating to January 31, 2022 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

The net investment income of the Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of

27

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2022, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,155,637,487
Gross unrealized appreciation	$	42,557,792
Gross unrealized depreciation		(11,097,777	)
Net unrealized appreciation	$	31,460,015

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to the Fund. The investment adviser and administration fee is computed at an annual rate as a percentage of the Fund’s average daily net assets as follows and is payable monthly:

Average Daily Net Assets	Annual Fee Rate
Up to $500 million		0.600	%
$500 million but less than $1 billion		0.575	%
$1 billion but less than $2.5 billion		0.550	%
$2.5 billion but less than $5 billion		0.530	%
$5 billion and over		0.515	%

For the six months ended January 31, 2022, the investment adviser and administration fee amounted to $3,849,441 or 0.58% (annualized) of the Fund’s average daily net assets.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended January 31, 2022, EVM earned $6,994 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $2,115 as its portion of the sales charge on sales of Class A shares for the six months ended January 31, 2022. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended January 31, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended January 31, 2022 amounted to $154,604 for Class A shares. The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended January 31, 2022, the Fund paid or accrued to EVD $133,176 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of

28

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended January 31, 2022 amounted to $44,392 for Class C shares.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended January 31, 2022, the Fund was informed that EVD received approximately $2,000 and $100 of CDSCs paid by Class A and Class C shareholders, respectively.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $175,470,820 and $294,289,452, respectively, for the six months ended January 31, 2022.

7  Shares of Beneficial Interest

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

Class A	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31, 2021
Sales		455,536			1,643,229
Issued to shareholders electing to receive payments of distributions in Fund shares		204,336			171,659
Redemptions		(1,133,665	)		(2,452,525	)
Converted from Class C shares		24,021			65,882
Net decrease		(449,772	)		(571,755	)
Class C	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31, 2021
Sales		103,310			207,464
Issued to shareholders electing to receive payments of distributions in Fund shares		48,798			30,383
Redemptions		(313,949	)		(745,280	)
Converted to Class A shares		(24,024	)		(65,926	)
Net decrease		(185,865	)		(573,359	)
Class I	Six Months Ended January 31, 2022 (Unaudited)			Year Ended July 31, 2021
Sales		7,228,213			22,527,938
Issued to shareholders electing to receive payments of distributions in Fund shares		1,895,637			1,710,554
Redemptions		(14,006,089	)		(31,791,937	)
Net decrease		(4,882,239	)		(7,553,445	)

29

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Notes to Financial Statements (Unaudited) — continued

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 25, 2022. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Secured Overnight Financing Rate

(SOFR) 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 2021, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended January 31, 2022.

9  Fair Value Measurements

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

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

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

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

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

At January 31, 2022, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	14,596,701	$	—	$	14,596,701
Tax-Exempt Mortgage-Backed Securities		—		471,373		—		471,373
Tax-Exempt Municipal Obligations		—		1,127,893,087		—		1,127,893,087
Taxable Municipal Obligations		—		44,136,341		—		44,136,341
Total Investments	$	—	$	1,187,097,502	$	—	$	1,187,097,502

10  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 Fund’s performance, or the performance of the securities in which the Fund invests.

30

Eaton Vance

Municipal Opportunities Fund

January 31, 2022

Officers and Trustees

Officers

Eric A. Stein

President

Deidre E. Walsh

Vice President

James F. Kirchner

Treasurer

Jill R. Damon

Secretary

Richard F. Froio

Chief Compliance Officer

Trustees

George J. Gorman

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

Valerie A. Mosley

William H. Park

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

31

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

32

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.

33

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.

34

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7778    1.31.22

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

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

Signatures

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

Eaton Vance Municipals Trust

By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	March 28, 2022

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	March 28, 2022
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	March 28, 2022