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)
One Post Office Square, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
September 30
Date of Fiscal Year End
March 31, 2024
Date of Reporting Period
Item 1. Reports to Stockholders
Eaton Vance
Municipal Income Funds
Semiannual Report
March 31, 2024
California Opportunities • Massachusetts • New York • Ohio
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of each Fund. Accordingly, neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, the Funds' adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.
Semiannual Report March 31, 2024
Eaton Vance
Municipal Income Funds
Eaton Vance
California Municipal Opportunities Fund
March 31, 2024
Performance
Portfolio Manager(s) Craig R. Brandon, CFA and Trevor G. Smith
| % Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 05/27/1994 | 12/19/1985 | 6.66% | 3.77% | 1.76% | 2.96% |
| Class A with 3.25% Maximum Sales Charge | — | — | 3.14 | 0.40 | 1.09 | 2.62 |
| Class C at NAV | 08/31/2004 | 12/19/1985 | 6.21 | 3.03 | 1.01 | 2.35 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 5.21 | 2.03 | 1.01 | 2.35 |
| Class I at NAV | 03/03/2008 | 12/19/1985 | 6.68 | 4.03 | 2.01 | 3.20 |
| Bloomberg Municipal Bond Index | — | — | 7.48% | 3.13% | 1.59% | 2.66% |
| Bloomberg California Municipal Bond Index | — | — | 7.12 | 3.15 | 1.60 | 2.67 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.75% | 1.50% | 0.50% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 3.28% | 2.52% | 3.53% |
| Taxable-Equivalent Distribution Rate | 7.14 | 5.50 | 7.69 |
| SEC 30-day Yield | 3.00 | 2.35 | 3.35 |
| Taxable-Equivalent SEC 30-day Yield | 6.53 | 5.12 | 7.30 |
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. 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
California Municipal Opportunities Fund
March 31, 2024
Fund Profile
| Credit Quality (% of total investments)1 |
Footnotes:
| 1 | 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. |
3
Eaton Vance
Massachusetts Municipal Income Fund
March 31, 2024
Performance
Portfolio Manager(s) Craig R. Brandon, CFA and Julie P. Callahan, CFA
| % Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 12/07/1993 | 04/18/1991 | 6.80% | 2.78% | 0.62% | 1.95% |
| Class A with 3.25% Maximum Sales Charge | — | — | 3.28 | (0.55) | (0.05) | 1.61 |
| Class C at NAV | 05/02/2006 | 04/18/1991 | 6.40 | 2.01 | (0.12) | 1.33 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 5.40 | 1.02 | (0.12) | 1.33 |
| Class I at NAV | 06/17/1993 | 04/18/1991 | 6.90 | 2.99 | 0.81 | 2.15 |
| Bloomberg Municipal Bond Index | — | — | 7.48% | 3.13% | 1.59% | 2.66% |
| Bloomberg Massachusetts Municipal Bond Index | — | — | 7.09 | 2.43 | 1.34 | 2.40 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.79% | 1.54% | 0.59% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 3.14% | 2.39% | 3.34% |
| Taxable-Equivalent Distribution Rate | 6.26 | 4.76 | 6.66 |
| SEC 30-day Yield | 2.84 | 2.19 | 3.14 |
| Taxable-Equivalent SEC 30-day Yield | 5.67 | 4.36 | 6.26 |
| % Total Leverage5 | |
| Residual Interest Bond (RIB) Financing | 2.24% |
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. 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
Massachusetts Municipal Income Fund
March 31, 2024
Fund Profile
| Credit Quality (% of total investments)1,2 |
Footnotes:
| 1 | 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. |
| 2 | The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |
5
Eaton Vance
New York Municipal Income Fund
March 31, 2024
Performance
Portfolio Manager(s) Craig R. Brandon, CFA and Christopher J. Eustance, CFA
| % Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 04/15/1994 | 08/30/1990 | 8.99% | 4.27% | 1.54% | 2.67% |
| Class A with 3.25% Maximum Sales Charge | — | — | 5.51 | 0.91 | 0.87 | 2.33 |
| Class C at NAV | 09/30/2003 | 08/30/1990 | 8.59 | 3.49 | 0.77 | 2.06 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 7.59 | 2.49 | 0.77 | 2.06 |
| Class I at NAV | 03/03/2008 | 08/30/1990 | 9.10 | 4.48 | 1.74 | 2.88 |
| Bloomberg Municipal Bond Index | — | — | 7.48% | 3.13% | 1.59% | 2.66% |
| Bloomberg New York Municipal Bond Index | — | — | 7.84 | 3.21 | 1.48 | 2.56 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.84% | 1.59% | 0.64% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 3.28% | 2.52% | 3.48% |
| Taxable-Equivalent Distribution Rate | 6.78 | 5.22 | 7.20 |
| SEC 30-day Yield | 3.00 | 2.36 | 3.31 |
| Taxable-Equivalent SEC 30-day Yield | 6.22 | 4.88 | 6.84 |
| % Total Leverage5 | |
| RIB Financing | 4.07% |
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. 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
New York Municipal Income Fund
March 31, 2024
Fund Profile
| Credit Quality (% of total investments)1,2 |
Footnotes:
| 1 | 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. |
| 2 | The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |
7
Eaton Vance
Ohio Municipal Income Fund
March 31, 2024
Performance
Portfolio Manager(s) Cynthia J. Clemson and Julie P. Callahan, CFA
| % Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 12/07/1993 | 04/18/1991 | 7.07% | 2.71% | 1.31% | 2.53% |
| Class A with 3.25% Maximum Sales Charge | — | — | 3.54 | (0.61) | 0.65 | 2.19 |
| Class C at NAV | 02/03/2006 | 04/18/1991 | 6.54 | 1.82 | 0.53 | 1.93 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 5.54 | 0.83 | 0.53 | 1.93 |
| Class I at NAV | 08/03/2010 | 04/18/1991 | 7.04 | 2.79 | 1.49 | 2.73 |
| Bloomberg Municipal Bond Index | — | — | 7.48% | 3.13% | 1.59% | 2.66% |
| Bloomberg Ohio Municipal Bond Index | — | — | 7.38 | 2.82 | 1.41 | 2.63 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.86% | 1.62% | 0.66% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 3.00% | 2.25% | 3.20% |
| Taxable-Equivalent Distribution Rate | 5.43 | 4.07 | 5.79 |
| SEC 30-day Yield | 2.79 | 2.13 | 3.08 |
| Taxable-Equivalent SEC 30-day Yield | 5.05 | 3.87 | 5.58 |
| % Total Leverage5 | |
| RIB Financing | 4.14% |
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
8
Eaton Vance
Ohio Municipal Income Fund
March 31, 2024
Fund Profile
| Credit Quality (% of total investments)1,2 |
Footnotes:
| 1 | 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. |
| 2 | The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |
9
Eaton Vance
Municipal Income Funds
March 31, 2024
Endnotes and Additional Disclosures
| 1 | Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg California Municipal Bond Index is an unmanaged index of California municipal bonds. Bloomberg Massachusetts Municipal Bond Index is an unmanaged index of Massachusetts municipal bonds. Bloomberg New York Municipal Bond Index is an unmanaged index of New York municipal bonds. Bloomberg Ohio Municipal Bond Index is an unmanaged index of Ohio municipal bonds. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
| 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.For California Municipal Opportunities Fund, performance prior to April 13, 2015 reflects the Fund’s performance under its former investment objective and strategy. |
| 3 | Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. |
| 4 | The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. |
| 5 | Fund employs RIB financing. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of NAV). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with |
| Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets plus Floating Rate Notes. |
| Fund profiles subject to change due to active management. |
10
Eaton Vance
Municipal Income Funds
March 31, 2024
Fund Expenses
Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2023 to March 31, 2024).
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). Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.
Eaton Vance California Municipal Opportunities Fund
| Beginning Account Value (10/1/23) | Ending Account Value (3/31/24) | Expenses Paid During Period* (10/1/23 – 3/31/24) | Annualized Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,066.60 | $3.87 | 0.75% |
| Class C | $1,000.00 | $1,062.10 | $7.73 | 1.50% |
| Class I | $1,000.00 | $1,066.80 | $2.58 | 0.50% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,021.25 | $3.79 | 0.75% |
| Class C | $1,000.00 | $1,017.50 | $7.57 | 1.50% |
| Class I | $1,000.00 | $1,022.50 | $2.53 | 0.50% |
| * | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2023. |
11
Eaton Vance
Municipal Income Funds
March 31, 2024
Fund Expenses — continued
Eaton Vance Massachusetts Municipal Income Fund
| Beginning Account Value (10/1/23) | Ending Account Value (3/31/24) | Expenses Paid During Period* (10/1/23 – 3/31/24) | Annualized Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,068.00 | $4.19 | 0.81% |
| Class C | $1,000.00 | $1,064.00 | $8.05 | 1.56% |
| Class I | $1,000.00 | $1,069.00 | $3.16 | 0.61% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,020.95 | $4.09 | 0.81% |
| Class C | $1,000.00 | $1,017.20 | $7.87 | 1.56% |
| Class I | $1,000.00 | $1,021.95 | $3.08 | 0.61% |
| * | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2023. |
Eaton Vance New York Municipal Income Fund
| Beginning Account Value (10/1/23) | Ending Account Value (3/31/24) | Expenses Paid During Period* (10/1/23 – 3/31/24) | Annualized Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,089.90 | $4.75 | 0.91% |
| Class C | $1,000.00 | $1,085.90 | $8.66 | 1.66% |
| Class I | $1,000.00 | $1,091.00 | $3.71 | 0.71% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,020.45 | $4.60 | 0.91% |
| Class C | $1,000.00 | $1,016.70 | $8.37 | 1.66% |
| Class I | $1,000.00 | $1,021.45 | $3.59 | 0.71% |
| * | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2023. |
12
Eaton Vance
Municipal Income Funds
March 31, 2024
Fund Expenses — continued
Eaton Vance Ohio Municipal Income Fund
| Beginning Account Value (10/1/23) | Ending Account Value (3/31/24) | Expenses Paid During Period* (10/1/23 – 3/31/24) | Annualized Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,070.70 | $4.71 | 0.91% |
| Class C | $1,000.00 | $1,065.40 | $8.57 | 1.66% |
| Class I | $1,000.00 | $1,070.40 | $3.67 | 0.71% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,020.45 | $4.60 | 0.91% |
| Class C | $1,000.00 | $1,016.70 | $8.37 | 1.66% |
| Class I | $1,000.00 | $1,021.45 | $3.59 | 0.71% |
| * | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2023. |
13
Eaton Vance
California Municipal Opportunities Fund
March 31, 2024
Portfolio of Investments (Unaudited)
| Corporate Bonds — 0.2% |
| Security | Principal Amount (000's omitted) | Value | |
| Other Revenue — 0.2% | |||
| Morongo Band of Mission Indians, 7.00%, 10/1/39(1) | $ | 2,080 | $ 2,200,806 |
| Total Corporate Bonds (identified cost $2,080,000) | $ 2,200,806 | ||
| Tax-Exempt Mortgage-Backed Securities — 0.6% |
| Security | Principal Amount (000's omitted) | Value | |
| Housing — 0.6% | |||
| California Housing Finance Agency, Municipal Certificates, Series 2021-1, Class A, 3.50%, 11/20/35 | $ | 6,087 | $ 5,710,176 |
| Total Tax-Exempt Mortgage-Backed Securities (identified cost $5,994,121) | $ 5,710,176 | ||
| Tax-Exempt Municipal Obligations — 88.1% |
| Security | Principal Amount (000's omitted) | Value | |
| Education — 6.8% | |||
| California Enterprise Development Authority, (Curtis School Foundation): | |||
| 4.00%, 6/1/49 | $ | 1,000 | $ 970,600 |
| 4.00%, 6/1/53 | 1,000 | 955,170 | |
| 5.00%, 6/1/33 | 500 | 588,570 | |
| 5.00%, 6/1/37 | 500 | 574,105 | |
| 5.00%, 6/1/39 | 500 | 563,270 | |
| 5.00%, 6/1/41 | 500 | 554,980 | |
| California Infrastructure and Economic Development Bank, (The Colburn School), Social Bonds, 4.35%, (SIFMA + 0.90%), 6/1/27 (Put Date), 8/1/72(2) | 5,000 | 4,929,150 | |
| California School Finance Authority, (Granada Hills Charter Obligated Group), 4.00%, 7/1/38(1) | 465 | 441,513 | |
| California School Finance Authority, (Green Dot Public Schools): | |||
| 5.00%, 8/1/28(1) | 570 | 591,934 | |
| 5.00%, 8/1/38(1) | 2,500 | 2,556,450 | |
| University of California: | |||
| 4.00%, 5/15/40 | 3,000 | 2,991,090 | |
| 5.00%, 5/15/37 | 7,500 | 8,895,075 | |
| 5.00%, 5/15/39 | 5,000 | 5,889,900 | |
| 5.00%, 5/15/41 | 3,000 | 3,461,340 | |
| Security | Principal Amount (000's omitted) | Value | |
| Education (continued) | |||
| University of California: (continued) | |||
| 5.00%, 5/15/42 | $ | 7,660 | $ 8,790,693 |
| 5.00%, 5/15/43 | 4,750 | 5,432,622 | |
| University of California Medical Center, 5.00%, 5/15/47 | 11,240 | 12,334,101 | |
| $ 60,520,563 | |||
| Electric Utilities — 9.2% | |||
| Los Angeles Department of Water and Power, CA, Power System Revenue: | |||
| 5.00%, 7/1/36(3) | $ | 5,000 | $ 6,031,800 |
| 5.00%, 7/1/38(3) | 12,500 | 14,783,375 | |
| 5.00%, 7/1/42 | 6,525 | 6,807,728 | |
| 5.00%, 7/1/42(3) | 3,325 | 3,812,378 | |
| 5.00%, 7/1/43(3) | 3,275 | 3,730,946 | |
| 5.00%, 7/1/44(3) | 1,500 | 1,699,650 | |
| 5.00%, 7/1/49 | 9,185 | 9,776,147 | |
| 5.00%, 7/1/52 | 3,340 | 3,661,041 | |
| Sacramento Municipal Utility District, CA, (SPA: TD Bank, N.A.), 4.35%, 8/15/41(4) | 20,000 | 20,000,000 | |
| Southern California Public Power Authority, CA, (Southern Transmission System), 5.25%, 7/1/53 | 9,055 | 10,254,063 | |
| Vernon, CA, Electric System Revenue, 5.00%, 8/1/35 | 1,420 | 1,554,247 | |
| $ 82,111,375 | |||
| General Obligations — 26.8% | |||
| ABC Unified School District, CA, (Election of 2018), 4.00%, 8/1/47 | $ | 5,780 | $ 5,824,044 |
| Belmont-Redwood Shores School District, CA, 4.00%, 8/1/46 | 5,200 | 5,080,452 | |
| Beverly Hills Unified School District, CA, (Election of 2008): | |||
| 0.00%, 8/1/30 | 8,250 | 6,930,412 | |
| 0.00%, 8/1/32 | 6,465 | 5,115,561 | |
| California: | |||
| 4.00%, 3/1/37 | 11,500 | 12,046,135 | |
| 4.55%, 12/1/37 | 1,000 | 1,082,280 | |
| 5.00%, 11/1/42 | 10,000 | 11,218,100 | |
| Chico Unified School District, CA, 4.00%, 8/1/37 | 2,200 | 2,207,502 | |
| Clovis Unified School District, CA, (Election of 2020), 5.25%, 8/1/39 | 1,860 | 2,109,445 | |
| East Bay Regional Park District, CA, Green Bonds, 5.00%, 9/1/24 | 2,500 | 2,515,700 | |
| El Camino Community College District Foundation, CA, (Election of 2012), 4.00%, 8/1/41 | 5,860 | 5,862,696 | |
| Fairfield-Suisun Unified School District, CA: | |||
| 0.00%, 2/1/29(3) | 5,000 | 4,273,786 | |
14
See Notes to Financial Statements.
Eaton Vance
California Municipal Opportunities Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations (continued) | |||
| Fairfield-Suisun Unified School District, CA: (continued) | |||
| 4.00%, 2/1/29(3) | $ | 3,460 | $ 3,669,157 |
| Folsom Cordova Unified School District School Facilities Improvement District No. 5, CA, (Election of 2014), 4.00%, 10/1/40 | 4,355 | 4,317,503 | |
| Gilroy Unified School District, CA, (Election of 2016), 4.00%, 8/1/41 | 2,000 | 2,001,360 | |
| Hacienda La Puente Unified School District, CA, (Election of 2016): | |||
| 4.00%, 8/1/41 | 1,800 | 1,847,826 | |
| 4.00%, 8/1/42 | 2,000 | 2,040,880 | |
| 4.00%, 8/1/43 | 1,695 | 1,735,392 | |
| Hartnell Community College District, CA, (Election of 2016), 4.00%, 8/1/47 | 2,995 | 2,980,744 | |
| Jefferson Union High School District, CA, (Election of 2020), 4.125%, 8/1/46 | 2,000 | 2,037,620 | |
| Kern Community College District, CA, (Election of 2016): | |||
| 5.25%, 8/1/37 | 1,500 | 1,785,045 | |
| 5.25%, 8/1/41 | 1,000 | 1,161,210 | |
| Kern High School District, CA: | |||
| 5.00%, 8/1/28(3) | 1,400 | 1,537,863 | |
| 5.00%, 8/1/29(3) | 1,500 | 1,686,241 | |
| 5.00%, 8/1/30(3) | 1,150 | 1,320,554 | |
| 5.00%, 8/1/31(3) | 500 | 584,257 | |
| 5.00%, 8/1/32(3) | 250 | 297,871 | |
| 5.00%, 8/1/33(3) | 280 | 339,019 | |
| 5.00%, 8/1/34(3) | 310 | 374,763 | |
| 5.00%, 8/1/35(3) | 260 | 312,297 | |
| 5.00%, 8/1/36(3) | 360 | 429,750 | |
| La Canada Unified School District, CA, (Election of 2017): | |||
| 5.25%, 8/1/41 | 1,190 | 1,388,754 | |
| 5.50%, 8/1/43 | 1,780 | 2,105,366 | |
| 5.75%, 8/1/50 | 4,000 | 4,737,720 | |
| Lincoln Unified School District, CA: | |||
| 5.00%, 8/1/34(3) | 150 | 183,870 | |
| 5.00%, 8/1/35(3) | 280 | 339,420 | |
| 5.00%, 8/1/36(3) | 385 | 464,345 | |
| 5.00%, 8/1/37(3) | 350 | 417,355 | |
| 5.00%, 8/1/38(3) | 250 | 297,417 | |
| Long Beach Unified School District, CA, (Election of 2016), 4.00%, 8/1/39 | 2,095 | 2,105,831 | |
| Los Angeles Unified School District, CA, Sustainability Bonds, 5.00%, 7/1/39 | 4,000 | 4,741,360 | |
| Mariposa County Unified School District, CA, (Election of 2016), 5.00%, 8/1/43 | 1,265 | 1,313,589 | |
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations (continued) | |||
| Menlo Park City School District, CA: | |||
| 4.00%, 7/1/38(3) | $ | 425 | $ 462,086 |
| 4.00%, 7/1/39(3) | 450 | 485,847 | |
| 4.00%, 7/1/40(3) | 775 | 826,049 | |
| 4.00%, 7/1/41(3) | 1,500 | 1,584,960 | |
| 4.00%, 7/1/42(3) | 2,260 | 2,361,587 | |
| 4.00%, 7/1/43(3) | 1,210 | 1,258,206 | |
| Milpitas Unified School District, CA, (Election of 2018): | |||
| 4.00%, 8/1/39 | 3,780 | 3,964,729 | |
| 4.00%, 8/1/40 | 4,075 | 4,233,558 | |
| 4.00%, 8/1/42 | 2,360 | 2,421,195 | |
| Monterey Peninsula Unified School District, CA, (Election of 2018), 4.00%, 8/1/43 | 3,550 | 3,642,797 | |
| Morgan Hill Unified School District, CA, (Election of 2012): | |||
| 5.25%, 8/1/40 | 3,860 | 4,488,562 | |
| 5.25%, 8/1/41 | 2,440 | 2,821,689 | |
| 5.25%, 8/1/42 | 2,000 | 2,306,800 | |
| Mountain View Whisman School District, CA, (Election of 2020): | |||
| 4.00%, 9/1/38 | 1,000 | 1,046,340 | |
| 4.00%, 9/1/39 | 2,200 | 2,297,878 | |
| 4.00%, 9/1/40 | 1,300 | 1,348,672 | |
| 4.00%, 9/1/41 | 1,100 | 1,136,696 | |
| 4.00%, 9/1/42 | 1,250 | 1,285,975 | |
| Oceanside Unified School District, CA, (Election of 2020), 4.125%, 8/1/48 | 2,625 | 2,629,384 | |
| Pajaro Valley Unified School District, CA, 4.00%, 8/1/45 | 10,000 | 10,003,300 | |
| Palo Alto Unified School District, CA, (Election of 2008): | |||
| 0.00%, 8/1/25 | 1,000 | 959,330 | |
| 0.00%, 8/1/33 | 15,995 | 12,323,828 | |
| Puerto Rico: | |||
| 0.00%, 7/1/33 | 525 | 345,328 | |
| 5.625%, 7/1/27 | 1,500 | 1,596,465 | |
| 5.625%, 7/1/29 | 3,045 | 3,335,706 | |
| San Bernardino Community College District, CA, (Election of 2018), 4.125%, 8/1/49 | 5,835 | 5,875,261 | |
| San Bruno Park School District, CA, (Election of 2018), 5.00%, 8/1/53 | 8,000 | 8,631,680 | |
| San Jose-Evergreen Community College District, CA, (Election of 2016): | |||
| 4.00%, 9/1/41 | 1,600 | 1,651,904 | |
| 4.00%, 9/1/42 | 2,000 | 2,053,960 | |
| San Rafael City Elementary School District, CA, (Election of 2022), 4.00%, 8/1/42 | 1,240 | 1,268,594 | |
| Santa Clarita Community College District, CA, 5.25%, 8/1/45 | 2,420 | 2,707,181 | |
15
See Notes to Financial Statements.
Eaton Vance
California Municipal Opportunities Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations (continued) | |||
| Santa Monica-Malibu Unified School District, CA, (Election of 2018), 5.00%, 8/1/40 | $ | 7,420 | $ 8,482,321 |
| Torrance Unified School District, CA, (Election of 2008), 4.00%, 8/1/39 | 10,000 | 10,049,500 | |
| Torrance Unified School District, CA, (Election of 2014), 4.00%, 8/1/41 | 5,385 | 5,394,585 | |
| Washington Unified School District, CA, (Election of 2020): | |||
| 4.00%, 8/1/41 | 1,965 | 2,007,346 | |
| 4.00%, 8/1/43 | 2,400 | 2,432,376 | |
| 4.00%, 8/1/44 | 2,640 | 2,668,486 | |
| 4.25%, 8/1/50 | 2,170 | 2,204,720 | |
| Westminster School District, CA, (Election of 2016), 5.00%, 8/1/42 | 1,000 | 1,039,490 | |
| $238,454,863 | |||
| Hospital — 6.9% | |||
| California Health Facilities Financing Authority, 5.00% to 10/1/25 (Put Date), 10/1/39 | $ | 1,485 | $ 1,505,003 |
| California Health Facilities Financing Authority, (Cedars-Sinai Health System): | |||
| 4.00%, 8/15/48 | 6,920 | 6,780,977 | |
| 5.00%, 8/15/51 | 4,620 | 4,995,976 | |
| California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 4.00%, 8/15/36 | 8,920 | 9,033,106 | |
| California Health Facilities Financing Authority, (City of Hope): | |||
| 5.00%, 11/15/32 | 735 | 735,397 | |
| 5.00%, 11/15/35 | 1,050 | 1,050,556 | |
| California Health Facilities Financing Authority, (CommonSpirit Health), 5.25%, 12/1/49 | 3,750 | 4,143,337 | |
| California Health Facilities Financing Authority, (Kaiser Permanente), 5.00%, 11/1/47 | 10,000 | 11,771,100 | |
| California Health Facilities Financing Authority, (Lucile Salter Packard Children's Hospital at Stanford), 5.00%, 8/15/43 | 5,000 | 5,013,750 | |
| California Health Facilities Financing Authority, (Providence Health & Services), 5.00%, 10/1/44 | 3,010 | 3,019,752 | |
| California Health Facilities Financing Authority, (Providence St. Joseph Health), 5.00% to 10/1/27 (Put Date), 10/1/39 | 215 | 224,183 | |
| California Health Facilities Financing Authority, (Sutter Health), 5.00%, 11/15/46 | 3,000 | 3,063,840 | |
| California Municipal Finance Authority, (NorthBay Healthcare Group): | |||
| 5.00%, 11/1/24 | 800 | 802,472 | |
| 5.00%, 11/1/26 | 500 | 504,010 | |
| Series 2017A, 5.00%, 11/1/25 | 800 | 805,736 | |
| Security | Principal Amount (000's omitted) | Value | |
| Hospital (continued) | |||
| California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/33 | $ | 425 | $ 432,901 |
| California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/38 | 2,000 | 2,070,500 | |
| University of California Medical Center, 5.00%, 5/15/41 | 5,000 | 5,175,000 | |
| $ 61,127,596 | |||
| Housing — 1.1% | |||
| California Housing Finance Agency, Sustainability Bonds, 3.60% to 8/1/26 (Put Date), 8/1/63 | $ | 1,500 | $ 1,485,960 |
| CSCDA Community Improvement Authority, CA, (City of Orange Portfolio), Essential Housing Revenue, Social Bonds, 3.00%, 3/1/57(1) | 5,000 | 3,480,300 | |
| CSCDA Community Improvement Authority, CA, (Pasadena Portfolio), Essential Housing Revenue, Social Bonds, 3.00%, 12/1/56(1) | 2,525 | 1,795,376 | |
| Independent Cities Finance Authority, CA, (Castle Mobile Estates), 3.00%, 5/15/36 | 1,205 | 1,116,023 | |
| Independent Cities Finance Authority, CA, (Vista de Santa Barbara Mobilehome Park), 3.00%, 9/15/36 | 1,725 | 1,555,415 | |
| $ 9,433,074 | |||
| Industrial Development Revenue — 4.1% | |||
| California Municipal Finance Authority, (Republic Services, Inc.): | |||
| (AMT), 4.00%, 7/1/51 | $ | 5,000 | $ 4,990,600 |
| (AMT), 4.375% to 9/1/33 (Put Date), 9/1/53 | 2,000 | 2,094,500 | |
| California Municipal Finance Authority, (Waste Management, Inc.): | |||
| (AMT), 4.125% to 10/1/25 (Put Date), 10/1/41 | 4,500 | 4,520,160 | |
| (AMT), 4.25% to 12/2/24 (Put Date), 12/1/44 | 11,000 | 11,028,160 | |
| California Pollution Control Financing Authority, (American Water Capital Corp.), 3.70% to 9/1/28 (Put Date), 8/1/40 | 4,000 | 4,003,960 | |
| California Pollution Control Financing Authority, (Republic Services, Inc.), Series 2017 A1, (AMT), 4.00%, 11/1/42(1)(5) | 6,250 | 6,248,188 | |
| California Pollution Control Financing Authority, (Waste Management, Inc.): | |||
| 2.50% to 5/1/24 (Put Date), 11/1/38 | 2,500 | 2,497,200 | |
| (AMT), 3.375%, 7/1/25 | 1,000 | 997,960 | |
| $ 36,380,728 | |||
| Insured - Electric Utilities — 0.3% | |||
| Puerto Rico Electric Power Authority: | |||
| (NPFG), 5.00%, 7/1/24 | $ | 300 | $ 300,066 |
| (NPFG), 5.00%, 7/1/24 | 130 | 130,029 | |
16
See Notes to Financial Statements.
Eaton Vance
California Municipal Opportunities Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Insured - Electric Utilities (continued) | |||
| Puerto Rico Electric Power Authority: (continued) | |||
| (NPFG), 5.25%, 7/1/32 | $ | 2,100 | $ 2,079,882 |
| $ 2,509,977 | |||
| Insured - General Obligations — 3.2% | |||
| El Rancho Unified School District, CA, (Election of 2016), (BAM), 5.75%, 8/1/48 | $ | 1,500 | $ 1,773,960 |
| Folsom Cordova Unified School District, CA, (AGM), 4.00%, 10/1/39 | 4,000 | 4,024,600 | |
| Holtville Unified School District, CA, (Election of 2018), (AGM), 6.00%, 8/1/52 | 1,000 | 1,162,010 | |
| Lemoore Union Elementary School District, CA, (Election of 2018), (AGM), 5.50%, 8/1/53 | 1,000 | 1,101,540 | |
| Long Beach Unified School District, CA, (Election of 1999), (AGC), 0.00%, 8/1/27 | 3,265 | 2,945,161 | |
| McFarland Unified School District, CA, (Election of 2020), (BAM), 5.25%, 11/1/49 | 2,500 | 2,672,900 | |
| Newman-Crows Landing Unified School District, CA, (Election of 2020), (BAM), 5.00%, 8/1/54(3) | 1,655 | 1,805,451 | |
| Oceanside Unified School District, CA, (AGC), 0.00%, 8/1/24 | 2,295 | 2,268,768 | |
| Palo Verde Unified School District, CA, (Election of 2018), (AGM), 5.50%, 8/1/50 | 1,200 | 1,319,088 | |
| Riverbank Unified School District, CA, (Election of 2018), (AGM), 5.50%, 8/1/52 | 1,000 | 1,115,170 | |
| Simi Valley Unified School District, CA, (Election of 2004), (AGM), 0.00%, 8/1/28 | 5,000 | 4,382,250 | |
| Ukiah Unified School District, CA, (Election of 2020), (AGM), 5.50%, 8/1/49 | 2,350 | 2,686,097 | |
| Washington Township Health Care District, CA, (Election of 2020), (AGM), 4.125%, 8/1/42 | 1,000 | 1,022,230 | |
| $ 28,279,225 | |||
| Insured - Hospital — 0.7% | |||
| California Health Facilities Financing Authority, (Adventist Health System), (AGM), 4.00%, 3/1/39 | $ | 5,530 | $ 5,544,433 |
| California Statewide Communities Development Authority, (Enloe Medical Center), (AGM), 5.25%, 8/15/52 | 400 | 434,368 | |
| $ 5,978,801 | |||
| Insured - Special Tax Revenue — 0.6% | |||
| RNR School Financing Authority Community Facilities District No. 92-1, CA: | |||
| (BAM), 4.00%, 9/1/40 | $ | 1,000 | $ 1,021,160 |
| (BAM), 4.00%, 9/1/42 | 1,000 | 1,010,330 | |
| Security | Principal Amount (000's omitted) | Value | |
| Insured - Special Tax Revenue (continued) | |||
| San Francisco City and County Redevelopment Agency, CA, (Mission Bay South Public Improvements), (AGM), 5.25%, 8/1/41 | $ | 1,000 | $ 1,152,520 |
| San Francisco City and County Redevelopment Agency, CA, (Transbay Infrastructure Project), (AGM), 5.00%, 8/1/48 | 2,000 | 2,183,040 | |
| $ 5,367,050 | |||
| Insured - Transportation — 0.3% | |||
| Alameda Corridor Transportation Authority, CA, (AGM), 5.00%, 10/1/43 | $ | 1,250 | $ 1,397,663 |
| Long Beach, CA, (Long Beach Airport), (AGM), (AMT), 5.25%, 6/1/47 | 1,000 | 1,081,200 | |
| $ 2,478,863 | |||
| Insured - Water and Sewer — 0.4% | |||
| Mountain House Financing Authority, CA, Utility Systems Revenue, Green Bonds, (BAM), 4.125%, 12/1/48 | $ | 3,545 | $ 3,565,029 |
| $ 3,565,029 | |||
| Lease Revenue/Certificates of Participation — 1.1% | |||
| California State Public Works Board, 4.50%, 9/1/35 | $ | 9,800 | $ 9,826,950 |
| $ 9,826,950 | |||
| Other Revenue — 3.4% | |||
| California Community Choice Financing Authority, Clean Energy Project Revenue: | |||
| Green Bonds, 5.00% to 8/1/29 (Put Date), 12/1/53 | $ | 8,030 | $ 8,484,980 |
| Green Bonds, 5.25% to 4/1/30 (Put Date), 11/1/54 | 10,020 | 10,785,027 | |
| Green Bonds, 5.50% to 11/1/30 (Put Date), 10/1/54 | 4,380 | 4,831,622 | |
| California Infrastructure and Economic Development Bank, (Academy of Motion Picture Arts and Sciences Obligated Group), 4.00%, 11/1/45 | 3,805 | 3,712,881 | |
| Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(1) | 440 | 443,163 | |
| Northern California Energy Authority, 5.00% to 8/1/30 (Put Date), 12/1/54(3) | 1,920 | 2,053,824 | |
| $ 30,311,497 | |||
| Senior Living/Life Care — 1.0% | |||
| California Health Facilities Financing Authority, (Episcopal Communities and Services): | |||
| 3.85%, 11/15/27 | $ | 1,500 | $ 1,500,960 |
| 5.25%, 11/15/48 | 1,645 | 1,773,294 | |
| California Municipal Finance Authority, (HumanGood - California Obligated Group), 4.00%, 10/1/38 | 3,790 | 3,807,623 | |
| California Municipal Finance Authority, (Mt. San Antonio Gardens), 5.00%, 11/15/39 | 1,000 | 1,010,670 | |
17
See Notes to Financial Statements.
Eaton Vance
California Municipal Opportunities Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Senior Living/Life Care (continued) | |||
| California Public Finance Authority, (Enso Village): | |||
| Green Bonds, 2.125%, 11/15/27(1) | $ | 40 | $ 40,002 |
| Green Bonds, 5.00%, 11/15/46(1) | 1,000 | 905,680 | |
| $ 9,038,229 | |||
| Special Tax Revenue — 0.9% | |||
| Chula Vista Municipal Financing Authority, CA, 5.50%, 9/1/30 | $ | 1,525 | $ 1,530,536 |
| Irvine Community Facilities District No. 2013-3, CA, (Great Park): | |||
| 5.00%, 9/1/30 | 580 | 584,083 | |
| 5.00%, 9/1/31 | 465 | 468,209 | |
| 5.00%, 9/1/33 | 545 | 548,690 | |
| 5.00%, 9/1/35 | 1,150 | 1,206,752 | |
| 5.00%, 9/1/38 | 1,000 | 1,044,260 | |
| Series 2014, 5.00%, 9/1/32 | 450 | 453,074 | |
| Series 2014, 5.00%, 9/1/34 | 360 | 362,387 | |
| Series 2018, 5.00%, 9/1/32 | 625 | 656,806 | |
| Series 2018, 5.00%, 9/1/34 | 765 | 803,395 | |
| San Luis Obispo Community Facilities District No. 2019-1, CA, (San Luis Ranch): | |||
| 3.00%, 9/1/24 | 150 | 148,455 | |
| 4.00%, 9/1/29 | 185 | 186,241 | |
| 4.00%, 9/1/33 | 125 | 125,816 | |
| $ 8,118,704 | |||
| Transportation — 16.2% | |||
| Bay Area Toll Authority, CA, (San Francisco Bay Area): | |||
| 3.75%, (SIFMA + 0.30%), 4/1/56(2) | $ | 5,000 | $ 4,897,600 |
| 3.90%, (SIFMA + 0.45%), 4/1/56(2) | 800 | 791,080 | |
| California Municipal Finance Authority, (LINXS Automated People Mover): | |||
| (AMT), 5.00%, 12/31/37 | 2,570 | 2,570,154 | |
| (AMT), 5.00%, 12/31/43 | 4,220 | 4,185,101 | |
| (AMT), 5.00%, 12/31/47 | 2,200 | 2,181,674 | |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport): | |||
| (AMT), 5.00%, 5/15/38 | 3,215 | 3,339,421 | |
| (AMT), 5.00%, 5/15/41 | 10,635 | 10,715,188 | |
| (AMT), 5.00%, 5/15/44 | 3,700 | 3,844,448 | |
| (AMT), 5.00%, 5/15/45 | 4,670 | 4,694,377 | |
| (AMT), 5.00%, 5/15/48 | 2,520 | 2,602,152 | |
| (AMT), 5.00%, 5/15/49 | 8,900 | 9,122,500 | |
| (AMT), 5.25%, 5/15/48 | 9,395 | 9,727,113 | |
| (AMT), 5.50%, 5/15/47 | 10,000 | 10,921,300 | |
| Security | Principal Amount (000's omitted) | Value | |
| Transportation (continued) | |||
| Los Angeles Harbor Department, CA, (AMT), 5.00%, 8/1/44 | $ | 17,905 | $ 17,927,560 |
| San Diego County Regional Airport Authority, CA, (San Diego International Airport): | |||
| 5.00%, 7/1/47 | 5,770 | 6,004,320 | |
| (AMT), 5.00%, 7/1/39 | 3,000 | 3,302,340 | |
| (AMT), 5.00%, 7/1/42 | 6,850 | 7,427,592 | |
| (AMT), 5.00%, 7/1/43 | 7,240 | 7,814,277 | |
| San Francisco City and County Airport Commission, CA, (San Francisco International Airport): | |||
| (AMT), 5.00%, 5/1/40 | 3,785 | 3,786,552 | |
| (AMT), 5.00%, 5/1/41 | 4,450 | 4,516,705 | |
| (AMT), 5.00%, 5/1/43 | 5,015 | 5,172,170 | |
| (AMT), 5.00%, 5/1/46 | 2,985 | 3,018,193 | |
| (AMT), 5.00%, 5/1/49 | 5,000 | 5,147,700 | |
| (AMT), 5.75%, 5/1/48 | 9,500 | 10,637,625 | |
| $144,347,142 | |||
| Water and Sewer — 5.1% | |||
| East Bay Municipal Utility District, CA, Water System Revenue: | |||
| Green Bonds, 5.00%, 6/1/40 | $ | 2,500 | $ 2,914,200 |
| Green Bonds, 5.00%, 6/1/42 | 4,000 | 4,614,440 | |
| Los Angeles Department of Water and Power, CA, Water System Revenue: | |||
| 5.00%, 7/1/41 | 12,325 | 13,646,733 | |
| 5.00%, 7/1/47 | 5,920 | 6,424,443 | |
| Los Angeles, CA, Wastewater System Revenue, Sustainability Bonds, 5.00%, 6/1/48 | 7,875 | 8,294,186 | |
| Rancho California Water District Financing Authority, 4.00%, 8/1/37 | 2,750 | 2,883,760 | |
| San Francisco, CA, Public Utilities Commission Water Revenue, Green Bonds, 5.00%, 11/1/40 | 1,000 | 1,174,050 | |
| San Mateo-Foster City Public Financing Authority, CA, (Clean Water Program), 5.00%, 8/1/49 | 5,555 | 5,955,405 | |
| $ 45,907,217 | |||
| Total Tax-Exempt Municipal Obligations (identified cost $764,105,751) | $783,756,883 | ||
18
See Notes to Financial Statements.
Eaton Vance
California Municipal Opportunities Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Taxable Municipal Obligations — 15.8% |
| Security | Principal Amount (000's omitted) | Value | |
| Education — 4.5% | |||
| California Municipal Finance Authority, (Albert Einstein Academies), 3.75%, 8/1/31(1) | $ | 2,710 | $ 2,339,787 |
| California School Finance Authority, (Granada Hills Charter Obligated Group), 2.00%, 7/1/24(1) | 205 | 202,842 | |
| University of California: | |||
| 3.063%, 7/1/25 | 3,825 | 3,740,582 | |
| 5.35%, 7/1/41(6) | 34,050 | 34,050,000 | |
| $ 40,333,211 | |||
| General Obligations — 2.9% | |||
| California: | |||
| 2.40%, 10/1/25 | $ | 4,640 | $ 4,472,681 |
| 7.50%, 4/1/34 | 8,000 | 9,417,200 | |
| Huntington Beach Union High School District, CA, 1.884%, 8/1/29 | 1,775 | 1,556,213 | |
| Los Angeles, CA, 3.00%, 9/1/26 | 2,820 | 2,716,450 | |
| Ojai Unified School District, CA, 2.019%, 8/1/31 | 480 | 393,514 | |
| Palmdale School District, CA, 1.67%, 8/1/29 | 500 | 432,270 | |
| Pasadena Area Community College District, CA, 5.30%, 8/1/24 | 4,070 | 4,074,762 | |
| Puerto Rico, GO Contingent Value Instrument, 0.00%, 11/1/43 | 788 | 456,399 | |
| San Mateo Union High School District, CA, 2.111%, 9/1/34 | 1,220 | 966,423 | |
| Tustin Unified School District, CA, 2.649%, 8/1/42 | 1,125 | 827,865 | |
| $ 25,313,777 | |||
| Hospital — 0.7% | |||
| California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24 | $ | 6,000 | $ 5,972,040 |
| $ 5,972,040 | |||
| Housing — 0.3% | |||
| Independent Cities Finance Authority, CA, (Sahara Mobile Home Park): | |||
| 3.20%, 6/15/41 | $ | 775 | $ 530,239 |
| 3.20%, 6/15/56 | 3,685 | 2,120,865 | |
| $ 2,651,104 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Insured - General Obligations — 0.1% | |||
| Mojave Unified School District, CA, (BAM), 2.731%, 8/1/37 | $ | 500 | $ 393,100 |
| $ 393,100 | |||
| Insured - Lease Revenue/Certificates of Participation — 0.8% | |||
| Anaheim, CA, Public Financing Authority, (Public Improvements), (AGM), 1.643%, 7/1/25 | $ | 7,850 | $ 7,489,057 |
| $ 7,489,057 | |||
| Insured - Special Tax Revenue — 0.2% | |||
| Rio Elementary School District Community Facilities District No. 1, CA: | |||
| (BAM), 1.826%, 9/1/28 | $ | 1,000 | $ 873,750 |
| (BAM), 2.307%, 9/1/31 | 1,500 | 1,236,690 | |
| $ 2,110,440 | |||
| Insured - Transportation — 0.8% | |||
| Alameda Corridor Transportation Authority, CA: | |||
| (AGM), (AMBAC), 0.00%, 10/1/26 | $ | 6,700 | $ 5,893,722 |
| (AMBAC), 0.00%, 10/1/27 | 740 | 616,028 | |
| (AMBAC), 0.00%, 10/1/28 | 1,010 | 798,445 | |
| $ 7,308,195 | |||
| Special Tax Revenue — 1.6% | |||
| Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue: | |||
| 4.654%, 7/1/28(3) | $ | 1,640 | $ 1,649,200 |
| 4.726%, 7/1/27(3) | 2,000 | 2,007,520 | |
| 4.792%, 7/1/26(3) | 1,250 | 1,251,750 | |
| Riverside Unified School District Financing Authority, CA, 1.463%, 9/1/25 | 800 | 759,144 | |
| San Jose Redevelopment Agency Successor Agency, CA, 3.375%, 8/1/34 | 5,000 | 4,520,000 | |
| Successor Agency to San Diego Redevelopment Agency, CA: | |||
| 3.50%, 9/1/24 | 250 | 248,065 | |
| 3.625%, 9/1/25 | 250 | 244,535 | |
| 3.75%, 9/1/26 | 250 | 243,113 | |
| Successor Agency to San Jose Redevelopment Agency, CA, 3.125%, 8/1/28 | 3,110 | 2,931,175 | |
| $ 13,854,502 | |||
| Water and Sewer — 3.9% | |||
| Los Angeles, CA, Wastewater System Revenue, Green Bonds, 3.044%, 6/1/25 | $ | 2,000 | $ 1,956,560 |
19
See Notes to Financial Statements.
Eaton Vance
California Municipal Opportunities Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Water and Sewer (continued) | |||
| Metropolitan Water District of Southern California, (SPA: TD Bank, N.A.), 5.33%, 7/1/37(6) | $ | 32,800 | $ 32,800,000 |
| $ 34,756,560 | |||
| Total Taxable Municipal Obligations (identified cost $143,400,340) | $140,181,986 | ||
| Trust Units — 0.1% |
| Security | Notional Amount (000's omitted) | Value | |
| Transportation — 0.1% | |||
| HTA TRRB 2005L-745190UR7 Assured Custodial Trust, 5.25%, 7/1/41 | $ | 945 | $ 924,234 |
| Total Trust Units (identified cost $938,606) | $ 924,234 | ||
| Total Investments — 104.8% (identified cost $916,518,818) | $932,774,085 | ||
| Other Assets, Less Liabilities — (4.8)% | $ (43,092,255) | ||
| Net Assets — 100.0% | $889,681,830 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2024, the aggregate value of these securities is $21,246,041 or 2.4% of the Fund's net assets. |
| (2) | Floating rate security. The stated interest rate represents the rate in effect at March 31, 2024. |
| (3) | When-issued security. |
| (4) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at March 31, 2024. |
| (5) | Variable rate security that may be tendered at par quarterly. The stated interest rate, which resets quarterly, is determined by the remarketing agent and represents the rate in effect at March 31, 2024. |
| (6) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, represents the rate in effect at March 31, 2024. |
| The Fund invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2024, 7.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.3% to 4.5% of total investments. |
| Abbreviations: | |
| AGC | – Assured Guaranty Corp. |
| AGM | – Assured Guaranty Municipal Corp. |
| AMBAC | – AMBAC Financial Group, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| NPFG | – National Public Finance Guarantee Corp. |
| SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
| SPA | – Standby Bond Purchase Agreement |
20
See Notes to Financial Statements.
Eaton Vance
Massachusetts Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited)
| Tax-Exempt Municipal Obligations — 101.6% |
| Security | Principal Amount (000's omitted) | Value | |
| Bond Bank — 2.5% | |||
| Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34 | $ | 3,105 | $ 3,888,702 |
| $ 3,888,702 | |||
| Education — 19.2% | |||
| Massachusetts Development Finance Agency, (Babson College), 5.00%, 10/1/42 | $ | 1,500 | $ 1,561,380 |
| Massachusetts Development Finance Agency, (Bentley University), 4.00%, 7/1/40 | 1,300 | 1,319,630 | |
| Massachusetts Development Finance Agency, (Berklee College of Music), 5.00%, 10/1/39 | 2,000 | 2,055,720 | |
| Massachusetts Development Finance Agency, (Boston College), 5.00%, 7/1/55 | 1,500 | 1,772,940 | |
| Massachusetts Development Finance Agency, (Boston University): | |||
| 4.00%, 10/1/46 | 2,750 | 2,687,437 | |
| 4.00%, 10/1/46 | 1,500 | 1,492,995 | |
| Massachusetts Development Finance Agency, (Dexter Southfield): | |||
| 5.00%, 5/1/33 | 1,550 | 1,574,816 | |
| 5.00%, 5/1/35 | 1,660 | 1,685,564 | |
| Massachusetts Development Finance Agency, (Northeastern University), 5.00%, 3/1/33 | 1,950 | 1,950,390 | |
| Massachusetts Development Finance Agency, (Springfield College), Green Bonds, 4.00%, 6/1/56 | 2,700 | 2,259,846 | |
| Massachusetts Development Finance Agency, (Suffolk University): | |||
| 5.00%, 7/1/31 | 620 | 655,266 | |
| 5.00%, 7/1/32 | 770 | 812,781 | |
| 5.00%, 7/1/38 | 340 | 350,356 | |
| Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/36 | 1,575 | 1,610,705 | |
| Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.50%, 7/1/32 | 5,000 | 6,174,350 | |
| University of Massachusetts Building Authority, 5.00%, 11/1/52 | 2,365 | 2,522,296 | |
| $ 30,486,472 | |||
| Electric Utilities — 0.6% | |||
| Massachusetts Municipal Wholesale Electric Co., 4.00%, 7/1/51 | $ | 1,000 | $ 971,160 |
| $ 971,160 | |||
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations — 23.2% | |||
| Andover, MA, 4.00%, 7/15/52 | $ | 1,805 | $ 1,792,943 |
| Ashland, MA, 4.00%, 8/1/41 | 1,905 | 1,969,770 | |
| Boston, MA, 5.00%, 11/1/42 | 2,500 | 2,861,150 | |
| Framingham, MA: | |||
| 4.00%, 12/19/24 | 2,500 | 2,510,800 | |
| 5.00%, 8/1/39 | 1,025 | 1,147,344 | |
| Manchester Essex Regional School District, MA: | |||
| 4.00%, 2/1/41 | 1,075 | 1,083,396 | |
| 4.00%, 2/1/42 | 975 | 982,741 | |
| Massachusetts: | |||
| 5.00%, 3/1/41 | 2,500 | 2,501,200 | |
| 5.00%, 5/1/48 | 3,000 | 3,266,250 | |
| 5.25%, 10/1/47 | 2,000 | 2,224,240 | |
| Nantucket, MA, 5.00%, 6/28/24 | 2,500 | 2,507,050 | |
| New Bedford, MA, 4.00%, 9/1/47 | 2,650 | 2,602,379 | |
| Northeast Metropolitan Regional Vocational School District, MA, 4.00%, 4/15/47 | 3,075 | 3,011,378 | |
| Norwood, MA, 4.00%, 9/15/47 | 2,500 | 2,512,750 | |
| Somerset, MA, 4.00%, 4/1/48 | 2,970 | 2,914,699 | |
| Somerville, MA, 4.00%, 6/1/48 | 2,955 | 2,964,486 | |
| $ 36,852,576 | |||
| Hospital — 15.0% | |||
| Massachusetts Development Finance Agency, (Beth Israel Lahey Health, Inc.): | |||
| 5.00%, 7/1/33 | $ | 1,000 | $ 1,034,760 |
| 5.00%, 7/1/34 | 2,500 | 2,955,450 | |
| Massachusetts Development Finance Agency, (Boston Children's Hospital): | |||
| 4.00%, 3/1/54 | 1,070 | 1,034,465 | |
| 5.25%, 3/1/54 | 2,500 | 2,754,175 | |
| Massachusetts Development Finance Agency, (Boston Medical Center), Green Bonds, 5.00%, 7/1/44 | 2,500 | 2,488,850 | |
| Massachusetts Development Finance Agency, (Lahey Health System Obligated Group), 5.00%, 8/15/40 | 2,000 | 2,022,380 | |
| Massachusetts Development Finance Agency, (Mass General Brigham, Inc.), 5.00%, 7/1/54 | 2,600 | 2,767,518 | |
| Massachusetts Development Finance Agency, (Partners Healthcare System): | |||
| 5.00%, 7/1/35 | 2,000 | 2,069,440 | |
| 5.00%, 7/1/47 | 2,000 | 2,033,460 | |
| Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/41 | 2,795 | 2,814,370 | |
| Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center): | |||
| (LOC: TD Bank, N.A.), 4.50%, 7/1/39(1) | 1,200 | 1,200,000 | |
21
See Notes to Financial Statements.
Eaton Vance
Massachusetts Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Hospital (continued) | |||
| Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center): (continued) | |||
| (LOC: TD Bank, N.A.), 4.50%, 7/1/44(1) | $ | 600 | $ 600,000 |
| $ 23,774,868 | |||
| Housing — 3.8% | |||
| Massachusetts Housing Finance Agency, (FHLMC), (FNMA), (GNMA), Social Bonds, 4.90%, 12/1/48 | $ | 2,000 | $ 2,018,020 |
| Massachusetts Housing Finance Agency, Sustainability Bonds: | |||
| 2.15%, 6/1/24 | 520 | 518,149 | |
| 2.65%, 6/1/26 | 1,000 | 974,770 | |
| 4.00%, 12/1/25 | 2,500 | 2,512,400 | |
| $ 6,023,339 | |||
| Industrial Development Revenue — 0.8% | |||
| National Finance Authority, NH, (Covanta): | |||
| 4.625%, 11/1/42(2) | $ | 670 | $ 597,251 |
| (AMT), 4.875%, 11/1/42(2) | 740 | 665,068 | |
| $ 1,262,319 | |||
| Insured - Education — 4.1% | |||
| Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(3) | $ | 5,460 | $ 6,451,645 |
| $ 6,451,645 | |||
| Insured - Special Tax Revenue — 4.7% | |||
| Martha's Vineyard Land Bank, MA, (BAM), Green Bonds, 5.00%, 5/1/26 | $ | 1,760 | $ 1,772,866 |
| Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/30 | 4,955 | 5,692,056 | |
| $ 7,464,922 | |||
| Lease Revenue/Certificates of Participation — 0.9% | |||
| New Hampshire Business Finance Authority, (Centurion BioSquare, Inc.), 5.88%, 12/15/38 | $ | 1,370 | $ 1,405,935 |
| $ 1,405,935 | |||
| Senior Living/Life Care — 0.8% | |||
| Massachusetts Development Finance Agency, (Linden Ponds, Inc.): | |||
| 5.00%, 11/15/33(2) | $ | 205 | $ 214,774 |
| 5.00%, 11/15/38(2) | 135 | 141,166 | |
| Security | Principal Amount (000's omitted) | Value | |
| Senior Living/Life Care (continued) | |||
| Massachusetts Development Finance Agency, (Loomis Communities), 4.00%, 1/1/51 | $ | 690 | $ 601,659 |
| Massachusetts Development Finance Agency, (Salem Community Corp.), 5.00%, 1/1/25 | 365 | 363,595 | |
| $ 1,321,194 | |||
| Special Tax Revenue — 7.1% | |||
| American Samoa Economic Development Authority, 5.00%, 9/1/38(2) | $ | 200 | $ 200,650 |
| Massachusetts Bay Transportation Authority, Sales Tax Revenue: | |||
| 4.00%, 7/1/39 | 2,170 | 2,225,921 | |
| 5.00%, 7/1/44 | 2,500 | 2,504,600 | |
| 5.25%, 7/1/31 | 1,240 | 1,470,752 | |
| Massachusetts School Building Authority: | |||
| 3.375%, 8/15/30 | 1,500 | 1,491,735 | |
| Social Bonds, 4.00%, 8/15/40 | 1,335 | 1,355,572 | |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 2,000 | 2,008,180 | |
| $ 11,257,410 | |||
| Student Loan — 2.0% | |||
| Massachusetts Educational Financing Authority: | |||
| (AMT), 3.625%, 7/1/38 | $ | 1,745 | $ 1,623,391 |
| (AMT), 5.00%, 1/1/25 | 1,500 | 1,512,525 | |
| $ 3,135,916 | |||
| Transportation — 11.3% | |||
| Massachusetts Port Authority: | |||
| (AMT), 4.00%, 7/1/46 | $ | 3,000 | $ 2,837,850 |
| (AMT), 5.00%, 7/1/43 | 2,000 | 2,031,420 | |
| (AMT), 5.00%, 7/1/51 | 4,090 | 4,243,702 | |
| Massachusetts Port Authority, (Bosfuel Project): | |||
| (AMT), 5.00%, 7/1/35 | 1,350 | 1,449,252 | |
| (AMT), 5.00%, 7/1/49 | 2,500 | 2,575,925 | |
| Massachusetts, (Rail Enhancement Program), Sustainability Bonds, 5.00%, 6/1/53 | 4,500 | 4,832,775 | |
| $ 17,970,924 | |||
| Water and Sewer — 5.6% | |||
| Boston Water and Sewer Commission, MA: | |||
| 4.00%, 11/1/27 | $ | 2,000 | $ 2,030,080 |
| 4.00%, 11/1/47 | 2,360 | 2,372,886 | |
| Massachusetts Clean Water Trust: | |||
| Green Bond, 5.00%, 2/1/42 | 2,250 | 2,522,812 | |
| Sustainability Bonds, 5.00%, 2/1/43 | 1,000 | 1,128,760 | |
22
See Notes to Financial Statements.
Eaton Vance
Massachusetts Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Water and Sewer (continued) | |||
| Massachusetts Water Resources Authority, Green Bonds, 5.25%, 8/1/48 | $ | 750 | $ 840,165 |
| $ 8,894,703 | |||
| Total Tax-Exempt Municipal Obligations (identified cost $157,506,988) | $161,162,085 | ||
| Taxable Municipal Obligations — 1.2% |
| Security | Principal Amount (000's omitted) | Value | |
| Insured - Hospital — 0.6% | |||
| Massachusetts Development Finance Agency, (Wellforce), (AGM), 3.89%, 7/1/25 | $ | 1,000 | $ 976,730 |
| $ 976,730 | |||
| Lease Revenue/Certificates of Participation — 0.1% | |||
| New Hampshire Business Finance Authority, (Centurion BioSquare, Inc.), 9.58%, 12/15/38 | $ | 85 | $ 84,416 |
| New Hampshire Business Finance Authority, (Centurion Foundation), 11.00%, 12/15/38 | 45 | 44,714 | |
| $ 129,130 | |||
| Special Tax Revenue — 0.5% | |||
| Massachusetts School Building Authority, Social Bonds, 1.753%, 8/15/30 | $ | 1,000 | $ 863,740 |
| $ 863,740 | |||
| Total Taxable Municipal Obligations (identified cost $1,982,850) | $ 1,969,600 | ||
| Total Investments — 102.8% (identified cost $159,489,838) | $163,131,685 | ||
| Other Assets, Less Liabilities — (2.8)% | $ (4,499,133) | ||
| Net Assets — 100.0% | $158,632,552 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at March 31, 2024. |
| (2) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2024, the aggregate value of these securities is $1,818,909 or 1.1% of the Fund's net assets. |
| (3) | Security represents the municipal bond held by a trust that issues residual interest bonds. |
| The Fund invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2024, 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 0.6% to 4.0% of total investments. | |
| 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. |
| 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. |
23
See Notes to Financial Statements.
Eaton Vance
New York Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited)
| Corporate Bonds — 0.4% |
| Security | Principal Amount (000's omitted) | Value | |
| Hospital — 0.4% | |||
| Montefiore Obligated Group, 4.287%, 9/1/50 | $ | 2,080 | $ 1,312,338 |
| Total Corporate Bonds (identified cost $2,080,000) | $ 1,312,338 | ||
| Tax-Exempt Municipal Obligations — 98.7% |
| Security | Principal Amount (000's omitted) | Value | |
| Bond Bank — 1.2% | |||
| New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds, 5.00%, 9/15/47(1) | $ | 4,000 | $ 4,380,480 |
| $ 4,380,480 | |||
| Education — 7.0% | |||
| Build NYC Resource Corp., NY, (Academic Leadership Charter School), 4.00%, 6/15/36 | $ | 200 | $ 187,350 |
| Build NYC Resource Corp., NY, (New World Preparatory Charter School), 4.00%, 6/15/31(2) | 240 | 227,707 | |
| Dutchess County Local Development Corp., NY, (Culinary Institute of America), 4.00%, 7/1/37 | 250 | 239,970 | |
| Monroe County Industrial Development Corp., NY, (True North Rochester Preparatory Charter School), 5.00%, 6/1/50(2) | 1,640 | 1,631,948 | |
| Monroe County Industrial Development Corp., NY, (University of Rochester): | |||
| 4.00%, 7/1/50 | 3,020 | 2,905,814 | |
| 5.00%, 7/1/53 | 2,265 | 2,442,802 | |
| New York Dormitory Authority, (Barnard College), 4.00%, 7/1/49 | 2,000 | 1,869,320 | |
| New York Dormitory Authority, (Brooklyn Law School), 5.00%, 7/1/33 | 1,650 | 1,728,425 | |
| New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38 | 8,910 | 9,601,594 | |
| New York Dormitory Authority, (New York University), 4.00%, 7/1/39 | 1,260 | 1,279,064 | |
| Troy Capital Resource Corp., NY, (Rensselaer Polytechnic Institute), 5.00%, 9/1/38 | 2,725 | 2,954,554 | |
| $ 25,068,548 | |||
| Electric Utilities — 2.1% | |||
| Utility Debt Securitization Authority, NY: | |||
| 5.00%, 12/15/41 | $ | 3,500 | $ 4,058,495 |
| Security | Principal Amount (000's omitted) | Value | |
| Electric Utilities (continued) | |||
| Utility Debt Securitization Authority, NY: (continued) | |||
| Green Bonds, 5.00%, 9/15/52 | $ | 3,050 | $ 3,318,980 |
| $ 7,377,475 | |||
| General Obligations — 8.1% | |||
| Bedford Village Fire District, NY: | |||
| 2.00%, 11/15/33 | $ | 420 | $ 350,267 |
| 2.00%, 11/15/34 | 430 | 352,080 | |
| 2.00%, 11/15/35 | 490 | 392,642 | |
| East Meadow Union Free School District, NY: | |||
| 2.00%, 6/15/33 | 950 | 795,900 | |
| 2.00%, 6/15/34 | 970 | 796,971 | |
| New York: | |||
| 5.00%, 3/15/38 | 1,250 | 1,452,600 | |
| 5.00%, 3/15/38 | 2,250 | 2,614,680 | |
| 5.00%, 3/15/39 | 2,375 | 2,738,992 | |
| 5.00%, 3/15/40 | 2,125 | 2,433,975 | |
| New York, NY: | |||
| 4.00%, 9/1/46 | 2,000 | 1,952,900 | |
| 4.00%, 4/1/50 | 2,000 | 1,942,180 | |
| 5.25%, 5/1/42 | 1,665 | 1,870,478 | |
| 5.50%, 5/1/44 | 2,500 | 2,825,775 | |
| 5.50%, 5/1/46 | 2,600 | 2,923,752 | |
| (SPA: Barclays Bank PLC), 4.00%, 10/1/46(3) | 1,500 | 1,500,000 | |
| North Hempstead, NY, 2.00%, 9/15/35 | 170 | 136,060 | |
| Puerto Rico: | |||
| 5.625%, 7/1/29 | 1,634 | 1,789,470 | |
| 5.75%, 7/1/31 | 1,000 | 1,128,530 | |
| Valley Stream, NY: | |||
| 2.25%, 5/15/27 | 250 | 232,260 | |
| 2.375%, 5/15/28 | 255 | 233,399 | |
| Westchester County, NY, 2.00%, 10/15/33 | 510 | 427,834 | |
| $ 28,890,745 | |||
| Hospital — 0.7% | |||
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.00%, 11/1/47 | $ | 505 | $ 368,241 |
| New York Dormitory Authority, (Northwell Health Obligated Group), 5.00%, 5/1/52 | 2,025 | 2,138,947 | |
| $ 2,507,188 | |||
| Housing — 4.0% | |||
| New York City Housing Development Corp., NY: | |||
| 2.85%, 11/1/39 | $ | 3,930 | $ 3,255,180 |
| Green Bonds, 0.60% to 7/1/25 (Put Date), 5/1/61 | 785 | 745,695 | |
24
See Notes to Financial Statements.
Eaton Vance
New York Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Housing (continued) | |||
| New York City Housing Development Corp., NY: (continued) | |||
| Green Bonds, 2.60%, 11/1/46 | $ | 2,000 | $ 1,405,200 |
| Sustainability Bonds, (SPA: TD Bank, N.A.), 3.42%, 5/1/50(4) | 4,200 | 4,200,000 | |
| New York Mortgage Agency: | |||
| 3.65%, 4/1/32 | 115 | 114,771 | |
| Sustainability Bonds, 4.875%, 10/1/48 | 2,000 | 2,044,960 | |
| Westchester County Local Development Corp., NY, (Purchase Housing Corp. II), 5.00%, 6/1/42 | 2,500 | 2,505,325 | |
| $ 14,271,131 | |||
| Industrial Development Revenue — 3.4% | |||
| New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 2.875% to 12/3/29 (Put Date), 12/1/44(2) | $ | 930 | $ 849,388 |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment): | |||
| (AMT), 5.00%, 1/1/36 | 2,000 | 2,066,480 | |
| (AMT), 5.00%, 10/1/40 | 4,165 | 4,321,562 | |
| (AMT), 6.00%, 4/1/35 | 1,335 | 1,516,560 | |
| Niagara Area Development Corp., NY, (Covanta), (AMT), 4.75%, 11/1/42(2) | 4,000 | 3,538,440 | |
| $ 12,292,430 | |||
| Insured - Education — 2.2% | |||
| New York Dormitory Authority, (CUNY Student Housing), (AMBAC), (BAM), 5.50%, 7/1/35 | $ | 6,600 | $ 7,946,400 |
| $ 7,946,400 | |||
| Insured - Electric Utilities — 1.0% | |||
| New York Power Authority, Green Transmission Revenue: | |||
| (AGM), 5.00%, 11/15/48 | $ | 1,000 | $ 1,105,810 |
| (AGM), 5.25%, 11/15/39 | 1,000 | 1,192,860 | |
| (AGM), 5.25%, 11/15/40 | 1,000 | 1,182,740 | |
| $ 3,481,410 | |||
| Insured - Escrowed/Prerefunded — 2.6% | |||
| New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/30 | $ | 11,530 | $ 9,495,416 |
| $ 9,495,416 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Insured - General Obligations — 0.6% | |||
| Nassau County, NY, (AGM), 4.00%, 4/1/47 | $ | 2,140 | $ 2,067,946 |
| $ 2,067,946 | |||
| Insured - Hospital — 0.5% | |||
| Westchester County Local Development Corp., NY, (Westchester Medical Center Obligated Group), (AGM), 5.75%, 11/1/48 | $ | 1,500 | $ 1,743,075 |
| $ 1,743,075 | |||
| Insured - Other Revenue — 0.7% | |||
| New York City Industrial Development Agency, NY, (Yankee Stadium): | |||
| (AGC), 0.00%, 3/1/31 | $ | 1,690 | $ 1,322,239 |
| (AGM), 4.00%, 3/1/32 | 1,130 | 1,178,274 | |
| $ 2,500,513 | |||
| Insured - Solid Waste — 0.4% | |||
| Onondaga County Resource Recovery Agency, NY: | |||
| (AGM), (AMT), 5.00%, 5/1/30 | $ | 275 | $ 290,131 |
| (AGM), (AMT), 5.00%, 5/1/31 | 350 | 369,155 | |
| (AGM), (AMT), 5.00%, 5/1/32 | 450 | 474,390 | |
| (AGM), (AMT), 5.00%, 5/1/33 | 375 | 395,385 | |
| $ 1,529,061 | |||
| Insured - Transportation — 1.5% | |||
| Metropolitan Transportation Authority, NY, Green Bonds, (BAM), 4.00%, 11/15/48 | $ | 3,250 | $ 3,112,200 |
| New York Transportation Development Corp., (John F. Kennedy International Airport), Sustainability Bonds, (AGM), (AMT), 5.00%, 6/30/49 | 2,165 | 2,263,139 | |
| $ 5,375,339 | |||
| Lease Revenue/Certificates of Participation — 2.7% | |||
| Battery Park City Authority, NY: | |||
| (SPA: TD Bank, N.A.), 3.42%, 11/1/38(4) | $ | 2,700 | $ 2,700,000 |
| Sustainability Bonds, 5.00%, 11/1/53 | 3,000 | 3,300,330 | |
| New York City Transitional Finance Authority, NY, (Building Aid), 4.00%, 7/15/45 | 4,000 | 3,869,680 | |
| $ 9,870,010 | |||
| Other Revenue — 3.0% | |||
| Hudson Yards Infrastructure Corp., NY: | |||
| 5.00%, 2/15/42 | $ | 6,355 | $ 6,608,564 |
| Green Bonds, 4.00%, 2/15/41 | 4,000 | 4,057,280 | |
| $ 10,665,844 | |||
25
See Notes to Financial Statements.
Eaton Vance
New York Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Senior Living/Life Care — 1.8% | |||
| Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/37 | $ | 4,500 | $ 4,531,005 |
| Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.), Series 2020B, 5.00%, 12/1/40 | 2,000 | 2,038,360 | |
| $ 6,569,365 | |||
| Special Tax Revenue — 26.9% | |||
| New York City Transitional Finance Authority, NY, Future Tax Revenue: | |||
| 4.00%, 11/1/40 | $ | 2,000 | $ 2,015,060 |
| 4.00%, 2/1/43 | 4,000 | 4,025,720 | |
| 4.00%, 5/1/45 | 1,750 | 1,721,598 | |
| 4.00%, 8/1/48 | 5,500 | 5,321,800 | |
| 4.375%, 5/1/53 | 2,000 | 2,002,540 | |
| 5.00%, 8/1/39 | 4,250 | 4,474,230 | |
| 5.00%, 11/1/46(1) | 5,000 | 5,427,150 | |
| 5.50%, 11/1/45(1) | 5,000 | 5,675,650 | |
| New York Dormitory Authority, Personal Income Tax Revenue: | |||
| 4.00%, 2/15/47 | 2,500 | 2,436,350 | |
| 4.00%, 3/15/47 | 2,045 | 1,994,509 | |
| 4.00%, 3/15/48 | 1,930 | 1,877,214 | |
| 5.00%, 3/15/49 | 2,855 | 3,032,981 | |
| 5.25%, 3/15/52 | 2,000 | 2,203,640 | |
| New York Dormitory Authority, Sales Tax Revenue: | |||
| 4.00%, 3/15/48 | 2,000 | 1,951,200 | |
| 5.00%, 3/15/45 | 4,000 | 4,195,360 | |
| New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/45 | 1,445 | 1,403,124 | |
| New York State Urban Development Corp., Sales Tax Revenue: | |||
| 4.00%, 3/15/39 | 5,000 | 5,100,650 | |
| 4.00%, 3/15/45 | 2,000 | 1,966,660 | |
| 5.00%, 3/15/49 | 4,000 | 4,386,480 | |
| New York Thruway Authority, 4.00%, 3/15/55 | 2,000 | 1,882,400 | |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 6,445 | 6,471,360 | |
| Triborough Bridge and Tunnel Authority, NY: | |||
| 4.00%, 5/15/46 | 1,455 | 1,423,557 | |
| Series 2021A, 5.00%, 5/15/51 | 2,500 | 2,648,550 | |
| Series 2021C, 5.00%, 5/15/51 | 6,000 | 6,378,000 | |
| Green Bonds, 5.25%, 5/15/47(1) | 3,000 | 3,328,680 | |
| Green Bonds, 5.25%, 5/15/47 | 2,500 | 2,773,875 | |
| Triborough Bridge and Tunnel Authority, NY, Sales Tax Revenue: | |||
| 4.00%, 5/15/48 | 2,500 | 2,448,375 | |
| 4.00%, 5/15/54 | 1,345 | 1,290,931 | |
| Security | Principal Amount (000's omitted) | Value | |
| Special Tax Revenue (continued) | |||
| Triborough Bridge and Tunnel Authority, NY, Sales Tax Revenue: (continued) | |||
| 5.00%, 5/15/49 | $ | 6,000 | $ 6,560,400 |
| $ 96,418,044 | |||
| Transportation — 19.9% | |||
| Metropolitan Transportation Authority, NY: | |||
| (LOC: Barclays Bank PLC), 4.00%, 11/1/32(3) | $ | 4,150 | $ 4,150,000 |
| Green Bonds, 4.00%, 11/15/45 | 2,000 | 1,921,440 | |
| Green Bonds, 4.75%, 11/15/45 | 900 | 927,360 | |
| Green Bonds, 5.00%, 11/15/39 | 2,000 | 2,264,640 | |
| New York State Thruway Authority, 5.00%, 1/1/49 | 3,250 | 3,518,970 | |
| New York Thruway Authority: | |||
| 4.00%, 1/1/45 | 3,000 | 2,921,430 | |
| Series 2016A, 5.00%, 1/1/33 | 2,125 | 2,181,291 | |
| New York Transportation Development Corp., (John F. Kennedy International Airport), Green Bonds, (AMT), 6.00%, 6/30/54 | 1,925 | 2,134,613 | |
| New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment): | |||
| (AMT), 5.00%, 12/1/39 | 1,500 | 1,613,130 | |
| (AMT), 5.00%, 7/1/41 | 2,150 | 2,135,638 | |
| (AMT), 5.00%, 7/1/46 | 9,100 | 8,976,240 | |
| New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport): | |||
| 4.00%, 12/1/42 | 2,100 | 2,008,146 | |
| (AMT), 4.00%, 12/1/42 | 1,960 | 1,831,365 | |
| (AMT), 5.00%, 12/1/28 | 2,000 | 2,124,860 | |
| Niagara Frontier Transportation Authority, NY, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/26 | 1,210 | 1,210,097 | |
| Port Authority of New York and New Jersey: | |||
| 4.00%, 11/1/41 | 3,250 | 3,279,543 | |
| 4.00%, 11/1/49 | 3,000 | 2,933,190 | |
| 6.125%, 6/1/94 | 2,500 | 2,504,750 | |
| (AMT), 5.00%, 10/15/35 | 1,295 | 1,344,456 | |
| (AMT), 5.00%, 8/1/37 | 2,550 | 2,802,680 | |
| (AMT), 5.00%, 1/15/47 | 2,000 | 2,114,880 | |
| (AMT), 5.50%, 8/1/52 | 2,000 | 2,172,320 | |
| Triborough Bridge and Tunnel Authority, NY: | |||
| 3.00%, 11/15/46 | 4,000 | 3,169,080 | |
| 5.00%, 11/15/51 | 7,545 | 8,057,305 | |
| (LOC: Barclays Bank PLC), 4.00%, 1/1/32(3) | 3,000 | 3,000,000 | |
| $ 71,297,424 | |||
26
See Notes to Financial Statements.
Eaton Vance
New York Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Water and Sewer — 8.4% | |||
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): | |||
| 4.00%, 6/15/51 | $ | 5,260 | $ 5,112,878 |
| 5.00%, 6/15/39 | 4,515 | 4,571,212 | |
| 5.00%, 6/15/43 | 2,500 | 2,793,875 | |
| 5.00%, 6/15/47(1) | 2,000 | 2,176,300 | |
| 5.00%, 6/15/50 | 5,000 | 5,302,000 | |
| 5.25%, 6/15/47 | 4,000 | 4,473,600 | |
| 5.25%, 6/15/52 | 3,025 | 3,321,510 | |
| (SPA: TD Bank, N.A.), 3.42%, 6/15/51(4) | 750 | 750,000 | |
| (SPA: TD Bank, N.A.), 3.95%, 6/15/49(3) | 1,500 | 1,500,000 | |
| $ 30,001,375 | |||
| Total Tax-Exempt Municipal Obligations (identified cost $341,842,974) | $353,749,219 | ||
| Taxable Municipal Obligations — 3.5% |
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations — 1.2% | |||
| New York, NY, 1.50%, 8/1/28 | $ | 5,000 | $ 4,402,300 |
| $ 4,402,300 | |||
| Hospital — 0.3% | |||
| Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 4.25%, 11/1/28 | $ | 1,025 | $ 968,277 |
| $ 968,277 | |||
| Lease Revenue/Certificates of Participation — 0.5% | |||
| New York City Transitional Finance Authority, NY, (Building Aid), 3.23%, 7/15/24 | $ | 1,805 | $ 1,793,123 |
| $ 1,793,123 | |||
| Special Tax Revenue — 1.5% | |||
| Metropolitan Transportation Authority, NY, Payroll Mobility Tax Revenue, 5.37%, 12/19/24 | $ | 3,500 | $ 3,498,565 |
| Security | Principal Amount (000's omitted) | Value | |
| Special Tax Revenue (continued) | |||
| Oneida Indian Nation of New York, 8.00%, 9/1/40(2) | $ | 2,000 | $ 1,972,200 |
| $ 5,470,765 | |||
| Total Taxable Municipal Obligations (identified cost $13,254,779) | $ 12,634,465 | ||
| Total Investments — 102.6% (identified cost $357,177,753) | $367,696,022 | ||
| Other Assets, Less Liabilities — (2.6)% | $ (9,224,531) | ||
| Net Assets — 100.0% | $358,471,491 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
| (2) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2024, the aggregate value of these securities is $8,219,683 or 2.3% of the Fund's net assets. |
| (3) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at March 31, 2024. |
| (4) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at March 31, 2024. |
| The Fund invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2024, 9.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.4% to 3.3% of total investments. | |
27
See Notes to Financial Statements.
Eaton Vance
New York Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Abbreviations: | |
| AGC | – Assured Guaranty Corp. |
| AGM | – Assured Guaranty Municipal Corp. |
| AMBAC | – AMBAC Financial Group, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| SPA | – Standby Bond Purchase Agreement |
28
See Notes to Financial Statements.
Eaton Vance
Ohio Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited)
| Tax-Exempt Municipal Obligations — 102.3% |
| Security | Principal Amount (000's omitted) | Value | |
| Bond Bank — 4.6% | |||
| Ohio Water Development Authority: | |||
| 4.00%, 6/1/36 | $ | 1,500 | $ 1,518,705 |
| 5.00%, 12/1/38 | 1,000 | 1,094,180 | |
| Green Bonds, 5.00%, 12/1/38 | 1,000 | 1,149,120 | |
| Sustainability Bonds, 5.00%, 12/1/40 | 2,000 | 2,265,980 | |
| Ohio Water Development Authority, Water Pollution Control Loan Fund, 5.00%, 6/1/32 | 1,000 | 1,174,700 | |
| Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32 | 1,490 | 1,685,935 | |
| $ 8,888,620 | |||
| Education — 14.0% | |||
| Bowling Green State University, OH: | |||
| 4.00%, 6/1/39 | $ | 750 | $ 759,435 |
| 4.00%, 6/1/45 | 1,300 | 1,283,802 | |
| Miami University, OH, 4.00%, 9/1/45 | 2,000 | 1,977,640 | |
| Ohio Higher Educational Facility Commission, (Case Western Reserve University): | |||
| 5.00%, 12/1/27 | 300 | 314,406 | |
| 5.00%, 12/1/40 | 1,000 | 1,035,050 | |
| Ohio Higher Educational Facility Commission, (Denison University): | |||
| 4.00%, 11/1/39 | 115 | 116,962 | |
| 5.00%, 11/1/48 | 2,250 | 2,436,300 | |
| 5.25%, 11/1/46 | 1,355 | 1,391,070 | |
| Ohio Higher Educational Facility Commission, (Kenyon College), 4.00%, 7/1/40 | 1,000 | 1,005,220 | |
| Ohio Higher Educational Facility Commission, (Oberlin College), Green Bonds, 5.00%, 10/1/48 | 2,175 | 2,375,470 | |
| Ohio Higher Educational Facility Commission, (The College of Wooster), 5.00%, 9/1/36 | 1,000 | 1,079,730 | |
| Ohio Higher Educational Facility Commission, (University of Dayton): | |||
| 5.00%, 12/1/32 | 550 | 561,479 | |
| 5.00%, 2/1/38 | 1,200 | 1,345,680 | |
| Ohio State University: | |||
| 5.00%, 12/1/29 | 1,060 | 1,192,309 | |
| 5.00%, 12/1/35 | 500 | 523,370 | |
| 5.25%, 12/1/46 | 2,000 | 2,270,180 | |
| Green Bonds, 4.00%, 12/1/43 | 1,725 | 1,728,795 | |
| Port of Greater Cincinnati Development Authority, OH, (St. Xavier High School, Inc.): | |||
| 4.00%, 4/1/33 | 335 | 344,470 | |
| 4.00%, 4/1/34 | 510 | 524,142 | |
| 4.00%, 4/1/35 | 350 | 356,832 | |
| Security | Principal Amount (000's omitted) | Value | |
| Education (continued) | |||
| Port of Greater Cincinnati Development Authority, OH, (St. Xavier High School, Inc.): (continued) | |||
| 4.00%, 4/1/36 | $ | 350 | $ 354,340 |
| 4.00%, 4/1/37 | 560 | 561,910 | |
| 4.00%, 4/1/38 | 400 | 396,056 | |
| 4.00%, 4/1/39 | 415 | 407,057 | |
| 4.00%, 4/1/40 | 415 | 401,363 | |
| University of Cincinnati, OH: | |||
| 5.00%, 6/1/34 | 585 | 604,703 | |
| 5.00%, 6/1/47 | 2,000 | 2,054,820 | |
| $ 27,402,591 | |||
| Electric Utilities — 1.9% | |||
| American Municipal Power, Inc., OH, (Greenup Hydroelectric Facility), 5.00%, 2/15/46 | $ | 1,000 | $ 1,010,740 |
| American Municipal Power, Inc., OH, (Meldahl Hydroelectric): | |||
| Green Bonds, 4.00%, 2/15/34 | 2,005 | 2,018,634 | |
| Green Bonds, 5.00%, 2/15/33 | 595 | 610,416 | |
| $ 3,639,790 | |||
| Escrowed/Prerefunded — 1.2% | |||
| Cuyahoga County, OH, Sales Tax Revenue, Prerefunded to 12/1/24, 5.00%, 12/1/35 | $ | 1,000 | $ 1,009,990 |
| Northeast Ohio Regional Sewer District, Prerefunded to 11/15/24, 5.00%, 11/15/44 | 1,255 | 1,265,630 | |
| Ohio, (Cleveland Clinic Health System), Prerefunded to 1/1/28, 4.00%, 1/1/43 | 20 | 20,777 | |
| $ 2,296,397 | |||
| General Obligations — 16.0% | |||
| Butler County, OH, Special Tax Assessment, 5.50%, 12/1/28 | $ | 855 | $ 855,966 |
| Central Ohio Transit Authority, OH, 5.00%, 12/1/48 | 2,000 | 2,175,120 | |
| Cleveland, OH: | |||
| 5.00%, 12/1/44 | 1,000 | 1,089,160 | |
| 5.00%, 12/1/51 | 2,000 | 2,128,160 | |
| Columbus City School District, OH, 5.00%, 12/1/30 | 1,500 | 1,556,880 | |
| Columbus, OH: | |||
| 5.00%, 4/1/37 | 1,000 | 1,148,520 | |
| 5.00%, 4/1/39 | 2,700 | 3,056,211 | |
| Cuyahoga Community College District, OH, 3.50%, 12/1/39 | 1,400 | 1,344,532 | |
| Mayfield Heights, OH, 4.00%, 12/1/48 | 1,250 | 1,202,888 | |
| North Olmsted City School District, OH, 5.00%, 10/15/48 | 2,500 | 2,623,725 | |
29
See Notes to Financial Statements.
Eaton Vance
Ohio Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations (continued) | |||
| Ohio: | |||
| 4.00%, 6/15/40 | $ | 2,500 | $ 2,541,675 |
| 5.00%, 5/1/33 | 1,500 | 1,586,835 | |
| 5.00%, 3/1/36 | 1,250 | 1,464,537 | |
| 5.00%, 3/1/37 | 1,000 | 1,160,140 | |
| 5.00%, 5/1/37 | 1,025 | 1,173,133 | |
| Summit County, OH, 5.00%, 12/1/43 | 1,000 | 1,106,980 | |
| Troy City School District, OH, 5.00%, 12/1/54 | 1,000 | 1,078,010 | |
| Upper Arlington City School District, OH, 5.75%, 12/1/40 | 500 | 515,980 | |
| Worthington City School District, OH, 5.50%, 12/1/54 | 3,000 | 3,355,170 | |
| $ 31,163,622 | |||
| Hospital — 17.7% | |||
| Akron, Bath and Copley Joint Township Hospital District, OH, (Children's Hospital Medical Center of Akron), 4.00%, 11/15/42 | $ | 1,250 | $ 1,221,663 |
| Akron, Bath and Copley Joint Township Hospital District, OH, (Summa Health Obligated Group): | |||
| 4.00%, 11/15/35 | 500 | 487,015 | |
| 4.00%, 11/15/37 | 525 | 498,320 | |
| Allen County, OH, (Bon Secours Mercy Health, Inc.), 4.00%, 12/1/40 | 1,000 | 1,000,260 | |
| Allen County, OH, (Mercy Health), 4.00%, 8/1/47(1) | 5,150 | 4,966,814 | |
| Butler County, OH, (UC Health): | |||
| 4.00%, 11/15/37 | 920 | 836,427 | |
| 5.00%, 11/15/28 | 590 | 603,906 | |
| Franklin County, OH, (Nationwide Children's Hospital): | |||
| 5.00%, 11/1/34 | 750 | 793,965 | |
| (SPA: JPMorgan Chase Bank, N.A.), 3.85%, 11/1/42(2) | 3,900 | 3,900,000 | |
| Franklin County, OH, (OhioHealth Corp.), 5.00%, 5/15/40 | 1,200 | 1,206,240 | |
| Franklin County, OH, (Trinity Health Credit Group): | |||
| 4.00%, 12/1/44 | 2,445 | 2,372,530 | |
| 5.00%, 12/1/46 | 3,000 | 3,071,010 | |
| Hamilton County, OH, (UC Health), 5.00%, 9/15/45 | 1,125 | 1,136,441 | |
| Miami County, OH, (Kettering Health Network Obligated Group), 5.00%, 8/1/38 | 1,000 | 1,048,540 | |
| Middleburg Heights, OH, (Southwest General Health Center), 4.00%, 8/1/47 | 2,000 | 1,847,820 | |
| Muskingum County, OH, (Genesis HealthCare System Obligated Group), 5.00%, 2/15/33 | 460 | 457,281 | |
| Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), (SPA: Barclays Bank PLC), 3.95%, 1/1/43(2) | 1,600 | 1,600,000 | |
| Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 4.00%, 1/15/39 | 1,100 | 1,101,177 | |
| Security | Principal Amount (000's omitted) | Value | |
| Hospital (continued) | |||
| Ohio, (Cleveland Clinic Health System): | |||
| 4.00%, 1/1/36 | $ | 2,055 | $ 2,107,505 |
| 4.00%, 1/1/43 | 2,165 | 2,125,987 | |
| 4.00%, 1/1/46 | 2,000 | 1,923,240 | |
| Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/24 | 215 | 214,379 | |
| $ 34,520,520 | |||
| Housing — 2.7% | |||
| Ohio Housing Finance Agency: | |||
| 3.00%, 9/1/39 | $ | 375 | $ 324,874 |
| (FHLMC), (FNMA), (GNMA), Social Bonds, 4.35%, 9/1/44 | 3,000 | 2,952,540 | |
| (FHLMC), (FNMA), (GNMA), Social Bonds, 4.80%, 9/1/43 | 990 | 1,007,622 | |
| (FHLMC), (FNMA), (GNMA), Social Bonds, 5.50%, 3/1/53 | 990 | 1,041,450 | |
| $ 5,326,486 | |||
| Industrial Development Revenue — 2.5% | |||
| Cleveland, OH, (Continental Airlines), 5.375%, 9/15/27 | $ | 1,630 | $ 1,630,359 |
| Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 4.25%, 1/15/38(3) | 1,700 | 1,691,126 | |
| Ohio, (Republic Services, Inc.), 3.80% to 6/3/24 (Put Date), 11/1/35 | 1,500 | 1,498,890 | |
| $ 4,820,375 | |||
| Insured - Electric Utilities — 6.8% | |||
| Cleveland, OH, Public Power System Revenue: | |||
| (AGM), 4.00%, 11/15/36 | $ | 1,000 | $ 1,018,810 |
| (NPFG), 0.00%, 11/15/27 | 2,540 | 2,239,264 | |
| Ohio Municipal Electric Generation Agency: | |||
| (NPFG), 0.00%, 2/15/26 | 3,000 | 2,800,950 | |
| (NPFG), 0.00%, 2/15/27 | 2,500 | 2,256,125 | |
| (NPFG), 0.00%, 2/15/28 | 4,750 | 4,148,127 | |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34 | 770 | 764,518 | |
| $ 13,227,794 | |||
| Insured - Escrowed/Prerefunded — 0.2% | |||
| Cleveland, OH, Public Power System Revenue, (AGM), Escrowed to Maturity, 5.00%, 11/15/24 | $ | 235 | $ 237,063 |
| Warrensville Heights City School District, OH, (BAM), Prerefunded to 12/1/24, 5.00%, 12/1/44 | 215 | 217,148 | |
| $ 454,211 | |||
30
See Notes to Financial Statements.
Eaton Vance
Ohio Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Insured - General Obligations — 14.9% | |||
| Cincinnati City School District, OH, (AGM), 5.25%, 12/1/29(1) | $ | 7,500 | $ 8,462,700 |
| Green Local School District, OH, (AGM), 4.625%, 11/1/47 | 1,020 | 1,037,065 | |
| Kettering City School District, OH, (AGM), 5.25%, 12/1/31 | 4,505 | 4,967,033 | |
| Mason City School District, OH, (AGM), 5.25%, 12/1/31 | 3,525 | 4,009,582 | |
| Springboro Community City School District, OH, (AGM), 5.25%, 12/1/30 | 5,000 | 5,639,000 | |
| Warrensville Heights City School District, OH, (BAM), 5.00%, 12/1/44 | 85 | 85,410 | |
| Westerville City School District, OH, (XLCA), 5.00%, 12/1/27 | 4,590 | 4,872,193 | |
| $ 29,072,983 | |||
| Insured - Hospital — 0.8% | |||
| Lucas County, OH, (ProMedica Healthcare Obligated Group), (AGM), 4.00%, 11/15/45 | $ | 1,725 | $ 1,632,264 |
| $ 1,632,264 | |||
| Insured - Transportation — 1.3% | |||
| Cleveland, OH, Airport System Revenue, (AGM), (AMT), 5.00%, 1/1/43 | $ | 1,000 | $ 1,028,560 |
| Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/35 | 1,500 | 1,506,240 | |
| $ 2,534,800 | |||
| Insured - Water and Sewer — 2.0% | |||
| Newark, OH, Water System Revenue, (AGM), 5.00%, 12/1/39 | $ | 3,680 | $ 3,811,818 |
| $ 3,811,818 | |||
| Other Revenue — 4.2% | |||
| Buckeye Tobacco Settlement Financing Authority, OH: | |||
| 4.00%, 6/1/37 | $ | 1,875 | $ 1,905,938 |
| 5.00%, 6/1/55 | 1,995 | 1,889,484 | |
| Cuyahoga County, OH, (Cleveland Orchestra): | |||
| 5.00%, 1/1/33 | 400 | 436,124 | |
| 5.00%, 1/1/34 | 300 | 328,296 | |
| 5.00%, 1/1/35 | 500 | 547,710 | |
| 5.00%, 1/1/41 | 725 | 771,741 | |
| Franklin County Convention Facilities Authority, OH, 5.00%, 12/1/26 | 1,000 | 1,008,490 | |
| Riversouth Authority, OH, (Lazarus Building Redevelopment), 5.75%, 12/1/27 | 1,330 | 1,330,186 | |
| $ 8,217,969 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Senior Living/Life Care — 1.8% | |||
| Butler County Port Authority, OH, (Community First Solutions), 4.00%, 5/15/46 | $ | 650 | $ 596,843 |
| Franklin County, OH, (Ohio Living Communities): | |||
| 4.00%, 7/1/40 | 1,000 | 858,520 | |
| 5.25%, 7/1/41 | 1,500 | 1,488,105 | |
| Hamilton County, OH, (Life Enriching Communities Project), 5.50%, 1/1/43 | 500 | 517,135 | |
| $ 3,460,603 | |||
| Special Tax Revenue — 3.6% | |||
| Akron, OH, Income Tax Revenue: | |||
| 4.00%, 12/1/36 | $ | 655 | $ 660,194 |
| 4.00%, 12/1/37 | 520 | 522,621 | |
| American Samoa Economic Development Authority, 5.00%, 9/1/38(3) | 200 | 200,650 | |
| Cuyahoga County, OH, Sales Tax Revenue, 4.00%, 1/1/37 | 225 | 233,568 | |
| Delaware County, OH, Sales Tax Revenue, 5.00%, 12/1/28 | 2,000 | 2,037,160 | |
| Hamilton County, OH, Sales Tax Revenue, 5.00%, 12/1/32 | 1,000 | 1,161,340 | |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 2,285 | 2,294,346 | |
| $ 7,109,879 | |||
| Transportation — 2.3% | |||
| Cleveland, OH, Airport System Revenue, (AMT), 5.00%, 1/1/27 | $ | 625 | $ 647,600 |
| Ohio Turnpike and Infrastructure Commission, 4.00%, 2/15/46 | 2,000 | 1,957,720 | |
| Ohio, Major New State Infrastructure Project Revenue: | |||
| 5.00%, 12/15/25 | 750 | 773,422 | |
| 5.00%, 12/15/27 | 750 | 808,927 | |
| 5.00%, 12/15/33 | 350 | 400,026 | |
| $ 4,587,695 | |||
| Water and Sewer — 3.8% | |||
| Cleveland, OH, Water Pollution Control Revenue, Green Bonds, 5.00%, 11/15/41 | $ | 945 | $ 955,045 |
| Columbus, OH, Sewerage System Revenue, 5.00%, 6/1/30 | 1,500 | 1,555,935 | |
| Lancaster, OH, Wastewater System Revenue, 4.00%, 12/1/33 | 1,265 | 1,281,635 | |
31
See Notes to Financial Statements.
Eaton Vance
Ohio Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Water and Sewer (continued) | |||
| Mahoning County, OH, Sewer System Revenue, 5.00%, 12/1/46 | $ | 1,565 | $ 1,655,880 |
| Ohio Water Development Authority, Water Pollution Control Loan Fund, Green Bonds, 4.00%, 12/1/46 | 2,000 | 1,995,580 | |
| $ 7,444,075 | |||
| Total Tax-Exempt Municipal Obligations (identified cost $197,340,528) | $199,612,492 | ||
| Taxable Municipal Obligations — 1.0% |
| Security | Principal Amount (000's omitted) | Value | |
| Special Tax Revenue — 1.0% | |||
| JobsOhio Beverage System, OH, 4.433%, 1/1/33 | $ | 2,000 | $ 1,981,920 |
| Total Taxable Municipal Obligations (identified cost $1,982,860) | $ 1,981,920 | ||
| Trust Units — 0.4% |
| Security | Notional Amount (000's omitted) | Value | |
| Transportation — 0.4% | |||
| HTA TRRB 2005L-745190R75 Assured Custodial Trust, 5.25%, 7/1/41 | $ | 772 | $ 755,453 |
| Total Trust Units (identified cost $777,776) | $ 755,453 | ||
| Total Investments — 103.7% (identified cost $200,101,164) | $202,349,865 | ||
| Other Assets, Less Liabilities — (3.7)% | $ (7,160,160) | ||
| Net Assets — 100.0% | $195,189,705 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
| (2) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at March 31, 2024. |
| (3) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2024, the aggregate value of these securities is $1,891,776 or 1.0% of the Fund's net assets. |
| The Fund invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2024, 25.1% 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 16.5% of total investments. | |
32
See Notes to Financial Statements.
Eaton Vance
Ohio Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Futures Contracts | |||||
| Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) |
| Interest Rate Futures | |||||
| U.S. Long Treasury Bond | (30) | Short | 6/18/24 | $(3,613,125) | $ (39,867) |
| $(39,867) | |||||
| Abbreviations: | |
| AGM | – Assured Guaranty Municipal Corp. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| NPFG | – National Public Finance Guarantee Corp. |
| SPA | – Standby Bond Purchase Agreement |
| XLCA | – XL Capital Assurance, Inc. |
33
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Statements of Assets and Liabilities (Unaudited)
| March 31, 2024 | ||||
| California Opportunities Fund | Massachusetts Fund | New York Fund | Ohio Fund | |
| Assets | ||||
| Investments: | ||||
| Identified cost | $ 916,518,818 | $ 159,489,838 | $ 357,177,753 | $ 200,101,164 |
| Unrealized appreciation | 16,255,267 | 3,641,847 | 10,518,269 | 2,248,701 |
| Investments, at value | $932,774,085 | $163,131,685 | $367,696,022 | $202,349,865 |
| Cash | $ 122,896 | $ 13,345 | $ 646,911 | $ 88,382 |
| Deposits for derivatives collateral: | ||||
| Futures contracts | — | — | — | 144,312 |
| Interest receivable | 8,362,969 | 1,966,305 | 4,068,627 | 2,582,684 |
| Receivable for investments sold | 13,656,196 | — | 1,768,630 | — |
| Receivable for Fund shares sold | 1,973,849 | 80,784 | 635,264 | 303,598 |
| Trustees' deferred compensation plan | 64,310 | 56,254 | 102,689 | 55,872 |
| Total assets | $956,954,305 | $165,248,373 | $374,918,143 | $205,524,713 |
| Liabilities | ||||
| Payable for floating rate notes issued | $ — | $ 3,663,769 | $ 15,237,672 | $ 8,460,214 |
| Payable for investments purchased | — | 2,374,197 | — | — |
| Payable for when-issued securities | 63,487,280 | — | — | — |
| Payable for Fund shares redeemed | 2,673,793 | 242,567 | 451,408 | 1,507,937 |
| Payable for variation margin on open futures contracts | — | — | — | 7,500 |
| Distributions payable | 441,501 | 123,213 | 130,160 | 35,515 |
| Payable to affiliates: | ||||
| Investment adviser fee | 304,341 | 49,868 | 121,241 | 64,515 |
| Distribution and service fees | 41,039 | 16,263 | 37,552 | 16,816 |
| Trustees' deferred compensation plan | 64,310 | 56,254 | 102,689 | 55,872 |
| Interest expense and fees payable | — | 11,351 | 188,323 | 85,068 |
| Accrued expenses | 260,211 | 78,339 | 177,607 | 101,571 |
| Total liabilities | $ 67,272,475 | $ 6,615,821 | $ 16,446,652 | $ 10,335,008 |
| Net Assets | $889,681,830 | $158,632,552 | $358,471,491 | $195,189,705 |
| Sources of Net Assets | ||||
| Paid-in capital | $ 918,443,455 | $ 165,737,766 | $ 381,785,148 | $ 206,313,390 |
| Accumulated loss | (28,761,625) | (7,105,214) | (23,313,657) | (11,123,685) |
| Net Assets | $889,681,830 | $158,632,552 | $358,471,491 | $195,189,705 |
| Class A Shares | ||||
| Net Assets | $ 130,247,829 | $ 82,194,368 | $ 182,391,872 | $ 77,400,109 |
| Shares Outstanding | 12,835,781 | 10,244,130 | 19,404,502 | 9,258,911 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 10.15 | $ 8.02 | $ 9.40 | $ 8.36 |
| Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 10.49 | $ 8.29 | $ 9.72 | $ 8.64 |
| Class C Shares | ||||
| Net Assets | $ 16,178,753 | $ 2,793,168 | $ 7,700,734 | $ 4,402,757 |
| Shares Outstanding | 1,725,544 | 348,169 | 818,869 | 527,001 |
| Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 9.38 | $ 8.02 | $ 9.40 | $ 8.35 |
34
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Statements of Assets and Liabilities (Unaudited) — continued
| March 31, 2024 | ||||
| California Opportunities Fund | Massachusetts Fund | New York Fund | Ohio Fund | |
| Class I Shares | ||||
| Net Assets | $743,255,248 | $73,645,016 | $168,378,885 | $113,386,839 |
| Shares Outstanding | 73,199,466 | 9,177,101 | 17,917,012 | 13,555,950 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 10.15 | $ 8.02 | $ 9.40 | $ 8.36 |
| On sales of $100,000 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. |
35
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Statements of Operations (Unaudited)
| Six Months Ended March 31, 2024 | ||||
| California Opportunities Fund | Massachusetts Fund | New York Fund | Ohio Fund | |
| Investment Income | ||||
| Interest income | $ 17,034,702 | $ 3,110,241 | $ 7,612,303 | $ 3,902,109 |
| Total investment income | $17,034,702 | $3,110,241 | $ 7,612,303 | $ 3,902,109 |
| Expenses | ||||
| Investment adviser fee | $ 1,658,129 | $ 280,654 | $ 702,409 | $ 362,118 |
| Distribution and service fees: | ||||
| Class A | 152,703 | 80,550 | 181,825 | 78,983 |
| Class C | 82,112 | 15,064 | 40,776 | 21,334 |
| Trustees’ fees and expenses | 26,902 | 5,261 | 11,612 | 6,458 |
| Custodian fee | 96,509 | 20,699 | 42,756 | 24,971 |
| Transfer and dividend disbursing agent fees | 117,094 | 31,042 | 86,535 | 43,216 |
| Legal and accounting services | 58,934 | 40,252 | 54,262 | 43,764 |
| Printing and postage | 5,877 | 1,294 | 10,222 | 1,829 |
| Registration fees | 1,693 | 5,976 | 3,136 | 4,088 |
| Interest expense and fees | — | 72,397 | 302,426 | 169,768 |
| Miscellaneous | 46,683 | 14,589 | 30,567 | 25,717 |
| Total expenses | $ 2,246,636 | $ 567,778 | $ 1,466,526 | $ 782,246 |
| Net investment income | $14,788,066 | $2,542,463 | $ 6,145,777 | $ 3,119,863 |
| Realized and Unrealized Gain (Loss) | ||||
| Net realized gain (loss): | ||||
| Investment transactions | $ (1,960,758) | $ (732,582) | $ (5,377,544) | $ (990,655) |
| Futures contracts | 558,979 | — | 146,121 | (16,633) |
| Net realized loss | $ (1,401,779) | $ (732,582) | $ (5,231,423) | $ (1,007,288) |
| Change in unrealized appreciation (depreciation): | ||||
| Investments | $ 35,798,128 | $ 8,119,233 | $ 29,170,175 | $ 11,181,679 |
| Futures contracts | — | — | (533,013) | (181,375) |
| Net change in unrealized appreciation (depreciation) | $35,798,128 | $8,119,233 | $28,637,162 | $11,000,304 |
| Net realized and unrealized gain | $34,396,349 | $7,386,651 | $23,405,739 | $ 9,993,016 |
| Net increase in net assets from operations | $49,184,415 | $9,929,114 | $29,551,516 | $13,112,879 |
36
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Statements of Changes in Net Assets
| Six Months Ended March 31, 2024 (Unaudited) | ||||
| California Opportunities Fund | Massachusetts Fund | New York Fund | Ohio Fund | |
| Increase (Decrease) in Net Assets | ||||
| From operations: | ||||
| Net investment income | $ 14,788,066 | $ 2,542,463 | $ 6,145,777 | $ 3,119,863 |
| Net realized loss | (1,401,779) | (732,582) | (5,231,423) | (1,007,288) |
| Net change in unrealized appreciation (depreciation) | 35,798,128 | 8,119,233 | 28,637,162 | 11,000,304 |
| Net increase in net assets from operations | $ 49,184,415 | $ 9,929,114 | $ 29,551,516 | $ 13,112,879 |
| Distributions to shareholders: | ||||
| Class A | $ (2,088,648) | $ (1,287,093) | $ (3,066,171) | $ (1,230,641) |
| Class C | (219,318) | (38,771) | (112,525) | (53,067) |
| Class I | (12,203,647) | (1,197,271) | (2,866,982) | (1,811,928) |
| Total distributions to shareholders | $ (14,511,613) | $ (2,523,135) | $ (6,045,678) | $ (3,095,636) |
| Transactions in shares of beneficial interest: | ||||
| Class A | $ 8,722,370 | $ 889,723 | $ (7,394,433) | $ (5,497,427) |
| Class C | (1,240,653) | (962,235) | (1,865,810) | (396,417) |
| Class I | 138,736,409 | 4,075,178 | (992,198) | 1,039,929 |
| Net increase (decrease) in net assets from Fund share transactions | $146,218,126 | $ 4,002,666 | $ (10,252,441) | $ (4,853,915) |
| Net increase in net assets | $180,890,928 | $ 11,408,645 | $ 13,253,397 | $ 5,163,328 |
| Net Assets | ||||
| At beginning of period | $ 708,790,902 | $ 147,223,907 | $ 345,218,094 | $ 190,026,377 |
| At end of period | $889,681,830 | $158,632,552 | $358,471,491 | $195,189,705 |
37
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Statements of Changes in Net Assets — continued
| Year Ended September 30, 2023 | ||||
| California Opportunities Fund | Massachusetts Fund | New York Fund | Ohio Fund | |
| Increase (Decrease) in Net Assets | ||||
| From operations: | ||||
| Net investment income | $ 21,266,761 | $ 4,522,833 | $ 11,196,832 | $ 5,876,216 |
| Net realized loss | (9,523,642) | (1,746,218) | (11,066,174) | (1,427,027) |
| Net change in unrealized appreciation (depreciation) | 3,997,134 | 697,654 | 9,616,292 | (879,730) |
| Net increase in net assets from operations | $ 15,740,253 | $ 3,474,269 | $ 9,746,950 | $ 3,569,459 |
| Distributions to shareholders: | ||||
| Class A | $ (3,715,593) | $ (2,272,650) | $ (5,607,350) | $ (2,515,854) |
| Class C | (447,384) | (90,608) | (244,518) | (117,013) |
| Class I | (16,695,418) | (2,135,702) | (5,196,140) | (3,188,149) |
| Total distributions to shareholders | $ (20,858,395) | $ (4,498,960) | $ (11,048,008) | $ (5,821,016) |
| Transactions in shares of beneficial interest: | ||||
| Class A | $ (1,518,749) | $ 3,862,898 | $ (7,192,578) | $ (10,434,074) |
| Class C | (3,026,717) | (889,526) | (3,968,790) | (2,141,255) |
| Class I | 138,348,631 | 6,230,440 | 13,565,124 | 15,265,920 |
| Net increase in net assets from Fund share transactions | $133,803,165 | $ 9,203,812 | $ 2,403,756 | $ 2,690,591 |
| Net increase in net assets | $128,685,023 | $ 8,179,121 | $ 1,102,698 | $ 439,034 |
| Net Assets | ||||
| At beginning of year | $ 580,105,879 | $ 139,044,786 | $ 344,115,396 | $ 189,587,343 |
| At end of year | $708,790,902 | $147,223,907 | $345,218,094 | $190,026,377 |
38
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Financial Highlights
| California Opportunities Fund — Class A | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 9.680 | $ 9.660 | $ 10.990 | $ 10.930 | $ 10.800 | $ 10.210 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.175 | $ 0.316 | $ 0.166 | $ 0.136 | $ 0.203 | $ 0.258 |
| Net realized and unrealized gain (loss) | 0.466 | 0.014 (2) | (1.291) | 0.089 | 0.177 | 0.590 |
| Total income (loss) from operations | $ 0.641 | $ 0.330 | $ (1.125) | $ 0.225 | $ 0.380 | $ 0.848 |
| Less Distributions | ||||||
| From net investment income | $ (0.171) | $ (0.310) | $ (0.168) | $ (0.136) | $ (0.214) | $ (0.258) |
| From net realized gain | — | — | (0.037) | (0.029) | (0.036) | — |
| Total distributions | $ (0.171) | $ (0.310) | $ (0.205) | $ (0.165) | $ (0.250) | $ (0.258) |
| Net asset value — End of period | $ 10.150 | $ 9.680 | $ 9.660 | $ 10.990 | $ 10.930 | $ 10.800 |
| Total Return(3) | 6.66% (4) | 3.37% | (10.35)% | 2.06% | 3.58% | 8.52% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $130,248 | $116,041 | $117,491 | $145,636 | $147,662 | $126,381 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.75% (5) | 0.75% | 0.71% | 0.69% | 0.71% | 0.76% |
| Interest and fee expense(6) | — | — | — | — | 0.01% | 0.04% |
| Total expenses | 0.75% (5) | 0.75% | 0.71% | 0.69% | 0.72% | 0.80% |
| Net investment income | 3.49% (5) | 3.17% | 1.59% | 1.23% | 1.88% | 2.47% |
| Portfolio Turnover | 88% (4) | 171% | 170% | 104% | 184% | 235% |
| (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). |
39
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Financial Highlights — continued
| California Opportunities Fund — Class C | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.950 | $ 8.930 | $10.150 | $ 10.110 | $ 9.990 | $ 9.440 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.127 | $ 0.223 | $ 0.078 | $ 0.049 | $ 0.113 | $ 0.166 |
| Net realized and unrealized gain (loss) | 0.427 | 0.014 (2) | (1.178) | 0.069 | 0.166 | 0.550 |
| Total income (loss) from operations | $ 0.554 | $ 0.237 | $ (1.100) | $ 0.118 | $ 0.279 | $ 0.716 |
| Less Distributions | ||||||
| From net investment income | $ (0.124) | $ (0.217) | $ (0.083) | $ (0.049) | $ (0.123) | $ (0.166) |
| From net realized gain | — | — | (0.037) | (0.029) | (0.036) | — |
| Total distributions | $ (0.124) | $ (0.217) | $ (0.120) | $ (0.078) | $ (0.159) | $ (0.166) |
| Net asset value — End of period | $ 9.380 | $ 8.950 | $ 8.930 | $10.150 | $10.110 | $ 9.990 |
| Total Return(3) | 6.21% (4) | 2.62% | (10.92)% | 1.16% | 2.83% | 7.66% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $16,179 | $16,663 | $19,575 | $ 30,823 | $ 28,977 | $27,616 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 1.50% (5) | 1.50% | 1.46% | 1.44% | 1.46% | 1.51% |
| Interest and fee expense(6) | — | — | — | — | 0.01% | 0.04% |
| Total expenses | 1.50% (5) | 1.50% | 1.46% | 1.44% | 1.47% | 1.55% |
| Net investment income | 2.74% (5) | 2.42% | 0.81% | 0.48% | 1.13% | 1.72% |
| Portfolio Turnover | 88% (4) | 171% | 170% | 104% | 184% | 235% |
| (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). |
40
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Financial Highlights — continued
| California Opportunities Fund — Class I | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 9.690 | $ 9.670 | $ 10.990 | $ 10.940 | $ 10.810 | $ 10.210 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.187 | $ 0.342 | $ 0.191 | $ 0.162 | $ 0.225 | $ 0.282 |
| Net realized and unrealized gain (loss) | 0.457 | 0.013 (2) | (1.280) | 0.080 | 0.181 | 0.602 |
| Total income (loss) from operations | $ 0.644 | $ 0.355 | $ (1.089) | $ 0.242 | $ 0.406 | $ 0.884 |
| Less Distributions | ||||||
| From net investment income | $ (0.184) | $ (0.335) | $ (0.194) | $ (0.163) | $ (0.240) | $ (0.284) |
| From net realized gain | — | — | (0.037) | (0.029) | (0.036) | — |
| Total distributions | $ (0.184) | $ (0.335) | $ (0.231) | $ (0.192) | $ (0.276) | $ (0.284) |
| Net asset value — End of period | $ 10.150 | $ 9.690 | $ 9.670 | $ 10.990 | $ 10.940 | $ 10.810 |
| Total Return(3) | 6.68% (4) | 3.63% | (10.03)% | 2.22% | 3.82% | 8.79% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $743,255 | $576,087 | $443,039 | $572,453 | $410,090 | $195,115 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.50% (5) | 0.50% | 0.46% | 0.44% | 0.46% | 0.51% |
| Interest and fee expense(6) | — | — | — | — | 0.01% | 0.04% |
| Total expenses | 0.50% (5) | 0.50% | 0.46% | 0.44% | 0.47% | 0.55% |
| Net investment income | 3.73% (5) | 3.43% | 1.83% | 1.47% | 2.08% | 2.68% |
| Portfolio Turnover | 88% (4) | 171% | 170% | 104% | 184% | 235% |
| (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). |
41
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Financial Highlights — continued
| Massachusetts Fund — Class A | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.630 | $ 7.650 | $ 8.970 | $ 9.030 | $ 8.980 | $ 8.600 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.128 | $ 0.237 | $ 0.176 | $ 0.166 | $ 0.206 | $ 0.252 |
| Net realized and unrealized gain (loss) | 0.389 | (0.021) | (1.320) | (0.055) | 0.071 | 0.382 |
| Total income (loss) from operations | $ 0.517 | $ 0.216 | $ (1.144) | $ 0.111 | $ 0.277 | $ 0.634 |
| Less Distributions | ||||||
| From net investment income | $ (0.127) | $ (0.236) | $ (0.176) | $ (0.171) | $ (0.227) | $ (0.254) |
| Total distributions | $ (0.127) | $ (0.236) | $ (0.176) | $ (0.171) | $ (0.227) | $ (0.254) |
| Net asset value — End of period | $ 8.020 | $ 7.630 | $ 7.650 | $ 8.970 | $ 9.030 | $ 8.980 |
| Total Return(2) | 6.80% (3) | 2.75% | (12.89)% | 1.23% | 3.13% | 7.48% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $82,194 | $77,294 | $73,926 | $96,499 | $100,099 | $93,288 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.72% (4) | 0.70% | 0.68% | 0.65% | 0.68% | 0.71% |
| Interest and fee expense(5) | 0.09% (4) | 0.09% | 0.02% | 0.01% | 0.03% | 0.05% |
| Total expenses | 0.81% (4) | 0.79% | 0.70% | 0.66% | 0.71% | 0.76% |
| Net investment income | 3.22% (4) | 2.99% | 2.09% | 1.83% | 2.30% | 2.87% |
| Portfolio Turnover | 23% (3) | 39% | 46% | 26% | 15% | 49% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
42
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Financial Highlights — continued
| Massachusetts Fund — Class C | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.630 | $ 7.650 | $ 8.960 | $ 9.040 | $ 8.990 | $ 8.610 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.098 | $ 0.177 | $ 0.111 | $ 0.098 | $ 0.140 | $ 0.186 |
| Net realized and unrealized gain (loss) | 0.389 | (0.021) | (1.308) | (0.072) | 0.073 | 0.382 |
| Total income (loss) from operations | $ 0.487 | $ 0.156 | $(1.197) | $ 0.026 | $ 0.213 | $ 0.568 |
| Less Distributions | ||||||
| From net investment income | $ (0.097) | $ (0.176) | $ (0.113) | $ (0.106) | $ (0.163) | $ (0.188) |
| Total distributions | $(0.097) | $(0.176) | $(0.113) | $(0.106) | $(0.163) | $ (0.188) |
| Net asset value — End of period | $ 8.020 | $ 7.630 | $ 7.650 | $ 8.960 | $ 9.040 | $ 8.990 |
| Total Return(2) | 6.40% (3) | 1.99% | (13.45)% | 0.39% | 2.40% | 6.55% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 2,793 | $ 3,581 | $ 4,452 | $ 8,464 | $ 9,811 | $12,518 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 1.47% (4) | 1.45% | 1.43% | 1.40% | 1.43% | 1.46% |
| Interest and fee expense(5) | 0.09% (4) | 0.09% | 0.02% | 0.01% | 0.03% | 0.05% |
| Total expenses | 1.56% (4) | 1.54% | 1.45% | 1.41% | 1.46% | 1.51% |
| Net investment income | 2.48% (4) | 2.24% | 1.31% | 1.08% | 1.56% | 2.12% |
| Portfolio Turnover | 23% (3) | 39% | 46% | 26% | 15% | 49% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
43
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Financial Highlights — continued
| Massachusetts Fund — Class I | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.630 | $ 7.660 | $ 8.970 | $ 9.030 | $ 8.980 | $ 8.600 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.136 | $ 0.253 | $ 0.192 | $ 0.184 | $ 0.222 | $ 0.268 |
| Net realized and unrealized gain (loss) | 0.389 | (0.031) | (1.309) | (0.056) | 0.071 | 0.384 |
| Total income (loss) from operations | $ 0.525 | $ 0.222 | $ (1.117) | $ 0.128 | $ 0.293 | $ 0.652 |
| Less Distributions | ||||||
| From net investment income | $ (0.135) | $ (0.252) | $ (0.193) | $ (0.188) | $ (0.243) | $ (0.272) |
| Total distributions | $ (0.135) | $ (0.252) | $ (0.193) | $ (0.188) | $ (0.243) | $ (0.272) |
| Net asset value — End of period | $ 8.020 | $ 7.630 | $ 7.660 | $ 8.970 | $ 9.030 | $ 8.980 |
| Total Return(2) | 6.90% (3) | 2.82% | (12.60)% | 1.42% | 3.31% | 7.69% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $73,645 | $66,350 | $60,667 | $99,684 | $96,780 | $63,829 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.52% (4) | 0.50% | 0.48% | 0.45% | 0.48% | 0.51% |
| Interest and fee expense(5) | 0.09% (4) | 0.09% | 0.02% | 0.01% | 0.03% | 0.05% |
| Total expenses | 0.61% (4) | 0.59% | 0.50% | 0.46% | 0.51% | 0.56% |
| Net investment income | 3.42% (4) | 3.19% | 2.27% | 2.03% | 2.48% | 3.05% |
| Portfolio Turnover | 23% (3) | 39% | 46% | 26% | 15% | 49% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
44
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Financial Highlights — continued
| New York Fund — Class A | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.770 | $ 8.790 | $ 10.400 | $ 10.470 | $ 10.380 | $ 9.800 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.158 | $ 0.275 | $ 0.191 | $ 0.162 | $ 0.216 | $ 0.265 |
| Net realized and unrealized gain (loss) | 0.628 | (0.024) | (1.527) | 0.179 | 0.103 | 0.580 |
| Total income (loss) from operations | $ 0.786 | $ 0.251 | $ (1.336) | $ 0.341 | $ 0.319 | $ 0.845 |
| Less Distributions | ||||||
| From net investment income | $ (0.156) | $ (0.271) | $ (0.191) | $ (0.162) | $ (0.229) | $ (0.265) |
| From net realized gain | — | — | (0.083) | (0.249) | — | — |
| Total distributions | $ (0.156) | $ (0.271) | $ (0.274) | $ (0.411) | $ (0.229) | $ (0.265) |
| Net asset value — End of period | $ 9.400 | $ 8.770 | $ 8.790 | $ 10.400 | $ 10.470 | $ 10.380 |
| Total Return(2) | 8.99% (3) | 2.77% | (13.09)% | 3.30% | 3.11% | 8.74% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $182,392 | $177,164 | $184,700 | $250,441 | $240,960 | $235,528 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.74% (4) | 0.71% | 0.68% | 0.65% | 0.67% | 0.69% |
| Interest and fee expense(5) | 0.17% (4) | 0.13% | 0.00% (6) | — | — | 0.04% |
| Total expenses | 0.91% (4) | 0.84% | 0.68% | 0.65% | 0.67% | 0.73% |
| Net investment income | 3.43% (4) | 3.00% | 1.96% | 1.55% | 2.07% | 2.63% |
| Portfolio Turnover | 40% (3) | 54% | 59% | 63% | 125% | 114% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| (6) | Amount is less than 0.005%. |
45
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Financial Highlights — continued
| New York Fund — Class C | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.770 | $ 8.800 | $10.400 | $ 10.470 | $ 10.390 | $ 9.800 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.124 | $ 0.205 | $ 0.116 | $ 0.085 | $ 0.139 | $ 0.192 |
| Net realized and unrealized gain (loss) | 0.627 | (0.033) | (1.515) | 0.177 | 0.093 | 0.588 |
| Total income (loss) from operations | $ 0.751 | $ 0.172 | $ (1.399) | $ 0.262 | $ 0.232 | $ 0.780 |
| Less Distributions | ||||||
| From net investment income | $ (0.121) | $ (0.202) | $ (0.118) | $ (0.083) | $ (0.152) | $ (0.190) |
| From net realized gain | — | — | (0.083) | (0.249) | — | — |
| Total distributions | $(0.121) | $(0.202) | $ (0.201) | $ (0.332) | $ (0.152) | $ (0.190) |
| Net asset value — End of period | $ 9.400 | $ 8.770 | $ 8.800 | $10.400 | $10.470 | $10.390 |
| Total Return(2) | 8.59% (3) | 1.89% | (13.65)% | 2.53% | 2.25% | 8.03% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 7,701 | $ 8,975 | $12,833 | $ 22,375 | $ 31,347 | $ 40,711 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 1.49% (4) | 1.46% | 1.43% | 1.40% | 1.42% | 1.44% |
| Interest and fee expense(5) | 0.17% (4) | 0.13% | 0.00% (6) | — | — | 0.04% |
| Total expenses | 1.66% (4) | 1.59% | 1.43% | 1.40% | 1.42% | 1.48% |
| Net investment income | 2.68% (4) | 2.24% | 1.19% | 0.81% | 1.33% | 1.91% |
| Portfolio Turnover | 40% (3) | 54% | 59% | 63% | 125% | 114% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| (6) | Amount is less than 0.005%. |
46
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Financial Highlights — continued
| New York Fund — Class I | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.770 | $ 8.790 | $ 10.390 | $ 10.470 | $ 10.380 | $ 9.800 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.167 | $ 0.293 | $ 0.210 | $ 0.183 | $ 0.236 | $ 0.285 |
| Net realized and unrealized gain (loss) | 0.628 | (0.024) | (1.517) | 0.169 | 0.103 | 0.580 |
| Total income (loss) from operations | $ 0.795 | $ 0.269 | $ (1.307) | $ 0.352 | $ 0.339 | $ 0.865 |
| Less Distributions | ||||||
| From net investment income | $ (0.165) | $ (0.289) | $ (0.210) | $ (0.183) | $ (0.249) | $ (0.285) |
| From net realized gain | — | — | (0.083) | (0.249) | — | — |
| Total distributions | $ (0.165) | $ (0.289) | $ (0.293) | $ (0.432) | $ (0.249) | $ (0.285) |
| Net asset value — End of period | $ 9.400 | $ 8.770 | $ 8.790 | $ 10.390 | $ 10.470 | $ 10.380 |
| Total Return(2) | 9.10% (3) | 2.98% | (12.83)% | 3.41% | 3.30% | 8.96% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $168,379 | $159,079 | $146,582 | $191,239 | $165,573 | $136,913 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.54% (4) | 0.51% | 0.48% | 0.45% | 0.47% | 0.49% |
| Interest and fee expense(5) | 0.17% (4) | 0.13% | 0.00% (6) | — | — | 0.04% |
| Total expenses | 0.71% (4) | 0.64% | 0.48% | 0.45% | 0.47% | 0.53% |
| Net investment income | 3.63% (4) | 3.20% | 2.16% | 1.74% | 2.27% | 2.83% |
| Portfolio Turnover | 40% (3) | 54% | 59% | 63% | 125% | 114% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
| (6) | Amount is less than 0.005%. |
47
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Financial Highlights — continued
| Ohio Fund — Class A | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.930 | $ 8.020 | $ 9.260 | $ 9.320 | $ 9.210 | $ 8.700 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.129 | $ 0.244 | $ 0.233 | $ 0.244 | $ 0.262 | $ 0.276 |
| Net realized and unrealized gain (loss) | 0.429 | (0.093) | (1.242) | (0.063) | 0.111 | 0.506 |
| Total income (loss) from operations | $ 0.558 | $ 0.151 | $ (1.009) | $ 0.181 | $ 0.373 | $ 0.782 |
| Less Distributions | ||||||
| From net investment income | $ (0.128) | $ (0.241) | $ (0.231) | $ (0.241) | $ (0.263) | $ (0.272) |
| Total distributions | $ (0.128) | $ (0.241) | $ (0.231) | $ (0.241) | $ (0.263) | $ (0.272) |
| Net asset value — End of period | $ 8.360 | $ 7.930 | $ 8.020 | $ 9.260 | $ 9.320 | $ 9.210 |
| Total Return(2) | 7.07% (3) | 1.81% | (11.06)% | 1.95% | 4.11% | 9.12% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $77,400 | $78,705 | $89,734 | $111,629 | $105,917 | $102,651 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.73% (4) | 0.70% | 0.70% | 0.68% | 0.69% | 0.71% |
| Interest and fee expense(5) | 0.18% (4) | 0.16% | 0.05% | 0.03% | 0.07% | 0.13% |
| Total expenses | 0.91% (4) | 0.86% | 0.75% | 0.71% | 0.76% | 0.84% |
| Net investment income | 3.14% (4) | 2.95% | 2.66% | 2.60% | 2.84% | 3.08% |
| Portfolio Turnover | 15% (3) | 28% | 17% | 3% | 11% | 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. |
| (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
March 31, 2024
Financial Highlights — continued
| Ohio Fund — Class C | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.930 | $ 8.010 | $ 9.260 | $ 9.320 | $ 9.200 | $ 8.700 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.098 | $ 0.181 | $ 0.168 | $ 0.173 | $ 0.193 | $ 0.209 |
| Net realized and unrealized gain (loss) | 0.419 | (0.082) | (1.252) | (0.062) | 0.121 | 0.496 |
| Total income (loss) from operations | $ 0.517 | $ 0.099 | $(1.084) | $ 0.111 | $ 0.314 | $ 0.705 |
| Less Distributions | ||||||
| From net investment income | $ (0.097) | $ (0.179) | $ (0.166) | $ (0.171) | $ (0.194) | $ (0.205) |
| Total distributions | $(0.097) | $(0.179) | $(0.166) | $ (0.171) | $ (0.194) | $ (0.205) |
| Net asset value — End of period | $ 8.350 | $ 7.930 | $ 8.010 | $ 9.260 | $ 9.320 | $ 9.200 |
| Total Return(2) | 6.54% (3) | 1.17% | (11.84)% | 1.19% | 3.45% | 8.19% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 4,403 | $ 4,561 | $ 6,697 | $11,078 | $10,805 | $13,233 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 1.48% (4) | 1.46% | 1.45% | 1.43% | 1.44% | 1.47% |
| Interest and fee expense(5) | 0.18% (4) | 0.16% | 0.05% | 0.03% | 0.07% | 0.13% |
| Total expenses | 1.66% (4) | 1.62% | 1.50% | 1.46% | 1.51% | 1.60% |
| Net investment income | 2.39% (4) | 2.19% | 1.90% | 1.85% | 2.09% | 2.35% |
| Portfolio Turnover | 15% (3) | 28% | 17% | 3% | 11% | 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. |
| (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
March 31, 2024
Financial Highlights — continued
| Ohio Fund — Class I | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.940 | $ 8.020 | $ 9.270 | $ 9.330 | $ 9.210 | $ 8.710 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.138 | $ 0.261 | $ 0.250 | $ 0.262 | $ 0.281 | $ 0.293 |
| Net realized and unrealized gain (loss) | 0.419 | (0.083) | (1.251) | (0.062) | 0.121 | 0.498 |
| Total income (loss) from operations | $ 0.557 | $ 0.178 | $ (1.001) | $ 0.200 | $ 0.402 | $ 0.791 |
| Less Distributions | ||||||
| From net investment income | $ (0.137) | $ (0.258) | $ (0.249) | $ (0.260) | $ (0.282) | $ (0.291) |
| Total distributions | $ (0.137) | $ (0.258) | $ (0.249) | $ (0.260) | $ (0.282) | $ (0.291) |
| Net asset value — End of period | $ 8.360 | $ 7.940 | $ 8.020 | $ 9.270 | $ 9.330 | $ 9.210 |
| Total Return(2) | 7.04% (3) | 2.14% | (10.98)% | 2.16% | 4.43% | 9.21% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $113,387 | $106,759 | $93,156 | $73,812 | $63,267 | $49,932 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.53% (4) | 0.50% | 0.50% | 0.48% | 0.49% | 0.51% |
| Interest and fee expense(5) | 0.18% (4) | 0.16% | 0.05% | 0.03% | 0.07% | 0.13% |
| Total expenses | 0.71% (4) | 0.66% | 0.55% | 0.51% | 0.56% | 0.64% |
| Net investment income | 3.34% (4) | 3.15% | 2.87% | 2.80% | 3.04% | 3.26% |
| Portfolio Turnover | 15% (3) | 28% | 17% | 3% | 11% | 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. |
| (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
March 31, 2024
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance Municipals Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Trust presently consists of eighteen funds, four of which, each non-diversified, are included in these financial statements. They include Eaton Vance California Municipal Opportunities Fund (California Opportunities Fund), Eaton Vance Massachusetts Municipal Income Fund (Massachusetts Fund), Eaton Vance New York Municipal Income Fund (New York Fund) and Eaton Vance Ohio Municipal Income Fund (Ohio Fund), (each individually referred to as the Fund, and collectively, the Funds). The investment objective of the Massachusetts Fund, New York Fund and Ohio Fund is to provide current income exempt from regular federal income tax and from particular state or local income or other taxes. The investment objective of the California Opportunities Fund is to seek to maximize after-tax total return. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Funds' prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.
The following is a summary of significant accounting policies of the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). Each Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.
Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Derivatives. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.
Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated a Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s "fair value", which is the amount that a Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions and Related Income—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.
C Federal Taxes—Each Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by each Fund, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.
As of March 31, 2024, 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.
51
Eaton Vance
Municipal Income Funds
March 31, 2024
Notes to Financial Statements (Unaudited) — continued
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.
G Indemnifications—Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Funds. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Fund enters into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Fund that have not yet occurred.
H Floating Rate Notes Issued in Conjunction with Securities Held—The Funds may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 10) at March 31, 2024. Interest expense related to a Fund’s liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At March 31, 2024, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:
| Massachusetts Fund | New York Fund | Ohio Fund | |
| Floating Rate Notes Outstanding | $3,663,769 | $15,237,672 | $ 8,460,214 |
| Interest Rate or Range of Interest Rates (%) | 3.67 | 3.67 | 3.73 - 3.76 |
| Collateral for Floating Rate Notes Outstanding | $6,451,645 | $20,988,260 | $13,429,514 |
For the six months ended March 31, 2024, the Funds’ average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were as follows:
| Massachusetts Fund | New York Fund | Ohio Fund | |
| Average Floating Rate Notes Outstanding | $3,640,000 | $15,200,000 | $ 8,435,000 |
| Average Interest Rate | 3.98% | 3.98% | 4.03% |
In certain circumstances, the Funds may enter into shortfall and forbearance agreements with brokers by which a Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of March 31, 2024.
52
Eaton Vance
Municipal Income Funds
March 31, 2024
Notes to Financial Statements (Unaudited) — continued
The Funds may also purchase residual interest bonds in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.
The Funds' investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Funds' investment policies do not allow the Funds to borrow money except as permitted by the 1940 Act. Effective August 19, 2022, the Funds began operating under Rule 18f-4 under the 1940 Act, which, among other things, governs the use of derivative investments and certain financing transactions by registered investment companies. As of the date of this report, consistent with Rule 18f-4, the Funds have elected to treat their investments in residual interest bonds, along with similar financing transactions, as derivatives transactions subject to the Funds’ value-at-risk (VaR)-based limits on leverage risk. The Funds may change this election (and elect to treat these investments and other similar financing transactions like bank borrowings subject to the asset coverage requirements of Section 18 of the 1940 Act) at any time. Residual interest bonds held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.
I Futures Contracts—Upon entering into a futures contract, a Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.
J When-Issued Securities and Delayed Delivery Transactions—The Funds may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Funds maintain cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.
K Interim Financial Statements—The interim financial statements relating to March 31, 2024 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds' management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Distributions to Shareholders and Income Tax Information
The net investment income of each Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of a Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
At September 30, 2023, the following Funds, for federal income tax purposes, had deferred capital losses which would reduce the respective Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of a Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. The amounts of the deferred capital losses are as follows:
| California Opportunities Fund | Massachusetts Fund | New York Fund | Ohio Fund | |
| Deferred capital losses: | ||||
| Short-term | $27,018,051 | $3,951,959 | $10,703,623 | $7,026,966 |
| Long-term | $16,394,701 | $6,112,213 | $17,488,259 | $5,657,359 |
53
Eaton Vance
Municipal Income Funds
March 31, 2024
Notes to Financial Statements (Unaudited) — continued
The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of each Fund at March 31, 2024, as determined on a federal income tax basis, were as follows:
| California Opportunities Fund | Massachusetts Fund | New York Fund | Ohio Fund | |
| Aggregate cost | $916,717,092 | $155,788,098 | $341,784,920 | $191,205,107 |
| Gross unrealized appreciation | $ 21,620,840 | $ 4,996,833 | $ 14,982,350 | $ 5,490,514 |
| Gross unrealized depreciation | (5,563,847) | (1,317,015) | (4,308,920) | (2,845,837) |
| Net unrealized appreciation | $ 16,056,993 | $ 3,679,818 | $ 10,673,430 | $ 2,644,677 |
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:
California Opportunities Fund
| Total Daily Net Assets | Annual Asset Rate | Daily Income Rate |
| Up to $500 million | 0.300% | 3.000% |
| $500 million but less than $1 billion | 0.275% | 2.750% |
| $1 billion but less than $1.5 billion | 0.250% | 2.500% |
| $1.5 billion but less than $2 billion | 0.225% | 2.250% |
| $2 billion but less than $3 billion | 0.200% | 2.000% |
| $3 billion and over | 0.175% | 1.750% |
Massachusetts Fund, New York Fund and Ohio Fund
| Total Daily Net Assets | Annual Asset Rate | Daily Income Rate |
| Up to $20 million | 0.100% | 1.000% |
| $20 million but less than $40 million | 0.200% | 2.000% |
| $40 million but less than $500 million | 0.300% | 3.000% |
| $500 million but less than $1 billion | 0.275% | 2.750% |
| $1 billion but less than $1.5 billion | 0.250% | 2.500% |
| $1.5 billion but less than $2 billion | 0.225% | 2.250% |
| $2 billion but less than $3 billion | 0.200% | 2.000% |
| $3 billion and over | 0.175% | 1.750% |
54
Eaton Vance
Municipal Income Funds
March 31, 2024
Notes to Financial Statements (Unaudited) — continued
For the six months ended March 31, 2024, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:
| California Opportunities Fund | Massachusetts Fund | New York Fund | Ohio Fund | |
| Investment Adviser Fee | $1,658,129 | $280,654 | $702,409 | $362,118 |
| Effective Annual Rate | 0.41% | 0.36% | 0.40% | 0.38% |
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 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 March 31, 2024 were as follows:
| California Opportunities Fund | Massachusetts Fund | New York Fund | Ohio Fund | |
| EVM's Sub-Transfer Agent Fees | $5,661 | $5,944 | $15,357 | $5,299 |
| EVD's Class A Sales Charges | $6,068 | $ 935 | $ 2,333 | $3,704 |
| Morgan Stanley affiliated broker-dealers’ Class A Sales Charges | $5,293 | $ 180 | $ 250 | $ 82 |
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. Certain officers and Trustees of the Funds are officers of the above organizations.
4 Distribution Plans
Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class A Plan provides that each Fund will pay EVD a distribution and service fee not exceeding 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Trustees approved distribution and service fee payments equal to 0.20% (0.25% for California Opportunities Fund) per annum of each Fund’s average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2024 for Class A shares amounted to the following:
| California Opportunities Fund | Massachusetts Fund | New York Fund | Ohio Fund | |
| Class A Distribution and Service Fees | $152,703 | $80,550 | $181,825 | $78,983 |
55
Eaton Vance
Municipal Income Funds
March 31, 2024
Notes to Financial Statements (Unaudited) — continued
Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the respective Funds. For the six months ended March 31, 2024, the Funds paid or accrued to EVD the following distribution fees:
| California Opportunities Fund | Massachusetts Fund | New York Fund | Ohio Fund | |
| Class C Distribution Fees | $61,584 | $11,893 | $32,192 | $16,843 |
The Class C Plan also authorizes each Fund to make payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of the average daily net assets attributable to Class C shares. The Trustees approved service fee payments equal to 0.20% (0.25% for California Opportunities Fund) per annum of each Fund’s average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended March 31, 2024 amounted to the following:
| California Opportunities Fund | Massachusetts Fund | New York Fund | Ohio Fund | |
| Class C Service Fees | $20,528 | $3,171 | $8,584 | $4,491 |
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 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended March 31, 2024, the Funds were informed that EVD received the following amounts of CDSCs paid by Class A and Class C shareholders:
| California Opportunities Fund | Massachusetts Fund | New York Fund | Ohio Fund | |
| Class A | $260 | $ — (1) | $6,518 | $ — |
| Class C | $481 | $ — | $ 112 | $ — |
| (1) | Amount is less than $100. |
6 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations and including maturities, for the six months ended March 31, 2024 were as follows:
| California Opportunities Fund | Massachusetts Fund | New York Fund | Ohio Fund | |
| Purchases | $890,929,417 | $42,028,167 | $147,759,331 | $29,194,339 |
| Sales | $711,497,575 | $35,058,326 | $171,394,143 | $32,163,793 |
56
Eaton Vance
Municipal Income Funds
March 31, 2024
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, including direct exchanges pursuant to share class conversions, were as follows:
| California Opportunities Fund | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class A | ||||||
| Sales | 2,014,595 | $ 20,228,442 | 3,210,174 | $ 31,996,528 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 171,572 | 1,723,155 | 309,870 | 3,083,987 | ||
| Redemptions | (1,335,803) | (13,229,227) | (3,695,521) | (36,599,264) | ||
| Net increase (decrease) | 850,364 | $ 8,722,370 | (175,477) | $ (1,518,749) | ||
| Class C | ||||||
| Sales | 183,597 | $ 1,713,290 | 201,530 | $ 1,866,339 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 22,718 | 210,675 | 47,024 | 432,478 | ||
| Redemptions | (343,319) | (3,164,618) | (578,759) | (5,325,534) | ||
| Net decrease | (137,004) | $ (1,240,653) | (330,205) | $ (3,026,717) | ||
| Class I | ||||||
| Sales | 26,327,639 | $ 263,731,327 | 40,461,257 | $ 403,806,256 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 982,602 | 9,886,442 | 1,383,987 | 13,777,277 | ||
| Redemptions | (13,573,789) | (134,881,360) | (28,209,870) | (279,234,902) | ||
| Net increase | 13,736,452 | $ 138,736,409 | 13,635,374 | $ 138,348,631 | ||
| Massachusetts Fund | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class A | ||||||
| Sales | 1,047,446 | $ 8,268,208 | 1,762,992 | $ 14,075,617 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 131,114 | 1,041,807 | 236,480 | 1,869,800 | ||
| Redemptions | (1,067,162) | (8,420,292) | (1,524,746) | (12,082,519) | ||
| Net increase | 111,398 | $ 889,723 | 474,726 | $ 3,862,898 | ||
57
Eaton Vance
Municipal Income Funds
March 31, 2024
Notes to Financial Statements (Unaudited) — continued
| Massachusetts Fund (continued) | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class C | ||||||
| Sales | 9,073 | $ 72,879 | 19,774 | $ 156,020 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 4,611 | 36,553 | 10,292 | 81,356 | ||
| Redemptions | (135,014) | (1,071,667) | (142,299) | (1,126,902) | ||
| Net decrease | (121,330) | $ (962,235) | (112,233) | $ (889,526) | ||
| Class I | ||||||
| Sales | 2,685,514 | $ 21,379,887 | 4,263,610 | $ 33,675,931 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 98,553 | 782,383 | 196,992 | 1,558,745 | ||
| Redemptions | (2,303,171) | (18,087,092) | (3,688,754) | (29,004,236) | ||
| Net increase | 480,896 | $ 4,075,178 | 771,848 | $ 6,230,440 | ||
| New York Fund | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class A | ||||||
| Sales | 1,116,765 | $ 10,259,785 | 2,956,765 | $ 27,189,945 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 287,689 | 2,667,852 | 539,993 | 4,935,256 | ||
| Redemptions | (2,207,321) | (20,322,070) | (4,296,846) | (39,317,779) | ||
| Net decrease | (802,867) | $ (7,394,433) | (800,088) | $ (7,192,578) | ||
| Class C | ||||||
| Sales | 59,689 | $ 557,124 | 136,187 | $ 1,249,195 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 10,761 | 99,721 | 23,669 | 216,342 | ||
| Redemptions | (274,777) | (2,522,655) | (595,567) | (5,434,327) | ||
| Net decrease | (204,327) | $ (1,865,810) | (435,711) | $ (3,968,790) | ||
| Class I | ||||||
| Sales | 3,357,466 | $ 31,127,313 | 8,667,264 | $ 78,887,976 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 270,230 | 2,505,128 | 490,416 | 4,483,152 | ||
| Redemptions | (3,858,846) | (34,624,639) | (7,684,416) | (69,806,004) | ||
| Net increase (decrease) | (231,150) | $ (992,198) | 1,473,264 | $ 13,565,124 | ||
58
Eaton Vance
Municipal Income Funds
March 31, 2024
Notes to Financial Statements (Unaudited) — continued
| Ohio Fund | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class A | ||||||
| Sales | 329,298 | $ 2,674,683 | 960,743 | $ 7,945,502 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 133,599 | 1,105,544 | 269,374 | 2,220,088 | ||
| Redemptions | (1,127,316) | (9,277,654) | (2,499,974) | (20,599,664) | ||
| Net decrease | (664,419) | $ (5,497,427) | (1,269,857) | $(10,434,074) | ||
| Class C | ||||||
| Sales | 15,789 | $ 130,595 | 63,311 | $ 523,333 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 5,962 | 49,264 | 13,162 | 108,413 | ||
| Redemptions | (70,205) | (576,276) | (336,880) | (2,773,001) | ||
| Net decrease | (48,454) | $ (396,417) | (260,407) | $ (2,141,255) | ||
| Class I | ||||||
| Sales | 2,564,983 | $ 21,050,908 | 7,075,687 | $ 58,372,473 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 207,697 | 1,719,908 | 360,288 | 2,972,355 | ||
| Redemptions | (2,669,172) | (21,730,887) | (5,597,265) | (46,078,908) | ||
| Net increase | 103,508 | $ 1,039,929 | 1,838,710 | $ 15,265,920 | ||
8 Line of Credit
The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 22, 2024. In connection with the renewal of the agreement on October 24, 2023, the borrowing limit was decreased from $725 million. Borrowings are made by the Funds solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to each Fund based on its borrowings at an amount above either the 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 2023, an arrangement fee of $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, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the six months ended March 31, 2024.
9 Financial Instruments
The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at March 31, 2024 is included in the Portfolio of Investments. At March 31, 2024, the Ohio Fund had sufficient cash and/or securities to cover commitments under these contracts.
Each Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Funds hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. During the six months ended March 31, 2024, the California Opportunities, New York and Ohio Funds entered into U.S. Treasury futures contracts to hedge against changes in interest rates.
59
Eaton Vance
Municipal Income Funds
March 31, 2024
Notes to Financial Statements (Unaudited) — continued
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at March 31, 2024 was as follows:
| Ohio Fund | |
| Liability Derivative | |
| Futures contracts | $ (39,867) |
| Total | $(39,867) |
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statements of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended March 31, 2024 was as follows:
| California Opportunities Fund | New York Fund | Ohio Fund | |
| Realized Gain (Loss) on Derivatives Recognized in Income | $558,979 (1) | $ 146,121(1) | $ (16,633)(1) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | $ — | $(533,013) (2) | $(181,375) (2) |
| (1) | Statements of Operations location: Net realized gain (loss): Futures contracts. |
| (2) | Statements of Operations location: Change in unrealized appreciation (depreciation): Futures contracts. |
The average notional cost of futures contracts outstanding during the six months ended March 31, 2024, which is indicative of the volume of this derivative type, was approximately as follows:
| California Opportunities Fund | New York Fund | Ohio Fund | |
| Average Notional Cost: | |||
| Futures Contracts — Short | $247,000 | $1,913,000 | $3,527,000 |
10 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
60
Eaton Vance
Municipal Income Funds
March 31, 2024
Notes to Financial Statements (Unaudited) — continued
At March 31, 2024, the hierarchy of inputs used in valuing the Funds' investments and open derivative instruments, which are carried at fair value, were as follows:
| California Opportunities Fund | ||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds | $ — | $ 2,200,806 | $ — | $ 2,200,806 |
| Tax-Exempt Mortgage-Backed Securities | — | 5,710,176 | — | 5,710,176 |
| Tax-Exempt Municipal Obligations | — | 783,756,883 | — | 783,756,883 |
| Taxable Municipal Obligations | — | 140,181,986 | — | 140,181,986 |
| Trust Units | — | 924,234 | — | 924,234 |
| Total Investments | $ — | $932,774,085 | $ — | $932,774,085 |
| Massachusetts Fund | ||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Tax-Exempt Municipal Obligations | $ — | $ 161,162,085 | $ — | $ 161,162,085 |
| Taxable Municipal Obligations | — | 1,969,600 | — | 1,969,600 |
| Total Investments | $ — | $163,131,685 | $ — | $163,131,685 |
| New York Fund | ||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds | $ — | $ 1,312,338 | $ — | $ 1,312,338 |
| Tax-Exempt Municipal Obligations | — | 353,749,219 | — | 353,749,219 |
| Taxable Municipal Obligations | — | 12,634,465 | — | 12,634,465 |
| Total Investments | $ — | $367,696,022 | $ — | $367,696,022 |
| Ohio Fund | ||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Tax-Exempt Municipal Obligations | $ — | $ 199,612,492 | $ — | $ 199,612,492 |
| Taxable Municipal Obligations | — | 1,981,920 | — | 1,981,920 |
| Trust Units | — | 755,453 | — | 755,453 |
| Total Investments | $ — | $ 202,349,865 | $ — | $ 202,349,865 |
| Liability Description | ||||
| Futures Contracts | $ (39,867) | $ — | $ — | $ (39,867) |
| Total | $ (39,867) | $ — | $ — | $ (39,867) |
61
Eaton Vance
Municipal Income Funds
March 31, 2024
Officers and Trustees
| Officers | |
| Kenneth A. Topping President | Nicholas S. Di Lorenzo Secretary |
| Deidre E. Walsh Vice President and Chief Legal Officer | Laura T. Donovan Chief Compliance Officer |
| James F. Kirchner Treasurer | |
| Trustees |
| George J. Gorman Chairperson | |
| Alan C. Bowser | |
| Mark R. Fetting | |
| Cynthia E. Frost | |
| Valerie A. Mosley | |
| Anchal Pachnanda* |
| Keith Quinton | |
| Marcus L. Smith | |
| Susan J. Sutherland | |
| Scott E. Wennerholm | |
| Nancy A. Wiser |
| * | Interested Trustee |
62
Eaton Vance Funds
| U.S. Customer Privacy Notice | March 2024 |
| 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 information 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 affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No* |
| For our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes* |
| For our affiliates to market to you | Yes | Yes* |
| 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.comPlease 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 |
63
Eaton Vance Funds
| U.S. Customer Privacy Notice — continued | March 2024 |
Page 2
| Who we are | |
| Who is providing this notice? | Eaton Vance Management and our investment management affiliates (“Eaton Vance”) (see 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 informationWe 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 youState laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.) |
| What happens when I limit sharing for an account I hold jointly with someone else? | Your choices will apply to everyone on your account. |
| Definitions | |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Calvert Research and Management, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
| 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 does not jointly market. |
64
Eaton Vance Funds
| U.S. Customer Privacy Notice — continued | March 2024 |
Page 3
| Other important information | |
| *PLEASE NOTE: Eaton Vance does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Eaton Vance enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Eaton Vance from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.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. |
65
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.
Tailored Shareholder Reports. Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Eaton Vance Funds.
66
Investment Adviser
Boston Management and Research
One Post Office Square
Boston, MA 02109
One Post Office Square
Boston, MA 02109
Administrator
Eaton Vance Management
One Post Office Square
Boston, MA 02109
One Post Office Square
Boston, MA 02109
Principal Underwriter*
Eaton Vance Distributors, Inc.
One Post Office Square
Boston, MA 02109
(617) 482-8260
One Post Office Square
Boston, MA 02109
(617) 482-8260
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
Fund Offices
One Post Office Square
Boston, MA 02109
One Post Office Square
Boston, MA 02109
* 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.
Eaton Vance
Municipal Income Funds
Semiannual Report
March 31, 2024
AMT-Free • National
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. Each investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of each Fund. Accordingly, neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, each Fund's adviser is registered with the CFTC as a commodity pool operator. Each adviser is also registered as a commodity trading advisor.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.
Eaton Vance
AMT-Free Municipal Income Fund
March 31, 2024
Performance
Portfolio Manager(s) Cynthia J. Clemson and Julie P. Callahan, CFA
| % Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 01/06/1998 | 03/16/1978 | 8.88% | 3.76% | 1.01% | 2.52% |
| Class A with 3.25% Maximum Sales Charge | — | — | 5.29 | 0.43 | 0.36 | 2.18 |
| Class C at NAV | 05/02/2006 | 03/16/1978 | 8.52 | 2.86 | 0.25 | 1.90 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 7.52 | 1.86 | 0.25 | 1.90 |
| Class I at NAV | 03/16/1978 | 03/16/1978 | 9.03 | 4.01 | 1.27 | 2.78 |
| Bloomberg Municipal Bond Index | — | — | 7.48% | 3.13% | 1.59% | 2.66% |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 1.00% | 1.75% | 0.75% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 3.48% | 2.73% | 3.74% |
| Taxable-Equivalent Distribution Rate | 5.89 | 4.61 | 6.31 |
| SEC 30-day Yield | 2.99 | 2.33 | 3.34 |
| Taxable-Equivalent SEC 30-day Yield | 5.04 | 3.94 | 5.63 |
| % Total Leverage5 | |
| Residual Interest Bond (RIB) Financing | 1.79% |
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. 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
AMT-Free Municipal Income Fund
March 31, 2024
Fund Profile
| Credit Quality (% of total investments)1,2 |
Footnotes:
| 1 | 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. |
| 2 | The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |
3
Eaton Vance
National Municipal Income Fund
March 31, 2024
Performance
Portfolio Manager(s) Craig R. Brandon, CFA and Christopher J. Eustance, CFA
| % Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 04/05/1994 | 12/19/1985 | 8.33% | 4.61% | 1.77% | 3.24% |
| Class A with 3.25% Maximum Sales Charge | — | — | 4.86 | 1.21 | 1.10 | 2.90 |
| Class C at NAV | 12/03/1993 | 12/19/1985 | 7.93 | 3.82 | 1.02 | 2.63 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 6.93 | 2.82 | 1.02 | 2.63 |
| Class I at NAV | 07/01/1999 | 12/19/1985 | 8.47 | 4.87 | 2.02 | 3.50 |
| Bloomberg Municipal Bond Index | — | — | 7.48% | 3.13% | 1.59% | 2.66% |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 0.75% | 1.50% | 0.50% |
| % Distribution Rates/Yields4 | Class A | Class C | Class I |
| Distribution Rate | 3.65% | 2.90% | 3.90% |
| Taxable-Equivalent Distribution Rate | 6.17 | 4.90 | 6.59 |
| SEC 30-day Yield | 3.29 | 2.65 | 3.65 |
| Taxable-Equivalent SEC 30-day Yield | 5.56 | 4.48 | 6.17 |
| % Total Leverage5 | |
| RIB Financing | 1.29% |
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. 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
National Municipal Income Fund
March 31, 2024
Fund Profile
| Credit Quality (% of total investments)1,2 |
Footnotes:
| 1 | 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. |
| 2 | The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |
5
Eaton Vance
Municipal Income Funds
March 31, 2024
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.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. |
| Fund profiles subject to change due to active management. |
6
Eaton Vance
Municipal Income Funds
March 31, 2024
Fund Expenses
Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2023 to March 31, 2024).
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). Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.
Eaton Vance AMT-Free Municipal Income Fund
| Beginning Account Value (10/1/23) | Ending Account Value (3/31/24) | Expenses Paid During Period* (10/1/23 – 3/31/24) | Annualized Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,088.80 | $4.96 | 0.95% |
| Class C | $1,000.00 | $1,085.20 | $8.86 | 1.70% |
| Class I | $1,000.00 | $1,090.30 | $3.66 | 0.70% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,020.25 | $4.80 | 0.95% |
| Class C | $1,000.00 | $1,016.50 | $8.57 | 1.70% |
| Class I | $1,000.00 | $1,021.50 | $3.54 | 0.70% |
| * | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2023. |
7
Eaton Vance
Municipal Income Funds
March 31, 2024
Fund Expenses — continued
Eaton Vance National Municipal Income Fund
| Beginning Account Value (10/1/23) | Ending Account Value (3/31/24) | Expenses Paid During Period* (10/1/23 – 3/31/24) | Annualized Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,083.30 | $3.75 | 0.72% |
| Class C | $1,000.00 | $1,079.30 | $7.64 | 1.47% |
| Class I | $1,000.00 | $1,084.70 | $2.45 | 0.47% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,021.40 | $3.64 | 0.72% |
| Class C | $1,000.00 | $1,017.65 | $7.41 | 1.47% |
| Class I | $1,000.00 | $1,022.65 | $2.38 | 0.47% |
| * | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2023. |
8
Eaton Vance
AMT-Free Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited)
| Tax-Exempt Mortgage-Backed Securities — 0.4% |
| Security | Principal Amount (000's omitted) | Value | |
| Housing — 0.4% | |||
| California Housing Finance Agency, Municipal Certificates, Series 2021-1, Class A, 3.50%, 11/20/35 | $ | 1,007 | $ 944,978 |
| Total Tax-Exempt Mortgage-Backed Securities (identified cost $957,037) | $ 944,978 | ||
| Tax-Exempt Municipal Obligations — 103.3% |
| Security | Principal Amount (000's omitted) | Value | |
| Education — 3.7% | |||
| District of Columbia, (KIPP DC), 4.00%, 7/1/44 | $ | 105 | $ 97,212 |
| Florida Development Finance Corp., (River City Science Academy), 4.00%, 7/1/45 | 25 | 21,628 | |
| Georgia Private Colleges and Universities Authority, (Savannah College of Art and Design): | |||
| 4.00%, 4/1/40 | 1,400 | 1,413,104 | |
| 4.00%, 4/1/44 | 1,500 | 1,470,585 | |
| Ohio Higher Educational Facility Commission, (Oberlin College), Green Bonds, 5.00%, 10/1/48 | 2,000 | 2,184,340 | |
| University of California, 5.00%, 5/15/40 | 2,500 | 2,922,750 | |
| $ 8,109,619 | |||
| Electric Utilities — 4.9% | |||
| Douglas County Public Utility District No. 1, WA, 3.00%, 9/1/52 | $ | 1,355 | $ 1,043,350 |
| Gainesville, FL, Utilities System Revenue, (SPA: Barclays Bank PLC), 3.95%, 10/1/42(1) | 600 | 600,000 | |
| Georgia Municipal Electric Power Authority, 5.00%, 1/1/39 | 2,000 | 2,000,360 | |
| Los Angeles Department of Water and Power, CA, Power System Revenue, 5.00%, 7/1/38(2) | 2,500 | 2,956,675 | |
| Seattle, WA, Municipal Light and Power Improvement Revenue, 4.00%, 7/1/47 | 2,500 | 2,444,800 | |
| Utility Debt Securitization Authority, NY, Green Bonds, 5.00%, 12/15/49 | 1,500 | 1,642,140 | |
| $ 10,687,325 | |||
| Escrowed/Prerefunded — 3.9% | |||
| New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 12/15/28, 5.00%, 6/15/37 | $ | 3,000 | $ 3,307,560 |
| Security | Principal Amount (000's omitted) | Value | |
| Escrowed/Prerefunded (continued) | |||
| San Joaquin Hills Transportation Corridor Agency, CA, Prerefunded to 1/15/25, 5.00%, 1/15/34 | $ | 5,235 | $ 5,300,490 |
| $ 8,608,050 | |||
| General Obligations — 21.6% | |||
| California, 4.00%, 9/1/43(2) | $ | 2,950 | $ 3,016,345 |
| Chicago Board of Education, IL: | |||
| 5.00%, 12/1/42 | 390 | 389,977 | |
| 5.00%, 12/1/44 | 2,000 | 2,010,800 | |
| Chicago, IL: | |||
| 5.00%, 1/1/39 | 1,400 | 1,461,124 | |
| 5.00%, 1/1/44 | 1,490 | 1,535,222 | |
| Del Valle Independent School District, TX, (PSF Guaranteed), 4.00%, 6/15/47 | 4,000 | 3,912,560 | |
| District of Columbia, 4.00%, 2/1/46 | 3,500 | 3,462,515 | |
| Hutto Independent School District, TX, (PSF Guaranteed), 5.00%, 8/1/53 | 3,000 | 3,247,020 | |
| Illinois: | |||
| 4.00%, 11/1/40 | 1,000 | 968,730 | |
| 5.00%, 5/1/35 | 2,000 | 2,001,340 | |
| 5.50%, 5/1/39 | 205 | 225,693 | |
| 5.50%, 3/1/42 | 2,300 | 2,562,269 | |
| 5.75%, 5/1/45 | 210 | 229,891 | |
| New York, NY: | |||
| 4.00%, 9/1/46 | 2,000 | 1,952,900 | |
| 4.00%, 4/1/50 | 2,000 | 1,942,180 | |
| Northwest Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/47 | 3,000 | 2,966,760 | |
| Prosper Independent School District, TX, (PSF Guaranteed): | |||
| 4.00%, 2/15/47 | 3,500 | 3,461,220 | |
| 4.00%, 2/15/54 | 2,000 | 1,920,720 | |
| Salem-Keizer School District No. 24J, OR, 0.00%, 6/15/24 | 1,220 | 1,210,435 | |
| Spring Branch Independent School District, TX, (PSF Guaranteed), 4.50%, 2/1/47 | 8,750 | 8,950,987 | |
| $ 47,428,688 | |||
| Hospital — 8.3% | |||
| Brevard County Health Facilities Authority, FL, (Health First Obligated Group): | |||
| 5.00%, 4/1/47 | $ | 2,500 | $ 2,619,025 |
| 5.00%, 4/1/52 | 2,500 | 2,613,950 | |
| California Statewide Communities Development Authority, (Loma Linda University Medical Center), 5.25%, 12/1/34 | 3,000 | 3,030,030 | |
9
See Notes to Financial Statements.
Eaton Vance
AMT-Free Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Hospital (continued) | |||
| Colorado Health Facilities Authority, (CommonSpirit Health), 5.25%, 11/1/52 | $ | 1,000 | $ 1,073,810 |
| Delaware Health Facilities Authority, (Beebe Medical Center): | |||
| 5.00%, 6/1/36 | 3,730 | 3,804,301 | |
| 5.00%, 6/1/37 | 1,000 | 1,014,320 | |
| Fairfax County Industrial Development Authority, VA, (Inova Health System), 4.00%, 5/15/48 | 575 | 555,456 | |
| Harris County Cultural Education Facilities Finance Corp., TX, (Methodist Hospital), 3.85%, 12/1/59(1) | 400 | 400,000 | |
| New York Dormitory Authority, (Northwell Health Obligated Group), 5.00%, 5/1/52 | 1,010 | 1,066,833 | |
| Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 4.00%, 1/15/39 | 2,100 | 2,102,247 | |
| $ 18,279,972 | |||
| Housing — 2.6% | |||
| Cuyahoga Metropolitan Housing Authority, OH, Social Bonds, 2.00%, 12/1/31 | $ | 1,250 | $ 1,046,462 |
| Massachusetts Housing Finance Agency, (FHLMC), (FNMA), (GNMA), Social Bonds, 4.95%, 12/1/53 | 2,500 | 2,531,575 | |
| Phoenix Industrial Development Authority, AZ, (Downtown Phoenix Student Housing, LLC - Arizona State University): | |||
| 5.00%, 7/1/37 | 500 | 510,455 | |
| 5.00%, 7/1/42 | 1,250 | 1,257,775 | |
| Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(3) | 285 | 285,000 | |
| $ 5,631,267 | |||
| Insured - Education — 0.9% | |||
| Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31 | $ | 1,750 | $ 1,957,322 |
| $ 1,957,322 | |||
| Insured - Electric Utilities — 1.1% | |||
| Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/29 | $ | 2,865 | $ 2,419,779 |
| $ 2,419,779 | |||
| Insured - General Obligations — 2.2% | |||
| McCamey Independent School District, TX, (AGM), 4.00%, 2/15/53 | $ | 3,500 | $ 3,297,770 |
| Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38 | 1,500 | 1,510,110 | |
| $ 4,807,880 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Insured - Lease Revenue/Certificates of Participation — 3.2% | |||
| Anaheim Public Financing Authority, CA, (Anaheim Public Improvements), (AGM), 0.00%, 9/1/31 | $ | 8,680 | $ 6,961,794 |
| $ 6,961,794 | |||
| Insured - Other Revenue — 0.5% | |||
| Hudson Yards Infrastructure Corp., NY, (AGM), 4.00%, 2/15/47 | $ | 1,155 | $ 1,123,746 |
| $ 1,123,746 | |||
| Insured - Special Tax Revenue — 7.3% | |||
| Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34 | $ | 10,600 | $ 6,603,164 |
| Massachusetts, Dedicated Tax Revenue: | |||
| (NPFG), 5.50%, 1/1/27 | 6,000 | 6,408,240 | |
| (NPFG), 5.50%, 1/1/30 | 2,565 | 2,946,544 | |
| $ 15,957,948 | |||
| Insured - Transportation — 7.1% | |||
| E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/39 | $ | 7,120 | $ 3,355,514 |
| Pennsylvania Turnpike Commission, (AGM), 6.375%, 12/1/38 | 11,000 | 12,195,260 | |
| $ 15,550,774 | |||
| Insured - Water and Sewer — 0.9% | |||
| Michigan Finance Authority, (Detroit Water and Sewerage Department): | |||
| (AGM), 5.00%, 7/1/32 | $ | 655 | $ 656,683 |
| (AGM), 5.00%, 7/1/33 | 565 | 566,056 | |
| (AGM), 5.00%, 7/1/35 | 280 | 280,594 | |
| (AGM), 5.00%, 7/1/37 | 565 | 565,876 | |
| $ 2,069,209 | |||
| Lease Revenue/Certificates of Participation — 5.5% | |||
| Maryland Stadium Authority, Built to Learn Revenue, 4.00%, 6/1/52 | $ | 2,550 | $ 2,441,906 |
| New Hampshire Business Finance Authority, (Centurion BioSquare, Inc.), 5.88%, 12/15/38 | 1,000 | 1,026,230 | |
| New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47 | 4,000 | 4,372,840 | |
| New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.00%, 6/15/50 | 2,500 | 2,579,925 | |
| New Jersey Transportation Trust Fund Authority, (Transportation System), 4.00%, 6/15/36 | 1,665 | 1,728,586 | |
| $ 12,149,487 | |||
10
See Notes to Financial Statements.
Eaton Vance
AMT-Free Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Other Revenue — 3.9% | |||
| Black Belt Energy Gas District, AL, (Liq: Royal Bank of Canada), 4.00% to 12/1/31 (Put Date), 6/1/51 | $ | 2,500 | $ 2,521,600 |
| Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55 | 1,600 | 1,515,376 | |
| California Community Choice Financing Authority, Clean Energy Project Revenue: | |||
| Green Bonds, 5.00% to 8/1/29 (Put Date), 12/1/53 | 750 | 792,495 | |
| Green Bonds, 5.25% to 4/1/30 (Put Date), 11/1/54 | 1,660 | 1,786,741 | |
| Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(3) | 1,200 | 480,000 | |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 5.00% to 12/1/30 (Put Date), 5/1/54 | 1,500 | 1,577,250 | |
| $ 8,673,462 | |||
| Senior Living/Life Care — 3.5% | |||
| California Public Finance Authority, (Enso Village), Green Bonds, 2.375%, 11/15/28(4) | $ | 140 | $ 136,840 |
| Manhattan, KS, (Meadowlark Hills), 4.00%, 6/1/46 | 1,180 | 954,785 | |
| National Finance Authority, NH, (The Vista): | |||
| 5.25%, 7/1/39(4) | 265 | 249,331 | |
| 5.625%, 7/1/46(4) | 360 | 335,157 | |
| 5.75%, 7/1/54(4) | 775 | 717,611 | |
| New Hope Cultural Education Facilities Finance Corp., TX, (The Outlook at Windhaven), 6.75%, 10/1/52 | 1,000 | 938,950 | |
| Pompano Beach, FL, (John Knox Village), 4.00%, 9/1/41 | 1,270 | 1,102,017 | |
| Saint Louis County Industrial Development Authority, MO, (St. Andrew's Resources for Seniors Obligated Group), 5.00%, 12/1/35 | 1,700 | 1,651,601 | |
| Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/30(4) | 1,730 | 1,731,609 | |
| $ 7,817,901 | |||
| Special Tax Revenue — 13.2% | |||
| Connecticut, Special Tax Obligation, (Transportation Infrastructure), 5.25%, 7/1/42 | $ | 2,250 | $ 2,561,805 |
| Dallas Area Rapid Transit, TX, Sales Tax Revenue, 4.00%, 12/1/51 | 2,500 | 2,397,775 | |
| Massachusetts Bay Transportation Authority, Sales Tax Revenue, 4.00%, 7/1/51 | 1,405 | 1,371,196 | |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion), 4.00%, 6/15/50 | 5,000 | 4,593,150 | |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: | |||
| 4.00%, 5/1/39 | 1,000 | 1,019,010 | |
| 4.00%, 5/1/45 | 1,380 | 1,355,684 | |
| 5.00%, 11/1/46(5) | 2,000 | 2,170,860 | |
| (SPA: JPMorgan Chase Bank, N.A.), 4.00%, 8/1/45(1) | 1,100 | 1,100,000 | |
| Security | Principal Amount (000's omitted) | Value | |
| Special Tax Revenue (continued) | |||
| New York Dormitory Authority, Personal Income Tax Revenue, 4.00%, 2/15/39 | $ | 3,000 | $ 3,056,370 |
| New York State Urban Development Corp., Personal Income Tax Revenue, Green Bonds, 4.00%, 3/15/50 | 2,485 | 2,375,635 | |
| New York Thruway Authority, Personal Income Tax Revenue, 4.00%, 3/15/44 | 1,000 | 987,430 | |
| Puerto Rico Sales Tax Financing Corp.: | |||
| 0.00%, 7/1/51 | 4,500 | 1,054,890 | |
| 5.00%, 7/1/58 | 2,817 | 2,828,522 | |
| Tampa, FL, (Central and Lower Basin Stormwater Improvements), 5.00%, 5/1/46 | 2,000 | 2,154,320 | |
| $ 29,026,647 | |||
| Transportation — 5.6% | |||
| Atlanta, GA, Airport Revenue, Green Bonds, 5.00%, 7/1/48 | $ | 2,000 | $ 2,194,880 |
| Charlotte, NC, (Charlotte Douglas International Airport), 5.00%, 7/1/48(5) | 2,000 | 2,194,880 | |
| Denver City and County, CO, Airport System Revenue, 5.25%, 11/15/53 | 2,000 | 2,205,760 | |
| Metropolitan Transportation Authority, NY, Green Bonds, 4.75%, 11/15/45 | 225 | 231,840 | |
| New Jersey Turnpike Authority, 5.25%, 1/1/52 | 1,000 | 1,095,740 | |
| New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), 4.00%, 12/1/42 | 2,400 | 2,295,024 | |
| South Jersey Transportation Authority, NJ, 4.625%, 11/1/47 | 1,500 | 1,536,765 | |
| Texas Transportation Commission, 0.00%, 8/1/40 | 1,000 | 465,090 | |
| $ 12,219,979 | |||
| Water and Sewer — 3.4% | |||
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): | |||
| 4.00%, 6/15/41 | $ | 4,500 | $ 4,543,605 |
| 4.00%, 6/15/51 | 2,000 | 1,944,060 | |
| 5.25%, 6/15/52(5) | 1,000 | 1,098,020 | |
| $ 7,585,685 | |||
| Total Tax-Exempt Municipal Obligations (identified cost $219,587,470) | $ 227,066,534 | ||
| Total Investments — 103.7% (identified cost $220,544,507) | $ 228,011,512 | ||
| Other Assets, Less Liabilities — (3.7)% | $ (8,078,503) | ||
| Net Assets — 100.0% | $ 219,933,009 | ||
11
See Notes to Financial Statements.
Eaton Vance
AMT-Free Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at March 31, 2024. |
| (2) | When-issued security. |
| (3) | Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy. |
| (4) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2024, the aggregate value of these securities is $3,170,548 or 1.4% of the Fund's net assets. |
| (5) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
| At March 31, 2024, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows: | |
| Texas | 17.7% |
| New York | 13.6% |
| California | 12.7% |
| Others, representing less than 10% individually | 59.7% |
| The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2024, 22.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 10.4% to 14.8% of total investments. |
| Abbreviations: | |
| AGM | – Assured Guaranty Municipal Corp. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| Liq | – Liquidity Provider |
| NPFG | – National Public Finance Guarantee Corp. |
| PSF | – Permanent School Fund |
| SPA | – Standby Bond Purchase Agreement |
12
See Notes to Financial Statements.
Eaton Vance
National Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited)
| Corporate Bonds — 1.1% |
| Security | Principal Amount (000's omitted) | Value | |
| Education — 0.6% | |||
| Chapman University, 1.867%, 4/1/29 | $ | 5,160 | $ 4,382,724 |
| Grand Canyon University, 4.125%, 10/1/24 | 20,000 | 19,489,200 | |
| $ 23,871,924 | |||
| Hospital — 0.5% | |||
| Sutter Health, 5.164%, 8/15/33 | $ | 14,000 | $ 14,118,052 |
| UPMC, 1.803%, 4/15/26 | 7,650 | 7,118,906 | |
| $ 21,236,958 | |||
| Total Corporate Bonds (identified cost $46,116,604) | $ 45,108,882 | ||
| Tax-Exempt Municipal Obligations — 94.3% |
| Security | Principal Amount (000's omitted) | Value | |
| Bond Bank — 1.1% | |||
| Delaware Valley Regional Finance Authority, PA, (LOC: TD Bank, N.A.), 3.65%, 11/1/55(1) | $ | 22,700 | $ 22,700,000 |
| New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds, 5.00%, 9/15/47(2) | 10,000 | 10,951,200 | |
| Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32 | 9,475 | 10,720,962 | |
| $ 44,372,162 | |||
| Education — 5.1% | |||
| Florida Development Finance Corp., (River City Science Academy), 4.00%, 7/1/45 | $ | 45 | $ 38,931 |
| Massachusetts Development Finance Agency, (Boston University), 5.00%, 10/1/46 | 11,855 | 12,130,984 | |
| Minnesota Higher Education Facilities Authority, (University of St. Thomas), 5.00%, 10/1/49 | 2,750 | 2,939,310 | |
| New York Dormitory Authority, (New York University), 5.00%, 7/1/49 | 14,360 | 15,203,506 | |
| Ohio State University, 5.25%, 12/1/46 | 14,315 | 16,248,813 | |
| Pennsylvania Economic Development Financing Authority, (Villanova University), 4.00%, 8/1/54(3) | 5,000 | 4,814,800 | |
| Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania), 4.00%, 2/15/43 | 5,000 | 4,981,450 | |
| Pennsylvania State University, 4.00%, 9/1/50 | 5,920 | 5,710,077 | |
| Philadelphia Authority for Industrial Development, PA, (Temple University), 5.00%, 4/1/45 | 5,000 | 5,022,000 | |
| Security | Principal Amount (000's omitted) | Value | |
| Education (continued) | |||
| Rhode Island Health and Educational Building Corp., (Bryant University), (LOC: TD Bank, N.A.), 3.65%, 6/1/35(1) | $ | 4,735 | $ 4,735,000 |
| San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 4.00%, 4/1/54 | 3,500 | 2,830,415 | |
| University of California: | |||
| 5.00%, 5/15/36 | 20,000 | 24,060,600 | |
| 5.00%, 5/15/38 | 15,000 | 17,740,650 | |
| 5.00%, 5/15/42 | 6,205 | 7,120,920 | |
| University of California Medical Center, 5.00%, 5/15/47 | 28,170 | 30,912,068 | |
| University of Massachusetts Building Authority, 5.00%, 11/1/52 | 20,000 | 21,330,200 | |
| University of Oregon: | |||
| 5.00%, 4/1/48 | 8,470 | 8,769,415 | |
| 5.00%, 4/1/50 | 12,500 | 13,205,875 | |
| University of Texas, 4.00%, 7/1/42 | 4,900 | 4,827,774 | |
| Utah Board of Higher Education, (Dixie State University), 4.00%, 6/1/44 | 6,625 | 6,683,168 | |
| Vermont Educational and Health Buildings Financing Agency, (Middlebury College), 4.00%, 11/1/50 | 5,000 | 4,905,100 | |
| $ 214,211,056 | |||
| Electric Utilities — 4.6% | |||
| Austin, TX, Electric Utility System Revenue, 5.00%, 11/15/48 | $ | 10,000 | $ 10,948,000 |
| Colorado Springs, CO, Utilities System Revenue, (SPA: TD Bank, N.A.), 3.43%, 11/1/37(1) | 19,615 | 19,615,000 | |
| Douglas County Public Utility District No. 1, WA, 3.00%, 9/1/52 | 16,020 | 12,335,400 | |
| Fayetteville, NC, Public Works Commission Revenue: | |||
| 4.50%, 3/1/49 | 15,710 | 16,263,935 | |
| 5.00%, 3/1/46 | 5,000 | 5,524,600 | |
| Long Island Power Authority, NY, Electric System Revenue, Green Bonds, 5.00%, 9/1/48 | 5,000 | 5,526,600 | |
| Los Angeles Department of Water and Power, CA, Power System Revenue: | |||
| 5.00%, 7/1/37(3) | 10,000 | 11,939,700 | |
| 5.00%, 7/1/39(3) | 13,900 | 16,311,233 | |
| (SPA: JPMorgan Chase Bank, N.A.), 4.35%, 7/1/48(4) | 18,580 | 18,580,000 | |
| New York Power Authority, Green Bonds, 4.00%, 11/15/50 | 5,000 | 4,856,900 | |
| Omaha Public Power District, NE: | |||
| 5.00%, 2/1/47 | 20,000 | 21,696,800 | |
| 5.25%, 2/1/48 | 10,000 | 11,081,600 | |
| Philadelphia, PA, Gas Works Revenue, (LOC: TD Bank, N.A.), 3.42%, 8/1/31(1) | 12,700 | 12,700,000 | |
13
See Notes to Financial Statements.
Eaton Vance
National Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Electric Utilities (continued) | |||
| Seattle, WA, Municipal Light and Power Improvement Revenue, 4.00%, 7/1/43 | $ | 8,210 | $ 8,281,016 |
| South Carolina Public Service Authority, 5.00%, 12/1/46 | 12,600 | 12,493,908 | |
| Utility Debt Securitization Authority, NY, 5.00%, 12/15/40 | 5,000 | 5,851,350 | |
| $ 194,006,042 | |||
| Escrowed/Prerefunded — 0.6% | |||
| Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), Prerefunded 11/15/31, 5.00%, 5/15/46 | $ | 65 | $ 73,295 |
| New Jersey Economic Development Authority, (School Facilities Construction): | |||
| Prerefunded to 12/15/28, 5.00%, 6/15/34 | 8,460 | 9,327,319 | |
| Prerefunded to 12/15/28, 5.00%, 6/15/35 | 13,300 | 14,663,516 | |
| $ 24,064,130 | |||
| General Obligations — 16.6% | |||
| Alamo Community College District, TX, 4.50%, 8/15/47 | $ | 4,000 | $ 4,092,360 |
| Aldine Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/54 | 3,900 | 3,694,743 | |
| Azle Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/54 | 3,870 | 3,666,322 | |
| Beaverton School District No. 48J, OR, 5.00%, 6/15/52 | 15,000 | 16,087,650 | |
| Bethel Park School District, PA, 5.25%, 8/1/42 | 5,185 | 5,855,835 | |
| California: | |||
| 5.00%, 9/1/41(3) | 7,000 | 8,012,690 | |
| 5.00%, 11/1/42 | 25,000 | 28,045,250 | |
| 5.25%, 9/1/47 | 10,500 | 11,820,585 | |
| Chicago Board of Education, IL: | |||
| 5.00%, 12/1/30 | 9,000 | 9,280,170 | |
| 5.00%, 12/1/42 | 10,405 | 10,404,376 | |
| 5.00%, 12/1/44 | 20,515 | 20,625,781 | |
| 5.875%, 12/1/47 | 6,500 | 7,188,480 | |
| Chicago, IL: | |||
| 4.00%, 1/1/35 | 2,500 | 2,549,550 | |
| 5.00%, 1/1/44 | 12,350 | 12,724,822 | |
| 5.25%, 1/1/38 | 6,750 | 7,362,563 | |
| 5.50%, 1/1/39 | 5,000 | 5,522,200 | |
| Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed): | |||
| 5.00%, 2/15/43 | 5,000 | 5,544,850 | |
| 5.00%, 2/15/44 | 5,150 | 5,686,991 | |
| District of Columbia, 4.00%, 2/1/46 | 17,450 | 17,263,110 | |
| Galveston Independent School District, TX, (PSF Guaranteed), 4.00%, 2/1/47 | 16,500 | 16,153,995 | |
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations (continued) | |||
| Hacienda La Puente Unified School District, CA, (Election of 2016), 5.00%, 8/1/47 | $ | 8,265 | $ 9,096,707 |
| Harris County Flood Control District, TX: | |||
| Sustainability Bonds, 4.00%, 9/15/48 | 10,000 | 9,729,000 | |
| Sustainability Bonds, 4.25%, 10/1/47 | 10,940 | 11,020,081 | |
| Hays Consolidated Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/48 | 10,855 | 11,749,343 | |
| Humble Independent School District, TX, (PSF Guaranteed): | |||
| 4.00%, 2/15/54 | 4,500 | 4,351,230 | |
| 5.00%, 2/15/47 | 10,250 | 11,083,222 | |
| Hurst-Euless-Bedford Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/50 | 14,555 | 14,086,620 | |
| Illinois: | |||
| 4.00%, 7/1/37 | 15,000 | 15,157,650 | |
| 5.00%, 11/1/24 | 11,295 | 11,388,636 | |
| 5.00%, 2/1/27 | 18,500 | 18,520,535 | |
| 5.00%, 2/1/29 | 15,000 | 15,722,100 | |
| 5.00%, 5/1/39 | 10,000 | 10,003,700 | |
| 5.50%, 5/1/39 | 870 | 957,818 | |
| 5.50%, 3/1/42 | 11,700 | 13,034,151 | |
| 5.75%, 5/1/45 | 890 | 974,301 | |
| Klein Independent School District, TX, (PSF Guaranteed), 4.00%, 8/1/48 | 7,175 | 6,985,150 | |
| Lewisville Independent School District, TX, (PSF Guaranteed), 5.00%, 8/15/44 | 10,000 | 11,193,500 | |
| Massachusetts: | |||
| 3.00%, 4/1/49 | 10,000 | 7,885,600 | |
| 5.00%, 5/1/48 | 10,000 | 10,887,500 | |
| Milpitas Unified School District, CA, (Election of 2018), 4.00%, 8/1/41 | 4,390 | 4,533,597 | |
| New York, 5.00%, 3/15/40 | 4,865 | 5,572,371 | |
| New York, NY: | |||
| 4.00%, 9/1/46 | 10,000 | 9,764,500 | |
| 4.00%, 4/1/50 | 5,000 | 4,855,450 | |
| 5.00%, 3/1/50 | 12,350 | 13,063,459 | |
| 5.25%, 5/1/42 | 3,335 | 3,746,572 | |
| 5.25%, 10/1/47 | 5,000 | 5,503,150 | |
| (SPA: Barclays Bank PLC), 4.00%, 6/1/44(4) | 6,500 | 6,500,000 | |
| (SPA: Barclays Bank PLC), 4.00%, 10/1/46(4) | 10,000 | 10,000,000 | |
| (SPA: TD Bank, N.A.), 3.95%, 9/1/49(4) | 12,500 | 12,500,000 | |
| Northwest Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/48 | 20,000 | 21,633,600 | |
| Norwalk, CT, 4.00%, 8/15/47 | 5,000 | 4,990,251 | |
| Norwood, MA, 4.00%, 9/15/47 | 11,065 | 11,121,431 | |
| Oregon City School District No. 62, OR, 5.00%, 6/15/49 | 6,500 | 6,812,585 | |
14
See Notes to Financial Statements.
Eaton Vance
National Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations (continued) | |||
| Pasadena Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/48 | $ | 5,000 | $ 5,426,850 |
| Pennsylvania, 4.00%, 9/1/43 | 12,000 | 12,073,680 | |
| Prosper Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/54 | 15,000 | 14,405,400 | |
| Puerto Rico: | |||
| 4.00%, 7/1/41 | 7,522 | 7,099,341 | |
| 5.625%, 7/1/29 | 10,762 | 11,789,179 | |
| 5.75%, 7/1/31 | 12,303 | 13,884,147 | |
| Royse City Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/48(2) | 12,000 | 13,113,720 | |
| San Diego Unified School District, CA, (Election of 2022), Sustainability Bonds, 4.00%, 7/1/53 | 8,500 | 8,410,325 | |
| San Luis Coastal Unified School District, CA, (Election of 2022), 4.00%, 8/1/46 | 11,230 | 11,315,011 | |
| Santa Clarita Community College District, CA, (Election of 2016), 5.25%, 8/1/48 | 10,000 | 11,068,800 | |
| Spring Branch Independent School District, TX, (PSF Guaranteed), 4.50%, 2/1/47 | 8,750 | 8,950,988 | |
| Temple Independent School District, TX, (PSF Guaranteed), 4.25%, 2/1/47 | 13,000 | 13,073,970 | |
| Waco Independent School District, TX, (PSF Guaranteed), 4.125%, 8/15/47 | 6,000 | 5,983,980 | |
| Washington: | |||
| 5.00%, 6/1/40 | 5,350 | 5,695,610 | |
| 5.00%, 6/1/41 | 5,465 | 5,793,720 | |
| 5.00%, 6/1/42 | 5,950 | 6,294,743 | |
| Wisconsin, 4.00%, 5/1/41 | 7,090 | 7,166,572 | |
| Wylie Independent School District, TX, (PSF Guaranteed), 4.25%, 2/15/54 | 5,000 | 4,945,600 | |
| Ysleta Independent School District, TX, (PSF Guaranteed): | |||
| 4.25%, 8/15/56 | 11,000 | 10,871,080 | |
| 5.00%, 8/15/56(2) | 5,000 | 5,349,400 | |
| $ 698,718,249 | |||
| Hospital — 11.1% | |||
| Brevard County Health Facilities Authority, FL, (Health First Obligated Group): | |||
| 5.00%, 4/1/47 | $ | 10,000 | $ 10,476,100 |
| 5.00%, 4/1/52 | 10,000 | 10,455,800 | |
| California Health Facilities Financing Authority, (Cedars-Sinai Health System): | |||
| 4.00%, 8/15/48 | 19,305 | 18,917,163 | |
| 5.00%, 8/15/51 | 13,845 | 14,971,706 | |
| California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 4.00%, 8/15/36 | 8,920 | 9,033,106 | |
| Security | Principal Amount (000's omitted) | Value | |
| Hospital (continued) | |||
| Colorado Health Facilities Authority, (AdventHealth Obligated Group): | |||
| 3.00%, 11/15/51 | $ | 10,000 | $ 7,497,000 |
| 4.00%, 11/15/43 | 12,145 | 11,795,345 | |
| 4.00%, 11/15/50 | 6,530 | 6,231,971 | |
| Connecticut Health and Educational Facilities Authority, (Trinity Health Corp.), 5.00%, 12/1/41 | 5,295 | 5,408,260 | |
| Fairfax County Industrial Development Authority, VA, (Inova Health System), 4.00%, 5/15/48 | 3,645 | 3,521,106 | |
| Geisinger Authority, PA, (Geisinger Health System): | |||
| 4.00%, 6/1/41 | 8,000 | 7,855,440 | |
| 4.00%, 2/15/47 | 9,105 | 8,703,470 | |
| Greenville Health System, SC, 5.00%, 5/1/39 | 2,500 | 2,501,175 | |
| Harris County Cultural Education Facilities Finance Corp., TX, (Texas Children's Hospital), 4.00%, 10/1/47 | 10,805 | 10,442,168 | |
| Illinois Finance Authority, (Northwestern Memorial HealthCare), 4.00%, 7/15/47 | 12,500 | 12,094,250 | |
| Indiana Finance Authority, (Franciscan Alliance, Inc.), 5.00%, 11/1/41 | 5,000 | 5,067,900 | |
| Lancaster County Hospital Authority, PA, (Penn State Health), 5.00%, 11/1/46 | 10,500 | 10,904,880 | |
| Lehigh County General Purpose Authority, PA, (Lehigh Valley Health Network), 4.00%, 7/1/49 | 5,000 | 4,687,750 | |
| Maricopa County Industrial Development Authority, AZ, (Banner Health): | |||
| 4.00%, 1/1/44 | 15,000 | 14,711,850 | |
| Series 2019-E, 4.00%, 1/1/45 | 9,000 | 8,727,840 | |
| Maryland Health and Higher Educational Facilities Authority, (MedStar Health), 5.00%, 8/15/42 | 11,900 | 11,964,498 | |
| Massachusetts Development Finance Agency, (Boston Children's Hospital): | |||
| 4.00%, 3/1/54 | 7,000 | 6,767,530 | |
| (LOC: TD Bank, N.A.), 3.95%, 3/1/48(4) | 5,000 | 5,000,000 | |
| Massachusetts Development Finance Agency, (Mass General Brigham, Inc.), 5.00%, 7/1/54 | 5,000 | 5,322,150 | |
| Massachusetts Development Finance Agency, (Partners HealthCare System), 4.00%, 7/1/41 | 8,500 | 8,267,015 | |
| Michigan Finance Authority, (Beaumont Health Credit Group), 5.00%, 11/1/44 | 11,000 | 11,158,400 | |
| Michigan Finance Authority, (Henry Ford Health System), 4.00%, 11/15/50 | 11,795 | 10,733,096 | |
| Michigan Finance Authority, (Trinity Health Credit Group): | |||
| 4.00%, 12/1/49 | 5,645 | 5,296,026 | |
| 5.00%, 12/1/41 | 5,395 | 5,695,771 | |
| 5.00%, 12/1/45 | 10,000 | 10,169,700 | |
15
See Notes to Financial Statements.
Eaton Vance
National Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Hospital (continued) | |||
| Minneapolis, MN, (Allina Health System), 4.00%, 11/15/39 | $ | 6,405 | $ 6,461,876 |
| Minnesota Agricultural and Economic Development Board, (HealthPartners Obligated Group), 4.00%, 1/1/49 | 15,600 | 14,851,356 | |
| Missouri Health and Educational Facilities Authority, (BJC Health System): | |||
| 4.00%, 1/1/45 | 5,975 | 5,794,316 | |
| 5.00%, 1/1/44 | 6,000 | 6,002,520 | |
| Missouri Health and Educational Facilities Authority, (Children's Mercy Hospital), 4.00%, 5/15/48 | 18,120 | 17,263,286 | |
| Missouri Health and Educational Facilities Authority, (CoxHealth): | |||
| 4.00%, 11/15/49 | 10,750 | 10,279,150 | |
| 5.00%, 11/15/38 | 4,340 | 4,342,561 | |
| New York Dormitory Authority, (Northwell Health Obligated Group), 5.00%, 5/1/52 | 8,090 | 8,545,224 | |
| Norfolk Economic Development Authority, VA, (Sentara Healthcare), 4.00%, 11/1/48 | 4,005 | 3,885,251 | |
| Salem Hospital Facility Authority, OR, (Salem Health), 5.00%, 5/15/44 | 11,620 | 12,079,803 | |
| South Carolina Jobs-Economic Development Authority, (Anmed Health), 4.25%, 2/1/48 | 7,240 | 7,277,938 | |
| South Carolina Jobs-Economic Development Authority, (Bon Secours Mercy Health, Inc.), 4.00%, 12/1/44 | 5,520 | 5,386,140 | |
| South Dakota Health and Educational Facilities Authority, (Sanford Health), 5.00%, 11/1/44 | 10,000 | 10,042,800 | |
| Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 4.00%, 6/1/49 | 5,000 | 4,639,800 | |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Scott & White Health), 5.00%, 11/15/45 | 8,000 | 8,141,520 | |
| University of Colorado Hospital Authority, (SPA: TD Bank, N.A.), 3.65%, 11/15/39(1) | 14,360 | 14,360,000 | |
| Utah County, (IHC Health Services, Inc.), 4.00%, 5/15/47 | 8,565 | 8,288,008 | |
| Virginia Commonwealth University Health System Authority, 4.00%, 7/1/54(3) | 20,000 | 18,989,600 | |
| Washington Health Care Facilities Authority, (Seattle Children's Hospital), 4.00%, 10/1/45 | 5,000 | 4,851,050 | |
| Wisconsin Health and Educational Facilities Authority, (Ascension Health Alliance Senior Credit Group), 4.00%, 11/15/43 | 4,625 | 4,467,843 | |
| Wisconsin Health and Educational Facilities Authority, (Ascension Senior Credit Group), 4.00%, 11/15/46 | 8,600 | 8,225,728 | |
| Security | Principal Amount (000's omitted) | Value | |
| Hospital (continued) | |||
| Wisconsin Health and Educational Facilities Authority, (Children's Hospital of Wisconsin, Inc.), 4.00%, 8/15/42 | $ | 11,015 | $ 10,732,245 |
| Wisconsin Health and Educational Facilities Authority, (Thedacare, Inc.), 5.00%, 12/15/44 | 5,650 | 5,662,543 | |
| $ 464,949,024 | |||
| Housing — 3.0% | |||
| California Community Housing Agency, (Summit at Sausalito Apartments), 3.00%, 2/1/57(5) | $ | 7,355 | $ 5,084,732 |
| CSCDA Community Improvement Authority, CA, (City of Orange Portfolio), Essential Housing Revenue, Social Bonds, 3.00%, 3/1/57(5) | 25,275 | 17,592,916 | |
| CSCDA Community Improvement Authority, CA, (Pasadena Portfolio), Essential Housing Revenue, Social Bonds, 3.00%, 12/1/56(5) | 9,930 | 7,060,627 | |
| Illinois Housing Development Authority, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.55%, 10/1/44 | 4,000 | 4,001,440 | |
| Indiana Finance Authority, (CHF-Tippecanoe, LLC - Student Housing), 5.00%, 6/1/53 | 2,300 | 2,368,655 | |
| Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 5.75%, 7/1/53 | 2,000 | 2,178,220 | |
| Missouri Housing Development Commission, SFMR: | |||
| (FHLMC), (FNMA), (GNMA), 3.30%, 12/1/47 | 1,342 | 1,239,777 | |
| (FHLMC), (FNMA), (GNMA), 3.40%, 11/1/46 | 2,243 | 2,098,686 | |
| (FHLMC), (FNMA), (GNMA), 4.45%, 11/1/44 | 1,250 | 1,255,088 | |
| (FHLMC), (FNMA), (GNMA), 4.60%, 11/1/49 | 1,000 | 991,800 | |
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program, (FHLMC), (FNMA), (GNMA), 4.45%, 9/1/48 | 1,490 | 1,471,032 | |
| New York City Housing Development Corp., NY: | |||
| Green Bonds, 2.60%, 11/1/46 | 3,000 | 2,107,800 | |
| Green Bonds, (SPA: TD Bank, N.A.), 3.42%, 5/1/63(1) | 4,750 | 4,750,000 | |
| Sustainability Bonds, (SPA: TD Bank, N.A.), 3.42%, 5/1/50(1) | 26,750 | 26,750,000 | |
| North Carolina Housing Finance Agency, Social Bonds, (FHLMC), (FNMA), (GNMA), 4.35%, 7/1/43 | 3,995 | 3,932,678 | |
| Pennsylvania Housing Finance Agency, SFMR: | |||
| Social Bonds, 5.00%, 10/1/50 | 7,335 | 7,572,801 | |
| Sustainability Bonds, 5.45%, 4/1/51 | 5,000 | 5,295,900 | |
| Texas Student Housing Corp., (University of Northern Texas), 6.85%, 7/1/31(6) | 10,640 | 10,640,000 | |
| Utah State University, 4.00%, 4/1/48 | 10,875 | 10,543,095 | |
| Virginia Housing Development Authority: | |||
| 5.125%, 11/1/43 | 4,640 | 5,000,899 | |
16
See Notes to Financial Statements.
Eaton Vance
National Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Housing (continued) | |||
| Virginia Housing Development Authority: (continued) | |||
| 5.25%, 11/1/48 | $ | 2,250 | $ 2,353,568 |
| $ 124,289,714 | |||
| Industrial Development Revenue — 2.3% | |||
| Montgomery County Industrial Development Authority, PA, (Constellation Energy Generation, LLC), 4.10% to 4/3/28 (Put Date), 4/1/53 | $ | 250 | $ 256,780 |
| New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment): | |||
| (AMT), 4.375%, 10/1/45 | 25,000 | 24,742,000 | |
| (AMT), 5.00%, 10/1/40 | 41,585 | 43,148,180 | |
| (AMT), 6.00%, 4/1/35 | 7,360 | 8,360,960 | |
| Northampton County Industrial Development Authority, PA, (Northampton Generating), (AMT), 5.00%, 6/30/27(7) | 14,652 | 2,637,417 | |
| Pennsylvania Economic Development Financing Authority, (Republic Services, Inc.), (AMT), 4.00% to 4/15/24 (Put Date), 4/1/34 | 6,250 | 6,248,187 | |
| South Carolina Jobs-Economic Development Authority, (International Paper Co.), (AMT), 4.00% to 4/1/26 (Put Date), 4/1/33 | 10,000 | 10,032,300 | |
| $ 95,425,824 | |||
| Insured - Electric Utilities — 0.2% | |||
| Brownsville, TX, Utility System Revenue, (BAM), 5.00%, 9/1/51 | $ | 1,195 | $ 1,245,489 |
| Garland, TX, Electric Utility System Revenue, (AGM), 4.25%, 3/1/48 | 1,750 | 1,760,220 | |
| Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), (AGM), 5.00%, 5/15/49 | 3,500 | 3,777,620 | |
| $ 6,783,329 | |||
| Insured - Escrowed/Prerefunded — 0.9% | |||
| North Texas Tollway Authority, (AGC), Prerefunded to 1/1/25, 6.20%, 1/1/42 | $ | 37,070 | $ 37,772,476 |
| $ 37,772,476 | |||
| Insured - General Obligations — 0.8% | |||
| Clark County School District, NV, (AGM), 4.25%, 6/15/41 | $ | 5,000 | $ 5,123,600 |
| Lumberton Municipal Utility District, TX, (AGM), 3.00%, 8/15/52 | 5,045 | 3,609,143 | |
| Nassau County, NY, (AGM), 5.00%, 4/1/49 | 10,335 | 11,020,210 | |
| Security | Principal Amount (000's omitted) | Value | |
| Insured - General Obligations (continued) | |||
| Sienna Parks and Levee Improvement District of Fort Bend County, TX, (BAM), 3.75%, 9/1/48 | $ | 10,450 | $ 9,362,887 |
| Waller Independent School District, TX, (BAM), 4.00%, 2/15/48 | 5,835 | 5,677,805 | |
| $ 34,793,645 | |||
| Insured - Hospital — 0.5% | |||
| California Statewide Communities Development Authority, (Enloe Medical Center), (AGM), 5.25%, 8/15/52 | $ | 800 | $ 868,736 |
| Collier County Industrial Development Authority, FL, (NHC Healthcare System), (AGM), 5.00%, 10/1/49 | 2,500 | 2,674,675 | |
| Isle of Wight County Economic Development Authority, VA, (Riverside Health System), (AGM), 5.25%, 7/1/48 | 1,500 | 1,641,075 | |
| Northampton County General Purpose Authority, PA, (St. Luke's University Health Network), (AGM), 5.00%, 8/15/49(3) | 15,760 | 16,937,745 | |
| $ 22,122,231 | |||
| Insured - Housing — 0.0%(8) | |||
| Knox County Health Educational and Housing Facility Board, TN, (University of Tennessee), (BAM), 5.50%, 7/1/54 | $ | 1,250 | $ 1,372,638 |
| $ 1,372,638 | |||
| Insured - Lease Revenue/Certificates of Participation — 0.2% | |||
| Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, (AGM), 4.00%, 6/1/39 | $ | 8,000 | $ 8,047,760 |
| $ 8,047,760 | |||
| Insured - Special Tax Revenue — 1.6% | |||
| Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34 | $ | 58,155 | $ 36,227,076 |
| Marshall County Board of Education, AL, (BAM), 4.125%, 3/1/49(3) | 3,365 | 3,283,028 | |
| Massachusetts, Dedicated Tax Revenue: | |||
| (NPFG), 5.50%, 1/1/29 | 11,000 | 12,358,720 | |
| (NPFG), 5.50%, 1/1/30 | 3,080 | 3,538,150 | |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place), (BAM), 4.00%, 12/15/42 | 10,440 | 10,338,941 | |
| $ 65,745,915 | |||
| Insured - Transportation — 1.4% | |||
| E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37 | $ | 13,335 | $ 7,003,409 |
17
See Notes to Financial Statements.
Eaton Vance
National Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Insured - Transportation (continued) | |||
| Houston, TX, Airport System Revenue, (AGM), (AMT), 5.25%, 7/1/53 | $ | 12,000 | $ 12,798,840 |
| Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization), (AGM), (AMT), 5.00%, 3/1/49 | 10,000 | 10,286,700 | |
| Love Field Airport Modernization Corp., TX, (AGM), (AMT), 4.00%, 11/1/37 | 4,000 | 4,013,320 | |
| Metropolitan Transportation Authority, NY: | |||
| Green Bonds, (AGM), 4.00%, 11/15/48 | 8,900 | 8,522,640 | |
| Green Bonds, (BAM), 4.00%, 11/15/48 | 8,000 | 7,660,800 | |
| New York Transportation Development Corp., (John F. Kennedy International Airport), Sustainability Bonds, (AGM), (AMT), 5.00%, 6/30/49 | 8,650 | 9,042,104 | |
| $ 59,327,813 | |||
| Lease Revenue/Certificates of Participation — 3.1% | |||
| Battery Park City Authority, NY, Sustainability Bonds, 5.00%, 11/1/53 | $ | 12,000 | $ 13,201,320 |
| Colorado, Certificates of Participation, 6.00%, 12/15/40 | 5,045 | 6,078,317 | |
| Maryland Stadium Authority, Built to Learn Revenue: | |||
| 4.00%, 6/1/47 | 5,595 | 5,486,849 | |
| 4.00%, 6/1/52 | 6,255 | 5,989,851 | |
| New Hampshire Business Finance Authority, (Centurion BioSquare, Inc.), 5.88%, 12/15/38 | 9,185 | 9,425,922 | |
| New Jersey Economic Development Authority, (Portal North Bridge), 5.25%, 11/1/47 | 12,700 | 13,883,767 | |
| New Jersey Transportation Trust Fund Authority, (Transportation Program): | |||
| 4.25%, 6/15/44 | 3,600 | 3,640,932 | |
| 5.00%, 6/15/46 | 6,000 | 6,527,340 | |
| 5.00%, 6/15/50 | 20,500 | 21,155,385 | |
| 2019 Series AA, 5.25%, 6/15/43 | 10,000 | 10,528,000 | |
| 2019 Series BB, 4.00%, 6/15/50 | 15,000 | 14,315,400 | |
| 2020 Series AA, 4.00%, 6/15/50 | 15,000 | 14,361,000 | |
| 2022 Series CC, 5.25%, 6/15/43 | 5,750 | 6,396,070 | |
| $ 130,990,153 | |||
| Nursing Home — 0.0%(8) | |||
| Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25 | $ | 2,205 | $ 2,209,432 |
| $ 2,209,432 | |||
| Other Revenue — 4.7% | |||
| Black Belt Energy Gas District, AL, 5.25% to 10/1/30 (Put Date), 1/1/54 | $ | 11,250 | $ 12,069,225 |
| Buckeye Tobacco Settlement Financing Authority, OH, 5.00%, 6/1/55 | 38,870 | 36,814,166 | |
| Security | Principal Amount (000's omitted) | Value | |
| Other Revenue (continued) | |||
| California Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 5.50% to 11/1/30 (Put Date), 10/1/54 | $ | 10,330 | $ 11,395,126 |
| Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(6) | 250 | 100,000 | |
| Hudson Yards Infrastructure Corp., NY: | |||
| 5.00%, 2/15/42 | 21,500 | 22,357,850 | |
| 5.00%, 2/15/45 | 30,750 | 31,843,470 | |
| Main Street Natural Gas, Inc., GA, Gas Supply Revenue: | |||
| 5.00% to 9/1/30 (Put Date), 9/1/53 | 10,000 | 10,628,100 | |
| 5.00% to 12/1/30 (Put Date), 5/1/54 | 11,750 | 12,355,125 | |
| 5.00% to 6/1/31 (Put Date), 12/1/53 | 12,500 | 13,360,000 | |
| Minnesota Municipal Gas Agency, (Liq: Royal Bank of Canada), 4.558%, (67% of SOFR + 1.00%), 12/1/52(9) | 12,500 | 12,426,750 | |
| Northern California Energy Authority, 5.00% to 8/1/30 (Put Date), 12/1/54(3) | 3,840 | 4,107,648 | |
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, 5.25% to 8/1/31 (Put Date), 10/1/54 | 10,750 | 11,516,797 | |
| Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, 6.25%, 12/15/26 | 10,000 | 10,380,200 | |
| Texas Municipal Gas Acquisition and Supply Corp. II, Gas Supply Revenue, 4.38%, (66% of 3 mo. SOFR + 0.86%), 9/15/27(9) | 3,850 | 3,834,254 | |
| Tobacco Settlement Financing Corp., NJ, 5.25%, 6/1/46 | 4,970 | 5,182,517 | |
| $ 198,371,228 | |||
| Senior Living/Life Care — 1.3% | |||
| California Public Finance Authority, (Enso Village): | |||
| Green Bonds, 2.125%, 11/15/27(5) | $ | 80 | $ 80,004 |
| Green Bonds, 2.375%, 11/15/28(5) | 970 | 948,107 | |
| New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/47 | 8,000 | 7,205,680 | |
| Palm Beach County Health Facilities Authority, FL, (Green Cay Life Plan Village), 11.50%, 7/1/27(5) | 5,550 | 6,534,403 | |
| Palm Beach County Health Facilities Authority, FL, (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/1/56 | 4,440 | 3,500,940 | |
| Public Finance Authority, WI, (Searstone CCRC), 3.00%, 6/1/28(5) | 17,410 | 16,446,705 | |
| South Carolina Jobs-Economic Development Authority, (Seafields Kiawah Island Project), 5.25%, 11/15/28 | 10,000 | 10,068,500 | |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks): | |||
| 6.625%, 11/15/41 | 730 | 702,450 | |
| 6.75%, 11/15/51 | 3,250 | 3,034,915 | |
| 6.875%, 11/15/55 | 200 | 188,370 | |
18
See Notes to Financial Statements.
Eaton Vance
National Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Senior Living/Life Care (continued) | |||
| Wisconsin Health and Educational Facilities Authority, (Three Pillars Senior Living Communities), 4.20%, 8/15/28(3) | $ | 4,000 | $ 4,004,560 |
| $ 52,714,634 | |||
| Special Tax Revenue — 10.1% | |||
| Central Puget Sound Regional Transit Authority, WA, Sales and Motor Vehicle Excise Tax Revenue: | |||
| Green Bonds, 4.00%, 11/1/46 | $ | 11,825 | $ 11,599,261 |
| Green Bonds, 5.00%, 11/1/41 | 13,840 | 14,267,933 | |
| Dallas Area Rapid Transit, TX, Sales Tax Revenue: | |||
| 3.00%, 12/1/47 | 7,825 | 6,046,377 | |
| 4.00%, 12/1/51 | 3,820 | 3,663,800 | |
| Hampton Roads Transportation Accountability Commission, VA, 5.00%, 7/1/48 | 10,790 | 11,213,184 | |
| Illinois, Sales Tax Revenue, 5.00%, 6/15/39 | 15,000 | 17,091,300 | |
| Massachusetts Bay Transportation Authority, Sales Tax Revenue: | |||
| 4.00%, 7/1/48 | 5,405 | 5,319,763 | |
| 4.00%, 7/1/51 | 12,705 | 12,399,318 | |
| Metropolitan Pier and Exposition Authority, IL, (McCormick Place Expansion): | |||
| 4.00%, 6/15/50 | 12,060 | 11,078,678 | |
| 5.00%, 6/15/50 | 4,465 | 4,588,680 | |
| Michigan Trunk Line Fund: | |||
| 4.00%, 11/15/45 | 9,925 | 9,954,874 | |
| 5.00%, 11/15/46 | 18,000 | 19,967,400 | |
| New River Community Development District, FL, (Capital Improvements): | |||
| 5.00%, 5/1/13(6) | 230 | 0 | |
| 5.35%, 5/1/38(6) | 80 | 0 | |
| 5.75%, 5/1/38 | 310 | 312,350 | |
| New York City Transitional Finance Authority, NY, Future Tax Revenue: | |||
| 4.00%, 11/1/38 | 5,000 | 5,068,400 | |
| 4.00%, 5/1/45 | 10,000 | 9,837,700 | |
| 4.00%, 8/1/48 | 10,000 | 9,676,000 | |
| 5.00%, 11/1/46(2) | 13,000 | 14,110,590 | |
| 5.00%, 5/1/53 | 10,000 | 10,742,000 | |
| (SPA: JPMorgan Chase Bank, N.A.), 4.00%, 8/1/39(4) | 12,000 | 12,000,000 | |
| (SPA: JPMorgan Chase Bank, N.A.), 4.00%, 8/1/45(4) | 27,000 | 27,000,000 | |
| New York Dormitory Authority, Personal Income Tax Revenue: | |||
| 4.00%, 2/15/47 | 15,220 | 14,832,499 | |
| 5.25%, 3/15/52 | 5,000 | 5,509,100 | |
| New York Dormitory Authority, Sales Tax Revenue: | |||
| 4.00%, 3/15/49 | 5,000 | 4,880,850 | |
| Security | Principal Amount (000's omitted) | Value | |
| Special Tax Revenue (continued) | |||
| New York Dormitory Authority, Sales Tax Revenue: (continued) | |||
| 5.00%, 3/15/39 | $ | 10,000 | $ 10,710,300 |
| New York State Urban Development Corp., Personal Income Tax Revenue: | |||
| 5.00%, 3/15/49 | 25,000 | 26,935,750 | |
| Green Bonds, 4.00%, 3/15/50 | 25,585 | 24,459,004 | |
| New York State Urban Development Corp., Sales Tax Revenue, 5.00%, 3/15/49 | 10,000 | 10,966,200 | |
| New York Thruway Authority, Personal Income Tax Revenue, 4.00%, 3/15/44 | 5,000 | 4,937,150 | |
| Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue, 4.00%, 12/1/51 | 5,000 | 4,772,050 | |
| Puerto Rico Sales Tax Financing Corp.: | |||
| 0.00%, 7/1/46 | 19,385 | 6,213,280 | |
| 5.00%, 7/1/58 | 38,291 | 38,447,613 | |
| Southeastern Pennsylvania Transportation Authority, 5.25%, 6/1/47 | 13,000 | 14,352,390 | |
| Southern Hills Plantation I Community Development District, FL: | |||
| Series A1, 5.80%, 5/1/35 | 355 | 335,141 | |
| Series A2, 5.80%, 5/1/35(6) | 310 | 210,487 | |
| Sterling Hill Community Development District, FL, 6.20%, 5/1/35(6) | 1,532 | 719,874 | |
| Triborough Bridge and Tunnel Authority, NY: | |||
| Series 2021A, 5.00%, 5/15/51 | 6,500 | 6,886,230 | |
| Green Bonds, 5.25%, 5/15/47 | 8,065 | 8,948,521 | |
| Triborough Bridge and Tunnel Authority, NY, Sales Tax Revenue: | |||
| 4.00%, 5/15/48 | 5,000 | 4,896,750 | |
| 4.00%, 5/15/54 | 5,000 | 4,799,000 | |
| 5.00%, 5/15/54 | 5,000 | 5,413,700 | |
| 5.25%, 5/15/59 | 7,000 | 7,705,250 | |
| $ 422,868,747 | |||
| Student Loan — 0.0%(8) | |||
| New Jersey Higher Education Student Assistance Authority, Series 2015-1A, (AMT), 4.00%, 12/1/28 | $ | 1,730 | $ 1,721,437 |
| $ 1,721,437 | |||
| Transportation — 20.1% | |||
| Allegheny County Airport Authority, PA, (Pittsburgh International Airport), (AMT), 5.00%, 1/1/51 | $ | 12,775 | $ 13,203,857 |
| Atlanta, GA, Airport Revenue: | |||
| Green Bonds, 5.00%, 7/1/44 | 7,000 | 7,791,000 | |
| Green Bonds, (AMT), 5.25%, 7/1/41 | 5,820 | 6,478,300 | |
19
See Notes to Financial Statements.
Eaton Vance
National Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Transportation (continued) | |||
| Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/38 | $ | 6,175 | $ 6,497,644 |
| Bay Area Toll Authority, CA, (San Francisco Bay Area), (LOC: Barclays Bank PLC), 3.80%, 4/1/55(4) | 16,500 | 16,500,000 | |
| Charlotte, NC, (Charlotte Douglas International Airport), 5.00%, 7/1/48(2) | 4,000 | 4,389,760 | |
| Chicago, IL, (Midway International Airport): | |||
| 5.00%, 1/1/41 | 6,000 | 6,094,020 | |
| (AMT), 5.00%, 1/1/39 | 4,000 | 4,349,560 | |
| (AMT), 5.00%, 1/1/40 | 4,000 | 4,321,560 | |
| (AMT), 5.00%, 1/1/41 | 9,985 | 9,985,200 | |
| Chicago, IL, (O'Hare International Airport): | |||
| 4.00%, 1/1/44 | 9,500 | 9,315,320 | |
| (AMT), 5.00%, 1/1/34 | 12,500 | 12,600,375 | |
| (AMT), 5.00%, 1/1/47 | 22,085 | 22,348,695 | |
| (AMT), 5.00%, 1/1/53 | 14,370 | 14,687,577 | |
| (AMT), 5.25%, 1/1/53 | 11,500 | 12,080,750 | |
| Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 4.00%, 11/1/45 | 10,000 | 9,730,200 | |
| Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40 | 5,000 | 5,005,500 | |
| Denver City and County, CO, Airport System Revenue: | |||
| (AMT), 4.00%, 12/1/43 | 5,000 | 4,830,300 | |
| (AMT), 5.00%, 12/1/35 | 5,000 | 5,311,250 | |
| (AMT), 5.00%, 12/1/38 | 10,000 | 10,440,000 | |
| (AMT), 5.00%, 11/15/42 | 9,575 | 10,307,296 | |
| (AMT), 5.00%, 11/15/53 | 5,835 | 6,132,176 | |
| Hawaii, Airports System Revenue: | |||
| (AMT), 5.00%, 7/1/43 | 3,900 | 4,022,070 | |
| (AMT), 5.00%, 7/1/45 | 13,705 | 13,754,612 | |
| Illinois Toll Highway Authority: | |||
| 4.00%, 1/1/46 | 10,185 | 9,892,487 | |
| 5.25%, 1/1/43 | 16,835 | 19,107,220 | |
| Indianapolis Local Public Improvement Bond Bank, IN, (Indianapolis Airport Authority), (AMT), 5.25%, 1/1/40 | 5,000 | 5,466,400 | |
| Kansas City Industrial Development Authority, MO, (Kansas City International Airport Terminal Modernization): | |||
| (AMT), 5.00%, 3/1/38 | 13,500 | 14,112,090 | |
| (AMT), 5.00%, 3/1/46 | 6,400 | 6,552,896 | |
| (AMT), 5.00%, 3/1/54 | 4,835 | 4,900,466 | |
| Lee County, FL, Airport Revenue, (AMT), 5.00%, 10/1/46 | 6,775 | 7,097,219 | |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport): | |||
| (AMT), 5.00%, 5/15/46 | 19,935 | 21,094,818 | |
| Security | Principal Amount (000's omitted) | Value | |
| Transportation (continued) | |||
| Los Angeles Department of Airports, CA, (Los Angeles International Airport): (continued) | |||
| Green Bonds, (AMT), 5.00%, 5/15/47 | $ | 17,855 | $ 18,836,668 |
| Massachusetts Port Authority, (AMT), 5.00%, 7/1/43 | 8,000 | 8,125,680 | |
| Massachusetts, (Rail Enhancement and Accelerated Bidge Program), 5.00%, 6/1/47 | 18,000 | 18,658,980 | |
| Massachusetts, (Rail Enhancement Program), Sustainablility Bonds, 5.00%, 6/1/53(2) | 16,500 | 17,720,175 | |
| Metropolitan Nashville Airport Authority, TN, (AMT), 5.00%, 7/1/49 | 10,500 | 10,924,515 | |
| Metropolitan Transportation Authority, NY: | |||
| Green Bonds, 4.75%, 11/15/45 | 3,050 | 3,142,720 | |
| Green Bonds, 5.00%, 11/15/39 | 8,000 | 9,058,560 | |
| Metropolitan Washington Airports Authority, D.C., (AMT), 5.00%, 10/1/44 | 15,750 | 16,406,145 | |
| New Jersey Turnpike Authority: | |||
| 4.125%, 1/1/54(3) | 2,400 | 2,348,616 | |
| 4.50%, 1/1/48 | 8,000 | 8,253,520 | |
| 5.25%, 1/1/49(3) | 15,000 | 16,669,800 | |
| New York Thruway Authority, 4.00%, 1/1/44 | 10,000 | 9,897,900 | |
| New York Transportation Development Corp., (John F. Kennedy International Airport), Green Bonds, (AMT), 6.00%, 6/30/54 | 5,765 | 6,392,751 | |
| New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/46 | 35,865 | 35,377,236 | |
| New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport), (AMT), 5.00%, 12/1/29 | 10,000 | 10,783,300 | |
| North Texas Tollway Authority: | |||
| 4.125%, 1/1/39 | 10,215 | 10,514,504 | |
| 5.00%, 1/1/48 | 10,000 | 10,208,800 | |
| Oklahoma Turnpike Authority, 5.50%, 1/1/53 | 12,500 | 13,834,375 | |
| Oregon Department of Transportation, 4.00%, 11/15/42 | 11,730 | 11,871,112 | |
| Pennsylvania Economic Development Financing Authority, (PennDOT Major Bridges Package One): | |||
| (AMT), 5.25%, 6/30/53 | 21,630 | 23,031,624 | |
| (AMT), 5.75%, 6/30/48 | 30 | 33,489 | |
| Pennsylvania Turnpike Commission: | |||
| 4.25%, 12/1/44 | 3,000 | 3,048,420 | |
| 5.00%, 12/1/46 | 5,000 | 5,083,550 | |
| 5.00%, 12/1/48 | 10,000 | 10,825,300 | |
| (LOC: TD Bank, N.A.), 3.42%, 12/1/38(1) | 20,915 | 20,915,000 | |
| Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 7/1/47 | 4,595 | 4,663,328 | |
| Phoenix Civic Improvement Corp., AZ, Airport Revenue: | |||
| (AMT), 5.00%, 7/1/42 | 6,250 | 6,414,375 | |
20
See Notes to Financial Statements.
Eaton Vance
National Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Transportation (continued) | |||
| Phoenix Civic Improvement Corp., AZ, Airport Revenue: (continued) | |||
| (AMT), 5.00%, 7/1/49 | $ | 10,400 | $ 10,730,616 |
| Port Authority of New York and New Jersey: | |||
| 5.00%, 9/1/38 | 6,130 | 6,707,385 | |
| (AMT), 5.00%, 12/1/44 | 4,500 | 4,837,050 | |
| Port of Portland, OR, (Portland International Airport): | |||
| (AMT), 4.00%, 7/1/50 | 5,000 | 4,672,900 | |
| (AMT), 5.00%, 7/1/44 | 8,000 | 8,319,200 | |
| (AMT), 5.00%, 7/1/45 | 12,260 | 12,833,645 | |
| Green Bonds, (AMT), 5.25%, 7/1/43 | 17,000 | 18,619,590 | |
| Port of Seattle, WA: | |||
| (AMT), 5.00%, 5/1/43 | 11,595 | 11,773,911 | |
| (AMT), 5.00%, 4/1/44 | 9,870 | 10,211,304 | |
| (AMT), 5.00%, 8/1/46 | 11,915 | 12,460,230 | |
| Salt Lake City, UT, (Salt Lake City International Airport): | |||
| (AMT), 5.00%, 7/1/42 | 17,330 | 17,738,121 | |
| (AMT), 5.00%, 7/1/43 | 3,165 | 3,256,627 | |
| (AMT), 5.00%, 7/1/46 | 15,975 | 16,752,823 | |
| (AMT), 5.00%, 7/1/47 | 6,500 | 6,606,470 | |
| (AMT), 5.25%, 7/1/48 | 16,260 | 16,799,832 | |
| San Diego County Regional Airport Authority, CA, (San Diego International Airport), (AMT), 5.00%, 7/1/48 | 15,000 | 15,978,300 | |
| San Francisco City and County Airport Commission, CA, (San Francisco International Airport): | |||
| (AMT), 5.00%, 5/1/49 | 5,000 | 5,147,700 | |
| (AMT), 5.50%, 5/1/43 | 7,200 | 8,064,144 | |
| Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Project), (AMT), 5.50%, 12/31/58 | 9,940 | 10,874,857 | |
| Triborough Bridge and Tunnel Authority, NY, (LOC: Barclays Bank PLC), 4.00%, 1/1/32(4) | 13,630 | 13,630,000 | |
| Virginia Small Business Financing Authority, (95 Express Lanes, LLC), (AMT), 4.00%, 1/1/39 | 9,070 | 8,791,732 | |
| $ 846,247,498 | |||
| Water and Sewer — 5.0% | |||
| Austin, TX, Water and Wastewater System Revenue, 5.00%, 11/15/47 | $ | 4,000 | $ 4,338,440 |
| Charleston, SC, Waterworks and Sewer System Revenue, 5.00%, 1/1/47 | 5,000 | 5,540,500 | |
| Corpus Christi, TX, Utility System Revenue, 4.00%, 7/15/48 | 5,305 | 5,192,057 | |
| District of Columbia Water and Sewer Authority, 4.00%, 10/1/51 | 10,935 | 10,757,525 | |
| Fort Lauderdale, FL, Water & Sewer Revenue, 5.50%, 9/1/48 | 11,000 | 12,577,510 | |
| Security | Principal Amount (000's omitted) | Value | |
| Water and Sewer (continued) | |||
| Gilbert Water Resources Municipal Property Corp., AZ, Green Bonds, 4.00%, 7/15/47 | $ | 3,000 | $ 2,959,590 |
| JEA, FL, Water and Sewer System Revenue: | |||
| 5.25%, 10/1/49 | 7,800 | 8,684,832 | |
| (SPA: U.S. Bank, N.A.), 4.00%, 10/1/38(4) | 5,450 | 5,450,000 | |
| Kansas City, MO, Sanitary Sewer System Revenue, 4.00%, 1/1/48 | 4,000 | 3,936,440 | |
| Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33 | 8,095 | 8,108,114 | |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System): | |||
| 4.00%, 6/15/49 | 10,000 | 9,703,900 | |
| 5.00%, 6/15/47(2) | 8,000 | 8,705,200 | |
| 5.00%, 6/15/50 | 5,000 | 5,302,000 | |
| 5.25%, 6/15/47 | 20,000 | 22,368,000 | |
| 5.25%, 6/15/48 | 13,500 | 15,083,550 | |
| (SPA: JPMorgan Chase Bank, N.A.), 4.00%, 6/15/43(4) | 14,995 | 14,995,000 | |
| Philadelphia, PA, Water and Wastewater Revenue, 5.00%, 10/1/43 | 5,000 | 5,276,350 | |
| Phoenix Civic Improvement Corp., AZ, Wastewater System Revenue, 5.25%, 7/1/47 | 17,200 | 19,370,984 | |
| San Mateo-Foster City Public Financing Authority, CA, (Clean Water Program), 5.00%, 8/1/49 | 9,000 | 9,648,720 | |
| Sarasota County, FL, Utility System Revenue, 5.25%, 10/1/52 | 15,000 | 16,540,350 | |
| Seattle, WA, Water System Revenue, Green Bonds, 5.00%, 9/1/52 | 8,610 | 9,334,273 | |
| Tacoma, WA, Sewer Revenue, 4.00%, 12/1/48 | 5,190 | 5,064,194 | |
| $ 208,937,529 | |||
| Total Tax-Exempt Municipal Obligations (identified cost $3,827,861,633) | $3,960,062,666 | ||
| Taxable Municipal Obligations — 6.5% |
| Security | Principal Amount (000's omitted) | Value | |
| Education — 0.1% | |||
| San Antonio Education Facilities Corp., TX, (University of the Incarnate Word), 3.15%, 4/1/37 | $ | 1,750 | $ 1,313,165 |
| University of California, 5.35%, 7/1/41(1) | 5,000 | 5,000,000 | |
| $ 6,313,165 | |||
21
See Notes to Financial Statements.
Eaton Vance
National Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations — 0.5% | |||
| Los Angeles Community College District, CA: | |||
| 1.806%, 8/1/30 | $ | 15,000 | $ 12,987,600 |
| 2.106%, 8/1/32 | 2,650 | 2,227,033 | |
| Puerto Rico, GO Contingent Value Instrument, 0.00%, 11/1/43 | 6,667 | 3,862,071 | |
| $ 19,076,704 | |||
| Hospital — 0.9% | |||
| California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24 | $ | 34,250 | $ 34,090,395 |
| New Mexico Hospital Equipment Loan Council, (Presbyterian Healthcare Services), (SPA: JPMorgan Chase Bank, N.A.), 5.30%, 8/1/42(4) | 5,000 | 5,000,000 | |
| $ 39,090,395 | |||
| Housing — 1.4% | |||
| Maine Housing Authority: | |||
| (SPA: Barclays Bank PLC), 5.37%, 11/15/52(1) | $ | 27,310 | $ 27,310,000 |
| (SPA: TD Bank, N.A.), 5.35%, 11/15/50(1) | 7,140 | 7,140,000 | |
| North Dakota Housing Finance Agency, (SPA: TD Bank, N.A.), 5.35%, 1/1/47(1) | 22,420 | 22,420,000 | |
| $ 56,870,000 | |||
| Industrial Development Revenue — 0.0%(8) | |||
| Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 6/30/27(7) | $ | 8,071 | $ 1,452,794 |
| $ 1,452,794 | |||
| Insured - Transportation — 1.0% | |||
| Alameda Corridor Transportation Authority, CA: | |||
| (AGM), 0.00%, 10/1/43 | $ | 14,295 | $ 4,446,888 |
| (AMBAC), 0.00%, 10/1/26 | 14,395 | 12,601,239 | |
| (AMBAC), 0.00%, 10/1/27 | 22,355 | 18,609,867 | |
| (AMBAC), Escrowed to Maturity, 0.00%, 10/1/26 | 8,105 | 7,153,473 | |
| $ 42,811,467 | |||
| Lease Revenue/Certificates of Participation — 0.3% | |||
| New Hampshire Business Finance Authority, (Centurion BioSquare, Inc.), 9.58%, 12/15/38 | $ | 615 | $ 610,775 |
| New Hampshire Business Finance Authority, (Centurion Foundation), 11.00%, 12/15/38 | 300 | 298,092 | |
| New York City Transitional Finance Authority, NY, (Building Aid), 3.23%, 7/15/24 | 10,000 | 9,934,200 | |
| $ 10,843,067 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Other Revenue — 0.5% | |||
| Golden State Tobacco Securitization Corp., CA, 3.714%, 6/1/41 | $ | 28,000 | $ 22,026,200 |
| $ 22,026,200 | |||
| Special Tax Revenue — 0.3% | |||
| JobsOhio Beverage System, OH, 4.433%, 1/1/33 | $ | 12,575 | $ 12,461,322 |
| $ 12,461,322 | |||
| Transportation — 0.4% | |||
| Foothill/Eastern Transportation Corridor Agency, CA, 4.094%, 1/15/49 | $ | 20,856 | $ 17,594,747 |
| $ 17,594,747 | |||
| Water and Sewer — 1.1% | |||
| Metropolitan Water District of Southern California: | |||
| (SPA: PNC Bank, N.A.), 5.32%, 7/1/46(1) | $ | 10,000 | $ 10,000,000 |
| (SPA: TD Bank, N.A.), 5.33%, 7/1/37(1) | 36,250 | 36,250,000 | |
| $ 46,250,000 | |||
| Total Taxable Municipal Obligations (identified cost $286,060,886) | $ 274,789,861 | ||
| Total Investments — 101.9% (identified cost $4,160,039,123) | $4,279,961,409 | ||
| Other Assets, Less Liabilities — (1.9)% | $ (79,592,120) | ||
| Net Assets — 100.0% | $4,200,369,289 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at March 31, 2024. |
| (2) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H). |
| (3) | When-issued security. |
| (4) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at March 31, 2024. |
| (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 March 31, 2024, the aggregate value of these securities is $53,747,494 or 1.3% of the Fund's net assets. |
22
See Notes to Financial Statements.
Eaton Vance
National Municipal Income Fund
March 31, 2024
Portfolio of Investments (Unaudited) — continued
| (6) | Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy. |
| (7) | Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion. |
| (8) | Amount is less than 0.05%. |
| (9) | Floating rate security. The stated interest rate represents the rate in effect at March 31, 2024. |
| At March 31, 2024, the concentration of the Fund’s investments in the various states and territories, determined as a percentage of net assets, is as follows: | |
| New York | 17.9% |
| California | 14.0% |
| Texas | 11.4% |
| Others, representing less than 10% individually | 57.5% |
| The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At March 31, 2024, 6.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.9% to 3.3% of total investments. |
| 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 |
| Liq | – Liquidity Provider |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| SOFR | – Secured Overnight Financing Rate |
| SPA | – Standby Bond Purchase Agreement |
23
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Statements of Assets and Liabilities (Unaudited)
| March 31, 2024 | ||
| AMT-Free Fund | National Fund | |
| Assets | ||
| Investments: | ||
| Identified cost | $ 220,544,507 | $ 4,160,039,123 |
| Unrealized appreciation | 7,467,005 | 119,922,286 |
| Investments, at value | $228,011,512 | $4,279,961,409 |
| Cash | $ 41,794 | $ 239,378 |
| Interest receivable | 2,620,685 | 49,679,948 |
| Receivable for investments sold | — | 46,365,869 |
| Receivable for Fund shares sold | 110,333 | 8,746,885 |
| Trustees' deferred compensation plan | 101,324 | 383,114 |
| Total assets | $230,885,648 | $4,385,376,603 |
| Liabilities | ||
| Payable for floating rate notes issued | $ 4,007,324 | $ 54,916,341 |
| Payable for when-issued securities | 5,962,608 | 115,545,217 |
| Payable for Fund shares redeemed | 507,422 | 8,989,398 |
| Distributions payable | 113,339 | 2,252,572 |
| Payable to affiliates: | ||
| Investment adviser fee | 80,818 | 1,132,247 |
| Distribution and service fees | 25,212 | 290,579 |
| Trustees' deferred compensation plan | 101,324 | 383,114 |
| Interest expense and fees payable | 50,584 | 524,398 |
| Accrued expenses | 104,008 | 973,448 |
| Total liabilities | $ 10,952,639 | $ 185,007,314 |
| Net Assets | $219,933,009 | $4,200,369,289 |
| Sources of Net Assets | ||
| Paid-in capital | $ 262,035,760 | $ 4,524,193,086 |
| Accumulated loss | (42,102,751) | (323,823,797) |
| Net Assets | $219,933,009 | $4,200,369,289 |
| Class A Shares | ||
| Net Assets | $ 105,133,787 | $ 1,191,678,107 |
| Shares Outstanding | 12,897,118 | 128,168,326 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.15 | $ 9.30 |
| Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 8.42 | $ 9.61 |
| Class C Shares | ||
| Net Assets | $ 2,981,014 | $ 44,876,792 |
| Shares Outstanding | 367,856 | 4,827,192 |
| Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 8.10 | $ 9.30 |
| Class I Shares | ||
| Net Assets | $ 111,818,208 | $ 2,963,814,390 |
| Shares Outstanding | 12,561,978 | 318,815,888 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.90 | $ 9.30 |
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | |
| * | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
24
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Statements of Operations (Unaudited)
| Six Months Ended March 31, 2024 | ||
| AMT-Free Fund | National Fund | |
| Investment Income | ||
| Interest income | $ 5,077,764 | $ 88,616,009 |
| Total investment income | $ 5,077,764 | $ 88,616,009 |
| Expenses | ||
| Investment adviser fee | $ 481,998 | $ 6,399,231 |
| Distribution and service fees: | ||
| Class A | 130,520 | 1,451,765 |
| Class C | 16,587 | 225,449 |
| Trustees’ fees and expenses | 7,633 | 54,250 |
| Custodian fee | 32,593 | 338,830 |
| Transfer and dividend disbursing agent fees | 41,129 | 832,550 |
| Legal and accounting services | 45,604 | 156,662 |
| Printing and postage | 4,095 | 49,748 |
| Registration fees | 32,838 | 127,653 |
| Interest expense and fees | 111,945 | 1,101,887 |
| Miscellaneous | 21,827 | 117,799 |
| Total expenses | $ 926,769 | $ 10,855,824 |
| Net investment income | $ 4,150,995 | $ 77,760,185 |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss): | ||
| Investment transactions | $ 170,430 | $ (16,449,356) |
| Futures contracts | — | 1,196,126 |
| Net realized gain (loss) | $ 170,430 | $ (15,253,230) |
| Change in unrealized appreciation (depreciation): | ||
| Investments | $ 14,468,805 | $ 243,906,637 |
| Futures contracts | — | (4,363,160) |
| Net change in unrealized appreciation (depreciation) | $14,468,805 | $239,543,477 |
| Net realized and unrealized gain | $14,639,235 | $224,290,247 |
| Net increase in net assets from operations | $18,790,230 | $302,050,432 |
25
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Statements of Changes in Net Assets
| Six Months Ended March 31, 2024 (Unaudited) | ||
| AMT-Free Fund | National Fund | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $ 4,150,995 | $ 77,760,185 |
| Net realized gain (loss) | 170,430 | (15,253,230) |
| Net change in unrealized appreciation (depreciation) | 14,468,805 | 239,543,477 |
| Net increase in net assets from operations | $ 18,790,230 | $ 302,050,432 |
| Distributions to shareholders: | ||
| Class A | $ (1,869,946) | $ (22,268,581) |
| Class C | (47,005) | (695,423) |
| Class I | (2,193,074) | (54,782,288) |
| Total distributions to shareholders | $ (4,110,025) | $ (77,746,292) |
| Transactions in shares of beneficial interest: | ||
| Class A | $ (2,494,005) | $ (3,758,232) |
| Class C | (491,049) | (3,468,383) |
| Class I | (12,202,937) | 300,160,979 |
| Net increase (decrease) in net assets from Fund share transactions | $ (15,187,991) | $ 292,934,364 |
| Net increase (decrease) in net assets | $ (507,786) | $ 517,238,504 |
| Net Assets | ||
| At beginning of period | $ 220,440,795 | $ 3,683,130,785 |
| At end of period | $219,933,009 | $4,200,369,289 |
26
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Statements of Changes in Net Assets — continued
| Year Ended September 30, 2023 | ||
| AMT-Free Fund | National Fund | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $ 8,754,263 | $ 133,637,938 |
| Net realized loss | (5,868,207) | (49,314,855) |
| Net change in unrealized appreciation (depreciation) | 1,277,150 | 4,443,142 |
| Net increase in net assets from operations | $ 4,163,206 | $ 88,766,225 |
| Distributions to shareholders: | ||
| Class A | $ (3,899,645) | $ (43,200,549) |
| Class C | (114,999) | (1,519,512) |
| Class I | (4,682,937) | (86,466,621) |
| Total distributions to shareholders | $ (8,697,581) | $ (131,186,682) |
| Transactions in shares of beneficial interest: | ||
| Class A | $ (11,277,440) | $ (49,788,169) |
| Class C | (1,635,102) | (10,052,301) |
| Class I | (418,520) | 658,700,475 |
| Net increase (decrease) in net assets from Fund share transactions | $ (13,331,062) | $ 598,860,005 |
| Net increase (decrease) in net assets | $ (17,865,437) | $ 556,439,548 |
| Net Assets | ||
| At beginning of year | $ 238,306,232 | $ 3,126,691,237 |
| At end of year | $220,440,795 | $3,683,130,785 |
27
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Financial Highlights
| AMT-Free Fund — Class A | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.620 | $ 7.790 | $ 9.290 | $ 9.250 | $ 9.250 | $ 8.870 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.145 | $ 0.280 | $ 0.227 | $ 0.236 | $ 0.274 | $ 0.317 |
| Net realized and unrealized gain (loss) | 0.528 | (0.171) | (1.495) | 0.053 | 0.011 (2) | 0.381 |
| Total income (loss) from operations | $ 0.673 | $ 0.109 | $ (1.268) | $ 0.289 | $ 0.285 | $ 0.698 |
| Less Distributions | ||||||
| From net investment income | $ (0.143) | $ (0.279) | $ (0.232) | $ (0.249) | $ (0.285) | $ (0.318) |
| Total distributions | $ (0.143) | $ (0.279) | $ (0.232) | $ (0.249) | $ (0.285) | $ (0.318) |
| Net asset value — End of period | $ 8.150 | $ 7.620 | $ 7.790 | $ 9.290 | $ 9.250 | $ 9.250 |
| Total Return(3) | 8.88% (4) | 1.29% | (13.85)% | 3.14% | 3.12% | 8.02% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $105,134 | $100,835 | $113,933 | $157,981 | $158,729 | $150,853 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.85% (5) | 0.83% | 0.79% | 0.76% | 0.78% | 0.81% |
| Interest and fee expense(6) | 0.10% (5) | 0.17% | 0.07% | 0.04% | 0.14% | 0.23% |
| Total expenses | 0.95% (5) | 1.00% | 0.86% | 0.80% | 0.92% | 1.04% |
| Net investment income | 3.62% (5) | 3.50% | 2.61% | 2.53% | 2.97% | 3.51% |
| Portfolio Turnover | 25% (4) | 53% | 60% | 32% | 58% | 33% |
| (1) | Computed using average shares outstanding. |
| (2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (4) | Not annualized. |
| (5) | Annualized. |
| (6) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
28
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Financial Highlights — continued
| AMT-Free Fund — Class C | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 7.580 | $ 7.740 | $ 9.240 | $ 9.200 | $ 9.200 | $ 8.820 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.114 | $ 0.219 | $ 0.159 | $ 0.167 | $ 0.204 | $ 0.249 |
| Net realized and unrealized gain (loss) | 0.519 | (0.162) | (1.493) | 0.051 | 0.011 (2) | 0.380 |
| Total income (loss) from operations | $ 0.633 | $ 0.057 | $(1.334) | $ 0.218 | $ 0.215 | $ 0.629 |
| Less Distributions | ||||||
| From net investment income | $ (0.113) | $ (0.217) | $ (0.166) | $ (0.178) | $ (0.215) | $ (0.249) |
| Total distributions | $(0.113) | $(0.217) | $(0.166) | $(0.178) | $ (0.215) | $ (0.249) |
| Net asset value — End of period | $ 8.100 | $ 7.580 | $ 7.740 | $ 9.240 | $ 9.200 | $ 9.200 |
| Total Return(3) | 8.52% (4) | 0.51% | (14.59)% | 2.38% | 2.36% | 7.24% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 2,981 | $ 3,258 | $ 4,906 | $ 9,017 | $15,094 | $19,715 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 1.60% (5) | 1.58% | 1.54% | 1.51% | 1.53% | 1.56% |
| Interest and fee expense(6) | 0.10% (5) | 0.17% | 0.07% | 0.04% | 0.14% | 0.23% |
| Total expenses | 1.70% (5) | 1.75% | 1.61% | 1.55% | 1.67% | 1.79% |
| Net investment income | 2.87% (5) | 2.74% | 1.83% | 1.80% | 2.23% | 2.78% |
| Portfolio Turnover | 25% (4) | 53% | 60% | 32% | 58% | 33% |
| (1) | Computed using average shares outstanding. |
| (2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (4) | Not annualized. |
| (5) | Annualized. |
| (6) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
29
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Financial Highlights — continued
| AMT-Free Fund — Class I | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.320 | $ 8.500 | $ 10.150 | $ 10.110 | $ 10.100 | $ 9.680 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.169 | $ 0.328 | $ 0.271 | $ 0.283 | $ 0.323 | $ 0.370 |
| Net realized and unrealized gain (loss) | 0.579 | (0.182) | (1.644) | 0.055 | 0.023 (2) | 0.422 |
| Total income (loss) from operations | $ 0.748 | $ 0.146 | $ (1.373) | $ 0.338 | $ 0.346 | $ 0.792 |
| Less Distributions | ||||||
| From net investment income | $ (0.168) | $ (0.326) | $ (0.277) | $ (0.298) | $ (0.336) | $ (0.372) |
| Total distributions | $ (0.168) | $ (0.326) | $ (0.277) | $ (0.298) | $ (0.336) | $ (0.372) |
| Net asset value — End of period | $ 8.900 | $ 8.320 | $ 8.500 | $ 10.150 | $ 10.110 | $ 10.100 |
| Total Return(3) | 9.03% (4) | 1.49% | (13.64)% | 3.36% | 3.48% | 8.34% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $111,818 | $116,348 | $119,467 | $184,002 | $168,113 | $145,788 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.60% (5) | 0.58% | 0.54% | 0.51% | 0.53% | 0.56% |
| Interest and fee expense(6) | 0.10% (5) | 0.17% | 0.07% | 0.04% | 0.14% | 0.23% |
| Total expenses | 0.70% (5) | 0.75% | 0.61% | 0.55% | 0.67% | 0.79% |
| Net investment income | 3.87% (5) | 3.75% | 2.84% | 2.77% | 3.21% | 3.76% |
| Portfolio Turnover | 25% (4) | 53% | 60% | 32% | 58% | 33% |
| (1) | Computed using average shares outstanding. |
| (2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| (4) | Not annualized. |
| (5) | Annualized. |
| (6) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
30
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Financial Highlights — continued
| National Fund — Class A | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.750 | $ 8.780 | $ 10.310 | $ 10.240 | $ 10.140 | $ 9.650 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.175 | $ 0.340 | $ 0.224 | $ 0.223 | $ 0.265 | $ 0.322 |
| Net realized and unrealized gain (loss) | 0.550 | (0.037) | (1.507) | 0.082 | 0.119 | 0.491 |
| Total income (loss) from operations | $ 0.725 | $ 0.303 | $ (1.283) | $ 0.305 | $ 0.384 | $ 0.813 |
| Less Distributions | ||||||
| From net investment income | $ (0.175) | $ (0.333) | $ (0.247) | $ (0.235) | $ (0.284) | $ (0.323) |
| Total distributions | $ (0.175) | $ (0.333) | $ (0.247) | $ (0.235) | $ (0.284) | $ (0.323) |
| Net asset value — End of period | $ 9.300 | $ 8.750 | $ 8.780 | $ 10.310 | $ 10.240 | $ 10.140 |
| Total Return(2) | 8.33% (3) | 3.38% | (12.62)% | 2.99% | 3.84% | 8.57% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $1,191,678 | $1,126,345 | $1,179,909 | $1,558,418 | $1,620,505 | $1,605,407 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.66% (4) | 0.67% | 0.64% | 0.61% | 0.64% | 0.68% |
| Interest and fee expense(5) | 0.06% (4) | 0.08% | 0.03% | 0.02% | 0.05% | 0.12% |
| Total expenses | 0.72% (4) | 0.75% | 0.67% | 0.63% | 0.69% | 0.80% |
| Net investment income | 3.83% (4) | 3.73% | 2.30% | 2.15% | 2.61% | 3.26% |
| Portfolio Turnover | 38% (3) | 86% | 151% | 56% | 105% | 89% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
31
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Financial Highlights — continued
| National Fund — Class C | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.750 | $ 8.780 | $10.310 | $ 10.240 | $ 10.140 | $ 9.650 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.141 | $ 0.271 | $ 0.148 | $ 0.146 | $ 0.190 | $ 0.252 |
| Net realized and unrealized gain (loss) | 0.550 | (0.036) | (1.504) | 0.081 | 0.119 | 0.488 |
| Total income (loss) from operations | $ 0.691 | $ 0.235 | $ (1.356) | $ 0.227 | $ 0.309 | $ 0.740 |
| Less Distributions | ||||||
| From net investment income | $ (0.141) | $ (0.265) | $ (0.174) | $ (0.157) | $ (0.209) | $ (0.250) |
| Total distributions | $ (0.141) | $ (0.265) | $ (0.174) | $ (0.157) | $ (0.209) | $ (0.250) |
| Net asset value — End of period | $ 9.300 | $ 8.750 | $ 8.780 | $10.310 | $ 10.240 | $ 10.140 |
| Total Return(2) | 7.93% (3) | 2.60% | (13.28)% | 2.22% | 3.08% | 7.77% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $44,877 | $45,670 | $55,558 | $ 94,851 | $131,330 | $172,417 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 1.41% (4) | 1.42% | 1.39% | 1.36% | 1.39% | 1.43% |
| Interest and fee expense(5) | 0.06% (4) | 0.08% | 0.03% | 0.02% | 0.05% | 0.12% |
| Total expenses | 1.47% (4) | 1.50% | 1.42% | 1.38% | 1.44% | 1.55% |
| Net investment income | 3.08% (4) | 2.98% | 1.52% | 1.41% | 1.87% | 2.57% |
| Portfolio Turnover | 38% (3) | 86% | 151% | 56% | 105% | 89% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
32
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Financial Highlights — continued
| National Fund — Class I | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 8.750 | $ 8.780 | $ 10.310 | $ 10.240 | $ 10.140 | $ 9.650 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.186 | $ 0.363 | $ 0.248 | $ 0.248 | $ 0.289 | $ 0.341 |
| Net realized and unrealized gain (loss) | 0.551 | (0.037) | (1.507) | 0.082 | 0.120 | 0.495 |
| Total income (loss) from operations | $ 0.737 | $ 0.326 | $ (1.259) | $ 0.330 | $ 0.409 | $ 0.836 |
| Less Distributions | ||||||
| From net investment income | $ (0.187) | $ (0.356) | $ (0.271) | $ (0.260) | $ (0.309) | $ (0.346) |
| Total distributions | $ (0.187) | $ (0.356) | $ (0.271) | $ (0.260) | $ (0.309) | $ (0.346) |
| Net asset value — End of period | $ 9.300 | $ 8.750 | $ 8.780 | $ 10.310 | $ 10.240 | $ 10.140 |
| Total Return(2) | 8.47% (3) | 3.64% | (12.40)% | 3.24% | 4.10% | 8.83% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $2,963,814 | $2,511,115 | $1,891,224 | $2,347,177 | $1,797,038 | $1,348,563 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses excluding interest and fees | 0.41% (4) | 0.42% | 0.39% | 0.36% | 0.39% | 0.43% |
| Interest and fee expense(5) | 0.06% (4) | 0.08% | 0.03% | 0.02% | 0.05% | 0.12% |
| Total expenses | 0.47% (4) | 0.50% | 0.42% | 0.38% | 0.44% | 0.55% |
| Net investment income | 4.08% (4) | 3.98% | 2.55% | 2.39% | 2.85% | 3.45% |
| Portfolio Turnover | 38% (3) | 86% | 151% | 56% | 105% | 89% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H). |
33
See Notes to Financial Statements.
Eaton Vance
Municipal Income Funds
March 31, 2024
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance AMT-Free Municipal Income Fund (AMT-Free Fund) and Eaton Vance National Municipal Income Fund (National Fund) (each individually referred to as the Fund, and collectively, the Funds) are a diversified series of Eaton Vance Mutual Funds Trust and Eaton Vance Municipals Trust, respectively (collectively, the Trusts). The Trusts are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. Each Fund’s investment objective is to provide current income exempt from regular federal income tax. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares 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. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated a Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that a Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions and Related Income—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.
C Federal Taxes—Each Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by each Fund, as exempt-interest dividends. For National Fund, the portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.
As of March 31, 2024, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
D Expenses—The majority of expenses of the Trusts are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.
E Legal Fees— Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.
34
Eaton Vance
Municipal Income Funds
March 31, 2024
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 each Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Funds. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as a Trust) could be deemed to have personal liability for the obligations of the Trust. However, each Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Fund enters into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Fund that have not yet occurred.
H Floating Rate Notes Issued in Conjunction with Securities Held—The Funds may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 10) at March 31, 2024. Interest expense related to a Fund’s liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At March 31, 2024, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:
| AMT-Free Fund | National Fund | |
| Floating Rate Notes Outstanding | $4,007,324 | $54,916,341 |
| Interest Rate or Range of Interest Rates (%) | 3.67 | 3.64 - 3.68 |
| Collateral for Floating Rate Notes Outstanding | $5,463,760 | $74,340,045 |
For the six months ended March 31, 2024, the Funds’ average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were as follows:
| AMT-Free Fund | National Fund | |
| Average Floating Rate Notes Outstanding | $5,372,951 | $54,800,000 |
| Average Interest Rate | 4.17% | 4.02% |
In certain circumstances, the Funds may enter into shortfall and forbearance agreements with brokers by which a Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of March 31, 2024.
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.
35
Eaton Vance
Municipal Income Funds
March 31, 2024
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. Effective August 19, 2022, the Funds began operating under Rule 18f-4 under the 1940 Act, which, among other things, governs the use of derivative investments and certain financing transactions by registered investment companies. As of the date of this report, consistent with Rule 18f-4, the Funds have elected to treat their investments in residual interest bonds, along with similar financing transactions, as derivatives transactions subject to the Funds' value-at-risk (VaR)-based limits on leverage risk. The Funds may change this election (and elect to treat these investments and other similar financing transactions like bank borrowings subject to the asset coverage requirements of Section 18 of the 1940 Act) at any time. Residual interest bonds held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.
I Futures Contracts—Upon entering into a futures contract, a Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.
J When-Issued Securities and Delayed Delivery Transactions—The Funds may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Funds maintain cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.
K Interim Financial Statements—The interim financial statements relating to March 31, 2024 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds' management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Distributions to Shareholders and Income Tax Information
The net investment income of each Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of a Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
At September 30, 2023, the following Funds, for federal income tax purposes, had deferred capital losses which would reduce the respective Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of a Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. The amounts of the deferred capital losses are as follows:
| AMT-Free Fund | National Fund | |
| Deferred capital losses: | ||
| Short-term | $26,756,879 | $294,364,229 |
| Long-term | $23,706,355 | $123,914,103 |
36
Eaton Vance
Municipal Income Funds
March 31, 2024
Notes to Financial Statements (Unaudited) — continued
The cost and unrealized appreciation (depreciation) of investments of each Fund at March 31, 2024, as determined on a federal income tax basis, were as follows:
| AMT-Free Fund | National Fund | |
| Aggregate cost | $216,455,126 | $4,111,634,189 |
| Gross unrealized appreciation | $ 9,823,938 | $ 148,576,399 |
| Gross unrealized depreciation | (2,274,876) | (35,165,520) |
| Net unrealized appreciation | $ 7,549,062 | $ 113,410,879 |
3 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, for AMT-Free Fund and Boston Management and Research (BMR), an affiliate of EVM, for National Fund as compensation for management and investment advisory services rendered to each Fund. 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 $500 million | 0.300% | 3.000% |
| $500 million but less than $1 billion | 0.275% | 2.750% |
| $1 billion but less than $1.5 billion | 0.250% | 2.500% |
| $1.5 billion but less than $2 billion | 0.225% | 2.250% |
| $2 billion but less than $3 billion | 0.200% | 2.000% |
| $3 billion and over | 0.175% | 1.750% |
For the six months ended March 31, 2024, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:
| AMT-Free Fund | National Fund | |
| Investment Adviser Fee | $481,998 | $6,399,231 |
| Effective Annual Rate | 0.43% | 0.33% |
EVM serves as the administrator of each Fund, but receives no compensation.
EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of BMR, EVM and EVD, also received a portion of the sales charge on 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
37
Eaton Vance
Municipal Income Funds
March 31, 2024
Notes to Financial Statements (Unaudited) — continued
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 March 31, 2024 were as follows:
| AMT-Free Fund | National Fund | |
| EVM's Sub-Transfer Agent Fees | $5,388 | $82,380 |
| EVD's Class A Sales Charges | $ 812 | $18,616 |
| Morgan Stanley affiliated broker-dealers’ Class A Sales Charges | $ — | $ 6,534 |
Trustees and officers of the Funds who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds who are not affiliated with the investment advisers may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Funds are officers of the above organizations.
4 Distribution Plans
Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended March 31, 2024 for Class A shares amounted to the following:
| AMT-Free Fund | National Fund | |
| Class A Distribution and Service Fees | $130,520 | $1,451,765 |
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 Fund. For the six months ended March 31, 2024, the Funds paid or accrued to EVD the following distribution fees:
| AMT-Free Fund | National Fund | |
| Class C Distribution Fees | $12,440 | $169,087 |
The Class C Plan also authorizes each Fund to make payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of the average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class C sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended March 31, 2024 amounted to the following:
| AMT-Free Fund | National Fund | |
| Class C Service Fees | $4,147 | $56,362 |
Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).
38
Eaton Vance
Municipal Income Funds
March 31, 2024
Notes to Financial Statements (Unaudited) — continued
5 Contingent Deferred Sales Charges
A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 0.75% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended March 31, 2024, the Funds were informed that EVD received the following amounts of CDSCs paid by Class A and Class C shareholders:
| AMT-Free Fund | National Fund | |
| Class A | $ — (1) | $ 125 |
| Class C | $ — | $1,071 |
| (1) | Amount is less than $100. |
6 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations and including maturities, for the six months ended March 31, 2024 were as follows:
| AMT-Free Fund | National Fund | |
| Purchases | $56,332,530 | $1,812,659,295 |
| Sales | $65,958,512 | $1,503,298,186 |
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, including direct exchanges pursuant to share class conversions, were as follows:
| AMT-Free Fund | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class A | ||||||
| Sales | 1,071,119 | $ 8,651,609 | 1,888,917 | $ 14,993,570 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 191,793 | 1,540,989 | 412,323 | 3,293,503 | ||
| Redemptions | (1,596,485) | (12,686,603) | (3,699,939) | (29,564,513) | ||
| Net decrease | (333,573) | $ (2,494,005) | (1,398,699) | $(11,277,440) | ||
| Class C | ||||||
| Sales | 64,629 | $ 519,768 | 132,801 | $ 1,060,779 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 5,575 | 44,572 | 13,573 | 107,806 | ||
| Redemptions | (132,299) | (1,055,389) | (350,028) | (2,803,687) | ||
| Net decrease | (62,095) | $ (491,049) | (203,654) | $ (1,635,102) | ||
39
Eaton Vance
Municipal Income Funds
March 31, 2024
Notes to Financial Statements (Unaudited) — continued
| AMT-Free Fund (continued) | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class I | ||||||
| Sales | 1,497,106 | $ 13,093,521 | 7,686,554 | $ 67,351,799 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 213,721 | 1,874,811 | 462,122 | 4,032,283 | ||
| Redemptions | (3,129,392) | (27,171,269) | (8,214,826) | (71,802,602) | ||
| Net decrease | (1,418,565) | $(12,202,937) | (66,150) | $ (418,520) | ||
| National Fund | ||||||
| Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |||||
| Shares | Amount | Shares | Amount | |||
| Class A | ||||||
| Sales | 10,320,050 | $ 94,607,356 | 17,509,254 | $ 159,744,009 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 2,088,244 | 19,147,473 | 4,046,834 | 36,759,694 | ||
| Redemptions | (12,986,017) | (117,513,061) | (27,121,465) | (246,291,872) | ||
| Net decrease | (577,723) | $ (3,758,232) | (5,565,377) | $ (49,788,169) | ||
| Class C | ||||||
| Sales | 748,307 | $ 6,874,141 | 1,180,431 | $ 10,743,048 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 68,398 | 626,714 | 151,181 | 1,373,270 | ||
| Redemptions | (1,210,304) | (10,969,238) | (2,435,564) | (22,168,619) | ||
| Net decrease | (393,599) | $ (3,468,383) | (1,103,952) | $ (10,052,301) | ||
| Class I | ||||||
| Sales | 93,138,790 | $ 848,493,465 | 195,677,015 | $ 1,778,704,708 | ||
| Issued to shareholders electing to receive payments of distributions in Fund shares | 4,883,772 | 44,799,199 | 7,485,180 | 67,982,627 | ||
| Redemptions | (66,286,888) | (593,131,685) | (131,390,441) | (1,187,986,860) | ||
| Net increase | 31,735,674 | $ 300,160,979 | 71,771,754 | $ 658,700,475 | ||
8 Financial Instruments
The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. At March 31, 2024, there were no obligations outstanding under these financial instruments.
40
Eaton Vance
Municipal Income Funds
March 31, 2024
Notes to Financial Statements (Unaudited) — continued
Each Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Funds hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. During the six months ended March 31, 2024, National Fund entered into U.S. Treasury futures contracts to hedge against changes in interest rates.
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended March 31, 2024 was as follows:
| National Fund | |
| Realized Gain (Loss) on Derivatives Recognized in Income | $ 1,196,126(1) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | $(4,363,160) (2) |
| (1) | Statement of Operations location: Net realized gain (loss): Futures contracts. |
| (2) | Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts. |
The average notional cost of futures contracts outstanding during the six months ended March 31, 2024, which is indicative of the volume of this derivative type, was approximately as follows:
| National Fund | |
| Average Notional Cost: | |
| Futures Contracts — Short | $31,317,000 |
9 Line of Credit
The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 22, 2024. In connection with the renewal of the agreement on October 24, 2023, the borrowing limit was decreased from $725 million. Borrowings are made by the Funds solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to each Fund based on its borrowings at an amount above either the 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 2023, an arrangement fee of $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, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the six months ended March 31, 2024.
10 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
41
Eaton Vance
Municipal Income Funds
March 31, 2024
Notes to Financial Statements (Unaudited) — continued
At March 31, 2024, the hierarchy of inputs used in valuing the Funds' investments, which are carried at fair value, were as follows:
| AMT-Free Fund | ||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Tax-Exempt Mortgage-Backed Securities | $ — | $ 944,978 | $ — | $ 944,978 |
| Tax-Exempt Municipal Obligations | — | 227,066,534 | — | 227,066,534 |
| Total Investments | $ — | $ 228,011,512 | $ — | $ 228,011,512 |
| National Fund | ||||
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds | $ — | $ 45,108,882 | $ — | $ 45,108,882 |
| Tax-Exempt Municipal Obligations | — | 3,960,062,666 | — | 3,960,062,666 |
| Taxable Municipal Obligations | — | 274,789,861 | — | 274,789,861 |
| Total Investments | $ — | $4,279,961,409 | $ — | $4,279,961,409 |
42
Eaton Vance
Municipal Income Funds
March 31, 2024
Officers and Trustees
| Officers | |
| Kenneth A. Topping President | Nicholas S. Di Lorenzo Secretary |
| Deidre E. Walsh Vice President and Chief Legal Officer | Laura T. Donovan Chief Compliance Officer |
| James F. Kirchner Treasurer | |
| Trustees |
| George J. Gorman Chairperson | |
| Alan C. Bowser | |
| Mark R. Fetting | |
| Cynthia E. Frost | |
| Valerie A. Mosley | |
| Anchal Pachnanda* |
| Keith Quinton | |
| Marcus L. Smith | |
| Susan J. Sutherland | |
| Scott E. Wennerholm | |
| Nancy A. Wiser |
| * | Interested Trustee |
43
Eaton Vance Funds
| U.S. Customer Privacy Notice | March 2024 |
| 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 information 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 affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No* |
| For our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes* |
| For our affiliates to market to you | Yes | Yes* |
| 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.comPlease 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 |
44
Eaton Vance Funds
| U.S. Customer Privacy Notice — continued | March 2024 |
Page 2
| Who we are | |
| Who is providing this notice? | Eaton Vance Management and our investment management affiliates (“Eaton Vance”) (see 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 informationWe 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 youState laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.) |
| What happens when I limit sharing for an account I hold jointly with someone else? | Your choices will apply to everyone on your account. |
| Definitions | |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Calvert Research and Management, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
| 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 does not jointly market. |
45
Eaton Vance Funds
| U.S. Customer Privacy Notice — continued | March 2024 |
Page 3
| Other important information | |
| *PLEASE NOTE: Eaton Vance does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Eaton Vance enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Eaton Vance from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.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. |
46
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.
Tailored Shareholder Reports. Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Eaton Vance Funds.
47
Investment Advisers
AMT-Free Municipal Income Fund
Eaton Vance Management
One Post Office Square
Boston, MA 02109
Eaton Vance Management
One Post Office Square
Boston, MA 02109
National Municipal Income Fund
Boston Management and Research
One Post Office Square
Boston, MA 02109
Boston Management and Research
One Post Office Square
Boston, MA 02109
Administrator
Eaton Vance Management
One Post Office Square
Boston, MA 02109
One Post Office Square
Boston, MA 02109
Principal Underwriter*
Eaton Vance Distributors, Inc.
One Post Office Square
Boston, MA 02109
(617) 482-8260
One Post Office Square
Boston, MA 02109
(617) 482-8260
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
Fund Offices
One Post Office Square
Boston, MA 02109
One Post Office Square
Boston, MA 02109
*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.
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
| (a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
| (a)(2)(i) | Principal Financial Officer’s Section 302 certification. | |
| (a)(2)(ii) | Principal Executive Officer’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/ Kenneth A. Topping | |
| Kenneth A. Topping | ||
| Principal Executive Officer | ||
Date: May 17, 2024
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 | ||
| Principal Financial Officer |
Date: May 17, 2024
| By: | /s/ Kenneth A. Topping | |
| Kenneth A. Topping | ||
| Principal Executive Officer |
Date: May 17, 2024