Eaton Vance Municipals Trust Ii N-CSR Certified annual shareholder report (management investment company)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-08134

Eaton Vance Municipals Trust II

(Exact Name of registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)

(617) 482-8260
(registrant’s Telephone Number)

January 31
Date of Fiscal Year End

January 31, 2009
Date of Reporting Period

TABLE OF CONTENTS

	Item 1. Reports to Stockholders
	Item 2. Code of Ethics
	Item 3. Audit Committee Financial Expert
	Item 4. Principal Accountant Fees and Services
	Item 5. Audit Committee of Listed registrants
	Item 6. Schedule of Investments
	Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
	Item 8. Portfolio Managers of Closed-End Management Investment Companies
	Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
	Item 10. Submission of Matters to a Vote of Security Holders.
	Item 11. Controls and Procedures
	Item 12. Exhibits
Signatures
EX-99.CERT Section 302 Certifications
EX-99.906CERT Section 906 Certifications

Item 1. Reports to Stockholders

Annual Report January 31, 2009 EATON VANCE HIGH YIELD MUNICIPALS FUND

IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS, AND PROXY VOTING

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

•  Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

•  None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.

•  Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

•  We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.

In addition, our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.

For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (the “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 adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, 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 adviser.

Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website 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. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

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. This description is also available on the SEC’s website at www.sec.gov.

Eaton Vance High Yield Municipals Fund as of January 31, 2009

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

Economic and Market Conditions

Cynthia J. Clemson
Co-Portfolio Manager

Thomas M. Metzold, CFA
Co-Portfolio Manager

The U.S. economy, as measured by gross domestic product (GDP), contracted in the fourth quarter of 2008 by a staggering 6.2%, after contracting 0.3% in the third quarter, according to the U.S. Department of Commerce. In the first and second quarters, the economy grew by 0.9% and 2.8%, respectively. Most of the major GDP components contributed to the decline; however, particularly influential was a sharp downturn in consumer spending, which continued to weigh on the economy in early 2009. While high commodity prices have eased since their summertime peaks, consumers continued to pare spending as they remained cautious of what increasingly has become a weaker economic environment. Rising unemployment levels, at a five-year high at period end, have led to constrained personal consumption and overall economic contraction. The housing market continued to weigh on the economy, with new home sales continuing to fall and existing home sales beginning to stabilize only as cautious buyers begin to see value in distressed pricing. Low home prices continued to pressure consumers and banks, causing increased bank foreclosures and more write-downs of mortgage-backed securities at commercial banks and financial institutions.

For the year that ended January 31, 2009, the capital markets have experienced historic events resulting in unprecedented volatility. During September 2008, for example, the federal government took control of federally chartered mortgage giants Fannie Mae and Freddie Mac. During the same month, Lehman

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

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.

Brothers filed for bankruptcy protection; Bank of America announced its acquisition of Merrill Lynch; and Goldman Sachs and Morgan Stanley petitioned the Federal Reserve (the “Fed”) to become bank holding companies, a step that brings greater regulation but also easier access to credit. These actions, in conjunction with the announcement of Bear Stearns’ acquisition by JPMorgan Chase in March 2008, drastically redefined the Wall Street landscape. In addition to the independent Wall Street brokerages, the banking sector was shaken by the failure of Washington Mutual and the sale of Wachovia. In the insurance sector, the federal government provided more than $150 billion in loans to help stabilize American International Group (AIG). Finally, Congress approved a $700 billion program authorizing the federal government to purchase troubled assets from financial institutions, a program that has continued to evolve since the bill was enacted into law.

During the period, the Fed lowered the federal funds rate to a range of 0.0% to 0.25% from 4.25% at December 31, 2007. In addition to its interest-rate policy, the Fed has also taken extraordinary action through a variety of innovative lending techniques in an attempt to ease the credit crisis.

Eaton Vance High Yield Municipals Fund
Total Return Performance 1/31/08 – 1/31/09
Class A1	-29.94	%
Class B1	-30.42
Class C1	-30.40
Class I1	-29.75
Barclays Capital Municipal Bond Index2	-0.16
Barclays Capital High Yield Long Municipal Bond 22+ Index2	-28.48
Lipper High Yield Municipal Debt Funds Average2	-21.51

See page 3 for more performance information.

1

These returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. Class I shares are offered to certain investors at net asset value.

2

Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers High Yield Long Municipal Bond 22+ Index, respectively. It is not possible to invest directly in an Index or a Lipper Classification. The Indices’ total returns do not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. The Lipper total return is the average total return, at net asset value, of the funds that are in the same Lipper Classification as the Fund.

1

Eaton Vance High Yield Municipals Fund as of January 31, 2009

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

Management Discussion

Relative to its primary benchmark, the Barclays Capital Municipal Bond Index ¹ (the “Index”) — a broad-based, unmanaged index of municipal bonds — the Fund underperformed for the year ending January 31, 2009. As a result of an active management style that focuses on income and longer call protection, the Fund generally holds longer-maturity bonds. Management believes that much of the Fund’s underperformance can be attributed to the shift of investors’ capital into shorter-maturity bonds, a result of the broader-based credit crisis that has rattled the fixed-income markets since the summer of 2007. The move to shorter-term investments was originally driven by uncertainty surrounding financial companies’ exposure to subprime mortgage-backed debt but later spread to the muni market when major municipal bond insurers suffered rating downgrades due to their exposure to mortgage-related structured products. Management has historically used Treasury futures to seek to offset interest-rate volatility associated with investing in longer-maturity municipal bonds. Investors’ flight to quality during the period pushed Treasury yields to historic lows, hurting the Fund’s performance. In addition, the Fund’s investments in tender option bonds (TOBs)² detracted from performance.

In mid-December 2008, the municipal market began to rally — with longer-maturity municipals performing better than shorter-maturity bonds — as buyers returned to the market. This trend continued through the end of the period. Despite the muni market’s rebound, the ratio of yields on current coupon AAA-rated insured municipal bonds to the yield on 30-year Treasury bonds was 141.7% as of January 31, 2009, indicating municipals continued to represent relative value when compared to their taxable counterparts.³ We believe the 2008 spike in this ratio to over 200%, as compared with the long-term average of 85%-90%, was the result of continued dislocation in the fixed-income marketplace caused by a flight to Treasury securities, municipal bond insurance companies’ risks and the decentralized nature of the municipal marketplace. Historically, such a spike in this ratio is a rare occurrence in the muni bond market and is generally considered a signal that municipal bonds are significantly undervalued relative to taxable Treasury bonds. As more buyers return to the municipals market, we would expect this ratio of relative value to normalize further.

Against this backdrop, we continue to manage our municipal funds with the same relative value approach that we have traditionally employed — maintaining a long-term perspective when markets exhibit extreme short-term volatility. We believe this approach has provided excellent long-term benefits to our investors over time.

1	Formerly called Lehman Brothers Municipal Bond Index. It is not possible to invest directly in an Index.
2	TOBs are a form of investment leverage that create an opportunity for increased income but, at the same time, create special risks (including the likelihood of volatility of net asset value).
3	Source: Bloomberg L.P. Yields are a compilation of a representative variety of general obligations and are not necessarily representative of the Fund’s yield.

The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund. Portfolio information provided in the report may not be representative of the Fund’s current or future investments and may change due to active management.

2

Eaton Vance High Yield Municipals Fund as of January 31, 2009

PERFORMANCE INFORMATION

The line graph and table set forth below provide information about the Fund’s performance. The line graph compares the performance of Class B of the Fund with that of the Barclays Capital Municipal Bond Index, an unmanaged index of municipal bonds, and the Barclays Capital High Yield Long Municipal Bond 22+ Index, the long bond component of the Barclays Capital Municipal Bond Index. The lines on the graph represent the total returns of a hypothetical investment of $10,000 in each of Class B, the Barclays Capital Municipal Bond Index and the Barclays Capital High Yield Long Municipal Bond 22+ Index. The table includes the total returns of each Class of the Fund at net asset value and maximum public offering price. The performance presented below does not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares.

Fund Performance1	Class A			Class B			Class C			Class I
Share Class Symbol	ETHYX			EVHYX			ECHYX			EIHYX
Average Annual Total Returns (at net asset value)
One Year		-29.94	%		-30.42	%		-30.40	%		-29.75	%
Five Years		-3.73			-4.39			-4.41			N.A.
Ten Years		0.25			-0.48			-0.48			N.A.
Life of Fund†		2.80			2.02			0.71			-20.96
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
One Year		-33.29	%		-33.72	%		-31.06	%		-29.75	%
Five Years		-4.66			-4.69			-4.41			N.A.
Ten Years		-0.23			-0.48			-0.48			N.A.
Life of Fund†		2.43			2.02			0.71			-20.96

^† lnception dates: Class A: 8/7/95; Class B: 8/7/95; Class C: 6/18/97; Class I: 5/9/07.

Total Annual Operating Expenses2	Class A			Class B			Class C			Class I
Expense Ratio		1.38	%		2.13	%		2.13	%		1.13	%

Distribution Rates/Yields	Class A			Class B			Class C			Class 1
Distribution Rate3		7.84	%		6.98	%		6.98	%		8.13	%
Taxable-Equivalent Distribution Rate3,4		12.06			10.74			10.74			12.51
SEC 30-day Yield5		7.52			7.12			7.16			8.17
Taxable-Equivalent SEC 30-day Yield4,5		11.57			10.95			11.02			12.57

Index Performance⁶ Average Annual Total Returns

				Barclays Capital High Yield Long
	Barclays Capital Municipal Bond Index			Municipal Bond 22+ Index
One Year		-0.16	%		-28.48	%
Five Years		3.33			-1.67
Ten Years		4.51			1.26

Lipper Averages⁷ Average Annual Total Returns

Lipper High Yield Municipal Debt Funds Classification
One Year	-21.51	%
Five Years	-1.58
Ten Years	1.06

¹ Average Annual Total Returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B shares reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% — 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C shares reflect a 1% CDSC for the first year. Class I shares are offered to certain investors at net asset value.² Source: Prospectus dated 6/1/08. Includes interest expense of 0.51% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with inverse floater securities transactions by the Fund. The Fund also records offsetting interest income relating to the municipal obligations underlying such transactions, and as a result net asset value and performance have not been affected by this expense.³ The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last distribution per share (annualized) by the net asset value.⁴ Taxable-equivalent figures assume a maximum 35.0% federal income tax rate. A lower tax rate would result in lower tax-equivalent figures.⁵ The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result.⁶ It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month-end only. ⁷ The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper High Yield Municipal Debt Funds Classification contained 107, 77 and 51 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month-end only.

* Source: Lipper, Inc. and Bloomberg L.P.

A $10,000 hypothetical investment at net asset value in Class A shares and Class C shares on 1/31/99, and Class I shares on 5/9/07 (commencement of operations) would have been valued at $10,257 ($9,770 at maximum offering price), $9,527 and $6,650, respectively, on 1/31/09. It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices.

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

3

Eaton Vance High Yield Municipals Fund as of January 31, 2009

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments

* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1/ to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at January 31, 2009 is as follows, and the average rating is BBB+.

AAA	11.1%
AA	16.4%
A	11.1%
BBB	21.3%
BB	2.1%
B	8.4%
CCC	3.3%
Non-Rated	26.3%

Fund Statistics²

• Number of Issues:	194
• Average Maturity:	23.4 years
• Average Effective Maturity:	22.5 years
• Average Call Protection:	7.9 years
• Average Dollar Price:	$71.97
• TOB Leverage3:	13.5%

1	Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition.
2	Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1/ to the Fund’s financial statements.
3	See Note 1/ to the Fund’s financial statements. Tender option bond (TOB) leverage represents the amount of Floating Rate Notes outstanding at 1/31/09 as a percentage of the Fund’s net assets plus Floating Rate Notes. Floating Rate Notes reflect the effect of TOBs purchased in secondary market transactions.

4

Eaton Vance High Yield Municipals Fundas of January 31, 2009

FUND EXPENSES

Example: As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2008 – January 31, 2009).

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

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

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

Eaton Vance High Yield Municipals Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(8/1/08)		(1/31/09)		(8/1/08 – 1/31/09)
Actual
Class A		$1,000.00		$744.80		$6.49
Class B		$1,000.00		$742.90		$9.77
Class C		$1,000.00		$743.00		$9.77
Class I		$1,000.00		$745.90		$5.18
Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,017.70		$7.51
Class B		$1,000.00		$1,013.90		$11.29
Class C		$1,000.00		$1,013.90		$11.29
Class I		$1,000.00		$1,019.20		$5.99

*  Expenses are equal to the Fund’s annualized expense ratio of 1.48% for Class A shares, 2.23% for Class B shares, 2.23% for Class C shares and 1.18% for Class I shares, multiplied by the average account value over the period, multiplied by 184/366 (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 July 31, 2008.

5

Eaton Vance High Yield Municipals Fundas of January 31, 2009

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 112.5%
Principal Amount
(000’s omitted)		Security	Value
Cogeneration — 2.1%
$	7,000	Maryland Energy Cogeneration, (AES Warrior Run), (AMT), 7.40%, 9/1/19	$	4,985,820
	1,810	Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT), 5.875%, 9/1/20		1,400,922
	4,320	Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT), 6.625%, 9/1/20		3,573,029
	1,900	Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15		1,500,487
	760	Western Generation Agency, OR, (Wauna Cogeneration), 5.00%, 1/1/21		553,173
			$	12,013,431
Education — 3.6%
$	12,000	California Educational Facilities Authority, (Stanford University), 5.25%, 12/1/32(1)	$	12,223,080
	800	Maryland Health and Higher Educational Facilities Authority, (Washington Christian Academy), 5.50%, 7/1/38		442,312
	8,000	New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38(1)		8,047,520
			$	20,712,912
Electric Utilities — 4.7%
$	3,500	Brazos River Authority, TX, Pollution Control Revenue, (Texas Energy Co.), (AMT), 5.00%, 3/1/41	$	1,373,400
	4,920	Brazos River Authority, TX, Pollution Control Revenue, (Texas Energy Co.), (AMT), 5.40%, 5/1/29		2,146,055
	3,000	Brazos River Authority, TX, Pollution Control Revenue, (Texas Energy Co.), (AMT), 6.75%, 4/1/38		1,805,820
	6,000	Brazos River Authority, TX, Pollution Control Revenue, (Texas Energy Co.), (AMT), 8.25%, 5/1/33		3,619,860
	21,950	Massachusetts Development Finance Agency, (Dominion Energy Brayton Point), (AMT), 5.00%, 2/1/36		15,471,238
	3,965	Matagorda County, TX, Navigation District No. 1, (Reliant Energy), (AMT), 5.95%, 5/1/30		3,148,686
			$	27,565,059
Escrowed / Prerefunded — 0.3%
$	3,500	Dawson Ridge, CO, Metropolitan District #1, Escrowed to Maturity, 0.00%, 10/1/22	$	1,957,900
			$	1,957,900
General Obligations — 1.8%
$	4,000	City of Scottsdale, AZ, (Projects of 1999 & 2000), 5.00%, 7/1/14(2)	$	4,662,560
	6,480	Port Authority of Houston, TX, (Harris County), (AMT), 5.625%, 3/15/35(1)		5,927,742
			$	10,590,302
Health Care-Miscellaneous — 2.9%
$	2,845	Illinois Development Finance Authority, (Community Rehabilitation Providers), 5.60%, 7/1/19	$	2,597,855
	635	Osceola County, FL, Industrial Development Authority, Community Provider Pooled Loan, 7.75%, 7/1/17		576,847
	3,600	Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37		2,481,480
	1,246	Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 6.75%, 12/1/36(3)		1,279,803
	1,161	Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 7.75%, 12/1/36(3)		1,193,678
	975	Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 7.90%, 12/1/36(3)		1,002,554
	183	Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 8.25%, 12/1/36(3)		188,528
	416	Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 8.375%, 12/1/36(3)		428,600
	1,152	Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 8.50%, 12/1/36(3)		1,187,584
	483	Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 8.70%, 12/1/36(3)		497,989
	966	Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 8.81%, 9/1/36(3)		991,960
	290	Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), 8.875%, 12/1/36(3)		299,331
	642	Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), Series 2, 7.00%, 12/1/36(3)		660,277
	531	Tax Revenue Exempt Securities Trust, Community Health Provider, (Pooled Loan Program Various States Trust Certificates), Series 3, 7.00%, 12/1/36(3)		546,094
	4,405	Yavapai County, AZ, Industrial Development Authority, (West Yavapai Guidance Clinic), 6.25%, 12/1/36		2,771,186
			$	16,703,766

See notes to financial statements

6

Eaton Vance High Yield Municipals Fundas of January 31, 2009

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Hospital — 13.7%
$	9,900	California Statewide Communities Development Authority, (Sutter Health), 5.25%, 11/15/48	$	8,633,988
	8,300	Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/35		4,964,064
	3,900	Camden County, NJ, Improvement Authority, (Cooper Health System), 5.25%, 2/15/27		2,676,609
	2,185	Chautauqua County, NY, Industrial Development Agency, (Women’s Christian Association), 6.40%, 11/15/29		1,531,554
	19,135	Colorado Health Facilities Authority, (Catholic Health Initiatives), 4.625%, 9/1/39(4)		15,276,810
	905	Gaylord, MI, Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25		701,882
	875	Gaylord, MI, Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37		612,657
	12,870	Knox County, TN, Health, Educational & Housing Facilities, (Covenant Health), 0.00%, 1/1/40		939,639
	1,500	Maryland Health and Higher Educational Facilities Authority, (Washington County Hospital), 5.75%, 1/1/38		1,122,330
	7,245	Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38		4,705,990
	4,500	Monroe County, PA, Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43		2,992,230
	2,250	Montgomery, AL, Medical Clinic Board, (Jackson Hospital & Clinic), 4.75%, 3/1/31		1,415,857
	7,470	New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 5.00%, 7/1/36(1)		6,826,011
	3,190	New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29		2,329,753
	6,385	New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37		4,458,773
	2,560	Oneida County, NY, Industrial Development Agency, (Elizabeth Medical Center), 6.00%, 12/1/29		1,726,362
	5,000	Sullivan County, TN, Health, Educational and Facility Board, (Wellmont Health System), 5.25%, 9/1/36		2,937,150
	21,380	Vermont Educational and Health Buildings Financing Agency, (Fletcher Allen Healthcare), 4.75%, 12/1/36		13,113,423
	1,400	Wisconsin Health and Educational Facilities Authority, (Vernon Memorial Healthcare, Inc.), 5.10%, 3/1/25		1,018,416
	2,800	Wisconsin Health and Educational Facilities Authority, (Vernon Memorial Healthcare, Inc.), 5.25%, 3/1/35		1,829,324
			$	79,812,822
Housing — 3.9%
$	4,000	Charter Mac Equity Trust, TN, 6.00%, 4/30/19(3)	$	4,062,720
	1,670	Jefferson County, MO, Industrial Development Authority, Multifamily, (Riverview Bend Apartments), (AMT), 6.75%, 11/1/29		1,315,476
	440	Jefferson County, MO, Industrial Development Authority, Multifamily, (Riverview Bend Apartments), (AMT), 7.125%, 11/1/29		344,559
	4,000	Muni Mae Tax-Exempt Bond, LLC, 5.90%, 11/29/49(3)		2,413,560
	5,000	Muni Mae Tax-Exempt Bond, LLC, 6.875%, 6/30/49(3)		4,222,700
	2,940	Oregon Health Authority, (Trillium Affordable Housing), (AMT), 6.75%, 2/15/29		2,318,484
	1,315	Oregon Health Authority, (Trillium Affordable Housing), Series B, (AMT), 6.75%, 2/15/29		987,986
	860	Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/49(5)		733,090
	2,000	Texas Student Housing Corp., (University of North Texas), 11.00%, 7/1/31(5)		1,704,860
	1,300	Virginia Housing Development Authority, (AMT), Variable Rate, 23.294%, 10/1/35(3)(6)(7)		627,666
	4,265	Virginia Housing Development Authority, (AMT), 5.20%, 10/1/26(1)		4,020,104
			$	22,751,205
Industrial Development Revenue — 17.6%
$	2,045	ABIA Development Corp., TX, (Austin CargoPort Development), (AMT), 6.50%, 10/1/24	$	1,506,552
	2,950	ABIA Development Corp., TX, (Austin CargoPort Development), (AMT), 9.25%, 10/1/21		2,856,750
	10,400	Brazos River, TX, Harbor Navigation District, (Dow Chemical Co.), (AMT), 5.95%, 5/15/33		7,148,856
	2,150	Butler, AL, Industrial Development Board, (Georgia-Pacific Corp.), (AMT), 5.75%, 9/1/28		1,132,986
	3,900	Carbon County, UT, (Laidlaw Environmental Services, Inc.), (AMT), 7.45%, 7/1/17		3,827,070
	5,365	Denver, CO, City and County Special Facilities, (United Airlines), (AMT), 5.25%, 10/1/32		2,809,811
	13,300	Denver, CO, City and County Special Facilities, (United Airlines), (AMT), 5.75%, 10/1/32		7,470,743
	3,505	Effingham County, GA, (Solid Waste Disposal), (Fort James Project), (AMT), 5.625%, 7/1/18		2,276,322
	3,310	Hardeman County, TN, (Correctional Facilities Corp.), 7.75%, 8/1/17		2,991,446
	5,325	Houston, TX, Airport System, (Continental Airlines), (AMT), 6.75%, 7/1/29		3,530,635
	7,500	Illinois Finance Authority, Solid Waste Disposal, (Waste Management, Inc.), (AMT), 5.05%, 8/1/29		5,153,775
	12,650	Liberty Development Corp., NY, (Goldman Sachs Group, Inc.), 5.25%, 10/1/35(1)		10,270,535
	2,680	Maryland Economic Development Authority, (AFCO Cargo), (AMT), 6.50%, 7/1/24		1,950,048
	590	Maryland Economic Development Authority, (AFCO Cargo), (AMT), 7.34%, 7/1/24		474,313

See notes to financial statements

7

Eaton Vance High Yield Municipals Fundas of January 31, 2009

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Industrial Development Revenue (continued)
	1,300	Michigan Strategic Fund, (S.D. Warren), (AMT), 7.375%, 1/15/22		980,850
	13,000	New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29		8,180,250
	3,000	New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.40%, 9/15/23		2,029,020
	7,535	New Morgan, PA, Industrial Development Authority, (Browning-Ferris Industries, Inc.), (AMT), 6.50%, 4/1/19		6,702,156
	7,000	New York, NY, Industrial Development Agency, (American Airlines, Inc. – JFK International Airport), (AMT), 7.625%, 8/1/25		4,996,040
	4,560	New York, NY, Industrial Development Agency, (American Airlines, Inc. – JFK International Airport), (AMT), 7.75%, 8/1/31		3,180,965
	5,995	New York, NY, Industrial Development Agency, (American Airlines, Inc. – JFK International Airport), (AMT), 8.50%, 8/1/28		4,590,911
	8,200	Phoenix, AZ, Industrial Development Authority, (America West Airlines, Inc.), (AMT), 6.25%, 6/1/19		5,110,486
	3,000	Rumford, ME, Solid Waste Disposal, (Boise Cascade Corp.), (AMT), 6.875%, 10/1/26		1,355,160
	6,510	Savannah, GA, Economic Development Authority, (Intercat-Savannah), (AMT), 7.00%, 1/1/38		4,613,246
	10,870	St. John Baptist Parish, LA, (Marathon Oil Corp.), 5.125%, 6/1/37		7,381,056
			$	102,519,982
Insured-Education — 3.1%
$	8,500	Broward County, FL, Educational Facilities Authority, (Nova Southeastern University), (AGC), 5.00%, 4/1/26	$	8,499,405
	10,000	Central Washington University System Revenue, (FSA), 5.00%, 5/1/38(4)		9,470,500
			$	17,969,905
Insured-Electric Utilities — 1.0%
$	7,810	Matagorda County, TX, Navigation District No. 1, (AEP Texas Central Co.), (MBIA), (AMT), 5.20%, 5/1/30	$	5,695,364
			$	5,695,364
Insured-General Obligations — 1.4%
$	9,855	Clark County, NV, (AMBAC), 2.50%, 11/1/36	$	5,159,290
	2,850	Geary County, KS, (XLCA), 3.50%, 9/1/30		2,076,880
	1,095	Geary County, KS, (XLCA), 3.50%, 9/1/31		786,670
			$	8,022,840
Insured-Hospital — 1.3%
$	7,245	California Statewide Communities Development Authority, (Sutter Health), (FSA), 5.75%, 8/15/27(1)	$	7,361,934
			$	7,361,934
Insured-Other Revenue — 2.1%
$	10,510	Harris County-Houston, TX, Sports Authority, (MBIA), 0.00%, 11/15/26	$	2,768,649
	10,000	Harris County-Houston, TX, Sports Authority, (MBIA), 0.00%, 11/15/28		2,182,700
	12,700	Harris County-Houston, TX, Sports Authority, (MBIA), 0.00%, 11/15/34		1,658,747
	5,650	New York, NY, Industrial Development Agency, (Yankee Stadium Pilot), (AGC), 7.00%, 3/1/49(8)		5,957,473
			$	12,567,569
Insured-Special Tax Revenue — 0.8%
$	4,000	New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45(9)	$	3,318,480
	515	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44		44,568
	9,325	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45		750,289
	5,460	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46		407,207
			$	4,520,544
Insured-Student Loan — 3.2%
$	10,875	Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30	$	10,762,661
	11,135	Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33		8,037,689
			$	18,800,350
Insured-Transportation — 2.9%
$	1,210	Dallas-Fort Worth, TX, International Airport, (MBIA), (AMT), 6.10%, 11/1/24	$	1,210,278
	430	Dallas-Fort Worth, TX, International Airport, (MBIA), (AMT), 6.25%, 11/1/28		421,594
	15,000	E-470 Public Highway Authority, CO, (MBIA), 0.00%, 9/1/33		1,769,550
	20,000	E-470 Public Highway Authority, CO, (MBIA), 0.00%, 9/1/34		2,147,000

See notes to financial statements

8

Eaton Vance High Yield Municipals Fundas of January 31, 2009

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Transportation (continued)
	10,000	E-470 Public Highway Authority, CO, (MBIA), 0.00%, 9/1/37		812,900
	10,000	North Texas Tollway Authority, (AGC), 1.00%, 1/1/42		6,222,200
	20,000	Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/30		4,449,600
			$	17,033,122
Insured-Water Revenue — 0.4%
$	2,730	Marysville, OH, Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/46	$	2,354,543
			$	2,354,543
Lease Revenue / Certificates of Participation — 3.7%
$	21,000	Greenville County, SC, School District, 5.00%, 12/1/24(1)	$	21,369,180
			$	21,369,180
Nursing Home — 0.9%
$	2,320	Massachusetts Industrial Finance Agency, (Age Institute of Massachusetts), 8.05%, 11/1/25	$	2,067,584
	1,120	Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25		828,184
	2,790	Westmoreland County, PA, Industrial Development Authority, (Highland Health Systems, Inc.), 9.25%, 6/1/22		2,381,349
			$	5,277,117
Other Revenue — 12.7%
$	112,970	Buckeye, OH, Tobacco Settlement Financing Authority, 0.00%, 6/1/47	$	2,010,866
	8,000	California County, CA, Tobacco Securitization Agency, 0.00%, 6/1/46		142,240
	6,355	Central Falls, RI, Detention Facility Revenue, 7.25%, 7/15/35		4,309,643
	45,000	Children’s Trust Fund, PR , Tobacco Settlement, 0.00%, 5/15/50		575,550
	81,635	Children’s Trust Fund, PR , Tobacco Settlement, 0.00%, 5/15/55		516,750
	6,000	Cow Creek Band Umpqua Tribe of Indians, OR, 5.625%, 10/1/26(3)		4,017,360
	2,410	Main Street National Gas, Inc., GA, Gas Project Revenue, 5.50%, 9/15/27		1,810,585
	7,550	Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48		4,442,948
	14,000	Non-Profit Preferred Funding Trust I, Various States, 5.17%, 9/15/37(3)		10,622,360
	5,900	Northern Tobacco Securitization Corp., AK, 0.00%, 6/1/46		110,625
	20,000	Northern Tobacco Securitization Corp., AK, 5.00%, 6/1/46		10,432,400
	650	Otero County, NM, Jail Project Revenue, 5.50%, 4/1/13		583,902
	1,205	Otero County, NM, Jail Project Revenue, 5.75%, 4/1/18		991,353
	250	Otero County, NM, Jail Project Revenue, 6.00%, 4/1/23		186,403
	1,605	Otero County, NM, Jail Project Revenue, 6.00%, 4/1/28		1,135,489
	1,864	Pueblo of Santa Ana, NM, 15.00%, 4/1/24(3)		1,492,626
	3,135	Salt Verde, AZ, Financial Corp., Senior Gas Revenue, 5.00%, 12/1/37		2,046,497
	1,545	Santa Fe, NM, (1st Interstate Plaza), 8.00%, 7/1/13		1,459,378
	9,000	Seminole Tribe, FL, Special Obligation Revenue, 5.25%, 10/1/27(3)		5,976,090
	6,135	Seminole Tribe, FL, Special Obligation Revenue, 5.50%, 10/1/24(3)		4,371,065
	8,410	Texas Municipal Gas Acquisition and Supply Corp., 5.625%, 12/15/17		7,348,574
	1,640	Texas Municipal Gas Acquisition and Supply Corp., 6.25%, 12/15/26		1,369,334
	22,830	Tobacco Settlement Financing Corp., VA, 0.00%, 6/1/47		391,763
	8,955	White Earth Band of Chippewa Indians, MN, 6.375%, 12/1/26(3)		5,626,068
	1,775	Willacy County, TX, Local Government Corp., 6.00%, 9/1/10		1,694,468
			$	73,664,337
Senior Living / Life Care — 8.5%
$	7,280	Albuquerque, NM, Retirement Facilities, (La Vida Liena Retirement Center), 6.60%, 12/15/28	$	5,356,333
	2,500	Arizona Health Facilities Authority, (Care Institute, Inc. – Mesa), 7.625%, 1/1/26(10)		1,705,500
	1,575	California Statewide Communities Development Authority, (Senior Living – Presbyterian Homes), 4.75%, 11/15/26		1,091,727
	6,000	California Statewide Communities Development Authority, (Senior Living – Presbyterian Homes), 4.875%, 11/15/36		3,661,380
	3,000	Cliff House Trust, PA, (AMT), 6.625%, 6/1/27(10)		1,876,830
	4,150	Colorado Health Facilities Authority, (Covenant Retirement Communities, Inc.), 5.00%, 12/1/35		2,441,860
	2,710	Fairfax County, VA, Economic Development Authority, (Goodwin House, Inc.), 5.125%, 10/1/37		1,587,220
	7,500	Kansas City, MO, Industrial Development Authority, (Kingswood United Methodist Manor), 5.875%, 11/15/29		5,044,425
	7,000	Lee County, FL, Industrial Development Authority, (Shell Point Village), 5.00%, 11/15/29		4,029,270

See notes to financial statements

9

Eaton Vance High Yield Municipals Fundas of January 31, 2009

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Senior Living / Life Care (continued)
	2,600	Maryland Health and Higher Educational Facilities Authority, (Edenwald), 5.40%, 1/1/37		1,617,434
	6,100	Maryland Health and Higher Educational Facilities Authority, (King Farm Presbyterian Community), 5.00%, 1/1/17		4,622,275
	1,085	Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.125%, 11/1/27		683,257
	1,385	Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.20%, 11/1/41		745,407
	1,045	Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.75%, 11/15/42		557,602
	6,470	Minneapolis, MN, (Walker Methodist Senior Services), 6.00%, 11/15/28		4,356,510
	7,315	North Miami, FL, Health Care Facilities, (Imperial Club), 0.00%, 1/1/41		3,068,642
	3,475	North Miami, FL, Health Care Facilities, (Imperial Club), 2.10%, 1/1/42(11)		2,030,199
	530	St. Joseph County, IN, Holy Cross Village, 5.70%, 5/15/28		355,959
	1,225	St. Joseph County, IN, Holy Cross Village, 6.00%, 5/15/26		890,759
	5,460	St. Joseph County, IN, Holy Cross Village, 6.00%, 5/15/38		3,515,366
			$	49,237,955
Special Assessment Revenue — 0.5%
$	2,250	Poinciana West, FL, Community Development District, 6.00%, 5/1/37	$	1,514,857
	3,000	University Square, FL, Community Development District, 5.875%, 5/1/38		1,674,120
			$	3,188,977
Special Tax Revenue — 7.6%
$	1,260	Avelar Creek, FL, Community Development District, (Capital Improvements), 5.375%, 5/1/36	$	612,940
	2,240	Bell Mountain Ranch, CO, Metropolitan District, 6.625%, 11/15/25		1,849,456
	2,865	Bell Mountain Ranch, CO, Metropolitan District, 7.375%, 11/15/19		2,676,970
	249	Bridgeville, DE, (Heritage Shores Special Development District), 5.125%, 7/1/35		160,433
	6,250	Bridgeville, DE, (Heritage Shores Special Development District), 5.45%, 7/1/35		3,416,125
	3,575	Dupree Lakes, FL, Community Development District, 5.375%, 5/1/37		2,050,155
	19,980	Massachusetts Bay Transportation Authority, Sales Tax Revenue, 5.25%, 7/1/32(1)		21,033,479
	935	New Jersey Economic Development Authority, (Cigarette Tax), 5.50%, 6/15/24		734,368
	2,200	New Jersey Economic Development Authority, (Cigarette Tax), 5.50%, 6/15/31		1,570,998
	3,980	New River, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/13		1,599,880
	6,360	River Hall, FL, Community Development District, (Capital Improvements), 5.45%, 5/1/36		3,574,129
	2,400	Southern Hills, FL, Plantation I Community Development District, 5.80%, 5/1/35		1,446,720
	3,705	Sterling Hill, FL, Community Development District, 5.50%, 5/1/37		1,866,134
	4,350	Tison’s Landing, FL, Community Development District, (Capital Improvements), 5.00%, 11/1/11(11)		1,541,162
			$	44,132,949
Transportation — 8.8%
$	750	Augusta, GA, Airport Revenue, 5.15%, 1/1/35	$	437,498
	3,425	Branson, MO, Regional Airport Transportation Development District, (Branson Airport LLC), (AMT), 6.00%, 7/1/25		2,305,950
	8,875	Branson, MO, Regional Airport Transportation Development District, (Branson Airport LLC), (AMT), 6.00%, 7/1/37		5,425,199
	29,735	Dallas-Fort Worth, TX, International Airport Facilities Improvements Corp., (American Airlines, Inc.), (AMT), 5.50%, 11/1/30		12,273,419
	800	Eagle County, CO, (Eagle County Airport Terminal), (AMT), 7.00%, 5/1/21		684,904
	1,080	Eagle County, CO, (Eagle County Airport Terminal), (AMT), 7.125%, 5/1/31		750,989
	10,150	North Texas Tollway Authority Revenue, 5.75%, 1/1/38		8,959,303
	4,980	Port Authority of New York and New Jersey, (AMT), 4.75%, 4/15/37(1)		3,934,549
	5,025	Port Authority of New York and New Jersey, (AMT), 5.25%, 9/15/23(1)		4,972,187
	9,990	Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(1)		9,399,091
	10	Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35		9,408
	1,500	Walker Field, CO, Public Airport Authority, 4.75%, 12/1/27		1,016,865
	1,100	Walker Field, CO, Public Airport Authority, 5.00%, 12/1/22		874,885
			$	51,044,247
Water and Sewer — 3.0%
$	1,845	Gwinnett County, GA, Water & Sewerage Authority, 5.00%, 8/1/12(2)	$	2,071,400
	7,680	Massachusetts Water Resources Authority, 4.00%, 8/1/46		5,923,661

See notes to financial statements

10

Eaton Vance High Yield Municipals Fundas of January 31, 2009

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Water and Sewer (continued)
	9,990	New York Municipal Water Finance Authority, (Water and Sewer System), 4.75%, 6/15/33(1)		9,281,310
	10	New York Municipal Water Finance Authority, (Water and Sewer System), 4.75%, 6/15/33		9,290
			$	17,285,661
Total Tax-Exempt Investments — 112.5%
(identified cost $883,932,574)			$	654,153,973
Other Assets, Less Liabilities — (12.5)%			$	(72,838,854	)
Net Assets — 100.0%			$	581,315,119

Industry and sector classifications included in the Portfolio Investments are unaudited.

AGC - Assured Guaranty 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.

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

At January 31, 2009, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

Texas	15.8%
New York	14.0%
Massachusetts	11.2%
Others, representing less than 10% individually	71.5%

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. In order to reduce the risk associated with such economic developments, at January 31, 2009, 14.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.8% to 5.2% of total investments.

(1)	Security represents the underlying municipal bond of a tender option bond trust (see Note 1I).
(2)	Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
(3)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2009, the aggregate value of these securities is $51,708,613 or 8.9% of the Fund’s net assets.
(4)	Security (or a portion thereof) has been pledged as collateral for open swap contracts or inverse floating-rate security transactions.
(5)	Security is in default and is making only partial interest payments.

(6)	Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at January 31, 2009.
(7)	Security is subject to a shortfall agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the inverse floater. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $5,200,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater.
(8)	When-issued security.
(9)	Security (or a portion thereof) has been segregated to cover payable for when-issued securities.
(10)	Security is in default with respect to scheduled principal payments.
(11)	Defaulted bond.

See notes to financial statements

11

Eaton Vance High Yield Municipals Fundas of January 31, 2009

FINANCIAL STATEMENTS

Statement of Assets and Liabilities

As of January 31, 2009
Assets
Investments, at value (identified cost, $883,932,574)	$	654,153,973
Cash		21,638,198
Interest receivable		11,977,675
Receivable for investments sold		309,560
Receivable for Fund shares sold		1,609,971
Receivable for variation margin on open financial futures contracts		570,063
Receivable for open swap contracts		3,159,862
Total assets	$	693,419,302
Liabilities
Payable for floating rate notes issued	$	85,517,000
Payable for investments purchased		10,152,138
Payable for when-issued securities		1,615,000
Payable for open swap contracts		10,339,548
Payable for Fund shares redeemed		1,386,624
Distributions payable		1,802,810
Payable to affiliates:
Investment adviser fee		419,193
Distribution and service fees		214,049
Interest expense and fees payable		473,890
Accrued expenses		183,931
Total liabilities	$	112,104,183
Net Assets	$	581,315,119
Sources of Net Assets
Paid-in capital	$	1,008,987,181
Accumulated net realized loss		(190,075,415	)
Accumulated undistributed net investment income		1,432,676
Net unrealized depreciation		(239,029,323	)
Net Assets	$	581,315,119
Class A Shares
Net Assets	$	407,816,448
Shares Outstanding		63,303,490
Net Asset Value and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	6.44
Maximum Offering Price Per Share
(100 ¸ 95.25 of net asset value per share)	$	6.76
Class B Shares
Net Assets	$	46,123,274
Shares Outstanding		7,176,882
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	6.43
Class C Shares
Net Assets	$	123,933,475
Shares Outstanding		20,771,041
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	5.97
Class I Shares
Net Assets	$	3,441,922
Shares Outstanding		534,347
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	6.44

On sales of $25,000 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.

Statement of Operations

For the Year Ended
January 31, 2009
Investment Income
Interest	$	63,745,084
Total investment income	$	63,745,084
Expenses
Investment adviser fee	$	5,121,822
Distribution and service fees
Class A		1,521,503
Class B		716,095
Class C		1,935,599
Trustees’ fees and expenses		25,238
Custodian fee		284,143
Transfer and dividend disbursing agent fees		389,211
Legal and accounting services		121,733
Printing and postage		98,236
Registration fees		93,795
Interest expense and fees		3,028,291
Miscellaneous		161,435
Total expenses	$	13,497,101
Deduct —
Reduction of custodian fee	$	42,423
Total expense reductions	$	42,423
Net expenses	$	13,454,678
Net investment income	$	50,290,406
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(72,729,670	)
Financial futures contracts		(25,121,213	)
Swap contracts		(27,083,187	)
Net realized loss	$	(124,934,070	)
Change in unrealized appreciation (depreciation) —
Investments	$	(215,450,316	)
Financial futures contracts		1,854,540
Swap contracts		(4,328,173	)
Net change in unrealized appreciation (depreciation)	$	(217,923,949	)
Net realized and unrealized loss	$	(342,858,019	)
Net decrease in net assets from operations	$	(292,567,613	)

See notes to financial statements

12

Eaton Vance High Yield Municipals Fundas of January 31, 2009

FINANCIAL STATEMENTS CONT’D

Statements of Changes in Net Assets

Increase (Decrease)	Year Ended			Year Ended
in Net Assets	January 31, 2009			January 31, 2008
From operations —
Net investment income	$	50,290,406		$	56,371,364
Net realized loss from investment transactions, financial futures contracts and swap contracts		(124,934,070	)		(19,470,481	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		(217,923,949	)		(97,730,253	)
Net decrease in net assets from operations	$	(292,567,613	)	$	(60,829,370	)
Distributions to shareholders —
From net investment income
Class A	$	(35,444,633	)	$	(40,631,030	)
Class B		(3,596,107	)		(4,360,428	)
Class C		(9,750,062	)		(10,706,332	)
Class I		(163,111	)		(16,190	)
Total distributions to shareholders	$	(48,953,913	)	$	(55,713,980	)
Transactions in shares of beneficial interest
Proceeds from sale of shares
Class A	$	159,269,810		$	331,003,119
Class B		4,283,363			6,932,692
Class C		36,821,804			97,604,399
Class I		2,927,953			2,068,829
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		18,306,344			20,596,296
Class B		1,455,474			1,658,856
Class C		4,254,822			4,478,987
Class I		43,354			16,190
Cost of shares redeemed
Class A		(327,027,423	)		(371,491,990	)
Class B		(19,994,252	)		(19,705,488	)
Class C		(85,233,914	)		(96,918,447	)
Class I		(468,440	)		—
Net asset value of shares exchanged
Class A		4,664,258			12,894,396
Class B		(4,664,258	)		(12,894,396	)
Net decrease in net assets from Fund share transactions	$	(205,361,105	)	$	(23,756,557	)
Net decrease in net assets	$	(546,882,631	)	$	(140,299,907	)
Net Assets
At beginning of year	$	1,128,197,750		$	1,268,497,657
At end of year	$	581,315,119		$	1,128,197,750
Accumulated undistributed net investment income included in net assets
At end of year	$	1,432,676		$	401,151

Statement of Cash Flows

	For the Year Ended
Cash Flows From Operating Activities	January 31, 2009
Net decrease in net assets from operations	$	(292,567,613	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Investments purchased		(343,562,607	)
Investments sold		650,825,270
Decrease in short-term investments, net		4,240,000
Net accretion/amortization of premium (discount)		(4,254,134	)
Decrease in interest receivable		4,650,154
Decrease in receivable for investments sold		12,260,454
Increase in receivable for variation margin on open financial futures contracts		(570,063	)
Increase in receivable for open swap contracts		(3,159,862	)
Increase in payable for investments purchased		3,412,585
Decrease in payable for when-issued securities		(2,650,000	)
Decrease in payable for variation margin on open financial futures contracts		(1,678,000	)
Increase in payable for open swap contracts		7,488,035
Decrease in payable to affiliate for investment adviser fee		(84,839	)
Decrease in payable to affiliate for distribution and service fees		(245,674	)
Decrease in payable to affiliate for Trustees’ fees		(86	)
Decrease in interest expense and fees payable		(478,202	)
Decrease in accrued expenses		(109,131	)
Net change in unrealized (appreciation) depreciation from investments		215,450,316
Net realized loss from investments		72,729,670
Net cash provided by operating activities	$	321,696,273
Cash Flows From Financing Activities
Proceeds from Fund shares sold	$	205,034,120
Fund shares redeemed		(436,525,964	)
Cash distributions paid, net of reinvestments		(25,328,365	)
Proceeds from secured borrowings		91,740,000
Repayment of secured borrowings		(138,883,000	)
Net cash used in financing activities	$	(303,963,209	)
Net increase in cash	$	17,733,064
Cash at beginning of year	$	3,905,134
Cash at end of year	$	21,638,198
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of:	$	24,059,994

See notes to financial statements

13

Eaton Vance High Yield Municipals Fundas of January 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Class A
	Year Ended January 31,
	2009			2008			2007			2006			2005
Net asset value — Beginning of year	$	9.780		$	10.730		$	10.240		$	10.090		$	10.230
Income (loss) from operations
Net investment income(1)	$	0.504		$	0.490		$	0.515		$	0.535		$	0.614
Net realized and unrealized gain (loss)		(3.351	)		(0.955	)		0.465			0.167			(0.125	)
Total income (loss) from operations	$	(2.847	)	$	(0.465	)	$	0.980		$	0.702		$	0.489
Less distributions
From net investment income	$	(0.493	)	$	(0.485	)	$	(0.490	)	$	(0.552	)	$	(0.629	)
Total distributions	$	(0.493	)	$	(0.485	)	$	(0.490	)	$	(0.552	)	$	(0.629	)
Net asset value — End of year	$	6.440		$	9.780		$	10.730		$	10.240		$	10.090
Total Return(2)		(29.94	)%		(4.47	)%		9.76	%		7.14	%		5.05	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	407,816		$	788,563		$	876,579		$	505,474		$	354,881
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.97	%		0.86	%(3)		0.89	%		0.94	%		0.99	%(4)
Interest and fee expense(5)		0.35	%		0.52	%		0.52	%		0.39	%		0.26	%(4)
Total expenses before custodian fee reduction		1.32	%		1.38	%(3)		1.41	%		1.33	%		1.25	%(4)
Expenses after custodian fee reduction excluding interest and fees		0.96	%		0.85	%(3)		0.87	%		0.93	%		0.98	%(4)
Net investment income		5.97	%		4.74	%		4.88	%		5.26	%		6.17	%
Portfolio Turnover of the Portfolio		—			—			—			—			30	%(6)
Portfolio Turnover of the Fund		35	%		43	%		44	%		27	%		8	%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
(3)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.005% of average daily net assets for the year ended January 31, 2008). Absent this allocation, total return would be lower.
(4)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(5)	Interest and fee expense primarily relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(6)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.

See notes to financial statements

14

Eaton Vance High Yield Municipals Fundas of January 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Class B
	Year Ended January 31,
	2009			2008			2007			2006			2005
Net asset value — Beginning of year	$	9.750		$	10.700		$	10.210		$	10.060		$	10.200
Income (loss) from operations
Net investment income(1)	$	0.440		$	0.412		$	0.438		$	0.463		$	0.542
Net realized and unrealized gain (loss)		(3.336	)		(0.956	)		0.463			0.162			(0.129	)
Total income (loss) from operations	$	(2.896	)	$	(0.544	)	$	0.901		$	0.625		$	0.413
Less distributions
From net investment income	$	(0.424	)	$	(0.406	)	$	(0.411	)	$	(0.475	)	$	(0.553	)
Total distributions	$	(0.424	)	$	(0.406	)	$	(0.411	)	$	(0.475	)	$	(0.553	)
Net asset value — End of year	$	6.430		$	9.750		$	10.700		$	10.210		$	10.060
Total Return(2)		(30.42	)%		(5.20	)%		8.97	%		6.34	%		4.52	%(3)
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	46,123		$	92,895		$	126,916		$	143,784		$	165,787
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.72	%		1.61	%(4)		1.64	%		1.69	%		1.74	%(5)
Interest and fee expense(6)		0.35	%		0.52	%		0.52	%		0.39	%		0.26	%(5)
Total expenses before custodian fee reduction		2.07	%		2.13	%(4)		2.16	%		2.08	%		2.00	%(5)
Expenses after custodian fee reduction excluding interest and fees		1.71	%		1.60	%(4)		1.62	%		1.68	%		1.73	%(5)
Net investment income		5.23	%		4.00	%		4.17	%		4.57	%		5.46	%
Portfolio Turnover of the Portfolio		—			—			—			—			30	%(7)
Portfolio Turnover of the Fund		35	%		43	%		44	%		27	%		8	%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
(3)	Total return reflects an increase of 0.18% due to a change in the timing of the payment and reinvestment of distributions.
(4)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.005% of average daily net assets for the year ended January 31, 2008). Absent this allocation, total return would be lower.
(5)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(6)	Interest and fee expense primarily relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(7)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.

See notes to financial statements

15

Eaton Vance High Yield Municipals Fundas of January 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Class C
	Year Ended January 31,
	2009			2008			2007			2006			2005
Net asset value — Beginning of year	$	9.050		$	9.930		$	9.470		$	9.340		$	9.470
Income (loss) from operations
Net investment income(1)	$	0.408		$	0.382		$	0.403		$	0.422		$	0.498
Net realized and unrealized gain (loss)		(3.095	)		(0.885	)		0.439			0.148			(0.115	)
Total income (loss) from operations	$	(2.687	)	$	(0.503	)	$	0.842		$	0.570		$	0.383
Less distributions
From net investment income	$	(0.393	)	$	(0.377	)	$	(0.382	)	$	(0.440	)	$	(0.513	)
Total distributions	$	(0.393	)	$	(0.377	)	$	(0.382	)	$	(0.440	)	$	(0.513	)
Net asset value — End of year	$	5.970		$	9.050		$	9.930		$	9.470		$	9.340
Total Return(2)		(30.40	)%		(5.19	)%		9.03	%		6.24	%		4.40	%(3)
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	123,933		$	244,680		$	265,002		$	168,029		$	103,868
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.72	%		1.61	%(6)		1.64	%		1.69	%		1.74	%(4)
Interest and fee expense(5)		0.35	%		0.52	%		0.52	%		0.39	%		0.26	%(4)
Total expenses before custodian fee reduction		2.07	%		2.13	%(6)		2.16	%		2.08	%		2.00	%(4)
Expenses after custodian fee reduction excluding interest and fees		1.71	%		1.60	%(6)		1.62	%		1.68	%		1.73	%(4)
Net investment income		5.23	%		3.99	%		4.13	%		4.49	%		5.41	%
Portfolio Turnover of the Portfolio		—			—			—			—			30	%(7)
Portfolio Turnover of the Fund		35	%		43	%		44	%		27	%		8	%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
(3)	Total return reflects an increase of 0.10% due to a change in the timing of the payment and reinvestment of distributions.
(4)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(5)	Interest and fee expense primarily relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(6)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.005% of average daily net assets for the year ended January 31, 2008). Absent this allocation, total return would be lower.
(7)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.

See notes to financial statements

16

Eaton Vance High Yield Municipals Fundas of January 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Class I
	Year Ended			Period Ended
	January 31, 2009			January 31, 2008(1)
Net asset value — Beginning of period	$	9.780		$	10.720
Income (loss) from operations
Net investment income(2)	$	0.520		$	0.358
Net realized and unrealized loss		(3.345	)		(0.923	)
Total loss from operations	$	(2.825	)	$	(0.565	)
Less distributions
From net investment income	$	(0.515	)	$	(0.375	)
Total distributions	$	(0.515	)	$	(0.375	)
Net asset value — End of period	$	6.440		$	9.780
Total Return(3)		(29.75	)%		(5.33	)%(7)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,442		$	2,060
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.71	%		0.61	%(4)
Interest and fee expense(5)		0.35	%		0.52	%(4)
Total expenses before custodian fee reduction		1.06	%		1.13	%(4)
Expenses after custodian fee reduction excluding interest and fees		0.70	%		0.60	%(4)
Net investment income		6.57	%		4.94	%(4)
Portfolio Turnover		35	%		43	%(6)

(1)	For the period from the start of business, May 9, 2007, to January 31, 2008.
(2)	Computed using average shares outstanding.
(3)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
(4)	Annualized.
(5)	Interest and fee expense primarily relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(6)	For the year ended January 31, 2008.
(7)	Not annualized.

See notes to financial statements

17

Eaton Vance High Yield Municipals Fundas of January 31, 2009

NOTES TO FINANCIAL STATEMENTS

1Significant Accounting Policies

Eaton Vance High Yield Municipals Fund (the Fund) is a diversified series of Eaton Vance Municipals Trust II (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund seeks to achieve high current income exempt from regular federal income tax. The Fund primarily invests in high yielding municipal obligations with maturities of ten years or more. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class B and Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class I shares are sold at net asset value and are not subject to a sales charge. Class B shares automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America.

AInvestment Valuation — Municipal bonds and taxable obligations, if any, are generally valued on the basis of valuations furnished by a pricing vendor, as derived from such vendor’s pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, benchmark curves or information pertaining to the issuer. The pricing vendor may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Financial futures contracts and options on financial futures contracts listed on commodity exchanges are valued based on the closing price on the primary exchange on which such contracts trade. Interest rate swaps are normally valued using valuations provided by a pricing vendor. Such vendor valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows are discounted to their present value using swap curves provided by electronic data services or by broker/dealers. Short-term obligations, maturing in sixty days or less, are valued at amortized cost, which approximates market value. Investments for which valuations or market quotations are not readily available, and investments for which the price of a security is not believed to represent its fair market value, are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

BInvestment 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.

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

At January 31, 2009, the Fund, for federal income tax purposes, had a capital loss carryforward of $102,143,109 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. Such capital loss carryforward will expire on January 31, 2011 ($7,890,749), January 31, 2012 ($707,905), January 31, 2013 ($23,032,310), January 31, 2014 ($6,453,293), January 31, 2016 ($14,863,328) and January 31, 2017 ($49,195,524).

Additionally, at January 31, 2009, the Fund had net capital losses of $92,606,344, attributable to security transactions incurred after October 31, 2008. These net capital losses are treated as arising on the first day of the Fund’s taxable year ending January 31, 2010.

18

Eaton Vance High Yield Municipals Fundas of January 31, 2009

NOTES TO FINANCIAL STATEMENTS CONT’D

As of January 31, 2009, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Fund’s federal tax returns filed in the 3-year period ended January 31, 2009 remains subject to examination by the Internal Revenue Service.

DExpenses — 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.

EExpense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

FLegal 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.

GUse of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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.

HIndemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund, and shareholders are indemnified against personal liability for the obligations of the Trust. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

IFloating Rate Notes Issued in Conjunction with Securities Held — The Fund may invest in inverse floating rate securities, also referred to as tender option bonds (TOBs), whereby the Fund may sell a fixed rate bond to a broker for cash. At the same time, the Fund buys a residual interest in the assets and cash flows of a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), set up by the broker, often referred to as an inverse floating rate obligation (Inverse Floater). The broker deposits a fixed rate bond into the SPV with the same CUSIP number as the fixed rate bond sold to the broker by the Fund, and which may have been, but is not required to be, the fixed rate bond purchased from the Fund (the Fixed Rate Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The Inverse Floater held by the Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to tender their notes at par, and (2) to have the broker transfer the Fixed Rate Bond held by the SPV to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would pay the broker the par amount due on the Floating Rate Notes and exchange the Inverse Floater for the underlying Fixed Rate Bond. Pursuant to Financial Accounting Standards Board (FASB) Statement No. 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities” (FAS 140), the Fund accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bond in its Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in its Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the broker for redemption at par at each reset date. Interest expense related to the Fund’s liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the broker upon the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying bond, bankruptcy of or payment failure by the issuer of the underlying bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At January 31, 2009, the amount of the Fund’s Floating Rate Notes outstanding and the related collateral were $85,517,000 and $124,666,722, respectively. The range of interest rates on the Floating Rate Notes outstanding at January 31, 2009 was 0.44% to 0.73%. The Fund may enter into shortfall and forbearance agreements with the broker by which the Fund agrees to reimburse the broker, in certain circumstances, for the difference between the liquidation value of the Fixed Rate Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any

19

Eaton Vance High Yield Municipals Fundas of January 31, 2009

NOTES TO FINANCIAL STATEMENTS CONT’D

shortfalls in interest cash flows. The Fund had no shortfalls as of January 31, 2009.

The Fund may also purchase Inverse Floaters from brokers in a secondary market transaction without first owning the underlying fixed rate bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to Inverse Floaters purchased in a secondary market transaction are disclosed in the Portfolio of Investments. The Fund’s investment policies and restrictions expressly permit investments in Inverse Floaters. Inverse floating rate securities 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 inverse floating rate securities are generally more volatile than that of a fixed rate bond. The Fund’s investment policies do not allow the Fund to borrow money for purposes of making investments. Management believes that the Fund’s restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Fund’s Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Fund’s restrictions apply. Inverse Floaters held by the Fund are securities exempt from registration under Rule 144A of the Securities Act of 1933.

JFinancial Futures Contracts — The Fund may enter into financial futures contracts. The Fund’s investment in financial futures contracts is designed for hedging against changes in interest rates or as a substitute for the purchase of securities. Upon entering into a financial futures contract, the Fund is required to deposit with the broker, either in cash or securities an amount equal to a certain percentage of the purchase price (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. In entering such contracts, the Fund bears the risk if the counterparties do not perform under the contracts’ terms.

KInterest Rate Swaps — The Fund may enter into interest rate swap agreements to enhance return, to hedge against fluctuations in securities prices or interest rates, or as substitution for the purchase or sale of securities. Pursuant to these agreements, the Fund makes periodic payments at a fixed interest rate and, in exchange, receives payments based on the interest rate of a benchmark industry index. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. The value of the swap is determined by changes in the relationship between two rates of interest. The Fund is exposed to credit loss in the event of non-performance by the swap counterparty. Risk may also arise from movements in interest rates.

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

MStatement of Cash Flows — The cash amount shown in the Statement of Cash Flows of the Fund is the amount included in the Fund’s Statement of Assets and Liabilities and represents the cash on hand at its custodian and does not include any short-term investments.

2Distributions to Shareholders

The net investment income of the Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains (reduced by available capital loss carryforwards, if any), are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. The Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be 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.

20

Eaton Vance High Yield Municipals Fundas of January 31, 2009

NOTES TO FINANCIAL STATEMENTS CONT’D

The tax character of distributions declared for the years ended January 31, 2009 and January 31, 2008 was as follows:

	Year Ended January 31,
	2009		2008
Distributions declared from:
Tax-exempt income	$	48,715,438	$	55,471,283
Ordinary income		238,475		242,697

During the year ended January 31, 2009, accumulated net realized loss was decreased by $304,968 and accumulated undistributed net investment income was decreased by $304,968 due to differences between book and tax accounting, primarily for accretion of market discount. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of January 31, 2009, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:

Undistributed income	$	3,235,486
Capital loss carryforward and post October losses	$	(194,749,453	)
Net unrealized depreciation	$	(234,355,285	)
Other temporary differences	$	(1,802,810	)

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to the timing of recognizing distributions to shareholders, wash sales, futures contacts, inverse floaters and accretion of market discount.

3Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of Eaton Vance Management (EVM), as compensation for management and investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and BMR, the fee is based upon a percentage of average daily net assets plus a percentage of gross income (i.e., income other than gains from the sale of securities) as presented in the following table and is payable monthly.

	Annual Asset		Daily Income
Daily Net Assets	Rate		Rate
Up to $500 million		0.350%		3.50%
$500 million up to $750 million		0.325%		3.25%
$750 million up to $1 billion		0.300%		3.25%
$1 billion up to $1.5 billion		0.300%		3.00%

On average daily net assets of $1.5 billion or more, the rates are further reduced. The fee reduction cannot be terminated without the consent of the Trustees and shareholders. For the year ended January 31, 2009, the adviser fee amounted to $5,121,822, representing 0.59% of the Fund’s average daily net assets. EVM also serves as administrator of the Fund, but receives no compensation. EVM serves as the sub-transfer agent of the Fund and receives from the transfer agent an aggregate fee based upon the actual expenses incurred by EVM in the performance of these services. For the year ended January 31, 2009, EVM earned $19,585 in sub-transfer agent fees. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), the Fund’s principal underwriter and an affiliate of EVM, received $30,246 as its portion of the sales charge on sales of Class A shares for the year ended January 31, 2009. EVD also received distribution and service fees from Class A, Class B and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Except for Trustees of the Fund who are not members of EVM’s or BMR’s organizations, officers and Trustees receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2009, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class A Plan provides that the Fund will pay EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2009 amounted to $1,521,503 for Class A shares. The Fund also has in effect distribution plans for Class B shares (Class B Plan) and Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class B and Class C Plans require the Fund to pay EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class B and Class C shares for providing ongoing distribution services and facilities to the Fund. The Fund will automatically discontinue payments to EVD during any period in which there are no outstanding Uncovered Distribution Charges, which are equivalent to the sum of (i) 5% and 6.25% of the aggregate amount received by the Fund for Class B and Class C shares sold, respectively, plus (ii) interest

21

Eaton Vance High Yield Municipals Fundas of January 31, 2009

NOTES TO FINANCIAL STATEMENTS CONT’D

calculated by applying the rate of 1% over the prevailing prime rate to the outstanding balance of Uncovered Distribution Charges of EVD of each respective class, reduced by the aggregate amount of contingent deferred sales charges (see Note 5) and amounts theretofore paid or payable to EVD by each respective class. For the year ended January 31, 2009, the Fund paid or accrued to EVD $537,072 and $1,450,378 for Class B and Class C shares, respectively, representing 0.75% of the average daily net assets for Class B and Class C shares. At January 31, 2009, the amounts of Uncovered Distribution Charges of EVD calculated under the Class B and Class C Plans were approximately $21,259,000 and $26,267,000, respectively. The Class B and Class C Plans also authorize the Fund to make payments of service fees to EVD, investment dealers and other persons in amounts not exceeding 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class B and Class C sales commissions and distribution fees and, as such, are not subject to automatic discontinuance when there are no outstanding Uncovered Distribution Charges of EVD. Service fees paid or accrued for year ended January 31, 2009 amounted to $179,023 and $485,221 for Class B and Class C shares, respectively.

5Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) generally is imposed on redemptions of Class B shares made within six years of purchase and on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within eighteen 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. The CDSC for Class B shares is imposed at declining rates that begin at 5% in the case of redemptions in the first and second year after purchase, declining one percentage point each subsequent year. Class C shares are subject to a 1% CDSC if redeemed within one year of purchase. No CDSC is levied on shares which have been sold to EVM or its affiliates or to their respective employees or clients and may be waived under certain other limited conditions. CDSCs received on Class B and Class C redemptions are paid to EVD to reduce the amount of Uncovered Distribution Charges calculated under the Fund’s Class B and Class C Plans. CDSCs received on Class B and Class C redemptions when no Uncovered Distribution Charges exist are credited to the Fund. For the year ended January 31, 2009, the Fund was informed that EVD received approximately $69,000, $201,000 and $41,000 of CDSCs paid by Class A, Class B and Class C shareholders, respectively.

6Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $343,562,607 and $650,825,270, respectively, for the year ended January 31, 2009.

7Shares of Beneficial Interest

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

	Year Ended January 31,
Class A	2009			2008
Sales		19,545,172			32,157,825
Issued to shareholders electing to receive payments of distributions in Fund shares		2,277,480			2,003,222
Redemptions		(39,709,633	)		(36,447,472	)
Exchange from Class B shares		563,415			1,238,735
Net decrease		(17,323,566	)		(1,047,690	)

	Year Ended January 31,
Class B	2009			2008
Sales		517,184			666,699
Issued to shareholders electing to receive payments of distributions in Fund shares		183,107			161,561
Redemptions		(2,487,329	)		(1,921,193	)
Exchange to Class A shares		(564,898	)		(1,242,277	)
Net decrease		(2,351,936	)		(2,335,210	)

	Year Ended January 31,
Class C	2009			2008
Sales		4,866,296			10,203,560
Issued to shareholders electing to receive payments of distributions in Fund shares		575,032			470,572
Redemptions		(11,708,453	)		(10,322,434	)
Net increase (decrease)		(6,267,125	)		351,698

22

Eaton Vance High Yield Municipals Fundas of January 31, 2009

NOTES TO FINANCIAL STATEMENTS CONT’D

	Year Ended			Period Ended
Class I	January 31, 2009			January 31, 2008(1)
Sales		383,877			208,988
Issued to shareholders electing to receive payments of distributions in Fund shares		5,239			1,650
Redemptions		(65,407	)		—
Net increase		323,709			210,638

(1) Class I commenced operations on May 9, 2007.

8Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2009, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	795,812,572
Gross unrealized appreciation	$	7,457,159
Gross unrealized depreciation		(234,632,758	)
Net unrealized depreciation	$	(227,175,599	)

9Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $450 million unsecured line of credit agreement with a group of banks. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. The Fund did not have any significant borrowings or allocated fees during the year ended January 31, 2009.

10Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include financial futures contracts and interest rate swaps 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 the Fund has in particular classes of financial instruments and does 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 January 31, 2009 is as follows:

Futures Contracts
									Net
Expiration			Aggregate						Unrealized
Date	Contracts	Position	Cost			Value			Depreciation
3/09	1,303 U.S. Treasury Bond	Short	$	(163,023,135	)	$	(165,094,171	)	$	(2,071,036	)

Interest Rate Swaps
						Net
			Annual	Floating		Unrealized
	Notional		Fixed Rate	Rate Paid	Effective Date/	Appreciation
Counterparty	Amount		Paid By Fund	To Fund	Termination Date	(Depreciation)
JPMorgan Chase Co.	$	26,275,000	4.743%	3-month USD-LIBOR-BBA	September 14, 2009/ September 14, 2039	$	(6,273,168	)
Merrill Lynch Capital Services, Inc.	$	23,775,000	2.721%	3-month USD-LIBOR-BBA	July 15, 2009/ July 15, 2039	$	3,159,862
Morgan Stanley Capital Services, Inc.	$	17,125,000	4.691%	3-month USD-LIBOR-BBA	June 11, 2009/ June 11, 2039	$	(4,066,380	)
						$	(7,179,686	)

The effective date represents the date on which the Fund and the counterparty to the interest rate swap contract begin interest payment accruals.

At January 31, 2009, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

11Fair Value Measurements

The Fund adopted FASB Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, effective February 1, 2008. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, 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)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

23

Eaton Vance High Yield Municipals Fundas of January 31, 2009

NOTES TO FINANCIAL STATEMENTS CONT’D

At January 31, 2009, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

		Investments in		Other Financial
	Valuation Inputs	Securities		Instruments*
Level 1	Quoted Prices	$	—	$	(2,071,036	)
Level 2	Other Significant Observable Inputs		654,153,973		(7,179,686	)
Level 3	Significant Unobservable Inputs		—		—
Total		$	654,153,973	$	(9,250,722	)

* Other financial instruments include futures and interest rate swap contracts not reflected in the Portfolio of Investments, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund held no investments or other financial instruments as of January 31, 2008 whose fair value was determined using Level 3 inputs.

12Recently Issued Accounting Pronouncement

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161 (FAS 161), “Disclosures about Derivative Instruments and Hedging Activities”. FAS 161 requires enhanced disclosures about an entity’s derivative and hedging activities, including qualitative disclosures about the objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative instruments. FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. Management is currently evaluating the impact the adoption of FAS 161 will have on the Fund’s financial statement disclosures.

24

Eaton Vance High Yield Municipals Fundas of January 31, 2009

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of Eaton Vance Municipals Trust II and Shareholders of Eaton Vance High Yield Municipals Fund:

We have audited the accompanying statement of assets and liabilities of Eaton Vance High Yield Municipals Fund (the “Fund”) (one of the funds constituting Eaton Vance Municipals Trust II), including the portfolio of investments, as of January 31, 2009, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2009, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Eaton Vance High Yield Municipals Fund as of January 31, 2009, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

March 16, 2009

25

Eaton Vance High Yield Municipals Fundas of January 31, 2009

FEDERAL TAX INFORMATION (Unaudited)

The Form 1099-DIV you receive in January 2010 will show the tax status of all distributions paid to your account in calendar 2009. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code regulations, shareholders must be notified within 60 days of the Fund’s fiscal year end regarding exempt-interest dividends.

Exempt-Interest Dividends. The Fund designates 99.51% of dividends from net investment income as an exempt-interest dividend.

26

Eaton Vance High Yield Municipals Fund

SPECIAL MEETING OF SHAREHOLDERS (Unaudited)

The Fund held a Special Meeting of Shareholders on November 14, 2008 to elect Trustees. The results of the vote were as follows:

	Number of Shares
Nominee for Trustee	For		Withheld
Benjamin C. Esty		90,178,267		6,685,078
Thomas E. Faust Jr.		90,203,911		6,659,434
Allen R. Freedman		90,175,025		6,688,320
William H. Park		90,199,367		6,663,979
Ronald A. Pearlman		90,091,744		6,771,602
Helen Frame Peters		90,173,364		6,689,982
Heidi L. Steiger		90,205,112		6,658,233
Lynn A. Stout		90,176,823		6,686,522
Ralph F. Verni		90,171,660		6,691,685

27

Eaton Vance High Yield Municipals Fund

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 21, 2008, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board (formerly the Special Committee), which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held in February, March and April 2008. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

•  An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

•  An independent report comparing each fund’s total expense ratio and its components to comparable funds;

•  An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

•  Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;

•  Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;

•  Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management

•  Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;

•  Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through “soft dollar” benefits received in connection with the funds’ brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;

•  Data relating to portfolio turnover rates of each fund;

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

Information about each Adviser

•  Reports detailing the financial results and condition of each adviser;

•  Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

•  Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

•  Copies of or descriptions of each adviser’s proxy voting policies and procedures;

•  Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

•  Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

Other Relevant Information

•  Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

•  Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

•  The terms of each advisory agreement.

28

Eaton Vance High Yield Municipals Fund

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT’D

In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2008, the Board met eleven times and the Contract Review Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met twelve, seven and five times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund’s investment objective. The Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee are newly established and did not meet during the twelve-month period ended April 30, 2008.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

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

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuance of the investment advisory agreement of the Eaton Vance High Yield Municipals Fund (the “Fund”) with Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds. Specifically, the Board considered the Adviser’s large municipal bond team, which includes portfolio managers and credit specialists who provide services to the Funds. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds, including the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

29

Eaton Vance High Yield Municipals Fund

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT’D

Fund Performance

The Board compared the Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2007 for the Fund. On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by the Fund (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the year ended September 30, 2007, as compared to a group of similarly managed funds selected by an independent data provider.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services and the Fund’s total expense ratio are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser in connection with its relationship with the Fund.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the Adviser’s profitability may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and the Fund. The Board also concluded that, the structure of the advisory fee, which includes breakpoints at several asset levels, can be expected to cause the Adviser and its affiliates and the Fund to continue to share such benefits equitably.

30

Eaton Vance High Yield Municipals Fund

MANAGEMENT AND ORGANIZATION

Fund Management. The Trustees of Eaton Vance Municipals Trust II (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below.

		Term of		Number of Portfolios
	Position(s)	Office and		in Fund Complex
Name and	with the	Length of	Principal Occupation(s)	Overseen By
Date of Birth	Trust	Service	During Past Five Years	Trustee(1)		Other Directorships Held
Interested Trustee
Thomas E. Faust Jr. 5/31/58	Trustee	Since 2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or Officer of 173 registered investment companies and 4 private companies managed by EVM or BMR. Mr. Faust is an interested person because of his positions with EVM, BMR, EVC, EVD and EV which are affiliates of the Trust.		173	Director of EVC
Noninterested Trustees
Benjamin C. Esty 1/26/63	Trustee	Since 2005	Roy and Elizabeth Simmons Professor of Business Administration, Harvard University Graduate School of Business Administration.		173	None
Allen R. Freedman 4/3/40	Trustee	Since 2007	Former Chairman (2002-2004) and a Director (1983-2004) of Systems & Computer Technology Corp. (provider of software to higher education). Formerly, a Director of Loring Ward International (fund distributor) (2005-2007). Formerly, Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007).		173	Director of Assurant, Inc. (insurance provider) and Stonemor Partners L.P. (owner and operator of cemeteries)
William H. Park 9/19/47	Trustee	Since 2003	Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (since 2006). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005).		173	None
Ronald A. Pearlman 7/10/40	Trustee	Since 2003	Professor of Law, Georgetown University Law Center.		173	None
Helen Frame Peters 3/22/48	Trustee	Since 2008	Professor of Finance, Carroll School of Management, Boston College. Adjunct Professor of Finance, Peking University, Beijing, China (since 2005).		173	Director of Federal Home Loan Bank of Boston (a bank for banks) and BJ’s Wholesale Clubs (wholesale club retailer); Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds)
Heidi L. Steiger 7/8/53	Trustee	Since 2007	Managing Partner, Topridge Associates LLC (global wealth management firm) (since 2008); Senior Advisor (since 2008), President (2005-2008), Lowenhaupt Global Advisors, LLC (global wealth management firm). Formerly, President and Contributing Editor, Worth Magazine (2004-2005). Formerly Executive Vice President and Global Head of Private Asset Management (and various other positions), Neuberger Berman (investing firm) (1986-2004).		173	Director of Nuclear Electric Insurance Ltd. (nuclear insurance provider) and Aviva USA (insurance provider)
Lynn A. Stout 9/14/57	Trustee	Since 1998	Paul Hastings Professor of Corporate and Securities Law (since 2006) and Professor of Law (2001-2006), University of California at Los Angeles School of Law.		173	None

31

Eaton Vance High Yield Municipals Fund

MANAGEMENT AND ORGANIZATION CONT’D

		Term of		Number of Portfolios
	Position(s)	Office and		in Fund Complex
Name and	with the	Length of	Principal Occupation(s)	Overseen By
Date of Birth	Trust	Service	During Past Five Years	Trustee(1)		Other Directorships Held
Noninterested Trustees (continued)
Ralph F. Verni 1/26/43	Chairman of the Board and Trustee	Chairman of the Board since 2007 and Trustee since 2005	Consultant and private investor.		173	None

Principal Officers who are not Trustees

		Term of
		Office and
Name and	Position(s) with	Length of	Principal Occupation(s)
Date of Birth	the Trust	Service	During Past Five Years
Cynthia J. Clemson 12/24/63	President	Since 2005	Vice President of EVM and BMR. Officer of 91 registered investment companies managed by EVM or BMR.
William H. Ahern, Jr. 7/28/59	Vice President	Since 2004	Vice President of EVM and BMR. Officer of 76 registered investment companies managed by EVM or BMR.
Craig R. Brandon 12/21/66	Vice President	Since 2004	Vice President of EVM and BMR. Officer of 45 registered investment companies managed by EVM or BMR.
James H. Evans 11/18/59	Vice President	Since 2008	Vice President of EVM and BMR since December 2008. Formerly, Senior Vice President and Senior Portfolio Manager, Tax-Exempt Fixed Income at M.D. Sass (1990-2008). Officer of 6 registered investment companies managed by EVM or BMR.
Robert B. MacIntosh 1/22/57	Vice President	Since 1993	Vice President of EVM and BMR. Officer of 91 registered investment companies managed by EVM or BMR.
Thomas M. Metzold 8/3/58	Vice President	Since 2004	Vice President of EVM and BMR. Officer of 45 registered investment companies managed by EVM or BMR.
Adam A. Weigold 3/22/75	Vice President	Since 2007	Vice President of EVM and BMR. Officer of 72 registered investment companies managed by EVM or BMR.
Barbara E. Campbell 6/19/57	Treasurer	Since 2005	Vice President of EVM and BMR. Officer of 173 registered investment companies managed by EVM or BMR.
Maureen A. Gemma 5/24/60	Secretary and Chief Legal Officer	Secretary since 2007 and Chief Legal Officer since 2008	Vice President of EVM and BMR. Officer of 173 registered investment companies managed by EVM or BMR.
Paul M. O’Neil 7/11/53	Chief Compliance Officer	Since 2004	Vice President of EVM and BMR. Officer of 173 registered investment companies managed by EVM or BMR.

(1) Includes both master and feeder funds in a master-feeder structure.

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

32

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent

PNC Global Investment Servicing

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Eaton Vance High Yield Municipals Fund

Two International Place

Boston, MA 02110

This report must be preceded or accompanied by a current prospectus. Before investing, investors should consider carefully the Fund’s investment objective(s), risks, and charges and expenses. The Fund’s current prospectus contains this and other information about the Fund and is available through your financial advisor. Please read the prospectus carefully before you invest or send money. For further information please call 1-800-262-1122.

416-3/09 HYSRC

IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS, AND PROXY VOTING

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

•  Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

•  None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.

•  Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

•  We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.

In addition, our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.

For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (the “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 adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, 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 adviser.

Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website 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. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

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. This description is also available on the SEC’s website at www.sec.gov.

Eaton Vance Municipals Funds as of January 31, 2009

TABLE OF CONTENTS

Management’s Discussion of Fund Performance	2
Performance Information and Portfolio Composition
Hawaii	4
Insured Municipals	6
Kansas	8
Fund Expenses	10
Financial Statements	12
Federal Tax Information	43
Special Meeting of Shareholders	44
Board of Trustees’ Annual Approval of the Investment Advisory Agreements	45
Management and Organization	48

1

Eaton Vance Municipals Funds as of January 31, 2009

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

Economic and Market Conditions

The U.S. economy, as measured by gross domestic product (GDP), contracted in the fourth quarter of 2008 by a staggering 6.2%, after contracting 0.3% in the third quarter, according to the U.S. Department of Commerce. In the first and second quarters, the economy grew by 0.9% and 2.8%, respectively. Most of the major GDP components contributed to the decline; however, particularly influential was a sharp downturn in consumer spending, which continued to weigh on the economy in early 2009. While high commodity prices have eased since their summertime peaks, consumers continued to pare spending as they remained cautious of what increasingly has become a weaker economic environment. Rising unemployment levels, at a five-year high at period end, have led to constrained personal consumption and overall economic contraction. The housing market continued to weigh on the economy, with new home sales continuing to fall and existing home sales beginning to stabilize only as cautious buyers begin to see value in distressed pricing. Low home prices continued to pressure consumers and banks, causing increased bank foreclosures and more write-downs of mortgage-backed securities at commercial banks and financial institutions.

For the year that ended January 31, 2009, the capital markets have experienced historic events resulting in unprecedented volatility. During September 2008, for example, the federal government took control of federally chartered mortgage giants Fannie Mae and Freddie Mac. During the same month, Lehman Brothers filed for bankruptcy protection; Bank of America announced its acquisition of Merrill Lynch; and Goldman Sachs and Morgan Stanley petitioned the Federal Reserve (the “Fed”) to become bank holding companies, a step that brings greater regulation but also easier access to credit. These actions, in conjunction with the announcement of Bear Stearns’ acquisition by JPMorgan Chase in March 2008, drastically redefined the Wall Street landscape. In addition to the independent Wall Street brokerages, the banking sector was shaken by the failure of Washington Mutual and the sale of Wachovia. In the insurance sector, the federal government provided more than $150 billion in loans to help stabilize American International Group (AIG). Finally, Congress approved a $700 billion program authorizing the federal government to purchase troubled assets from financial institutions, a program that has continued to evolve since the bill was enacted into law.

During the period, the Fed lowered the federal funds rate to a range of 0.0% to 0.25% from 4.25% at December 31, 2007. In addition to its interest-rate policy, the Fed has also taken extraordinary action through a variety of innovative lending techniques in an attempt to ease the credit crisis.

Management Discussion

Relative to their primary benchmark, the Barclays Capital Municipal Bond Index¹ (the “Index”) — a broad-based, unmanaged index of municipal bonds — the Funds underperformed for the year ending January 31, 2009. As a result of an active management style that focuses on income and longer call protection, the Funds generally hold longer-maturity bonds. Management believes that much of the Funds’ under-performance can be attributed to the shift of investors’ capital into shorter-maturity bonds, a result of the broader-based credit crisis that has rattled the fixed-income markets since the summer of 2007. The move to shorter-term investments was originally driven by uncertainty surrounding financial companies’ exposure to subprime mortgage-backed debt but later spread to the muni market when major municipal bond insurers suffered rating downgrades due to their exposure to mortgage-related structured products. Management has historically used Treasury futures to seek to offset interest-rate volatility associated with investing in longer-maturity municipal bonds. Investors’ flight to quality during the period pushed Treasury yields to historic lows, hurting the Funds’ performance.

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.

¹ Formerly called Lehman Brothers Municipal Bond Index. It is not possible to invest directly in an Index.

The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund. Portfolio information provided in the report may not be representative of the Funds’ current or future investments and may change due to active management.

2

Eaton Vance Municipals Funds as of January 31, 2009

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

In mid-December 2008, the municipal market began to rally — with longer-maturity municipals performing better than shorter-maturity bonds — as buyers returned to the market. This trend continued through the end of the period. Despite the muni market’s rebound, the ratio of yields on current coupon AAA-rated insured municipal bonds to the yield on 30-year Treasury bonds was 141.7% as of January 31, 2009, indicating municipals continued to represent relative value when compared to their taxable counterparts.¹ We believe the 2008 spike in this ratio to over 200%, as compared with the long-term average of 85%-90%, was the result of continued dislocation in the fixed-income marketplace caused by a flight to Treasury securities, municipal bond insurance companies’ risks and the decentralized nature of the municipal marketplace. Historically, such a spike in this ratio is a rare occurrence in the muni bond market and is generally considered a signal that municipal bonds are significantly undervalued relative to taxable Treasury bonds. As more buyers return to the municipals market, we would expect this ratio of relative value to normalize further.

Against this backdrop, we continue to manage our municipal funds with the same relative value approach that we have traditionally employed — maintaining a long-term perspective when markets exhibit extreme short-term volatility. We believe this approach has provided excellent long-term benefits to our investors over time.

¹ Source: Bloomberg L.P. Yields are a compilation of a representative variety of general obligations and are not necessarily representative of a Fund’s yield.

3

Eaton Vance Hawaii Municipals Fund as of January 31, 2009

PERFORMANCE INFORMATION

The line graph and table set forth below provide information about the Fund’s performance. The line graph compares the performance of Class B of the Fund with that of the Barclays Capital Municipal Bond Index, an unmanaged index of municipal bonds, and the Barclays Capital Municipal Bond Long 22+ Index, the long bond component of the Barclays Capital Municipal Bond Index. The lines on the graph represent the total returns of a hypothetical investment of $10,000 in each of Class B, the Barclays Capital Municipal Bond Index and the Barclays Capital Municipal Bond Long 22+ Index. The table includes the total returns of each Class of the Fund at net asset value and maximum public offering price. The performance presented below does not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares.

Fund Performance1	Class A			Class B			Class C
Share Class Symbol	ETHWX			EVHWX			ECHWX
Average Annual Total Returns (at net asset value)
One Year		-11.62	%		-12.37	%		-12.37	%
Five Years		-0.21			-0.95			N.A.
Ten Years		2.20			1.44			N.A.
Life of Fund†		3.22			2.73			-10.13
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
One Year		-15.84	%		-16.59	%		-13.22	%
Five Years		-1.17			-1.28			N.A.
Ten Years		1.71			1.44			N.A.
Life of Fund†		2.89			2.73			-10.13

^† Inception dates: Class A: 3/14/94; Class B: 3/2/94; Class C: 10/1/07

Total Annual Operating Expenses2	Class A			Class B			Class C
Expense Ratio		1.14	%		1.89	%		1.89	%

Distribution Rates/Yields	Class A			Class B			Class C
Distribution Rate3		4.77	%		4.01	%		4.01	%
Taxable-Equivalent Distribution Rate3,4		8.00			6.72			6.72
SEC 30-day Yield5		3.84			3.44			3.56
Taxable-Equivalent SEC 30-day Yield4,5		6.44			5.77			5.97

Index Performance⁶ (Average Annual Total Returns)

				Barclays Capital Municipal
	Barclays Capital Municipal Bond Index			Bond Long 22+ Index
One Year		-0.16	%		-10.66	%
Five Years		3.33			1.55
Ten Years		4.51			3.72

Lipper Averages⁷ (Average Annual Total Returns)

Lipper Other States Municipal Debt Funds Classification
One Year	-4.39	%
Five Years	1.80
Ten Years	3.05

¹ Average Annual Total Returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% — 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. ² Source: Prospectus dated 6/1/08. Includes interest expense of 0.31% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with inverse floater securities transactions by the Fund. The Fund also records offsetting interest income relating to the municipal obligations underlying such transactions, and, as a result, net asset value and performance have not been affected by this expense. ³ The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last distribution per share (annualized) by the net asset value. ⁴ Taxable-equivalent figures assume a maximum 40.36% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures. ⁵ The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. ⁶ It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. ⁷ The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification contained 148, 133 and 114 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

Portfolio Manager: Robert B. MacIntosh, CFA

* Source: Lipper, Inc. Class B of the Fund commenced investment operations on 3/2/94.

A $10,000 hypothetical investment at net asset value in Class A and Class C on 1/31/99 and 10/1/07 (commencement of operations), respectively, would have been valued at $12,438 ($11,847 at the maximum offering price) and $8,670, respectively, on 1/31/09. It is not possible to invest directly in an Index. The Indices’ total returns do not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices.

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

4

Eaton Vance Hawaii Municipals Fund as of January 31, 2009

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments

^* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 1/31/09, is as follows, and the average rating is AA.

AAA	33.0	%
AA	43.9	%
A	7.3	%
BBB	14.4	%
B	1.4	%

Fund Statistics²

• Number of Issues:	48
• Average Maturity:	17.2 years
• Average Effective Maturity:	14.8 years
• Average Call Protection:	8.1 years
• Average Dollar Price:	$90.12
• TOB Leverage3:	1.3%

1	Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition.
2	Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.
3	See Note 1I to the Fund’s financial statements. Tender option bonds (TOBs) are a form of investment leverage that create an opportunity for increased income but, at the same time, create special risks (including the likelihood of volatility of net asset value). TOB leverage represents the amount of Floating Rate Notes outstanding at 1/31/09 as a percentage of the Fund’s net assets plus Floating Rate Notes. Floating Rate Notes reflect the effect of TOBs purchased in secondary market transactions.

5

Eaton Vance Insured Municipals Fund as of January 31, 2009

PERFORMANCE INFORMATION

The line graph and table set forth below provide information about the Fund’s performance. The line graph compares the performance of Class B of the Fund with that of the Barclays Capital Municipal Bond Index, an unmanaged index of municipal bonds, and the Barclays Capital Municipal Bond Long 22+ Index, the long bond component of the Barclays Capital Municipal Bond Index. The lines on the graph represent the total returns of a hypothetical investment of $10,000 in each of Class B, the Barclays Capital Municipal Bond Index and the Barclays Capital Municipal Bond Long 22+ Index. The table includes the total returns of each Class of the Fund at net asset value and maximum public offering price. The performance presented below does not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares.

Fund Performance1	Class A			Class B			Class C
Share Class Symbol	EAFIX			EBFIX			EFICX
Average Annual Total Returns (at net asset value)
One Year		-10.69	%		-11.40	%		-11.39	%
Five Years		-0.15			-0.88			N.A.
Ten Years		2.41			1.65			N.A.
Life of Fund†		4.33			3.53			-3.64
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
One Year		-14.96	%		-15.66	%		-12.24	%
Five Years		-1.12			-1.21			N.A.
Ten Years		1.91			1.65			N.A.
Life of Fund†		3.99			3.53			-3.64

^† Inception dates: Class A: 3/3/94; Class B: 3/2/94; Class C: 6/2/06

Total Annual Operating Expenses2	Class A			Class B			Class C
Expense Ratio		1.27	%		2.02	%		2.01	%

Distribution Rates/Yields	Class A			Class B			Class C
Distribution Rate3		4.98	%		4.22	%		4.22	%
Taxable-Equivalent Distribution Rate3,4		7.66			6.49			6.49
SEC 30-day Yield5		4.24			3.69			3.76
Taxable-Equivalent SEC 30-day Yield4,5		6.52			5.68			5.78

Index Performance⁶ (Average Annual Total Returns)

				Barclays Capital Municipal
	Barclays Capital Municipal Bond Index			Bond Long 22+ Index
One Year		-0.16	%		-10.66	%
Five Years		3.33			1.55
Ten Years		4.51			3.72

Lipper Averages⁷ (Average Annual Total Returns)

Lipper Insured Municipal Debt Funds Classification
One Year	-3.19	%
Five Years	1.71
Ten Years	3.14

¹ Average Annual Total Returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% — 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. ² Source: Prospectus dated 6/1/08. Includes interest expense of 0.56% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with inverse floater securities transactions by the Fund. The Fund also records offsetting interest income relating to the municipal obligations underlying such transactions, and, as a result, net asset value and performance have not been affected by this expense. ³ The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last distribution per share (annualized) by the net asset value. ⁴ Taxable-equivalent figures assume a maximum 35.00% federal income tax rate. A lower tax rate would result in lower tax-equivalent figures. ⁵ The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. ⁶ It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. ⁷ The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Insured Municipal Debt Funds Classification contained 38, 34 and 30 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

Portfolio Manager: Craig R. Brandon, CFA

* Source: Lipper, Inc. Class B of the Fund commenced investment operations on 3/2/94.

A $10,000 hypothetical investment at net asset value in Class A and Class C on 1/31/99 and 6/2/06 (commencement of operations), respectively, would have been valued at $12,688 ($12,086 at the maximum offering price) and $9,058, respectively, on 1/31/09. It is not possible to invest directly in an Index. The Indices’ total returns do not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices.

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

6

Eaton Vance Insured Municipals Fund as of January 31, 2009

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments

^* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 1/31/09, is as follows, and the average rating is AA+.

AAA	51.3	%
AA	39.3	%
A	8.9	%
BBB	0.5	%

Fund Statistics²

• Number of Issues:	76
• Average Maturity:	24.1 years
• Average Effective Maturity:	20.4 years
• Average Call Protection:	10.9 years
• Average Dollar Price:	$90.99
• TOB Leverage3:	2.3%

1	Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition.
2	Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.
3	See Note 1I to the Fund’s financial statements. Tender option bonds (TOBs) are a form of investment leverage that create an opportunity for increased income but, at the same time, create special risks (including the likelihood of volatility of net asset value). TOB leverage represents the amount of Floating Rate Notes outstanding at 1/31/09 as a percentage of the Fund’s net assets plus Floating Rate Notes. Floating Rate Notes reflect the effect of TOBs purchased in secondary market transactions.

7

Eaton Vance Kansas Municipals Fund as of January 31, 2009

PERFORMANCE INFORMATION

The line graph and table set forth below provide information about the Fund’s performance. The line graph compares the performance of Class B of the Fund with that of the Barclays Capital Municipal Bond Index, an unmanaged index of municipal bonds, and the Barclays Capital Municipal Bond Long 22+ Index, the long bond component of the Barclays Capital Municipal Bond Index. The lines on the graph represent the total returns of a hypothetical investment of $10,000 in each of Class B, the Barclays Capital Municipal Bond Index and the Barclays Capital Municipal Bond Long 22+ Index. The table includes the total returns of each Class of the Fund at net asset value and maximum public offering price. The performance presented below does not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares.

Fund Performance1	Class A			Class B			Class C
Share Class Symbols	ETKSX			EVKSX			ECKSX
Average Annual Total Returns (at net asset value)
One Year		-8.39	%		-9.11	%		-9.00	%
Five Years		0.65			-0.06			N.A.
Ten Years		2.94			2.19			N.A.
Life of Fund†		4.01			3.41			-2.04
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
One Year		-12.76	%		-13.49	%		-9.88	%
Five Years		-0.31			-0.40			N.A.
Ten Years		2.44			2.19			N.A.
Life of Fund†		3.67			3.41			-2.04

^† Inception dates: Class A: 3/3/94; Class B: 3/2/94; Class C: 6/2/06

Total Annual Operating Expenses2	Class A			Class B			Class C
Expense Ratio		0.87	%		1.63	%		1.62	%

Distribution Rates/Yields	Class A			Class B			Class C
Distribution Rate3		4.65	%		3.90	%		3.89	%
Taxable-Equivalent Distribution Rate3,4		7.65			6.41			6.40
SEC 30-day Yield5		3.86			3.35			3.35
Taxable-Equivalent SEC 30-day Yield4,5		6.35			5.51			5.51

Index Performance⁶ (Average Annual Total Returns)

				Barclays Capital Municipal
	Barclays Capital Municipal Bond Index			Bond Long 22+ Index
One Year		-0.16	%		-10.66	%
Five Years		3.33			1.55
Ten Years		4.51			3.72

Lipper Averages⁷ (Average Annual Total Returns)

Lipper Other States Municipal Debt Funds Classification
One Year	-4.39	%
Five Years	1.80
Ten Years	3.05

¹ Average Annual Total Returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% — 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. ² Source: Prospectus dated 6/1/08. Includes interest expense of 0.15% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with inverse floater securities transactions by the Fund. The Fund also records offsetting interest income relating to the municipal obligations underlying such transactions, and, as a result, net asset value and performance have not been affected by this expense. ³ The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last distribution per share (annualized) by the net asset value. ⁴ Taxable-equivalent figures assume a maximum 39.19% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures. ⁵ The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. ⁶ It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. ⁷ The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification contained 148, 133 and 114 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

Portfolio Manager: Adam Weigold, CFA

* Source: Lipper, Inc. Class B of the Fund commenced investment operations on 3/2/94.

A $10,000 hypothetical investment at net asset value in Class A and Class C on 1/31/99 and 6/2/06 (commencement of operations), respectively, would have been valued at $13,360 ($12,726 at the maximum offering price) and $9,454, respectively, on 1/31/09. It is not possible to invest directly in an Index. The Indices’ total returns do not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices.

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

8

Eaton Vance Kansas Municipals Fund as of January 31, 2009

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments

^* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 1/31/09, is as follows, and the average rating is AA.

AAA	38.9	%
AA	26.6	%
A	30.6	%
BBB	3.9	%

Fund Statistics²

• Number of Issues:	72
• Average Maturity:	19.8 years
• Average Effective Maturity:	16.4 years
• Average Call Protection:	8.3 years
• Average Dollar Price:	$91.01
• TOB Leverage3:	0.9%

1	Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition.
2	Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.
3	See Note 1I to the Fund’s financial statements. Tender option bonds (TOBs) are a form of investment leverage that create an opportunity for increased income but, at the same time, create special risks (including the likelihood of volatility of net asset value). TOB leverage represents the amount of Floating Rate Notes outstanding at 1/31/09 as a percentage of the Fund’s net assets plus Floating Rate Notes. Floating Rate Notes reflect the effect of TOBs purchased in secondary market transactions.

9

Eaton Vance Municipals Fundsas of January 31, 2009

FUND EXPENSES

Example: As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2008 – January 31, 2009).

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 return of the Fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

Eaton Vance Hawaii Municipals Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(8/1/08)		(1/31/09)		(8/1/08 – 1/31/09)
Actual
Class A		$1,000.00		$913.60		$5.19
Class B		$1,000.00		$909.90		$8.79
Class C		$1,000.00		$909.90		$8.74
Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,019.70		$5.48
Class B		$1,000.00		$1,015.90		$9.27
Class C		$1,000.00		$1,016.00		$9.22

*  Expenses are equal to the Fund’s annualized expense ratio of 1.08% for Class A shares, 1.83% for Class B shares and 1.82% for Class C shares, multiplied by the average account value over the period, multiplied by 184/366 (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 July 31, 2008.

10

Eaton Vance Municipals Fundsas of January 31, 2009

FUND EXPENSES CONT’D

Eaton Vance Insured Municipals Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(8/1/08)		(1/31/09)		(8/1/08 – 1/31/09)
Actual
Class A		$1,000.00		$912.10		$5.09
Class B		$1,000.00		$908.10		$8.68
Class C		$1,000.00		$909.10		$8.59
Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,019.80		$5.38
Class B		$1,000.00		$1,016.00		$9.17
Class C		$1,000.00		$1,016.10		$9.07

*  Expenses are equal to the Fund’s annualized expense ratio of 1.06% for Class A shares, 1.81% for Class B shares and 1.79% for Class C shares, multiplied by the average account value over the period, multiplied by 184/366 (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 July 31, 2008.

Eaton Vance Kansas Municipals Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(8/1/08)		(1/31/09)		(8/1/08 – 1/31/09)
Actual
Class A		$1,000.00		$931.00		$4.13
Class B		$1,000.00		$928.60		$7.76
Class C		$1,000.00		$926.60		$7.75
Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,020.90		$4.32
Class B		$1,000.00		$1,017.10		$8.11
Class C		$1,000.00		$1,017.10		$8.11

*  Expenses are equal to the Fund’s annualized expense ratio of 0.85% for Class A shares, 1.60% for Class B shares and 1.60% for Class C shares, multiplied by the average account value over the period, multiplied by 184/366 (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 July 31, 2008.

11

Eaton Vance Hawaii Municipals Fundas of January 31, 2009

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 95.9%
Principal Amount
(000’s omitted)			Security	Value
Education — 2.5%
$	300		Hawaii Department of Budget and Finance, (Chaminade University of Honolulu), 4.75%, 1/1/36	$	198,972
	350		Hawaii Department of Budget and Finance, (Mid Pacific Institute), 4.625%, 1/1/36		229,348
				$	428,320
Electric Utilities — 2.2%
$	500		Puerto Rico Electric Power Authority, 0.00%, 7/1/17	$	371,980
				$	371,980
Escrowed / Prerefunded — 5.8%
$	750		Honolulu, Escrowed to Maturity, 4.75%, 9/1/17	$	889,717
	95		Honolulu, Escrowed to Maturity, 6.00%, 1/1/10		99,773
				$	989,490
General Obligations — 3.1%
$	305		Maui County, 5.00%, 3/1/21	$	318,182
	285		Puerto Rico, 0.00%, 7/1/15		204,220
				$	522,402
Hospital — 3.1%
$	100		Hawaii Department of Budget and Finance, (Hawaii Pacific Health), 5.60%, 7/1/33	$	80,990
	400		Hawaii Department of Budget and Finance, (Wilcox Memorial Hospital), 5.35%, 7/1/18		375,316
	95		Hawaii Department of Budget and Finance, (Wilcox Memorial Hospital), 5.50%, 7/1/28		77,517
				$	533,823
Industrial Development Revenue — 3.6%
$	315		Hawaii Department of Transportation Special Facilities, (Continental Airlines), (AMT), 7.00%, 6/1/20	$	229,304
	600		Virgin Islands Public Financing Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		375,840
				$	605,144
Insured-Education — 9.1%
$	420		Hawaii State Housing Development Corp., (University of Hawaii), (AMBAC), 5.65%, 10/1/16	$	421,180
	500		University of Hawaii, (MBIA), 3.50%, 7/15/27		384,085
	375		University of Hawaii, (MBIA), 4.25%, 7/15/30		312,638
	500		University of Hawaii, (MBIA), 4.50%, 7/15/32		431,290
				$	1,549,193
Insured-Electric Utilities — 3.4%
$	250		Hawaii Department of Budget and Finance, (Hawaii Electric Co.), (AMBAC), (AMT), 5.75%, 12/1/18	$	230,945
	500	��	Hawaii Department of Budget and Finance, (Hawaii Electric Co.), (FGIC), (AMT), 4.80%, 1/1/25		347,065
				$	578,010
Insured-Escrowed / Prerefunded — 3.8%
$	85		Hawaii Airports System, (MBIA), (AMT), Escrowed to Maturity, 6.90%, 7/1/12	$	90,983
	250		Honolulu, City and County Board Water Supply Systems, (FSA), Prerefunded to 7/1/11, 5.25%, 7/1/31		274,733
	250		Honolulu, City and County Wastewater System, (AMBAC), Prerefunded to 7/1/11, 5.50%, 7/1/14		276,220
				$	641,936
Insured-General Obligations — 17.4%
$	1,000		Hawaii, (MBIA), 5.25%, 5/1/24	$	1,038,650
	350		Hawaii County, (FGIC), (MBIA), 5.55%, 5/1/10		368,245
	200		Honolulu, City and County, (FGIC) (MBIA), 5.25%, 7/1/12		223,204
	500		Honolulu, City and County, (FSA), 5.00%, 7/1/29		502,370
	300		Kauai County, (MBIA), 5.00%, 8/1/24		303,159
	290		Maui County, (MBIA), 5.00%, 3/1/25		295,902
	230		Puerto Rico, (FSA), 5.25%, 7/1/27		227,847
				$	2,959,377
Insured-Lease Revenue / Certificates of Participation — 4.6%
$	805		Hawaii State Housing Development Corp., (Kapolei Office), (FSA), 5.00%, 11/1/31	$	780,472
				$	780,472
Insured-Special Tax Revenue — 2.2%
$	95		Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28	$	23,251
	800		Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/43		60,696
	2,675		Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/42		218,761

See notes to financial statements

12

Eaton Vance Hawaii Municipals Fundas of January 31, 2009

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Special Tax Revenue (continued)
	770	Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54		29,614
	140	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44		12,116
	280	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45		22,529
	225	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46		16,781
			$	383,748
Insured-Transportation — 22.1%
$	900	Hawaii, State Harbor Revenue, (FSA), (AMT), 5.00%, 1/1/23(1)	$	818,208
	500	Hawaii, State Harbor Revenue, (FSA), (AMT), 5.00%, 1/1/31		410,965
	575	Hawaii Airports System, (FGIC), (MBIA), (AMT), 5.25%, 7/1/21		532,364
	250	Hawaii Highway, (FSA), 5.00%, 7/1/22		257,565
	480	Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/36		465,067
	440	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(2)		424,725
	1,000	Puerto Rico Highway and Transportation Authority, (MBIA), 5.25%, 7/1/32		844,290
			$	3,753,184
Insured-Water and Sewer — 7.6%
$	1,000	Honolulu, City and County Wastewater System, (FGIC), (MBIA), 0.00%, 7/1/18	$	674,470
	700	Honolulu, City and County Wastewater System, (MBIA), 4.50%, 7/1/37		616,343
			$	1,290,813
Special Tax Revenue — 5.4%
$	250	Hawaii Highway Revenue, 5.50%, 7/1/18	$	298,682
	505	Puerto Rico Sales Tax Financing, 5.25%, 8/1/57		414,115
	250	Virgin Islands Public Facilities Authority, 5.625%, 10/1/25		214,378
			$	927,175
Total Tax-Exempt Investments — 95.9%
(identified cost $17,916,978)			$	16,315,067
Other Assets, Less Liabilities — 4.1%			$	692,604
Net Assets — 100.0%			$	17,007,671

Industry and sector classifications are unaudited.

AGC - Assured Guaranty 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.

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

The Fund invests primarily in debt securities issued by Hawaii municipalities. In addition, 19.6% of the Fund’s net assets at January 31, 2009 were invested in municipal obligations issued by Puerto Rico. 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. In order to reduce the risk associated with such economic developments, at January 31, 2009, 73.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.6% to 37.8% of total investments.

(1)	Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
(2)	Security represents the underlying municipal bond of a tender option bond trust (see Note 1I).

See notes to financial statements

13

Eaton Vance Insured Municipals Fundas of January 31, 2009

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 99.1%
Principal Amount
(000’s omitted)		Security	Value
Education — 2.2%
$	1,000	Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.50%, 11/15/36	$	1,049,320
			$	1,049,320
Hospital — 1.2%
$	860	Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38	$	558,613
			$	558,613
Housing — 0.3%
$	160	Pinellas County, FL, Housing Finance Authority, (SFMR), (GNMA), (AMT), 5.80%, 3/1/29	$	156,101
			$	156,101
Industrial Development Revenue — 2.1%
$	1,240	Liberty Development Corp., NY, (Goldman Sachs Group, Inc.), 5.25%, 10/1/35	$	1,006,682
			$	1,006,682
Insured-Education — 5.2%
$	1,000	New York State Dormitory Authority, (AGC), 5.00%, 7/1/25	$	1,019,910
	1,000	University of South Alabama, (BHAC), 5.00%, 8/1/38		983,330
	495	University of Vermont and State Agricultural College, (MBIA), 5.00%, 10/1/40		451,559
			$	2,454,799
Insured-Electric Utilities — 3.3%
$	500	Indiana Municipal Power Agency, (MBIA), 5.00%, 1/1/42	$	438,870
	650	Puerto Rico Electric Power Authority, (FGIC), (MBIA), 5.25%, 7/1/34		537,004
	600	Puerto Rico Electric Power Authority, (MBIA), 5.50%, 7/1/16		599,970
			$	1,575,844
Insured-General Obligations — 12.5%
$	1,000	Anderson County, SC, School District No. 5, (FSA), 5.25%, 2/1/31	$	1,012,160
	1,000	Massachusetts, (AMBAC), 5.50%, 8/1/30		1,086,190
	700	Mississippi Development Bank Special Obligation, (AGC), 5.375%, 10/1/33(1)		703,612
	800	Monroe Township, NJ, Board of Education, Middlesex County, (AGC), 4.75%, 3/1/36		750,176
	1,000	Philadelphia, PA, (AGC), 7.00%, 7/15/28		1,081,210
	380	Puerto Rico, (FSA), 5.25%, 7/1/27		376,443
	1,985	San Juan, CA, Unified School District, (FSA), 0.00%, 8/1/23		935,253
			$	5,945,044
Insured-Hospital — 11.8%
$	1,000	Arizona Health Facilities Authority, (Banner Health), (BHAC), 5.50%, 1/1/38	$	1,004,850
	670	Brevard County, FL, Health Facilities Authority, (Health First, Inc.), (MBIA), 5.125%, 4/1/31		517,086
	1,250	Indiana Health and Educational Facility Finance Authority, (Sisters of St. Francis Health Services), (FSA), 5.25%, 5/15/41		1,131,575
	1,000	Maryland Health and Higher Educational Facilities Authority, (Lifebridge Health), (AGC), 4.75%, 7/1/42(2)		807,660
	50	Maryland Health and Higher Educational Facilities Authority, (Lifebridge Health), (AGC), 4.75%, 7/1/42		40,381
	250	New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/31		241,160
	500	New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36		474,460
	950	Sarasota County, FL, Public Hospital Board, (Sarasota Memorial Hospital), (MBIA), 5.50%, 7/1/28		846,469
	635	Vermont Educational and Health Buildings Financing Agency, (Fletcher Allen Health), (FSA), 5.00%, 12/1/34		532,422
			$	5,596,063
Insured-Housing — 1.1%
$	500	Florida Housing Finance Authority, (Spinnaker Cove Apartments), (AMBAC), (AMT), 6.50%, 7/1/36	$	500,035
			$	500,035
Insured-Lease Revenue / Certificates of Participation — 2.0%
$	1,300	Hudson, NY, Infrastructure Corp., (MBIA), 4.50%, 2/15/47	$	962,884
			$	962,884

See notes to financial statements

14

Eaton Vance Insured Municipals Fundas of January 31, 2009

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Other Revenue — 4.4%
$	425	Kentucky Economic Development Finance Authority, (Louisville Arena Project), (AGC), 6.00%, 12/1/33	$	427,975
	440	New York City, NY, Industrial Development Agency, (Queens Baseball Stadium), (AMBAC), 4.75%, 1/1/42		319,334
	160	New York City, NY, Industrial Development Agency, (Queens Baseball Stadium), (AMBAC), 5.00%, 1/1/31		131,027
	165	New York City, NY, Industrial Development Agency, (Queens Baseball Stadium), (AMBAC), 5.00%, 1/1/36		129,886
	300	New York City, NY, Industrial Development Agency, (Queens Baseball Stadium), (AMBAC), 5.00%, 1/1/39		233,193
	1,630	New York City, NY, Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32(1)		348,902
	500	St. John’s County, FL, Industrial Development Authority, (Professional Golf), (MBIA), 5.00%, 9/1/23		502,745
			$	2,093,062
Insured-Solid Waste — 1.1%
$	500	Dade County, FL, Resource Recovery Facilities, (AMBAC), (AMT), 5.50%, 10/1/13	$	500,385
			$	500,385
Insured-Special Assessment Revenue — 2.3%
$	345	Celebration, FL, Community Development District, (MBIA), 5.125%, 5/1/20	$	350,244
	750	Crossings at Fleming Island, FL, Community Development District, (MBIA), 5.80%, 5/1/16		757,522
			$	1,107,766
Insured-Special Tax Revenue — 11.8%
$	1,015	Baton Rouge, LA, Public Improvement, (FSA), 4.25%, 8/1/32	$	868,830
	1,250	Clearwater, FL, Spring Training Facilities, (MBIA), 5.375%, 3/1/31(3)		1,283,450
	320	Massachusetts Bay Transportation Authority, Revenue Assessment, (MBIA), 4.00%, 7/1/33		256,429
	1,000	Massachusetts Special Obligation, Dedicated Tax Revenue, (FGIC), 5.50%, 1/1/29		997,550
	5,055	Miami-Dade County, FL, Special Obligation, (MBIA), 0.00%, 10/1/36		713,463
	500	New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 5.00%, 11/15/44		435,330
	1,000	Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/23		941,110
	1,220	Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54		46,921
	225	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44		19,471
	445	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45		35,805
	355	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46		26,476
			$	5,624,835
Insured-Student Loan — 2.1%
$	1,000	Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30	$	989,670
			$	989,670
Insured-Transportation — 12.6%
$	780	Central Puget Sound, WA, Regional Transportation Authority, Sales and Use Tax Revenue, (FSA), 5.00%, 11/1/34	$	764,439
	270	Chicago, IL, (O’Hare International Airport), (FSA), 4.50%, 1/1/38		230,669
	1,000	Idaho Housing and Finance Association, (AGC), 5.25%, 7/15/25		1,060,800
	1,115	Miami-Dade County, FL, Aviation Revenue, (Miami International Airport), (AGC), (CIFG), (AMT), 5.00%, 10/1/38(4)		881,553
	1,000	Minneapolis and St. Paul, MN, Metropolitan Airport Commission, (AMBAC), 4.50%, 1/1/32		864,720
	1,000	New Jersey Transportation Trust Fund Authority, (AGC), 5.25%, 12/15/38		1,011,320
	780	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(2)		752,922
	500	Puerto Rico Highway and Transportation Authority, (AMBAC), 5.25%, 7/1/38		413,955
			$	5,980,378
Insured-Water and Sewer — 18.5%
$	1,440	Austin, TX, Water and Wastewater System Revenue, (BHAC), (FSA), 5.00%, 11/15/33(5)	$	1,435,838
	700	Bossier City, LA, Utilities Revenue, (BHAC), 5.125%, 10/1/25		724,675
	170	Bossier City, LA, Utilities Revenue, (BHAC), 5.25%, 10/1/26		176,411
	110	Bossier City, LA, Utilities Revenue, (BHAC), 5.25%, 10/1/27		113,356
	170	Bossier City, LA, Utilities Revenue, (BHAC), 5.50%, 10/1/38		174,344
	1,260	Fernley, NV, (AGC), 5.00%, 2/1/38		1,226,144

See notes to financial statements

15

Eaton Vance Insured Municipals Fundas of January 31, 2009

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Water and Sewer (continued)
	250	Florida Governmental Utility Authority, (Barefoot Bay Utility System), (AMBAC), 5.00%, 10/1/29		224,410
	225	Houston, TX, Utility System, (BHAC), (FSA), 5.00%, 11/15/33		223,087
	1,000	Jacksonville, FL, Water and Sewer, (AMBAC), (AMT), 6.35%, 8/1/25		969,530
	500	Marco Island, FL, Utility System, (MBIA), 5.00%, 10/1/27		488,690
	635	New York City, NY, Municipal Water Finance Authority, (BHAC), 5.75%, 6/15/40		667,880
	705	Ogden City, UT, Sewer and Water, (FSA), 4.50%, 6/15/38		605,560
	370	Pearland, TX, Waterworks and Sewer Systems, (FSA), 4.50%, 9/1/34		329,829
	290	Tampa Bay, FL, Water Utility System, (FGIC), 4.75%, 10/1/27		277,179
	1,160	Wichita, KS, Water and Sewer Utility, (AGC), 5.00%, 10/1/32		1,134,724
			$	8,771,657
Special Tax Revenue — 1.4%
$	810	Puerto Rico Sales Tax Financing, 5.25%, 8/1/57	$	664,225
			$	664,225
Transportation — 3.2%
$	2,730	New Jersey Transportation Trust Fund Authority, 0.00%, 12/15/35	$	486,759
	1,045	Port Authority of New York and New Jersey, 5.00%, 7/15/35		1,029,889
			$	1,516,648
Total Tax-Exempt Investments — 99.1%
(identified cost $49,420,227)			$	47,054,011
Other Assets, Less Liabilities — 0.9%			$	427,264
Net Assets — 100.0%			$	47,481,275

Industry and sector classifications are unaudited.

AGC - Assured Guaranty 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.

BHAC - Berkshire Hathaway Assurance Corp.

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

GNMA - Government National Mortgage Association

MBIA - Municipal Bond Insurance Association

SFMR - Single Family Mortgage Revenue

At January 31, 2009, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

Florida	18.9%
New York	13.2%
Other, representing less than 10% individually	67.0%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at January 31, 2009, 89.5% 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 ranged from 3.5% to 27.5% of total investments.

(1)	When-issued security.
(2)	Security represents the underlying municipal bond of a tender option bond trust (see Note 1I).
(3)	Security (or a portion thereof) has been segregated to cover payable for when-issued securities.
(4)	Security (or a portion thereof) has been pledged as collateral for open swap contracts.
(5)	Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

See notes to financial statements

16

Eaton Vance Kansas Municipals Fundas of January 31, 2009

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 96.7%
Principal Amount
(000’s omitted)		Security	Value
Electric Utilities — 1.0%
$	375	Puerto Rico Electric Power Authority, 5.00%, 7/1/25	$	319,391
			$	319,391
Escrowed / Prerefunded — 5.4%
$	415	Labette County, SFMR, Escrowed to Maturity, 0.00%, 12/1/14	$	361,623
	1,000	Saline County, SFMR, Escrowed to Maturity, 0.00%, 12/1/15		839,250
	500	University of Kansas Hospital Authority, Prerefunded to 9/1/12, 5.50%, 9/1/22		570,790
			$	1,771,663
Hospital — 8.1%
$	500	Kansas Development Finance Authority, (Hays Medical Center), 5.00%, 11/15/22	$	479,275
	750	Lawrence Memorial Hospital, 5.125%, 7/1/36		579,892
	500	Olathe Health Facilities, (Olathe Medical Center), 5.00%, 9/1/29		425,830
	825	Salina Hospital, (Salina Regional Health Center), 5.00%, 10/1/36		635,423
	250	Sedgwick County Health Care Facility, (Catholic Care Center, Inc.), 5.875%, 11/15/31		238,953
	410	University of Kansas Hospital Authority, 4.50%, 9/1/32		317,664
			$	2,677,037
Insured-Education — 6.9%
$	100	Kansas Development Finance Authority, (Kansas Board of Regents), (AMBAC), 5.00%, 4/1/14	$	110,313
	250	Kansas Development Finance Authority, (Kansas State University Housing Systems), (MBIA), 4.375%, 4/1/32		209,678
	1,000	Kansas Development Finance Authority, (Kansas State University Housing Systems), (MBIA), 4.50%, 4/1/37		835,070
	550	Kansas Development Finance Authority, (Kansas State University-Athletic Facility), (AMBAC), 0.00%, 7/1/18		378,571
	750	Kansas Development Finance Authority, (University of Kansas Center for Research), (XLCA), 5.00%, 2/1/26		739,027
			$	2,272,659
Insured-Electric Utilities — 7.3%
$	250	Augusta, Electric System, (AMBAC), 5.00%, 8/1/22	$	251,355
	765	Burlington, PCR, (Kansas Gas & Electric Co.), (MBIA), 5.30%, 6/1/31		604,633
	665	La Cygne, (Kansas City Power & Light Co.), (XLCA), 4.65%, 9/1/35		487,405
	325	Puerto Rico Electric Power Authority, (FGIC), (MBIA), 5.25%, 7/1/30		273,088
	375	Puerto Rico Electric Power Authority, (FGIC), (MBIA), 5.25%, 7/1/34		309,810
	500	Wyandotte County & Kansas City Unified Government Utilities System, (FSA), 5.00%, 9/1/28		494,440
			$	2,420,731
Insured-Escrowed / Prerefunded — 8.8%
$	1,350	Butler County, Unified School District #490, (FSA), Prerefunded to 9/1/15, 5.00%, 9/1/30(1)	$	1,606,527
	500	Chisholm Creek Utility Authority, Water and Wastewater, (Bel Aire & Park City), (MBIA), Prerefunded to 9/1/12, 5.25%, 9/1/20		567,185
	250	Kansas Development Finance Authority, (7th and Harrison Project), (AMBAC), Prerefunded to 12/1/09, 5.75%, 12/1/27		260,995
	350	Kansas Development Finance Authority, (Power Water Supply), (AMBAC), Prerefunded to 4/1/12, 5.50%, 4/1/13		395,549
	55	Kansas Development Finance Authority, (Stormont-Vail Healthcare), (MBIA), Prerefunded to 11/15/11, 5.375%, 11/15/24		61,310
			$	2,891,566
Insured-General Obligations — 21.1%
$	1,330	Butler County, Unified School District #402, (AGC), 5.125%, 9/1/32	$	1,331,436
	870	Geary County, (XLCA), 3.50%, 9/1/31		625,025
	350	Geary County, Unified School District #475, (MBIA), 3.00%, 9/1/26		254,090
	500	Harvey County, Unified School District #373, (MBIA), 5.00%, 9/1/26		494,790
	600	Johnson County, Unified School District #231, (AMBAC), 5.00%, 10/1/27		586,428
	200	Johnson County, Unified School District #231, (FGIC), (MBIA), 6.00%, 10/1/16		240,704
	300	Johnson County, Unified School District #233, (FGIC), (MBIA), 5.50%, 9/1/17		362,781
	500	Leavenworth County, Unified School District #453, (AGC), 5.125%, 3/1/29(2)		493,495
	240	Puerto Rico, (MBIA), 5.50%, 7/1/20		234,230
	750	Reno County, Unified School District #308, (MBIA), 4.00%, 9/1/26		633,068

See notes to financial statements

17

Eaton Vance Kansas Municipals Fundas of January 31, 2009

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-General Obligations (continued)
	150	Sedgwick County, Unified School District #259, (FSA), 2.50%, 10/1/17		145,427
	600	Sedgwick County, Unified School District #259, (FSA), 2.50%, 10/1/18		567,216
	500	Sedgwick County, Unified School District #262, (AGC), 4.75%, 9/1/28		482,665
	500	Wyandotte County & Kansas City Unified Government, (FSA), 5.00%, 8/1/27		506,565
			$	6,957,920
Insured-Hospital — 6.9%
$	250	Coffeyville Public Building Commission Health Care Facility, (Coffeyville Regional Medical Center), (AMBAC), 5.00%, 8/1/22	$	225,415
	500	Kansas Development Finance Authority, (Sisters of Charity-Leavenworth), (MBIA), 5.00%, 12/1/25		480,970
	500	Kansas Development Finance Authority, (St. Luke’s/Shawnee Mission), (MBIA), 5.375%, 11/15/26		434,015
	600	Kansas Development Finance Authority, (Stormont-Vail Healthcare), (MBIA), 4.75%, 11/15/36		414,858
	545	Kansas Development Finance Authority, (Stormont-Vail Healthcare), (MBIA), 5.375%, 11/15/24		479,578
	250	Manhattan Hospital, (Mercy Health Center), (FSA), 5.20%, 8/15/26		234,925
			$	2,269,761
Insured-Housing — 0.8%
$	250	Augusta Public Building Commission Revenue, (Cottonwood Point, Inc.), (MBIA), 5.25%, 4/1/22	$	250,365
			$	250,365
Insured-Industrial Development Revenue — 0.8%
$	250	Wyandotte, (BPU Office Building), (MBIA), 5.00%, 5/1/21	$	253,650
			$	253,650
Insured-Lease Revenue / Certificates of Participation — 1.6%
$	500	Kansas Development Finance Authority, (Capital Restoration Parking Facility), (FSA), 5.00%, 10/1/21(3)	$	523,940
			$	523,940
Insured-Other Revenue — 2.9%
$	250	Kansas Development Finance Authority, (Department of Administration), (FGIC), (MBIA), 5.00%, 11/1/25	$	255,983
	440	Kansas Development Finance Authority, (Kansas State Projects), (MBIA), 5.00%, 5/1/26		446,736
	250	Kansas Development Finance Authority, (Kansas State Projects), (MBIA), 5.25%, 11/1/26		259,427
			$	962,146
Insured-Public Power / Electric Utilities — 2.2%
$	250	Wyandotte County & Kansas City Unified Government, (BHAC), 5.25%, 9/1/34(2)	$	253,310
	500	Wyandotte County & Kansas City Unified Government, (FSA), 5.00%, 9/1/32		479,915
			$	733,225
Insured-Special Tax Revenue — 2.8%
$	250	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28	$	61,187
	150	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37		17,690
	4,450	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/44		313,280
	2,895	Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54		111,342
	530	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44		45,866
	3,685	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45		296,495
	850	Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46		63,393
			$	909,253
Insured-Transportation — 5.3%
$	750	Kansas Turnpike Authority, (FSA), 5.00%, 9/1/24	$	757,560
	600	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(4)		579,171
	500	Puerto Rico Highway and Transportation Authority, (FGIC), 5.25%, 7/1/39		410,765
			$	1,747,496
Insured-Water and Sewer — 8.9%
$	1,000	Chisholm Creek Utility Authority, Water & Wastewater Facilities, (AMBAC), 4.25%, 9/1/29	$	804,170
	500	Kansas Development Finance Authority, Public Water Supply, (AMBAC), 5.00%, 4/1/24		508,015

See notes to financial statements

18

Eaton Vance Kansas Municipals Fundas of January 31, 2009

PORTFOLIO OF INVESTMENTS CONT’D

Principal Amount
(000’s omitted)		Security	Value
Insured-Water and Sewer (continued)
	1,000	Lawrence Water and Sewer System, (MBIA), 4.50%, 11/1/32		891,560
	750	Wichita Water and Sewer Utility, (AGC), 5.00%, 10/1/32		733,657
			$	2,937,402
Special Tax Revenue — 1.0%
$	410	Puerto Rico Sales Tax Financing, 5.25%, 8/1/57	$	336,212
			$	336,212
Water and Sewer — 4.9%
$	750	Johnson County, Water District #1, 3.25%, 12/1/30	$	539,948
	1,000	Johnson County, Water District #1, 4.25%, 6/1/32		866,660
	200	Kansas Development Finance Authority, (Water Pollution Control), 5.00%, 11/1/21		212,116
			$	1,618,724
Total Tax-Exempt Investments — 96.7%
(identified cost $34,699,073)			$	31,853,141
Other Assets, Less Liabilities — 3.3%			$	1,083,853
Net Assets — 100.0%			$	32,936,994

Industry and sector classifications are unaudited.

AGC – Assured Guaranty Corp.

AMBAC – AMBAC Financial Group, Inc.

BHAC – Berkshire Hathaway Assurance Corp.

CIFG – CIFG Assurance North America, Inc.

FGIC – Financial Guaranty Insurance Company

FSA – Financial Security Assurance, Inc.

MBIA – Municipal Bond Insurance Association

PCR – Pollution Control Revenue

SFMR – Single Family Mortgage Revenue

XLCA – XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Kansas municipalities. In addition, 10.2% of the Fund’s net assets at January 31, 2009 were invested in municipal obligations issued by Puerto Rico. 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. In order to reduce the risk associated with such economic developments, at January 31, 2009, 78.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.8% to 30.3% of total investments.

(1)	Security (or a portion thereof) has been segregated to cover payable for when-issued securities.
(2)	When-issued security.
(3)	Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
(4)	Security represents the underlying municipal bond of a tender option bond trust (see Note 1I).

See notes to financial statements

19

Eaton Vance Municipals Fundsas of January 31, 2009

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

				Insured
As of January 31, 2009	Hawaii Fund			Municipals Fund			Kansas Fund
Assets
Investments —
Identified cost	$	17,916,978		$	49,420,227		$	34,699,073
Unrealized depreciation		(1,601,911	)		(2,366,216	)		(2,845,932	)
Investments, at value	$	16,315,067		$	47,054,011		$	31,853,141
Cash		989,129			2,447,050			1,156,970
Interest receivable		135,495			568,076			486,809
Receivable for Fund shares sold		29,211			236,816			749,339
Receivable for variation margin on open financial futures contracts		4,312			26,688			50,313
Total assets	$	17,473,214		$	50,332,641		$	34,296,572
Liabilities
Payable for floating rate notes issued	$	220,000		$	1,140,000		$	300,000
Payable for when-issued securities		—			971,695			743,603
Payable for open swap contracts		163,784			546,630			205,273
Payable for Fund shares redeemed		6,036			22,113			10,435
Distributions payable		31,934			101,451			45,774
Payable to affiliates:
Investment adviser fee		2,118			10,292			5,365
Distribution and service fees		4,567			14,519			8,431
Interest expense and fees payable		622			1,907			849
Accrued expenses		36,482			42,759			39,848
Total liabilities	$	465,543		$	2,851,366		$	1,359,578
Net Assets	$	17,007,671		$	47,481,275		$	32,936,994
Sources of Net Assets
Paid-in capital	$	20,139,263		$	53,585,280		$	38,283,597
Accumulated net realized loss		(1,322,317	)		(2,984,651	)		(1,955,863	)
Accumulated distributions in excess of net investment income		(31,934	)		(101,451	)		(45,774	)
Net unrealized depreciation		(1,777,341	)		(3,017,903	)		(3,344,966	)
Net Assets	$	17,007,671		$	47,481,275		$	32,936,994
Class A Shares
Net Assets	$	14,319,355		$	36,304,698		$	27,767,782
Shares Outstanding		1,809,700			3,962,242			3,111,891
Net Asset Value and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	7.91		$	9.16		$	8.92
Maximum Offering Price Per Share
(100 ¸ 95.25 of net asset value per share)	$	8.30		$	9.62		$	9.36

See notes to financial statements

20

Eaton Vance Municipals Fundsas of January 31, 2009

FINANCIAL STATEMENTS CONT’D

Statements of Assets and Liabilities

			Insured
As of January 31, 2009	Hawaii Fund		Municipals Fund		Kansas Fund
Class B Shares
Net Assets	$	2,572,471	$	5,928,798	$	2,993,429
Shares Outstanding		321,083		654,379		338,250
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	8.01	$	9.06	$	8.85
Class C Shares
Net Assets	$	115,845	$	5,247,779	$	2,175,783
Shares Outstanding		14,451		578,429		245,649
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	8.02	$	9.07	$	8.86

On sales of $25,000 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.

See notes to financial statements

21

Eaton Vance Municipals Fundsas of January 31, 2009

FINANCIAL STATEMENTS CONT’D

Statements of Operations

				Insured
For the Year Ended January 31, 2009	Hawaii Fund			Municipals Fund			Kansas Fund
Investment Income
Interest	$	953,264		$	2,037,989		$	1,783,641
Total investment income	$	953,264		$	2,037,989		$	1,783,641
Expenses
Investment adviser fee	$	26,795		$	86,722		$	74,983
Distribution and service fees
Class A		28,384			58,941			59,187
Class B		31,480			64,305			31,607
Class C		457			18,010			18,854
Trustees’ fees and expenses		1,093			1,848			1,744
Custodian fee		20,208			27,601			30,833
Transfer and dividend disbursing agent fees		9,406			11,924			13,096
Legal and accounting services		44,498			53,456			42,704
Printing and postage		3,727			6,687			7,011
Registration fees		5,166			55,248			5,550
Interest expense and fees		23,998			65,744			20,465
Miscellaneous		16,799			21,808			21,944
Total expenses	$	212,011		$	472,294		$	327,978
Deduct —
Reduction of custodian fee	$	4,501		$	14,688		$	8,001
Total expense reductions	$	4,501		$	14,688		$	8,001
Net expenses	$	207,510		$	457,606		$	319,977
Net investment income	$	745,754		$	1,580,383		$	1,463,664
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	29,738		$	(172,096	)	$	250,120
Financial futures contracts		(353,747	)		(656,989	)		(999,171	)
Swap contracts		(437,587	)		(275,175	)		(363,716	)
Net realized loss	$	(761,596	)	$	(1,104,260	)	$	(1,112,767	)
Change in unrealized appreciation (depreciation) —
Investments	$	(2,146,603	)	$	(3,504,780	)	$	(3,642,852	)
Financial futures contracts		25,748			(37,327	)		(105,546	)
Swap contracts		(98,497	)		(419,939	)		(113,498	)
Net change in unrealized appreciation (depreciation)	$	(2,219,352	)	$	(3,962,046	)	$	(3,861,896	)
Net realized and unrealized loss	$	(2,980,948	)	$	(5,066,306	)	$	(4,974,663	)
Net decrease in net assets from operations	$	(2,235,194	)	$	(3,485,923	)	$	(3,510,999	)

See notes to financial statements

22

Eaton Vance Municipals Fundsas of January 31, 2009

FINANCIAL STATEMENTS CONT’D

Statements of Changes in Net Assets

For the Year Ended January 31, 2009				Insured
Increase (Decrease) in Net Assets	Hawaii Fund			Municipals Fund			Kansas Fund
From operations —
Net investment income	$	745,754		$	1,580,383		$	1,463,664
Net realized loss from investment transactions, financial futures contracts and swap contracts		(761,596	)		(1,104,260	)		(1,112,767	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		(2,219,352	)		(3,962,046	)		(3,861,896	)
Net decrease in net assets from operations	$	(2,235,194	)	$	(3,485,923	)	$	(3,510,999	)
Distributions to shareholders —
From net investment income
Class A	$	(642,975	)	$	(1,404,714	)	$	(1,304,438	)
Class B		(121,719	)		(264,585	)		(119,826	)
Class C		(1,820	)		(80,190	)		(72,290	)
Total distributions to shareholders	$	(766,514	)	$	(1,749,489	)	$	(1,496,554	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	3,192,937		$	17,593,054		$	8,502,360
Class B		220,330			704,592			166,738
Class C		86,987			4,961,230			1,551,799
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		341,442			621,399			804,754
Class B		62,119			122,576			73,655
Class C		1,380			33,505			40,079
Cost of shares redeemed
Class A		(3,190,330	)		(8,038,015	)		(8,320,222	)
Class B		(332,178	)		(1,068,886	)		(186,643	)
Class C		—			(786,857	)		(779,360	)
Net asset value of shares exchanged
Class A		687,945			738,012			335,083
Class B		(687,945	)		(738,012	)		(335,083	)
Net increase in net assets from Fund share transactions	$	382,687		$	14,142,598		$	1,853,160
Net increase (decrease) in net assets	$	(2,619,021	)	$	8,907,186		$	(3,154,393	)
Net Assets
At beginning of year	$	19,626,692		$	38,574,089		$	36,091,387
At end of year	$	17,007,671		$	47,481,275		$	32,936,994
Accumulated distributions in excess of net investment income included in net assets
At end of year	$	(31,934	)	$	(101,451	)	$	(45,774	)

See notes to financial statements

23

Eaton Vance Municipals Fundsas of January 31, 2009

FINANCIAL STATEMENTS CONT’D

Statements of Changes in Net Assets

For the Year Ended January 31, 2008				Insured
Increase (Decrease) in Net Assets	Hawaii Fund			Municipals Fund			Kansas Fund
From operations —
Net investment income	$	798,033		$	1,644,921		$	1,292,851
Net realized loss from investment transactions, financial futures contracts and swap contracts		(77,206	)		(182,329	)		(446,231	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		(772,962	)		(1,843,458	)		(641,798	)
Net increase (decrease) in net assets from operations	$	(52,135	)	$	(380,866	)	$	204,822
Distributions to shareholders —
From net investment income
Class A	$	(651,431	)	$	(1,300,889	)	$	(1,117,026	)
Class B		(148,722	)		(311,717	)		(130,444	)
Class C		(78	)		(11,456	)		(46,597	)
Total distributions to shareholders	$	(800,231	)	$	(1,624,062	)	$	(1,294,067	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	5,886,424		$	4,862,648		$	13,845,413
Class B		181,981			187,151			200,198
Class C		34,269			1,467,639			1,796,904
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		335,862			556,363			616,697
Class B		69,267	��		141,162			83,109
Class C		78			4,506			20,521
Cost of shares redeemed
Class A		(4,509,888	)		(6,052,377	)		(6,250,330	)
Class B		(878,555	)		(1,516,187	)		(401,298	)
Class C		—			(340,126	)		(851,884	)
Net asset value of shares exchanged
Class A		834,305			799,527			244,056
Class B		(834,305	)		(799,527	)		(244,056	)
Net increase (decrease) in net assets from Fund share transactions	$	1,119,438		$	(689,221	)	$	9,059,330
Net increase (decrease) in net assets	$	267,072		$	(2,694,149	)	$	7,970,085
Net Assets
At beginning of year	$	19,359,620		$	41,268,238		$	28,121,302
At end of year	$	19,626,692		$	38,574,089		$	36,091,387
Accumulated distributions in excess of net investment income included in net assets
At end of year	$	(31,770	)	$	(65,300	)	$	(35,705	)

See notes to financial statements

24

Eaton Vance Municipals Fundsas of January 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Hawaii Fund — Class A
	Year Ended January 31,
	2009			2008			2007			2006			2005
Net asset value — Beginning of year	$	9.370		$	9.770		$	9.670		$	9.850		$	9.910
Income (loss) from operations
Net investment income(1)	$	0.376		$	0.390		$	0.406		$	0.408		$	0.444
Net realized and unrealized gain (loss)		(1.448	)		(0.398	)		0.096			(0.172	)		(0.069	)
Total income (loss) from operations	$	(1.072	)	$	(0.008	)	$	0.502		$	0.236		$	0.375
Less distributions
From net investment income	$	(0.388	)	$	(0.392	)	$	(0.402	)	$	(0.416	)	$	(0.435	)
Total distributions	$	(0.388	)	$	(0.392	)	$	(0.402	)	$	(0.416	)	$	(0.435	)
Net asset value — End of year	$	7.910		$	9.370		$	9.770		$	9.670		$	9.850
Total Return(2)		(11.62	)%		(0.09	)%		5.28	%		2.46	%(3)		3.91	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	14,319		$	15,720		$	13,856		$	10,239		$	8,394
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.93	%		0.83	%(4)		0.82	%		0.88	%		0.80	%(5)
Interest and fee expense(6)		0.14	%		0.31	%		0.35	%		0.18	%		0.10	%(5)
Total expenses before custodian fee reduction		1.07	%		1.14	%(4)		1.17	%		1.06	%		0.90	%(5)
Expenses after custodian fee reduction excluding interest and fees		0.90	%		0.75	%(4)		0.78	%		0.86	%		0.79	%(5)
Net investment income		4.39	%		4.06	%		4.16	%		4.20	%		4.55	%
Portfolio Turnover of the Portfolio		—			—			—			—			19	%(7)
Portfolio Turnover of the Fund		12	%		20	%		28	%		22	%		7	%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
(3)	During the year ended January 31, 2006, the Fund realized a gain on the disposal of an investment security which did not meet investment guidelines. The gain was less than $0.01 per share and had no effect on total return.
(4)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to 0.01% of average daily net assets for the year ended January 31, 2008). Absent this allocation, total return would be lower.
(5)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(7)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.

See notes to financial statements

25

Eaton Vance Municipals Fundsas of January 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Hawaii Fund — Class B
	Year Ended January 31,
	2009			2008			2007			2006			2005
Net asset value — Beginning of year	$	9.490		$	9.890		$	9.780		$	9.970		$	10.040
Income (loss) from operations
Net investment income(1)	$	0.318		$	0.324		$	0.340		$	0.344		$	0.379
Net realized and unrealized gain (loss)		(1.477	)		(0.402	)		0.102			(0.187	)		(0.083	)
Total income (loss) from operations	$	(1.159	)	$	(0.078	)	$	0.442		$	0.157		$	0.296
Less distributions
From net investment income	$	(0.321	)	$	(0.322	)	$	(0.332	)	$	(0.347	)	$	(0.366	)
Total distributions	$	(0.321	)	$	(0.322	)	$	(0.332	)	$	(0.347	)	$	(0.366	)
Net asset value — End of year	$	8.010		$	9.490		$	9.890		$	9.780		$	9.970
Total Return(2)		(12.37	)%		(0.81	)%		4.58	%		1.62	%(3)		3.21	%(4)
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	2,572		$	3,872		$	5,504		$	6,681		$	10,063
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.67	%		1.58	%(5)		1.57	%		1.63	%		1.55	%(6)
Interest and fee expense(7)		0.14	%		0.31	%		0.35	%		0.18	%		0.10	%(6)
Total expenses before custodian fee reduction		1.81	%		1.89	%(5)		1.92	%		1.81	%		1.65	%(6)
Expenses after custodian fee reduction excluding interest and fees		1.65	%		1.50	%(5)		1.53	%		1.61	%		1.54	%(6)
Net investment income		3.65	%		3.33	%		3.45	%		3.49	%		3.83	%
Portfolio Turnover of the Portfolio		—			—			—			—			19	%(8)
Portfolio Turnover of the Fund		12	%		20	%		28	%		22	%		7	%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
(3)	During the year ended January 31, 2006, the Fund realized a gain on the disposal of an investment security which did not meet investment guidelines. The gain was less than $0.01 per share and had no effect on total return.
(4)	Total return reflects an increase of 0.13% due to a change in the timing of the payment and reinvestment of distributions.
(5)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to 0.01% of average daily net assets for the year ended January 31, 2008). Absent this allocation, total return would be lower.
(6)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(7)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(8)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.

See notes to financial statements

26

Eaton Vance Municipals Fundsas of January 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Hawaii Fund — Class C
	Year Ended			Period Ended
	January 31, 2009			January 31, 2008(1)
Net asset value — Beginning of period	$	9.490		$	9.700
Income (loss) from operations
Net investment income(2)	$	0.297		$	0.105
Net realized and unrealized loss		(1.446	)		(0.208	)
Total loss from operations	$	(1.149	)	$	(0.103	)
Less distributions
From net investment income	$	(0.321	)	$	(0.107	)
Total distributions	$	(0.321	)	$	(0.107	)
Net asset value — End of period	$	8.020		$	9.490
Total Return(3)		(12.37	)%		(1.06	)%(7)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	116		$	34
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.68	%		1.58	%(4)
Interest and fee expense(5)		0.14	%		0.31	%(4)
Total expenses before custodian fee reduction		1.82	%		1.89	%(4)
Expenses after custodian fee reduction excluding interest and fees		1.65	%		1.50	%(4)
Net investment income		3.56	%		3.26	%(4)
Portfolio Turnover		12	%		20	%(6)

(1)	For the period from the start of business, October 1, 2007, to January 31, 2008.
(2)	Computed using average shares outstanding.
(3)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
(4)	Annualized.
(5)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(6)	For the year ended January 31, 2008.
(7)	Not annualized.

See notes to financial statements

27

Eaton Vance Municipals Fundsas of January 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Insured Municipals Fund — Class A
	Year Ended January 31,
	2009			2008			2007			2006			2005
Net asset value — Beginning of year	$	10.760		$	11.320		$	11.170		$	11.380		$	11.540
Income (loss) from operations
Net investment income(1)	$	0.423		$	0.474		$	0.483		$	0.490		$	0.524
Net realized and unrealized gain (loss)		(1.555	)		(0.565	)		0.148			(0.204	)		(0.155	)
Total income (loss) from operations	$	(1.132	)	$	(0.091	)	$	0.631		$	0.286		$	0.369
Less distributions
From net investment income	$	(0.468	)	$	(0.469	)	$	(0.481	)	$	(0.496	)	$	(0.529	)
Total distributions	$	(0.468	)	$	(0.469	)	$	(0.481	)	$	(0.496	)	$	(0.529	)
Net asset value — End of year	$	9.160		$	10.760		$	11.320		$	11.170		$	11.380
Total Return(2)		(10.69	)%		(0.85	)%		5.76	%		2.58	%		3.34	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	36,305		$	29,433		$	30,822		$	30,896		$	25,848
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.90	%		0.71	%(3)		0.73	%		0.72	%		0.70	%(4)
Interest and fee expense(5)		0.17	%		0.56	%		0.39	%		0.20	%		0.23	%(4)
Total expenses before custodian fee reduction		1.07	%		1.27	%(3)		1.12	%		0.92	%		0.93	%(4)
Expenses after custodian fee reduction excluding interest and fees		0.86	%		0.69	%(3)		0.71	%		0.70	%		0.69	%(4)
Net investment income		4.31	%		4.27	%		4.29	%		4.36	%		4.64	%
Portfolio Turnover of the Portfolio		—			—			—			—			0	%(6)
Portfolio Turnover of the Fund		79	%		34	%		33	%		28	%		12	%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
(3)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to 0.01% of average daily net assets for the year ended January 31, 2008). Absent this allocation, total return would be lower.
(4)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(5)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(6)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.

See notes to financial statements

28

Eaton Vance Municipals Fundsas of January 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Insured Municipals Fund — Class B
	Year Ended January 31,
	2009			2008			2007			2006			2005
Net asset value — Beginning of year	$	10.640		$	11.190		$	11.040		$	11.250		$	11.420
Income (loss) from operations
Net investment income(1)	$	0.348		$	0.388		$	0.396		$	0.406		$	0.436
Net realized and unrealized gain (loss)		(1.545	)		(0.558	)		0.146			(0.209	)		(0.167	)
Total income (loss) from operations	$	(1.197	)	$	(0.170	)	$	0.542		$	0.197		$	0.269
Less distributions
From net investment income	$	(0.383	)	$	(0.380	)	$	(0.392	)	$	(0.407	)	$	(0.439	)
Total distributions	$	(0.383	)	$	(0.380	)	$	(0.392	)	$	(0.407	)	$	(0.439	)
Net asset value — End of year	$	9.060		$	10.640		$	11.190		$	11.040		$	11.250
Total Return(2)		(11.40	)%		(1.57	)%		4.99	%		1.78	%		2.64	%(3)
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	5,929		$	7,998		$	10,421		$	13,650		$	18,170
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.65	%		1.46	%(4)		1.48	%		1.47	%		1.45	%(5)
Interest and fee expense(6)		0.17	%		0.56	%		0.39	%		0.20	%		0.23	%(5)
Total expenses before custodian fee reduction		1.82	%		2.02	%(4)		1.87	%		1.67	%		1.68	%(5)
Expenses after custodian fee reduction excluding interest and fees		1.61	%		1.44	%(4)		1.46	%		1.45	%		1.44	%(5)
Net investment income		3.55	%		3.52	%		3.56	%		3.64	%		3.89	%
Portfolio Turnover of the Portfolio		—			—			—			—			0	%(7)
Portfolio Turnover of the Fund		79	%		34	%		33	%		28	%		12	%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
(3)	Total return reflects an increase of 0.13% due to a change in the timing of the payment and reinvestment of distributions.
(4)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to 0.01% of average daily net assets for the year ended January 31, 2008). Absent this allocation, total return would be lower.
(5)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(7)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.

See notes to financial statements

29

Eaton Vance Municipals Fundsas of January 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Insured Municipals Fund — Class C
	Year Ended January 31,
							Period Ended
	2009			2008			January 31, 2007(1)
Net asset value — Beginning of period	$	10.650		$	11.190		$	11.040
Income (loss) from operations
Net investment income(2)	$	0.341		$	0.383		$	0.202
Net realized and unrealized gain (loss)		(1.538	)		(0.543	)		0.209
Total income (loss) from operations	$	(1.197	)	$	(0.160	)	$	0.411
Less distributions
From net investment income	$	(0.383	)	$	(0.380	)	$	(0.261	)
Total distributions	$	(0.383	)	$	(0.380	)	$	(0.261	)
Net asset value — End of period	$	9.070		$	10.650		$	11.190
Total Return(3)		(11.39	)%		(1.48	)%		3.76	%(8)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	5,248		$	1,144		$	26
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.64	%		1.45	%(4)		1.48	%(5)
Interest and fee expense(6)		0.17	%		0.56	%		0.39	%(5)
Total expenses before custodian fee reduction		1.81	%		2.01	%(4)		1.87	%(5)
Expenses after custodian fee reduction excluding interest and fees		1.60	%		1.43	%(4)		1.46	%(5)
Net investment income		3.65	%		3.53	%		2.70	%(5)
Portfolio Turnover		79	%		34	%		33	%(7)

(1)	For the period from the start of business, June 2, 2006, to January 31, 2007.
(2)	Computed using average shares outstanding.
(3)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
(4)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to 0.01% of average daily net assets for the year ended January 31, 2008). Absent this allocation, total return would be lower.
(5)	Annualized.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(7)	For the year ended January 31, 2007.
(8)	Not annualized.

See notes to financial statements

30

Eaton Vance Municipals Fundsas of January 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Kansas Fund — Class A
	Year Ended January 31,
	2009			2008			2007			2006			2005
Net asset value — Beginning of year	$	10.180		$	10.520		$	10.360		$	10.560		$	10.680
Income (loss) from operations
Net investment income(1)	$	0.407		$	0.416		$	0.426		$	0.434		$	0.470
Net realized and unrealized gain (loss)		(1.251	)		(0.338	)		0.163			(0.200	)		(0.114	)
Total income (loss) from operations	$	(0.844	)	$	0.078		$	0.589		$	0.234		$	0.356
Less distributions
From net investment income	$	(0.416	)	$	(0.418	)	$	(0.429	)	$	(0.434	)	$	(0.476	)
Total distributions	$	(0.416	)	$	(0.418	)	$	(0.429	)	$	(0.434	)	$	(0.476	)
Net asset value — End of year	$	8.920		$	10.180		$	10.520		$	10.360		$	10.560
Total Return(2)		(8.39	)%		0.74	%		5.79	%		2.28	%		3.46	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	27,768		$	30,715		$	23,177		$	17,112		$	15,920
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.77	%		0.72	%(3)		0.77	%		0.83	%		0.77	%(4)
Interest and fee expense(5)		0.06	%		0.15	%		0.25	%		0.23	%		0.12	%(4)
Total expenses before custodian fee reduction		0.83	%		0.87	%(3)		1.02	%		1.06	%		0.89	%(4)
Expenses after custodian fee reduction excluding interest and fees		0.74	%		0.66	%(3)		0.73	%		0.82	%		0.76	%(4)
Net investment income		4.31	%		4.01	%		4.08	%		4.17	%		4.48	%
Portfolio Turnover of the Portfolio		—			—			—			—			10	%(6)
Portfolio Turnover of the Fund		29	%		20	%		12	%		17	%		8	%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
(3)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to 0.01% of average daily net assets for the year ended January 31, 2008). Absent this allocation, total return would be lower.
(4)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(5)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(6)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.

See notes to financial statements

31

Eaton Vance Municipals Fundsas of January 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Kansas Fund — Class B
	Year Ended January 31,
	2009			2008			2007			2006			2005
Net asset value — Beginning of year	$	10.100		$	10.430		$	10.280		$	10.470		$	10.590
Income (loss) from operations
Net investment income(1)	$	0.335		$	0.337		$	0.348		$	0.355		$	0.394
Net realized and unrealized gain (loss)		(1.246	)		(0.331	)		0.150			(0.192	)		(0.120	)
Total income (loss) from operations	$	(0.911	)	$	0.006		$	0.498		$	0.163		$	0.274
Less distributions
From net investment income	$	(0.339	)	$	(0.336	)	$	(0.348	)	$	(0.353	)	$	(0.394	)
Total distributions	$	(0.339	)	$	(0.336	)	$	(0.348	)	$	(0.353	)	$	(0.394	)
Net asset value — End of year	$	8.850		$	10.100		$	10.430		$	10.280		$	10.470
Total Return(2)		(9.11	)%		0.05	%		4.92	%		1.60	%		2.84	%(3)
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	2,993		$	3,729		$	4,221		$	5,071		$	6,158
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.52	%		1.48	%(4)		1.52	%		1.58	%		1.52	%(5)
Interest and fee expense(6)		0.06	%		0.15	%		0.25	%		0.23	%		0.12	%(5)
Total expenses before custodian fee reduction		1.58	%		1.63	%(4)		1.77	%		1.81	%		1.64	%(5)
Expenses after custodian fee reduction excluding interest and fees		1.50	%		1.41	%(4)		1.48	%		1.57	%		1.51	%(5)
Net investment income		3.57	%		3.27	%		3.37	%		3.44	%		3.77	%
Portfolio Turnover of the Portfolio		—			—			—			—			10	%(7)
Portfolio Turnover of the Fund		29	%		20	%		12	%		17	%		8	%

(1)	Computed using average shares outstanding.
(2)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
(3)	Total return reflects an increase of 0.12% due to a change in the timing of the payment and reinvestment of distributions.
(4)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to 0.01% of average daily net assets for the year ended January 31, 2008). Absent this allocation, total return would be lower.
(5)	Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(7)	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.

See notes to financial statements

32

Eaton Vance Municipals Fundsas of January 31, 2009

FINANCIAL STATEMENTS CONT’D

Financial Highlights

	Kansas Fund — Class C
	Year Ended January 31,
							Period Ended
	2009			2008			January 31, 2007(1)
Net asset value — Beginning of period	$	10.100		$	10.430		$	10.260
Income (loss) from operations
Net investment income(2)	$	0.333		$	0.337		$	0.211
Net realized and unrealized gain (loss)		(1.234	)		(0.331	)		0.191
Total income (loss) from operations	$	(0.901	)	$	0.006		$	0.402
Less distributions
From net investment income	$	(0.339	)	$	(0.336	)	$	(0.232	)
Total distributions	$	(0.339	)	$	(0.336	)	$	(0.232	)
Net asset value — End of period	$	8.860		$	10.100		$	10.430
Total Return(3)		(9.00	)%		0.05	%		3.95	%(8)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,176		$	1,648		$	723
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.52	%		1.47	%(4)		1.52	%(5)
Interest and fee expense(6)		0.06	%		0.15	%		0.25	%(5)
Total expenses before custodian fee reduction		1.58	%		1.62	%(4)		1.77	%(5)
Expenses after custodian fee reduction excluding interest and fees		1.49	%		1.40	%(4)		1.48	%(5)
Net investment income		3.57	%		3.28	%		3.01	%(5)
Portfolio Turnover		29	%		20	%		12	%(7)

(1)	For the period from the start of business, June 2, 2006, to January 31, 2007.
(2)	Computed using average shares outstanding.
(3)	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
(4)	The investment adviser was allocated a portion of the Fund’s operating expenses (equal to 0.01% of average daily net assets for the year ended January 31, 2008). Absent this allocation, total return would be lower.
(5)	Annualized.
(6)	Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I).
(7)	For the year ended January 31, 2007.
(8)	Not annualized.

See notes to financial statements

33

Eaton Vance Municipals Fundsas of January 31, 2009

NOTES TO FINANCIAL STATEMENTS

1Significant Accounting Policies

Eaton Vance Municipals Trust II (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 four funds, three of which, each non-diversified, are included in these financial statements. They include Eaton Vance Hawaii Municipals Fund (Hawaii Fund), Eaton Vance Insured Municipals Fund (Insured Municipals Fund) and Eaton Vance Kansas Municipals Fund (Kansas Fund), (each individually referred to as the Fund, and collectively, the Funds). The Funds seek to provide current income exempt from regular federal income tax and, in the case of the Hawaii Fund and Kansas Fund, from particular state or local income or other taxes. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class B and Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class B shares of each Fund automatically convert to Class A shares eight years after their purchase as described in each Fund’s prospectus. 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.

AInvestment Valuation — Municipal bonds and taxable obligations, if any, are generally valued on the basis of valuations furnished by a pricing vendor, as derived from such vendor’s pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, benchmark curves or information pertaining to the issuer. The pricing vendor may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Financial futures contracts and options on financial futures contracts listed on commodity exchanges are valued based on the closing price on the primary exchange on which such contracts trade. Interest rate swaps are normally valued using valuations provided by a pricing vendor. Such vendor valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows are discounted to their present value using swap curves provided by electronic data services or by broker/dealers. Short-term obligations, maturing in sixty days or less, are valued at amortized cost, which approximates market value. Investments for which valuations or market quotations are not readily available, and investments for which the price of a security is not believed to represent its fair market value, are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

BInvestment 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.

CFederal 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 municipal obligations, 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.

At January 31, 2009, the following Funds, for federal income tax purposes, had capital loss carryforwards which will 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 will 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 amounts and expiration dates of the capital loss carryforwards are as follows:

Fund	Amount		Expiration Date
Hawaii	$	110,775		January 31, 2011
		93,535		January 31, 2012
		211,449		January 31, 2013
		52,732		January 31, 2016
		280,842		January 31, 2017
Insured Municipals		166,010		January 31, 2011
		1,271,199		January 31, 2013
		29,110		January 31, 2016
		625,653		January 31, 2017
Kansas		474,959		January 31, 2013
		172,638		January 31, 2016
		238,043		January 31, 2017

34

Eaton Vance Municipals Fundsas of January 31, 2009

NOTES TO FINANCIAL STATEMENTS CONT’D

At January 31, 2009, the Hawaii Fund, Insured Municipals Fund and Kansas Fund had net capital losses of $657,569, $1,021,294 and $1,453,516, respectively, attributable to security transactions incurred after October 31, 2008. These net capital losses are treated as arising on the first day of the Funds’ taxable year ending January 31, 2010.

As of January 31, 2009, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Funds’ federal tax returns filed in the 3-year period ended January 31, 2009 remains subject to examination by the Internal Revenue Service.

DExpenses — 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.

EExpense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Funds. Pursuant to the respective custodian agreements, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance each Fund maintains with SSBT. All credit balances, if any, used to reduce each Fund’s custodian fees are reported as a reduction of expenses in the Statements of Operations.

FLegal 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.

GUse of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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.

HIndemnifications — 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, and shareholders are indemnified against personal liability for the obligations of the Trust. 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.

IFloating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in inverse floating rate securities, also referred to as tender option bonds (TOBs), whereby a Fund may sell a fixed rate bond to a broker for cash. At the same time, the Fund buys a residual interest in the assets and cash flows of a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), set up by the broker, often referred to as an inverse floating rate obligation (Inverse Floater). The broker deposits a fixed rate bond into the SPV with the same CUSIP number as the fixed rate bond sold to the broker by the Fund, and which may have been, but is not required to be, the fixed rate bond purchased from the Fund (the Fixed Rate Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The Inverse Floater held by a Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to tender their notes at par, and (2) to have the broker transfer the Fixed Rate Bond held by the SPV to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would pay the broker the par amount due on the Floating Rate Notes and exchange the Inverse Floater for the underlying Fixed Rate Bond. Pursuant to Financial Accounting Standards Board (FASB) Statement No. 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities” (FAS 140), a Fund accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bond in its Portfolio of Investments and the Floating Rate Notes outstanding as a liability under the caption “Payable for floating rate notes issued” in its Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the broker for redemption at par at each reset date. 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 broker upon the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying bond, bankruptcy of or payment failure by the issuer of the underlying bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At January 31, 2009, the amounts of the Funds’ Floating Rate Notes outstanding and related interest rates and collateral were as follows:

			Interest Rate	Collateral for
	Floating Rate		or Range of	Floating Rate
Fund	Notes Outstanding		Interest Rates (%)	Notes Outstanding
Hawaii	$	220,000	2.25	$	424,725
Insured Municipals		1,140,000	0.71–2.25		1,560,582
Kansas		300,000	2.25		579,171

35

Eaton Vance Municipals Fundsas of January 31, 2009

NOTES TO FINANCIAL STATEMENTS CONT’D

The Funds may enter into shortfall and forbearance agreements with the broker by which a Fund agrees to reimburse the broker, in certain circumstances, for the difference between the liquidation value of the Fixed Rate Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Funds had no shortfalls as of January 31, 2009.

The Funds may also purchase Inverse Floaters from brokers in a secondary market transaction without first owning the underlying fixed rate bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to Inverse Floaters purchased in a secondary market transaction are disclosed in the Portfolio of Investments. The Funds’ investment policies and restrictions expressly permit investments in Inverse Floaters. Inverse floating rate securities 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 inverse floating rate securities are generally more volatile than that of a fixed rate bond. The Funds’ investment policies do not allow the Funds to borrow money for purposes of making investments. Management believes that the Funds’ restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Funds’ Statements of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Funds’ restrictions apply. Inverse Floaters held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

JFinancial Futures Contracts — The Funds may enter into financial futures contracts. The Funds’ investment in financial futures contracts is designed for hedging against changes in interest rates or as a substitute for the purchase of securities. Upon entering into a financial futures contract, a Fund is required to deposit with the broker, either in cash or securities an amount equal to a certain percentage of the purchase price (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. In entering such contracts, the Fund bears the risk if the counterparties do not perform under the contracts’ terms.

KInterest Rate Swaps — The Funds may enter into interest rate swap agreements to enhance return, to hedge against fluctuations in securities prices or interest rates, or as substitution for the purchase or sale of securities. Pursuant to these agreements, a Fund makes periodic payments at a fixed interest rate and, in exchange, receives payments based on the interest rate of a benchmark industry index. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. The value of the swap is determined by changes in the relationship between two rates of interest. A Fund is exposed to credit loss in the event of non-performance by the swap counterparty. Risk may also arise from movements in interest rates.

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

2Distributions to Shareholders

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 (reduced by available capital loss carryforwards, if any), 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. The Funds distinguish between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be 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.

36

Eaton Vance Municipals Fundsas of January 31, 2009

NOTES TO FINANCIAL STATEMENTS CONT’D

The tax character of distributions declared for the years ended January 31, 2009 and January 31, 2008 was as follows:

	Year Ended January 31, 2009
			Insured
			Municipals
	Hawaii Fund		Fund		Kansas Fund
Distributions declared from:
Tax-exempt income	$	732,045	$	1,607,659	$	1,466,530
Ordinary income	$	34,469	$	141,830	$	30,024

	Year Ended January 31, 2008
			Insured
			Municipals
	Hawaii Fund		Fund		Kansas Fund
Distributions declared from:
Tax-exempt income	$	792,623	$	1,624,060	$	1,294,067
Ordinary income	$	7,608	$	2	$	—

During the year ended January 31, 2009, the following amounts were reclassified due to the tax treatment of distributions in excess of net tax-exempt income and differences between book and tax accounting, primarily for accretion of market discount.

				Insured
				Municipals
	Hawaii Fund			Fund			Kansas Fund
Increase (decrease):
Paid-in capital	$	(34,469	)	$	(134,214	)	$	(30,017	)
Accumulated net realized loss	$	13,873		$	1,259		$	7,196
Accumulated distributions in excess of net investment income	$	20,596		$	132,955		$	22,821

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

As of January 31, 2009, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:

				Insured
				Municipals
	Hawaii Fund			Fund			Kansas Fund
Capital loss carryforward and post October losses	$	(1,406,902	)	$	(3,113,266	)	$	(2,339,156	)
Net unrealized depreciation	$	(1,692,756	)	$	(2,889,288	)	$	(2,961,673	)
Other temporary differences	$	(31,934	)	$	(101,451	)	$	(45,774	)

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statements of Assets and Liabilities are primarily due to futures contracts, accretion of market discount, the timing of recognizing distributions to shareholders, wash sales, and inverse floaters.

3Investment Adviser Fee and Other Transactions with Affiliates

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

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

On average daily net assets of $500 million or more, the rates are further reduced. For the year ended January 31, 2009, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

	Investment		Effective
Fund	Adviser Fee		Annual Rate
Hawaii	$	26,795		0.15	%
Insured Municipals		86,722		0.23
Kansas		74,983		0.21

EVM serves as administrator of each Fund, but receives no compensation. EVM serves as the sub-transfer agent of each Fund and receives from the transfer agent an aggregate fee based upon the actual expenses incurred by EVM in the performance of these services. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also received distribution and service fees from Class A, Class B and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM and Class A sales charges that the Funds were informed were received by EVD for the year ended January 31, 2009 were as follows:

	EVM’s Sub-
	Transfer Agent		EVD’s Class A
Fund	Fees		Sales Charges
Hawaii	$	504	$	907
Insured Municipals		641		5,219
Kansas		872		5,266

Except for Trustees of the Funds who are not members of EVM’s or BMR’s organizations, officers and Trustees 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

37

Eaton Vance Municipals Fundsas of January 31, 2009

NOTES TO FINANCIAL STATEMENTS CONT’D

accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2009, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of the above organizations.

4Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class A Plan provides that each Fund will pay EVD a distribution and service fee not exceeding 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Trustees approved distribution and service fee payments equal to 0.20% per annum of each Fund’s average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2009 for Class A shares amounted to the following:

	Class A
	Distribution and
Fund	Service Fees
Hawaii	$	28,384
Insured Municipals		58,941
Kansas		59,187

Each Fund also has in effect distribution plans for Class B shares (Class B Plan) and Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class B and Class C Plans require each Fund to pay EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class B and Class C shares for providing ongoing distribution services and facilities to the respective Funds. Each Fund will automatically discontinue payments to EVD during any period in which there are no outstanding Uncovered Distribution Charges, which are equivalent to the sum of (i) 5% and 6.25% of the aggregate amount received by each Fund for Class B and Class C shares sold, respectively, plus (ii) interest calculated by applying the rate of 1% over the prevailing prime rate to the outstanding balance of Uncovered Distribution Charges of EVD of each respective class, reduced by the aggregate amount of contingent deferred sales charges (see Note 5) and amounts theretofore paid or payable to EVD by each respective class. For the year ended January 31, 2009, the Funds paid or accrued to EVD the following distribution fees, representing 0.75% of the average daily net assets of each Fund’s Class B and Class C shares:

	Class B		Class C
	Distribution		Distribution
Fund	Fees		Fees
Hawaii	$	24,853	$	361
Insured Municipals		50,767		14,219
Kansas		24,953		14,885

At January 31, 2009, the amounts of Uncovered Distribution Charges of EVD calculated under the Class B and Class C Plans were approximately as follows:

Fund	Class B		Class C
Hawaii	$	395,000	$	4,000
Insured Municipals		444,000		108,000
Kansas		212,000		182,000

The Class B and Class C Plans also authorize the Funds to make payments of service fees to EVD, investment dealers and other persons in amounts not exceeding 0.25% per annum of the average daily net assets attributable to that class. The Trustees approved service fee payments equal to 0.20% per annum of each Fund’s average daily net assets attributable to Class B and 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 B and Class C sales commissions and distribution fees and, as such, are not subject to automatic discontinuance when there are no outstanding Uncovered Distribution Charges of EVD. Service fees paid or accrued for the year ended January 31, 2009 amounted to the following:

	Class B		Class C
	Service		Service
Fund	Fees		Fees
Hawaii	$	6,627	$	96
Insured Municipals		13,538		3,791
Kansas		6,654		3,969

5Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) generally is imposed on redemptions of Class B shares made within six years of purchase and on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within eighteen 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. The CDSC for Class B shares is imposed at declining rates that begin at 5% in the case of redemptions in the first and second year after purchase, declining one percentage point each subsequent year. Class C shares are subject to a 1% CDSC if redeemed within one year of purchase. No CDSC is levied on shares which have been sold to EVM or its affiliates or to their respective employees or clients and may be waived under certain other limited conditions. CDSCs received on Class B and Class C redemptions are paid to EVD to reduce the amount of Uncovered Distribution Charges calculated under each Fund’s Class B and Class C Plans. CDSCs received on Class B and Class C redemptions when no Uncovered Distribution Charges exist are credited to each Fund. For the year ended January 31, 2009, the Funds were informed

38

Eaton Vance Municipals Fundsas of January 31, 2009

NOTES TO FINANCIAL STATEMENTS CONT’D

that EVD received approximately the following amounts of CDSCs paid by Class A, Class B and Class C shareholders:

Fund	Class A		Class B		Class C
Hawaii	$	9,000	$	6,000	$	—
Insured Municipals		17,000		7,000		13,000
Kansas		8,000		4,000		—

6Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended January 31, 2009 were as follows:

Fund	Purchases		Sales
Hawaii	$	2,148,281	$	4,802,827
Insured Municipals		41,575,231		32,152,996
Kansas		10,027,811		10,885,566

7Shares of Beneficial Interest

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

Hawaii Fund
	Year Ended			Year Ended
Class A	January 31, 2009			January 31, 2008
Sales		368,582			613,062
Issued to shareholders electing to receive payments of distributions in Fund shares		40,450			35,058
Redemptions		(361,165	)		(474,664	)
Exchange from Class B shares		84,525			85,791
Net increase		132,392			259,247

	Year Ended			Year Ended
Class B	January 31, 2009			January 31, 2008
Sales		25,781			18,873
Issued to shareholders electing to receive payments of distributions in Fund shares		7,251			7,127
Redemptions		(36,555	)		(89,785	)
Exchange to Class A shares		(83,472	)		(84,789	)
Net decrease		(86,995	)		(148,574	)

	Year Ended		Period Ended
Class C	January 31, 2009		January 31, 2008(1)
Sales		10,725		3,554
Issued to shareholders electing to receive payments of distributions in Fund shares		164		8
Net increase		10,889		3,562

Insured Municipals Fund
	Year Ended			Year Ended
Class A	January 31, 2009			January 31, 2008
Sales		1,941,242			438,151
Issued to shareholders electing to receive payments of distributions in Fund shares		64,402			50,230
Redemptions		(852,645	)		(547,827	)
Exchange from Class B shares		73,494			71,590
Net increase		1,226,493			12,144

	Year Ended			Year Ended
Class B	January 31, 2009			January 31, 2008
Sales		76,187			16,966
Issued to shareholders electing to receive payments of distributions in Fund shares		12,708			12,867
Redemptions		(111,668	)		(137,063	)
Exchange to Class A shares		(74,224	)		(72,342	)
Net decrease		(96,997	)		(179,572	)

	Year Ended			Year Ended
Class C	January 31, 2009			January 31, 2008
Sales		553,026			136,057
Issued to shareholders electing to receive payments of distributions in Fund shares		3,696			416
Redemptions		(85,716	)		(31,370	)
Net increase		471,006			105,103

Kansas Fund
	Year Ended			Year Ended
Class A	January 31, 2009			January 31, 2008
Sales		915,398			1,331,723
Issued to shareholders electing to receive payments of distributions in Fund shares		86,405			59,557
Redemptions		(942,222	)		(602,598	)
Exchange from Class B shares		35,971			23,804
Net increase		95,552			812,486

	Year Ended			Year Ended
Class B	January 31, 2009			January 31, 2008
Sales		17,471			19,473
Issued to shareholders electing to receive payments of distributions in Fund shares		7,953			8,081
Redemptions		(20,248	)		(39,077	)
Exchange to Class A shares		(36,218	)		(24,003	)
Net decrease		(31,042	)		(35,526	)

39

Eaton Vance Municipals Fundsas of January 31, 2009

NOTES TO FINANCIAL STATEMENTS CONT’D

Kansas Fund (continued)

	Year Ended			Year Ended
Class C	January 31, 2009			January 31, 2008
Sales		166,379			175,295
Issued to shareholders electing to receive payments of distributions in Fund shares		4,366			2,004
Redemptions		(88,219	)		(83,470	)
Net increase		82,526			93,829

(1) Class C of the Hawaii Fund commenced operations on October 1, 2007.

8Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of each Fund at January 31, 2009, as determined on a federal income tax basis, were as follows:

Hawaii Fund
Aggregate cost	$	17,624,039
Gross unrealized appreciation	$	717,248
Gross unrealized depreciation		(2,246,220	)
Net unrealized depreciation	$	(1,528,972	)
Insured Municipals Fund
Aggregate cost	$	48,256,669
Gross unrealized appreciation	$	1,288,201
Gross unrealized depreciation		(3,630,859	)
Net unrealized depreciation	$	(2,342,658	)
Kansas Fund
Aggregate cost	$	34,309,541
Gross unrealized appreciation	$	1,098,390
Gross unrealized depreciation		(3,854,790	)
Net unrealized depreciation	$	(2,756,400	)

9Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $450 million unsecured line of credit agreement with a group of banks. Borrowings are made by the Funds solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to each Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. The Funds did not have any significant borrowings or allocated fees during the year ended January 31, 2009.

10Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and interest rate swaps 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 does 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 January 31, 2009 is as follows:

Futures Contracts
										Net
										Unrealized
	Expiration			Aggregate						Appreciation
Fund	Date	Contracts	Position	Cost			Value			(Depreciation)
Hawaii	3/09	7 U.S. Treasury Bond	Short	$	(874,374	)	$	(886,922	)	$	(12,548	)
	3/09	8 U.S. Treasury Note	Short	$	(982,277	)	$	(981,375	)	$	902
Insured Municipals	3/09	61 U.S. Treasury Bond	Short	$	(7,623,833	)	$	(7,728,890	)	$	(105,057	)
Kansas	3/09	115 US Treasury Bond	Short	$	(14,277,099	)	$	(14,570,860	)	$	(293,761	)

Interest Rate Swaps
Hawaii Fund
			Annual	Floating	Effective Date/	Net
	Notional		Fixed Rate	Rate	Termination	Unrealized
Counterparty	Amount		Paid By Fund	Paid To Fund	Date	Depreciation
JPMorgan Chase Co.	$	412,500	4.743%	3-month USD-LIBOR-BBA	September 14, 2009 / September 14, 2039	$	(98,485	)
Morgan Stanley Capital Services, Inc.		275,000	4.691	3-month USD-LIBOR-BBA	June 11, 2009 / June 11, 2039		(65,299	)
						$	(163,784	)

Insured Municipals Fund
			Annual	Floating	Effective Date/	Net
	Notional		Fixed Rate	Rate	Termination	Unrealized
Counterparty	Amount		Paid By Fund	Paid To Fund	Date	Depreciation
JPMorgan Chase Co.	$	812,500	4.743%	3-month USD-LIBOR-BBA	September 14, 2009 / September 14, 2039	$	(193,985	)
Merrill Lynch Capital				3-month	April 1, 2009 /
Services, Inc.		850,000	4.682	USD-LIBOR-BBA	April 1, 2039		(204,237	)
Morgan Stanley Capital Services, Inc.		625,000	4.691	3-month USD-LIBOR-BBA	June 11, 2009 / June 11, 2039		(148,408	)
						$	(546,630	)

40

Eaton Vance Municipals Fundsas of January 31, 2009

NOTES TO FINANCIAL STATEMENTS CONT’D

Kansas Fund
			Annual	Floating	Effective Date/	Net
	Notional		Fixed Rate	Rate	Termination	Unrealized
Counterparty	Amount		Paid By Fund	Paid To Fund	Date	Depreciation
JPMorgan Chase Co.	$	362,500	4.743%	3-month USD-LIBOR-BBA	September 14, 2009 / September 14, 2039	$	(86,547	)
Morgan Stanley Capital Services, Inc.		500,000	4.691	3-month USD-LIBOR-BBA	June 11, 2009 / June 11, 2039		(118,726	)
						$	(205,273	)

The effective date represents the date on which the Fund and the counterparty to the interest rate swap contract begin interest payment accruals.

At January 31, 2009, the Funds had sufficient cash and/or securities to cover commitments under these contracts.

11Fair Value Measurements

The Funds adopted FASB Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, effective February 1, 2008. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, 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)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At January 31, 2009, the inputs used in valuing the Funds’ investments, which are carried at value, were as follows:

Hawaii Fund
		Investments in		Other Financial
	Valuation Inputs	Securities		Instruments*
Level 1	Quoted Prices	$	—	$	(11,646	)
Level 2	Other Significant Observable Inputs		16,315,067		(163,784	)
Level 3	Significant Unobservable Inputs		—		—
Total		$	16,315,067	$	(175,430	)

Insured Municipals Fund
		Investments in		Other Financial
	Valuation Inputs	Securities		Instruments*
Level 1	Quoted Prices	$	—	$	(105,057	)
Level 2	Other Significant Observable Inputs		47,054,011		(546,630	)
Level 3	Significant Unobservable Inputs		—		—
Total		$	47,054,011	$	(651,687	)

Kansas Fund
		Investments in		Other Financial
	Valuation Inputs	Securities		Instruments*
Level 1	Quoted Prices	$	—	$	(293,761	)
Level 2	Other Significant Observable Inputs		31,853,141		(205,273	)
Level 3	Significant Unobservable Inputs		—		—
Total		$	31,853,141	$	(499,034	)

* Other financial instruments include futures and interest rate swap contracts not reflected in the Portfolio of Investments, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Funds held no investments or other financial instruments as of January 31, 2008 whose fair value was determined using Level 3 inputs.

12Recently Issued Accounting Pronouncement

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161 (FAS 161), “Disclosures about Derivative Instruments and Hedging Activities”. FAS 161 requires enhanced disclosures about an entity’s derivative and hedging activities, including qualitative disclosures about the objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative instruments. FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. Management is currently evaluating the impact the adoption of FAS 161 will have on the Funds’ financial statement disclosures.

41

Eaton Vance Municipals Fundsas of January 31, 2009

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of Eaton Vance Municipals Trust II
and Shareholders of Eaton Vance Hawaii Municipals Fund, Eaton Vance Insured Municipals Fund (formerly Eaton Vance Florida Plus Insured Municipals Fund) and Eaton Vance Kansas Municipals Fund:

We have audited the accompanying statements of assets and liabilities of Eaton Vance Hawaii Municipals Fund, Eaton Vance Insured Municipals Fund (formerly Eaton Vance Florida Plus Insured Municipals Fund) and Eaton Vance Kansas Municipals Fund (collectively the “Funds”) (certain of the funds constituting Eaton Vance Municipals Trust II), including the portfolios of investments, as of January 31, 2009, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2009, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Eaton Vance Hawaii Municipals Fund, Eaton Vance Insured Municipals Fund and Eaton Vance Kansas Municipals Fund as of January 31, 2009, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

March 16, 2009

42

Eaton Vance Municipals Fundsas of January 31, 2009

FEDERAL TAX INFORMATION (Unaudited)

The Form 1099-DIV you receive in January 2010 will show the tax status of all distributions paid to your account in calendar 2009. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in a Fund. As required by the Internal Revenue Code regulations, shareholders must be notified within 60 days of a Fund’s fiscal year end regarding the status of exempt-interest dividends.

Exempt-Interest Dividends. The Funds designate the following amounts of dividends from net investment income as an exempt-interest dividend.

Hawaii Fund	95.50%
Insured Municipals Fund	91.89%
Kansas Fund	97.99%

43

Eaton Vance Municipals Funds

SPECIAL MEETING OF SHAREHOLDERS (Unaudited)

Eaton Vance Hawaii Municipals Fund

The Fund held a Special Meeting of Shareholders on November 14, 2008 to elect Trustees. The results of the vote were as follows:

	Number of Shares
Nominee for Trustee	For		Withheld
Benjamin C. Esty		1,715,759		11,935
Thomas E. Faust Jr.		1,715,759		11,935
Allen R. Freedman		1,715,759		11,935
William H. Park		1,715,759		11,935
Ronald A. Pearlman		1,715,759		11,935
Helen Frame Peters		1,715,759		11,935
Heidi L. Steiger		1,715,759		11,935
Lynn A. Stout		1,715,759		11,935
Ralph F. Verni		1,715,759		11,935

Eaton Vance Insured Municipals Fund

The Fund held a Special Meeting of Shareholders on November 14, 2008 to elect Trustees. The results of the vote were as follows:

	Number of Shares
Nominee for Trustee	For		Withheld
Benjamin C. Esty		3,335,992		112,462
Thomas E. Faust Jr.		3,328,522		119,931
Allen R. Freedman		3,328,522		119,931
William H. Park		3,335,992		112,462
Ronald A. Pearlman		3,335,992		112,462
Helen Frame Peters		3,328,522		119,931
Heidi L. Steiger		3,328,522		119,931
Lynn A. Stout		3,335,992		112,462
Ralph F. Verni		3,335,992		112,462

Eaton Vance Kansas Municipals Fund

The Fund held a Special Meeting of Shareholders on November 14, 2008 to elect Trustees. The results of the vote were as follows:

	Number of Shares
Nominee for Trustee	For		Withheld
Benjamin C. Esty		3,141,324		18,997
Thomas E. Faust Jr.		3,141,324		18,997
Allen R. Freedman		3,132,336		27,985
William H. Park		3,132,336		27,985
Ronald A. Pearlman		3,132,336		27,985
Helen Frame Peters		3,131,066		29,255
Heidi L. Steiger		3,140,054		20,267
Lynn A. Stout		3,140,054		20,267
Ralph F. Verni		3,132,336		27,985

44

Eaton Vance Municipals Funds

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 21, 2008, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board (formerly the Special Committee), which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held in February, March and April 2008. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

•  An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

•  An independent report comparing each fund’s total expense ratio and its components to comparable funds;

•  An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

•  Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;

•  Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;

•  Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management

•  Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;

•  Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through “soft dollar” benefits received in connection with the funds’ brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;

•  Data relating to portfolio turnover rates of each fund;

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

Information about each Adviser

•  Reports detailing the financial results and condition of each adviser;

•  Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

•  Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

•  Copies of or descriptions of each adviser’s proxy voting policies and procedures;

•  Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

•  Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

Other Relevant Information

•  Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

•  Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

•  The terms of each advisory agreement.

45

Eaton Vance Municipals Funds

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONT’D

In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2008, the Board met eleven times and the Contract Review Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met twelve, seven and five times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund’s investment objective. The Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee are newly established and did not meet during the twelve-month period ended April 30, 2008.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

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

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuance of the investment advisory agreements of the following funds:

•  Eaton Vance Florida Plus Insured Municipals Fund (currently known as Eaton Vance Insured Municipals Fund)

•  Eaton Vance Hawaii Municipals Fund

•  Eaton Vance Kansas Municipals Fund

(the “Funds”), each with Boston Management and Research (the “Adviser”), including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to each agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for each Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements of the Funds, the Board evaluated the nature, extent and quality of services provided to the Funds by the Adviser.

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by each Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Funds. In particular, the Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds. Specifically, the Board considered the Adviser’s large municipal bond team, which includes portfolio managers and credit specialists who provide services to the Funds. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to each Fund by senior management.

The Board reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission.

The Board also considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund

46

Eaton Vance Municipals Funds

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONT’D

that is a part of a large family of funds, including the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the respective investment advisory agreement.

Fund Performance

The Board compared each Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2007 for each Fund. On the basis of the foregoing and other relevant information, the Board concluded that the performance of each Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by each Fund (referred to as “management fees”). As part of its review, the Board considered each Fund’s management fees and total expense ratio for the year ended September 30, 2007, as compared to a group of similarly managed funds selected by an independent data provider.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded with respect to each Fund that the management fees charged for advisory and related services and the Fund’s total expense ratio are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to each Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with their relationship with the Funds.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and each Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of each Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates and each Fund. The Board also concluded that, assuming reasonably foreseeable increases in the assets of each Fund, the structure of each advisory fee, which includes breakpoints at several asset levels, can be expected to cause the Adviser and its affiliates and each Fund to continue to share such benefits equitably.

47

Eaton Vance Municipals Funds

MANAGEMENT AND ORGANIZATION

Fund Management. The Trustees of Eaton Vance Municipals Trust II (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research, and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Funds’ principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below.

		Term of		Number of Portfolios
	Position(s)	Office and		in Fund Complex
Name and	with the	Length of	Principal Occupation(s)	Overseen By
Date of Birth	Trust	Service	During Past Five Years	Trustee(1)		Other Directorships Held
Interested Trustee
Thomas E. Faust Jr. 5/31/58	Trustee	Since 2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or Officer of 173 registered investment companies and 4 private companies managed by EVM or BMR. Mr. Faust is an interested person because of his positions with EVM, BMR, EVC, EVD and EV, which are affiliates of the Trust.		173	Director of EVC
Noninterested Trustee
Benjamin C. Esty 1/26/63	Trustee	Since 2005	Roy and Elizabeth Simmons Professor of Business Administration, Harvard University Graduate School of Business Administration.		173	None
Allen R. Freedman 4/3/40	Trustee	Since 2007	Former Chairman (2002-2004) and a Director (1983-2004) of Systems & Computer Technology Corp. (provider of software to higher education). Formerly, a Director of Loring Ward International (fund distributor) (2005-2007). Formerly, Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007).		173	Director of Assurant, Inc. (insurance provider) and Stonemor Partners L.P. (owner and operator of cemeteries)
William H. Park 9/19/47	Trustee	Since 2003	Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (since 2006). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005).		173	None
Ronald A. Pearlman 7/10/40	Trustee	Since 2003	Professor of Law, Georgetown University Law Center.		173	None
Helen Frame Peters 3/22/48	Trustee	Since 2008	Professor of Finance, Carroll School of Management, Boston College. Adjunct Professor of Finance, Peking University, Beijing, China (since 2005).		173	Director of Federal Home Loan Bank of Boston (a bank for banks) and BJ’s Wholesale Clubs (wholesale club retailer); Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds)
Heidi L. Steiger 7/8/53	Trustee	Since 2007	Managing Partner, Topridge Associates LLC (global wealth management firm) (since 2008); Senior Advisor (since 2008), President (2005-2008), Lowenhaupt Global Advisors, LLC (global wealth management firm). Formerly, President and Contributing Editor, Worth Magazine (2004-2005). Formerly, Executive Vice President and Global Head of Private Asset Management (and various other positions), Neuberger Berman (investment firm) (1986-2004).		173	Director of Nuclear Electric Insurance Ltd. (nuclear insurance provider) and Aviva USA (insurance provider)

48

Eaton Vance Municipals Funds

MANAGEMENT AND ORGANIZATION CONT’D

		Term of		Number of Portfolios
	Position(s)	Office and		in Fund Complex
Name and	with the	Length of	Principal Occupation(s)	Overseen By
Date of Birth	Trust	Service	During Past Five Years	Trustee(1)		Other Directorships Held
Noninterested Trustee (continued)
Lynn A. Stout 9/14/57	Trustee	Since 1998	Paul Hastings Professor of Corporate and Securities Law (since 2006) and Professor of Law (2001-2006), University of California at Los Angeles School of Law.		173	None
Ralph F. Verni 1/26/43	Chairman of the Board and Trustee	Chairman of the Board since 2007 and Trustee since 2005	Consultant and private investor.		173	None

Principal Officers who are not Trustees

		Term of
	Position(s)	Office and
Name and	with the	Length of	Principal Occupation(s)
Date of Birth	Trust	Service	During Past Five Years
Cynthia J. Clemson 3/2/63	President	Since 2005	Vice President of EVM and BMR. Officer of 91 registered investment companies managed by EVM or BMR.
William H. Ahern, Jr. 7/28/59	Vice President	Since 2004	Vice President of EVM and BMR. Officer of 76 registered investment companies managed by EVM or BMR.
Craig R. Brandon 12/21/66	Vice President	Since 2004	Vice President of EVM and BMR. Officer of 45 registered investment companies managed by EVM or BMR.
Robert B. MacIntosh 1/22/57	Vice President	Since 1993	Vice President of EVM and BMR. Officer of 91 registered investment companies managed by EVM or BMR.
Thomas M. Metzold 8/3/58	Vice President	Since 2004	Vice President of EVM and BMR. Officer of 45 registered investment companies managed by EVM or BMR.
Adam A. Weigold 3/22/75	Vice President	Since 2007	Vice President of EVM and BMR. Officer of 72 registered investment companies managed by EVM or BMR.
Barbara E. Campbell 6/19/57	Treasurer	Since 2005	Vice President of EVM and BMR. Officer of 173 registered investment companies managed by EVM or BMR.
Maureen A. Gemma 5/24/60	Secretary and Chief Legal Officer	Secretary since 2007 and Chief Legal Officer since 2008	Vice President of EVM and BMR. Officer of 173 registered investment companies managed by EVM or BMR.
Paul M. O’Neil 7/11/53	Chief Compliance Officer	Since 2004	Vice President of EVM and BMR. Officer of 173 registered investment companies managed by EVM or BMR.

(1) Includes both master and feeder funds in a master-feeder structure.

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

49

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Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Fund Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent

PNC Global Investment Servicing

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Eaton Vance Municipals Trust II

Two International Place

Boston, MA 02110

This report must be preceded or accompanied by a current prospectus. Before investing, investors should consider carefully a Fund’s investment objective(s), risks, and charges and expenses. Each Fund’s current prospectus contains this and other information about the Fund and is available through your financial advisor. Please read the prospectus carefully before you invest or send money. For further information please call 800-262-1122.

335-3/09 3CSRC

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (“UAM”) (a holding company owning institutional investment management firms).

Item 4. Principal Accountant Fees and Services

Eaton Vance Insured Municipals Fund, Eaton Vance Hawaii Municipals Fund, Eaton Vance High Yield Municipals Fund, and Eaton Vance Kansas Municipals Fund (the “Fund(s)”) are the four series of Eaton Vance Municipals Trust II (the “Trust”), a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company.

The following tables present the aggregate fees billed to each Fund for the Fund’s respective fiscal years ended January 31, 2008 and January 31, 2009 by the Fund’s principal accountant for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by the principal accountant during those periods.

Eaton Vance Insured Municipals Fund

Fiscal Years Ended	1/31/2008		1/31/2009
Audit Fees	$	30,120	$	25,785
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	7,535	$	7,800
All Other Fees(3)	$	35	$	0
Total	$	37,690	$	33,585

Eaton Vance Hawaii Municipals Fund

Fiscal Years Ended	1/31/2008		1/31/2009
Audit Fees	$	25,020	$	22,165
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	7,535	$	7,800
All Other Fees(3)	$	19	$	0
Total	$	32,574	$	29,965

Eaton Vance High Yield Municipals Fund

Fiscal Years Ended	1/31/2008		1/31/2009
Audit Fees	$	68,620	$	63,565
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	7,535	$	7,800
All Other Fees(3)	$	1,114	$	0
Total	$	77,269	$	71,365

Eaton Vance Kansas Municipals Fund

Fiscal Years Ended	1/31/2008		1/31/2009
Audit Fees	$	26,070	$	23,255
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	7,535	$	7,800
All Other Fees(3)	$	28	$	0
Total	$	33,633	$	31,055

(1)	Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.
(2)	Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation.
(3)	All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

The Funds, comprising all of the series of the Trust, have the same fiscal year end (January 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to the Trust by the principal accountant of each Fund, Deloitte & Touche LLP (“D&T”), for the last two fiscal years of the Funds.

Fiscal Years Ended	1/31/08		1/31/09
Audit Fees	$	149,830	$	134,770
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	30,140	$	31,200
All Other Fees(3)	$	1,195	$	0
Total	$	181,165	$	165,970

(1)	Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.
(2)	Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation.
(3)	All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

During the Funds fiscal years ended January 31, 2008 and January 31, 2009, $35,000 and $40,000 was billed by “D&T”, the principal accountant for the Funds, for work done in connection with its Rule 17Ad-13 examination of Eaton Vance Management’s assertion that it has maintained an effective internal control; structure over the sub-transfer agent and registrar functions, such services being pre-approved in accordance with Rule 2-01(c)(7) (ii) of Regulation S-X.

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

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

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

(f) Not applicable.

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

Fiscal Years Ended	1/31/08		1/31/09
Registrant(1)	$	31,335	$	31,200
Eaton Vance(2)	$	290,569	$	351,350

(1)	Includes all of the Series of the Trust.
(2)	The investment adviser to the Series, as well as any of its affiliates that provide ongoing services to the Series, are subsidiaries of Eaton Vance Corp.

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

Item 5. Audit Committee of Listed registrants

Not required in this filing.

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 required in this filing.

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

Not required in this filing.

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

Not required in this filing.

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. Exhibits

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

Signatures

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

Eaton Vance Municipals Trust II
By:	/s/ Cynthia J. Clemson
	Cynthia J. Clemson
	President

Date: March 13, 2009

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/ Barbara E. Campbell
	Barbara E. Campbell
	Treasurer

Date: March 13, 2009

By:	/s/ Cynthia J. Clemson
	Cynthia J. Clemson
	President

Date: March 13, 2009