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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FormN-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, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

High Yield Municipal Income Fund

Annual Report

January 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

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

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

Annual ReportJanuary 31, 2019

Eaton Vance

High Yield Municipal Income Fund

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	31
Federal Tax Information	32
Special Meeting of Shareholders	33
Management and Organization	34
Important Notices	37

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The12-month period ended January 31, 2019, was positive for the municipal bond market, with the Bloomberg Barclays Municipal Bond Index,² a broad measure of the asset class, returning 3.26%.

Bond performance, however, varied considerably across the AAA⁷ municipal yield curve.⁹ During the period, rates rose and bond prices fell in the 0–2 year and 19–30 year areas of the curve. But rates declined in the 3–18 year segment of the curve, with the largest declines — and the strongest bond price performance — occurring in the 10–12 year part of the curve. As a result, the front end of the municipal yield curve — 1–9 years — generally flattened while the back end — 10–30 years — steepened. In addition, lower-rated bonds generally outperformed higher-rated issues during the period. Municipal bonds outperformed comparable U.S. Treasurys in the 1–10 year area of the yield curve, while Treasurys outperformed municipals across the remainder of the curve.

As the period opened in February 2018, signs of increasing inflation, higher wage growth and fears that recent tax legislation might overheat the economy were pushing interest rates up and bond prices down. Upward pressure on short-term rates continued in March and June 2018 as the U.S. Federal Reserve Board (the Fed) delivered its first two rate hikes of the year. At the long end of the curve, however, fluctuating perceptions of geopolitical risk were a primary driver of rates from April through the end of August 2018. Investors toggled between concern that the U.S. was initiating a global trade war and optimism about economic growth and a potential detente between the U.S. and North Korea.

In September 2018, the Fed hiked the federal funds rate again, which pushed up both U.S. Treasury and municipal rates across the curve. In October 2018, a strong U.S. employment report and easing concerns about Italy’s national budget crisis continued the upward pressure on longer-term rates. But as 2018 came to a close, investors became increasingly concerned about a trade war with China, a potential government shutdown and dovish comments by the Fed that led the futures market to project the possibility of no further rate hikes in 2019. The result was a “flight to quality” by bond investors that pushed longer-term bond prices up and rates down in December 2018.

The first month of 2019, in contrast, was relatively quiet for bonds. As investors waited to see the outcome of the longest-ever U.S. government shutdown, municipal interest rates were virtually unchanged in January.

Fund Performance

For the12-month period ended January 31, 2019, Eaton Vance High Yield Municipal Income Fund (the Fund) returned 3.29% for Class A shares at net asset value (NAV), performing approximately in line with the 3.26% return of the Fund’s primary benchmark, the Bloomberg Barclays Municipal Bond Index (the Index), but underperforming the 5.77% return of the Fund’s secondary benchmark, the Bloomberg Barclays High Yield Long (22+) Municipal Bond Index.

The Fund primarily invests in high yield municipal obligations — defined as securities rated BBB or below — whereas the Index, reflecting the broad municipal market, had a significantly smaller weight inBBB-rated and below investment-grade issues throughout the fiscal year. In general, high yield municipal bonds experienced strong investor demand during the period and high yield municipal funds saw strong inflows. For most of the period, these factors helped drive up prices and put downward pressure on yields, leading high yield municipal bonds to generally outperform investment-grade municipal bonds during the period.

The Fund seeks to enhancetax-exempt income by entering into residual interest bond transactions⁶and investing the proceeds in additional municipal securities, creating leverage within the Fund. Leverage has the effect of magnifying the Fund’s exposure to its underlying investments in both up and down markets. During this period, however, the net effect of leverage was not a meaningful contributor to, or detractor from performance versus the unleveraged Index.

Contributors to Fund performance versus the Index during the period included an overweight position, relative to the Index, in the health care sector, one of the best-performing sectors within the Index during the period, security selection and an overweight position in Illinois bonds and the favorable resolution of a distressed bond owned by the Fund. By period end, the bond was sold out of the Fund.

In contrast, detractors from Fund performance relative to the Index included security selection inzero-coupon bonds, the best-performing coupon structure in the Index during the period, security selection in Texas bonds and the Fund’s hedging strategy, which uses Treasury futures to various degrees.

As a risk-management tactic within the Fund’s overall strategy, interest-rate hedging is intended to moderate performance in both up and down markets. During a period when the Fund delivered positive performance, the Fund’s hedging strategy mitigated some of that positive performance and, thus, detracted from Fund performance relative to the unhedged Index.

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Performance^2,3

PortfolioManagerCynthia J. Clemson

% Average Annual Total Returns	Class Inception Date		Performance Inception Date			One Year			Five Years			Ten Years
Class A at NAV		08/07/1995		08/07/1995			3.29	%		5.99	%		8.36	%
Class A with 4.75% Maximum Sales Charge		—		—			–1.58			4.97			7.83
Class B at NAV		08/07/1995		08/07/1995			2.52			5.21			7.54
Class B with 5% Maximum Sales Charge		—		—			–2.46			4.88			7.54
Class C at NAV		06/18/1997		08/07/1995			2.60			5.22			7.54
Class C with 1% Maximum Sales Charge		—		—			1.61			5.22			7.54
Class I at NAV		05/09/2007		08/07/1995			3.67			6.28			8.63
Bloomberg Barclays Municipal Bond Index		—		—			3.26	%		3.57	%		4.55	%
Bloomberg Barclays High Yield Long (22+) Municipal Bond Index		—		—			5.77			7.51			10.24
% Total Annual Operating Expense Ratios4			Class A			Class B			Class C			Class I
				0.92	%		1.67	%		1.67	%		0.67	%
% Distribution Rates/Yields5			Class A			Class B			Class C			Class I
Distribution Rate				3.97	%		3.19	%		3.20	%		4.22	%
Taxable-Equivalent Distribution Rate				6.71			5.39			5.41			7.13
SEC 30-day Yield				2.68			2.10			2.09			3.07
Taxable-Equivalent SEC 30-day Yield				4.53			3.55			3.54			5.19
% Total Leverage6
Residual Interest Bond (RIB) Financing													7.15	%

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class B	$	10,000		01/31/2009	$	20,697		N.A.
Class C	$	10,000		01/31/2009	$	20,697		N.A.
Class I	$	250,000		01/31/2009	$	572,350		N.A.

See Endnotes and Additional Disclosures in this report.

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

3

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Fund Profile

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

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Endnotes and Additional Disclosures

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

²  Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg Barclays High Yield Long (22+) Municipal Bond Index is an unmanaged index of high-yield municipal bonds traded in the U.S. with maturities of 22 years or more. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

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

⁵  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes astax-exempt income, qualified andnon-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form1099-DIV and provided to the shareholder shortly after eachyear-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lowertax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ.

⁶  Fund employs RIB financing. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of NAV). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets plus Floating Rate Notes.

⁷  Ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

⁸  The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments.

⁹  Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term rates fall and/or short-term rates increase, and the yield curve steepens when long-term rates increase and/or short-term rates fall.

Fund profile subject to change due to active management.

5

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Fund Expenses

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2018 – January 31, 2019).

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

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

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

	Beginning Account Value (8/1/18)		Ending Account Value (1/31/19)		Expenses Paid During Period* (8/1/18 – 1/31/19)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,014.70	$	5.03		0.99	%
Class B	$	1,000.00	$	1,010.80	$	8.77		1.73	%
Class C	$	1,000.00	$	1,010.50	$	8.77		1.73	%
Class I	$	1,000.00	$	1,015.90	$	3.76		0.74	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.20	$	5.04		0.99	%
Class B	$	1,000.00	$	1,016.50	$	8.79		1.73	%
Class C	$	1,000.00	$	1,016.50	$	8.79		1.73	%
Class I	$	1,000.00	$	1,021.50	$	3.77		0.74	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2018.

6

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Portfolio of Investments

Tax-Exempt Municipal Securities — 101.4%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 1.1%
New York City Industrial Development Agency, NY, (Brooklyn Navy Yard Cogeneration Partners, L.P.), (AMT), 5.65%, 10/1/28	$	3,750	$	3,755,737
New York City Industrial Development Agency, NY, (Brooklyn Navy Yard Cogeneration Partners, L.P.), (AMT), 5.75%, 10/1/36		8,045		8,057,631
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(1)		567		170,156
			$	11,983,524
Education — 4.0%
California Educational Facilities Authority, (Art Center College of Design), 5.00%, 12/1/44	$	3,000	$	3,355,380
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/34		1,225		1,405,810
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/36		1,250		1,421,150
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/38		1,500		1,689,525
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 5.375%, 6/15/38(2)		545		538,825
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 5.375%, 6/15/48(2)		1,020		991,328
Dutchess County Local Development Corp., NY, (Culinary Institute of America), 5.00%, 7/1/33		200		222,178
Dutchess County Local Development Corp., NY, (Culinary Institute of America), 5.00%, 7/1/34		240		266,114
Dutchess County Local Development Corp., NY, (Culinary Institute of America), 5.00%, 7/1/41		400		433,144
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.00%, 6/1/48(2)		750		775,943
Forest Grove, OR, (Pacific University), 5.00%, 5/1/40		1,070		1,118,054
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/46		4,000		4,313,400
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34(3)		10,000		10,131,400
Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36		1,325		1,444,740
Oregon Facilities Authority, (University of Portland), 5.00%, 4/1/35		1,000		1,128,330
Romeoville, IL, (Lewis University), 5.00%, 10/1/27		1,000		1,099,850
Romeoville, IL, (Lewis University), 5.00%, 10/1/29		1,000		1,088,180
Romeoville, IL, (Lewis University), 5.00%, 10/1/30		1,000		1,081,830
Romeoville, IL, (Lewis University), 5.00%, 10/1/35		2,000		2,122,680
University of California, 5.00%, 5/15/38(3)		10,000		11,064,200
			$	45,692,061

Security	Principal Amount (000’s omitted)		Value
Electric Utilities — 3.0%
Apache County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 4.50%, 3/1/30	$	3,845	$	4,026,984
Arkansas River Power Authority, CO, 5.00%, 10/1/31		1,500		1,662,225
Arkansas River Power Authority, CO, 5.00%, 10/1/32		1,500		1,657,080
Arkansas River Power Authority, CO, 5.00%, 10/1/38		2,825		3,044,644
Burke County Development Authority, GA, (Oglethorpe Power Corp.), 4.125%, 11/1/45		13,750		13,411,750
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 6.50%, 7/1/39		730		743,089
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), (AMT), 4.00%, 3/1/37		7,500		7,577,250
Pima County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 4.00%, 9/1/29		1,520		1,579,645
Pima County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 5.25%, 10/1/40		210		219,107
Vernon, CA, Electric System Revenue, 5.125%, 8/1/21		320		324,720
			$	34,246,494
Escrowed / Prerefunded — 3.1%
Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.00%, 7/15/30	$	1,150	$	1,198,035
Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.25%, 7/15/40		1,290		1,346,902
Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.375%, 7/15/43		700		731,696
Dawson Ridge Metropolitan District No. 1, CO, Escrowed to Maturity, 0.00%, 10/1/22		3,500		3,263,680
Hawaii Department of Budget and Finance, (Hawaii Pacific Health Obligated Group), Prerefunded to 7/1/20, 5.50%, 7/1/40		6,555		6,895,401
Johnson City Health and Educational Facilities Board, TN, (Mountain States Health Alliance), Prerefunded to 7/1/20, 6.00%, 7/1/38		3,335		3,531,265
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		1,205		1,316,137
Onondaga Civic Development Corp., NY, (St. Joseph’s Hospital Health Center), Prerefunded to 7/1/19, 5.125%, 7/1/31		2,500		2,535,575
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		150		159,793
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		195		207,732
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.45%, 12/1/35		1,125		1,200,465
Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33		1,455		1,806,310
Vernon, CA, Electric System Revenue, Prerefunded to 8/1/19, 5.125%, 8/1/21		150		152,631

7 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Washington, Prerefunded to 2/1/21, 5.25%, 2/1/36(3)	$	10,000	$	10,702,500
			$	35,048,122
General Obligations — 6.6%
California, 5.00%, 9/1/32	$	11,705	$	13,107,610
Centennial Independent School District No. 12, Circle Pines, MN, 0.00%, 2/1/31		1,225		813,780
Centennial Independent School District No. 12, Circle Pines, MN, 0.00%, 2/1/33		1,500		901,965
Chicago Board of Education, IL, 5.00%, 12/1/21		790		821,355
Chicago Board of Education, IL, 5.00%, 12/1/26		1,595		1,691,274
Chicago Board of Education, IL, 5.00%, 12/1/46		9,935		10,018,752
Chicago Board of Education, IL, 5.00%, 12/1/46		1,875		1,883,644
Detroit, MI, 5.00%, 4/1/30		1,400		1,506,400
Detroit, MI, 5.00%, 4/1/31		865		923,215
Illinois, 5.00%, 11/1/30		7,200		7,655,184
Illinois, 5.00%, 5/1/33		9,480		9,981,113
Illinois, 5.00%, 5/1/35		3,500		3,597,125
Illinois, 5.00%, 5/1/39		8,165		8,451,591
Illinois, 5.25%, 7/1/30		2,800		2,933,140
San Luis Coastal Unified School District, CA, (Election of 2014), 5.00%, 8/1/37		2,000		2,294,040
Will and Cook Counties Community High School District No. 210, IL, 3.375%, 1/1/33		350		285,180
Will and Cook Counties Community High School District No. 210, IL, 5.00%, 1/1/28		3,500		3,590,930
Will County Community Unit School District No. 365-U, IL, (Valley View), 5.75%, 11/1/32		3,855		4,260,430
			$	74,716,728
Health Care - Miscellaneous — 0.0%(4)
Illinois Development Finance Authority, (Community Rehabilitation Providers), 5.60%, 7/1/19	$	300	$	299,352
			$	299,352
Hospital — 9.3%
Arkansas Development Finance Authority, (Washington Regional Medical Center), 5.00%, 2/1/33	$	2,200	$	2,419,384
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/35		250		267,460
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/40		550		581,114
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/44		500		526,180
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/37		1,000		1,081,460

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/48	$	2,400	$	2,589,480
Camden County Improvement Authority, NJ, (Cooper Health System), 5.00%, 2/15/29		1,000		1,100,090
Camden County Improvement Authority, NJ, (Cooper Health System), 5.00%, 2/15/32		2,000		2,163,140
Charlotte-Mecklenburg Hospital Authority, NC, (Carolinas HealthCare System), (SPA: JPMorgan Chase Bank, N.A.), 1.65%, 1/15/38(5)		800		800,000
Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/46		3,175		3,395,599
Cuyahoga County, OH, (The MetroHealth System), 5.00%, 2/15/31		1,500		1,645,305
Cuyahoga County, OH, (The MetroHealth System), 5.00%, 2/15/32		1,500		1,637,655
Decatur Hospital Authority, TX, (Wise Regional Health System), 5.00%, 9/1/34		1,625		1,741,496
Decatur Hospital Authority, TX, (Wise Regional Health System), 5.25%, 9/1/29		1,675		1,850,808
Decatur Hospital Authority, TX, (Wise Regional Health System), 5.25%, 9/1/44		8,880		9,424,966
Illinois Finance Authority, (Presence Health Network), 3.75%, 2/15/34		2,965		2,987,504
Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), 5.50%, 6/1/29		710		757,684
Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), 6.00%, 6/1/39		3,805		4,090,185
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 5.00%, 11/1/37		2,860		3,139,851
Martin County Health Facilities Authority, FL, (Martin Memorial Medical Center), 4.25%, 11/15/41		3,940		3,973,963
Massachusetts Development Finance Agency, (Tufts Medical Center), 6.75%, 1/1/36		800		870,152
Muskingum County, OH, (Genesis HealthCare System Obligated Group), 5.00%, 2/15/33		2,775		2,879,423
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/39		2,175		2,395,197
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/32(2)		1,000		1,115,120
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/33(2)		1,000		1,112,050
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/34(2)		3,900		4,319,133
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/35(2)		1,000		1,103,670
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/40(2)		2,300		2,469,809

8 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/38	$	1,025	$	1,103,863
Oklahoma Development Finance Authority, (OU Medicine), 5.25%, 8/15/43		8,045		8,815,228
Palm Beach County Health Facilities Authority, FL, (BRRH Corp. Obligated Group), 5.00%, 12/1/31		6,250		6,829,375
South Lake County Hospital District, FL, (South Lake Hospital), 6.25%, 4/1/39		3,065		3,081,827
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/35		3,100		3,252,923
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.75%, 12/1/32		4,050		4,332,933
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(3)		7,000		7,765,380
Ward County, ND, (Trinity Obligated Group), 5.00%, 6/1/38		2,500		2,686,800
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 5.375%, 6/1/38		2,580		2,819,037
Yavapai County Industrial Development Authority, AZ, (Yavapai Regional Medical Center), 5.25%, 8/1/33		2,500		2,740,225
			$	105,865,469
Housing — 1.8%
Centerline Equity Issuer Trust, TN, 6.00%, 5/15/19(2)	$	4,000	$	4,039,280
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.), 5.00%, 7/1/34		750		789,855
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.), 5.00%, 7/1/39		1,250		1,298,500
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Corpus Christi II, LLC - Texas A&M University), 5.00%, 4/1/36		490		487,731
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Galveston I, LLC - Texas A&M University), 5.00%, 4/1/34		3,885		3,946,500
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Galveston I, LLC - Texas A&M University), 5.00%, 4/1/39		3,500		3,510,815
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Island Campus, LLC - Texas A&M University-Corpus Christi), 5.00%, 4/1/37		1,500		1,487,535
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Stephenville III, LLC - Tarleton State University), 5.00%, 4/1/30		800		860,872
New Hope Cultural Education Facilities Finance Corp., TX, (CHF-Collegiate Housing Stephenville III, LLC - Tarleton State University), 5.00%, 4/1/35		1,000		1,056,290
Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(6)		860		761,100

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Texas Student Housing Corp., (University of North Texas), 11.00%, 7/1/31(6)	$	2,000	$	1,770,000
			$	20,008,478
Industrial Development Revenue — 9.8%
Clayton County Development Authority, GA, (Delta Air Lines, Inc.), 8.75%, 6/1/29	$	1,180	$	1,278,046
Denver City and County, CO, (United Airlines), (AMT), 5.00%, 10/1/32		1,890		1,991,682
Essex County Improvement Authority, NJ, (Covanta), (AMT), 5.25%, 7/1/45(2)		7,175		7,203,628
Florida Development Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00% to 8/1/22 (Put Date), 8/1/29(2)		1,250		1,282,563
Louisiana Public Facilities Authority, (Cleco Power LLC), 4.25%, 12/1/38		8,750		8,919,662
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(2)		1,880		1,947,642
Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42		6,500		6,662,435
Maryland Economic Development Corp., (AFCO Cargo), (AMT), 3.50%, 7/1/24(2)		1,810		1,832,788
Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.), Series 2008-1, 4.00%, 6/1/30		1,000		1,028,810
Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.), Series 2008-2, 4.00%, 6/1/30		6,155		6,332,326
Mississippi Business Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00% to 8/1/22 (Put Date), 2/1/36(2)		1,500		1,539,075
National Finance Authority, NH, (Covanta), 4.625%, 11/1/42(2)		6,335		6,108,904
National Finance Authority, NH, (Covanta), (AMT), 4.875%, 11/1/42(2)		6,965		6,863,311
New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), (AMT), 4.00% to 10/1/19 (Put Date), 4/1/29(2)		1,285		1,293,108
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.25%, 9/15/29		8,285		8,993,450
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.50%, 6/1/33		4,375		4,803,969
New Jersey Economic Development Authority, (Continental Airlines), Series 2000A, (AMT), 5.625%, 11/15/30		760		857,280
New Jersey Economic Development Authority, (Continental Airlines), Series 2000B, (AMT), 5.625%, 11/15/30		1,285		1,450,135
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39		6,245		6,375,708
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.125% to 6/1/26 (Put Date), 12/1/44(2)		5,500		5,029,090

9 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue (continued)
Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 4.25%, 1/15/38(2)	$	1,000	$	998,690
Phenix City Industrial Development Board, AL, (MeadWestvaco Coated Board), (AMT), 4.125%, 5/15/35		13,570		13,497,672
Public Finance Authority, WI, (Celanese Corp.), (AMT), 4.30%, 11/1/30		5,000		5,080,650
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(2)		1,340		1,295,030
Selma Industrial Development Board, AL, (International Paper Co.), 5.80%, 5/1/34		4,230		4,402,076
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(2)		475		476,207
Virginia Small Business Financing Authority, (Covanta), (AMT), 5.00% to 7/1/38 (Put Date), 1/1/48(2)		1,440		1,468,440
Washington Economic Development Finance Authority, (Columbia Pulp I, LLC), (AMT), 7.50%, 1/1/32(2)		2,260		2,534,206
			$	111,546,583
Insured – General Obligations — 2.3%
Atlantic City, NJ, (AGM), 4.00%, 3/1/42	$	480	$	491,462
Atlantic City, NJ, (BAM), 5.00%, 3/1/42		1,250		1,367,988
Chicago Board of Education, IL, (AGM), 5.00%, 12/1/26		500		568,890
Irvington Township, NJ, (AGM), 5.00%, 7/15/32		1,000		1,123,310
McHenry County Community Unit School District No. 12, IL, (Johnsburg), (AGM), 5.00%, 1/1/31		3,175		3,461,226
McHenry County Community Unit School District No. 12, IL, (Johnsburg), (AGM), 5.00%, 1/1/32		1,215		1,321,057
McHenry County Community Unit School District No. 12, IL, (Johnsburg), (AGM), 5.00%, 1/1/33		1,405		1,524,973
McHenry County Community Unit School District No. 12, IL, (Johnsburg), (AGM), 5.00%, 7/1/34		2,810		3,045,956
North Las Vegas, NV, (AGM), 4.00%, 6/1/36		5,055		5,238,092
Oyster Bay, NY, (AGM), 4.00%, 8/1/31		2,415		2,507,495
Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38		5,000		5,052,500
			$	25,702,949
Insured – Other Revenue — 2.1%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	12,700	$	6,536,690
Harris County-Houston Sports Authority, TX, (NPFG), 0.00%, 11/15/26		10,510		8,097,429
Harris County-Houston Sports Authority, TX, (NPFG), 0.00%, 11/15/28		10,000		7,108,600

Security	Principal Amount (000’s omitted)		Value
Insured – Other Revenue (continued)
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGC), 0.00%, 3/1/34	$	3,500	$	2,050,020
			$	23,792,739
Insured – Special Tax Revenue — 2.3%
Illinois Sports Facilities Authority, (AMBAC), 0.00%, 6/15/25	$	400	$	317,356
Illinois Sports Facilities Authority, (AMBAC), 0.00%, 6/15/26		1,970		1,497,397
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, (0.00% until 10/1/19), 10/1/39		14,500		18,817,955
Tolomato Community Development District, FL, (AGM), 3.75%, 5/1/39		2,575		2,542,478
Tolomato Community Development District, FL, (AGM), 3.75%, 5/1/40		3,030		2,977,520
			$	26,152,706
Insured – Transportation — 4.5%
Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/32	$	1,500	$	1,651,470
Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/33		650		714,370
Chicago, IL, (O’Hare International Airport), (AGM), 5.50%, 1/1/43		1,355		1,492,153
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/33		15,000		6,845,850
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/34		20,000		8,622,000
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37		6,665		2,878,480
Foothill/Eastern Transportation Corridor Agency, CA, (AGM), 5.625%, (0.00% until 1/15/24), 1/15/32		1,955		1,912,850
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.125%, 7/1/42		1,805		1,934,491
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/37		3,000		3,043,680
North Texas Tollway Authority, (AGC), 6.20%, 1/1/42		10,000		12,044,700
Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/27		1,150		1,307,504
Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/28		1,600		1,812,080
Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/30		9,440		6,546,262
			$	50,805,890
Insured – Water and Sewer — 0.7%
Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/27	$	2,155	$	1,554,876
Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/28		3,965		2,675,384

10 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Water and Sewer (continued)
Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/29	$	3,035	$	1,910,502
Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/30		2,580		1,511,467
			$	7,652,229
Lease Revenue / Certificates of Participation — 2.2%
Charleston Educational Excellence Financing Corp., SC, (Charleston County School District), 5.00%, 12/1/29(3)	$	10,875	$	12,293,317
Hudson Yards Infrastructure Corp., NY, 5.75%, 2/15/47		945		1,015,365
Hudson Yards Infrastructure Corp., NY, Prerefunded to 2/15/21, 5.75%, 2/15/47		1,535		1,661,438
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/43		10,000		10,524,500
			$	25,494,620
Nursing Home — 0.1%
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25	$	640	$	649,210
			$	649,210
Other Revenue — 4.0%
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/31	$	500	$	565,040
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/32		500		562,060
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/33		600		671,802
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/34		500		557,620
Brooklyn Arena Local Development Corp., NY, (Barclays Center), 0.00%, 7/15/32		250		150,895
Brooklyn Arena Local Development Corp., NY, (Barclays Center), 0.00%, 7/15/33		3,300		1,886,049
Brooklyn Arena Local Development Corp., NY, (Barclays Center), 0.00%, 7/15/46		8,950		2,520,857
Build NYC Resource Corp., NY, (YMCA of Greater New York), 4.00%, 8/1/31		650		679,484
Build NYC Resource Corp., NY, (YMCA of Greater New York), 4.00%, 8/1/36		875		898,669
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(6)		6,250		1,125,000
Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.25%, 12/1/38		430		469,999
Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.50%, 12/1/43		285		313,594
Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.50%, 12/1/53		490		537,922

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Kalispel Tribe of Indians, WA, 5.25%, 1/1/38(2)	$	1,260	$	1,344,874
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(2)		2,040		2,093,326
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/37(3)		10,000		11,156,800
Non-Profit Preferred Funding Trust I, Various States, Series D, 5.17%, 9/15/37(2)		6,446		5,770,455
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37		5,105		5,945,742
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/30		1,860		1,994,701
White Earth Band of Chippewa Indians, MN, 6.375%, 12/1/26(2)		5,785		5,785,983
Will and Kankakee Counties Community Unit School District No. 255-U, IL, 4.00%, 6/1/30		700		727,335
			$	45,758,207
Senior Living / Life Care — 11.9%
Albemarle County Economic Development Authority, VA, (Westminster-Canterbury of the Blue Ridge), 5.00%, 1/1/42	$	1,350	$	1,377,769
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/37		7,945		8,311,741
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/38		1,000		1,065,220
Centerville, OH, (Graceworks Lutheran Services), 5.25%, 11/1/37		3,250		3,395,632
Centerville, OH, (Graceworks Lutheran Services), 5.25%, 11/1/47		3,190		3,291,251
Clackamas County Hospital Facility Authority, OR, (Mary’s Woods at Marylhurst), 5.00%, 5/15/38		225		236,021
Clackamas County Hospital Facility Authority, OR, (Mary’s Woods at Marylhurst), 5.00%, 5/15/43		310		323,426
Clackamas County Hospital Facility Authority, OR, (Mary’s Woods at Marylhurst), 5.00%, 5/15/48		425		441,911
Colorado Health Facilities Authority, (Covenant Retirement Communities, Inc.), 5.00%, 12/1/33		5,000		5,322,400
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.25%, 5/15/37		750		805,635
Connecticut Health and Educational Facilities Authority, (Church Home of Hartford, Inc.), 5.00%, 9/1/46(2)		1,000		1,013,810
Delaware Economic Development Authority, (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/48		1,250		1,349,237
District of Columbia, (Ingleside at Rock Creek), 3.875%, 7/1/24		840		839,992
District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32		600		622,488
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/38		1,000		1,021,750

11 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Hanover County Economic Development Authority, VA, (Covenant Woods), 5.00%, 7/1/38	$	125	$	128,800
Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 5.75%, 1/1/28		415		448,188
Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 6.375%, 1/1/33		655		719,439
Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.125%, 11/15/32		525		574,004
Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.25%, 11/15/37		480		522,787
Howard County, MD, (Vantage House), 5.00%, 4/1/36		1,725		1,751,444
Illinois Finance Authority, (Plymouth Place, Inc.), 5.00%, 5/15/37		1,000		1,017,170
Indiana Finance Authority, (Marquette), 5.00%, 3/1/39		1,000		1,026,590
Iowa Finance Authority, (Lifespace Communities, Inc.), 4.125%, 5/15/38		1,500		1,435,380
Iowa Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/43		3,250		3,364,497
Lancaster County Hospital Authority, PA, (Brethren Village), 5.25%, 7/1/41		1,000		1,043,440
Maryland Health and Higher Educational Facilities Authority, (Edenwald), 5.25%, 1/1/37		2,500		2,698,475
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/33(2)		1,550		1,614,402
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/38(2)		1,010		1,031,877
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/37(2)		1,000		1,051,580
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/47(2)		1,280		1,323,546
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/57(2)		2,410		2,479,794
Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.125%, 11/1/27(2)		1,045		1,045,219
Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.20%, 11/1/41(2)		2,560		2,522,854
Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.00%, 2/15/36		500		503,080
Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.125%, 2/15/30		750		771,563
Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.125%, 2/15/42		1,500		1,504,920
Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/40		1,300		1,355,055
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.25%, 1/1/48		9,045		9,050,337

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), 5.125%, 10/1/34	$	2,500	$	2,634,550
Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), 5.40%, 10/1/44		1,770		1,866,766
New Hampshire Health and Education Facilities Authority, (Kendal at Hanover), 5.00%, 10/1/40		565		592,798
New Hampshire Health and Education Facilities Authority, (Kendal at Hanover), 5.00%, 10/1/46		1,000		1,045,870
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/37		6,320		6,402,097
New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/29		1,285		1,347,528
North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/37		1,675		1,851,193
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/34		75		83,878
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/39		1,190		1,330,456
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.50%, 6/1/49		6,855		7,707,831
Public Finance Authority, WI, (Church Home of Hartford, Inc.), 5.00%, 9/1/30(2)		770		797,597
Saint Louis County Industrial Development Authority, MO, (Friendship Village of St. Louis), 5.00%, 9/1/38		1,250		1,259,413
Savannah Economic Development Authority, GA, (Marshes Skidaway Island Project), 7.00%, 1/1/34		3,000		3,307,440
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/30		1,945		2,039,099
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 10.00%, 3/15/23(2)		1,325		1,315,977
Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace), 5.00%, 10/1/34		2,130		2,243,401
Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace), 5.00%, 10/1/44		5,370		5,611,596
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.00%, 12/1/32		450		473,418
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.25%, 12/1/42		1,380		1,453,775
Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.125%, 10/1/52(2)		2,850		3,062,524
Tompkins County Development Corp., NY, (Kendal at Ithaca, Inc.), 4.25%, 7/1/32		1,270		1,281,595
Tompkins County Development Corp., NY, (Kendal at Ithaca, Inc.), 4.50%, 7/1/42		1,270		1,282,344
Warren County, OH, (Otterbein Homes Obligated Group), 5.00%, 7/1/39		1,975		2,102,723
Warren County, OH, (Otterbein Homes Obligated Group), 5.50%, 7/1/39		500		545,415

12 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Washington Housing Finance Commission, (Bayview Manor Homes), 5.00%, 7/1/36(2)	$	1,500	$	1,538,190
Washington Housing Finance Commission, (Bayview Manor Homes), 5.00%, 7/1/46(2)		1,250		1,269,275
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/43(2)		4,000		4,169,160
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/48(2)		4,815		5,000,666
Westchester County Local Development Corp., NY, (Kendal on Hudson), 5.00%, 1/1/34		2,380		2,492,431
			$	134,511,730
Special Tax Revenue — 6.0%
Aliso Viejo Community Facilities District No. 2005-01, CA, (Glenwood at Aliso Viejo), 5.00%, 9/1/38	$	7,000	$	7,803,250
Bridgeville, DE, (Heritage Shores Special Development District), 5.45%, 7/1/35		4,841		4,750,715
Irvine Community Facilities District No. 2013-3, CA, (Great Park), 5.00%, 9/1/39		2,000		2,128,800
Jurupa Public Financing Authority, CA, 5.00%, 9/1/33		600		676,266
Lakewood Ranch Stewardship District, FL, (Villages of Lakewood Ranch South), 5.00%, 5/1/36		4,685		4,695,775
Metropolitan Development and Housing Agency, TN, (Fifth + Broadway Development Project), 5.125%, 6/1/36(2)		900		935,442
Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.50%, 10/1/29		4,460		4,762,522
New River Community Development District, FL, (Capital Improvements), 5.00%, 5/1/13(6)		1,005		10
New River Community Development District, FL, (Capital Improvements), Series 2010A-1, 5.75%, 5/1/38		485		485,121
New River Community Development District, FL, (Capital Improvements), Series 2010A-2, 5.75%, 5/1/38		1,265		1,223,457
New York City Transitional Finance Authority, NY, Future Tax Revenue, (SPA: JPMorgan Chase Bank, N.A.), 1.63%, 8/1/42(5)		4,000		4,000,000
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/37(3)		10,000		11,218,800
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/47		10,000		10,322,300
Reno, NV, Sales Tax Revenue, 4.00%, 6/1/43		1,250		1,267,212
River Hall Community Development District, FL, (Capital Improvements), 5.45%, 5/1/36		2,595		2,586,151
South Orange County Public Financing Authority, CA, (Ladera Ranch), 5.00%, 8/15/31		1,500		1,614,555
South Orange County Public Financing Authority, CA, (Ladera Ranch), 5.00%, 8/15/33		1,000		1,073,290
South Orange County Public Financing Authority, CA, (Ladera Ranch), 5.00%, 8/15/34		450		482,522

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
South Village Community Development District, FL, 3.50%, 5/1/32	$	805	$	815,264
South Village Community Development District, FL, 3.625%, 5/1/35		500		504,265
South Village Community Development District, FL, 3.75%, 5/1/38		1,020		1,025,753
South Village Community Development District, FL, 4.875%, 5/1/35		500		499,685
South Village Community Development District, FL, 5.00%, 5/1/38		100		100,113
Southern Hills Plantation I Community Development District, FL, Series A1, 5.80%, 5/1/35		1,183		1,142,591
Southern Hills Plantation I Community Development District, FL, Series A2, 5.80%, 5/1/35		860		759,174
Sterling Hill Community Development District, FL, 5.50%, 5/1/37(6)		3,650		365,000
Winter Garden Village at Fowler Groves Community Development District, FL, 4.125%, 5/1/37		3,415		3,264,808
			$	68,502,841
Student Loan — 1.1%
Massachusetts Educational Financing Authority, (AMT), 3.625%, 7/1/32	$	4,340	$	4,400,543
New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/30		4,650		4,818,562
New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43		2,765		2,885,582
			$	12,104,687
Transportation — 23.3%
Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/41	$	2,000	$	2,196,980
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/36		1,740		1,943,145
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/37		760		844,231
Central Texas Regional Mobility Authority, 5.00%, 1/1/35		1,100		1,216,556
Central Texas Regional Mobility Authority, Prerefunded to 1/1/21, 5.75%, 1/1/31		565		606,121
Central Texas Regional Mobility Authority, Series 2016, 5.00%, 1/1/40		2,375		2,602,549
Chesapeake Bay Bridge and Tunnel Commission, VA, 5.00%, 7/1/46		4,000		4,358,480
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/35		2,500		2,778,500
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/38		5,000		5,501,650
Chicago, IL, (O’Hare International Airport), (AMT), 4.375%, 1/1/40		2,500		2,539,600

13 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/25	$	2,555	$	2,798,364
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/26		2,170		2,371,593
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 7/1/33		500		563,080
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 7/1/38		1,500		1,653,690
Colorado High Performance Transportation Enterprise,(C-470 Express Lanes), 5.00%, 12/31/47		1,900		2,025,894
Colorado High Performance Transportation Enterprise, (U.S. 36 and I-25 Managed Lanes), (AMT), 5.75%, 1/1/44		2,500		2,700,875
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.25%, 11/1/29		7,000		7,835,450
Eagle County Air Terminal Corp., CO, (AMT), 5.00%, 5/1/37		1,000		1,093,050
Eagle County Air Terminal Corp., CO, (AMT), 5.00%, 5/1/41		4,940		5,337,670
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43		3,025		3,276,377
Illinois Toll Highway Authority, 5.00%, 1/1/40(3)		15,000		16,559,700
Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project), 0.00%, 7/1/28		2,690		1,657,820
Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project), 0.00%, 7/1/29		1,135		717,638
Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project), 0.00%, 7/1/30		500		295,650
Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project), 0.00%, 7/1/31		1,150		632,500
Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/35		450		506,754
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/43		7,500		8,287,350
Metropolitan Transportation Authority, NY, Green Bonds, 0.00%, 11/15/32		595		368,359
Metropolitan Transportation Authority, NY, Green Bonds, 0.00%, 11/15/33		4,925		2,889,694
Mid-Bay Bridge Authority, FL, 5.00%, 10/1/30		2,050		2,286,549
Mid-Bay Bridge Authority, FL, 5.00%, 10/1/35		5,000		5,470,150
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34		5,000		5,386,750
New Jersey Transportation Trust Fund Authority, 5.00%, 6/15/38		13,000		13,886,340
New Jersey Turnpike Authority, 4.00%, 1/1/48(7)		6,760		6,887,291
New Jersey Turnpike Authority, 5.00%, 1/1/48(3)(7)		5,000		5,667,550
New Orleans Aviation Board, LA, (North Terminal Project), (AMT), 5.00%, 1/1/35		2,000		2,192,340
New Orleans Aviation Board, LA, (North Terminal Project), (AMT), 5.00%, 1/1/43		1,500		1,639,050
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/41		7,500		7,928,475

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/46	$	6,345	$	6,688,455
Niagara Frontier Transportation Authority, NY, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/28		470		523,387
North East Texas Regional Mobility Authority, 5.00%, 1/1/41		5,250		5,596,605
North Texas Tollway Authority, Prerefunded to 9/1/21, 5.50%, 9/1/41(3)		10,000		10,937,400
Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 5.00%, 11/1/41		5,495		5,868,935
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		215		228,437
Port Authority of New York and New Jersey, (AMT), 4.00%, 9/1/33(3)		12,080		12,563,321
Port Authority of New York and New Jersey, (AMT), 4.50%, 4/1/37(3)		10,000		10,329,400
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/35		4,070		4,619,491
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/44		5,320		5,826,464
Public Finance Authority, WI, (Denver International Airport Great Hall), (AMT), 5.00%, 9/30/37		2,625		2,879,730
San Francisco City and County Airport Commission, CA, (San Francisco International Airport), (AMT), 5.00%, 5/1/44(7)		11,000		12,428,570
San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/44		10,000		10,759,700
San Jose, CA, Airport Revenue, (AMT), 5.00%, 3/1/24		2,135		2,265,406
South Jersey Transportation Authority, 5.00%, 11/1/32		2,250		2,432,565
Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34		3,685		3,912,106
Texas Private Activity Bond Surface Transportation Corp., (LBJ IH-635 Managed Lanes Project), 7.00%, 6/30/40		4,460		4,729,607
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39		3,415		3,545,419
Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/37		5,000		5,359,100
Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/42		11,430		12,133,516
Virginia Small Business Financing Authority, (Transform 66 P3 Project), (AMT), 5.00%, 12/31/52		2,500		2,675,050
			$	263,806,479
Water and Sewer — 2.2%
Detroit, MI, Sewage Disposal System, 5.00%, 7/1/32	$	3,185	$	3,429,481
Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39		3,355		3,616,958
Detroit, MI, Water Supply System, 5.25%, 7/1/41		13,100		13,955,561

14 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33	$	1,905	$	2,093,862
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/44		1,905		2,032,216
			$	25,128,078
Total Tax-Exempt Municipal Securities — 101.4% (identified cost $1,114,343,944)			$	1,149,469,176
Taxable Municipal Securities — 5.3%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.0%(4)
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(1)	$	120	$	35,988
			$	35,988
General Obligations — 2.0%
Atlantic City, NJ, 7.50%, 3/1/40	$	5,440	$	7,199,731
Chicago Board of Education, IL, 5.182%, 12/1/21(8)		325		324,740
Chicago, IL, 7.75%, 1/1/42		12,430		14,979,393
			$	22,503,864
Hospital — 1.2%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	12,750	$	13,478,663
			$	13,478,663
Insured – General Obligations — 0.7%
Detroit, MI, (AMBAC), 4.96%, 4/1/20	$	580	$	579,878
Detroit, MI, (AMBAC), 5.15%, 4/1/25		7,679		7,592,201
			$	8,172,079
Senior Living / Life Care — 0.4%
St. Johns County Industrial Development Authority, FL, (Westminster St. Augustine), 5.50% to 8/1/24 (Put Date), 8/1/44	$	4,440	$	4,322,073
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 12.50%, 3/15/23(2)		235		234,925
			$	4,556,998

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 0.3%
Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 4.80%, 3/1/36	$	1,150	$	1,140,168
Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 5.25%, 3/1/31		2,570		2,653,499
			$	3,793,667
Transportation — 0.7%
New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28(8)	$	7,375	$	8,118,400
			$	8,118,400
Total Taxable Municipal Securities — 5.3% (identified cost $55,452,088)			$	60,659,659
Corporate Bonds & Notes — 1.5%
Security	Principal Amount (000’s omitted)		Value
Hospital — 0.8%
Boston Medical Center Corp., 4.581%, 7/1/47	$	4,165	$	4,036,273
Harnett Health System, Inc., 6.50% to 4/1/20 (Put Date), 4/1/32		4,425		4,518,429
			$	8,554,702
Other — 0.7%
Morongo Band of Mission Indians, 7.00%, 10/1/39(2)	$	7,980	$	8,240,308
			$	8,240,308
Total Corporate Bonds & Notes — 1.5% (identified cost $16,570,000)			$	16,795,010
Total Investments — 108.2% (identified cost $1,186,366,032)			$	1,226,923,845
Other Assets, Less Liabilities — (8.2)%			$	(92,860,531	)
Net Assets — 100.0%			$	1,134,063,314

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

15 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Portfolio of Investments — continued

At January 31, 2019, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

Texas	15.0%
New York	13.8%
Illinois	12.2%
Others, representing less than 10% individually	67.2%

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, 2019, 11.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.1% to 4.7% of total investments.

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

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2019, the aggregate value of these securities is $109,979,624 or 9.7% of the Fund’s net assets.

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

⁽⁴⁾  Amount is less than 0.05%.

⁽⁵⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at January 31, 2019.

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

⁽⁷⁾  When-issued security.

⁽⁸⁾  Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support.

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount			Value/Unrealized Depreciation
Interest Rate Futures
U.S. 10-Year Treasury Note		175		Short		3/20/19	$	(21,432,031	)	$	(603,222	)
U.S. Long Treasury Bond		112		Short		3/20/19		(16,429,000	)		(844,872	)
										$	(1,448,094	)

Abbreviations:

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

16 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Statement of Assets and Liabilities

Assets	January 31, 2019
Unaffiliated investments, at value (identified cost, $1,186,366,032)	$	1,226,923,845
Cash		3,045,164
Deposits for derivatives collateral — financial futures contracts		477,842
Interest receivable		12,382,997
Receivable for investments sold		155,210
Receivable for Fund shares sold		4,396,432
Due from broker for floating rate notes issued		4,000,000
Total assets	$	1,251,381,490
Liabilities
Payable for floating rate notes issued	$	87,421,288
Payable for when-issued securities		24,636,944
Payable for variation margin on open financial futures contracts		194,018
Payable for Fund shares redeemed		2,965,452
Distributions payable		598,226
Payable to affiliates:
Investment adviser fee		589,468
Distribution and service fees		195,152
Interest expense and fees payable		471,835
Accrued expenses		245,793
Total liabilities	$	117,318,176
Net Assets	$	1,134,063,314
Sources of Net Assets
Paid-in capital	$	1,132,165,596
Distributable earnings		1,897,718
Net Assets	$	1,134,063,314
Class A Shares
Net Assets	$	350,923,415
Shares Outstanding		39,731,628
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.83
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	9.27
Class B Shares
Net Assets	$	261,031
Shares Outstanding		29,652
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	8.80
Class C Shares
Net Assets	$	126,049,032
Shares Outstanding		15,423,217
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	8.17
Class I Shares
Net Assets	$	656,829,836
Shares Outstanding		74,306,414
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.84

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

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

17 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Statement of Operations

Investment Income	Year Ended January 31, 2019
Interest	$	54,740,603
Total investment income	$	54,740,603
Expenses
Investment adviser fee	$	5,055,238
Distribution and service fees
Class A		774,818
Class B		6,040
Class C		1,614,636
Trustees’ fees and expenses		56,038
Custodian fee		258,885
Transfer and dividend disbursing agent fees		394,523
Legal and accounting services		115,818
Printing and postage		66,912
Registration fees		107,769
Interest expense and fees		1,863,913	��
Miscellaneous		127,823
Total expenses	$	10,442,413
Net investment income	$	44,298,190
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	1,209,461
Financial futures contracts		1,964,593
Net realized gain	$	3,174,054
Change in unrealized appreciation (depreciation) —
Investments	$	(8,058,337	)
Financial futures contracts		(2,561,708	)
Net change in unrealized appreciation (depreciation)	$	(10,620,045	)
Net realized and unrealized loss	$	(7,445,991	)
Net increase in net assets from operations	$	36,852,199

18 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2019			2018
From operations —
Net investment income	$	44,298,190		$	44,185,391
Net realized gain		3,174,054			1,288,060
Net change in unrealized appreciation (depreciation)		(10,620,045	)		26,472,455
Net increase in net assets from operations	$	36,852,199		$	71,945,906
Distributions to shareholders(1) —
Class A	$	(11,834,973	)	$	(13,120,204	)
Class B		(18,478	)		(54,454	)
Class C		(4,943,722	)		(5,587,965	)
Class I		(26,714,886	)		(25,365,278	)
Total distributions to shareholders	$	(43,512,059	)	$	(44,127,901	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	72,888,150		$	69,348,266
Class B		203			9,922
Class C		14,794,035			16,481,193
Class I		291,027,900			310,466,266
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		10,033,376			11,396,337
Class B		14,780			44,910
Class C		4,089,234			4,503,189
Class I		22,596,935			21,224,854
Cost of shares redeemed
Class A		(106,414,568	)		(119,798,317	)
Class B		(82,717	)		(357,064	)
Class C		(35,093,214	)		(43,607,197	)
Class I		(335,020,911	)		(206,907,648	)
Net asset value of shares converted
Class A		31,285,333			1,054,094
Class B		(729,156	)		(1,054,094	)
Class C		(30,556,177	)		—
Net increase (decrease) in net assets from Fund share transactions	$	(61,166,797	)	$	62,804,711
Net increase (decrease) in net assets	$	(67,826,657	)	$	90,622,716
Net Assets
At beginning of year	$	1,201,889,971		$	1,111,267,255
At end of year	$	1,134,063,314		$	1,201,889,971	(2)

⁽¹⁾   For the year ended January 31, 2018, the source of distributions was from net investment income. The current year presentation of distributions conforms with the Disclosure Update and Simplification Rule issued by the Securities and Exchange Commission, effective November 5, 2018.

⁽²⁾  Includes accumulated undistributed net investment income of $2,335,507 at January 31, 2018. The requirement to disclose the corresponding amount as of January 31, 2019 was eliminated.

19 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Financial Highlights

	Class A
	Year Ended January 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	8.880		$	8.650		$	8.970		$	9.020		$	8.070
Income (Loss) From Operations
Net investment income(1)	$	0.345		$	0.337		$	0.345		$	0.367		$	0.378
Net realized and unrealized gain (loss)		(0.059	)		0.229			(0.315	)		(0.053	)		0.960
Total income from operations	$	0.286		$	0.566		$	0.030		$	0.314		$	1.338
Less Distributions
From net investment income	$	(0.336	)	$	(0.336	)	$	(0.350	)	$	(0.364	)	$	(0.388	)
Total distributions	$	(0.336	)	$	(0.336	)	$	(0.350	)	$	(0.364	)	$	(0.388	)
Net asset value — End of year	$	8.830		$	8.880		$	8.650		$	8.970		$	9.020
Total Return(2)		3.29	%		6.63	%		0.25	%		3.64	%		16.92	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	350,923		$	344,822		$	374,661		$	431,777		$	452,135
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(3)		0.79	%		0.78	%		0.79	%		0.81	%		0.83	%
Interest and fee expense(4)		0.17	%		0.14	%		0.10	%		0.05	%		0.06	%
Total expenses(3)		0.96	%		0.92	%		0.89	%		0.86	%		0.89	%
Net investment income		3.92	%		3.81	%		3.83	%		4.18	%		4.41	%
Portfolio Turnover		32	%		21	%		35	%		27	%		16	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁴⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

20 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Financial Highlights — continued

	Class B
	Year Ended January 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	8.850		$	8.620		$	8.940		$	8.990		$	8.040
Income (Loss) From Operations
Net investment income(1)	$	0.272		$	0.272		$	0.277		$	0.301		$	0.318
Net realized and unrealized gain (loss)		(0.054	)		0.227			(0.316	)		(0.054	)		0.955
Total income (loss) from operations	$	0.218		$	0.499		$	(0.039	)	$	0.247		$	1.273
Less Distributions
From net investment income	$	(0.268	)	$	(0.269	)	$	(0.281	)	$	(0.297	)	$	(0.323	)
Total distributions	$	(0.268	)	$	(0.269	)	$	(0.281	)	$	(0.297	)	$	(0.323	)
Net asset value — End of year	$	8.800		$	8.850		$	8.620		$	8.940		$	8.990
Total Return(2)		2.52	%		5.85	%		(0.51	)%		2.87	%		16.11	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	261		$	1,067		$	2,365		$	3,298		$	5,436
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(3)		1.54	%		1.53	%		1.54	%		1.56	%		1.58	%
Interest and fee expense(4)		0.17	%		0.14	%		0.10	%		0.05	%		0.06	%
Total expenses(3)		1.71	%		1.67	%		1.64	%		1.61	%		1.64	%
Net investment income		3.10	%		3.09	%		3.09	%		3.43	%		3.74	%
Portfolio Turnover		32	%		21	%		35	%		27	%		16	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁴⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

21 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Financial Highlights — continued

	Class C
	Year Ended January 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	8.210		$	8.010		$	8.300		$	8.340		$	7.460
Income (Loss) From Operations
Net investment income(1)	$	0.252		$	0.251		$	0.256		$	0.279		$	0.290
Net realized and unrealized gain (loss)		(0.042	)		0.199			(0.285	)		(0.043	)		0.889
Total income (loss) from operations	$	0.210		$	0.450		$	(0.029	)	$	0.236		$	1.179
Less Distributions
From net investment income	$	(0.250	)	$	(0.250	)	$	(0.261	)	$	(0.276	)	$	(0.299	)
Total distributions	$	(0.250	)	$	(0.250	)	$	(0.261	)	$	(0.276	)	$	(0.299	)
Net asset value — End of year	$	8.170		$	8.210		$	8.010		$	8.300		$	8.340
Total Return(2)		2.60	%		5.67	%		(0.42	)%		2.95	%		16.08	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	126,049		$	173,844		$	191,619		$	205,556		$	197,655
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(3)		1.54	%		1.53	%		1.54	%		1.56	%		1.58	%
Interest and fee expense(4)		0.17	%		0.14	%		0.10	%		0.05	%		0.06	%
Total expenses(3)		1.71	%		1.67	%		1.64	%		1.61	%		1.64	%
Net investment income		3.10	%		3.06	%		3.07	%		3.43	%		3.65	%
Portfolio Turnover		32	%		21	%		35	%		27	%		16	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁴⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

22 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Financial Highlights — continued

	Class I
	Year Ended January 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	8.880		$	8.660		$	8.980		$	9.020		$	8.070
Income (Loss) From Operations
Net investment income(1)	$	0.364		$	0.359		$	0.367		$	0.388		$	0.397
Net realized and unrealized gain (loss)		(0.046	)		0.220			(0.314	)		(0.041	)		0.963
Total income from operations	$	0.318		$	0.579		$	0.053		$	0.347		$	1.360
Less Distributions
From net investment income	$	(0.358	)	$	(0.359	)	$	(0.373	)	$	(0.387	)	$	(0.410	)
Total distributions	$	(0.358	)	$	(0.359	)	$	(0.373	)	$	(0.387	)	$	(0.410	)
Net asset value — End of year	$	8.840		$	8.880		$	8.660		$	8.980		$	9.020
Total Return(2)		3.67	%		6.77	%		0.51	%		4.02	%		17.21	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	656,830		$	682,157		$	542,623		$	466,822		$	409,570
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(3)		0.54	%		0.53	%		0.54	%		0.56	%		0.58	%
Interest and fee expense(4)		0.17	%		0.14	%		0.10	%		0.05	%		0.06	%
Total expenses(3)		0.71	%		0.67	%		0.64	%		0.61	%		0.64	%
Net investment income		4.13	%		4.04	%		4.06	%		4.42	%		4.60	%
Portfolio Turnover		32	%		21	%		35	%		27	%		16	%

⁽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⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁴⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

23 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance High Yield Municipal Income 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 provide high current income exempt from regular federal income tax. The Fund primarily invests in high yield 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. Beginning January 1, 2012, Class B shares are only available for purchase upon exchange from another Eaton Vance fund or through reinvestment of distributions. Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten 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 thanclass-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

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

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

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

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

As of January 31, 2019, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

24

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Notes to Financial Statements — continued

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

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

H  Floating Rate Notes Issued in Conjunction with Securities Held — The Fund may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby the Fund may sell a variable or fixed rate bond for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Fund, and which may have been, but is not required to be, the bond purchased from the Fund (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by the Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Fund, thereby terminating the SPV. Should the Fund exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Fund accounts for the transaction described above as a secured borrowing by including the Bond in its Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in its Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 10) at January 31, 2019. Interest expense related to the Fund’s liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At January 31, 2019, the amount of the Fund’s Floating Rate Notes outstanding and the related collateral were $87,421,288 and $130,389,768, respectively. The range of interest rates on the Floating Rate Notes outstanding at January 31, 2019 was 1.32% to 1.37%. For the year ended January 31, 2019, the Fund’s average settled Floating Rate Notes outstanding and the average interest rate including fees were $89,229,247 and 2.09%, respectively.

In certain circumstances, the Fund may enter into shortfall and forbearance agreements with brokers by which the Fund agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Fund had no shortfalls as of January 31, 2019.

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

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

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

25

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Notes to Financial Statements — continued

J  When-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 cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

2  Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2019 and January 31, 2018 was as follows:

	Year Ended January 31,
	2019		2018
Tax-exempt income	$	39,832,090	$	40,437,408
Ordinary income	$	3,679,969	$	3,690,493

During the year ended January 31, 2019, distributable earnings was increased by $9,567,013 and paid-in capital was decreased by $9,567,013 due to expired capital loss carryforwards. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of January 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed tax-exempt income	$	8,659,634
Deferred capital losses	$	(46,563,954	)
Net unrealized appreciation	$	40,400,264
Distributions payable	$	(598,226	)

At January 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $46,563,954 which would 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 would 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. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2019, $12,110,129 are short-term and $34,453,825 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at January 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,099,102,293
Gross unrealized appreciation	$	55,876,148
Gross unrealized depreciation		(15,475,884	)
Net unrealized appreciation	$	40,400,264

26

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Notes to Financial Statements — continued

3  Investment 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 agreements 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.

Daily Net Assets	Annual Asset Rate			Daily Income Rate
Up to $500 million		0.3150	%		3.1500	%
$500 million but less than $750 million		0.2925			2.9250
$750 million but less than $1 billion		0.2700			2.9250
$1 billion but less than $1.5 billion		0.2700			2.7000

On average daily net assets of $1.5 billion or more, the rates are further reduced. The fee reductions cannot be terminated without the consent of a majority of the Trustees and a majority of shareholders. For the year ended January 31, 2019, the investment adviser fee amounted to $5,055,238 or 0.45% of the Fund’s average daily net assets. EVM serves as the administrator of the Fund, but receives no compensation. EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended January 31, 2019, EVM earned $19,959 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $32,667 as its portion of the sales charge on sales of Class A shares for the year ended January 31, 2019. 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).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations 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, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2019 amounted to $774,818 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. Pursuant to the Class B and Class C Plans, the Fund pays 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. For the year ended January 31, 2019, the Fund paid or accrued to EVD $4,530 and $1,210,977 for Class B and Class C shares, respectively.

Pursuant to the Class B and Class C Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to 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 sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2019 amounted to $1,510 and $403,659 for Class B and Class C shares, respectively.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d) and for Class B, are further limited to a 5% maximum sales charge as determined in accordance with such rule.

5  Contingent 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. For the year ended January 31, 2019, the Fund was informed that EVD received approximately $7,000 and $3,000 of CDSCs paid by Class A and Class C shareholders, respectively, and no CDSCs paid by Class B shareholders.

27

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Notes to Financial Statements — continued

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $386,210,636 and $461,934,665, respectively, for the year ended January 31, 2019.

7  Shares of Beneficial Interest

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

	Year Ended January 31,
Class A	2019			2018
Sales		8,272,949			7,799,186
Issued to shareholders electing to receive payments of distributions in Fund shares		1,138,872			1,286,789
Redemptions		(12,086,607	)		(13,658,655	)
Converted from Class B shares		82,938			118,562
Converted from Class C shares		3,476,243			—
Net increase (decrease)		884,395			(4,454,118	)
	Year Ended January 31,
Class B	2019			2018
Sales		23			1,110
Issued to shareholders electing to receive payments of distributions in Fund shares		1,682			5,097
Redemptions		(9,400	)		(40,889	)
Converted to Class A shares		(83,222	)		(118,969	)
Net decrease		(90,917	)		(153,651	)
	Year Ended January 31,
Class C	2019			2018
Sales		1,818,684			2,007,988
Issued to shareholders electing to receive payments of distributions in Fund shares		501,610			549,469
Redemptions		(4,307,595	)		(5,323,504	)
Converted to Class A shares		(3,753,548	)		—
Net decrease		(5,740,849	)		(2,766,047	)
	Year Ended January 31,
Class I	2019			2018
Sales		33,033,051			35,197,411
Issued to shareholders electing to receive payments of distributions in Fund shares		2,562,373			2,392,122
Redemptions		(38,077,931	)		(23,455,201	)
Net increase (decrease)		(2,482,507	)		14,134,332

28

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Notes to Financial Statements — continued

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through October 29, 2019. 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 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended January 31, 2019.

9  Financial 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 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 do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at January 31, 2019 is included in the Portfolio of Investments. At January 31, 2019, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Fund holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Fund enters into U.S. Treasury futures contracts to hedge against changes in interest rates.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at January 31, 2019 was as follows:

	Fair Value
Derivative	Asset Derivative		Liability Derivative(1)
Futures Contracts	$	—	$	(1,448,094	)

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the year ended January 31, 2019 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income(2)
Futures Contracts	$	1,964,593	$	(2,561,708	)

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

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

The average notional cost of futures contracts (short) outstanding during the year ended January 31, 2019, which is indicative of the volume of this derivative type, was approximately $37,030,000.

10  Fair Value Measurements

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

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

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

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

29

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Notes to Financial Statements — continued

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

At January 31, 2019, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—		$	1,149,469,176	$	—	$	1,149,469,176
Taxable Municipal Securities		—			60,659,659		—		60,659,659
Corporate Bonds & Notes		—			16,795,010		—		16,795,010
Total Investments	$	—		$	1,226,923,845	$	—	$	1,226,923,845
Liability Description
Futures Contracts	$	(1,448,094	)	$	—	$	—	$	(1,448,094	)
Total	$	(1,448,094	)	$	—	$	—	$	(1,448,094	)

30

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance High Yield Municipal Income Fund (the “Fund”) (one of the funds constituting Eaton Vance Municipals Trust II), including the portfolio of investments, as of January 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 21, 2019

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

31

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2020 will show the tax status of all distributions paid to your account in calendar year 2019. 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 and/or regulations, shareholders must be notified regarding exempt-interest dividends.

Exempt-Interest Dividends.  For the fiscal year ended January 31, 2019, the Fund designates 91.54% of distributions from net investment income as an exempt-interest dividend.

32

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Special Meeting of Shareholders (Unaudited)

The Fund held a Special Meeting of Shareholders on September 20, 2018 to elect the five Trustees listed below. The other Trustees named herein continue to serve as Trustees. The results of the vote with respect to the Fund were as follows:

	Number of Shares
Nominee for Trustee	For		Withheld
Mark R. Fetting		119,428,530		997,147
Keith Quinton		119,407,847		1,017,830
Marcus L. Smith		119,375,409		1,050,268
Susan J. Sutherland		119,774,590		651,086
Scott E. Wennerholm		119,368,746		1,056,931

Results are rounded to the nearest whole number.

33

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

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. Each Trustee oversees 175 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	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 175 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President(2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm)(1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2) Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018).

34

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional)(2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(2) None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Directorships in the Last Five Years.(2) None.
Keith Quinton(3) 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).
Marcus L. Smith(3) 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015); Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Director of DCT Industrial Trust Inc. (logistics real estate company) (since 2017).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products)(2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Directorships in the Last Five Years. None.

Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President and officer of CRM.

35

Eaton Vance

High Yield Municipal Income Fund

January 31, 2019

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President and officer of CRM.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

⁽²⁾  During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman, Quinton, Smith and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and eUnitsTM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014). However, Ms. Mosley did not serve as a Board member of eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾  Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

⁽⁴⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

The SAI for the 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.

36

Eaton Vance Funds

IMPORTANT NOTICES

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 Privacy 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, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only 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 advisor/broker-dealer, it is likely that only such advisor’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 (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 advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, 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 advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of 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 at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. 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 and by accessing the SEC’s website at www.sec.gov.

37

This Page Intentionally Left Blank

This Page Intentionally Left Blank

This Page Intentionally Left Blank

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

416    1.31.19

Eaton Vance

TABS Municipal Bond Funds

Annual Report

January 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Funds electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. Each Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, each Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

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

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

Annual Report January 31, 2019

Eaton Vance

TABS Municipal Bond Funds

Table of Contents

Management’s Discussion of Fund Performance	2
Performance and Fund Profile
TABS Short-Term Municipal Bond Fund	4
TABS Intermediate-Term Municipal Bond Fund	6
Endnotes and Additional Disclosures	8
Fund Expenses	9
Financial Statements	11
Report of Independent Registered Public Accounting Firm	36
Federal Tax Information	37
Special Meeting of Shareholders	38
Management and Organization	39
Important Notices	42

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The12-month period ended January 31, 2019, was positive for the municipal bond market, with the Bloomberg Barclays Municipal Bond Index,² a broad measure of the asset class, returning 3.26%.

Bond performance, however, varied considerably across the AAA⁶ municipal yield curve.⁸ During the period, rates rose and bond prices fell in the 0–2 year and 19–30 year areas of the curve. But rates declined in the 3–18 year segment of the curve, with the largest declines — and the strongest bond price performance — occurring in the 10–12 year part of the curve. As a result, the front end of the municipal yield curve — 1–9 years — generally flattened while the back end — 10–30 years — steepened. In addition, lower-rated bonds generally outperformed higher-rated issues during the period. Municipal bonds outperformed comparable U.S. Treasurys in the 1–10 year area of the yield curve, while Treasurys outperformed municipals across the remainder of the curve.

As the period opened in February 2018, signs of increasing inflation, higher wage growth and fears that recent tax legislation might overheat the economy were pushing interest rates up and bond prices down. Upward pressure on short-term rates continued in March and June 2018 as the U.S. Federal Reserve Board (the Fed) delivered its first two rate hikes of the year. At the long end of the curve, however, fluctuating perceptions of geopolitical risk were a primary driver of rates from April through the end of August 2018. Investors toggled between concern that the U.S. was initiating a global trade war and optimism about economic growth and a potential detente between the U.S. and North Korea.

In September 2018, the Fed hiked the federal funds rate again, which pushed up both U.S. Treasury and municipal rates across the curve. In October 2018, a strong U.S. employment report and easing concerns about Italy’s national budget crisis continued the upward pressure on longer-term rates. But as 2018 came to a close, investors became increasingly concerned about a trade war with China, a potential government shutdown and dovish comments by the Fed that led the futures market to project the possibility of no further rate hikes in 2019. The result was a “flight to quality” by bond investors that pushed longer-term bond prices up and rates down in December 2018.

The first month of 2019, in contrast, was relatively quiet for bonds. As investors waited to see the outcome of the longest-ever U.S. government shutdown, municipal interest rates were virtually unchanged in January.

Fund Performance

For the12-month period ended January 31, 2019, Eaton Vance TABS Short-Term Municipal Bond Fund returned 2.00% for Class A shares at net asset value (NAV), underperforming its primary benchmark, the Bloomberg Barclays 5 Year Municipal Bond Index, which returned 2.85%.

For the12-month period ended January 31, 2019, Eaton Vance TABS Intermediate-Term Municipal Bond Fund returned 2.38% for Class A shares at NAV, underperforming its primary benchmark, the Bloomberg Barclays Municipal Managed Money Intermediate 1–17 Year Bond Index, which returned 3.58%. The Indexes are unmanaged and returns do not reflect any applicable sales charges, commissions, or expenses.

The TABS Short-Term and Intermediate-Term Funds seekafter-tax total return. The Funds generally invest in investment-grade municipal securities of limited or intermediate duration.⁷ Management pursuesafter-tax total return through relative value trading to take advantage of inefficiencies within the municipal market. With respect to 20% of each Fund’s net assets, management may also strive to add value by crossing over fromtax-free municipals to U.S. government bonds and/or taxable municipal bonds, and vice versa, according to which sector is perceived to be more attractively valued on anafter-tax basis.

Fund-Specific Results

For Eaton Vance TABS Short-Term Municipal Bond Fund, credit quality and duration were the main detractors from Fund performance versus its benchmark during the period. The Fund’s higher average credit quality, compared with its benchmark, hurt relative performance during the period, when lower-rated bonds generally outperformed higher-rated issues. The Fund was underweight versus the benchmark in lower-quality, better-performingA- andBBB-rated bonds and overweight in higher-qualityAAA-rated issues.

Duration, or interest rate sensitivity, detracted from Fund performance versus its benchmark. For the period as a whole, rates fell and prices rose for short-term municipal bonds. The Fund had a shorter duration than its benchmark during the period, and thus benefited less than its benchmark from rising bond prices.

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Management’s Discussion of Fund Performance¹ — continued

Fund-Specific Results — continued

In contrast, security selection, relative value trading, and yield curve positioning contributed to Fund performance versus its benchmark during the period. Active selection of individual bonds — based on fundamental credit research — was the largest single contributor to Fund performance relative to its benchmark.

Relative value trading — a strategy that seeks to take advantage of price and rate differences among similar securities — contributed to Fund performance versus its benchmark as well. Management employed relative value trading to take advantage of its own research results, as well as the relatively inefficient nature of the municipal bond market, in order to buy and sell bonds to pursue additional return during the period.

With regard to yield curve positioning, the Bloomberg Barclays 5 Year Municipal Bond Index held only bonds with maturities of 4–6 years, whereas the Fund also held bonds in the shorter-maturity 0–3 year area of the yield curve, and the longer-maturity 7–10 year area of the curve. During the period, rates rose and prices fell in the 0–3 year area of the curve, causing the Fund’s holdings in that area to underperform the benchmark’s holdings in the 4–6 year area of the curve and, thus, detract from relative performance versus the benchmark. To a greater extent, however, the Fund’sout-of-Index holdings in the 7–10 year area of the curve outperformed the benchmark’s shorter-maturity holdings and contributed to results versus the benchmark. For the period as a whole, the net effect of the Fund’s yield curve positioning was modestly positive for Fund performance versus the benchmark.

The Fund’s crossover trading strategy was employed only minimally during the period and did not have a material impact on Fund performance versus its benchmark.

For Eaton Vance TABS Intermediate-Term Municipal Bond Fund, duration, credit quality and yield curve positioning detracted from Fund performance versus its benchmark during the period. The Fund had a shorter duration than its benchmark, and benefited less than its benchmark when rates fell and bond prices rose during the period.

With regard to credit quality, the Fund’s marginally higher credit-quality positioning hurt relative performance for the period as lower-rated issues outperformed. Yield curve positioning detracted from relative performance as the Fund was overweight versus its benchmark in the 0–2 year area of the yield curve, which was the one of the worst-performing areas of the curve during the period.

In contrast, relative value trading and security selection contributed to Fund performance versus its benchmark. The Fund’s crossover strategy was not employed during the period.

See Endnotes and Additional Disclosures in this report.

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

3

Eaton Vance

TABS Short-Term Municipal Bond Fund

January 31, 2019

Performance^2,3

Portfolio Managers James H. Evans, CFA, Brian C. Barney, CFA and Devin J. Cooch, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A at NAV		03/27/2009		12/31/1998		2.00	%		1.13	%		1.87	%
Class A with 2.25% Maximum Sales Charge		—		—		–0.32			0.68			1.64
Class C at NAV		03/27/2009		12/31/1998		1.24			0.36			1.12
Class C with 1% Maximum Sales Charge		—		—		0.24			0.36			1.12
Class I at NAV		03/27/2009		12/31/1998		2.25			1.37			2.12
Bloomberg Barclays 5 Year Municipal Bond Index		—		—		2.85	%		1.97	%		2.91	%
Bloomberg Barclays Municipal Managed Money 1–7 Year Bond Index		—		—		2.68			1.58			2.33
%After-Tax Returns with Maximum Sales Charge	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Class A After Taxes on Distributions		03/27/2009		12/31/1998		–0.36	%		0.57	%		—
Class A After Taxes on Distributions and Sale of Fund Shares		—		—		0.37			0.75			—
Class C After Taxes on Distributions		03/27/2009		12/31/1998		0.23			0.27			—
Class C After Taxes on Distributions and Sale of Fund Shares		—		—		0.43			0.36			—
Class I After Taxes on Distributions		03/27/2009		12/31/1998		2.21			1.25			—
Class I After Taxes on Distributions and Sale of Fund Shares		—		—		2.01			1.34			—
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
						0.90	%		1.65	%		0.65	%
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						1.43	%		0.68	%		1.68	%
SEC30-day Yield						1.00			0.29			1.27

Growth of $10,000³

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

Growth of Investment3	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C	$	10,000		01/31/2009	$	11,177		N.A.
Class I	$	250,000		01/31/2009	$	308,244		N.A.

See Endnotes and Additional Disclosures in this report.

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

4

Eaton Vance

TABS Short-Term Municipal Bond Fund

January 31, 2019

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

5

Eaton Vance

TABS Intermediate-Term Municipal Bond Fund

January 31, 2019

Performance^2,3

Portfolio ManagersJames H. Evans, CFA, Brian C. Barney, CFA and Christopher J. Harshman, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year				Five Years			Since Inception
Class A at NAV		02/01/2010		02/01/2010		2.38	%			2.79	%		4.06	%
Class A with 2.25% Maximum Sales Charge		—		—		0.07				2.32			3.79
Class C at NAV		02/01/2010		02/01/2010		1.61				2.03			3.29
Class C with 1% Maximum Sales Charge		—		—		0.61				2.03			3.29
Class I at NAV		02/01/2010		02/01/2010		2.63				3.05			4.32
Bloomberg Barclays Municipal Managed Money Intermediate 1–17 Year Bond Index		—		—		3.58	%			3.03	%		3.56	%
Bloomberg Barclays 7 Year Municipal Bond Index		—		—		3.70				2.86			3.64
%After-Tax Returns with Maximum Sales Charge	Class Inception Date		Performance Inception Date		One Year				Five Years			Since Inception
Class A After Taxes on Distributions		02/01/2010		02/01/2010		0.06	%			2.31	%		3.69	%
Class A After Taxes on Distributions and Sale of Fund Shares		—		—		0.81				2.20			3.35
Class C After Taxes on Distributions		02/01/2010		02/01/2010		0.61				2.02			3.19
Class C After Taxes on Distributions and Sale of Fund Shares		—		—		0.84				1.82			2.79
Class I After Taxes on Distributions		02/01/2010		02/01/2010		2.62				3.04			4.22
Class I After Taxes on Distributions and Sale of Fund Shares		—		—		2.45				2.85			3.85
% Total Annual Operating Expense Ratios4					Class A				Class C			Class I
Gross						0.97	%			1.72	%		0.72	%
Net						0.90				1.65			0.65
% Distribution Rates/Yields5					Class A			��	Class C			Class I
Distribution Rate						1.87	%			1.12	%		2.12	%
SEC30-day Yield – Subsidized						1.36				0.65			1.64
SEC30-day Yield – Unsubsidized						1.21				0.50			1.48

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C	$	10,000		02/01/2010	$	13,386		N.A.
Class I	$	250,000		02/01/2010	$	366,041		N.A.

See Endnotes and Additional Disclosures in this report.

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

6

Eaton Vance

TABS Intermediate-Term Municipal Bond Fund

January 31, 2019

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

7

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Endnotes and Additional Disclosures

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

² Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg Barclays 5 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from4-6 years. Bloomberg Barclays Municipal Managed Money 1–7 Year Bond Index is an unmanaged,tax-exempt bond market index that measures the 1–7 year maturity component of the Bloomberg Barclays Municipal Managed Money Bond Index. Bloomberg Barclays Municipal Managed Money Intermediate 1–17 Year Bond Index is an unmanaged,tax-exempt bond market index that measures the 1–17 year maturity component of the Bloomberg Barclays Municipal Managed Money Bond Index. Bloomberg Barclays 7 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from6-8 years. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³ Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.After-tax returns are calculated using certain assumptions, including using the highest individual federal income tax rates in effect at the time of the distributions and do not reflect the impact of state/local taxes. Actualafter-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions and may differ from those shown.After-tax returns are not relevant to shareholders who hold shares intax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.

For the TABS Short-Term Municipal Bond Fund, performance prior to the inception date of each share class is that of a private investment partnership (the Predecessor Account). Performance shown prior to the inception of the share class is adjusted for any applicable sales charge, but not adjusted for expense differences between the Predecessor Account and each share class. If adjusted for such differences, the performance would be different.

The Predecessor Account was not a mutual fund registered under the Investment Company Act of 1940, as amended (the 1940 Act) or a regulated investment company under the Internal Revenue Code of 1986, as amended (the Code), and therefore the Predecessor Account was not subject to investment limitations, diversification requirements and other restrictions imposed by the 1940 Act and/or the Code. If such requirements were applicable to the Predecessor Account, the performance shown may have been adversely affected. Performance presented in the Financial Highlights included in the financial statements is not linked.

After-Tax Returns are not shown for the Ten Year period because the Predecessor Account, unlike a registered investment company, was not required to make annual income distributions to its investors.

⁴ Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement for TABS Intermediate-Term Municipal Bond Fund that continues through 5/31/19. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵ The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes astax-exempt income, qualified andnon-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form1099-DIV and provided to the shareholder shortly after eachyear-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lowertax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. Subsidized yield reflects the effect of fee waivers and expense reimbursements.

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

⁷ Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes.

⁸ Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term rates fall and/or short-term rates increase, and the yield curve steepens when long-term rates increase and/or short-term rates fall.

Fund profiles subject to change due to active management.

8

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2018 – January 31, 2019).

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

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

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

Eaton Vance TABS Short-Term Municipal Bond Fund

	Beginning Account Value (8/1/18)		Ending Account Value (1/31/19)		Expenses Paid During Period* (8/1/18 – 1/31/19)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,015.60	$	4.62		0.91	%
Class C	$	1,000.00	$	1,011.80	$	8.47		1.67	%
Class I	$	1,000.00	$	1,016.90	$	3.41		0.67	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.60	$	4.63		0.91	%
Class C	$	1,000.00	$	1,016.80	$	8.49		1.67	%
Class I	$	1,000.00	$	1,021.80	$	3.41		0.67	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2018.

9

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Fund Expenses — continued

Eaton Vance TABS Intermediate-Term Municipal Bond Fund

	Beginning Account Value (8/1/18)		Ending Account Value (1/31/19)		Expenses Paid During Period* (8/1/18 – 1/31/19)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,017.30	$	4.58	**		0.90	%
Class C	$	1,000.00	$	1,013.50	$	8.37	**		1.65	%
Class I	$	1,000.00	$	1,018.60	$	3.31	**		0.65	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.70	$	4.58	**		0.90	%
Class C	$	1,000.00	$	1,016.90	$	8.39	**		1.65	%
Class I	$	1,000.00	$	1,021.90	$	3.31	**		0.65	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2018.

** Absent an allocation of certain expenses to an affiliate, expenses would be higher.

10

Eaton Vance

TABS Short-Term Municipal Bond Fund

January 31, 2019

Portfolio of Investments

Tax-Exempt Municipal Securities — 95.7%
Security	Principal Amount (000’s omitted)		Value
Education — 3.8%
Connecticut Health and Educational Facilities Authority,(Yale-New Haven Health), 2.00% to 2/8/22 (Put Date), 7/1/49	$	5,000	$	5,027,700
Noblesville Multi-School Building Corp., IN, 5.00%, 7/15/22		3,075		3,357,469
Southwest Higher Education Authority, Inc., TX, (Southern Methodist University), 5.00%, 10/1/23		400		455,212
University of Texas, Prerefunded to 2/15/20, 5.00%, 8/15/23		2,975		3,077,043
			$	11,917,424
Electric Utilities — 1.4%
Denton, TX, Utility System Revenue, 5.00%, 12/1/26	$	1,000	$	1,203,430
Seattle, WA, Municipal Light and Power Revenue, 1.92%, (SIFMA + 0.49%), 11/1/23 (Put Date), 11/1/46(1)		1,000		1,000,970
Southern California Public Power Authority, 5.00%, 7/1/26		1,000		1,077,290
Southern California Public Power Authority, 5.00%, 7/1/27		1,000		1,074,830
			$	4,356,520
Escrowed / Prerefunded — 8.9%
Fairfax County, VA, Prerefunded to 4/1/20, 4.00%, 4/1/23	$	500	$	512,895
Illinois Development Finance Authority, (Regency Park), Escrowed to Maturity, 0.00%, 7/15/23		10,000		9,112,800
Illinois Development Finance Authority, (Regency Park), Escrowed to Maturity, 0.00%, 7/15/25		5,750		4,968,115
Leander Independent School District, TX, (PSF Guaranteed), Prerefunded to 8/15/24, 0.00%, 8/15/43		1,935		627,791
Leander Independent School District, TX, (PSF Guaranteed), Prerefunded to 8/15/24, 0.00%, 8/15/49		33,580		7,553,150
Minnesota, Escrowed to Maturity, 4.00%, 8/1/19		55		55,636
St. Mary Hospital Authority, PA, (Catholic Health East), Prerefunded to 5/15/20, 5.00%, 11/15/22		5,000		5,208,000
			$	28,038,387
General Obligations — 39.2%
Barbers Hill Independent School District, TX, Prerefunded to 2/15/19, 4.00%, 2/15/23	$	2,000	$	2,001,520
Beaverton School District No. 48J, Washington and Multnomah Counties, OR, 5.00%, 6/15/26		2,000		2,411,940
Birmingham, AL, 5.00%, 12/1/28		1,475		1,792,287
Boulder Valley School District No. Re-2, CO, 6.00%, 12/1/22(2)		1,150		1,324,627
Brown County, WI, 4.00%, 11/1/21		620		645,116
California, 2.452%, (70% of 1 mo. USD LIBOR + 0.70%), 12/1/20 (Put Date), 12/1/28(1)		7,500		7,534,950
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/22		155		145,046

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Clark County, NV, 5.00%, 12/1/27	$	2,500	$	3,056,375
Cleveland Heights-University Heights City School District, OH, 0.00%, 12/1/23		250		222,710
College Station, TX, 5.00%, 2/15/24		1,000		1,062,900
Columbia County, WI, 4.00%, 8/1/29		1,100		1,206,568
Denton Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/24		3,000		2,691,750
El Dorado Union High School District, CA, 0.00%, 8/1/21		45		42,993
Fairfax County, VA, 4.00%, 4/1/23		500		513,945
Florida Board of Education, 5.00%, 6/1/22		2,150		2,245,997
Fort Worth Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/24		2,200		2,530,264
Frisco, TX, 4.00%, 2/15/19		155		155,118
Glasscock County Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/23		300		305,670
Guilford County, NC, Series 2010D, 5.00%, 8/1/19		10,190		10,360,479
Hawaii, 5.00%, 10/1/29		2,500		3,031,475
Houston Independent School District, TX, 2.20% to 6/1/20 (Put Date), 6/1/39		2,000		2,007,520
Hutto Independent School District, TX, (PSF Guaranteed), 0.00%, 8/1/22		525		489,253
Johnston County, NC, 5.00%, 2/1/24		2,500		2,886,750
Lake County Community College District No. 532, IL, 4.00%, 6/1/21		4,230		4,438,920
Leander Independent School District, TX, 0.00%, 8/15/20		3,000		2,913,960
Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/22		700		653,877
Manhattan Beach Unified School District, CA, (Election of 2016), 3.00%, 9/1/26		230		249,631
Manhattan Beach Unified School District, CA, (Election of 2016), 3.00%, 9/1/27		270		293,396
Maryland, 4.00%, 6/1/27		5,000		5,478,800
Maryland, 5.00%, 3/1/19		5,465		5,478,881
Massachusetts, 5.00%, 12/1/24		5,000		5,868,850
Miami-Dade County, FL, 5.00%, 7/1/26		1,000		1,203,310
Minnesota, 4.00%, 8/1/19		2,945		2,980,193
Montgomery County, MD, 5.00%, 11/1/26		5,000		5,833,300
Montgomery County, MD, 5.00%, 12/1/27		5,000		5,826,750
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/23		945		866,886
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/24		900		804,636
New York, 5.00%, 8/1/24		5,000		5,827,350
New York, 5.00%, 8/1/26		1,000		1,205,440
North Carolina, 5.00%, 6/1/25		1,000		1,189,810
Ohio, 5.00%, 6/15/27		2,500		2,806,300
Peralta Community College District, CA, 5.00%, 8/1/23		140		160,355

11 See Notes to Financial Statements.

Eaton Vance

TABS Short-Term Municipal Bond Fund

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Plano Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/25	$	5,000	$	5,879,200
Poudre School District No. R-1, CO, 5.00%, 12/15/27		500		613,980
Rose Tree Media School District, PA, 5.00%, 4/1/27		1,000		1,181,580
Schaumburg, IL, 4.00%, 12/1/25		1,150		1,233,386
Sugar Land, TX, 5.00%, 2/15/23		1,105		1,239,589
Tennessee, 3.00%, 10/1/26		275		279,188
Vistancia Community Facilities District, AZ, 5.00%, 7/15/21		610		636,681
Vistancia Community Facilities District, AZ, 5.00%, 7/15/22		740		771,176
Vistancia Community Facilities District, AZ, 5.00%, 7/15/25		1,350		1,404,513
West Chester Area School District, PA, 4.00%, 5/15/28		1,365		1,486,116
West Valley-Mission Community College District, CA, 5.00%, 8/1/25		300		363,273
Williamson County, TN, 4.00%, 4/1/28		1,000		1,116,490
Williamson County, TN, 5.00%, 4/1/25		3,475		4,115,929
			$	123,066,999
Hospital — 13.5%
Grand Traverse County Hospital Finance Authority, MI, (Munson Healthcare), 5.00%, 7/1/20	$	445	$	464,010
Indiana Finance Authority, (Community Foundation of Northwest Indiana Obligated Group), 5.00%, 9/1/25		650		759,967
Indiana Finance Authority, (Indiana University Health), 5.00%, 3/1/19		5,000		5,012,350
Indiana Finance Authority, (Indiana University Health), 5.00%, 3/1/20		6,395		6,615,308
Massachusetts Development Finance Agency, (Partners HealthCare System), 1.93%, (SIFMA + 0.50%), 1/26/23 (Put Date), 7/1/38(1)		2,500		2,493,775
Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 6/1/26		2,500		2,980,425
Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 6/1/27		3,500		4,215,085
New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/22		1,950		2,036,638
Utah County, UT, (IHC Health Services, Inc.), 5.00% to 8/1/24 (Put Date), 5/15/57		4,000		4,484,480
Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 5.00% to 1/31/24 (Put Date), 8/15/54		5,000		5,688,800
Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 2.08%, (SIFMA + 0.65%), 7/31/24 (Put Date), 8/15/54(1)		2,200		2,202,420
Yavapai County Industrial Development Authority, AZ, (Northern Arizona Healthcare System), 5.00%, 10/1/19		3,630		3,709,461
Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/19		400		406,216

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/20	$	1,130	$	1,182,477
			$	42,251,412
Housing — 2.1%
Minnesota Housing Finance Agency, 2.35%, 7/1/21	$	150	$	151,263
New York Housing Finance Agency, (Affordable Housing Corp.), 2.65%, 5/1/23		2,500		2,533,100
New York Housing Finance Agency, Green Bonds, 2.75%, 11/1/22		4,000		4,023,640
			$	6,708,003
Insured-General Obligations — 0.2%
Washington, (NPFG), 0.00%, 6/1/21	$	620	$	593,470
			$	593,470
Lease Revenue / Certificates of Participation — 4.9%
Colorado, (Building Excellent Schools Today), 5.00%, 3/15/27	$	3,275	$	3,958,361
Colorado, (Rural Colorado), 5.00%, 12/15/25		6,000		7,119,360
Malibu, CA, 5.00%, 11/1/38		275		281,221
Malibu, CA, 5.00%, 11/1/43		225		229,988
Malibu, CA, 5.00%, 11/1/48		375		383,175
Montgomery County, MD, (Metrorail Garage Projects), 5.00%, 6/1/19		2,420		2,446,330
Montgomery County, MD, (Metrorail Garage Projects), 5.00%, 6/1/20		610		636,578
Volusia County School Board, FL, 5.00%, 8/1/21		325		350,145
			$	15,405,158
Other Revenue — 5.3%
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), 2.328%, (70% of 3 mo. USD LIBOR + 0.37%), 4/1/20 (Put Date), 4/1/38(1)	$	6,500	$	6,511,505
Johnson County Public Building Commission, KS, (Courthouse and Medical Examiner’s Facility), 5.00%, 9/1/25		3,325		3,943,417
Ohio, 5.00%, 9/1/28		5,150		6,318,947
			$	16,773,869
Special Tax Revenue — 3.8%
Central Puget Sound Regional Transit Authority, WA, Sales Tax and Motor Vehicle Tax Revenue, Green Bonds, 1.88%, (SIFMA + 0.45%), 11/1/23 (Put Date), 11/1/45(1)	$	1,000	$	997,000
Denver City and County, CO, Dedicated Tax Revenue, 0.00%, 8/1/29		200		140,560

12 See Notes to Financial Statements.

Eaton Vance

TABS Short-Term Municipal Bond Fund

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Denver City and County, CO, Dedicated Tax Revenue, 0.00%, 8/1/30	$	400	$	268,812
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/28		5,770		6,770,864
Reno, NV, Sales Tax Revenue, 5.00%, 6/1/25		750		867,113
Sales Tax Asset Receivable Corp., 5.00%, 10/15/27		1,500		1,736,745
Westminster, CO, Sales & Use Tax, 5.00%, 12/1/19		1,135		1,166,099
			$	11,947,193
Transportation — 8.1%
Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/25	$	2,500	$	2,760,675
Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.51%, (70% of 3 mo. USD LIBOR + 0.55%), 4/1/21 (Put Date), 4/1/45(1)		10,000		10,017,300
Illinois Toll Highway Authority, 5.00%, 1/1/27		3,000		3,587,370
Illinois Toll Highway Authority, 5.00%, 1/1/28		3,000		3,614,190
North Texas Tollway Authority, 2.10%, (SIFMA + 0.67%), 1/1/20 (Put Date), 1/1/38(1)		2,500		2,498,500
Pennsylvania Turnpike Commission, 2.13%, (SIFMA + 0.70%), 12/1/23(1)		3,000		2,994,570
			$	25,472,605
Water and Sewer — 4.5%
Charleston, SC, Waterworks and Sewer System Revenue, 2.126%, (70% of 1 mo. USD LIBOR + 0.37%), 1/1/22 (Put Date), 1/1/35(1)	$	5,000	$	4,999,900
Indianapolis, IN, Water System Revenue, 5.00%, 10/1/27		1,500		1,833,390
Kansas City, MO, Sanitary Sewer System Revenue, 5.00%, 1/1/25		500		586,535
Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 12/1/19		1,020		1,048,203
Oklahoma City Water Utilities Trust, OK, 4.00%, 7/1/25		1,000		1,090,160
Riverside, CA, Water System Revenue, 2.06%, (SIFMA + 0.63%), 1/15/20 (Put Date), 10/1/35(1)		1,870		1,871,122
San Francisco City and County Public Utilities Commission, CA, Wastewater Revenue, Green Bonds, 2.125% to 10/1/23 (Put Date), 10/1/48		2,500		2,518,375
Seattle, WA, Solid Waste Revenue, 5.00%, 8/1/19		175		177,858
			$	14,125,543
Total Tax-Exempt Municipal Securities — 95.7% (identified cost $295,726,528)			$	300,656,583

Taxable Municipal Securities — 0.8%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.2%
New York Environmental Facilities Corp., NY, 2.42%, 1/15/23	$	530	$	522,951
			$	522,951
Special Tax Revenue — 0.6%
New York Urban Development Corp., Personal Income Tax Revenue, 3.20%, 3/15/22	$	955	$	962,611
Successor Agency to San Diego Redevelopment Agency, CA, 3.25%, 9/1/22		600		610,356
Successor Agency to San Diego Redevelopment Agency, CA, 3.375%, 9/1/23		450		460,674
			$	2,033,641
Total Taxable Municipal Securities — 0.8% (identified cost $2,557,027)			$	2,556,592
Total Investments — 96.5% (identified cost $298,283,555)			$	303,213,175
Other Assets, Less Liabilities — 3.5%			$	10,951,946
Net Assets — 100.0%			$	314,165,121

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

At January 31, 2019, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

Texas	11.9%
California	11.3%
Others, representing less than 10% individually	73.3%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at January 31, 2019, 0.2% of total investments are backed by bond insurance of a financial guaranty assurance agency.

⁽¹⁾  Floating rate security. The stated interest rate represents the rate in effect at January 31, 2019.

⁽²⁾  When-issued security.

Abbreviations:

LIBOR	–	London Interbank Offered Rate
NPFG	–	National Public Finance Guarantee Corp.
PSF	–	Permanent School Fund
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
USD	–	United States Dollar

13 See Notes to Financial Statements.

Eaton Vance

TABS Intermediate-Term Municipal Bond Fund

January 31, 2019

Portfolio of Investments

Tax-Exempt Municipal Securities — 98.9%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 1.9%
Alaska Municipal Bond Bank Authority, 5.00%, 3/1/30	$	1,145	$	1,304,006
Ohio Water Development Authority, Water Pollution Control Loan Fund, 1.65%, (SIFMA + 0.22%), 12/1/20(1)		5,000		4,982,850
Texas Water Development Board, 4.00%, 10/15/34		2,445		2,628,008
			$	8,914,864
Education — 1.5%
District of Columbia, (Georgetown University), 5.00%, 4/1/31	$	2,455	$	2,856,122
Nevada System of Higher Education, 5.00%, 7/1/23		500		565,695
New Jersey Educational Facilities Authority, (Princeton University), 4.00%, 7/1/27		590		651,472
South Dakota Health and Educational Facilities Authority, (Vocation Education Program), 5.00%, 8/1/27		1,200		1,399,068
Virginia Commonwealth University, 4.00%, 11/1/32		1,285		1,384,922
			$	6,857,279
Electric Utilities — 4.2%
Municipal Electric Authority of Georgia, (Combined Cycle Project), 5.00%, 11/1/20	$	1,000	$	1,051,240
Nebraska Public Power District, 5.00%, 1/1/21		1,405		1,491,127
North Carolina Municipal Power Agency Number 1, (Catawba), 5.00%, 1/1/23		1,485		1,659,324
Omaha Public Power District, NE, Prerefunded to 2/1/22, 5.00%, 2/1/29		810		886,901
Pend Oreille County Public Utility District No. 1, WA, Green Bonds, 5.00%, 1/1/22		1,000		1,075,810
Pend Oreille County Public Utility District No. 1, WA, Green Bonds, 5.00%, 1/1/24		1,000		1,117,230
Pend Oreille County Public Utility District No. 1, WA, Green Bonds, 5.00%, 1/1/27		1,000		1,156,610
Springfield Electric System Revenue, IL, 5.00%, 3/1/27		3,000		3,411,180
Springfield Electric System Revenue, IL, 5.00%, 3/1/28		3,475		3,936,619
Springfield Electric System Revenue, IL, 5.00%, 3/1/29		3,325		3,752,761
			$	19,538,802
Escrowed / Prerefunded — 3.5%
Florida Department of Transportation, Prerefunded to 7/1/19, 5.00%, 7/1/25	$	900	$	921,438
Honolulu City and County, HI, Wastewater System Revenue, Prerefunded to 7/1/19, 5.00%, 7/1/22		560		567,779
Leander Independent School District, TX, (PSF Guaranteed), Prerefunded to 8/15/24, 0.00%, 8/15/43		5,000		1,622,200

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Massachusetts Development Finance Agency, (Partners HealthCare System), Prerefunded to 7/1/21, 5.00%, 7/1/26	$	545	$	585,782
Massachusetts Health and Educational Facilities Authority, (Partners HealthCare System), Prerefunded to 7/1/19, 5.25%, 7/1/29		1,000		1,014,690
Metropolitan Transportation Authority, NY, Prerefunded to 5/15/23, 5.00%, 11/15/32		1,000		1,138,770
Nixa Public Schools, MO, (Refunding & Improvement - Direct Deposit Program), Prerefunded to 3/1/20, 5.00%, 3/1/31		505		522,726
North Carolina Medical Care Commission, (Duke University Health System), Prerefunded to 6/1/19, 5.00%, 6/1/34		1,685		1,703,501
North Carolina, Grant Anticipation Revenue, Prerefunded to 3/1/19, 5.25%, 3/1/20		1,350		1,353,780
North Olmsted City School District, OH, Prerefunded to 12/1/23, 5.00%, 12/1/32		1,000		1,149,220
Tatum Independent School District, TX, (PSF Guaranteed), Prerefunded to 2/15/19, 5.00%, 2/15/30		515		515,556
Wisconsin Department of Transportation, Prerefunded to 7/1/19, 5.00%, 7/1/23		2,000		2,027,780
Wisconsin Health and Educational Facilities Authority, (Ministry Health Care), Prerefunded to 8/15/22, 5.00%, 8/15/32		2,885		3,201,513
			$	16,324,735
General Obligations — 40.1%
Adams 12 Five Star Schools, CO, 5.00%, 12/15/28	$	5,000	$	6,017,800
Adams 12 Five Star Schools, CO, 5.00%, 12/15/30		5,000		5,918,550
Anchorage, AK, 5.00%, 9/1/28		1,835		2,152,804
Arlington County, VA, 5.00%, 8/15/29		1,600		1,981,728
Beaverton School District No. 48J, Washington and Multnomah Counties, OR, 5.00%, 6/15/35		5,000		5,823,100
California, 2.452%, (70% of 1 mo. USD LIBOR + 0.70%), 12/1/20 (Put Date), 12/1/28(1)		6,500		6,530,290
California, 5.00%, 8/1/28		2,000		2,477,340
Cleveland Municipal School District, OH, 5.00%, 12/1/23		1,695		1,903,892
Cleveland Municipal School District, OH, 5.00%, 12/1/32		5,000		5,524,350
Columbus City School District, OH, 5.00%, 12/1/27		1,000		1,157,000
Dallas County, TX, 5.00%, 8/15/29		5,200		6,161,740
Dallas, TX, 5.00%, 2/15/29		5,000		5,625,150
Decatur, IL, 5.00%, 3/1/23		1,030		1,132,516
Douglas County School District No. RE-1, CO, 4.00%, 12/15/35(2)		3,750		4,021,425
Douglas County, NE, 3.75%, 12/15/27		1,000		1,038,270
Edgewood City School District, OH, 5.25%, 12/1/33		4,500		5,080,995
Fairfax County, VA, 5.00%, 10/1/31(2)		5,000		6,163,350

14 See Notes to Financial Statements.

Eaton Vance

TABS Intermediate-Term Municipal Bond Fund

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Florida Board of Education, 5.00%, 6/1/25	$	9,500	$	10,191,220
Florida Board of Education, 5.00%, 6/1/28		5,000		5,890,150
Georgia, 5.00%, 2/1/30		5,045		6,066,865
Gladstone School District No. 115, Clackamas County, OR, 0.00%, 6/15/26		1,000		833,410
Glendale Unified School District, CA, 0.00%, 9/1/30		5,280		3,623,769
Grand Prairie Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/22		2,180		2,298,112
Greensboro, NC, 5.00%, 2/1/28		1,790		2,154,981
Hempfield School District, PA, 5.00%, 10/15/27		1,000		1,036,620
Hennepin County, MN, (SPA: TD Bank, N.A.), 1.38%, 12/1/38(3)		5,000		5,000,000
Homewood, AL, 5.00%, 9/1/32		1,190		1,376,342
Houston Community College System, TX, 5.25%, 2/15/25		1,000		1,066,600
King County, WA, 5.00%, 1/1/26		5,000		5,523,050
King County, WA, 5.00%, 12/1/26		2,350		2,688,964
Lakeland, FL, 5.00%, 10/1/31		1,860		2,132,974
Lakota Local School District, OH, (School Facilities Construction & Improvement), 5.00%, 12/1/28		1,120		1,251,432
Leander Independent School District, TX, 0.00%, 8/15/20		1,955		1,898,931
Leander Independent School District, TX, 0.00%, 8/15/23		1,000		906,850
Long Beach Unified School District, CA, (Election of 2008), 0.00%, 8/1/31		1,675		1,084,914
Long Beach Unified School District, CA, (Election of 2008), 0.00%, 8/1/32		1,500		923,940
Macomb County, MI, 4.00%, 5/1/24		1,000		1,102,700
Montgomery County, MD, 5.00%, 11/1/24		10,400		12,201,176
Montgomery County, MD, 5.00%, 12/1/27		5,000		5,826,750
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/25		2,115		1,837,300
Neshaminy School District, PA, 4.00%, 11/1/26		660		715,988
New Hampshire, 4.00%, 12/1/32		2,385		2,616,369
New York, 5.00%, 2/15/20		1,210		1,253,391
New York, 5.00%, 2/15/26		5,685		6,893,858
North Charleston Sewer District, SC, 4.00%, 1/1/23		310		322,794
Ohio, 5.00%, 8/1/26		1,000		1,205,440
Oxnard Union High School District, CA, (Election of 2018), 5.00%, 8/1/35		1,650		1,910,683
Pennsylvania, 4.00%, 6/1/30		2,500		2,614,300
Rowland Unified School District, CA, (Election of 2012), 0.00%, 8/1/33		2,735		1,554,355
San Francisco Bay Area Rapid Transit District, CA, 4.00%, 8/1/33		1,350		1,451,358
San Juan Unified School District, CA, (Election of 2012), 4.00%, 8/1/31		3,250		3,583,515
South Texas Community College District, 5.00%, 8/15/23		1,560		1,771,879

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Tennessee, 5.00%, 9/1/29	$	1,800	$	2,085,570
Texas, (SPA: State Street Bank and Trust Co.), 1.46%, 12/1/42(3)		9,700		9,700,000
Wylie Independent School District, TX, (PSF Guaranteed), 6.50%, 8/15/26		1,100		1,358,588
Zeeland Public Schools, MI, 5.00%, 5/1/24		1,000		1,132,570
			$	185,798,008
Hospital — 10.6%
Allen County, OH, (Catholic Health Partners), 5.00%, 5/1/21	$	765	$	815,039
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/33		1,000		1,148,070
Carroll City-County Hospital Authority, GA, (Tanner Medical Center, Inc.), 5.00%, 7/1/34		2,660		2,997,714
Colorado Health Facilities Authority, (Vail Valley Medical Center), 5.00%, 1/15/35		3,150		3,536,095
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/31		2,500		2,709,250
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/34		6,020		6,459,520
Kansas Development Finance Authority, (Adventist Health System), 5.00%, 11/15/28		5,090		5,528,402
Massachusetts Development Finance Agency, (Partners HealthCare System), 5.00%, 7/1/24		800		908,376
Massachusetts Development Finance Agency, (Partners HealthCare System), 5.00%, 7/1/26		905		969,391
Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/35		1,000		1,070,290
Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/39		12,205		12,994,053
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/24		215		238,923
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/27		2,005		2,206,462
North Carolina Medical Care Commission, (Rex Healthcare, Inc.), 5.00%, 7/1/33		2,055		2,304,395
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/23		1,000		1,129,120
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/24		520		593,034
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30		600		678,810
Tarrant County Cultural Education Facilities Finance Corp., TX, (Methodist Hospitals of Dallas), 5.00%, 10/1/20		1,500		1,580,820
Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/22		1,000		1,095,730
			$	48,963,494

15 See Notes to Financial Statements.

Eaton Vance

TABS Intermediate-Term Municipal Bond Fund

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Housing — 1.2%
New York Housing Finance Agency, Green Bonds, 2.75%, 11/1/22	$	5,000	$	5,029,550
Virginia Housing Development Authority, 2.45%, 7/1/19		500		501,450
			$	5,531,000
Insured – Escrowed / Prerefunded — 0.2%
Cook County Community High School District No. 219, Niles Township, IL, (FGIC), Escrowed to Maturity, 5.50%, 12/1/19	$	1,055	$	1,087,948
			$	1,087,948
Insured – General Obligations — 1.7%
Grossmont Union High School District, CA, (Election of 2008), (AGM), 0.00%, 8/1/33	$	3,535	$	1,986,316
Rockland County, NY, (Public Improvement), (AGM), 4.00%, 5/1/23		2,010		2,178,619
San Mateo County Community College District, CA, (Election of 2005), (NPFG), 0.00%, 9/1/29		5,000		3,777,100
			$	7,942,035
Insured – Special Tax Revenue — 0.3%
Successor Agency to the Rancho Cucamonga Redevelopment Agency, CA, (AGM), 5.00%, 9/1/23	$	1,350	$	1,543,361
			$	1,543,361
Insured – Water and Sewer — 0.5%
Massachusetts Water Resources Authority, (AGM), 5.50%, 8/1/20	$	1,870	$	1,975,655
Massachusetts Water Resources Authority, (AGM), Escrowed to Maturity, 5.50%, 8/1/20		50		52,787
Massachusetts Water Resources Authority, (AGM), Escrowed to Maturity, 5.50%, 8/1/20		80		84,459
			$	2,112,901
Lease Revenue / Certificates of Participation — 3.7%
Cincinnati City School District, OH, 5.00%, 12/15/29	$	1,505	$	1,716,046
Michigan Strategic Fund, Limited Obligation Revenue, (Facility for Rare Isotope Beams), 5.00%, 3/1/22		750		820,290
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/26		1,410		1,639,125
Orange County School Board, FL, 5.00%, 8/1/26		4,300		5,133,942
South Dakota Building Authority, 5.00%, 6/1/26		1,000		1,148,070
South Dakota Building Authority, 5.00%, 6/1/32		1,500		1,696,215
Texas, 4.00%, 8/29/19		5,000		5,066,650
			$	17,220,338

Security	Principal Amount (000’s omitted)		Value
Other Revenue — 6.7%
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), 1.96%, (70% of 1 mo. USD LIBOR + 0.20%), 4/1/21 (Put Date), 10/1/47(1)	$	2,500	$	2,499,400
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/30		1,055		1,222,376
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/31		965		1,112,211
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/35		500		569,220
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/36		450		511,398
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 6/1/25 (Put Date), 12/1/49		5,000		5,274,900
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 12/1/33		2,425		2,830,460
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, (Liq: Royal Bank of Canada), 4.00% to 9/1/23 (Put Date), 4/1/48		11,000		11,630,850
Orange County, FL, Tourist Development Tax Revenue, 4.00%, 10/1/32		5,000		5,308,000
			$	30,958,815
Senior Living / Life Care — 0.8%
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 3.11%, (70% of 1 mo. USD LIBOR + 1.35%), 5/1/21 (Put Date), 5/1/36(1)	$	2,500	$	2,508,925
North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/31		1,000		1,130,570
			$	3,639,495
Special Tax Revenue — 3.2%
Contra Costa Transportation Authority, CA, Sales Tax Revenue, 2.01%, (70% of 1 mo. USD LIBOR + 0.25%), 9/1/21 (Put Date), 3/1/34(1)	$	2,025	$	2,025,567
Massachusetts School Building Authority, Dedicated Sales Tax Revenue, 5.00%, 5/15/33		2,000		2,224,920
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 11/1/31		3,220		3,550,565
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/31		6,000		7,172,400
			$	14,973,452
Transportation — 12.3%
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/25	$	5,000	$	5,801,650
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/33		1,000		1,106,950
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/34		1,000		1,102,970

16 See Notes to Financial Statements.

Eaton Vance

TABS Intermediate-Term Municipal Bond Fund

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/33	$	3,750	$	4,314,375
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/34		3,950		4,529,544
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/37		1,500		1,703,205
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.00%, 11/1/19		2,500		2,560,475
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/32		4,000		4,496,440
Delaware River and Bay Authority, 5.00%, 1/1/21		1,000		1,060,910
Florida Department of Transportation, 5.00%, 7/1/28		2,455		2,939,200
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25		1,000		1,170,430
Illinois Toll Highway Authority, 5.00%, 1/1/32		1,000		1,133,930
Illinois Toll Highway Authority, 5.00%, 1/1/33		1,775		2,002,058
Louisiana Transportation Authority, 5.00%, 8/15/30		1,885		2,118,325
Louisiana Transportation Authority, 5.00%, 8/15/31		1,230		1,380,552
Louisiana Transportation Authority, 5.00%, 8/15/32		1,090		1,221,912
Metropolitan Transportation Authority, NY, 5.00%, 11/15/27		3,500		4,080,090
Missouri Highways and Transportation Commission, 5.00%, 5/1/25		5,000		5,791,350
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/35		2,115		2,461,331
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/36		2,265		2,621,806
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/34		3,000		3,496,050
			$	57,093,553
Water and Sewer — 6.5%
East Bay Municipal Utility District, CA, Water System Revenue, 5.00%, 6/1/30	$	3,870	$	4,548,914
Hamilton County, OH, Sewer System, 5.00%, 12/1/24		1,000		1,144,740
Hamilton County, OH, Sewer System, 5.00%, 12/1/28		2,210		2,512,350
Kansas City, MO, Sanitary Sewer System Revenue, 5.00%, 1/1/30		600		723,366
Lakeland, FL, Water and Wastewater Revenue, 5.00%, 10/1/26		470		509,626
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.00%, 6/15/29		3,750		3,855,600
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), Series BB, 5.00%, 6/15/30		1,000		1,042,760
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), Series DD, 5.00%, 6/15/35		5,500		6,227,375
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), Series EE, 5.00%, 6/15/35		1,155		1,279,694
Northeast Ohio Regional Sewer District, Prerefunded to 5/15/23, 5.00%, 11/15/38		1,000		1,129,920

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Oklahoma City Water Utilities Trust, OK, 5.00%, 7/1/26	$	3,530	$	4,000,196
Tallahassee, FL, Consolidated Utility Systems Revenue, 5.00%, 10/1/28		1,100		1,249,204
Westmoreland County Municipal Authority, PA, Water and Sewer Revenue, Prerefunded to 8/15/23, 5.00%, 8/15/31		1,735		1,976,321
			$	30,200,066
Total Tax-Exempt Municipal Securities — 98.9% (identified cost $444,108,865)			$	458,700,146
Taxable Municipal Securities — 0.2%
Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 0.2%
Successor Agency to San Diego Redevelopment Agency, CA, 3.625%, 9/1/25	$	500	$	518,665
Successor Agency to San Diego Redevelopment Agency, CA, 3.75%, 9/1/26		625		648,963
Total Taxable Municipal Securities — 0.2% (identified cost $1,121,512)			$	1,167,628
Total Investments — 99.1% (identified cost $445,230,377)			$	459,867,774
Other Assets, Less Liabilities — 0.9%			$	3,949,558
Net Assets — 100.0%			$	463,817,332

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

At January 31, 2019, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

Texas	10.6%
Others, representing less than 10% individually	88.5%

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, 2019, 2.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.2% to 1.7% of total investments.

⁽¹⁾  Floating rate security. The stated interest rate represents the rate in effect at January 31, 2019.

17 See Notes to Financial Statements.

Eaton Vance

TABS Intermediate-Term Municipal Bond Fund

January 31, 2019

Portfolio of Investments — continued

⁽²⁾  When-issued security.

⁽³⁾  Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at January 31, 2019.

Abbreviations:

AGM	–	Assured Guaranty Municipal Corp.
FGIC	–	Financial Guaranty Insurance Company
LIQ	–	Liquidity Provider
LIBOR	–	London Interbank Offered Rate
NPFG	–	National Public Finance Guarantee Corp.
PSF	–	Permanent School Fund
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
SPA	–	Standby Bond Purchase Agreement
USD	–	United States Dollar

18 See Notes to Financial Statements.

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Statements of Assets and Liabilities

	January 31, 2019
Assets	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Investments —
Identified cost	$	298,283,555	$	445,230,377
Unrealized appreciation		4,929,620		14,637,397
Investments, at value	$	303,213,175	$	459,867,774
Cash	$	15,113,313	$	11,931,931
Interest receivable		2,744,758		4,199,302
Receivable for Fund shares sold		873,167		1,396,289
Receivable from affiliate		—		59,985
Total assets	$	321,944,413	$	477,455,281
Liabilities
Payable for investments purchased	$	5,000,000	$	1,205,857
Payable for when-issued securities		1,319,234		10,104,900
Payable for Fund shares redeemed		1,053,935		1,446,255
Distributions payable		111,068		493,904
Payable to affiliates:
Investment adviser and administration fee		146,180		240,483
Distribution and service fees		55,635		30,728
Accrued expenses		93,240		115,822
Total liabilities	$	7,779,292	$	13,637,949
Net Assets	$	314,165,121	$	463,817,332
Sources of Net Assets
Paid-in capital	$	311,242,439	$	453,081,335
Distributable earnings		2,922,682		10,735,997
Net Assets	$	314,165,121	$	463,817,332
Class A Shares
Net Assets	$	113,654,139	$	42,714,877
Shares Outstanding		10,985,957		3,498,307
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.35	$	12.21
Maximum Offering Price Per Share
(100 ÷ 97.75 of net asset value per share)	$	10.59	$	12.49
Class C Shares
Net Assets	$	35,831,726	$	24,455,665
Shares Outstanding		3,471,564		2,003,492
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	10.32	$	12.21
Class I Shares
Net Assets	$	164,679,256	$	396,646,790
Shares Outstanding		15,913,851		32,454,821
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.35	$	12.22

On sales of $100,000 or more ($50,000 or more for certain financial intermediaries, as disclosed in an appendix to the Funds’ prospectus), 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.

19 See Notes to Financial Statements.

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Statements of Operations

	Year Ended January 31, 2019
Investment Income	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
Interest	$	8,288,651		$	13,573,529
Total investment income	$	8,288,651		$	13,573,529
Expenses
Investment adviser and administration fee	$	1,891,223		$	2,862,557
Distribution and service fees
Class A		325,457			110,750
Class C		438,011			269,993
Trustees’ fees and expenses		16,859			24,273
Custodian fee		94,680			126,057
Transfer and dividend disbursing agent fees		108,532			246,940
Legal and accounting services		54,184			51,609
Printing and postage		24,889			44,360
Registration fees		50,569			82,847
Miscellaneous		25,724			30,242
Total expenses	$	3,030,128		$	3,849,628
Deduct —
Allocation of expenses to affiliate	$	—		$	367,776
Total expense reductions	$	—		$	367,776
Net expenses	$	3,030,128		$	3,481,852
Net investment income	$	5,258,523		$	10,091,677
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(1,650,988	)	$	(492,750	)
Net realized loss	$	(1,650,988	)	$	(492,750	)
Change in unrealized appreciation (depreciation) —
Investments	$	2,630,490		$	1,921,475
Net change in unrealized appreciation (depreciation)	$	2,630,490		$	1,921,475
Net realized and unrealized gain	$	979,502		$	1,428,725
Net increase in net assets from operations	$	6,238,025		$	11,520,402

20 See Notes to Financial Statements.

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Statements of Changes in Net Assets

	Year Ended January 31, 2019
Increase (Decrease) in Net Assets	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
From operations —
Net investment income	$	5,258,523		$	10,091,677
Net realized loss		(1,650,988	)		(492,750	)
Net change in unrealized appreciation (depreciation)		2,630,490			1,921,475
Net increase in net assets from operations	$	6,238,025		$	11,520,402
Distributions to shareholders(1)
Class A	$	(1,945,492	)	$	(861,103	)
Class C		(326,194	)		(322,058	)
Class I		(2,962,149	)		(8,895,783	)
Total distributions to shareholders	$	(5,233,835	)	$	(10,078,944	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	10,209,302		$	4,302,642
Class C		1,888,722			1,985,352
Class I		70,230,004			141,045,676
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,675,245			528,823
Class C		279,114			144,386
Class I		2,060,815			3,477,172
Cost of shares redeemed
Class A		(49,297,736	)		(11,801,998	)
Class C		(17,405,888	)		(5,875,657	)
Class I		(87,365,549	)		(162,581,776	)
Net asset value of shares converted
Class A		1,103,425			1,087,728
Class C		(1,103,425	)		(1,087,728	)
Net decrease in net assets from Fund share transactions	$	(67,725,971	)	$	(28,775,380	)
Net decrease in net assets	$	(66,721,781	)	$	(27,333,922	)
Net Assets
At beginning of year	$	380,886,902		$	491,151,254
At end of year	$	314,165,121		$	463,817,332

⁽¹⁾   The current period presentation of distributions conforms with the Disclosure Update and Simplification Rule issued by the Securities and Exchange Commission, effective November 5, 2018.

21 See Notes to Financial Statements.

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Statements of Changes in Net Assets — continued

	Year Ended January 31, 2018
Increase (Decrease) in Net Assets	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
From operations —
Net investment income	$	6,055,207		$	9,885,561
Net realized gain		3,134,086			1,152,175
Net change in unrealized appreciation (depreciation)		(5,344,574	)		2,803,279
Net increase in net assets from operations	$	3,844,719		$	13,841,015
Distributions to shareholders
From net investment income
Class A	$	(2,406,880	)	$	(971,189	)
Class C		(393,374	)		(343,304	)
Class I		(3,241,194	)		(8,541,231	)
Total distributions to shareholders	$	(6,041,448	)	$	(9,855,724	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	21,676,979		$	9,674,400
Class C		2,380,499			4,198,322
Class I		64,582,264			144,938,675
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,090,543			621,483
Class C		336,998			164,127
Class I		2,431,631			3,342,186
Cost of shares redeemed
Class A		(73,141,699	)		(19,519,307	)
Class C		(20,020,992	)		(10,376,045	)
Class I		(91,037,112	)		(173,002,474	)
Net decrease in net assets from Fund share transactions	$	(90,700,889	)	$	(39,958,633	)
Net decrease in net assets	$	(92,897,618	)	$	(35,973,342	)
Net Assets
At beginning of year	$	473,784,520		$	527,124,596
At end of year(1)	$	380,886,902		$	491,151,254

⁽¹⁾   Includes accumulated distributions in excess of net investment income of $(67,306) and $(14,459), respectively, at January 31, 2018. The requirement to disclose the corresponding amounts as of January 31, 2019 was eliminated.

22 See Notes to Financial Statements.

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Financial Highlights

	Short-Term Municipal Bond Fund — Class A
	Year Ended January 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	10.300		$	10.370		$	10.690		$	10.740		$	10.580
Income (Loss) From Operations
Net investment income	$	0.154	(1)	$	0.149		$	0.130		$	0.134		$	0.122
Net realized and unrealized gain (loss)		0.049			(0.074	)		(0.254	)		0.011	(2)		0.173
Total income (loss) from operations	$	0.203		$	0.075		$	(0.124	)	$	0.145		$	0.295
Less Distributions
From net investment income	$	(0.153	)	$	(0.145	)	$	(0.128	)	$	(0.133	)	$	(0.119	)
From net realized gain		—			—			(0.068	)		(0.062	)		(0.016	)
Total distributions	$	(0.153	)	$	(0.145	)	$	(0.196	)	$	(0.195	)	$	(0.135	)
Net asset value — End of year	$	10.350		$	10.300		$	10.370		$	10.690		$	10.740
Total Return(3)		2.00	%		0.71	%		(1.18	)%		1.38	%		2.80	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	113,654		$	149,651		$	199,916		$	227,242		$	243,950
Ratios (as a percentage of average daily net assets):
Expenses		0.91	%		0.90	%		0.90	%		0.89	%(4)		0.90	%(4)
Net investment income		1.50	%		1.39	%		1.21	%		1.26	%		1.12	%
Portfolio Turnover		67	%		54	%		63	%		47	%		33	%

⁽¹⁾  Computed using average shares outstanding.

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

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

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

23 See Notes to Financial Statements.

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Financial Highlights — continued

	Short-Term Municipal Bond Fund — Class C
	Year Ended January 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	10.270		$	10.340		$	10.660		$	10.720		$	10.560
Income (Loss) From Operations
Net investment income(1)	$	0.077		$	0.067		$	0.049		$	0.054		$	0.040
Net realized and unrealized gain (loss)		0.049			(0.071	)		(0.253	)		0.001	(2)		0.175
Total income (loss) from operations	$	0.126		$	(0.004	)	$	(0.204	)	$	0.055		$	0.215
Less Distributions
From net investment income	$	(0.076	)	$	(0.066	)	$	(0.048	)	$	(0.053	)	$	(0.039	)
From net realized gain		—			—			(0.068	)		(0.062	)		(0.016	)
Total distributions	$	(0.076	)	$	(0.066	)	$	(0.116	)	$	(0.115	)	$	(0.055	)
Net asset value — End of year	$	10.320		$	10.270		$	10.340		$	10.660		$	10.720
Total Return(3)		1.24	%		(0.04	)%		(1.92	)%		0.53	%		2.04	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	35,832		$	52,079		$	69,622		$	85,043		$	106,273
Ratios (as a percentage of average daily net assets):
Expenses		1.66	%		1.65	%		1.65	%		1.65	%(4)		1.65	%(4)
Net investment income		0.75	%		0.64	%		0.46	%		0.51	%		0.37	%
Portfolio Turnover		67	%		54	%		63	%		47	%		33	%

⁽¹⁾  Computed using average shares outstanding.

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

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

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

24 See Notes to Financial Statements.

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Financial Highlights — continued

	Short-Term Municipal Bond Fund — Class I
	Year Ended January 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	10.300		$	10.370		$	10.690		$	10.750		$	10.590
Income (Loss) From Operations
Net investment income	$	0.181		$	0.172		$	0.156		$	0.161		$	0.145
Net realized and unrealized gain (loss)		0.048			(0.071	)		(0.253	)		0.001	(1)		0.177
Total income (loss) from operations	$	0.229		$	0.101		$	(0.097	)	$	0.162		$	0.322
Less Distributions
From net investment income	$	(0.179	)	$	(0.171	)	$	(0.155	)	$	(0.160	)	$	(0.146	)
From net realized gain		—			—			(0.068	)		(0.062	)		(0.016	)
Total distributions	$	(0.179	)	$	(0.171	)	$	(0.223	)	$	(0.222	)	$	(0.162	)
Net asset value — End of year	$	10.350		$	10.300		$	10.370		$	10.690		$	10.750
Total Return(2)		2.25	%		0.96	%		(0.93	)%		1.54	%		3.06	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	164,679		$	179,156		$	204,247		$	217,956		$	242,029
Ratios (as a percentage of average daily net assets):
Expenses		0.66	%		0.65	%		0.65	%		0.64	%(3)		0.65	%(3)
Net investment income		1.75	%		1.64	%		1.46	%		1.51	%		1.37	%
Portfolio Turnover		67	%		54	%		63	%		47	%		33	%

⁽¹⁾  The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

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

⁽³⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

25 See Notes to Financial Statements.

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Financial Highlights — continued

	Intermediate-Term Municipal Bond Fund — Class A
	Year Ended January 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	12.160		$	12.070		$	12.430		$	12.320		$	11.600
Income (Loss) From Operations
Net investment income	$	0.235		$	0.227		$	0.197		$	0.199		$	0.191
Net realized and unrealized gain (loss)		0.050			0.090			(0.353	)		0.110			0.720
Total income (loss) from operations	$	0.285		$	0.317		$	(0.156	)	$	0.309		$	0.911
Less Distributions
From net investment income	$	(0.235	)	$	(0.227	)	$	(0.196	)	$	(0.199	)	$	(0.191	)
From net realized gain		—			—			(0.008	)		—			—
Total distributions	$	(0.235	)	$	(0.227	)	$	(0.204	)	$	(0.199	)	$	(0.191	)
Net asset value — End of year	$	12.210		$	12.160		$	12.070		$	12.430		$	12.320
Total Return(1)(2)		2.38	%		2.62	%		(1.29	)%		2.57	%		7.91	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	42,715		$	48,494		$	57,262		$	61,227		$	58,616
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.90	%		0.90	%		0.90	%		0.90	%(3)		0.92	%(3)
Net investment income		1.95	%		1.85	%		1.57	%		1.65	%		1.60	%
Portfolio Turnover		86	%		62	%		68	%		62	%		77	%

⁽¹⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽²⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.08%, 0.07%, 0.07%, 0.09% and 0.08% of average daily net assets for the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

26 See Notes to Financial Statements.

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Financial Highlights — continued

	Intermediate-Term Municipal Bond Fund — Class C
	Year Ended January 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	12.160		$	12.060		$	12.430		$	12.310		$	11.600
Income (Loss) From Operations
Net investment income	$	0.143		$	0.134		$	0.101		$	0.109		$	0.102
Net realized and unrealized gain (loss)		0.051			0.101			(0.361	)		0.120			0.709
Total income (loss) from operations	$	0.194		$	0.235		$	(0.260	)	$	0.229		$	0.811
Less Distributions
From net investment income	$	(0.144	)	$	(0.135	)	$	(0.102	)	$	(0.109	)	$	(0.101	)
From net realized gain		—			—			(0.008	)		—			—
Total distributions	$	(0.144	)	$	(0.135	)	$	(0.110	)	$	(0.109	)	$	(0.101	)
Net asset value — End of year	$	12.210		$	12.160		$	12.060		$	12.430		$	12.310
Total Return(1)(2)		1.61	%		1.94	%		(2.11	)%		1.88	%		7.02	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	24,456		$	29,221		$	34,920		$	38,737		$	37,435
Ratios (as a percentage of average daily net assets):
Expenses(2)		1.65	%		1.65	%		1.65	%		1.65	%(3)		1.67	%(3)
Net investment income		1.20	%		1.10	%		0.82	%		0.90	%		0.85	%
Portfolio Turnover		86	%		62	%		68	%		62	%		77	%

⁽¹⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽²⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.08%, 0.07%, 0.07%, 0.09% and 0.08% of average daily net assets for the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

27 See Notes to Financial Statements.

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Financial Highlights — continued

	Intermediate-Term Municipal Bond Fund — Class I
	Year Ended January 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	12.180		$	12.080		$	12.440		$	12.330		$	11.610
Income (Loss) From Operations
Net investment income	$	0.265		$	0.258		$	0.227		$	0.230		$	0.221
Net realized and unrealized gain (loss)		0.040			0.100			(0.352	)		0.110			0.720
Total income (loss) from operations	$	0.305		$	0.358		$	(0.125	)	$	0.340		$	0.941
Less Distributions
From net investment income	$	(0.265	)	$	(0.258	)	$	(0.227	)	$	(0.230	)	$	(0.221	)
From net realized gain		—			—			(0.008	)		—			—
Total distributions	$	(0.265	)	$	(0.258	)	$	(0.235	)	$	(0.230	)	$	(0.221	)
Net asset value — End of year	$	12.220		$	12.180		$	12.080		$	12.440		$	12.330
Total Return(1)(2)		2.63	%		2.87	%		(1.04	)%		2.82	%		8.17	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	396,647		$	413,436		$	434,942		$	347,631		$	273,125
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.65	%		0.65	%		0.65	%		0.65	%(3)		0.67	%(3)
Net investment income		2.19	%		2.10	%		1.82	%		1.90	%		1.84	%
Portfolio Turnover		86	%		62	%		68	%		62	%		77	%

⁽¹⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽²⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.08%, 0.07%, 0.07%, 0.09% and 0.08% of average daily net assets for the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

28 See Notes to Financial Statements.

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Notes to Financial Statements

1  Significant 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 six funds, two of which, each diversified, are included in these financial statements. They include Eaton Vance TABS Short-Term Municipal Bond Fund (Short-Term Municipal Bond Fund) and Eaton Vance TABS Intermediate-Term Municipal Bond Fund (Intermediate-Term Municipal Bond Fund), (each individually referred to as the Fund, and collectively, the Funds). The Funds’ investment objective is to seek after-tax total return. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Funds’ prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

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

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

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

As of January 31, 2019, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

29

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Notes to Financial Statements — continued

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

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

2  Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2019 and January 31, 2018 was as follows:

	Year Ended January 31, 2019
	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Tax-exempt income	$	5,002,054	$	10,018,552
Ordinary income	$	231,781	$	60,392
	Year Ended January 31, 2018
	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Tax-exempt income	$	5,515,200	$	9,506,428
Ordinary income	$	526,248	$	349,296

As of January 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
Undistributed tax-exempt income	$	43,762		$	479,445
Deferred capital losses	$	(1,968,273	)	$	(3,907,056	)
Net unrealized appreciation	$	4,958,261		$	14,657,512
Distributions payable	$	(111,068	)	$	(493,904	)

30

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Notes to Financial Statements — continued

At January 31, 2019, the Funds, for federal income tax purposes, had deferred capital losses which would reduce the respective Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Funds’ next taxable year and retain the same short-term or long-term character as when originally deferred. The amounts of the deferred capital losses are as follows:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Deferred capital losses:
Short-term	$	1,571,781	$	3,907,056
Long-term	$	396,492	$	—

The cost and unrealized appreciation (depreciation) of investments of each Fund at January 31, 2019, as determined on a federal income tax basis, were as follows:

	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
Aggregate cost	$	298,254,914		$	445,210,262
Gross unrealized appreciation	$	5,009,338		$	14,691,404
Gross unrealized depreciation		(51,077	)		(33,892	)
Net unrealized appreciation	$	4,958,261		$	14,657,512

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory and administrative services rendered to each Fund. The fee is based upon a percentage of average daily net assets as presented in the following table and is payable monthly.

	Annual Asset Rate
Daily Net Assets	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
Up to $500 million		0.55	%		0.60	%
$500 million up to $1 billion		0.54	%		0.60	%

On average daily net assets of $1 billion or more, the rates are reduced. For the year ended January 31, 2019, investment adviser and administration fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
Investment Adviser and Administration Fee	$	1,891,223		$	2,862,557
Effective Annual Rate		0.55	%		0.60	%

31

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Notes to Financial Statements — continued

For Intermediate-Term Municipal Bond Fund, EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.90%, 1.65% and 0.65% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after May 31, 2019. Pursuant to this agreement, EVM was allocated $367,776 of Intermediate-Term Municipal Bond Fund’s operating expenses for the year ended January 31, 2019.

EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD for the year ended January 31, 2019 were as follows:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
EVM’s Sub-Transfer Agent Fees	$	5,833	$	3,354
EVD’s Class A Sales Charges	$	811	$	1,447

Trustees and officers of the Funds who are members of EVM’s organization receive remuneration for their services to the Funds out of the investment adviser and administration fee. Trustees of the Funds who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of EVM.

4  Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2019 for Class A shares amounted to the following:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Class A Distribution and Service Fees	$	325,457	$	110,750

Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Funds. For the year ended January 31, 2019, the Funds paid or accrued to EVD the following distribution fees:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Class C Distribution Fees	$	328,508	$	202,495

32

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Notes to Financial Statements — continued

Pursuant to the Class C Plan, the Funds also make payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of the average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2019 amounted to the following:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Class C Service Fees	$	109,503	$	67,498

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Class A shares of Intermediate-Term Municipal Bond Fund 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. For the year ended January 31, 2019, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Class C	$	1,600	$	2,000

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended January 31, 2019 were as follows:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Purchases	$	226,175,297	$	402,590,995
Sales	$	297,042,688	$	415,391,099

7  Shares of Beneficial Interest

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

Short-Term Municipal Bond Fund
	Year Ended January 31, 2019
	Class A			Class C			Class I
Sales		996,823			184,904			6,856,949
Issued to shareholders electing to receive payments of distributions in Fund shares		163,559			27,318			201,173
Redemptions		(4,814,522	)		(1,702,951	)		(8,538,609	)
Converted from Class C shares		106,835			—			—
Converted to Class A shares		—			(107,123	)		—
Net decrease		(3,547,305	)		(1,597,852	)		(1,480,487	)

33

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Notes to Financial Statements — continued

	Year Ended January 31, 2018
	Class A			Class C			Class I
Sales		2,072,785			228,419			6,190,310
Issued to shareholders electing to receive payments of distributions in Fund shares		200,298			32,369			232,921
Redemptions		(7,020,764	)		(1,921,389	)		(8,722,242	)
Net decrease		(4,747,681	)		(1,660,601	)		(2,299,011	)
Intermediate-Term Municipal Bond Fund
	Year Ended January 31, 2019
	Class A			Class C			Class I
Sales		355,900			164,304			11,656,386
Issued to shareholders electing to receive payments of distributions in Fund shares		43,777			11,957			287,558
Redemptions		(977,358	)		(486,470	)		(13,446,326	)
Converted from Class C shares		89,315			—			—
Converted to Class A shares		—			(89,376	)		—
Net decrease		(488,366	)		(399,585	)		(1,502,382	)
	Year Ended January 31, 2018
	Class A			Class C			Class I
Sales		785,707			340,700			11,786,693
Issued to shareholders electing to receive payments of distributions in Fund shares		50,528			13,353			271,605
Redemptions		(1,595,426	)		(846,024	)		(14,114,765	)
Net decrease		(759,191	)		(491,971	)		(2,056,467	)

8  Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through October 29, 2019. 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 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the year ended January 31, 2019.

9  Fair Value Measurements

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

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

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

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

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

34

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Notes to Financial Statements — continued

At January 31, 2019, the hierarchy of inputs used in valuing the Funds’ investments, which are carried at value, were as follows:

Short-Term Municipal Bond Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	300,656,583	$	—	$	300,656,583
Taxable Municipal Securities		—		2,556,592		—		2,556,592
Total Investments	$	—	$	303,213,175	$	—	$	303,213,175
Intermediate-Term Municipal Bond Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	458,700,146	$	—	$	458,700,146
Taxable Municipal Securities		—		1,167,628		—		1,167,628
Total Investments	$	—	$	459,867,774	$	—	$	459,867,774

35

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Municipals Trust II and Shareholders of Eaton Vance TABS Short-Term Municipal Bond Fund and Eaton Vance TABS Intermediate-Term Municipal Bond Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Eaton Vance TABS Short-Term Municipal Bond Fund and Eaton Vance TABS Intermediate-Term Municipal Bond Fund (collectively, the “Funds”) (certain of the funds constituting Eaton Vance Municipals Trust II), including the portfolios of investments, as of January 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of January 31, 2019, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 21, 2019

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

36

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2020 will show the tax status of all distributions paid to your account in calendar year 2019. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.

Exempt-Interest Dividends.  For the fiscal year ended January 31, 2019, the Funds designate the following percentages of distributions from net investment income as exempt-interest dividends:

TABS Short-Term Municipal Bond Fund	95.57	%
TABS Intermediate-Term Municipal Bond Fund	99.40	%

37

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Special Meeting of Shareholders (Unaudited)

Each Fund held a Special Meeting of Shareholders on September 20, 2018 to elect the five Trustees listed below. The other Trustees named herein continue to serve as Trustees. The results of the vote with respect to each Fund were as follows:

Eaton Vance TABS Short-Term Municipal Bond Fund

	Number of Shares
Nominee for Trustee	For		Withheld
Mark R. Fetting		30,123,686		585,642
Keith Quinton		30,124,215		585,113
Marcus L. Smith		30,120,253		589,074
Susan J. Sutherland		30,437,515		271,812
Scott E. Wennerholm		30,123,686		585,642
Eaton Vance TABS Intermediate-Term Municipal Bond Fund
	Number of Shares
Nominee for Trustee	For		Withheld
Mark R. Fetting		38,512,188		74,325
Keith Quinton		38,512,188		74,325
Marcus L. Smith		38,512,188		74,325
Susan J. Sutherland		38,513,972		72,541
Scott E. Wennerholm		38,512,188		74,325

Results are rounded to the nearest whole number.

38

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

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. Each Trustee oversees 175 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	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 175 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2011	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President(2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm)(1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2) Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018).

39

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustee (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional)(2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(2)None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Directorships in the Last Five Years.(2) None.
Keith Quinton(3) 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).
Marcus L. Smith(3) 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015); Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Director of DCT Industrial Trust Inc. (logistics real estate company) (since 2017).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products)(2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Directorships in the Last Five Years. None.

40

Eaton Vance

TABS Municipal Bond Funds

January 31, 2019

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President and officer of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President and officer of CRM.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

⁽²⁾  During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman, Quinton, Smith and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and eUnitsTM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014). However, Ms. Mosley did not serve as a Board member of eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾  Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

⁽⁴⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

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

41

Eaton Vance Funds

IMPORTANT NOTICES

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 Privacy 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, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only 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 advisor/broker-dealer, it is likely that only such advisor’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 (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 advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, 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 advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of 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 at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. 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 and by accessing the SEC’s website at www.sec.gov.

42

This Page Intentionally Left Blank

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

6096    1.31.19

Eaton Vance

TABS Laddered Municipal Bond Funds

Annual Report

January 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Funds electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. Each Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, each Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

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

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

Annual Report January 31, 2019

Eaton Vance

TABS Laddered Municipal Bond Funds

Table of Contents

Management’s Discussion of Fund Performance	2
Performance and Fund Profile
TABS1-to-10 Year Laddered Municipal Bond Fund	4
TABS10-to-20 Year Laddered Municipal Bond Fund	6
Endnotes and Additional Disclosures	8
Fund Expenses	9
Financial Statements	11
Report of Independent Registered Public Accounting Firm	35
Federal Tax Information	36
Special Meeting of Shareholders	37
Management and Organization	38
Important Notices	41

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The12-month period ended January 31, 2019, was positive for the municipal bond market, with the Bloomberg Barclays Municipal Bond Index,² a broad measure of the asset class, returning 3.26%.

Bond performance, however, varied considerably across the AAA⁶ municipal yield curve.⁸ During the period, rates rose and bond prices fell in the 0–2 year and 19–30 year areas of the curve. But rates declined in the 3–18 year segment of the curve, with the largest declines — and the strongest bond price performance — occurring in the 10–12 year part of the curve. As a result, the front end of the municipal yield curve — 1–9 years — generally flattened while the back end — 10–30 years — steepened. In addition, lower-rated bonds generally outperformed higher-rated issues during the period. Municipal bonds outperformed comparable U.S. Treasurys in the 1–10 year area of the yield curve, while Treasurys outperformed municipals across the remainder of the curve.

As the period opened in February 2018, signs of increasing inflation, higher wage growth and fears that recent tax legislation might overheat the economy were pushing interest rates up and bond prices down. Upward pressure onshort-term rates continued in March and June 2018 as the U.S. Federal Reserve Board (the Fed) delivered its first two rate hikes of the year. At the long end of the curve, however, fluctuating perceptions of geopolitical risk were a primary driver of rates from April through the end of August 2018. Investors toggled between concern that the U.S. was initiating a global trade war and optimism about economic growth and a potential detente between the U.S. and North Korea.

In September 2018, the Fed hiked the federal funds rate again, which pushed up both U.S. Treasury and municipal rates across the curve. In October 2018, a strong U.S. employment report and easing concerns about Italy’s national budget crisis continued the upward pressure on longer-term rates. But as 2018 came to a close, investors became increasingly concerned about a trade war with China, a potential government shutdown and dovish comments by the Fed that led the futures market to project the possibility of no further rate hikes in 2019. The result was a “flight to quality” by bond investors that pushed longer-term bond prices up and rates down in December 2018.

The first month of 2019, in contrast, was relatively quiet for bonds. As investors waited to see the outcome of the longest-ever U.S. government shutdown, municipal interest rates were virtually unchanged in January.

Fund Performance

For the12-month period ended January 31, 2019, Eaton Vance TABS1-to-10 Year Laddered Municipal Bond Fund returned 2.26% for Class A shares at net asset value (NAV), underperforming its benchmark, the Bloomberg BarclaysShort-Intermediate 1–10 Year Municipal Bond Index, which returned 2.94%.

For the12-month period ended January 31, 2019, Eaton Vance TABS10-to-20 Year Laddered Municipal Bond Fund returned 3.30% for Class A shares at NAV, underperforming its benchmark, the Bloomberg Barclays 15 Year Municipal Bond Index, which returned 4.07%. The Indexes are unmanaged and returns do not reflect any applicable sales charges, commissions, or expenses.

Each of the TABS Laddered Municipal Bond Funds provides rules-based, approximately equal-weighted exposure across its respective portion of the yield curve, with the objective of seeking current income exempt from regular federal income tax. Management seeks to add incremental return through active security selection andin-depth credit analysis.

During the period, yield curve positioning detracted from relative performance for both TABS Laddered Municipal Bond Funds versus their respective benchmarks. Security selection was the largest contributor to the relative performance of both Funds. Duration⁷ positioning also helped the relative performance of both Funds during the period.

Fund-specific Results

For Eaton Vance TABS1-to-10 Year Laddered Municipal Bond Fund, yield curve positioning detracted from Fund performance versus its benchmark during the period. Due to its equal-weighted, laddered strategy, the Fund had approximately 10% of its holdings in bonds with 0–1 year remaining to maturity, an area of the yield curve not represented in its benchmark. As rates rose and bond prices declined in that part of the curve during the period, the Fund’s holdings in that area modestly hurt Fund performance relative to its benchmark.

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Management’s Discussion of Fund Performance¹ —continued

Fund-specific Results —continued

In contrast, security selection, duration, and credit quality contributed to Fund performance versus its benchmark. With regard to security selection, active selection of individual bonds based on fundamental credit research was the largest single contributor to Fund performance relative to its benchmark.

The Fund had an overall longer duration than its benchmark and a greater sensitivity to interest rate changes during the period. This also helped relative performance by causing the Fund to benefit more than its benchmark as rates fell and bond prices rose for bonds with 3–10 years remaining to maturity, which accounted for a majority of the Fund’s holdings. The Fund’s lower average credit quality, compared with its benchmark, contributed to relative performance as well because lower-rated bonds generally outperformed higher-rated issues during the period. The Fund was overweight versus its benchmark in lower-quality, better-performing A- and BBB- rated bonds and underweight in lower-performing, higher-quality AAA- andAA- rated bonds.

For Eaton Vance TABS10-to-20 Year Laddered Municipal Bond Fund, yield curve positioning detracted from Fund performance versus its benchmark. The Fund was approximately equally weighted throughout the 10–20 year part of the curve, whereas its benchmark held only bonds with maturities between 12–17 years. As the 10–20 year area of the curve steepened during the period, the worst performance occurred toward the 20–year part of the curve, which saw the largest rate increases and bond price declines. Thus, the Fund’s exposure to bonds with 18–20 years remaining to maturity, which were not represented in its benchmark, detracted from Fund performance versus its benchmark.

In contrast, security selection and duration contributed to Fund performance versus its benchmark. Active selection of individual bonds based on fundamental credit research was the largest single contributor to relative results. The Fund also had a longer duration than its benchmark during the period. This helped the Fund benefit more than its benchmark as interest rates fell and bond prices rose for bonds with 10–17 years remaining to maturity, which accounted for a majority of the Fund’s holdings. However, interest rates rose and bond prices fell for bonds with 18–20 year maturities.

See Endnotes and Additional Disclosures in this report.

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

3

Eaton Vance

TABS1-to-10 Year Laddered Municipal Bond Fund

January 31, 2019

Performance^2,3

Portfolio ManagersJames H. Evans, CFA, Brian C. Barney, CFA and Christopher J. Harshman, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Class A at NAV		05/04/2015		05/04/2015		2.26	%		—			1.89	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.62			—			0.57
Class C at NAV		05/04/2015		05/04/2015		1.50			—			1.13
Class C with 1% Maximum Sales Charge		—		—		0.50			—			1.13
Class I at NAV		05/04/2015		05/04/2015		2.51			—			2.18
Bloomberg BarclaysShort-Intermediate 1–10 Year Municipal Bond Index		—		—		2.94	%		2.08	%		1.88	%
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
Gross						0.89	%		1.64	%		0.64	%
Net						0.65			1.40			0.40
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						1.76	%		1.01	%		2.01	%
SEC30-day Yield – Subsidized						1.59			0.93			1.92
SEC30-day Yield – Unsubsidized						1.38			0.70			1.69

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C	$	10,000		05/04/2015	$	10,432		N.A.
Class I	$	250,000		05/04/2015	$	271,013		N.A.

See Endnotes and Additional Disclosures in this report.

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

4

Eaton Vance

TABS1-to-10 Year Laddered Municipal Bond Fund

January 31, 2019

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

5

Eaton Vance

TABS10-to-20 Year Laddered Municipal Bond Fund

January 31, 2019

Performance^2,3

Portfolio ManagersJames H. Evans, CFA, Brian C. Barney, CFA and Christopher J. Harshman, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Class A at NAV		05/04/2015		05/04/2015		3.30	%		—			4.15	%
Class A with 4.75% Maximum Sales Charge		—		—		–1.65			—			2.80
Class C at NAV		05/04/2015		05/04/2015		2.53			—			3.39
Class C with 1% Maximum Sales Charge		—		—		1.53			—			3.39
Class I at NAV		05/04/2015		05/04/2015		3.56			—			4.41
Bloomberg Barclays 15 Year Municipal Bond Index		—		—		4.07	%		4.47	%		3.58	%
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
Gross						2.07	%		2.82	%		1.82	%
Net						0.65			1.40			0.40
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						2.65	%		1.90	%		2.90	%
SEC30-day Yield – Subsidized						2.28			1.66			2.65
SEC30-day Yield – Unsubsidized						1.05			0.36			1.34

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C	$	10,000		05/04/2015	$	11,331		N.A.
Class I	$	250,000		05/04/2015	$	293,935		N.A.

See Endnotes and Additional Disclosures in this report.

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

6

Eaton Vance

TABS10-to-20 Year Laddered Municipal Bond Fund

January 31, 2019

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

7

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Endnotes and Additional Disclosures

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

²  Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg BarclaysShort-Intermediate 1–10 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 1–10 years. Bloomberg Barclays 15 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 12–17 years. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charges reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

⁴  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/19. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes astax-exempt income, qualified andnon-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form1099-DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. Subsidized yield reflects the effect of fee waivers and expense reimbursements.

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

⁷  Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes.

⁸  Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term rates fall and/orshort-term rates increase, and the yield curve steepens when long-term rates increase and/orshort-term rates fall.

Fund profiles subject to change due to active management.

8

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2018 – January 31, 2019).

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

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

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

Eaton Vance TABS 1-to-10 Year Laddered Municipal Bond Fund

	Beginning Account Value (8/1/18)		Ending Account Value (1/31/19)		Expenses Paid During Period* (8/1/18 – 1/31/19)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,016.20	$	3.30	**		0.65	%
Class C	$	1,000.00	$	1,012.40	$	7.10	**		1.40	%
Class I	$	1,000.00	$	1,017.40	$	2.03	**		0.40	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.90	$	3.31	**		0.65	%
Class C	$	1,000.00	$	1,018.10	$	7.12	**		1.40	%
Class I	$	1,000.00	$	1,023.20	$	2.04	**		0.40	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2018.

** Absent an allocation of certain expenses to an affiliate, expenses would be higher.

9

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Fund Expenses — continued

Eaton Vance TABS 10-to-20 Year Laddered Municipal Bond Fund

	Beginning Account Value (8/1/18)		Ending Account Value (1/31/19)		Expenses Paid During Period* (8/1/18 – 1/31/19)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,023.90	$	3.32	**		0.65	%
Class C	$	1,000.00	$	1,020.00	$	7.13	**		1.40	%
Class I	$	1,000.00	$	1,024.20	$	2.04	**		0.40	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.90	$	3.31	**		0.65	%
Class C	$	1,000.00	$	1,018.10	$	7.12	**		1.40	%
Class I	$	1,000.00	$	1,023.20	$	2.04	**		0.40	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2018.

** Absent an allocation of certain expenses to an affiliate, expenses would be higher.

10

Eaton Vance

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2019

Portfolio of Investments

Tax-Exempt Investments — 95.1%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.1%
North Dakota Public Finance Authority, 5.00%, 10/1/19	$	35	$	35,757
Oklahoma Water Resources Board, 5.00%, 4/1/19		25		25,133
			$	60,890
Education — 9.6%
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/20	$	325	$	341,744
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/21		150		161,914
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/23		125		141,063
Kershaw County Public Schools Foundation, SC, 5.00%, 12/1/19		100		102,740
Massachusetts Health and Educational Facilities Authority, (Tufts University), (SPA: Wells Fargo Bank, N.A.), 1.50%, 8/15/34(1)		1,400		1,400,000
Michigan State University, (SPA: Royal Bank of Canada), 1.48%, 8/15/30(2)		1,000		1,000,000
New York Dormitory Authority, (Icahn School of Medicine at Mount Sinai), 5.00%, 7/1/23		60		67,558
North Carolina Educational Facilities Finance Agency, (Duke University), 1.20%, 6/1/27(2)		1,000		1,000,000
Southcentral Pennsylvania General Authority, (York College of Pennsylvania), 5.00%, 11/1/24		250		285,815
UCF Stadium Corp., FL, 5.00%, 3/1/21		150		159,353
UCF Stadium Corp., FL, 5.00%, 3/1/23		250		279,517
West Clark 2000 School Building Corp., IN, 5.00%, 7/15/21		100		107,527
West Clark 2000 School Building Corp., IN, 5.00%, 1/15/23		100		111,734
			$	5,158,965
Electric Utilities — 6.9%
Pend Oreille County Public Utility District No. 1, WA, Green Bonds, 5.00%, 1/1/22	$	225	$	242,057
Pend Oreille County Public Utility District No. 1, WA, Green Bonds, 5.00%, 1/1/23		780		855,520
Pend Oreille County Public Utility District No. 1, WA, Green Bonds, 5.00%, 1/1/25		275		310,871
Pend Oreille County Public Utility District No. 1, WA, Green Bonds, 5.00%, 1/1/28		1,000		1,154,460
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 4.00%, 6/1/23		175		192,117
San Antonio, TX, Electric and Gas Systems, 3.00% to 12/1/19 (Put Date), 12/1/45		225		227,124
San Antonio, TX, Electric and Gas Systems, 3.00% to 12/1/20 (Put Date), 12/1/45		250		254,997

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
Springfield, IL, Electric System Revenue, 5.00%, 3/1/21	$	200	$	212,174
Springfield, IL, Electric System Revenue, 5.00%, 3/1/25		250		287,825
			$	3,737,145
Escrowed / Prerefunded — 0.7%
Lake County Community Consolidated School District No. 50, IL, Escrowed to Maturity, 5.00%, 1/1/21	$	165	$	175,019
Revere Local School District, OH, Prerefunded to 6/1/22, 5.00%, 12/1/27		200		221,380
			$	396,399
General Obligations — 30.1%
Aldine Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/21	$	1,060	$	1,129,525
Arlington County, VA, 5.00%, 8/15/29		1,000		1,238,580
Boulder Valley School District No. Re-2, CO, 4.00%, 12/1/23		125		138,166
Burlington, VT, 5.00%, 11/1/27		225		264,361
Campton Township, IL, 5.00%, 12/15/19		75		77,079
Campton Township, IL, 5.00%, 12/15/22		200		221,490
Campton Township, IL, 5.00%, 12/15/23		105		118,799
Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/20		1,000		1,033,980
Decatur City Board of Education, AL, 5.00%, 2/1/24		50		56,939
Decatur City Board of Education, AL, 5.00%, 2/1/25		50		58,093
Douglas County, NE, 3.75%, 12/15/27		555		576,240
Fort Worth, TX, 5.00%, 3/1/20		825		853,957
Grand Blanc Community Schools, MI, 4.00%, 5/1/27		455		481,649
Joshua Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/24		55		60,945
Katy Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/20		1,000		1,033,980
La Joya Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/26		1,000		1,101,400
Lake County Community Consolidated School District No. 50, IL, 5.00%, 1/1/21		85		89,980
Lakeland, FL, 5.00%, 10/1/19		50		51,081
Lakeland, FL, 5.00%, 10/1/21		50		54,202
Lakeland, FL, 5.00%, 10/1/22		100		111,241
Lakeland, FL, 5.00%, 10/1/24		50		58,190
Little Rock School District, AR, 3.00%, 2/1/23		100		101,776
Little Rock School District, AR, 3.00%, 2/1/24		250		254,012
Macomb County, MI, 4.00%, 5/1/23		50		54,280
McLean County Public Building Commission, IL, 5.00%, 12/1/22		250		278,650
New York, NY, 2.08%, (SIFMA + 0.65%), 2/15/19(3)		100		100,012

11 See Notes to Financial Statements.

Eaton Vance

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
New York, NY, 2.13%, (SIFMA + 0.70%), 2/15/20(3)	$	100	$	100,365
New York, NY, (LOC: TD Bank N.A.), 1.47%, 9/1/27(2)		500		500,000
Northside Independent School District, TX, (PSF Guaranteed), 4.00%, 6/1/29		1,000		1,058,040
Ohio, 5.00%, 8/1/26		1,000		1,205,440
Pendergast Elementary School District No. 92, AZ, 3.00%, 7/1/21		50		51,408
Schaumburg, IL, 4.00%, 12/1/19		40		40,736
Scotts Bluff County School District 0016, NE, (Gering Public Schools), 5.00%, 12/1/25		120		131,634
Scotts Bluff County School District 0016, NE, (Gering Public Schools), 5.00%, 12/1/26		115		125,955
Scotts Bluff County School District 0016, NE, (Gering Public Schools), 5.00%, 12/1/27		170		186,079
Texas, (Texas Water Development Board), 5.00%, 8/1/25		950		1,024,233
Texas, (Texas Water Development Board), 5.00%, 8/1/26		925		996,336
Texas, (Texas Water Development Board), 5.00%, 8/1/27		1,000		1,076,360
Vistancia Community Facilities District, AZ, 5.00%, 7/15/19		30		30,432
Vistancia Community Facilities District, AZ, 5.00%, 7/15/20		30		31,374
Vistancia Community Facilities District, AZ, 5.00%, 7/15/21		65		67,843
			$	16,224,842
Hospital — 5.8%
Colorado Health Facilities Authority, (Vail Valley Medical Center), 4.00%, 1/15/22	$	30	$	31,717
Colorado Health Facilities Authority, (Vail Valley Medical Center), 4.00%, 1/15/25		25		27,554
Colorado Health Facilities Authority, (Vail Valley Medical Center), 5.00%, 1/15/23		25		27,783
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/28		1,000		1,181,740
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 4.00%, 7/1/19		25		25,222
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 4.00%, 7/1/20		200		205,920
Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/27		500		545,310
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network), 5.00%, 8/15/24		85		97,186
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network), 5.00%, 8/15/25		30		34,846
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network), 5.00%, 8/15/26		85		99,695
Oregon Facilities Authority, (Legacy Health), 4.125%, 5/1/19		30		30,169
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/23		35		39,519

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
San Diego County, CA, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25	$	35	$	41,236
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/19		100		101,808
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/20		235		247,826
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/21		150		162,081
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/22		200		221,282
			$	3,120,894
Housing — 0.9%
New York City Housing Development Corp., NY, 1.70%, 11/1/20	$	200	$	199,520
New York City Housing Development Corp., NY, 1.75%, 5/1/21		135		134,675
New York City Housing Development Corp., NY, 1.80%, 11/1/21		165		164,691
			$	498,886
Insured – General Obligations — 3.7%
Albertville, AL, (BAM), 4.00%, 6/1/28	$	250	$	264,540
Cave Creek Unified School District No. 93, Maricopa County, AZ, (BAM), 5.25%, 7/1/23		50		56,982
Montgomery County Municipal Utility District No. 9, TX, (BAM), 3.00%, 4/1/25		250		259,215
Montgomery County Municipal Utility District No. 9, TX, (BAM), 3.00%, 4/1/26		250		258,002
Montgomery County Municipal Utility District No. 9, TX, (BAM), 3.00%, 4/1/27		525		538,225
New Britain, CT, (BAM), 5.00%, 3/1/24		55		62,668
New Britain, CT, (BAM), 5.00%, 3/1/25		50		57,704
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/23		105		118,232
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/24		95		109,530
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/25		5		5,873
Peoria Unified School District No. 11, Maricopa County, AZ, (AGM), 5.00%, 7/1/24		85		98,150
Sienna Plantation Levee Improvement District of Fort Bend County, TX, (AGM), 3.00%, 9/1/19		50		50,356
Sienna Plantation Levee Improvement District of Fort Bend County, TX, (AGM), 3.00%, 9/1/20		50		50,912
Sienna Plantation Levee Improvement District of Fort Bend County, TX, (AGM), 3.00%, 9/1/21		50		51,426
			$	1,981,815

12 See Notes to Financial Statements.

Eaton Vance

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Lease Revenue / Certificates of Participation — 0.9%
Highlands County School Board, FL, (BAM), 5.00%, 3/1/20	$	250	$	258,285
Highlands County School Board, FL, (BAM), 5.00%, 3/1/26		180		208,400
			$	466,685
Insured – Special Tax Revenue — 0.1%
Successor Agency to Riverside County Redevelopment Agency, CA, (AGM), 5.00%, 10/1/24	$	50	$	58,335
			$	58,335
Insured – Transportation — 5.5%
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/28	$	1,000	$	1,189,730
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/29		1,510		1,780,698
			$	2,970,428
Insured – Water and Sewer — 0.1%
Beaumont, TX, Waterworks and Sewer System Revenue, (BAM), 3.00%, 9/1/22	$	25	$	25,981	��
			$	25,981
Lease Revenue / Certificates of Participation — 2.9%
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/23	$	225	$	256,228
Miami-Dade County School Board, FL, 5.00%, 2/1/24		300		341,025
Miami-Dade County School Board, FL, 5.00%, 2/1/25		200		230,790
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 9/1/23		100		104,940
Palm Beach County School Board, FL, 5.00%, 8/1/21		125		134,862
South Dakota Building Authority, 5.00%, 6/1/25		85		99,912
St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/24		100		103,484
St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/25		250		258,037
Thompson School District No. R2-J, Larimer, Weld and Boulder Counties, CO, 5.00%, 12/1/19		25		25,670
			$	1,554,948
Other Revenue — 9.9%
Citizens Property Insurance Corp., FL, 5.00%, 6/1/22	$	100	$	108,485
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/27		330		388,021
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/28		545		637,813
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/29		600		698,880

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Fulton County Development Authority, GA, (Robert W. Woodruff Arts Center, Inc.), 5.00%, 3/15/24	$	150	$	169,661
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, (Liq: Royal Bank of Canada), 4.00% to 9/1/23 (Put Date), 4/1/48		2,500		2,643,375
Tennessee Energy Acquisition Corp., Gas Project Revenue, 5.00%, 11/1/22		400		434,896
West Virginia School Building Authority, Lottery Revenue, 5.00%, 7/1/24		100		115,637
West Virginia School Building Authority, Lottery Revenue, 5.00%, 7/1/25		100		117,761
			$	5,314,529
Senior Living / Life Care — 3.0%
Alexandria Industrial Development Authority, VA, (Goodwin House, Inc.), 5.00%, 10/1/22	$	50	$	54,306
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/24		60		65,490
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/25		60		65,957
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/29		830		892,076
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/21		50		53,088
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/23		100		109,542
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/22		150		161,610
Orange County, FL, Health Facilities Authority, (Presbyterian Retirement Communities), 4.00%, 8/1/24		50		53,297
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 4.00%, 9/15/19		100		100,796
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 4.00%, 9/15/23		25		25,634
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 4.00%, 9/15/24		50		51,045
			$	1,632,841
Special Tax Revenue — 6.5%
Contra Costa Transportation Authority, CA, Sales Tax Revenue, 2.014%, (70% of 1 mo. USD LIBOR + 0.25%), 3/1/34(3)	$	500	$	500,140
New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/26		100		112,125
Port St. Lucie, FL, Public Service Tax Revenue, 5.00%, 9/1/27		250		286,817
Thornton Development Authority, CO, 2.00%, 12/1/19		200		200,356

13 See Notes to Financial Statements.

Eaton Vance

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Thornton Development Authority, CO, 4.00%, 12/1/20	$	100	$	103,949
Troup County Public Facilities Authority, GA, 3.00%, 5/1/21		1,000		1,026,230
Troup County Public Facilities Authority, GA, 4.00%, 5/1/22		1,000		1,068,630
West Palm Beach Community Redevelopment Agency, FL, 5.00%, 3/1/20		100		103,347
West Palm Beach Community Redevelopment Agency, FL, 5.00%, 3/1/22		50		54,249
West Palm Beach Community Redevelopment Agency, FL, 5.00%, 3/1/23		60		66,538
			$	3,522,381
Transportation — 3.4%
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/21	$	50	$	53,007
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/25		25		29,008
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/21		50		53,726
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25		250		292,608
Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/29		1,000		1,174,200
North Carolina, (Federal-Aid Highway Projects), 5.00%, 3/1/20		100		103,499
North Carolina, (Federal-Aid Highway Projects), 5.00%, 3/1/22		100		109,530
			$	1,815,578
Water and Sewer — 5.0%
Arizona Water Infrastructure Finance Authority, 5.00%, 10/1/25	$	55	$	64,330
Brushy Creek Regional Utility Authority, Inc., TX, 5.00%, 8/1/24		500		576,520
Brushy Creek Regional Utility Authority, Inc., TX, 5.00%, 8/1/25		160		187,810
Brushy Creek Regional Utility Authority, Inc., TX, 5.00%, 8/1/27		500		591,285
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/21		50		53,803
DeKalb County, GA, Water and Sewerage Revenue, 5.00%, 10/1/24		335		391,632
Glendale, AZ, Water and Sewer Revenue, 5.00%, 7/1/28		500		580,325
Travis County Water Control and Improvement District No. 17, TX, 4.00%, 11/1/26		220		239,598
			$	2,685,303
Total Tax-Exempt Investments — 95.1% (identified cost $50,540,800)			$	51,226,845

Short-Term Investments — 15.2%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 2.61%(4)		8,198,232	$	8,198,232
Total Short-Term Investments (identified cost $8,197,970)			$	8,198,232
Total Investments — 110.3% (identified cost $58,738,770)			$	59,425,077
Other Assets, Less Liabilities — (10.3)%			$	(5,560,117	)
Net Assets — 100.0%			$	53,864,960

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

At January 31, 2019, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

Texas	23.5%
Georgia	10.3%
Others, representing less than 10% individually	61.3%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at January 31, 2019, 9.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 3.7% to 5.5% of total investments.

⁽¹⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at January 31, 2019.

⁽²⁾  Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at January 31, 2019.

⁽³⁾  Floating rate security. The stated interest rate represents the rate in effect at January 31, 2019.

⁽⁴⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2019.

14 See Notes to Financial Statements.

Eaton Vance

TABS 1-to-10 Year Laddered Municipal Bond Fund

January 31, 2019

Portfolio of Investments — continued

Abbreviations:

AGM	–	Assured Guaranty Municipal Corp.
BAM	–	Build America Mutual Assurance Co.
LIBOR	–	London Interbank Offered Rate
Liq	–	Liquidity Provider
LOC	–	Letter of Credit
PSF	–	Permanent School Fund
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
SPA	–	Standby Bond Purchase Agreement

Currency Abbreviations:

USD – United States Dollar

15 See Notes to Financial Statements.

Eaton Vance

TABS 10-to-20 Year Laddered Municipal Bond Fund

January 31, 2019

Portfolio of Investments

Tax-Exempt Investments — 94.8%
Security	Principal Amount (000’s omitted)		Value
Education — 6.0%
Colorado Educational and Cultural Facilities Authority, (University of Denver), 4.00%, 3/1/35	$	100	$	105,578
Colorado School of Mines, 4.00%, 12/1/34		300		318,303
Madison County Capital Resource Corp., NY, (Colgate University), 5.00%, 7/1/31		100		114,964
			$	538,845
Electric Utilities — 0.6%
Missouri Joint Municipal Electric Utility Commission, (Prairie State Energy Campus), 4.00%, 12/1/35	$	50	$	52,860
			$	52,860
General Obligations — 20.2%
California, 4.00%, 9/1/32	$	225	$	243,310
Cascade School District No. 228, Chelan County, WA, 4.00%, 12/1/26		100		110,634
Colonial School District, PA, 5.00%, 2/15/35		75		86,624
Colonial School District, PA, 5.00%, 2/15/36		100		115,237
Lakeland, FL, 5.00%, 10/1/29		100		115,418
Lakeland, FL, 5.00%, 10/1/31		100		114,676
Lewis and Thurston Counties Centralia School District No. 401, WA, 5.00%, 12/1/37		145		165,629
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/33		125		133,938
Monterey Peninsula Community College District, CA, 4.00%, 8/1/33		100		106,785
Rowland Unified School District, CA, (Election of 2012), 0.00%, 8/1/34		400		215,508
Williamson County, TX, 4.00%, 2/15/29		150		163,486
Williamson County, TX, 4.00%, 2/15/30		100		108,290
Williamson County, TX, 5.00%, 2/15/28		125		146,281
			$	1,825,816
Hospital — 8.5%
Lexington County Health Services District, Inc., SC, 4.00%, 11/1/33	$	150	$	155,715
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/25		50		57,259
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/31		50		55,390
Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/39		100		106,465
New Hampshire Health and Education Facilities Authority, (Concord Hospital), 5.00%, 10/1/32		150		171,124

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
North Carolina Medical Care Commission, (Rex Healthcare, Inc.), 5.00%, 7/1/32	$	100	$	112,696
North Carolina Medical Care Commission, (Rex Healthcare, Inc.), 5.00%, 7/1/33		100		112,136
			$	770,785
Housing — 1.6%
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33	$	140	$	144,411
			$	144,411
Insured – Education — 2.6%
Patterson Joint Unified School District, CA, (Election 2018), (BAM), 5.00%, 8/1/29	$	200	$	235,814
			$	235,814
Insured – General Obligations — 4.2%
Grossmont Union High School District, CA, (Election of 2008), (AGM), 0.00%, 8/1/33	$	100	$	56,190
Grossmont Union High School District, CA, (Election of 2008), (AGM), 0.00%, 8/1/35		100		50,698
Sienna Plantation Levee Improvement District of Fort Bend County, TX, (AGM), 4.00%, 9/1/31		150		155,780
Zeeland Public Schools, MI, (AGM), 5.00%, 5/1/28		100		115,047
			$	377,715
Insured – Transportation — 4.4%
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/32	$	100	$	115,193
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/33		100		114,605
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/34		150		171,154
			$	400,952
Lease Revenue / Certificates of Participation — 4.4%
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/33	$	150	$	159,477
Riverside County Public Financing Authority, CA, 5.00%, 11/1/27		150		177,207
Riverside County Public Financing Authority, CA, 5.00%, 11/1/28		50		58,760
			$	395,444
Other Revenue — 9.7%
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/30	$	100	$	115,865
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/36		250		284,110

16 See Notes to Financial Statements.

Eaton Vance

TABS 10-to-20 Year Laddered Municipal Bond Fund

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/30	$	125	$	140,015
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/31		150		167,010
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/34		50		58,094
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/35		100		115,997
			$	881,091
Senior Living / Life Care — 15.1%
Alexandria Industrial Development Authority, VA, (Goodwin House, Inc.), 5.00%, 10/1/30	$	250	$	275,207
Maryland Health and Higher Educational Facilities Authority, (Broadmead), 5.00%, 7/1/31		150		164,588
Maryland Health and Higher Educational Facilities Authority, (Broadmead), 5.00%, 7/1/32		220		240,863
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/28		150		165,609
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/31		100		107,816
Orange County Health Facilities Authority, FL, (Presbyterian Retirement Communities), 5.00%, 8/1/35		150		161,430
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/32		100		106,920
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/34		40		42,444
Westchester County Local Development Corp., NY, (Kendal on Hudson), 5.00%, 1/1/34		100		104,724
			$	1,369,601
Special Tax Revenue — 3.4%
Atlanta Development Authority, GA, (New Downtown Atlanta Stadium), 5.00%, 7/1/34	$	225	$	254,554
Baltimore, MD, Special Tax Obligation, 5.00%, 6/15/29		50		55,547
			$	310,101
Transportation — 12.7%
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/37	$	250	$	278,995
New Orleans Aviation Board, LA, 5.00%, 1/1/36		125		140,980
New Orleans Aviation Board, LA, 5.00%, 1/1/37		50		56,132
Oklahoma Turnpike Authority, 4.00%, 1/1/38		250		262,265
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/35		150		174,562
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/36		200		231,506
			$	1,144,440

Security	Principal Amount (000’s omitted)		Value
Water and Sewer — 1.4%
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/30	$	50	$	57,422
Tucson, AZ, Water System Revenue, 5.00%, 7/1/32		60		69,678
			$	127,100
Total Tax-Exempt Investments — 94.8% (identified cost $8,296,512)			$	8,574,975
Short-Term Investments — 4.9%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 2.61%(1)		440,443	$	440,443
Total Short-Term Investments (identified cost $440,423)			$	440,443
Total Investments — 99.7% (identified cost $8,736,935)			$	9,015,418
Other Assets, Less Liabilities — 0.3%			$	27,917
Net Assets — 100.0%			$	9,043,335

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

At January 31, 2019, the concentration of the Fund’s investments in the various states, determined as a percentage of net assets, is as follows:

California	14.1%
Florida	10.4%
Others, representing less than 10% individually	70.3%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at January 31, 2019, 11.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.6% to 8.6% of total investments.

⁽¹⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2019.

Abbreviations:

AGM	–	Assured Guaranty Municipal Corp.
BAM	–	Build America Mutual Assurance Co.
FHLMC	–	Federal Home Loan Mortgage Corp.
FNMA	–	Federal National Mortgage Association
GNMA	–	Government National Mortgage Association

17 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Statements of Assets and Liabilities

	January 31, 2019
Assets	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Unaffiliated investments, at value (identified cost, $50,540,800 and $8,296,512, respectively)	$	51,226,845	$	8,574,975
Affiliated investment, at value (identified cost, $8,197,970 and $440,423, respectively)		8,198,232		440,443
Cash		1,400,967		—
Interest receivable		560,562		84,930
Dividends receivable from affiliated investment		9,171		513
Receivable for investments sold		277,524		—
Receivable for Fund shares sold		266,670		—
Receivable from affiliate		—		9,818
Total assets	$	61,939,971	$	9,110,679
Liabilities
Payable for investments purchased	$	7,870,940	$	—
Payable for Fund shares redeemed		102,091		879
Distributions payable		1,105		—
Payable to affiliates:
Investment adviser and administration fee		13,646		2,387
Distribution and service fees		7,037		341
Other		1,310		—
Accrued expenses		78,882		63,737
Total liabilities	$	8,075,011	$	67,344
Net Assets	$	53,864,960	$	9,043,335
Sources of Net Assets
Paid-in capital	$	53,857,534	$	8,838,269
Distributable earnings		7,426		205,066
Net Assets	$	53,864,960	$	9,043,335
Class A Shares
Net Assets	$	17,978,255	$	297,169
Shares Outstanding		1,754,870		28,153
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.24	$	10.56
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	10.75	$	11.09
Class C Shares
Net Assets	$	3,950,648	$	330,903
Shares Outstanding		385,696		31,318
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	10.24	$	10.57
Class I Shares
Net Assets	$	31,936,057	$	8,415,263
Shares Outstanding		3,114,375		796,938
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.25	$	10.56

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

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

18 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Statements of Operations

	Year Ended January 31, 2019
Investment Income	1-to-10 Year Laddered Fund			10-to-20 Year Laddered Fund
Interest	$	1,227,168		$	277,399
Dividends from affiliated investment		94,397			9,703
Total investment income	$	1,321,565		$	287,102
Expenses
Investment adviser and administration fee	$	193,026		$	28,271
Distribution and service fees
Class A		39,755			815
Class C		36,581			3,559
Trustees’ fees and expenses		3,128			933
Custodian fee		38,752			24,547
Transfer and dividend disbursing agent fees		10,822			2,637
Legal and accounting services		42,404			35,545
Printing and postage		12,248			6,238
Registration fees		47,424			35,630
Miscellaneous		13,564			11,641
Total expenses	$	437,704		$	149,816
Deduct —
Allocation of expenses to affiliate	$	119,877		$	110,102
Total expense reductions	$	119,877		$	110,102
Net expenses	$	317,827		$	39,714
Net investment income	$	1,003,738		$	247,388
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(634,673	)	$	(76,285	)
Investment transactions — affiliated investment		671			(81	)
Net realized loss	$	(634,002	)	$	(76,366	)
Change in unrealized appreciation (depreciation) —
Investments	$	959,562		$	129,154
Investments — affiliated investment		56			(25	)
Net change in unrealized appreciation (depreciation)	$	959,618		$	129,129
Net realized and unrealized gain	$	325,616		$	52,763
Net increase in net assets from operations	$	1,329,354		$	300,151

19 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Statements of Changes in Net Assets

	Year Ended January 31, 2019
Increase (Decrease) in Net Assets	1-to-10 Year Laddered Fund			10-to-20 Year Laddered Fund
From operations —
Net investment income	$	1,003,738		$	247,388
Net realized loss		(634,002	)		(76,366	)
Net change in unrealized appreciation (depreciation)		959,618			129,129
Net increase in net assets from operations	$	1,329,354		$	300,151
Distributions to shareholders(1)—
Class A	$	(247,716	)	$	(9,792	)
Class C		(29,315	)		(7,954	)
Class I		(726,703	)		(262,121	)
Total distributions to shareholders	$	(1,003,734	)	$	(279,867	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	5,789,653		$	94,543
Class C		1,080,335			—
Class I		20,759,823			399,396
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		236,539			9,792
Class C		29,285			7,954
Class I		724,053			262,007
Cost of shares redeemed
Class A		(5,052,474	)		(142,366	)
Class C		(828,665	)		(57,544	)
Class I		(31,820,357	)		(624,783	)
Net decrease in net assets from Fund share transactions	$	(9,081,808	)	$	(51,001	)
Net decrease in net assets	$	(8,756,188	)	$	(30,717	)
Net Assets
At beginning of year	$	62,621,148		$	9,074,052
At end of year	$	53,864,960		$	9,043,335

⁽¹⁾   The current year presentation of distributions conforms with the Disclosure Update and Simplification Rule issued by the Securities and Exchange Commision, effective November 5, 2018.

20 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Statements of Changes in Net Assets — continued

	Year Ended January 31, 2018
Increase (Decrease) in Net Assets	1-to-10 Year Laddered Fund			10-to-20 Year Laddered Fund
From operations —
Net investment income	$	765,150		$	219,905
Net realized gain (loss)		(56,090	)		34,290
Net change in unrealized appreciation (depreciation)		44,755			149,265
Net increase in net assets from operations	$	753,815		$	403,460
Distributions to shareholders —
From net investment income
Class A	$	(112,233	)	$	(10,003	)
Class C		(17,652	)		(6,500	)
Class I		(635,003	)		(203,421	)
Total distributions to shareholders	$	(764,888	)	$	(219,924	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	13,204,984		$	98,309
Class C		1,812,341			181,074
Class I		15,601,136			1,946,982
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		104,229			10,003
Class C		17,652			6,500
Class I		634,090			203,421
Cost of shares redeemed
Class A		(1,301,887	)		(358,312	)
Class C		(863,649	)		(202,440	)
Class I		(13,343,325	)		(419,810	)
Net increase in net assets from Fund share transactions	$	15,865,571		$	1,465,727
Net increase in net assets	$	15,854,498		$	1,649,263
Net Assets
At beginning of year	$	46,766,650		$	7,424,789
At end of year(1)	$	62,621,148		$	9,074,052

⁽¹⁾   Includes accumulated undistributed (distributions in excess of) net investment income of $(678) and $2,349, respectively, at January 31, 2018. The requirement to disclose the corresponding amount as of January 31, 2019 was eliminated.

21 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Financial Highlights

	1-to-10 Year Laddered Fund — Class A
	Year Ended January 31,									Period Ended January 31,  2016(1)
	2019			2018			2017
Net asset value — Beginning of period	$	10.170		$	10.120		$	10.340		$	10.000
Income (Loss) From Operations
Net investment income	$	0.157		$	0.129		$	0.120		$	0.070
Net realized and unrealized gain (loss)		0.070			0.050			(0.220	)		0.340
Total income (loss) from operations	$	0.227		$	0.179		$	(0.100	)	$	0.410
Less Distributions
From net investment income	$	(0.157	)	$	(0.129	)	$	(0.120	)	$	(0.070	)
Total distributions	$	(0.157	)	$	(0.129	)	$	(0.120	)	$	(0.070	)
Net asset value — End of period	$	10.240		$	10.170		$	10.120		$	10.340
Total Return(2)(3)		2.26	%		1.76	%		(0.99	)%		4.12	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	17,978		$	16,877		$	5,031		$	1,838
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.65	%		0.65	%		0.65	%		0.65	%(5)
Net investment income		1.56	%		1.25	%		1.14	%		0.89	%(5)
Portfolio Turnover		91	%		19	%		4	%		0	%

⁽¹⁾  For the period from the start of business, May 4, 2015, to January 31, 2016.

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

⁽³⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.20%, 0.24%, 0.31% and 1.45% of average daily net assets for the years ended January 31, 2019, 2018 and 2017 and the period ended January 31, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

22 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Financial Highlights — continued

	1-to-10 Year Laddered Fund — Class C
	Year Ended January 31,									Period Ended January 31,  2016(1)
	2019			2018			2017
Net asset value — Beginning of period	$	10.170		$	10.120		$	10.340		$	10.000
Income (Loss) From Operations
Net investment income	$	0.081		$	0.052		$	0.041		$	0.015
Net realized and unrealized gain (loss)		0.070			0.050			(0.220	)		0.340
Total income (loss) from operations	$	0.151		$	0.102		$	(0.179	)	$	0.355
Less Distributions
From net investment income	$	(0.081	)	$	(0.052	)	$	(0.041	)	$	(0.015	)
Total distributions	$	(0.081	)	$	(0.052	)	$	(0.041	)	$	(0.015	)
Net asset value — End of period	$	10.240		$	10.170		$	10.120		$	10.340
Total Return(2)(3)		1.50	%		1.00	%		(1.73	)%		3.55	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,951		$	3,638		$	2,665		$	27
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.40	%		1.40	%		1.40	%		1.40	%(5)
Net investment income		0.80	%		0.50	%		0.34	%		0.19	%(5)
Portfolio Turnover		91	%		19	%		4	%		0	%

⁽¹⁾  For the period from the start of business, May 4, 2015, to January 31, 2016.

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

⁽³⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.20%, 0.24%, 0.31% and 1.45% of average daily net assets for the years ended January 31, 2019, 2018 and 2017 and the period ended January 31, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

23 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Financial Highlights — continued

	1-to-10 Year Laddered Fund — Class I
	Year Ended January 31,									Period Ended January 31,  2016(1)
	2019			2018			2017
Net asset value — Beginning of period	$	10.180		$	10.130		$	10.350		$	10.000
Income (Loss) From Operations
Net investment income	$	0.182		$	0.156		$	0.146		$	0.090
Net realized and unrealized gain (loss)		0.070			0.050			(0.220	)		0.350
Total income (loss) from operations	$	0.252		$	0.206		$	(0.074	)	$	0.440
Less Distributions
From net investment income	$	(0.182	)	$	(0.156	)	$	(0.146	)	$	(0.090	)
Total distributions	$	(0.182	)	$	(0.156	)	$	(0.146	)	$	(0.090	)
Net asset value — End of period	$	10.250		$	10.180		$	10.130		$	10.350
Total Return(2)(3)		2.51	%		2.03	%		(0.74	)%		4.42	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	31,936		$	42,106		$	39,070		$	27,456
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.40	%		0.40	%		0.40	%		0.40	%(5)
Net investment income		1.79	%		1.51	%		1.40	%		1.14	%(5)
Portfolio Turnover		91	%		19	%		4	%		0	%

⁽¹⁾  For the period from the start of business, May 4, 2015, to January 31, 2016.

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

⁽³⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 0.20%, 0.24%, 0.31% and 1.45% of average daily net assets for the years ended January 31, 2019, 2018 and 2017 and the period ended January 31, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

24 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Financial Highlights — continued

	10-to-20 Year Laddered Fund — Class A
	Year Ended January 31,									Period Ended January 31,  2016(1)
	2019			2018			2017
Net asset value — Beginning of period	$	10.530		$	10.260		$	10.610		$	10.000
Income (Loss) From Operations
Net investment income	$	0.272		$	0.255		$	0.255		$	0.192
Net realized and unrealized gain (loss)		0.068			0.270			(0.336	)		0.610
Total income (loss) from operations	$	0.340		$	0.525		$	(0.081	)	$	0.802
Less Distributions
From net investment income	$	(0.271	)	$	(0.255	)	$	(0.254	)	$	(0.192	)
From net realized gain		(0.039	)		—			(0.015	)		—
Total distributions	$	(0.310	)	$	(0.255	)	$	(0.269	)	$	(0.192	)
Net asset value — End of period	$	10.560		$	10.530		$	10.260		$	10.610
Total Return(2)(3)		3.30	%		5.14	%		(0.82	)%		8.11	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	297		$	336		$	574		$	345
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.65	%		0.65	%		0.65	%		0.65	%(5)
Net investment income		2.59	%		2.44	%		2.35	%		2.28	%(5)
Portfolio Turnover		44	%		53	%		16	%		0	%

⁽¹⁾  For the period from the start of business, May 4, 2015, to January 31, 2016.

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

⁽³⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 1.25%, 1.42%, 1.50% and 3.35% of average daily net assets for the years ended January 31, 2019, 2018 and 2017 and the period ended January 31, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

25 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Financial Highlights — continued

	10-to-20 Year Laddered Fund — Class C
	Year Ended January 31,									Period Ended January 31,  2016(1)
	2019			2018			2017
Net asset value — Beginning of period	$	10.540		$	10.270		$	10.620		$	10.000
Income (Loss) From Operations
Net investment income	$	0.194		$	0.176		$	0.174		$	0.134
Net realized and unrealized gain (loss)		0.068			0.270			(0.335	)		0.619
Total income (loss) from operations	$	0.262		$	0.446		$	(0.161	)	$	0.753
Less Distributions
From net investment income	$	(0.193	)	$	(0.176	)	$	(0.174	)	$	(0.133	)
From net realized gain		(0.039	)		—			(0.015	)		—
Total distributions	$	(0.232	)	$	(0.176	)	$	(0.189	)	$	(0.133	)
Net asset value — End of period	$	10.570		$	10.540		$	10.270		$	10.620
Total Return(2)(3)		2.53	%		4.35	%		(1.56	)%		7.58	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	331		$	380		$	385		$	192
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.40	%		1.40	%		1.40	%		1.40	%(5)
Net investment income		1.85	%		1.66	%		1.59	%		1.59	%(5)
Portfolio Turnover		44	%		53	%		16	%		0	%

⁽¹⁾  For the period from the start of business, May 4, 2015, to January 31, 2016.

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

⁽³⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 1.25%, 1.42%, 1.50% and 3.35% of average daily net assets for the years ended January 31, 2019, 2018 and 2017 and the period ended January 31, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

26 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Financial Highlights — continued

	10-to-20 Year Laddered Fund — Class I
	Year Ended January 31,									Period Ended January 31,  2016(1)
	2019			2018			2017
Net asset value — Beginning of period	$	10.530		$	10.270		$	10.610		$	10.000
Income (Loss) From Operations
Net investment income	$	0.298		$	0.281		$	0.281		$	0.217
Net realized and unrealized gain (loss)		0.069			0.261			(0.325	)		0.607
Total income (loss) from operations	$	0.367		$	0.542		$	(0.044	)	$	0.824
Less Distributions
From net investment income	$	(0.298	)	$	(0.282	)	$	(0.281	)	$	(0.214	)
From net realized gain		(0.039	)		—			(0.015	)		—
Total distributions	$	(0.337	)	$	(0.282	)	$	(0.296	)	$	(0.214	)
Net asset value — End of period	$	10.560		$	10.530		$	10.270		$	10.610
Total Return(2)(3)		3.56	%		5.30	%		(0.47	)%		8.33	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	8,415		$	8,358		$	6,465		$	5,540
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.40	%		0.40	%		0.40	%		0.40	%(5)
Net investment income		2.85	%		2.65	%		2.61	%		2.81	%(5)
Portfolio Turnover		44	%		53	%		16	%		0	%

⁽¹⁾  For the period from the start of business, May 4, 2015, to January 31, 2016.

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

⁽³⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 1.25%, 1.42%, 1.50% and 3.35% of average daily net assets for the years ended January 31, 2019, 2018 and 2017 and the period ended January 31, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

27 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Notes to Financial Statements

1  Significant 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 six funds, two of which, each diversified, are included in these financial statements. They include Eaton Vance TABS 1-to-10 Year Laddered Municipal Bond Fund (1-to-10 Year Laddered Fund) and Eaton Vance TABS 10-to-20 Year Laddered Municipal Bond Fund (10-to-20 Year Laddered Fund), (each individually referred to as the Fund, and collectively, the Funds). The Funds’ investment objective is to provide current income exempt from regular federal income tax. The Funds offer three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class I shares are sold at net asset value and are not subject to a sales charge. Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Funds’ 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 (U.S. GAAP). Each Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

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

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

Affiliated Fund.The Funds may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

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

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

C  Federal Taxes — Each Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in 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.

As of January 31, 2019, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

28

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Notes to Financial Statements — continued

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

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

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

2  Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2019 and January 31, 2018 was as follows:

	Year Ended January 31, 2019
	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Tax-exempt income	$	918,541	$	237,693
Ordinary income	$	85,193	$	9,703
Long-term capital gains	$	—	$	32,471
	Year Ended January 31, 2018
	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Tax-exempt income	$	699,505	$	212,339
Ordinary income	$	65,383	$	7,585

During the year ended January 31, 2019, the following amounts were reclassified for 1-to-10 Year Laddered Fund due to differences between book and tax accounting, primarily for tax treatment of distributions in excess of net tax-exempt income. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

	1-to-10 Year Laddered Fund
Paid-in capital	$	(12,921	)
Distributable earnings	$	12,921

29

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Notes to Financial Statements — continued

As of January 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

	1-to-10 Year Laddered Fund			10-to-20 Year Laddered Fund
Undistributed tax-exempt income	$	—		$	1,218
Deferred capital losses	$	(702,719	)	$	(76,285	)
Net unrealized appreciation	$	711,250		$	280,133
Distributions payable	$	(1,105	)	$	—

At January 31, 2019, each Fund, for federal income tax purposes, had deferred capital losses which would reduce the respective Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve each Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of each Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. The amounts of the deferred capital losses are as follows:

	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Deferred Capital Losses
Short-term	$	489,630	$	69,766
Long-term	$	213,089	$	6,519

The cost and unrealized appreciation (depreciation) of investments of each Fund at January 31, 2019, as determined on a federal income tax basis, were as follows:

	1-to-10 Year Laddered Fund			10-to-20 Year Laddered Fund
Aggregate cost	$	58,713,827		$	8,735,285
Gross unrealized appreciation	$	749,245		$	298,285
Gross unrealized depreciation		(37,995	)		(18,152	)
Net unrealized appreciation	$	711,250		$	280,133

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to each Fund. The fee is based upon a percentage of average daily net assets as presented in the following table and is payable monthly.

	Annual Asset Rate
Daily Net Assets	1-to-10 Year Laddered Fund			10-to-20 Year Laddered Fund
Up to $1 billion		0.32	%		0.32	%

30

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Notes to Financial Statements — continued

On average daily net assets of $1 billion or more, the rates are reduced. The Funds invest their cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. For the year ended January 31, 2019, investment adviser and administration fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

	1-to-10 Year Laddered Fund			10-to-20 Year Laddered Fund
Investment Adviser and Administration Fee	$	193,026		$	28,271
Effective Annual Rate		0.32	%		0.32	%

EVM has agreed to reimburse each Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.65%, 1.40% and 0.40% of each Fund’s average daily net assets for Class A, Class C and Class I, respectively. These agreements may be changed or terminated after May 31, 2019. Pursuant to these agreements, EVM was allocated $119,877 and $110,102 of operating expenses of the 1-to-10 Year Laddered Fund and the 10-to-20 Year Laddered Fund, respectively, for the year ended January 31, 2019.

EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD for the year ended January 31, 2019 were as follows:

	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
EVM’s Sub-Transfer Agent Fees	$	1,316	$	755
EVD’s Class A Sales Charges	$	2,587	$	—

Trustees and officers of the Funds who are members of EVM’s organization receive remuneration for their services to the Funds out of the investment adviser and administration fee. Trustees of the Funds who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of EVM.

4  Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2019 for Class A shares amounted to the following:

	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Class A Distribution and Service Fees	$	39,755	$	815

Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Funds. For the year ended January 31, 2019, the Funds paid or accrued to EVD the following distribution fees:

	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Class C Distribution Fees	$	27,436	$	2,669

31

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Notes to Financial Statements — continued

Pursuant to the Class C Plan, the Funds also make payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of the average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2019 amounted to the following:

	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Class C Service Fees	$	9,145	$	890

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 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. For the year ended January 31, 2019, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A and Class C shareholders:

	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Class A	$	3,000	$	—
Class C	$	2,000	$	—

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended January 31, 2019 were as follows:

	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Purchases	$	51,620,290	$	3,721,700
Sales	$	59,354,703	$	3,845,480

7  Shares of Beneficial Interest

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

1-to-10 Year Laddered Fund
	Year Ended January 31, 2019
	Class A			Class C			Class I
Sales		570,425			106,559			2,044,610
Issued to shareholders electing to receive payments of distributions in Fund shares		23,333			2,889			71,394
Redemptions		(498,829	)		(81,650	)		(3,138,663	)
Net increase (decrease)		94,929			27,798			(1,022,659	)

32

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Notes to Financial Statements — continued

	Year Ended January 31, 2018
	Class A			Class C			Class I
Sales		1,279,086			176,932			1,516,813
Issued to shareholders electing to receive payments of distributions in Fund shares		10,162			1,718			61,687
Redemptions		(126,453	)		(84,160	)		(1,297,360	)
Net increase		1,162,795			94,490			281,140
10-to-20 Year Laddered Fund
	Year Ended January 31, 2019
	Class A			Class C			Class I
Sales		9,017			—			38,124
Issued to shareholders electing to receive payments of distributions in Fund shares		937			759			25,077
Redemptions		(13,714	)		(5,510	)		(59,821	)
Net increase (decrease)		(3,760	)		(4,751	)		3,380
	Year Ended January 31, 2018
	Class A			Class C			Class I
Sales		9,223			17,004			183,796
Issued to shareholders electing to receive payments of distributions in Fund shares		949			615			19,236
Redemptions		(34,229	)		(19,059	)		(39,210	)
Net increase (decrease)		(24,057	)		(1,440	)		163,822

At January 31, 2019, EVM owned 65.0% of the value of the outstanding shares of the 10-to-20 Year Laddered Fund.

8  Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through October 29, 2019. 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 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the year ended January 31, 2019.

9  Fair Value Measurements

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

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

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

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

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

33

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Notes to Financial Statements — continued

At January 31, 2019, the hierarchy of inputs used in valuing the Funds’ investments, which are carried at value, were as follows:

1-to-10 Year Laddered Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Investments	$	—	$	51,226,845	$	—	$	51,226,845
Short-Term Investments		—		8,198,232		—		8,198,232
Total Investments	$	—	$	59,425,077	$	—	$	59,425,077

10-to-20 Year Laddered Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Investments	$	—	$	8,574,975	$	—	$	8,574,975
Short-Term Investments		—		440,443		—		440,443
Total Investments	$	—	$	9,015,418	$	—	$	9,015,418

34

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Municipals Trust II and Shareholders of Eaton Vance TABS 1-to-10 Year Laddered Municipal Bond Fund and Eaton Vance TABS 10-to-20 Year Laddered Municipal Bond Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Eaton Vance TABS 1-to-10 Year Laddered Municipal Bond Fund and Eaton Vance TABS 10-to-20 Year Laddered Municipal Bond Fund (collectively, the “Funds”) (certain of the funds constituting Eaton Vance Municipals Trust II), including the portfolios of investments, as of January 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the period from the start of business, May 4, 2015, to January 31, 2016, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of January 31, 2019, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and the period from the start of business, May 4, 2015, to January 31, 2016, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 21, 2019

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

35

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2020 will show the tax status of all distributions paid to your account in calendar year 2019. 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 and/or regulations, shareholders must be notified regarding exempt interest dividends.

Exempt-Interest Dividends.  For the fiscal year ended January 31, 2019, the Funds designate the following percentages of distributions from net investment income as exempt-interest dividends:

TABS 1-to-10 Year Laddered Municipal Bond Fund	91.51	%
TABS 10-to-20 Year Laddered Municipal Bond Fund	96.08	%

36

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Special Meeting of Shareholders (Unaudited)

Each Fund held a Special Meeting of Shareholders on September 20, 2018 to elect the five Trustees listed below. The other Trustees named herein continue to serve as Trustees. The results of the vote with respect to each Fund were as follows:

	TABS 1-to-10 Year Laddered Municipal Bond Fund				TABS 10-to-20  Year Laddered Municipal Bond Fund
Nominee for Trustee	For		Withheld		For		Withheld
Mark R. Fetting		2,912,147		0		242,409		0
Keith Quinton		2,912,147		0		242,409		0
Marcus L. Smith		2,912,147		0		242,409		0
Susan J. Sutherland		2,912,147		0		242,409		0
Scott E. Wennerholm		2,912,147		0		242,409		0

Results are rounded to the nearest whole number.

37

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

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. Each Trustee oversees 175 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	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 175 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm)(1991-2000). Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2) Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018).

38

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(2) None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Directorships in the Last Five Years.(2) None.
Keith Quinton(3) 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)(2001-2014). Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).
Marcus L. Smith(3) 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015); Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Director of DCT Industrial Trust Inc. (logistics real estate company) (since 2017).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Directorships in the Last Five Years. None.

Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President and officer of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President and officer of CRM.

39

Eaton Vance

TABS Laddered Municipal Bond Funds

January 31, 2019

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO(2012-2017) and Managing Director at BlackRock/Barclays Global Investors(2009-2012).

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

⁽²⁾  During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman, Quinton, Smith and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and eUnitsTM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014). However, Ms. Mosley did not serve as a Board member of eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾  Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

⁽⁴⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

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

40

Eaton Vance Funds

IMPORTANT NOTICES

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 Privacy 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, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only 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 advisor/broker-dealer, it is likely that only such advisor’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 (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 advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, 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 advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of 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 at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. 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 and by accessing the SEC’s website at www.sec.gov.

41

This Page Intentionally Left Blank

This Page Intentionally Left Blank

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

21124    1.31.19

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

Annual Report

January 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

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

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call1-800-262-1122.

Annual ReportJanuary 31, 2019

Eaton Vance

TABS5-to-15 Year Laddered Municipal Bond Fund

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	17 and 37
Federal Tax Information	18
Special Meeting of Shareholders	38
Management and Organization	39
Important Notices	42

Eaton Vance

TABS5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The12-month period ended January 31, 2019, was positive for the municipal bond market, with the Bloomberg Barclays Municipal Bond Index,² a broad measure of the asset class, returning 3.26%.

Bond performance, however, varied considerably across the AAA⁷ municipal yield curve.⁹ During the period, rates rose and bond prices fell in the 0–2 year and 19–30 year areas of the curve. But rates declined in the 3–18 year segment of the curve, with the largest declines — and the strongest bond price performance — occurring in the
10–12 year part of the curve. As a result, the front end of the municipal yield curve — 1–9 years — generally flattened while the back end — 10–30 years — steepened. In addition, lower-rated bonds generally outperformed higher-rated issues during the period. Municipal bonds outperformed comparable U.S. Treasurys in the 1–10 year area of the yield curve, while Treasurys outperformed municipals across the remainder of the curve.

As the period opened in February 2018, signs of increasing inflation, higher wage growth and fears that recent tax legislation might overheat the economy were pushing interest rates up and bond prices down. Upward pressure on short-term rates continued in March and June 2018 as the U.S. Federal Reserve Board (the Fed) delivered its first two rate hikes of the year. At the long end of the curve, however, fluctuating perceptions of geopolitical risk were a primary driver of rates from April through the end of August 2018. Investors toggled between concern that the U.S. was initiating a global trade war and optimism about economic growth and a potential detente between the U.S. and North Korea.

In September 2018, the Fed hiked the federal funds rate again, which pushed up both U.S. Treasury and municipal rates across the curve. In October 2018, a strong U.S. employment report and easing concerns about Italy’s national budget crisis continued the upward pressure on longer-term rates. But as 2018 came to a close, investors became increasingly concerned about a trade war with China, a potential government shutdown and dovish comments by the Fed that led the futures market to project the possibility of no further rate hikes in 2019. The result was a “flight to quality” by bond investors that pushed longer-term bond prices up and rates down in December 2018.

The first month of 2019, in contrast, was relatively quiet for bonds. As investors waited to see the outcome of the longest-ever U.S. government shutdown, municipal interest rates were virtually unchanged in January.

Fund Performance

For the12-month period ended January 31, 2019, Eaton Vance TABS5-to-15 Year Laddered Municipal Bond Fund (the Fund) returned 2.80% for Class A shares at net asset value (NAV), underperforming its primary benchmark, the Bloomberg Barclays 10 Year Municipal Bond Index (the

Index), which returned 4.11%. The Index is unmanaged and returns do not reflect any applicable sales charges, commissions, or expenses.

The Fund provides rules-based, approximately equal-weighted exposure in each year across the5-to-15 year maturity portion of the yield curve, with the objective of seeking current income exempt from regular federal income tax. Management seeks to add incremental return through active security selection andin-depth credit analysis.

During the period, yield curve positioning detracted from Fund performance versus the Index. While the Index was entirely positioned within the 8–12 year area of the yield curve, the Fund was approximately equally weighted across the yield curve from 5–15 years. Although rates fell and bond prices rose throughout the 5–15 year portion of the curve, the greatest rate declines — and thus the strongest price performance — occurred around the 10–year area of the curve. The Index had a greater portion of its holdings than the Fund in the 10–year area and benefited more from falling rates during the period. Similarly, the Fund had holdings in the weaker-performing 5–7 year and 13–15 year areas of the curve — where the Index had no holdings — and that positioning hurt Fund performance versus the Index.

In contrast, active selection of individual bonds based on fundamental credit research contributed to Fund performance versus the Index during the period. Meanwhile, the Fund’s duration⁸ and credit quality positioning were approximately in line with the Index and did not have a significant effect on relative performance during the period.

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

TABS5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Performance^2,3

Portfolio ManagersJames H. Evans, CFA, Brian C. Barney, CFA and Christopher J. Harshman, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Class A at NAV		02/01/2010		02/01/2010		2.80	%		4.48	%		5.77	%
Class A with 4.75% Maximum Sales Charge		—		—		–2.05			3.47			5.19
Class C at NAV		02/01/2010		02/01/2010		2.12			3.72			4.98
Class C with 1% Maximum Sales Charge		—		—		1.12			3.72			4.98
Class I at NAV		02/01/2010		02/01/2010		3.06			4.75			6.02
Bloomberg Barclays 10 Year Municipal Bond Index		—		—		4.11	%		3.70	%		4.34	%
Bloomberg Barclays 15 Year Municipal Bond Index		—		—		4.07			4.47			4.86
% Total Annual Operating Expense Ratios4					Class A			Class C			Class I
Gross						0.70	%		1.45	%		0.45	%
Net						0.65			1.40			0.40
% Distribution Rates/Yields5					Class A			Class C			Class I
Distribution Rate						1.88	%		1.14	%		2.13	%
SEC30-day Yield – Subsidized						1.67			1.02			2.01
SEC30-day Yield – Unsubsidized						1.64			0.98			1.97

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C	$	10,000		02/01/2010	$	15,498		N.A.
Class I	$	250,000		02/01/2010	$	423,375		N.A.

See Endnotes and Additional Disclosures in this report.

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

3

Eaton Vance

TABS5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Fund Profile⁶

Credit Quality (% of total investments)⁷

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Endnotes and Additional Disclosures

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

²  Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg Barclays 10 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from8-12 years. Bloomberg Barclays 15 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from12-17 years. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charges reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

Effective April 15, 2015, the Fund changed its investment objective and investment strategy. Performance prior to April 15, 2015 reflects the Fund’s performance under its former investment objective and policies.

⁴  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/19. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes astax-exempt income, qualified andnon-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form1099-DIV and provided to the shareholder shortly after eachyear-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. Subsidized yield reflects the effect of fee waivers and expense reimbursements.

⁶  Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolio.

⁷  Ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

⁸  Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes.

⁹  Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term rates fall and/or short-term rates increase, and the yield curve steepens when long-term rates increase and/or short-term rates fall.

Fund profile subject to change due to active management.

5

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2018 – January 31, 2019).

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

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

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

	Beginning Account Value (8/1/18)		Ending Account Value (1/31/19)		Expenses Paid During Period* (8/1/18 – 1/31/19)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,020.30	$	3.31	**		0.65	%
Class C	$	1,000.00	$	1,017.40	$	7.12	**		1.40	%
Class I	$	1,000.00	$	1,021.60	$	2.04	**		0.40	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.90	$	3.31	**		0.65	%
Class C	$	1,000.00	$	1,018.10	$	7.12	**		1.40	%
Class I	$	1,000.00	$	1,023.20	$	2.04	**		0.40	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-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, 2018. The Example reflects the expenses of both the Fund and the Portfolio.

** Absent an allocation of certain expenses to an affiliate, expenses would be higher.

6

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Statement of Assets and Liabilities

Assets	January 31, 2019
Investment in5-to-15 Year Laddered Municipal Bond Portfolio, at value (identified cost, $594,081,620)	$	605,284,576
Receivable for Fund shares sold		1,264,900
Total assets	$	606,549,476
Liabilities
Payable for Fund shares redeemed	$	941,383
Distributions payable		184,105
Payable to affiliates:
Distribution and service fees		57,405
Other		15,304
Accrued expenses		99,666
Total liabilities	$	1,297,863
Net Assets	$	605,251,613
Sources of Net Assets
Paid-in capital	$	609,892,505
Accumulated loss		(4,640,892	)
Total	$	605,251,613
Class A Shares
Net Assets	$	87,286,620
Shares Outstanding		7,141,607
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.22
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	12.83
Class C Shares
Net Assets	$	45,308,786
Shares Outstanding		3,708,564
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	12.22
Class I Shares
Net Assets	$	472,656,207
Shares Outstanding		38,697,667
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.21

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

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

7 See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Statement of Operations

Investment Income	Year Ended January 31, 2019
Interest allocated from Portfolio	$	16,034,485
Expenses allocated from Portfolio		(2,236,473	)
Total investment income from Portfolio	$	13,798,012
Expenses
Distribution and service fees
Class A	$	234,044
Class C		507,532
Trustees’ fees and expenses		500
Custodian fee		50,702
Transfer and dividend disbursing agent fees		243,020
Legal and accounting services		32,496
Printing and postage		55,657
Registration fees		88,145
Miscellaneous		15,260
Total expenses	$	1,227,356
Deduct —
Allocation of expenses to affiliate	$	171,431
Total expense reductions	$	171,431
Net expenses	$	1,055,925
Net investment income	$	12,742,087
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	(8,207,796	)
Net realized loss	$	(8,207,796	)
Change in unrealized appreciation (depreciation) —
Investments	$	13,003,732
Net change in unrealized appreciation (depreciation)	$	13,003,732
Net realized and unrealized gain	$	4,795,936
Net increase in net assets from operations	$	17,538,023

8 See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2019			2018
From operations —
Net investment income	$	12,742,087		$	10,323,557
Net realized loss		(8,207,796	)		(1,604,889	)
Net change in unrealized appreciation (depreciation)		13,003,732			7,218,825
Net increase in net assets from operations	$	17,538,023		$	15,937,493
Distributions to shareholders(1) —
Class A	$	(1,744,865	)	$	(1,893,427	)
Class C		(565,341	)		(526,058	)
Class I		(10,431,013	)		(7,932,977	)
Total distributions to shareholders	$	(12,741,219	)	$	(10,352,462	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	18,455,738		$	51,288,825
Class C		5,070,229			18,200,493
Class I		186,422,803			355,261,229
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,564,859			1,721,320
Class C		429,822			399,198
Class I		8,485,187			6,242,212
Cost of shares redeemed
Class A		(38,412,479	)		(94,933,889	)
Class C		(15,432,970	)		(17,298,833	)
Class I		(236,218,511	)		(138,679,053	)
Net asset value of shares converted
Class A		597,026			—
Class C		(597,026	)		—
Net increase (decrease) in net assets from Fund share transactions	$	(69,635,322	)	$	182,201,502
Other capital —
Portfolio transaction fee contributed to Portfolio	$	(305,548	)	$	(421,341	)
Portfolio transaction fee allocated from Portfolio		302,533			421,040
Net decrease in net assets from other capital	$	(3,015	)	$	(301	)
Net increase (decrease) in net assets	$	(64,841,533	)	$	187,786,232
Net Assets
At beginning of year	$	670,093,146		$	482,306,914
At end of year	$	605,251,613		$	670,093,146	(2)

⁽¹⁾   For the year ended January 31, 2018, the source of distributions was from net investment income. The current year presentation of distributions conforms with the Disclosure Update and Simplification Rule issued by the Securities and Exchange Commission, effective November 5, 2018.

⁽²⁾  Includes accumulated undistributed net investment income of $3,675 at January 31, 2018. The requirement to disclose the corresponding amount as of January 31, 2019 was eliminated.

9 See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Financial Highlights

	Class A
	Year Ended January 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	12.110		$	11.900		$	12.220		$	12.080		$	10.800
Income (Loss) From Operations
Net investment income	$	0.225		$	0.210		$	0.175		$	0.240		$	0.293
Net realized and unrealized gain (loss)		0.110			0.210			(0.320	)		0.140			1.280
Total income (loss) from operations	$	0.335		$	0.420		$	(0.145	)	$	0.380		$	1.573
Less Distributions
From net investment income	$	(0.225	)	$	(0.210	)	$	(0.175	)	$	(0.240	)	$	(0.293	)
Total distributions	$	(0.225	)	$	(0.210	)	$	(0.175	)	$	(0.240	)	$	(0.293	)
Net asset value — End of year	$	12.220		$	12.110		$	11.900		$	12.220		$	12.080
Total Return(1)(2)		2.80	%		3.53	%		(1.21	)%		3.23	%		14.75	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	87,287		$	104,397		$	144,984		$	51,806		$	7,909
Ratios (as a percentage of average daily net assets):(3)
Expenses(2)		0.65	%		0.65	%		0.65	%		0.67	%(4)		0.92	%(4)
Net investment income		1.87	%		1.72	%		1.41	%		1.93	%		2.59	%
Portfolio Turnover of the Portfolio(5)		78	%		35	%		30	%(6)		—			—
Portfolio Turnover of the Fund		—			—			6	%(6)(7)		41	%		122	%

⁽¹⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽²⁾  The investment adviser and administrator of the Fund and the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.04%, 0.05%, 0.07%, 0.18% and 0.56% of average daily net assets for the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁶⁾  Not annualized.

⁽⁷⁾  For the period from February 1, 2016 through March 27, 2016 when the Fund was making investments directly in securities.

10 See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Financial Highlights — continued

	Class C
	Year Ended January 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	12.100		$	11.890		$	12.210		$	12.070		$	10.790
Income (Loss) From Operations
Net investment income	$	0.134		$	0.118		$	0.082		$	0.152		$	0.208
Net realized and unrealized gain (loss)		0.120			0.210			(0.320	)		0.138			1.280
Total income (loss) from operations	$	0.254		$	0.328		$	(0.238	)	$	0.290		$	1.488
Less Distributions
From net investment income	$	(0.134	)	$	(0.118	)	$	(0.082	)	$	(0.150	)	$	(0.208	)
Total distributions	$	(0.134	)	$	(0.118	)	$	(0.082	)	$	(0.150	)	$	(0.208	)
Net asset value — End of year	$	12.220		$	12.100		$	11.890		$	12.210		$	12.070
Total Return(1)(2)		2.12	%		2.75	%		(1.96	)%		2.45	%		13.92	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	45,309		$	55,476		$	53,321		$	18,594		$	2,390
Ratios (as a percentage of average daily net assets):(3)
Expenses(2)		1.40	%		1.40	%		1.40	%		1.42	%(4)		1.67	%(4)
Net investment income		1.11	%		0.96	%		0.66	%		1.17	%		1.85	%
Portfolio Turnover of the Portfolio(5)		78	%		35	%		30	%(6)		—			—
Portfolio Turnover of the Fund		—			—			6	%(6)(7)		41	%		122	%

⁽¹⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽²⁾  The investment adviser and administrator of the Fund and the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.04%, 0.05%, 0.07%, 0.18% and 0.56% of average daily net assets for the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁶⁾  Not annualized.

⁽⁷⁾  For the period from February 1, 2016 through March 27, 2016 when the Fund was making investments directly in securities.

11 See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Financial Highlights — continued

	Class I
	Year Ended January 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	12.100		$	11.890		$	12.210		$	12.070		$	10.790
Income (Loss) From Operations
Net investment income	$	0.255		$	0.240		$	0.206		$	0.270		$	0.322
Net realized and unrealized gain (loss)		0.110			0.210			(0.320	)		0.140			1.280
Total income (loss) from operations	$	0.365		$	0.450		$	(0.114	)	$	0.410		$	1.602
Less Distributions
From net investment income	$	(0.255	)	$	(0.240	)	$	(0.206	)	$	(0.270	)	$	(0.322	)
Total distributions	$	(0.255	)	$	(0.240	)	$	(0.206	)	$	(0.270	)	$	(0.322	)
Net asset value — End of year	$	12.210		$	12.100		$	11.890		$	12.210		$	12.070
Total Return(1)(2)		3.06	%		3.79	%		(0.97	)%		3.49	%		15.05	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	472,656		$	510,220		$	284,003		$	94,748		$	15,344
Ratios (as a percentage of average daily net assets):(3)
Expenses(2)		0.40	%		0.40	%		0.40	%		0.42	%(4)		0.67	%(4)
Net investment income		2.11	%		1.94	%		1.66	%		2.21	%		2.83	%
Portfolio Turnover of the Portfolio(5)		78	%		35	%		30	%(6)		—			—
Portfolio Turnover of the Fund		—			—			6	%(6)(7)		41	%		122	%

⁽¹⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽²⁾  The investment adviser and administrator of the Fund and the investment adviser of the Portfolio reimbursed certain operating expenses (equal to 0.04%, 0.05%, 0.07%, 0.18% and 0.56% of average daily net assets for the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁶⁾  Not annualized.

⁽⁷⁾  For the period from February 1, 2016 through March 27, 2016 when the Fund was making investments directly in securities.

12 See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance TABS5-to-15 Year Laddered Municipal Bond 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 anopen-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class I shares are sold at net asset value and are not subject to a sales charge. Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Each class represents apro-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 and net investment income and losses, other than class-specific expenses, 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. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in5-to-15 Year Laddered Municipal Bond Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (98.8% at January 31, 2019). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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

A  Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

B  Income — The Fund’s net investment income or loss consists of the Fund’spro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C  Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, andtax-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 the Portfolio’s investments in municipal obligations, which are exempt from regular federal income tax when received by the Portfolio, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

As of January 31, 2019, the Fund had no uncertain tax positions that would require financial statement recognition,de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscalyear-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

G  Other — Investment transactions are accounted for on a trade date basis.

2  Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions are declared separately for each class of shares. 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. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As

13

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Notes to Financial Statements — continued

required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified topaid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended January 31, 2019 and January 31, 2018 was as follows:

	Year Ended January 31,
	2019		2018
Tax-exempt income	$	12,741,219	$	10,352,462

As of January 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributedtax-exempt income	$	187,780
Deferred capital losses	$	(15,995,522	)
Net unrealized appreciation	$	11,350,955
Distributions payable	$	(184,105	)

At January 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $15,995,522 which would 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 would 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. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2019, $12,738,531 are short-term and $3,256,991 are long-term.

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.32% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee (“Direct Assets”) up to $1 billion and is payable monthly. On Direct Assets of $1 billion and over, the annual fee is reduced. For the year ended January 31, 2019, the Fund incurred no investment adviser fee on Direct Assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation.

EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.65%, 1.40% and 0.40% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after May 31, 2019. Pursuant to this agreement, EVM was allocated $171,431 of the Fund’s operating expenses for the year ended January 31, 2019.

EVM providessub-transfer agency and related services to the Fund pursuant to aSub-Transfer Agency Support Services Agreement. For the year ended January 31, 2019, EVM earned $5,069 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $8,900 as its portion of the sales charge on sales of Class A shares for the year ended January 31, 2019. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2019 amounted to $234,044 for Class A shares.

14

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Notes to Financial Statements — continued

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended January 31, 2019, the Fund paid or accrued to EVD $380,649 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to 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 sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2019 amounted to $126,883 for Class C shares.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended January 31, 2019, the Fund was informed that EVD received approximately $8,000 and $10,000 of CDSCs paid by Class A and Class C shareholders, respectively.

6  Investment Transactions

For the year ended January 31, 2019, increases and decreases in the Fund’s investment in the Portfolio aggregated $60,666,586 and $143,209,197, respectively. In addition, a Portfolio transaction fee is imposed by the Portfolio on the combined daily inflows or outflows of the Fund and the Portfolio’s other investors as more fully described at Note 1H of the Portfolio’s Notes to Financial Statements included herein. Such fee is allocated to the Fund based on itspro-rata interest in the Portfolio. The amount of the Portfolio transaction fee imposed on the Fund, if any, and the allocation of such fee are presented as Other capital on the Statements of Changes in Net Assets.

7  Shares of Beneficial Interest

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

	Year Ended January 31,
Class A	2019			2018
Sales		1,535,167			4,186,392
Issued to shareholders electing to receive payments of distributions in Fund shares		129,793			141,070
Redemptions		(3,193,486	)		(7,891,006	)
Converted from Class C shares		48,977			—
Net decrease		(1,479,549	)		(3,563,544	)
	Year Ended January 31,
Class C	2019			2018
Sales		421,465			1,485,759
Issued to shareholders electing to receive payments of distributions in Fund shares		35,666			32,714
Redemptions		(1,282,992	)		(1,417,974	)
Converted to Class A shares		(49,033	)		—
Net increase (decrease)		(874,894	)		100,499

15

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Notes to Financial Statements — continued

	Year Ended January 31,
Class I	2019			2018
Sales		15,477,973			29,164,225
Issued to shareholders electing to receive payments of distributions in Fund shares		704,377			510,962
Redemptions		(19,650,265	)		(11,399,214	)
Net increase (decrease)		(3,467,915	)		18,275,973

16

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Municipals Trust II and Shareholders of Eaton Vance TABS5-to-15 Year Laddered Municipal Bond Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance TABS5-to-15 Year Laddered Municipal Bond Fund (the “Fund”) (one of the funds constituting Eaton Vance Municipals Trust II), as of January 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 21, 2019

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

17

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Federal Tax Information (Unaudited)

The Form1099-DIV you receive in February 2020 will show the tax status of all distributions paid to your account in calendar year 2019. 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 and/or regulations, shareholders must be notified regarding exempt-interest dividends.

Exempt-Interest Dividends.  For the fiscal year ended January 31, 2019, the Fund designates 100.00% of distributions from net investment income as an exempt-interest dividend.

18

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments

Tax-Exempt Investments — 97.7%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.0%(1)
New York Environmental Facilities Corp., Revolving Fund Revenue, 5.00%, 6/15/29	$	50	$	50,617
			$	50,617
Education — 5.2%
Alabama Public School and College Authority, 5.00%, 5/1/23	$	500	$	566,050
Alabama Public School and College Authority, 5.00%, 5/1/24		500		578,355
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/24		235		269,091
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/25		200		233,038
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/26		565		668,463
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/24		275		314,856
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/25		275		319,107
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/26		300		351,231
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/27		300		354,723
Colorado School of Mines, 4.00%, 12/1/34		890		944,299
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/23		700		787,542
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/24		1,000		1,144,220
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/25		875		1,016,636
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/26		1,000		1,173,160
Florida Higher Educational Facilities Financing Authority, (Nova Southeastern University), 5.00%, 4/1/30		750		844,418
Louisiana Public Facilities Authority, (Tulane University), 5.00%, 12/15/27		505		595,183
Massachusetts Health and Educational Facilities Authority, (Tufts University), (SPA: Wells Fargo Bank, N.A.), 1.50%, 8/15/34(2)		5,000		5,000,000
Nevada System of Higher Education, 5.00%, 7/1/24		1,000		1,130,930
North Carolina Capital Facilities Finance Agency, (Davidson College), 5.00%, 3/1/29		200		217,858
Red River Education Financing Corp., TX, (Texas Christian University), 5.00%, 3/15/24		100		114,302
Rhode Island Health and Educational Building Corp., (Rhode Island School of Design), (LOC: TD Bank, N.A.), 1.47%, 8/15/36(3)		5,000		5,000,000
S.M. Educational Building Corp., MS, 5.00%, 9/1/25		250		293,900
Saginaw Valley State University, MI, 5.00%, 7/1/26		750		883,770
Saginaw Valley State University, MI, 5.00%, 7/1/27		750		876,540

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Saginaw Valley State University, MI, 5.00%, 7/1/28	$	1,000	$	1,161,720
Tarrant County Cultural Education Facilities Finance Corp., TX, (Hendrick Medical Center), 5.00%, 9/1/23		250		280,768
University of California, 5.00%, 5/15/32		3,000		3,358,200
University of North Carolina at Greensboro, 5.00%, 4/1/33		1,085		1,232,169
Virginia Commonwealth University, 4.00%, 11/1/34		1,370		1,455,159
Western Michigan University, 5.00%, 11/15/24		300		347,913
			$	31,513,601
Electric Utilities — 3.7%
Brownsville, TX, Utilities System Revenue, 5.00%, 9/1/29	$	1,000	$	1,157,260
Energy Northwest, WA, Wind Project Revenue, 5.00%, 7/1/25		365		423,612
Energy Northwest, WA, Wind Project Revenue, 5.00%, 7/1/26		1,000		1,158,070
Fayetteville Public Works Commission, NC, 5.00%, 3/1/25		1,000		1,177,970
Garland, TX, Electric Utility System Revenue, 5.00%, 3/1/32		250		284,110
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.00%, 5/15/24		100		114,090
Marquette Board of Light and Power, MI, 5.00%, 7/1/27		735		855,224
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29		500		588,520
Orlando Utilities Commission, FL, Utility System Revenue, (SPA: TD Bank, N.A.), 1.42%, 10/1/33(3)		5,000		5,000,000
Pend Oreille County Public Utility District No. 1, WA, Green Bonds, 5.00%, 1/1/25		500		565,220
Pend Oreille County Public Utility District No. 1, WA, Green Bonds, 5.00%, 1/1/26		1,075		1,229,875
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/23		1,325		1,469,438
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/25		500		574,965
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 4.00%, 6/1/23		125		137,226
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 5.00%, 6/1/24		300		349,287
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 5.00%, 6/1/26		250		298,425
Springfield Electric System Revenue, IL, 5.00%, 3/1/22		500		544,175
Springfield Electric System Revenue, IL, 5.00%, 3/1/27		250		284,265
Springfield Electric System Revenue, IL, 5.00%, 3/1/28		250		283,210
Springfield Electric System Revenue, IL, 5.00%, 3/1/29		250		282,162
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/27		300		348,963
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/28		400		463,424
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/29		1,120		1,293,690
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/30		1,500		1,727,430
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/31		1,000		1,147,030
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/33		300		341,370

19 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Electric Utilities (continued)
Walnut Energy Center Authority, CA, 5.00%, 1/1/33	$	250	$	283,730
			$	22,382,741
Escrowed / Prerefunded — 0.1%
Wisconsin Health and Educational Facilities Authority, (Ministry Health Care), Prerefunded to 8/15/22, 5.00%, 8/15/32	$	500	$	554,855
			$	554,855
General Obligations — 29.3%
Abilene Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/32(4)	$	800	$	867,736
Addison, TX, 5.00%, 2/15/26		270		302,886
Anchorage, AK, 5.00%, 9/1/23		750		854,580
Anchorage, AK, 5.00%, 9/1/24		250		291,385
Anchorage, AK, 5.00%, 9/1/25		100		118,802
Anchorage, AK, 5.00%, 9/1/27		780		919,799
Arlington County, VA, 4.00%, 8/1/27		2,090		2,279,270
Avon, OH, 4.00%, 12/1/31		340		365,850
Belding Area Schools, MI, 5.00%, 5/1/28		250		292,600
Belding Area Schools, MI, 5.00%, 5/1/30		250		289,363
Birmingham, AL, 5.00%, 12/1/25		1,050		1,243,137
Birmingham, AL, 5.00%, 12/1/27		2,460		2,987,153
Bryant School District No. 25, AR, 3.00%, 2/1/26		300		307,452
Burlington, VT, 5.00%, 11/1/24		180		205,348
Burlington, VT, 5.00%, 11/1/25		400		462,028
Burlington, VT, 5.00%, 11/1/26		150		175,557
California, 4.00%, 9/1/26		320		364,051
California, 5.00%, 8/1/24		1,390		1,619,225
California, 5.00%, 10/1/24		5,000		5,845,250
California, 5.00%, 8/1/26		2,010		2,383,458
California, 5.00%, 8/1/28		2,000		2,477,340
California, 5.00%, 8/1/32		1,590		1,850,585
California, 5.25%, 9/1/23		400		436,152
California, (LOC: Sumitomo Mitsui Banking Co.), 1.08%, 5/1/40(3)		5,000		5,000,000
Central Dauphin School District, PA, 5.00%, 2/1/29		500		587,555
Clark County, NV, 4.00%, 11/1/34		3,500		3,671,290
Collin County, TX, 5.00%, 2/15/25		1,605		1,883,981
Colonial School District, PA, 5.00%, 2/15/32		100		115,867
Colonial School District, PA, 5.00%, 2/15/33		200		230,798
Cook County School District No. 25, (Arlington Heights), IL, 5.00%, 12/15/32		630		726,018
Dallas, TX, 5.00%, 2/15/26		4,860		5,395,961
Dallas, TX, 5.00%, 2/15/29		2,775		3,121,958

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Dallas, TX, 5.00%, 2/15/31	$	3,615	$	3,969,631
Delaware, 5.00%, 2/1/29		1,000		1,233,720
District of Columbia, 5.00%, 6/1/33		6,690		7,550,869
Douglas County School District No. Re-1, CO, 4.00%, 12/15/34(4)		3,000		3,235,620
Dowagiac Union School District, MI, 4.00%, 5/1/26		350		393,019
Edgewood City School District, OH, 5.25%, 12/1/33		500		564,555
Edinburg, TX, 5.00%, 3/1/24		315		359,607
Edinburg, TX, 5.00%, 3/1/25		310		359,953
Fairfax County, VA, 5.00%, 10/1/31(4)		5,730		7,063,199
Fayette County School District, GA, 5.25%, 9/1/24		1,175		1,384,925
Flower Mound, TX, 4.00%, 3/1/32		100		107,412
Flower Mound, TX, 5.00%, 3/1/27		510		605,039
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30		400		432,784
Georgia, 5.00%, 2/1/32		1,000		1,188,050
Granville Exempted Village School District, OH, 5.00%, 12/1/26		500		591,735
Harlandale Independent School District, TX, 5.00%, 8/1/29		845		991,143
Hennepin County, MN, 5.00%, 12/1/33		1,000		1,175,090
Hennepin County, MN, (SPA: TD Bank, N.A.), 1.38%, 12/1/38(3)		5,000		5,000,000
Homewood, AL, 5.00%, 9/1/28		2,000		2,366,140
Homewood, AL, 5.00%, 9/1/29		2,000		2,352,960
Hudson City School District, OH, 4.00%, 12/1/32		350		374,703
Jourdanton Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/26		500		560,750
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29		1,000		1,102,630
Kane, McHenry, Cook and DeKalb Counties Community Unit School District No. 300, IL, 5.00%, 1/1/28		2,370		2,781,669
La Joya Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/26		585		644,319
Lakeland, FL, 5.00%, 10/1/25		635		742,042
Lakeland, FL, 5.00%, 10/1/28		1,500		1,736,865
Lakeland, FL, 5.00%, 10/1/30		1,000		1,150,460
Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/31		850		536,903
Lewisville Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27		1,600		1,771,216
Little Rock School District, AR, 3.00%, 2/1/23		400		407,104
McLean County Public Building Commission, IL, 5.00%, 12/1/28		200		229,746
Miami-Dade County School District, FL, 5.00%, 3/15/28		300		346,314
Miami-Dade County, FL, 5.00%, 7/1/29		1,000		1,167,140
Miamisburg City School District, OH, 4.00%, 12/1/31		300		321,843
Milpitas Unified School District, CA, (Election of 2012), 4.00%, 8/1/32		560		593,645

20 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/27	$	175	$	141,860
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/28		195		225,553
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/29		340		391,547
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/30		725		831,640
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/31		885		1,010,608
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/32		720		819,158
New Hampshire, 4.00%, 12/1/33		2,535		2,766,319
New York, NY, 5.00%, 8/1/25		2,000		2,376,960
North Slope Borough, AK, 5.00%, 6/30/24		2,000		2,148,020
Ohio, 5.00%, 8/1/26		1,000		1,205,440
Oregon, 2.20%, 6/1/24		815		826,312
Oregon, 2.25%, 12/1/24		1,000		1,012,680
Oregon, 2.35%, 6/1/25		165		167,383
Oregon, 2.40%, 12/1/25		1,050		1,063,671
Oregon, 2.50%, 6/1/26		1,070		1,084,745
Oregon, 2.55%, 12/1/26		430		434,984
Oregon, (SPA: U.S. Bank, N.A.), 1.47%, 12/1/36(3)		5,000		5,000,000
Pasadena, TX, 4.00%, 2/15/28		500		546,415
Pasadena, TX, 4.00%, 2/15/29		250		271,695
Pasadena, TX, 4.00%, 2/15/30		500		539,760
Pasadena, TX, 4.00%, 2/15/31		650		697,723
Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27		1,060		850,512
Pennsylvania, 4.00%, 6/1/30		5,000		5,228,600
Pennsylvania, 4.00%, 6/15/31		235		247,152
Pennsylvania, 5.00%, 7/1/24		490		563,632
Pittsburg Unified School District, CA, 5.00%, 8/1/28		920		1,129,144
Prosper Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/24		520		598,062
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/23		445		508,662
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/24		465		543,269
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/25		485		577,722
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/26		505		610,702
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/27		530		636,032
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/28		555		661,371

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/29	$	575	$	679,978
Romeo Community Schools, MI, 5.00%, 5/1/30		700		807,821
Romulus, MI, 4.00%, 11/1/31		250		268,730
Romulus, MI, 4.00%, 11/1/32		300		320,691
Romulus, MI, 4.00%, 11/1/33		250		265,945
SCAGO Educational Facilities Corp. for Cherokee School District, SC, 5.00%, 12/1/23		500		568,020
SCAGO Educational Facilities Corp. for Pickens School District, SC, 5.00%, 12/1/26		1,750		2,027,007
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30		750		814,553
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/31		250		270,300
Seguin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29		300		328,467
Seward County Unified School District No. 480, KS, 5.00%, 9/1/29		2,000		2,315,820
South Texas College District, 5.00%, 8/15/30		1,295		1,454,699
Southfield Public Schools, MI, 5.00%, 5/1/25		1,100		1,282,281
Southfield Public Schools, MI, 5.00%, 5/1/27		1,000		1,194,240
St. Vrain Valley School District RE-1J, CO, 5.00%, 12/15/28		1,700		2,046,052
St. Vrain Valley School District RE-1J, CO, 5.00%, 12/15/29		1,000		1,194,780
Stamford, CT, 4.00%, 8/1/27		650		728,033
Sun Valley, ID, 5.00%, 9/15/23		685		782,996
Sun Valley, ID, 5.00%, 9/15/25		755		898,397
Sun Valley, ID, 5.00%, 9/15/26		695		841,624
Texas, (SPA: State Street Bank and Trust Co.), 1.46%, 12/1/42(3)		7,445		7,445,000
Torrance Unified School District, CA, (Election of 2014), 5.00%, 8/1/30		515		610,579
Torrance Unified School District, CA, (Election of 2014), 5.00%, 8/1/31		450		529,448
Trussville, AL, 5.00%, 10/1/31		150		167,790
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27		510		564,881
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/28		530		583,928
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29		545		597,402
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30		570		621,722
Virginia Resources Authority, (Pooled Financing Program), 5.00%, 11/1/25		600		720,942
Washington, 5.00%, 8/1/28		1,485		1,771,872
Washington, 5.00%, 8/1/29		1,400		1,659,826

21 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Weatherford Independent School District, TX, (PSF Guaranteed), 0.00%, 2/15/25	$	265	$	232,381
Will and Kendall Counties Community Consolidated School District No. 202, IL, 4.00%, 1/1/27		2,825		3,120,156
Will County Community Unit School District No. 365-U, IL, 4.00%, 1/1/30		750		795,225
Williamson County, TX, 5.00%, 2/15/28		300		344,259
York County, PA, 5.00%, 6/1/27		1,225		1,417,325
			$	179,055,738
Hospital — 11.7%
Berks County Industrial Development Authority, PA, (Tower Health), 4.00%, 11/1/33	$	500	$	518,285
Buffalo and Erie County Industrial Land Development Corp., NY, (Catholic Health System, Inc.), 5.00%, 7/1/25		250		287,750
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/27		100		105,378
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/29		750		889,837
Charlotte-Mecklenburg Hospital Authority, NC, 5.125%, 1/15/37		40		42,344
Clarke County Hospital Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/30		2,000		2,311,300
Colorado Health Facilities Authority, (NCMC, Inc.), 5.00%, 5/15/25		150		173,934
Connecticut Health and Educational Facilities Authority, (Yale New Haven Health), 5.00%, 7/1/28		5,000		5,666,450
Duluth Economic Development Authority, MN, (Essentia Health Obligated Group), 5.00%, 2/15/33		1,000		1,125,570
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/32		3,965		4,281,566
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/33		4,000		4,303,960
Idaho Health Facilities Authority, (Trinity Health Credit Group), 5.00%, 12/1/30		750		813,937
Illinois Finance Authority, (Riverside Health System), 5.00%, 11/15/27		500		582,870
Illinois Finance Authority, (Rush University Medical Center), 5.00%, 11/15/31		1,000		1,116,090
Illinois Finance Authority, (Rush University Medical Center), 5.00%, 11/15/32		1,000		1,111,250
Knox County Health, Educational and Housing Facility Board, TN, (University Health System, Inc.), 5.00%, 9/1/30		1,000		1,098,330
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/23		150		166,805
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/25		250		287,520

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/26	$	250	$	287,363
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/27		250		285,330
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/30		2,000		2,268,880
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/31		1,500		1,690,725
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/32		2,000		2,241,280
Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.00%, 8/15/31		1,000		1,120,700
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/25		595		681,382
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/24		550		624,805
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/26		500		583,310
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/28		500		573,485
Michigan Finance Authority, (Sparrow Obligated Group), 5.00%, 11/15/24		500		578,525
Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/27		1,500		1,635,930
Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/35		500		535,145
Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/31		490		551,941
Missouri Health and Educational Facilities Authority, (Saint Luke’s Health System), 5.00%, 11/15/31		1,000		1,129,190
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/23		500		549,010
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/24		500		555,635
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/28		1,340		1,467,327
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/29		775		845,843
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/23		200		225,102
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/24		100		114,688
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/25		400		466,092

22 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/28	$	500	$	593,900
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/29		500		589,515
New Hanover County, NC, (New Hanover Regional Medical Center), 5.00%, 10/1/26		400		472,040
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/22		800		883,688
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/25		1,000		1,176,290
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/27		700		829,094
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/28		700		823,354
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/30		520		602,451
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/31		700		804,391
New Mexico Hospital Equipment Loan Council, (Presbyterian Healthcare Services), 5.00%, 8/1/24		100		115,529
Norman Regional Hospital Authority, OK, 5.00%, 9/1/25		1,000		1,152,000
Norman Regional Hospital Authority, OK, 5.00%, 9/1/29		1,000		1,146,270
North Carolina Medical Care Commission, (North Carolina Baptist Hospital), 5.00%, 6/1/34		2,220		2,301,851
North Carolina Medical Care Commission, (Wake Forest Baptist Obligated Group), 5.00%, 12/1/33		3,030		3,320,819
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 5.00%, 1/1/28		1,000		1,165,150
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/29		250		279,738
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30		150		157,112
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/22		225		248,942
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/24		300		345,681
St. Paul Housing and Redevelopment Authority, MN, (Fairview Health Services), 5.00%, 11/15/25		500		586,350
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30		625		707,094
University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/27		1,655		1,919,618
University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/30		1,625		1,850,859
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/24		350		405,366
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/25		335		394,596

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/26	$	300	$	354,531
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/27		205		240,451
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/28		500		583,905
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/30		400		461,332
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/31		400		458,756
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/27		1,575		1,852,310
Wisconsin Health and Educational Facilities Authority, (Agnesian HealthCare, Inc.), 5.00%, 7/1/26		400		469,008
Wisconsin Health and Educational Facilities Authority, (Ascension Health Senior Credit Group), 5.00%, 11/15/33		650		663,429
			$	71,850,284
Housing — 2.2%
Connecticut Housing Finance Authority, 3.60%, 11/15/30	$	145	$	145,497
Georgia Housing & Finance Authority, 3.65%, 12/1/32		1,000		1,020,480
New York City Housing Development Corp., NY, 2.30%, 5/1/25		1,110		1,116,527
New York City Housing Development Corp., NY, 2.35%, 11/1/25		465		466,530
New York City Housing Development Corp., NY, 2.65%, 11/1/27		970		965,751
New York City Housing Development Corp., NY, 2.80%, 5/1/29		795		794,070
New York City Housing Development Corp., NY, 2.85%, 11/1/29		425		424,592
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.20%, 5/1/25		290		292,532
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.25%, 11/1/25		225		226,825
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.35%, 5/1/26		200		201,728
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.40%, 11/1/26		225		227,223
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.50%, 11/1/27		140		140,882
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.60%, 5/1/28		110		110,691
New York Mortgage Agency, 1.75%, 4/1/24		150		147,928
New York Mortgage Agency, 1.95%, 10/1/25		450		441,405
Seattle Housing Authority, WA, 2.625%, 12/1/23		110		112,505
Seattle Housing Authority, WA, 2.75%, 12/1/24		480		493,080
Seattle Housing Authority, WA, 2.875%, 12/1/25		900		928,278
Seattle Housing Authority, WA, 3.00%, 12/1/26		920		951,400
Tennessee Housing Development Agency, 2.80%, 7/1/26		250		256,897
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33		1,800		1,856,718

23 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Virginia Housing Development Authority, 1.70%, 5/1/22	$	245	$	244,076
Virginia Housing Development Authority, 1.85%, 5/1/23		620		619,492
Virginia Housing Development Authority, 1.95%, 11/1/23		195		195,526
Virginia Housing Development Authority, 2.40%, 5/1/26		220		224,004
Virginia Housing Development Authority, 2.55%, 5/1/27		630		637,661
Washington Housing Finance Commission, 2.05%, 6/1/24		110		110,165
Washington Housing Finance Commission, 2.25%, 6/1/25		105		105,369
Washington Housing Finance Commission, 2.30%, 12/1/25		130		130,243
Washington Housing Finance Commission, 2.40%, 6/1/26		105		105,195
			$	13,693,270
Insured – Education — 0.4%
Patterson Joint Unified School District, CA, (Election 2018), (BAM), 5.00%, 8/1/28	$	1,065	$	1,265,295
Patterson Joint Unified School District, CA, (Election 2018), (BAM), 5.00%, 8/1/29		1,000		1,179,070
			$	2,444,365
Insured – Electric Utilities — 0.1%
Sienna Plantation Municipal Utility District No. 3, TX, (AGM), 5.00%, 3/1/30	$	500	$	552,015
			$	552,015
Insured – Escrowed / Prerefunded — 0.0%(1)
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/25	$	100	$	117,768
			$	117,768
Insured – General Obligations — 1.1%
Albertville, AL, (BAM), 4.00%, 6/1/28	$	1,130	$	1,195,721
Albertville, AL, (BAM), Series A, 4.00%, 6/1/30		1,605		1,688,877
Albertville, AL, (BAM), Series C, 4.00%, 6/1/30		610		641,073
New Britain, CT, (BAM), 5.00%, 3/1/24		200		227,882
New Britain, CT, (BAM), 5.00%, 3/1/25		135		155,802
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/23		385		433,518
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/24		350		403,533
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/25		5		5,873
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 4.00%, 12/1/25		470		505,255
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 5.00%, 12/1/22		320		352,477
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 5.00%, 12/1/24		325		369,008
Pocono Mountain School District, PA, (AGM), 4.00%, 9/1/27		690		761,318
			$	6,740,337

Security	Principal Amount (000’s omitted)			Value
Insured – Lease Revenue / Certificates of Participation — 1.6%
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/23	$	1,000		$	1,113,570
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/25		1,500			1,725,510
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/26		100			116,360
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/28		500			574,530
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/29		1,235	��		1,413,964
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/26		250			290,235
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/29		100			115,201
Highlands County School Board, FL, (BAM), 5.00%, 3/1/23		500			556,340
Highlands County School Board, FL, (BAM), 5.00%, 3/1/26		400			463,112
Highlands County School Board, FL, (BAM), 5.00%, 3/1/27		200			230,818
Pasco County School Board, FL, (BAM), 5.00%, 8/1/23		255			288,762
Pasco County School Board, FL, (BAM), 5.00%, 8/1/24		410			473,439
Pasco County School Board, FL, (BAM), 5.00%, 8/1/25		305			358,012
Pasco County School Board, FL, (BAM), 5.00%, 8/1/26		355			421,690
Pasco County School Board, FL, (BAM), 5.00%, 8/1/27		605			715,558
Pasco County School Board, FL, (BAM), 5.00%, 8/1/29		510			594,472
				$	9,451,573
Insured – Special Tax Revenue — 0.1%
Successor Agency to Yuba City Redevelopment Agency, CA, (AGM), 5.00%, 9/1/24	$	115		$	134,162
Successor Agency to Yuba City Redevelopment Agency, CA, (AGM), 5.00%, 9/1/25		420			499,712
				$	633,874
Insured – Transportation — 2.0%
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/23	$	440		$	497,710
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/24		350			404,306
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/25		500			587,800
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/26		320			375,635
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/27		375			437,944
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/30		1,000			1,168,930
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/31		1,250			1,448,363
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/32		1,650			1,900,684
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/33		2,450			2,807,822
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/34		2,485			2,835,460
				$	12,464,654
Insured – Water and Sewer — 0.1%
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/24	$	150		$	172,256
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/30		250			289,937
				$	462,193

24 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation — 7.4%
Adams County, CO, Certificates of Participation, 4.00%, 12/1/28	$	1,000	$	1,093,640
Broward County School Board, FL, 5.00%, 7/1/25		500		588,805
Broward County School Board, FL, 5.00%, 7/1/27		500		589,545
Broward County School Board, FL, 5.00%, 7/1/29		500		581,890
Broward County School Board, FL, Series A, 5.00%, 7/1/23		500		565,015
Broward County School Board, FL, Series A, 5.00%, 7/1/24		1,250		1,444,075
California Public Works Board, 5.00%, 11/1/29		1,000		1,187,320
Canadian County Educational Facilities Authority, OK, (Mustang Public Schools), 5.00%, 9/1/26		500		592,000
Cleveland County Educational Facilities Authority, OK, (Noble Public Schools), 5.00%, 9/1/25		300		349,080
Colorado Department of Transportation, 5.00%, 6/15/30		350		405,955
Colorado Department of Transportation, 5.00%, 6/15/31		310		357,833
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/25		500		574,270
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/29		3,000		3,508,740
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/30		3,000		3,479,490
Eagle County, CO, Certificates of Participation, 5.00%, 12/1/26		200		235,580
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/23		135		150,111
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/24		550		620,763
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/25		570		652,502
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/26		595		671,017
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/27		620		691,839
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/28		645		712,828
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/28		410		490,758
Kentucky Property and Buildings Commission, 5.00%, 4/1/27		1,710		1,994,835
Kentucky Property and Buildings Commission, 5.00%, 11/1/27		2,350		2,727,010
Lee County School Board, FL, Certificates of Participation, 5.00%, 8/1/32		1,495		1,717,890
Medina City School District, OH, 5.00%, 12/1/23		350		396,235
Medina City School District, OH, 5.00%, 12/1/24		400		460,956
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/25		1,405		1,649,751
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/26		2,000		2,325,000
Oklahoma County Finance Authority, OK, (Midwest City-Del City Public Schools), 5.00%, 10/1/24		850		979,370
Oklahoma County Finance Authority, OK, (Midwest City-Del City Public Schools), 5.00%, 10/1/25		1,000		1,171,840
Oklahoma County Finance Authority, OK, (Midwest City-Del City Public Schools), 5.00%, 10/1/26		1,000		1,187,790
Oklahoma County Finance Authority, OK, (Western Heights Public Schools), 5.00%, 9/1/23		1,250		1,409,062

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Orange County School Board, FL, 5.00%, 8/1/32	$	1,935	$	2,208,280
Pennington County, SD, Certificates of Participation, 5.00%, 6/1/27		1,300		1,511,289
Plymouth Intermediate District No. 287, MN, Certificates of Participation, 5.00%, 2/1/30		385		452,390
Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29		500		577,530
Riverside County Public Financing Authority, CA, 5.00%, 11/1/27		850		1,004,173
Riverside County Public Financing Authority, CA, 5.00%, 11/1/28		950		1,116,440
South Dakota Building Authority, 5.00%, 6/1/26		500		595,555
South Dakota Building Authority, 5.00%, 6/1/27		635		727,646
South Dakota Building Authority, 5.00%, 6/1/28		210		243,193
South Dakota Building Authority, Series 2015B, 5.00%, 6/1/30		200		229,834
St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/24		500		517,420
Tulsa County Industrial Authority, OK, (Broken Arrow Public Schools), 5.00%, 9/1/23		500		565,730
			$	45,312,275
Other Revenue — 9.6%
Bexar County, TX, Combination Tax and Revenue Certificates of Obligation, 4.00%, 6/15/34	$	1,005	$	1,068,466
Black Belt Energy Gas District, AL, 4.00% to 12/1/23 (Put Date), 12/1/48		5,100		5,362,497
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), 1.964% (70% of 1 mo. USD LIBOR + 0.20%), to 4/1/21 (Put Date), 10/1/47(5)		2,500		2,499,400
District of Columbia, (National Public Radio, Inc.), 5.00%, 4/1/28		1,000		1,162,490
District of Columbia, (National Public Radio, Inc.), 5.00%, 4/1/29		1,000		1,157,570
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/32		825		947,504
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/33		640		733,312
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/34		510		581,966
Fulton County Development Authority, GA, (Robert W. Woodruff Arts Center, Inc.), 5.00%, 3/15/24		600		678,642
Hyland Hills Park & Recreation District, CO, 5.00%, 12/15/25		155		182,113
Hyland Hills Park & Recreation District, CO, 5.00%, 12/15/26		150		178,980
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00%, 7/1/24		5,000		5,332,750
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 6/1/25 (Put Date), 12/1/49		5,000		5,274,900
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/30		400		448,048

25 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/31	$	250	$	278,350
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/32		365		404,905
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/33		300		331,818
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/34		475		523,645
Louisiana Local Government Environmental Facilities and Community Development Authority, 5.00%, 12/1/32		2,355		2,761,426
Louisiana Local Government Environmental Facilities and Community Development Authority, 5.00%, 12/1/34		2,425		2,814,697
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 4/1/27		500		583,485
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 4/1/29		275		316,778
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, (Liq: Royal Bank of Canada), 4.00% to 9/1/23 (Put Date), 4/1/48		7,500		7,930,125
Mississippi Development Bank, Special Obligation Bond, (East Mississippi Correctional Facility), 5.00%, 8/1/25		1,000		1,153,640
Mississippi Development Bank, Special Obligation Bond, (Jackson Public School District), 5.00%, 4/1/25		1,270		1,470,406
Rhode Island Health and Educational Building Corp., (Barrington), 5.00%, 5/15/28		1,060		1,284,423
Spartanburg County School District No. 7, SC, Special Obligation Bonds, 5.00%, 12/1/24		350		405,829
Tennessee Energy Acquisition Corp., Gas Project Revenue, 4.00% to 11/1/25 (Put Date), 11/1/49		5,000		5,287,300
Virginia Resources Authority, 5.00%, 11/1/28		3,135		3,570,546
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/31		2,500		2,919,175
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/32		1,000		1,166,390
			$	58,811,576
Senior Living / Life Care — 3.2%
Atlantic Beach, FL, (Fleet Landing), 3.00%, 11/15/23	$	2,500	$	2,505,875
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/24		160		175,259
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/28		1,480		1,632,766
Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/33		1,500		1,597,575
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/28		50		54,050
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/30		910		974,119

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/22	$	250	$	269,985
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/25		100		111,858
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 2.50%, 1/1/26		640		619,770
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/27		1,035		1,155,733
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/21		250		268,817
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/31		250		278,205
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 5.00%, 5/1/22		225		243,137
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 3.00%, 2/1/27		1,000		978,390
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/23		600		645,762
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/28		250		276,015
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/29		600		655,002
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/30		200		216,786
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/31		250		269,540
New Hope Cultural Education Facilities Finance Corp., TX, (Westminster), 5.00%, 11/1/22		175		187,999
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/23		150		163,764
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/24		150		165,336
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/25		100		110,501
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/26		1,100		1,210,440
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/27		50		54,768
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/29		125		135,784
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/32		225		242,082
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2016A, 5.00%, 10/1/30		200		215,946
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2016A, 5.00%, 10/1/31		675		724,180
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2017A, 5.00%, 10/1/30		250		270,775

26 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2017A, 5.00%, 10/1/31	$	175	$	188,755
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/32		400		427,680
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/33		500		533,090
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/34		2,000		2,122,200
			$	19,681,944
Special Tax Revenue — 3.4%
Atlanta Development Authority, GA, (New Downtown Atlanta Stadium), 5.00%, 7/1/26	$	100	$	116,966
Cape Coral, FL, Special Obligation Bonds, 5.00%, 10/1/23		500		569,015
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 6/1/31		1,000		1,186,210
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 6/1/32		500		589,775
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/25		250		294,358
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/26		1,025		1,228,360
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/29		900		1,057,887
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/30		950		1,109,505
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/31		895		1,040,652
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/32		735		849,454
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 10/1/32		1,200		1,313,016
Mississippi Development Bank, Special Obligation Bonds, (Hinds County School District), 4.00%, 3/1/25		470		514,062
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/31		4,000		4,781,600
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/32		1,800		2,069,154
New York, Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 8/1/33		1,190		1,348,960
Oregon Department of Transportation, Highway User Tax Revenue, 5.00%, 11/15/31		1,300		1,498,809
Successor Agency to San Mateo Redevelopment Agency, CA, 5.00%, 8/1/26		100		115,869
Successor Agency to San Mateo Redevelopment Agency, CA, 5.00%, 8/1/29		140		161,125
Tri-County Metropolitan Transportation District, OR, Payroll Tax Revenue, 5.00%, 9/1/32		1,000		1,174,040
			$	21,018,817

Security	Principal Amount (000’s omitted)		Value
Transportation — 11.3%
Allegheny County Airport Authority, PA, (Pittsburgh International Airport), 4.00%, 1/1/31	$	1,000	$	1,027,350
Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/27		2,755		3,302,529
Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.10% to 4/1/22 (Put Date), 4/1/45		2,000		2,012,380
Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.95% to 4/1/26 (Put Date), 4/1/47		1,800		1,886,580
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/25		100		116,033
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/26		1,000		1,175,020
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/28		150		170,123
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/29		150		169,245
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/30		500		561,240
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/31		1,000		1,116,700
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/33		500		553,475
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/28		2,905		3,463,457
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/29		3,060		3,624,203
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/30		1,000		1,176,580
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/31		1,000		1,167,290
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/32		2,565		2,978,350
Chicago, IL, (O’Hare International Airport), Series 2015B, 5.00%, 1/1/24		200		227,614
Clark County, NV, Highway Revenue, 5.00%, 7/1/33		3,000		3,380,370
Commonwealth Transportation Board, VA, 5.00%, 9/15/30		1,240		1,467,441
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.00%, 11/1/30		2,545		2,679,910
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/24		650		761,351
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/31		1,650		1,920,946
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/32		2,100		2,433,627
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/28		500		572,465
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/29		1,000		1,141,290
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/30		750		852,795
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25		650		760,779
Illinois Toll Highway Authority, 5.00%, 1/1/29		175		202,367
Illinois Toll Highway Authority, 5.00%, 12/1/32		350		396,123
Kentucky Asset/Liability Commission, 2015 Federal Highway Trust Fund, 5.00%, 9/1/24		250		287,382
Kentucky Turnpike Authority, 5.00%, 7/1/33		500		554,945
Metropolitan Transportation Authority, NY, 5.00%, 11/15/27		1,500		1,748,610
Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/29		2,435		2,859,177
Metropolitan Transportation Authority, NY, 5.00%, 11/15/41		415		447,831
Miami-Dade County, FL, Seaport Revenue, 5.00%, 10/1/23		130		145,174

27 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
New Orleans Aviation Board, LA, 5.00%, 1/1/28	$	150	$	176,637
New Orleans Aviation Board, LA, 5.00%, 1/1/31		190		219,026
North Carolina, (Federal-Aid Highway Projects), 5.00%, 3/1/23		750		842,377
North Carolina, (Federal-Aid Highway Projects), 5.00%, 3/1/29		550		630,470
North Carolina, (Federal-Aid Highway Projects), 5.00%, 3/1/30		400		455,744
Pennsylvania Turnpike Commission, 2.13%, (SIFMA + 0.70%), 12/1/23(5)		5,000		4,990,950
Port of Seattle, WA, 5.00%, 3/1/24		250		285,793
Port of Seattle, WA, 5.00%, 3/1/25		150		173,112
Port of Seattle, WA, 5.00%, 3/1/27		250		287,100
Port of Seattle, WA, 5.00%, 3/1/29		250		285,548
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/28		1,370		1,644,342
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/31		300		356,436
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/32		660		778,754
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/33		600		704,166
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/34		650		759,343
Texas Transportation Commission, 5.00%, 4/1/33		50		56,948
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/31		2,920		3,457,309
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/34		1,005		1,171,177
Wisconsin, Transportation Revenue, 5.00%, 7/1/31		3,450		3,951,319
Wisconsin, Transportation Revenue, 5.00%, 7/1/32		700		800,177
			$	69,367,480
Water and Sewer — 5.2%
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/25	$	300	$	351,096
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/29		115		132,659
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/30		100		114,844
Glendale, AZ, Water and Sewer Revenue, 5.00%, 7/1/28		1,500		1,740,975
Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Revenue, 5.00%, 2/1/28		500		591,865
King County, WA, Sewer Revenue, 4.00%, 7/1/33		5,140		5,415,761
Lancaster, OH, Wastewater System Revenue, 4.00%, 12/1/28		670		734,943
Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/31		130		143,880
Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/32		875		961,048
Memphis, TN, Sanitary Sewerage System Revenue, 4.00%, 10/1/32		1,895		2,022,154
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/27		600		716,520

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/29	$	500	$	591,465
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: Barclays Bank PLC), 1.63%, 6/15/50(2)		5,000		5,000,000
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: JPMorgan Chase Bank, N.A.), 1.63%, 6/15/50(2)		5,000		5,000,000
Oklahoma City Water Utilities Trust, OK, 5.00%, 7/1/26		3,000		3,399,600
Rapid City, SD, Water Revenue, 4.00%, 11/1/29		600		656,274
Rapid City, SD, Water Revenue, 4.00%, 11/1/30		670		728,230
Rapid City, SD, Water Revenue, 5.00%, 11/1/26		1,000		1,177,940
Rapid City, SD, Water Revenue, 5.00%, 11/1/27		515		605,578
St. Joseph Industrial Development Authority, MO, (Sewerage System Improvements), 5.00%, 4/1/26		500		579,895
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/27		505		589,552
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/28		550		637,643
			$	31,891,922
Total Tax-Exempt Investments — 97.7% (identified cost $586,609,290)			$	598,051,899
Other Assets, Less Liabilities — 2.3%			$	14,376,498
Net Assets — 100.0%			$	612,428,397

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

At January 31, 2019, the concentration of the Portfolio’s investments in the various states, determined as a percentage of net assets, is less than 10% individually.

The Portfolio 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, 2019, 5.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.1% to 3.4% of total investments.

⁽¹⁾  Amount is less than 0.05%.

⁽²⁾  Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at January 31, 2019.

⁽³⁾  Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at January 31, 2019.

⁽⁴⁾  When-issued security.

28 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Portfolio of Investments — continued

⁽⁵⁾  Floating rate security. The stated interest rate represents the rate in effect at January 31, 2019.

Abbreviations:
AGM	–	Assured Guaranty Municipal Corp.
BAM	–	Build America Mutual Assurance Co.
FHLMC	–	Federal Home Loan Mortgage Corp.
FNMA	–	Federal National Mortgage Association
GNMA	–	Government National Mortgage Association
LIBOR	–	London Interbank Offered Rate
Liq	–	Liquidity Provider
LOC	–	Letter of Credit
PSF	–	Permanent School Fund
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
SPA	–	Standby Bond Purchase Agreement
Currency Abbreviations:
USD	–	United States Dollar

29 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Statement of Assets and Liabilities

Assets	January 31, 2019
Unaffiliated investments, at value (identified cost, $586,609,290)	$	598,051,899
Cash		26,224,797
Interest receivable		5,686,704
Receivable for investments sold		648,392
Receivable from affiliate		9,840
Total assets	$	630,621,632
Liabilities
Payable for investments purchased	$	6,867,941
Payable for when-issued securities		11,085,037
Payable to affiliate:
Investment adviser fee		163,839
Accrued expenses		76,418
Total liabilities	$	18,193,235
Net Assets applicable to investors’ interest in Portfolio	$	612,428,397

30 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Statement of Operations

Investment Income	Year Ended January 31, 2019
Interest	$	16,210,797
Total investment income	$	16,210,797
Expenses
Investment adviser fee	$	2,067,248
Trustees’ fees and expenses		31,656
Custodian fee		174,116
Legal and accounting services		58,176
Miscellaneous		18,586
Total expenses	$	2,349,782
Deduct —
Allocation of expenses to affiliate	$	88,730
Total expense reductions	$	88,730
Net expenses	$	2,261,052
Net investment income	$	13,949,745
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(8,296,867	)
Net realized loss	$	(8,296,867	)
Change in unrealized appreciation (depreciation) —
Investments	$	13,159,193
Net change in unrealized appreciation (depreciation)	$	13,159,193
Net realized and unrealized gain	$	4,862,326
Net increase in net assets from operations	$	18,812,071

31 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2019			2018
From operations —
Net investment income	$	13,949,745		$	11,752,466
Net realized loss		(8,296,867	)		(1,636,424	)
Net change in unrealized appreciation (depreciation)		13,159,193			7,838,450
Net increase in net assets from operations	$	18,812,071		$	17,954,492
Capital transactions —
Contributions	$	60,489,911		$	211,735,515
Withdrawals		(143,479,290	)		(55,926,844	)
Portfolio transaction fee		305,881			432,365
Net increase (decrease) in net assets from capital transactions	$	(82,683,498	)	$	156,241,036
Net increase (decrease) in net assets	$	(63,871,427	)	$	174,195,528
Net Assets
At beginning of year	$	676,299,824		$	502,104,296
At end of year	$	612,428,397		$	676,299,824

32 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Financial Highlights

	Year Ended January 31,						Period Ended January 31, 2017(1)
Ratios/Supplemental Data	2019			2018
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.35	%		0.35	%		0.35	%(3)
Net investment income		2.16	%		2.01	%		1.71	%(3)
Portfolio Turnover		78	%		35	%		30	%(4)
Total Return(2)		3.11	%		3.83	%		(0.80	)%(4)
Net assets, end of year (000’s omitted)	$	612,428		$	676,300		$	502,104

⁽¹⁾   For the period from the start of business, March 28, 2016, to January 31, 2017.

⁽²⁾  The investment adviser reimbursed certain operating expenses (equal to 0.01%, 0.01% and 0.02% of average daily net assets for the years ended January 31, 2019 and 2018 and the period ended January 31, 2017, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Annualized.

⁽⁴⁾  Not annualized.

33 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Notes to Financial Statements

1  Significant Accounting Policies

5-to-15 Year Laddered Municipal Bond Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified,open-end management investment company. The Portfolio’s investment objective is to seek current income exempt from regular federal income tax. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At January 31, 2019, Eaton Vance TABS5-to-15 Year Laddered Municipal Bond Fund and Eaton Vance TABS5-to-15 Year Laddered Municipal Bond NextShares held an interest of 98.8% and 1.2%, respectively, in the Portfolio.

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

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

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

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

B  Investment Transactions — 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.

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

D  Federal Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of January 31, 2019, the Portfolio had no uncertain tax positions that would require financial statement recognition,de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscalyear-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F  Indemnifications — Under the Portfolio’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 Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders and theBy-laws provide that the Portfolio shall assume the defense on behalf of any Portfolio interestholder. Moreover, theBy-laws also provide for indemnification out of Portfolio property of any interestholder held personally liable solely by reason of being or having been an interestholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

G  When-Issued Securities and Delayed Delivery Transactions — The Portfolio 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 Portfolio maintains cash and/or security positions for these commitments such that sufficient liquid assets will

34

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Notes to Financial Statements — continued

be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis aremarked-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.

H  Capital Transactions — To seek to protect the Portfolio (and, indirectly, other investors in the Portfolio) against the costs of accommodating investor inflows and outflows, the Portfolio imposes a fee (“Portfolio transaction fee”) on inflows and outflows by Portfolio investors. The Portfolio transaction fee is sized to cover the estimated cost to the Portfolio of, in connection with issuing interests, converting the cash and/or other instruments it receives to the desired composition and, in connection with redeeming its interests, converting Portfolio holdings to cash and/or other instruments to be distributed. Such fee, which may vary over time, is limited to amounts that have been authorized by the Board of Trustees and determined by Eaton Vance Management (EVM) to be appropriate. The maximum Portfolio transaction fee is 2% of the amount of net contributions or withdrawals. The Portfolio transaction fee is recorded as a component of capital transactions on the Statements of Changes in Net Assets.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate of 0.32% of the Portfolio’s average daily net assets up to $1 billion and at reduced rates on average daily net assets of $1 billion or more, and is payable monthly. For the year ended January 31, 2019, the Portfolio’s investment adviser fee amounted to $2,067,248 or 0.32% of the Portfolio’s average daily net assets. Pursuant to a voluntary expense reimbursement, BMR was allocated $88,730 of the Portfolio’s operating expenses for the year ended January 31, 2019.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio 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, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $483,535,235 and $515,898,613, respectively, for the year ended January 31, 2019.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	586,606,093
Gross unrealized appreciation	$	11,998,259
Gross unrealized depreciation		(552,453	)
Net unrealized appreciation	$	11,445,806

5  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through October 29, 2019. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended January 31, 2019.

35

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Notes to Financial Statements — continued

6  Fair Value Measurements

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

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

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

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

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

At January 31, 2019, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Investments	$	—	$	598,051,899	$	—	$	598,051,899
Total Investments	$	—	$	598,051,899	$	—	$	598,051,899

36

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of5-to-15 Year Laddered Municipal Bond Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of5-to-15 Year Laddered Municipal Bond Portfolio (the “Portfolio”), including the portfolio of investments, as of January 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the period from the start of business, March 28, 2016, to January 31, 2017, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of January 31, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and the period from the start of business, March 28, 2016, to January 31, 2017, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 21, 2019

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

37

Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond Fund

5-to-15 Year Laddered Municipal Bond Portfolio

January 31, 2019

Special Meeting of Shareholders (Unaudited)

Eaton Vance TABS5-to-15 Year Laddered Municipal Bond Fund

The Fund held a Special Meeting of Shareholders on September 20, 2018 to elect the five Trustees listed below. The other Trustees named herein continue to serve as Trustees. The results of the vote with respect to the Fund were as follows:

	Number of Shares
Nominee for Trustee	For		Withheld
Mark R. Fetting		52,195,441		610,202
Keith Quinton		52,181,453		624,190
Marcus L. Smith		52,190,175		615,467
Susan J. Sutherland		52,231,356		574,286
Scott E. Wennerholm		52,018,768		786,875

Results are rounded to the nearest whole number.

5-to-15 Year Laddered Municipal Bond Portfolio

The Portfolio held a Special Meeting of Interestholders on September 20, 2018 to elect the five Trustees listed below. The other Trustees named herein continue to serve as Trustees. The results of the vote with respect to the Fund’s interest in the Portfolio were as follows:

	Interest in the Portfolio
Nominee for Trustee	For			Withheld
Mark R. Fetting		99	%		1	%
Keith Quinton		99	%		1	%
Marcus L. Smith		99	%		1	%
Susan J. Sutherland		99	%		1	%
Scott E. Wennerholm		99	%		1	%

Results are rounded to the nearest whole number.

38

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Management and Organization

Fund Management.  The Trustees of Eaton Vance Municipals Trust II (the Trust) and5-to-15 Year Laddered Municipal Bond Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio 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 and the Portfolio hold indefinite terms of office. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, 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, the Portfolio’s placement agent 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. Each Trustee oversees 175 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust and the Portfolio	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	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 175 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and the Portfolio. Directorships in the Last Five Years.(2)Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm)(1991-2000). Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years.None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Directorships in the Last Five Years.Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2)Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018).

39

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust and the Portfolio	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson); 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(2)None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm)(1991-1998). Directorships in the Last Five Years.(2)None.
Keith Quinton(3) 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)(2001-2014). Directorships in the Last Five Years.Director of New Hampshire Municipal Bond Bank (since 2016).
Marcus L. Smith(3) 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015); Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Directorships in the Last Five Years.Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Director of DCT Industrial Trust Inc. (logistics real estate company) (since 2017).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Directorships in the Last Five Years. None.
Name and Year of Birth	Position(s) with the Trust and the Portfolio	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President and officer of CRM.

40

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

January 31, 2019

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust and the Portfolio	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President and officer of CRM.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO(2012-2017) and Managing Director at BlackRock/Barclays Global Investors(2009-2012).

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

⁽²⁾  During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman, Quinton, Smith and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and eUnitsTM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014). However, Ms. Mosley did not serve as a Board member of eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾  Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

⁽⁴⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and the Portfolio and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling1-800-262-1122.

41

Eaton Vance Funds

IMPORTANT NOTICES

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 Privacy 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, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only 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 advisor/broker-dealer, it is likely that only such advisor’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 call1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders.Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise.If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on FormN-Q with the SEC for the first and third quarters of each fiscal year. The FormN-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. FormN-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call1-800-732-0330 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 recent12-month period ended June 30, without charge, upon request, by calling1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

42

This Page Intentionally Left Blank

This Page Intentionally Left Blank

Investment Adviser of5-to-15 Year Laddered

Municipal Bond Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton

Vance TABS5-to-15 Year Laddered Municipal Bond Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617)482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800)262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

22626    1.31.19

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 calling1-800-262-1122. The registrant has not amended the code of ethics as described in FormN-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in FormN-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief

Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Eaton Vance High Yield Municipal Income Fund, Eaton Vance TABS Intermediate-Term Municipal Bond Fund, Eaton Vance TABS Short-Term Municipal Bond Fund, Eaton Vance TABS5-to-15 Year Laddered Municipal Bond Fund, Eaton Vance TABS1-to-10 Year Laddered Municipal Bond Fund and Eaton Vance TABS10-to-20 Year Laddered Municipal Bond Fund (the “Fund(s)”) are series of Eaton Vance Municipals Trust II (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 6 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as anopen-end management investment company. This FormN-CSR relates to the Funds’ annual reports.

(a)-(d)

The following tables present the aggregate fees billed to each Fund for the Fund’s fiscal years ended January 31, 2018 and January 31, 2019 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by D&T during such periods.

Eaton Vance High Yield Municipal Income Fund

Fiscal Years Ended	1/31/18		1/31/19
Audit Fees	$	80,270	$	80,570
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	15,860	$	15,860
All Other Fees(3)	$	0	$	0
Total	$	96,130	$	96,430

Eaton Vance TABS Intermediate-Term Municipal Bond Fund

Fiscal Years Ended	1/31/18		1/31/19
Audit Fees	$	41,020	$	40,370
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	10,701	$	9,451
All Other Fees(3)	$	0	$	0
Total	$	51,721	$	49,821

Eaton Vance TABS5-to-15 Year Laddered Municipal Bond Fund

Fiscal Years Ended	1/31/18		1/31/19
Audit Fees	$	15,000	$	15,000
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	9,451	$	9,451
All Other Fees(3)	$	0	$	0
Total	$	24,451	$	24,451

Eaton Vance TABS Short-Term Municipal Bond Fund

Fiscal Years Ended	1/31/18		1/31/19
Audit Fees	$	40,040	$	40,040
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	10,701	$	9,451
All Other Fees(3)	$	0	$	0
Total	$	50,741	$	49,491

Eaton Vance TABS1-to-10 Year Laddered Municipal Bond Fund

Fiscal Years Ended	1/31/18		1/31/19
Audit Fees	$	29,250	$	29,975
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	9,636	$	9,636
All Other Fees(3)	$	0	$	0
Total	$	38,886	$	39,611

Eaton Vance TABS10-to-20 Year Laddered Municipal Bond Fund

Fiscal Years Ended	1/31/18		1/31/19
Audit Fees	$	24,250	$	24,250
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	10,886	$	10,936
All Other Fees(3)	$	0	$	0
Total	$	35,136	$	35,186

⁽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 and other related tax compliance/planning matters.

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

The Funds comprised all of the Series of the Trust at January 31, 2019, and have the same fiscal year end (January 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.

Fiscal Years Ended	1/31/18		1/31/19
Audit Fees	$	229,830	$	230,205
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	67,235	$	64,785
All Other Fees(3)	$	0	$	0
Total	$	297,065	$	294,990

⁽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 and other related tax compliance/planning matters.

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

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

ThePre-Approval Policies and the types of audit andnon-audit servicespre-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 Rule2-01(c)(7)(i)(C) of RegulationS-X.

(f) Not applicable.

(g)The following table presents (i) the aggregatenon-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 D&T for the last two fiscal years of each Series; and (ii) the aggregatenon-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the last two fiscal years of each Series.

Fiscal Years Ended	1/31/18		1/31/19
Registrant(1)	$	67,235	$	64,785
Eaton Vance(2)	$	148,018	$	126,485

⁽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 ofnon-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 notpre-approved pursuant to Rule2-01(c)(7)(ii) of RegulationS-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrant

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

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

Signatures

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

Eaton Vance Municipals Trust II

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	March 22, 2019

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	March 22, 2019
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	March 22, 2019