Eaton Vance Municipals Trust Ii N-CSRS Certified semi-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

July 31, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

High Yield Municipal

Income Fund

Semiannual Report

July 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 fore-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 calling1-800-262-1122. 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 intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call1-800-262-1122.

Semiannual Report July 31, 2019

Eaton Vance

High Yield Municipal Income Fund

Table of Contents

Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	30
Officers and Trustees	33
Important Notices	34

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Performance^1,2

Portfolio Manager Cynthia J. Clemson

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		08/07/1995		08/07/1995		6.47	%		8.03	%		5.62	%		7.65	%
Class A with 4.75% Maximum Sales Charge		—		—		1.42			2.93			4.59			7.13
Class B at NAV		08/07/1995		08/07/1995		6.10			7.24			4.84			6.84
Class B with 5% Maximum Sales Charge		—		—		1.10			2.24			4.51			6.84
Class C at NAV		06/18/1997		08/07/1995		6.08			7.19			4.84			6.84
Class C with 1% Maximum Sales Charge		—		—		5.08			6.19			4.84			6.84
Class I at NAV		05/09/2007		08/07/1995		6.48			8.17			5.86			7.91
Bloomberg Barclays Municipal Bond Index		—		—		5.15	%		7.31	%		3.77	%		4.63	%
Bloomberg Barclays High Yield Long (22+) Municipal Bond Index		—		—		7.60			7.75			7.59			9.76
% Total Annual Operating Expense Ratios3					Class A			Class B			Class C			Class I
						0.96	%		1.71	%		1.71	%		0.71	%
% Distribution Rates/Yields4					Class A			Class B			Class C			Class I
Distribution Rate						3.96	%		3.60	%		3.24	%		4.19	%
Taxable-Equivalent Distribution Rate						6.69			6.08			5.47			7.08
SEC30-day Yield						2.06			1.42			1.42			2.41
Taxable-Equivalent SEC30-day Yield						3.48			2.40			2.40			4.08
% Total Leverage5
Residual Interest Bond (RIB) Financing															6.52	%

Fund Profile

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

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance 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

July 31, 2019

Endnotes and Additional Disclosures

¹  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.

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

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

⁴  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes 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 form 1099-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.

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

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

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

Fund profile subject to change due to active management.

3

Eaton Vance

High Yield Municipal Income Fund

July 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 (February 1, 2019 – July 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 (2/1/19)		Ending Account Value (7/31/19)		Expenses Paid During Period* (2/1/19 – 7/31/19)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,064.70	$	4.76		0.93	%
Class B	$	1,000.00	$	1,061.00	$	8.59		1.68	%
Class C	$	1,000.00	$	1,060.80	$	8.58		1.68	%
Class I	$	1,000.00	$	1,064.80	$	3.48		0.68	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.20	$	4.66		0.93	%
Class B	$	1,000.00	$	1,016.50	$	8.40		1.68	%
Class C	$	1,000.00	$	1,016.50	$	8.40		1.68	%
Class I	$	1,000.00	$	1,021.40	$	3.41		0.68	%

* 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 181/365 (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 January 31, 2019.

4

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 101.0%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.0%(1)
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(2)	$	567	$	170,156
			$	170,156
Education — 3.7%
Arizona Industrial Development Authority, (Doral Academy of Nevada), 5.00%, 7/15/39(3)	$	1,270	$	1,386,484
California Educational Facilities Authority, (Art Center College of Design), 5.00%, 12/1/44		3,000		3,559,890
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/34		1,225		1,491,536
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/36		1,250		1,511,062
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/38		1,500		1,798,635
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 5.375%, 6/15/38(3)		545		605,195
Capital Trust Agency, FL, (Florida Charter Educational Foundation, Inc.), 5.375%, 6/15/48(3)		1,020		1,113,452
District of Columbia, (District of Columbia International School), 5.00%, 7/1/39		710		847,307
District of Columbia, (District of Columbia International School), 5.00%, 7/1/49		700		821,436
District of Columbia, (Rocketship DC Obligated Group), 5.00%, 6/1/49(3)		2,100		2,229,717
Dutchess County Local Development Corp., NY, (Culinary Institute of America), 5.00%, 7/1/33		200		233,370
Dutchess County Local Development Corp., NY, (Culinary Institute of America), 5.00%, 7/1/34		240		279,466
Dutchess County Local Development Corp., NY, (Culinary Institute of America), 5.00%, 7/1/41		400		456,664
Florida Higher Educational Facilities Financing Authority, (Jacksonville University), 5.00%, 6/1/48(3)		750		817,530
Forest Grove, OR, (Pacific University), 5.00%, 5/1/40		1,070		1,133,933
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/46		4,000		4,533,480
Michigan State University, 5.00%, 2/15/44		3,750		4,576,162
Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36		1,325		1,440,593
Oregon Facilities Authority, (University of Portland), 5.00%, 4/1/35		1,000		1,148,780
Public Finance Authority, WI, (North Carolina Leadership Academy), 4.00%, 6/15/29(3)		165		170,912
Public Finance Authority, WI, (North Carolina Leadership Academy), 5.00%, 6/15/39(3)		205		217,134
Public Finance Authority, WI, (North Carolina Leadership Academy), 5.00%, 6/15/49(3)		260		273,239

Security	Principal Amount (000’s omitted)		Value
Education (continued)
Romeoville, IL, (Lewis University), 5.00%, 10/1/27	$	1,000	$	1,130,440
Romeoville, IL, (Lewis University), 5.00%, 10/1/29		1,000		1,122,470
Romeoville, IL, (Lewis University), 5.00%, 10/1/30		1,000		1,117,370
Romeoville, IL, (Lewis University), 5.00%, 10/1/35		2,000		2,194,180
University of California, 5.00%, 5/15/38(4)		10,000		11,304,400
			$	47,514,837
Electric Utilities — 3.2%
Apache County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 4.50%, 3/1/30	$	3,845	$	4,052,745
Arkansas River Power Authority, CO, 5.00%, 10/1/31		1,500		1,791,675
Arkansas River Power Authority, CO, 5.00%, 10/1/32		1,500		1,785,060
Arkansas River Power Authority, CO, 5.00%, 10/1/38		2,825		3,285,870
Burke County Development Authority, GA, (Oglethorpe Power Corp.), 4.125%, 11/1/45		15,250		16,112,235
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 3.20%, 7/1/39		4,340		4,384,138
Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), (AMT), 4.00%, 3/1/37		7,500		7,839,150
Pima County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 4.00%, 9/1/29		1,520		1,607,765
Pima County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 5.25%, 10/1/40		210		217,783
Vernon, CA, Electric System Revenue, 5.125%, 8/1/21		210		210,754
			$	41,287,175
Escrowed / Prerefunded — 2.9%
Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.00%, 7/15/30	$	1,150	$	1,176,174
Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.25%, 7/15/40		1,290		1,320,805
Brooklyn Arena Local Development Corp., NY, (Barclays Center), Prerefunded to 1/15/20, 6.375%, 7/15/43		700		717,115
Dawson Ridge Metropolitan District No. 1, CO, Escrowed to Maturity, 0.00%, 10/1/22		3,500		3,359,405
Hawaii Department of Budget and Finance, (Hawaii Pacific Health Obligated Group), Prerefunded to 7/1/20, 5.50%, 7/1/40		6,555		6,812,218
Johnson City Health and Educational Facilities Board, TN, (Mountain States Health Alliance), Prerefunded to 7/1/20, 6.00%, 7/1/38		3,335		3,481,273
Martin County Health Facilities Authority, FL, (Martin Memorial Medical Center), Prerefunded to 11/15/24, 4.25%, 11/15/41		3,940		4,534,034
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		1,205		1,299,882
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 6.75%, 1/1/36		800		862,408

5 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30	$	150	$	158,374
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		195		205,887
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.45%, 12/1/35		1,125		1,189,294
Southwestern Illinois Development Authority, (Memorial Group, Inc.), Prerefunded to 11/1/23, 7.25%, 11/1/33		1,455		1,814,982
Washington, Prerefunded to 2/1/21, 5.25%, 2/1/36(4)		10,000		10,620,800
			$	37,552,651
General Obligations — 7.4%
California, 5.00%, 4/1/27	$	5,000	$	6,332,150
California, 5.00%, 4/1/33		3,000		3,857,670
Centennial Independent School District No. 12, Circle Pines, MN, 0.00%, 2/1/31		1,225		856,275
Centennial Independent School District No. 12, Circle Pines, MN, 0.00%, 2/1/33		1,500		949,860
Chicago Board of Education, IL, 5.00%, 12/1/21		790		833,181
Chicago Board of Education, IL, 5.00%, 12/1/26		1,595		1,815,923
Chicago Board of Education, IL, 5.00%, 12/1/46		9,935		10,902,570
Chicago Board of Education, IL, 5.00%, 12/1/46		1,875		1,977,919
Chicago, IL, 5.00%, 1/1/40		2,000		2,220,060
Detroit, MI, 5.00%, 4/1/30		1,400		1,583,386
Detroit, MI, 5.00%, 4/1/31		865		970,115
Illinois, 4.00%, 6/1/33		8,000		8,164,880
Illinois, 5.00%, 11/1/30		7,200		8,054,424
Illinois, 5.00%, 5/1/33		9,480		10,693,914
Illinois, 5.00%, 5/1/35		3,500		3,750,390
Illinois, 5.00%, 5/1/39		8,165		9,041,023
Illinois, 5.25%, 7/1/30		2,800		3,028,200
New York, NY, 5.00%, 8/1/41(5)		10,000		12,363,700
Will and Cook Counties Community High School District No. 210, IL, 0.00%, 1/1/27		60		47,336
Will and Cook Counties Community High School District No. 210, IL, 3.375%, 1/1/33		450		398,268
Will and Cook Counties Community High School District No. 210, IL, 5.00%, 1/1/28		3,500		3,705,940
Will County Community Unit School District No.365-U, IL, (Valley View), 5.75%, 11/1/32		3,855		4,203,916
			$	95,751,100
Hospital — 12.0%
Albermarle County Economic Development Authority, VA, (Sentara Martha Jefferson Hospital), (SPA: TD Bank, N.A.), 1.50%, 10/1/48(6)	$	2,450	$	2,450,000

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Arkansas Development Finance Authority, (Washington Regional Medical Center), 5.00%, 2/1/33	$	2,200	$	2,507,384
Brookhaven Development Authority, GA, (Children’s Healthcare of Atlanta), 4.00%, 7/1/44(5)		4,500		4,960,080
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/35		250		276,660
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/40		550		602,151
California Municipal Finance Authority, (NorthBay Healthcare Group), 5.00%, 11/1/44		500		546,160
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/37		1,000		1,136,770
California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/48		2,400		2,783,592
Camden County Improvement Authority, NJ, (Cooper Health System), 5.00%, 2/15/29		1,000		1,125,640
Camden County Improvement Authority, NJ, (Cooper Health System), 5.00%, 2/15/32		2,000		2,223,440
Crawford County Hospital Authority, PA, (Meadville Medical Center), 6.00%, 6/1/46		3,175		3,629,184
Cuyahoga County, OH, (The MetroHealth System), 5.00%, 2/15/31		1,500		1,731,615
Cuyahoga County, OH, (The MetroHealth System), 5.00%, 2/15/32		1,500		1,724,280
Decatur Hospital Authority, TX, (Wise Regional Health System), 5.00%, 9/1/34		1,625		1,797,006
Decatur Hospital Authority, TX, (Wise Regional Health System), 5.25%, 9/1/29		1,675		1,903,034
Decatur Hospital Authority, TX, (Wise Regional Health System), 5.25%, 9/1/44		8,880		9,723,600
Illinois Finance Authority, (Presence Health Network), 3.75%, 2/15/34		2,965		3,154,493
Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), 5.50%, 6/1/29		710		773,566
Indiana County Hospital Authority, PA, (Indiana Regional Medical Center), 6.00%, 6/1/39		3,805		4,179,678
Jefferson County Civic Facility Development Corp., NY, (Samaritan Medical Center), 5.00%, 11/1/37		4,385		5,071,779
Massachusetts Development Finance Agency, (Atrius Health), 4.00%, 6/1/49		14,110		14,999,777
Massachusetts Development Finance Agency, (Atrius Health), 5.00%, 6/1/39		925		1,101,953
Massachusetts Development Finance Agency, (Wellforce), 4.00%, 7/1/44		1,500		1,598,610
Massachusetts Development Finance Agency, (Wellforce), 5.00%, 7/1/44		4,000		4,689,080
Montgomery County Higher Education and Health Authority, PA, (Holy Redeemer Health System), 5.00%, 10/1/40		1,120		1,239,123

6 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Muskingum County, OH, (Genesis HealthCare System Obligated Group), 5.00%, 2/15/33	$	2,775	$	2,995,363
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/39		710		813,610
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/32(3)		1,000		1,179,570
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/33(3)		2,000		2,348,640
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/34(3)		3,900		4,557,579
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/35(3)		1,000		1,164,890
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/40(3)		2,300		2,573,930
Ohio, (Cleveland Clinic Health System), (SPA: PNC Bank, N.A.), 1.48%, 1/1/52(6)		15,000		15,000,000
Oklahoma Development Finance Authority, (OU Medicine), 5.00%, 8/15/38		1,025		1,204,365
Oklahoma Development Finance Authority, (OU Medicine), 5.25%, 8/15/43		8,045		9,541,853
Oroville, CA, (Oroville Hospital), 5.25%, 4/1/39		2,500		2,971,550
Palm Beach County Health Facilities Authority, FL, (BRRH Corp. Obligated Group), 5.00%, 12/1/31		6,250		7,215,375
South Lake County Hospital District, FL, (South Lake Hospital), 6.25%, 4/1/39		3,065		3,074,992
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/35		3,100		3,367,623
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.75%, 12/1/32		4,050		4,403,808
Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(4)		7,000		7,979,650
Ward County, ND, (Trinity Obligated Group), 5.00%, 6/1/38		2,500		2,848,400
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 5.375%, 6/1/38		2,580		2,891,638
Yavapai County Industrial Development Authority, AZ, (Yavapai Regional Medical Center), 5.25%, 8/1/33		2,500		2,835,050
			$	154,896,541
Housing — 1.6%
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.), 5.00%, 7/1/34	$	750	$	808,440
East Hempfield Township Industrial Development Authority, PA, (Student Services, Inc.), 5.00%, 7/1/39		1,250		1,332,200
Michigan Housing Development Authority, 3.00%, 10/1/39		980		984,214
Michigan Housing Development Authority, 3.25%, 10/1/44		1,045		1,056,641
Michigan Housing Development Authority, 3.35%, 10/1/49		1,515		1,534,029

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
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	$	501,108
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		4,080,649
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		3,642,835
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		1,565,865
New Hope Cultural Education Facilities Finance Corp., TX,(CHF-Collegiate Housing Stephenville III, LLC - Tarleton State University), 5.00%, 4/1/30		800		881,864
New Hope Cultural Education Facilities Finance Corp., TX,(CHF-Collegiate Housing Stephenville III, LLC - Tarleton State University), 5.00%, 4/1/35		1,000		1,085,510
Texas Student Housing Corp., (University of North Texas), 9.375%, 7/1/06(7)		860		860,000
Texas Student Housing Corp., (University of North Texas), 11.00%, 7/1/31(7)		2,000		2,000,000
			$	20,333,355
Industrial Development Revenue — 9.4%
Arkansas Development Finance Authority, (Big River Steel LLC), (AMT), 4.50%, 9/1/49(3)	$	4,000	$	4,161,080
Clayton County Development Authority, GA, (Delta Air Lines, Inc.), 8.75%, 6/1/29		1,180		1,249,325
Denver City and County, CO, (United Airlines), (AMT), 5.00%, 10/1/32		1,890		2,061,858
Essex County Improvement Authority, NJ, (Covanta), (AMT), 5.25%, 7/1/45(3)		7,175		7,235,198
Florida Development Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00%, 5/1/29(3)		795		869,857
Florida Development Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00% to 8/1/22 (Put Date), 8/1/29(3)		2,250		2,388,037
Louisiana Public Facilities Authority, (Cleco Power LLC), 4.25%, 12/1/38		8,750		9,068,500
Maine Finance Authority, (Casella Waste Systems, Inc.), (AMT), 5.125% to 8/1/25 (Put Date), 8/1/35(3)		1,880		2,106,540
Maricopa County Pollution Control Corp., AZ, (El Paso Electric Co.), 4.50%, 8/1/42		6,500		6,741,540
Maryland Economic Development Corp., (AFCO Cargo), (AMT), 3.50%, 7/1/24(3)		1,575		1,628,991
Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.), Series2008-1, 4.00%, 6/1/30		1,000		1,068,890
Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.), Series2008-2, 4.00%, 6/1/30		6,155		6,579,018

7 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Industrial Development Revenue (continued)
Mississippi Business Finance Corp., (Waste Pro USA, Inc.), (AMT), 5.00% to 8/1/22 (Put Date), 2/1/36(3)	$	1,500	$	1,592,025
National Finance Authority, NH, (Covanta), 4.625%, 11/1/42(3)		6,335		6,555,838
National Finance Authority, NH, (Covanta), (AMT), 4.875%, 11/1/42(3)		6,965		7,257,878
New Hampshire Business Finance Authority, (Casella Waste Systems, Inc.), (AMT), 4.00% to 10/1/19 (Put Date), 4/1/29(3)		1,285		1,289,202
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.25%, 9/15/29		8,285		9,098,173
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.50%, 6/1/33		4,375		4,891,294
New Jersey Economic Development Authority, (Continental Airlines), Series 2000A, (AMT), 5.625%, 11/15/30		760		875,330
New Jersey Economic Development Authority, (Continental Airlines), Series 2000B, (AMT), 5.625%, 11/15/30		1,285		1,479,999
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39		6,245		6,286,279
New York State Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.125% to 6/1/26 (Put Date), 12/1/44(3)		5,500		5,535,255
Ohio Air Quality Development Authority, (Pratt Paper, LLC), (AMT), 4.25%, 1/15/38(3)		1,000		1,067,280
Phenix City Industrial Development Board, AL, (MeadWestvaco Coated Board), (AMT), 4.125%, 5/15/35		13,570		13,882,246
Public Finance Authority, WI, (Celanese Corp.), (AMT), 4.30%, 11/1/30		5,000		5,284,500
Rockdale County Development Authority, GA, (Pratt Paper, LLC), (AMT), 4.00%, 1/1/38(3)		1,340		1,405,379
Selma Industrial Development Board, AL, (International Paper Co.), 5.80%, 5/1/34		4,230		4,359,226
Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 4.50%, 5/1/32(3)		1,440		1,562,947
Tuscaloosa County Industrial Development Authority, AL, (Hunt Refining Co.), 5.25%, 5/1/44(3)		1,280		1,422,221
Vermont Economic Development Authority, (Casella Waste Systems, Inc.), (AMT), 4.625% to 4/3/28 (Put Date), 4/1/36(3)		475		525,493
Virginia Small Business Financing Authority, (Covanta), (AMT), 5.00% to 7/1/38 (Put Date), 1/1/48(3)		1,440		1,508,112
			$	121,037,511
Insured – General Obligations — 2.1%
Atlantic City, NJ, (AGM), 4.00%, 3/1/42	$	480	$	516,974
Atlantic City, NJ, (BAM), 5.00%, 3/1/42		1,250		1,446,600
Chicago Board of Education, IL, (AGM), 5.00%, 12/1/26		500		592,900
Irvington Township, NJ, (AGM), 5.00%, 7/15/32		1,000		1,143,450

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations (continued)
McHenry County Community Unit School District No. 12, IL, (Johnsburg), (AGM), 5.00%, 1/1/31	$	3,175	$	3,520,250
McHenry County Community Unit School District No. 12, IL, (Johnsburg), (AGM), 5.00%, 1/1/32		1,215		1,342,769
McHenry County Community Unit School District No. 12, IL, (Johnsburg), (AGM), 5.00%, 1/1/33		1,405		1,551,050
McHenry County Community Unit School District No. 12, IL, (Johnsburg), (AGM), 5.00%, 7/1/34		2,810		3,096,367
North Las Vegas, NV, (AGM), 4.00%, 6/1/36		5,055		5,565,555
Oyster Bay, NY, (AGM), 4.00%, 8/1/31		2,315		2,468,623
Proviso Township High School District No. 209, IL, (AGM), 4.00%, 12/1/38		5,000		5,376,400
			$	26,620,938
Insured – Other Revenue — 2.1%
Harris County-Houston Sports Authority, TX, (AGM), (NPFG), 0.00%, 11/15/34	$	12,700	$	7,610,856
Harris County-Houston Sports Authority, TX, (NPFG), 0.00%, 11/15/26		9,395		7,842,476
Harris County-Houston Sports Authority, TX, (NPFG), 0.00%, 11/15/28		9,600		7,489,152
Harris County-Houston Sports Authority, TX, (NPFG), Escrowed to Maturity, 0.00%, 11/15/26		1,115		980,643
Harris County-Houston Sports Authority, TX, (NPFG), Escrowed to Maturity, 0.00%, 11/15/28		400		334,656
New York City Industrial Development Agency, NY, (Yankee Stadium), (AGC), 0.00%, 3/1/34		3,500		2,331,630
			$	26,589,413
Insured – Special Tax Revenue — 2.2%
Illinois Sports Facilities Authority, (AMBAC), 0.00%, 6/15/25	$	750	$	632,940
Illinois Sports Facilities Authority, (AMBAC), 0.00%, 6/15/26		2,345		1,906,930
Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC), 7.00%, (0.00% until 10/1/19), 10/1/39		14,500		20,373,660
Tolomato Community Development District, FL, (AGM), 3.75%, 5/1/39		2,535		2,674,045
Tolomato Community Development District, FL, (AGM), 3.75%, 5/1/40		3,030		3,190,196
			$	28,777,771
Insured – Transportation — 4.1%
Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/32	$	1,500	$	1,683,825
Chicago, IL, (O’Hare International Airport), (AGM), 5.25%, 1/1/33		650		728,501
Chicago, IL, (O’Hare International Airport), (AGM), 5.50%, 1/1/43		1,355		1,528,413

8 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Transportation (continued)
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/33	$	15,000	$	7,009,800
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/34		20,000		8,829,600
E-470 Public Highway Authority, CO, (NPFG), 0.00%, 9/1/37		6,665		3,082,229
Foothill/Eastern Transportation Corridor Agency, CA, (AGM), 5.625%, (0.00% until 1/15/24), 1/15/32		1,955		2,101,234
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.125%, 7/1/42		1,805		2,005,337
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/37		3,000		3,186,720
North Texas Tollway Authority, (AGC), 6.20%, 1/1/42		10,000		12,243,500
Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/27		1,150		1,340,221
Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/28		1,600		1,857,392
Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/30		9,440		7,241,613
			$	52,838,385
Insured – Water and Sewer — 0.6%
Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/27	$	2,155	$	1,619,655
Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/28		3,965		2,787,355
Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/29		3,035		1,990,839
Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/30		2,580		1,575,322
			$	7,973,171
Lease Revenue / Certificates of Participation — 2.4%
Charleston Educational Excellence Financing Corp., SC, (Charleston County School District), 5.00%, 12/1/29(4)	$	10,875	$	12,474,060
Hudson Yards Infrastructure Corp., NY, 4.00%, 2/15/44		4,460		4,890,791
Hudson Yards Infrastructure Corp., NY, 5.75%, 2/15/47		945		1,007,786
Hudson Yards Infrastructure Corp., NY, Prerefunded to 2/15/21, 5.75%, 2/15/47		1,535		1,646,840
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/43		10,000		11,376,000
			$	31,395,477
Nursing Home — 0.0%(1)
Mississippi Business Finance Corp., (Magnolia Healthcare), 7.99%, 7/1/25	$	570	$	578,886
			$	578,886

Security	Principal Amount (000’s omitted)		Value
Other Revenue — 3.8%
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/31	$	500	$	592,650
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/32		500		590,780
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/33		600		706,698
Austin Convention Enterprises, Inc., TX, (Convention Center Hotel), 5.00%, 1/1/34		500		587,060
Brooklyn Arena Local Development Corp., NY, (Barclays Center), 0.00%, 7/15/32		250		168,323
Brooklyn Arena Local Development Corp., NY, (Barclays Center), 0.00%, 7/15/33		3,300		2,142,195
Brooklyn Arena Local Development Corp., NY, (Barclays Center), 0.00%, 7/15/46		7,700		2,905,287
Build NYC Resource Corp., NY, (YMCA of Greater New York), 4.00%, 8/1/31		650		705,165
Build NYC Resource Corp., NY, (YMCA of Greater New York), 4.00%, 8/1/36		875		934,911
Central Falls Detention Facility Corp., RI, 7.25%, 7/15/35(7)		6,250		1,125,000
Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.25%, 12/1/38		430		494,982
Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.50%, 12/1/43		285		330,272
Cleveland-Cuyahoga County Port Authority, OH, (Playhouse Square Foundation), 5.50%, 12/1/53		1,490		1,713,872
Kalispel Tribe of Indians, WA, 5.25%, 1/1/38(3)		1,260		1,393,346
Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(3)		2,040		2,293,348
New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/37(4)		10,000		11,568,800
Non-Profit Preferred Funding Trust I, Various States, Series D, 5.17%, 9/15/37(3)		6,081		5,812,024
Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37		5,105		6,751,822
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Revenue, 5.00%, 12/15/30		1,860		2,036,105
White Earth Band of Chippewa Indians, MN, 6.375%, 12/1/26		5,785		5,788,471
Will and Kankakee Counties Community Unit School District No.255-U, IL, 4.00%, 6/1/30		700		754,341
			$	49,395,452
Senior Living / Life Care — 11.4%
Albemarle County Economic Development Authority, VA, (Westminster-Canterbury of the Blue Ridge), 5.00%, 1/1/42	$	1,350	$	1,404,432
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/37		7,945		8,660,686
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/38		1,000		1,145,240

9 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Centerville, OH, (Graceworks Lutheran Services), 5.25%, 11/1/37	$	3,250	$	3,583,190
Centerville, OH, (Graceworks Lutheran Services), 5.25%, 11/1/47		3,190		3,467,562
Clackamas County Hospital Facility Authority, OR, (Mary’s Woods at Marylhurst), 5.00%, 5/15/38		225		245,837
Clackamas County Hospital Facility Authority, OR, (Mary’s Woods at Marylhurst), 5.00%, 5/15/43		310		335,479
Clackamas County Hospital Facility Authority, OR, (Mary’s Woods at Marylhurst), 5.00%, 5/15/48		425		458,771
Colorado Health Facilities Authority, (Covenant Retirement Communities, Inc.), 5.00%, 12/1/33		5,000		5,413,350
Colorado Health Facilities Authority, (Frasier Meadows Retirement Community), 5.25%, 5/15/37		750		856,852
Connecticut Health and Educational Facilities Authority, (Church Home of Hartford, Inc.), 5.00%, 9/1/46(3)		1,000		1,061,730
Delaware Economic Development Authority, (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/48		1,250		1,433,175
District of Columbia, (Ingleside at Rock Creek), 3.875%, 7/1/24		980		981,000
District of Columbia, (Ingleside at Rock Creek), 5.00%, 7/1/32		600		653,178
Franklin County Industrial Development Authority, PA, (Menno-Haven, Inc.), 5.00%, 12/1/38		1,000		1,105,530
Hanover County Economic Development Authority, VA, (Covenant Woods), 5.00%, 7/1/38		125		136,199
Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 5.75%, 1/1/28		415		464,061
Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 6.375%, 1/1/33		655		740,065
Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.125%, 11/15/32		525		581,112
Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.25%, 11/15/37		480		530,227
Howard County, MD, (Vantage House), 5.00%, 4/1/36		1,725		1,875,765
Illinois Finance Authority, (Plymouth Place, Inc.), 5.00%, 5/15/37		1,000		1,053,250
Indiana Finance Authority, (Marquette), 5.00%, 3/1/39		1,000		1,043,090
Iowa Finance Authority, (Lifespace Communities, Inc.), 4.125%, 5/15/38		1,500		1,562,775
Iowa Finance Authority, (Lifespace Communities, Inc.), 5.00%, 5/15/43		3,250		3,591,315
Lancaster County Hospital Authority, PA, (Brethren Village), 5.25%, 7/1/41		1,000		1,085,460
Maryland Health and Higher Educational Facilities Authority, (Edenwald), 5.25%, 1/1/37		2,500		2,820,725
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/33(3)		1,550		1,715,617

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/38(3)	$	1,010	$	1,105,849
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/37(3)		1,000		1,108,660
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/47(3)		1,280		1,408,282
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/57(3)		2,410		2,643,770
Massachusetts Development Finance Agency, (Orchard Cove, Inc.), 5.00%, 10/1/39		370		417,719
Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.125%, 11/1/27(3)		1,045		1,046,149
Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.20%, 11/1/41(3)		2,560		2,561,638
Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.00%, 2/15/36		500		517,190
Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.125%, 2/15/30		750		791,678
Mesquite Health Facilities Development Corp., TX, (Christian Care Centers), 5.125%, 2/15/42		1,500		1,547,985
Missouri Health and Educational Facilities Authority, (Bethesda Health Group, Inc.), 5.00%, 8/1/40		1,300		1,401,361
Montgomery County Industrial Development Authority, PA, (Whitemarsh Continuing Care Retirement Community), 5.25%, 1/1/48		9,045		9,410,418
Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), 5.125%, 10/1/34		2,500		2,716,125
Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), 5.40%, 10/1/44		1,770		1,924,910
New Hampshire Health and Education Facilities Authority, (Kendal at Hanover), 5.00%, 10/1/40		565		622,065
New Hampshire Health and Education Facilities Authority, (Kendal at Hanover), 5.00%, 10/1/46		1,000		1,098,090
New Hope Cultural Education Facilities Finance Corp., TX, (Longhorn Village), 5.00%, 1/1/37		6,320		6,853,471
New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/29		1,285		1,394,842
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge), 4.00%, 1/1/25		1,600		1,600,464
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge), 4.375%, 1/1/39		1,250		1,324,412
Norfolk Redevelopment and Housing Authority, VA, (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge), 5.00%, 1/1/49		2,500		2,695,825
North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/37		1,675		1,943,151
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/34		75		84,197

10 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/39	$	1,190	$	1,335,930
Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.50%, 6/1/49		6,855		7,733,537
Public Finance Authority, WI, (Church Home of Hartford, Inc.), 5.00%, 9/1/30(3)		770		827,388
Saint Louis County Industrial Development Authority, MO, (Friendship Village of St. Louis), 5.00%, 9/1/38		1,250		1,397,650
Savannah Economic Development Authority, GA, (Marshes Skidaway Island Project), 7.00%, 1/1/34		3,000		3,372,330
South Carolina Jobs-Economic Development Authority, (South Carolina Episcopal Home at Still Hopes), 5.00%, 4/1/30		1,945		2,152,104
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 10.00%, 3/15/23(3)		1,325		1,325,079
Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace), 5.00%, 10/1/34		2,130		2,325,172
Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace), 5.00%, 10/1/44		5,370		5,805,507
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.00%, 12/1/32		450		475,979
Tempe Industrial Development Authority, AZ, (Friendship Village of Tempe), 6.25%, 12/1/42		1,380		1,461,599
Tempe Industrial Development Authority, AZ, (Mirabella at ASU), 6.125%, 10/1/52(3)		2,850		3,225,687
Tompkins County Development Corp., NY, (Kendal at Ithaca, Inc.), 4.25%, 7/1/32		1,270		1,310,894
Tompkins County Development Corp., NY, (Kendal at Ithaca, Inc.), 4.50%, 7/1/42		1,270		1,310,551
Warren County, OH, (Otterbein Homes Obligated Group), 5.00%, 7/1/39		1,975		2,193,534
Warren County, OH, (Otterbein Homes Obligated Group), 5.50%, 7/1/39		500		560,605
Washington Housing Finance Commission, (Bayview Manor Homes), 5.00%, 7/1/36(3)		1,500		1,623,900
Washington Housing Finance Commission, (Bayview Manor Homes), 5.00%, 7/1/46(3)		1,250		1,335,650
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/43(3)		4,000		4,474,400
Washington Housing Finance Commission, (Horizon House), 5.00%, 1/1/48(3)		4,815		5,368,629
Wayzata, MN, (Folkestone Senior Living Community), 4.00%, 8/1/38(5)		175		178,752
Wayzata, MN, (Folkestone Senior Living Community), 4.00%, 8/1/39(5)		125		127,370
Wayzata, MN, (Folkestone Senior Living Community), 4.00%, 8/1/44(5)		815		827,942
Westchester County Local Development Corp., NY, (Kendal on Hudson), 5.00%, 1/1/34		2,380		2,540,793
			$	147,514,906

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 5.0%
Aliso Viejo Community Facilities DistrictNo. 2005-01, CA, (Glenwood at Aliso Viejo), 5.00%, 9/1/38	$	7,000	$	7,893,060
Bridgeville, DE, (Heritage Shores Special Development District), 5.45%, 7/1/35		4,663		4,664,026
Irvine Community Facilities DistrictNo. 2013-3, CA, (Great Park), 5.00%, 9/1/39		2,000		2,208,980
Jurupa Public Financing Authority, CA, 5.00%, 9/1/33		600		698,982
Lakewood Ranch Stewardship District, FL, (Villages of Lakewood Ranch South), 5.00%, 5/1/36		4,515		4,716,595
Metropolitan Development and Housing Agency, TN, (Fifth + Broadway Development Project), 5.125%, 6/1/36(3)		900		982,350
Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.50%, 10/1/29		4,460		4,843,069
New River Community Development District, FL, (Capital Improvements), 5.00%, 5/1/13(7)		1,005		10
New River Community Development District, FL, (Capital Improvements), Series2010A-1, 5.75%, 5/1/38		470		470,212
New River Community Development District, FL, (Capital Improvements), Series2010A-2, 5.75%, 5/1/38		1,230		1,222,903
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 2/15/37(4)		10,000		11,609,300
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/47		9,185		10,168,346
Reno, NV, Sales Tax Revenue, 4.00%, 6/1/43		1,250		1,362,650
River Hall Community Development District, FL, (Capital Improvements), 5.45%, 5/1/36		2,510		2,524,031
South Orange County Public Financing Authority, CA, (Ladera Ranch), 5.00%, 8/15/31		1,500		1,627,275
South Orange County Public Financing Authority, CA, (Ladera Ranch), 5.00%, 8/15/33		1,000		1,082,230
South Orange County Public Financing Authority, CA, (Ladera Ranch), 5.00%, 8/15/34		450		486,477
South Village Community Development District, FL, 3.50%, 5/1/32		805		850,732
South Village Community Development District, FL, 3.625%, 5/1/35		500		527,200
South Village Community Development District, FL, 3.75%, 5/1/38		1,020		1,073,774
South Village Community Development District, FL, 4.875%, 5/1/35		500		516,060
South Village Community Development District, FL, 5.00%, 5/1/38		100		103,404
Southern Hills Plantation I Community Development District, FL, Series A1, 5.80%, 5/1/35		1,143		1,131,920
Southern Hills Plantation I Community Development District, FL, Series A2, 5.80%, 5/1/35		830		751,914
Sterling Hill Community Development District, FL, 5.50%, 5/1/37(7)		3,650		365,000

11 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Winter Garden Village at Fowler Groves Community Development District, FL, 4.125%, 5/1/37	$	3,410	$	3,450,920
			$	65,331,420
Student Loan — 0.9%
Massachusetts Educational Financing Authority, (AMT), 3.625%, 7/1/32	$	3,995	$	4,139,259
New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/30		4,650		4,985,916
New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43		2,765		2,944,421
			$	12,069,596
Transportation — 22.7%
Austin, TX, Airport System Revenue, (AMT), 5.00%, 11/15/41	$	2,000	$	2,324,520
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/36		1,740		2,074,028
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/37		760		902,834
Central Texas Regional Mobility Authority, 5.00%, 1/1/35		1,100		1,260,743
Central Texas Regional Mobility Authority, Prerefunded to 1/1/21, 5.75%, 1/1/31		565		600,844
Central Texas Regional Mobility Authority, Series 2016, 5.00%, 1/1/40		2,375		2,715,029
Chesapeake Bay Bridge and Tunnel Commission, VA, 5.00%, 7/1/46		4,000		4,560,800
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/35		2,500		2,923,175
Chicago, IL, (O’Hare International Airport), (AMT), 4.375%, 1/1/40		2,500		2,697,175
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/25		2,555		2,858,713
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/26		2,170		2,422,566
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 7/1/33		500		593,205
Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 7/1/38		1,500		1,749,630
Chicago, IL, (O’Hare International Airport), Series 2016C, 5.00%, 1/1/38		5,000		5,800,350
Colorado High Performance Transportation Enterprise,(C-470 Express Lanes), 5.00%, 12/31/47		1,900		2,083,559
Colorado High Performance Transportation Enterprise, (U.S. 36 andI-25 Managed Lanes), (AMT), 5.75%, 1/1/44		2,500		2,735,050
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.25%, 11/1/29		7,000		8,051,890
Eagle County Air Terminal Corp., CO, (AMT), 5.00%, 5/1/37		1,000		1,157,340

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Eagle County Air Terminal Corp., CO, (AMT), 5.00%, 5/1/41	$	4,940	$	5,665,044
Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43		3,025		3,340,024
Illinois Toll Highway Authority, 4.00%, 1/1/44(4)		13,050		14,255,298
Illinois Toll Highway Authority, 5.00%, 1/1/40(4)		15,000		17,310,600
Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project), 0.00%, 7/1/28		2,690		1,732,898
Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project), 0.00%, 7/1/29		1,135		781,640
Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project), 0.00%, 7/1/30		500		319,260
Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project), 0.00%, 7/1/31		1,150		679,846
Maryland Economic Development Corp., (Transportation Facilities), 5.00%, 6/1/35		450		539,019
Memphis-Shelby County Airport Authority, TN, (AMT), 5.00%, 7/1/43		7,500		8,863,200
Metropolitan Transportation Authority, NY, Green Bonds, 0.00%, 11/15/32		575		406,772
Metropolitan Transportation Authority, NY, Green Bonds, 0.00%, 11/15/33		4,525		3,093,878
Mid-Bay Bridge Authority, FL, 5.00%, 10/1/30		2,050		2,364,101
Mid-Bay Bridge Authority, FL, 5.00%, 10/1/35		5,000		5,677,400
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34		5,000		5,616,300
New Jersey Transportation Trust Fund Authority, 5.00%, 6/15/38		13,000		14,996,150
New Jersey Turnpike Authority, 4.00%, 1/1/48		10,325		11,388,991
New Jersey Turnpike Authority, 5.00%, 1/1/48(4)		5,000		6,052,050
New Orleans Aviation Board, LA, (North Terminal Project), (AMT), 5.00%, 1/1/35		2,000		2,258,220
New Orleans Aviation Board, LA, (North Terminal Project), (AMT), 5.00%, 1/1/43		1,500		1,718,310
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/41		7,500		8,311,725
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.00%, 7/1/46		6,345		6,997,329
Niagara Frontier Transportation Authority, NY, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/28		470		535,410
North East Texas Regional Mobility Authority, 5.00%, 1/1/41		5,250		5,912,235
North Texas Tollway Authority, Prerefunded to 9/1/21, 5.50%, 9/1/41(4)		10,000		10,887,300
Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 5.00%, 11/1/41		5,495		5,928,830
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		215		227,003
Port Authority of New York and New Jersey, 4.00%, 9/1/43		3,300		3,672,768

12 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Port Authority of New York and New Jersey, (AMT), 4.00%, 9/1/33(4)	$	12,080	$	13,279,906
Port Authority of New York and New Jersey, (AMT), 4.00%, 9/15/43		3,690		4,037,008
Port Authority of New York and New Jersey, (AMT), 4.50%, 4/1/37(4)		10,000		10,592,200
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/35		4,050		4,834,201
Port of Seattle, WA, (AMT), 4.00%, 4/1/44(5)		3,250		3,548,155
Public Finance Authority, WI, (Denver International Airport Great Hall), (AMT), 5.00%, 9/30/37		3,750		4,371,413
San Joaquin Hills Transportation Corridor Agency, CA, 5.00%, 1/15/44		10,000		11,310,300
San Jose, CA, Airport Revenue, (AMT), 5.00%, 3/1/24		2,135		2,264,232
South Jersey Transportation Authority, 5.00%, 11/1/32		2,250		2,547,360
Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34		3,685		3,868,329
Texas Private Activity Bond Surface Transportation Corp., (LBJIH-635 Managed Lanes Project), 7.00%, 6/30/40		4,460		4,679,833
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39		3,415		3,490,096
Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Segment 3C), (AMT), 5.00%, 6/30/58(5)		5,050		5,866,736
Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/37		5,000		5,609,000
Texas Transportation Commission, (Central Texas Turnpike System), 5.00%, 8/15/42		11,430		12,732,563
Texas Transportation Commission, (State Highway System), 0.00%, 8/1/36		550		290,120
Texas Transportation Commission, (State Highway System), 0.00%, 8/1/46		2,500		753,025
Virginia Small Business Financing Authority, (Transform 66 P3 Project), (AMT), 5.00%, 12/31/52		2,500		2,840,300
			$	293,957,829
Water and Sewer — 3.5%
Detroit, MI, Sewage Disposal System, 5.00%, 7/1/32	$	3,185	$	3,457,381
Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39		3,355		3,649,468
Detroit, MI, Water Supply System, 5.25%, 7/1/41		13,100		13,929,230
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/33		1,905		2,165,509
Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/44		1,905		2,047,113
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 4.00%, 6/15/40		5,000		5,638,000

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: State Street Bank and Trust Co.), 1.48%, 6/15/32(6)	$	8,385	$	8,385,000
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: State Street Bank and Trust Co.), 1.49%, 6/15/49(6)		6,500		6,500,000
			$	45,771,701
TotalTax-Exempt Municipal Securities — 101.0% (identified cost $1,222,604,470)			$	1,307,358,271
Taxable Municipal Securities — 5.0%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.0%(1)
Northampton County Industrial Development Authority, PA, (Northampton Generating), 5.00%, 12/31/23(2)	$	137	$	41,141
			$	41,141
Escrowed / Prerefunded — 1.0%
Chicago, IL, Prerefunded to 1/1/25, 7.75%, 1/1/42	$	10,316	$	13,249,355
			$	13,249,355
General Obligations — 0.9%
Atlantic City, NJ, 7.50%, 3/1/40	$	5,440	$	7,725,017
Chicago Board of Education, IL, 5.182%, 12/1/21(8)		325		329,761
Chicago, IL, 7.75%, 1/1/42		3,689		4,163,664
			$	12,218,442
Hospital — 1.1%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	12,750	$	13,783,133
			$	13,783,133
Insured – General Obligations — 0.6%
Detroit, MI, (AMBAC), 4.96%, 4/1/20	$	297	$	297,245
Detroit, MI, (AMBAC), 5.15%, 4/1/25		7,679		7,678,819
			$	7,976,064
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	$	4,445,905

13 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Tarrant County Cultural Education Facilities Finance Corp., TX, (MRC Stevenson Oaks), 12.50%, 3/15/23(3)	$	235	$	234,981
			$	4,680,886
Special Tax Revenue — 0.3%
Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 4.80%, 3/1/36	$	1,150	$	1,160,868
Ohio County Commission, WV, (Fort Henry Economic Opportunity Development District - The Highlands), 5.25%, 3/1/31		2,570		2,686,575
			$	3,847,443
Transportation — 0.7%
New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28(8)	$	7,375	$	8,500,056
			$	8,500,056
Total Taxable Municipal Securities — 5.0% (identified cost $56,885,826)			$	64,296,520
Corporate Bonds & Notes — 1.3%
Security	Principal Amount (000’s omitted)		Value
Hospital — 0.6%
Boston Medical Center Corp, 4.581%, 7/1/47	$	4,165	$	4,310,392
Harnett Health System, Inc., 6.50% to 4/1/20 (Put Date), 4/1/32		4,240		4,284,448
			$	8,594,840
Other — 0.7%
Morongo Band of Mission Indians, 7.00%, 10/1/39(3)	$	7,980	$	8,974,308
			$	8,974,308
Total Corporate Bonds & Notes — 1.3% (identified cost $16,385,000)			$	17,569,148
Total Investments — 107.3% (identified cost $1,295,875,296)			$	1,389,223,939
Other Assets, Less Liabilities — (7.3)%			$	(94,545,110	)
Net Assets — 100.0%			$	1,294,678,829

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

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

Texas	14.3%
New York	13.6%
Illinois	13.2%
Others, representing less than 10% individually	66.2%

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 July 31, 2019, 10.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.1% to 4.4% of total investments.

⁽¹⁾ Amount is less than 0.05%.

⁽²⁾ Represents apayment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽³⁾ 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 July 31, 2019, the aggregate value of these securities is $117,272,390 or 9.1% of the Fund’s net assets.

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

⁽⁵⁾ When-issued security.

⁽⁶⁾ 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 July 31, 2019.

⁽⁷⁾ Defaulted security. Issuer has defaulted on the payment of interest and/or principal or has filed for bankruptcy.

⁽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.

14 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

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	9/19/19	$	(22,298,828	)	$	(325,387	)
U.S. Long Treasury Bond		112	Short	9/19/19		(17,426,500	)		(519,590	)
								$	(844,977	)

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

15 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2019
Unaffiliated investments, at value (identified cost, $1,295,875,296)	$	1,389,223,939
Cash		222,570
Deposits for derivatives collateral — financial futures contracts		461,312
Interest receivable		13,178,108
Receivable for investments sold		1,760,001
Receivable for Fund shares sold		2,490,451
Due from broker for floating rate notes issued		10,440,000
Total assets	$	1,417,776,381
Liabilities
Payable for floating rate notes issued	$	90,465,861
Payable for when-issued securities		27,675,783
Payable for variation margin on open financial futures contracts		122,170
Payable for Fund shares redeemed		2,754,376
Distributions payable		694,466
Payable to affiliates:
Investment adviser fee		457,662
Distribution and service fees		195,561
Interest expense and fees payable		467,216
Accrued expenses		264,457
Total liabilities	$	123,097,552
Net Assets	$	1,294,678,829
Sources of Net Assets
Paid-in capital	$	1,242,684,311
Distributable earnings		51,994,518
Net Assets	$	1,294,678,829
Class A Shares
Net Assets	$	382,974,873
Shares Outstanding		41,597,097
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.21
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	9.67
Class B Shares
Net Assets	$	148,535
Shares Outstanding		16,206
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.17
Class C Shares
Net Assets	$	134,839,545
Shares Outstanding		15,831,470
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	8.52
Class I Shares
Net Assets	$	776,715,876
Shares Outstanding		84,294,129
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.21

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.

16 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2019
Interest	$	27,810,889
Total investment income	$	27,810,889
Expenses
Investment adviser fee	$	2,559,939
Distribution and service fees
Class A		449,480
Class B		976
Class C		650,000
Trustees’ fees and expenses		31,371
Custodian fee		127,335
Transfer and dividend disbursing agent fees		202,376
Legal and accounting services		54,819
Printing and postage		33,153
Registration fees		51,774
Interest expense and fees		932,971
Miscellaneous		77,020
Total expenses	$	5,171,214
Net investment income	$	22,639,675
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	1,994,303
Financial futures contracts		(2,496,512	)
Net realized loss	$	(502,209	)
Change in unrealized appreciation (depreciation) —
Investments	$	52,790,830
Financial futures contracts		603,117
Net change in unrealized appreciation (depreciation)	$	53,393,947
Net realized and unrealized gain	$	52,891,738
Net increase in net assets from operations	$	75,531,413

17 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
From operations —
Net investment income	$	22,639,675		$	44,298,190
Net realized gain (loss)		(502,209	)		3,174,054
Net change in unrealized appreciation (depreciation)		53,393,947			(10,620,045	)
Net increase in net assets from operations	$	75,531,413		$	36,852,199
Distributions to shareholders —
Class A	$	(7,493,806	)	$	(11,834,973	)
Class B		(3,563	)		(18,478	)
Class C		(2,250,873	)		(4,943,722	)
Class I		(15,686,371	)		(26,714,886	)
Total distributions to shareholders	$	(25,434,613	)	$	(43,512,059	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	42,339,372		$	72,888,150
Class B		20			203
Class C		18,774,208			14,794,035
Class I		167,448,264			291,027,900
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		6,314,039			10,033,376
Class B		2,289			14,780
Class C		1,789,759			4,089,234
Class I		13,261,629			22,596,935
Cost of shares redeemed
Class A		(36,449,139	)		(106,414,568	)
Class B		(1,604	)		(82,717	)
Class C		(12,444,414	)		(35,093,214	)
Class I		(90,515,708	)		(335,020,911	)
Net asset value of shares converted
Class A		4,836,831			31,285,333
Class B		(121,053	)		(729,156	)
Class C		(4,715,778	)		(30,556,177	)
Net increase (decrease) in net assets from Fund share transactions	$	110,518,715		$	(61,166,797	)
Net increase (decrease) in net assets	$	160,615,515		$	(67,826,657	)
Net Assets
At beginning of period	$	1,134,063,314		$	1,201,889,971
At end of period	$	1,294,678,829		$	1,134,063,314

18 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Financial Highlights

	Class A
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.830		$	8.880		$	8.650		$	8.970		$	9.020		$	8.070
Income (Loss) From Operations
Net investment income(1)	$	0.166		$	0.345		$	0.337		$	0.345		$	0.367		$	0.378
Net realized and unrealized gain (loss)		0.401			(0.059	)		0.229			(0.315	)		(0.053	)		0.960
Total income from operations	$	0.567		$	0.286		$	0.566		$	0.030		$	0.314		$	1.338
Less Distributions
From net investment income	$	(0.187	)	$	(0.336	)	$	(0.336	)	$	(0.350	)	$	(0.364	)	$	(0.388	)
Total distributions	$	(0.187	)	$	(0.336	)	$	(0.336	)	$	(0.350	)	$	(0.364	)	$	(0.388	)
Net asset value — End of period	$	9.210		$	8.830		$	8.880		$	8.650		$	8.970		$	9.020
Total Return(2)		6.47	%(3)		3.29	%		6.63	%		0.25	%		3.64	%		16.92	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	382,975		$	350,923		$	344,822		$	374,661		$	431,777		$	452,135
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.77	%(5)		0.79	%		0.78	%		0.79	%		0.81	%		0.83	%
Interest and fee expense(6)		0.16	%(5)		0.17	%		0.14	%		0.10	%		0.05	%		0.06	%
Total expenses(4)		0.93	%(5)		0.96	%		0.92	%		0.89	%		0.86	%		0.89	%
Net investment income		3.70	%(5)		3.92	%		3.81	%		3.83	%		4.18	%		4.41	%
Portfolio Turnover		11	%(3)		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⁾ Not annualized.

⁽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⁾ Annualized.

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

19 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Financial Highlights — continued

	Class B
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.800		$	8.850		$	8.620		$	8.940		$	8.990		$	8.040
Income (Loss) From Operations
Net investment income(1)	$	0.133		$	0.272		$	0.272		$	0.277		$	0.301		$	0.318
Net realized and unrealized gain (loss)		0.400			(0.054	)		0.227			(0.316	)		(0.054	)		0.955
Total income (loss) from operations	$	0.533		$	0.218		$	0.499		$	(0.039	)	$	0.247		$	1.273
Less Distributions
From net investment income	$	(0.163	)	$	(0.268	)	$	(0.269	)	$	(0.281	)	$	(0.297	)	$	(0.323	)
Total distributions	$	(0.163	)	$	(0.268	)	$	(0.269	)	$	(0.281	)	$	(0.297	)	$	(0.323	)
Net asset value — End of period	$	9.170		$	8.800		$	8.850		$	8.620		$	8.940		$	8.990
Total Return(2)		6.10	%(3)		2.52	%		5.85	%		(0.51	)%		2.87	%		16.11	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	149		$	261		$	1,067		$	2,365		$	3,298		$	5,436
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.52	%(5)		1.54	%		1.53	%		1.54	%��		1.56	%		1.58	%
Interest and fee expense(6)		0.16	%(5)		0.17	%		0.14	%		0.10	%		0.05	%		0.06	%
Total expenses(4)		1.68	%(5)		1.71	%		1.67	%		1.64	%		1.61	%		1.64	%
Net investment income		2.98	%(5)		3.10	%		3.09	%		3.09	%		3.43	%		3.74	%
Portfolio Turnover		11	%(3)		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⁾ Not annualized.

⁽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⁾ Annualized.

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

20 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Financial Highlights — continued

	Class C
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.170		$	8.210		$	8.010		$	8.300		$	8.340		$	7.460
Income (Loss) From Operations
Net investment income(1)	$	0.122		$	0.252		$	0.251		$	0.256		$	0.279		$	0.290
Net realized and unrealized gain (loss)		0.372			(0.042	)		0.199			(0.285	)		(0.043	)		0.889
Total income (loss) from operations	$	0.494		$	0.210		$	0.450		$	(0.029	)	$	0.236		$	1.179
Less Distributions
From net investment income	$	(0.144	)	$	(0.250	)	$	(0.250	)	$	(0.261	)	$	(0.276	)	$	(0.299	)
Total distributions	$	(0.144	)	$	(0.250	)	$	(0.250	)	$	(0.261	)	$	(0.276	)	$	(0.299	)
Net asset value — End of period	$	8.520		$	8.170		$	8.210		$	8.010		$	8.300		$	8.340
Total Return(2)		6.08	%(3)		2.60	%		5.67	%		(0.42	)%		2.95	%		16.08	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	134,840		$	126,049		$	173,844		$	191,619		$	205,556		$	197,655
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		1.52	%(5)		1.54	%		1.53	%		1.54	%		1.56	%		1.58	%
Interest and fee expense(6)		0.16	%(5)		0.17	%		0.14	%		0.10	%		0.05	%		0.06	%
Total expenses(4)		1.68	%(5)		1.71	%		1.67	%		1.64	%		1.61	%		1.64	%
Net investment income		2.95	%(5)		3.10	%		3.06	%		3.07	%		3.43	%		3.65	%
Portfolio Turnover		11	%(3)		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⁾ Not annualized.

⁽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⁾ Annualized.

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

21 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Financial Highlights — continued

	Class I
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	8.840		$	8.880		$	8.660		$	8.980		$	9.020		$	8.070
Income (Loss) From Operations
Net investment income(1)	$	0.177		$	0.364		$	0.359		$	0.367		$	0.388		$	0.397
Net realized and unrealized gain (loss)		0.391			(0.046	)		0.220			(0.314	)		(0.041	)		0.963
Total income from operations	$	0.568		$	0.318		$	0.579		$	0.053		$	0.347		$	1.360
Less Distributions
From net investment income	$	(0.198	)	$	(0.358	)	$	(0.359	)	$	(0.373	)	$	(0.387	)	$	(0.410	)
Total distributions	$	(0.198	)	$	(0.358	)	$	(0.359	)	$	(0.373	)	$	(0.387	)	$	(0.410	)
Net asset value - End of period	$	9.210		$	8.840		$	8.880		$	8.660		$	8.980		$	9.020
Total Return(2)		6.48	%(3)		3.67	%		6.77	%		0.51	%		4.02	%		17.21	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	776,716		$	656,830		$	682,157		$	542,623		$	466,822		$	409,570
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees(4)		0.52	%(5)		0.54	%		0.53	%		0.54	%		0.56	%		0.58	%
Interest and fee expense(6)		0.16	%(5)		0.17	%		0.14	%		0.10	%		0.05	%		0.06	%
Total expenses(4)		0.68	%(5)		0.71	%		0.67	%		0.64	%		0.61	%		0.64	%
Net investment income		3.94	%(5)		4.13	%		4.04	%		4.06	%		4.42	%		4.60	%
Portfolio Turnover		11	%(3)		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⁾ Not annualized.

⁽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⁾ Annualized.

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

22 See Notes to Financial Statements.

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Notes to Financial Statements (Unaudited)

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 anopen-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. As of July 31, 2019, the Fund offered four 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 Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Class B shares were sold at net asset value and were generally subject to a contingent deferred sales charge. Class B shares automatically converted to Class A shares eight years after their purchase as described in the Fund’s prospectus. Beginning January 1, 2012, Class B shares were only available for purchase upon exchange from another Eaton Vance fund or through reinvestment of distributions. At the close of business on August 15, 2019, Class B shares were converted to Class A shares and Class B was terminated. 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 are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

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

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

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

23

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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

G  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the 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, upon request by the shareholder, 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.

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 July 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 July 31, 2019, the amount of the Fund’s Floating Rate Notes outstanding and the related collateral were $90,465,861 and $137,934,364, respectively. The range of interest rates on the Floating Rate Notes outstanding at July 31, 2019 was 1.43% to 1.55%. For the six months ended July 31, 2019, the Fund’s average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were $86,025,470 and 2.19%, 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 July 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.

24

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — 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 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.

K  Interim Financial Statements — The interim financial statements relating to July 31, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

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 July 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,205,787,342
Gross unrealized appreciation	$	103,338,479
Gross unrealized depreciation		(11,212,720	)
Net unrealized appreciation	$	92,125,759

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 six months ended July 31, 2019, the investment adviser fee amounted to $2,559,939 or 0.43% (annualized) of the Fund’s average daily net assets. EVM serves as the administrator of the Fund, but receives no compensation. EVM provides

25

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

sub-transfer agency and related services to the Fund pursuant to aSub-Transfer Agency Support Services Agreement. For the six months ended July 31, 2019, EVM earned $10,475 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 $10,383 as its portion of the sales charge on sales of Class A shares for the six months ended July 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 six months ended July 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 Rule12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended July 31, 2019 amounted to $449,480 for Class A shares.

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and prior to August 16, 2019, Class B shares (Class B Plan) pursuant to Rule12b-1 under the 1940 Act. Pursuant to the Class B and Class C Plans, the Fund paid/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 six months ended July 31, 2019, the Fund paid or accrued to EVD $731 and $487,500 for Class B and Class C shares, respectively.

Pursuant to the Class B and Class C Plans, the Fund also made/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 six months ended July 31, 2019 amounted to $245 and $162,500 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 C shares made within one year of purchase and prior to August 16, 2019, on redemptions of Class B shares made within six years 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. The CDSC for Class B shares was imposed at declining rates that began 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 six months ended July 31, 2019, the Fund was informed that EVD received approximately $200 and $3,000 of CDSCs paid by Class A and Class C shareholders, respectively, and no CDSCs paid by Class B shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $247,786,828 and $140,169,395, respectively, for the six months ended July 31, 2019.

26

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

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

Class A	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
Sales		4,671,610			8,272,949
Issued to shareholders electing to receive payments of distributions in Fund shares		696,208			1,138,872
Redemptions		(4,038,590	)		(12,086,607	)
Converted from Class B shares		13,420			82,938
Converted from Class C shares		522,821			3,476,243
Net increase		1,865,469			884,395
Class B	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
Sales		2			23
Issued to shareholders electing to receive payments of distributions in Fund shares		254			1,682
Redemptions		(177	)		(9,400	)
Converted to Class A shares		(13,525	)		(83,222	)
Net decrease		(13,446	)		(90,917	)
Class C	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
Sales		2,244,799			1,818,684
Issued to shareholders electing to receive payments of distributions in Fund shares		213,346			501,610
Redemptions		(1,485,024	)		(4,307,595	)
Converted to Class A shares		(564,868	)		(3,753,548	)
Net increase (decrease)		408,253			(5,740,849	)
Class I	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
Sales		18,539,014			33,033,051
Issued to shareholders electing to receive payments of distributions in Fund shares		1,460,956			2,562,373
Redemptions		(10,012,255	)		(38,077,931	)
Net increase (decrease)		9,987,715			(2,482,507	)

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

27

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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 six months ended July 31, 2019.

9  Financial Instruments

The Fund may trade in financial instruments withoff-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 July 31, 2019 is included in the Portfolio of Investments. At July 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 July 31, 2019 was as follows:

	Fair Value
Derivative	Asset Derivative		Liability Derivative(1)
Futures Contracts	$	—	$	(844,977	)

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended July 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	$	(2,496,512	)	$	603,117

⁽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 six months ended July 31, 2019, which is indicative of the volume of this derivative type, was approximately $38,062,000.

10  Fair Value Measurements

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

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

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

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

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

28

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

At July 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	$	—		$	1,307,358,271	$	—	$	1,307,358,271
Taxable Municipal Securities		—			64,296,520		—		64,296,520
Corporate Bonds & Notes		—			17,569,148		—		17,569,148
Total Investments	$	—		$	1,389,223,939	$	—	$	1,389,223,939
Liability Description
Futures Contracts	$	(844,977	)	$	—	$	—	$	(844,977	)
Total	$	(844,977	)	$	—	$	—	$	(844,977	)

29

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

At a meeting held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory andsub-advisory agreements for each of the Eaton Vance Funds for an additionalone-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser andsub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory andsub-advisory agreements.

Among other things, the information the Board considered included the following (for funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and related fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

• Data regarding investment performance relative to benchmark indices and, in certain instances, to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser andsub-adviser (where applicable) to each fund in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser andsub-adviser (where applicable) to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser andsub-adviser (where applicable and in the context of asub-adviser with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser andsub-adviser (where applicable and in the context of asub-adviser with trading responsibilities) to each fund as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser andSub-adviser

• Reports detailing the financial results and condition of the adviser andsub-adviser (where applicable) to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, if applicable;

• The Code of Ethics of the adviser and its affiliates and thesub-adviser (where applicable) of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and thesub-adviser (where applicable) of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and thesub-adviser (where applicable) of each fund, if any;

30

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Board of Trustees’ Contract Approval — continued

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight ofsub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

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

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

• The terms of each investment advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers andsub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fundsub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory andsub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory andsub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory andsub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory andsub-advisory agreement. In evaluating each investment advisory andsub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser andsub-adviser (where applicable) to each of the Eaton Vance Funds.

Results of the Process

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

Nature, Extent and Quality of Services

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

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board considered, where relevant, the abilities and experience of the Adviser’s investment professionals in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds. The Board considered the Adviser’s municipal bond team, which includes investment professionals and credit specialists who provide services to the Fund. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

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

31

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Board of Trustees’ Contract Approval — continued

exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

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

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices and assessed the Fund’s performance on the basis of total return and current income return. The Board’s review included comparative performance data with respect to the Fund for theone-, three-, five- andten-year periods ended September 30, 2018. In this regard, the Board noted that the performance of the Fund was consistent with the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary benchmark index and lower than its secondary benchmark index for the three-year period. The Board considered, among other things, the Adviser’s efforts to generate competitive levels of tax exempt current income over time through investments that, relative to its comparable funds, focus on high yield municipal bonds with longer maturities. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for theone-year period ended September 30, 2018, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and“Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirectfall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

Economies of Scale

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

32

Eaton Vance

High Yield Municipal Income Fund

July 31, 2019

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

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

33

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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The FormN-PORT 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.

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.

34

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Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617)482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800)262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7706    7.31.19

Eaton Vance

TABS Municipal Bond Funds

Semiannual Report

July 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 intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call1-800-262-1122.

Semiannual ReportJuly 31, 2019

Eaton Vance

TABS Municipal Bond Funds

Table of Contents

Performance and Fund Profile
TABS Short-Term Municipal Bond Fund	2
TABS Intermediate-Term Municipal Bond Fund	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	7
Board of Trustees’ Contract Approval	33
Officers and Trustees	36
Important Notices	37

Eaton Vance

TABS Short-Term Municipal Bond Fund

July 31, 2019

Performance^1,2

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		Six Months			One Year			Five Years			Ten Years
Class A at NAV		03/27/2009		12/31/1998		2.63	%		4.24	%		1.43	%		2.03	%
Class A with 2.25% Maximum Sales Charge		—		—		0.31			1.86			0.98			1.80
Class C at NAV		03/27/2009		12/31/1998		2.35			3.56			0.68			1.27
Class C with 1% Maximum Sales Charge		—		—		1.35			2.56			0.68			1.27
Class I at NAV		03/27/2009		12/31/1998		2.76			4.49			1.67			2.29
Bloomberg Barclays 5 Year Municipal Bond Index		—		—		3.72	%		5.69	%		2.44	%		3.11	%
Bloomberg Barclays Municipal Managed Money 1-7 Year Bond Index		—		—		3.17			5.07			2.02			2.51
% 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			1.82	%		0.87	%		1.65	%
Class A After Taxes on Distributions and Sale of Fund Shares				—		—			1.70			0.99			1.62
Class C After Taxes on Distributions				03/27/2009		12/31/1998			2.55			0.58			1.13
Class C After Taxes on Distributions and Sale of Fund Shares				—		—			1.83			0.62			1.07
Class I After Taxes on Distributions				03/27/2009		12/31/1998			4.46			1.55			2.12
Class I After Taxes on Distributions and Sale of Fund Shares				—		—			3.37			1.59			2.06
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.86	%		1.61	%		0.61	%
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									1.51	%		0.76	%		1.76	%
SEC30-day Yield									0.75			0.02			1.02

Fund Profile

Credit Quality (% of total investments)⁵

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance 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 Intermediate-Term Municipal Bond Fund

July 31, 2019

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		02/01/2010		02/01/2010		4.28	%		6.08	%		2.93	%		4.30	%
Class A with 2.25% Maximum Sales Charge		—		—		1.94			3.69			2.47			4.05
Class C at NAV		02/01/2010		02/01/2010		3.89			5.29			2.16			3.53
Class C with 1% Maximum Sales Charge		—		—		2.89			4.29			2.16			3.53
Class I at NAV		02/01/2010		02/01/2010		4.40			6.34			3.19			4.57
Bloomberg Barclays Municipal Managed Money Intermediate 1-17 Year Bond Index		—		—		4.86	%		7.50	%		3.41	%		3.89	%
Bloomberg Barclays 7 Year Municipal Bond Index		—		—		4.45			7.22			3.22			3.92
% 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			3.68	%		2.46	%		3.95	%
Class A After Taxes on Distributions and Sale of Fund Shares				—		—			2.97			2.32			3.57
Class C After Taxes on Distributions				02/01/2010		02/01/2010			4.29			2.15			3.43
Class C After Taxes on Distributions and Sale of Fund Shares				—		—			3.03			1.93			3.00
Class I After Taxes on Distributions				02/01/2010		02/01/2010			6.33			3.17			4.47
Class I After Taxes on Distributions and Sale of Fund Shares				—		—			4.66			2.95			4.06
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									0.98	%		1.73	%		0.73	%
Net									0.90			1.65			0.65
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									1.81	%		1.05	%		2.06	%
SEC30-day Yield – Subsidized									0.91			0.18			1.18
SEC30-day Yield – Unsubsidized									0.86			0.14			1.13

Fund Profile

Credit Quality (% of total investments)⁵

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance 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

TABS Municipal Bond Funds

July 31, 2019

Endnotes and Additional Disclosures

¹  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.

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

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement for TABS Intermediate-Term Municipal Bond Fund that continues through 5/31/20. 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.

⁴  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes 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 form 1099-DIV and provided to the shareholder shortly after each year-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in 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.

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

Fund profiles subject to change due to active management.

4

Eaton Vance

TABS Municipal Bond Funds

July 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 (February 1, 2019 – July 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 (2/1/19)		Ending Account Value (7/31/19)		Expenses Paid During Period* (2/1/19 – 7/31/19)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,026.30	$	4.47		0.89	%
Class C	$	1,000.00	$	1,023.50	$	8.23		1.64	%
Class I	$	1,000.00	$	1,027.60	$	3.22		0.64	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.40	$	4.46		0.89	%
Class C	$	1,000.00	$	1,016.70	$	8.20		1.64	%
Class I	$	1,000.00	$	1,021.60	$	3.21		0.64	%

* 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 181/365 (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 January 31, 2019.

5

Eaton Vance

TABS Municipal Bond Funds

July 31, 2019

Fund Expenses — continued

Eaton Vance TABS Intermediate-Term Municipal Bond Fund

	Beginning Account Value (2/1/19)		Ending Account Value (7/31/19)		Expenses Paid During Period* (2/1/19 – 7/31/19)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,042.80	$	4.56	**		0.90	%
Class C	$	1,000.00	$	1,038.90	$	8.34	**		1.65	%
Class I	$	1,000.00	$	1,044.00	$	3.29	**		0.65	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.30	$	4.51	**		0.90	%
Class C	$	1,000.00	$	1,016.60	$	8.25	**		1.65	%
Class I	$	1,000.00	$	1,021.60	$	3.26	**		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 181/365 (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 January 31, 2019.

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

6

Eaton Vance

TABS Short-Term Municipal Bond Fund

July 31, 2019

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 101.5%
Security	Principal Amount (000’s omitted)		Value
Education — 2.3%
Noblesville Multi-School Building Corp., IN, 5.00%, 7/15/22	$	3,075	$	3,360,729
Southwest Higher Education Authority, Inc., TX, (Southern Methodist University), 5.00%, 10/1/23		225		259,373
University of Texas, Prerefunded to 2/15/20, 5.00%, 8/15/23		2,975		3,037,981
			$	6,658,083
Electric Utilities — 1.6%
Denton, TX, Utility System Revenue, 5.00%, 12/1/26	$	1,000	$	1,241,510
Lakeland, FL, Energy System Revenue, 2.75%, 10/1/28		500		526,745
Seattle, WA, Municipal Light and Power Revenue, 1.89%, (SIFMA + 0.49%), 11/1/23 (Put Date), 11/1/46(1)		1,000		1,005,930
Southern California Public Power Authority, 5.00%, 7/1/26		860		923,047
Southern California Public Power Authority, 5.00%, 7/1/27		1,000		1,071,140
			$	4,768,372
Escrowed / Prerefunded — 8.0%
Fairfax County, VA, Prerefunded to 4/1/20, 4.00%, 4/1/23	$	500	$	509,460
Illinois Development Finance Authority, (Regency Park), Escrowed to Maturity, 0.00%, 7/15/23		5,000		4,733,600
Illinois Development Finance Authority, (Regency Park), Escrowed to Maturity, 0.00%, 7/15/25		5,750		5,254,350
Leander Independent School District, TX, (PSF Guaranteed), Prerefunded to 8/15/24, 0.00%, 8/15/49		33,580		7,907,083
Minnesota, Escrowed to Maturity, 4.00%, 8/1/19		55		55,000
St. Mary Hospital Authority, PA, (Catholic Health East), Prerefunded to 5/15/20, 5.00%, 11/15/22		5,000		5,152,550
			$	23,612,043
General Obligations — 38.1%
Beaverton School District No. 48J, Washington and Multnomah Counties, OR, 5.00%, 6/15/26	$	2,000	$	2,478,380
Birmingham, AL, 5.00%, 12/1/28		1,475		1,877,321
Brown County, WI, 4.00%, 11/1/21		620		642,816
California, 2.379%, (70% of 1 mo. USD LIBOR + 0.70%), 12/1/20 (Put Date), 12/1/28(1)		7,500		7,527,525
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/22		155		148,949
Clark County, NV, 5.00%, 12/1/27		2,500		3,179,875
Cleveland Heights-University Heights City School District, OH, 0.00%, 12/1/23		150		140,601
College Station, TX, 5.00%, 2/15/24		440		465,617
Columbia County, WI, 4.00%, 8/1/29		1,100		1,257,619
Cuyahoga County, OH, 4.00%, 12/1/37		2,000		2,048,820
Denton Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/24		3,000		2,784,960

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
El Dorado Union High School District, CA, 0.00%, 8/1/21	$	45	$	43,887
Fairfax County, VA, 4.00%, 4/1/23		500		509,950
Florida Board of Education, 4.00%, 6/1/26		3,000		3,220,920
Florida Board of Education, 5.00%, 6/1/22		830		857,307
Fort Worth Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/24		2,200		2,572,658
Fort Worth, TX, 5.00%, 3/1/28		1,130		1,430,049
Glasscock County Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/23		300		301,002
Guilford County, NC, Series 2010D, 5.00%, 8/1/19		10,190		10,190,000
Hawaii, 5.00%, 10/1/29		2,500		3,151,100
Hazelwood School District, MO, 4.00%, 3/1/28		3,550		4,064,359
Houston Community College System, TX, 5.00%, 2/15/27		3,500		3,693,865
Houston Independent School District, TX, 2.20% to 6/1/20 (Put Date), 6/1/39		2,000		2,015,140
Hutto Independent School District, TX, (PSF Guaranteed), 0.00%, 8/1/22		525		504,200
Illinois Community College District No. 525, 3.00%, 6/1/25		500		518,660
Johnston County, NC, 5.00%, 2/1/24		2,500		2,921,300
Joliet Community College District No. 525, IL, 4.00%, 6/1/26		2,080		2,233,546
Lake County Community College District No. 532, IL, 4.00%, 6/1/21		4,230		4,445,349
Leander Independent School District, TX, 0.00%, 8/15/20		3,000		2,959,680
Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/22		700		672,308
Manhattan Beach Unified School District, CA, (Election of 2016), 3.00%, 9/1/26		230		259,868
Manhattan Beach Unified School District, CA, (Election of 2016), 3.00%, 9/1/27		270		307,549
Massachusetts, 5.00%, 12/1/24		5,000		5,991,500
Miami-Dade County, FL, 5.00%, 7/1/26		1,000		1,238,180
Minnesota, 4.00%, 8/1/19		2,945		2,945,000
Montgomery County, MD, 5.00%, 12/1/27		5,000		5,951,700
MountainView-Los Altos Union High School District, CA, 0.00%, 8/1/23		945		899,791
MountainView-Los Altos Union High School District, CA, 0.00%, 8/1/24		900		842,337
New York, 5.00%, 8/1/26		1,000		1,244,190
Ohio, 5.00%, 6/15/27		2,500		2,835,125
Peralta Community College District, CA, 5.00%, 8/1/23		140		162,306
Poudre School District No.R-1, CO, 5.00%, 12/15/27		500		637,830
Rose Tree Media School District, PA, 5.00%, 4/1/27		1,000		1,217,510
Schaumburg, IL, 4.00%, 12/1/25		1,150		1,247,784
Springfield School District No. 19, OR, 5.00%, 6/15/30		1,180		1,401,580
Sugar Land, TX, 5.00%, 2/15/23		1,105		1,250,252
Tacoma Metropolitan Park District, WA, 4.00%, 12/1/29		1,090		1,298,048
Tennessee, 3.00%, 10/1/26		275		280,426
Travis County, TX, Limited Tax Obligations, 2.00%, 3/1/27		1,240		1,272,996

7 See Notes to Financial Statements.

Eaton Vance

TABS Short-Term Municipal Bond Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Upper Merion Area School District, PA, 2.30%, 2/15/24	$	725	$	725,573
Vistancia Community Facilities District, AZ, 5.00%, 7/15/21		610		631,301
Vistancia Community Facilities District, AZ, 5.00%, 7/15/25		1,350		1,395,441
West Chester Area School District, PA, 4.00%, 5/15/28		1,365		1,522,221
West Valley-Mission Community College District, CA, 5.00%, 8/1/25		300		369,462
Williamson County, TN, 4.00%, 4/1/28		1,000		1,157,250
Williamson County, TN, 5.00%, 4/1/25		3,475		4,196,479
Wilton, CT, 2.00%, 5/1/27		360		368,093
Wilton, CT, 2.00%, 5/1/28		220		223,857
Wylie Independent School District, TX, (PSF Guaranteed), 2.25% to 8/15/23, 8/15/41(2)(3)		1,000		1,002,320
			$	111,733,732
Hospital — 13.1%
Grand Traverse County Hospital Finance Authority, MI, (Munson Healthcare), 5.00%, 7/1/20	$	445	$	459,863
Indiana Finance Authority, (Community Foundation of Northwest Indiana Obligated Group), 5.00%, 9/1/25		650		779,304
Indiana Finance Authority, (Indiana University Health), 5.00%, 3/1/20		6,395		6,535,882
Maricopa County Industrial Development Authority, AZ, (Banner Health), 1.78%, (SIFMA + 0.38%), 10/18/22 (Put Date), 1/1/35(1)		1,000		1,001,750
Michigan Finance Authority, (McLaren Health Care), 5.00%, 2/15/28		1,000		1,259,920
Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 6/1/26		2,500		3,071,550
Missouri Health and Educational Facilities Authority, (Mercy Health), 5.00%, 6/1/27		3,500		4,389,035
New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/22		1,950		2,018,757
Utah County, UT, (IHC Health Services, Inc.), 5.00% to 8/1/24 (Put Date), 5/15/57		4,000		4,567,920
Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 5.00% to 1/31/24 (Put Date), 8/15/54		6,000		6,922,740
Wisconsin Health and Educational Facilities Authority, (Advocate Aurora Health Credit Group), 2.05%, (SIFMA + 0.65%), 7/31/24 (Put Date), 8/15/54(1)		2,200		2,208,712
Yavapai County Industrial Development Authority, AZ, (Northern Arizona Healthcare System), 5.00%, 10/1/19		3,630		3,652,760
Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/19		400		400,000
Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/20		1,130		1,172,443
			$	38,440,636

Security	Principal Amount (000’s omitted)		Value
Housing — 2.8%
FHLMC Multifamily VRD Certificates, (Liq: Freddie Mac), 1.63%, 6/15/35(4)	$	1,500	$	1,500,000
Minnesota Housing Finance Agency, 2.35%, 7/1/21		145		147,405
New York Housing Finance Agency, (Affordable Housing Corp.), 2.65%, 5/1/23		2,500		2,548,875
New York Housing Finance Agency, Green Bonds, 2.75%, 11/1/22		4,000		4,032,760
			$	8,229,040
Insured – General Obligations — 0.2%
Washington, (NPFG), 0.00%, 6/1/21	$	620	$	606,162
			$	606,162
Insured – Lease Revenue / Certificates of Participation — 0.1%
Conotton Valley Union Local School District, OH, (MAC), 5.00%, 12/1/26	$	300	$	359,226
			$	359,226
Insured – Water and Sewer — 0.2%
Harris County Municipal Utility District No. 374, TX, (BAM), 3.00%, 9/1/26	$	585	$	621,872
			$	621,872
Lease Revenue / Certificates of Participation — 6.8%
Colorado, (Building Excellent Schools Today), 5.00%, 3/15/27	$	3,275	$	4,097,811
Colorado, (Rural Colorado), 5.00%, 12/15/25		6,000		7,306,920
Malibu, CA, 5.00%, 11/1/38		275		277,475
Malibu, CA, 5.00%, 11/1/43		225		226,991
Malibu, CA, 5.00%, 11/1/48		375		378,252
Montgomery County, MD, (Metrorail Garage Projects), 5.00%, 6/1/20		610		629,764
Ohio, (Voting System Acquisition Project), 5.00%, 9/1/28		5,150		6,611,930
Volusia County School Board, FL, 5.00%, 8/1/21		325		349,703
			$	19,878,846
Other Revenue — 3.6%
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), 1.99%, (70% of 3 mo. USD LIBOR + 0.37%), 4/1/20 (Put Date), 4/1/38(1)	$	6,500	$	6,507,670
Johnson County Public Building Commission, KS, (Courthouse and Medical Examiner’s Facility), 5.00%, 9/1/25		3,325		4,057,631
			$	10,565,301

8 See Notes to Financial Statements.

Eaton Vance

TABS Short-Term Municipal Bond Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 4.2%
Central Puget Sound Regional Transit Authority, WA, Sales Tax and Motor Vehicle Tax Revenue, Green Bonds, 1.85%, (SIFMA + 0.45%), 11/1/23 (Put Date), 11/1/45(1)	$	1,000	$	1,000,630
Denver City and County, CO, Dedicated Tax Revenue, 0.00%, 8/1/29		200		156,716
Denver City and County, CO, Dedicated Tax Revenue, 0.00%, 8/1/30		400		300,216
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/28		5,770		6,996,067
Reno, NV, Sales Tax Revenue, 5.00%, 6/1/25		750		888,225
Sales Tax Asset Receivable Corp., 5.00%, 10/15/27		1,500		1,785,435
Westminster, CO, Sales & Use Tax, 5.00%, 12/1/19		1,135		1,149,812
			$	12,277,101
Transportation — 14.4%
Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/25	$	2,500	$	2,777,900
Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.173%, (70% of 3 mo. USD LIBOR + 0.55%), 4/1/21 (Put Date), 4/1/45(1)		10,000		10,024,900
E-470 Public Highway Authority, CO, 1.961%, (67% of 1 mo. USD LIBOR + 0.42%), 9/1/21 (Put Date), 9/1/39(1)		5,000		5,002,750
Illinois Toll Highway Authority, 5.00%, 1/1/27		3,000		3,681,360
Illinois Toll Highway Authority, 5.00%, 1/1/28		3,000		3,744,480
North Texas Tollway Authority, 2.07%, (SIFMA + 0.67%), 1/1/20 (Put Date), 1/1/38(1)		2,500		2,500,150
Pennsylvania Turnpike Commission, 2.10%, (SIFMA + 0.70%), 12/1/23(1)		3,000		3,019,080
South Carolina Transportation Infrastructure Bank, 2.05%, (67% of 1 mo. USD LIBOR + 0.45%), 10/1/22 (Put Date), 10/1/31(1)		11,500		11,527,255
			$	42,277,875
Water and Sewer — 6.1%
Charleston, SC, Waterworks and Sewer System Revenue, 1.953%, (70% of 1 mo. USD LIBOR + 0.37%), 1/1/22 (Put Date), 1/1/35(1)	$	5,000	$	5,007,050
Houston, TX, Combined Utility System Revenue, 1.946%, (70% of 1 mo. USD LIBOR + 0.36%), 8/1/21 (Put Date), 5/15/34(1)		3,500		3,502,415
Indianapolis, IN, Water System Revenue, 5.00%, 10/1/27		1,500		1,900,095
Kansas City, MO, Sanitary Sewer System Revenue, 5.00%, 1/1/25		500		599,900
Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 12/1/19		1,020		1,033,311
Oklahoma City Water Utilities Trust, OK, 4.00%, 7/1/25		1,000		1,106,520
Riverside, CA, Water System Revenue, 2.03%, (SIFMA + 0.63%), 1/15/20 (Put Date), 10/1/35(1)		870		870,687

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
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	$	2,574,050
Sanford, NC, Enterprise Systems Revenue, 5.00%, 6/1/27		605		760,201
Sanford, NC, Enterprise Systems Revenue, 5.00%, 6/1/29		305		397,470
Seattle, WA, Solid Waste Revenue, 5.00%, 8/1/19		175		175,000
			$	17,926,699
TotalTax-Exempt Municipal Securities — 101.5% (identified cost $288,489,630)			$	297,954,988
Taxable Municipal Securities — 1.2%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.2%
New York Environmental Facilities Corp., NY, 2.42%, 1/15/23	$	530	$	533,858
			$	533,858
Lease Revenue / Certificates of Participation — 0.3%
Oregon Department of Administrative Services, (Elliott State Forest), 3.169%, 5/1/26	$	1,000	$	1,046,020
			$	1,046,020
Special Tax Revenue — 0.7%
New York Urban Development Corp., Personal Income Tax Revenue, 3.20%, 3/15/22	$	900	$	920,295
Successor Agency to San Diego Redevelopment Agency, CA, 3.25%, 9/1/22		600		618,318
Successor Agency to San Diego Redevelopment Agency, CA, 3.375%, 9/1/23		450		469,877
			$	2,008,490
Total Taxable Municipal Securities — 1.2% (identified cost $3,497,614)			$	3,588,368
Total Investments — 102.7% (identified cost $291,987,244)			$	301,543,356
Other Assets, Less Liabilities — (2.7)%			$	(7,818,077	)
Net Assets — 100.0%			$	293,725,279

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

9 See Notes to Financial Statements.

Eaton Vance

TABS Short-Term Municipal Bond Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

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

Texas	13.6%
California	11.8%
Others, representing less than 10% individually	77.3%

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 July 31, 2019, 0.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agency. The aggregate percentage insured by an individual financial institution or a financial guaranty assurance agency ranged from 0.1% to 0.2% of total investments.

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

⁽²⁾ When-issued security.

⁽³⁾ Multi-step coupon security. Interest rate represents the rate in effect at July 31, 2019.

⁽⁴⁾ Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at July 31, 2019.

Abbreviations:

BAM	–	Build America Mutual Assurance Co.
FHLMC	–	Federal Home Loan Mortgage Corp.
LIBOR	–	London Interbank Offered Rate
Liq	–	Liquidity Provider
MAC	–	Municipal Assurance Corp.
NPFG	–	National Public Finance Guarantee Corp.
PSF	–	Permanent School Fund
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
USD	–	United States Dollar

10 See Notes to Financial Statements.

Eaton Vance

TABS Intermediate-Term Municipal Bond Fund

July 31, 2019

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 97.2%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 2.1%
Alaska Municipal Bond Bank Authority, 5.00%, 3/1/30	$	1,145	$	1,335,746
Texas Water Development Board, 4.00%, 10/15/34		2,445		2,799,060
Virginia Resources Authority, (Pooled Financing Program), 4.00%, 11/1/37		2,410		2,754,943
Virginia Resources Authority, (Pooled Financing Program), 4.00%, 11/1/38		2,290		2,609,959
			$	9,499,708
Education — 3.3%
Connecticut Health and Educational Facilities Authority, (Westminster School), 4.00%, 7/1/38	$	2,050	$	2,244,463
District of Columbia, (Georgetown University), 5.00%, 4/1/31		2,455		2,987,441
Nevada System of Higher Education, 5.00%, 7/1/23		500		572,040
New Jersey Educational Facilities Authority, (Princeton University), 4.00%, 7/1/27		590		666,204
South Dakota Health and Educational Facilities Authority, (Vocation Education Program), 5.00%, 8/1/27		1,200		1,432,776
University of North Carolina at Chapel Hill, 1.96%, (67% of 1 mo. USD LIBOR + 0.35%), 12/1/21 (Put Date), 12/1/41(1)		5,700		5,714,421
Virginia Commonwealth University, 4.00%, 11/1/32		1,285		1,486,822
			$	15,104,167
Electric Utilities — 4.1%
Municipal Electric Authority of Georgia, (Combined Cycle Project), 5.00%, 11/1/20	$	1,000	$	1,046,370
Nebraska Public Power District, 5.00%, 1/1/21		1,405		1,480,631
North Carolina Municipal Power Agency Number 1, (Catawba), 5.00%, 1/1/23		1,485		1,676,372
Omaha Public Power District, NE, Prerefunded to 2/1/22, 5.00%, 2/1/29		810		887,185
Pend Oreille County Public Utility District No. 1, WA, Green Bonds, 5.00%, 1/1/22		1,000		1,077,600
Pend Oreille County Public Utility District No. 1, WA, Green Bonds, 5.00%, 1/1/24		1,000		1,135,070
Springfield Electric System Revenue, IL, 5.00%, 3/1/27		3,000		3,506,550
Springfield Electric System Revenue, IL, 5.00%, 3/1/28		3,475		4,047,610
Springfield Electric System Revenue, IL, 5.00%, 3/1/29		3,325		3,859,494
			$	18,716,882
Escrowed / Prerefunded — 1.5%
Massachusetts Development Finance Agency, (Partners HealthCare System), Prerefunded to 7/1/21, 5.00%, 7/1/26	$	545	$	585,030

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
Metropolitan Transportation Authority, NY, Prerefunded to 5/15/23, 5.00%, 11/15/32	$	1,000	$	1,151,050
Nixa Public Schools, MO, (Refunding & Improvement - Direct Deposit Program), Prerefunded to 3/1/20, 5.00%, 3/1/31		505		516,423
North Olmsted City School District, OH, Prerefunded to 12/1/23, 5.00%, 12/1/32		1,000		1,164,480
Wisconsin Health and Educational Facilities Authority, (Ministry Health Care), Prerefunded to 8/15/22, 5.00%, 8/15/32		2,885		3,212,707
			$	6,629,690
General Obligations — 31.7%
Adams 12 Five Star Schools, CO, 5.00%, 12/15/28	$	5,000	$	6,221,000
Adams 12 Five Star Schools, CO, 5.00%, 12/15/30		5,000		6,167,350
Alvin Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/35		2,000		2,272,800
Alvin Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/36		2,090		2,366,883
Anchorage, AK, 5.00%, 9/1/28		1,835		2,211,065
Batavia, IL, 4.00%, 11/1/24		755		810,425
Beaverton School District No. 48J, Washington and Multnomah Counties, OR, 5.00%, 6/15/35		5,000		6,110,600
Beverly Hills Unified School District, CA, (Election of 2018), 3.00%, 8/1/37		6,765		6,937,102
California, 2.379%, (70% of 1 mo. USD LIBOR + 0.70%), 12/1/20 (Put Date), 12/1/28(1)		6,500		6,523,855
California, 5.00%, 8/1/28		2,000		2,601,200
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/36		1,035		622,076
Channahon, IL, 4.00%, 12/1/20		545		560,031
Cleveland Municipal School District, OH, 5.00%, 12/1/32		5,000		5,599,950
Columbus City School District, OH, 5.00%, 12/1/27		1,000		1,182,980
Crystal Lake, IL, 4.00%, 12/15/23		455		495,195
Dallas County, TX, 5.00%, 8/15/29		5,200		6,366,568
Dallas, TX, 5.00%, 2/15/29		5,000		5,726,100
Decatur, IL, 5.00%, 3/1/23		1,030		1,145,185
Douglas County School District No.RE-1, CO, 4.00%, 12/15/35		3,120		3,540,701
Edgewood City School District, OH, 5.25%, 12/1/33		4,500		5,131,710
Florida Board of Education, 5.00%, 6/1/28		5,000		6,048,200
Gladstone School District No. 115, Clackamas County, OR, 0.00%, 6/15/26		1,000		882,190
Glendale Unified School District, CA, 0.00%, 9/1/30		5,280		3,753,605
Greensboro, NC, 5.00%, 2/1/28		1,790		2,223,269
Homewood, AL, 5.00%, 9/1/32		1,070		1,286,161
King County, WA, 5.00%, 12/1/26		2,350		2,730,042
La Grange Park District, IL, 5.00%, 12/1/22		440		489,249

11 See Notes to Financial Statements.

Eaton Vance

TABS Intermediate-Term Municipal Bond Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Lakeland, FL, 5.00%, 10/1/31	$	1,860	$	2,179,381
Lawrence, KS, 2.00%, 5/1/21		3,000		3,017,340
Leander Independent School District, TX, 0.00%, 8/15/20		1,955		1,928,725
Leander Independent School District, TX, 0.00%, 8/15/23		1,000		941,420
Lincoln, MA, 4.00%, 3/1/33		2,285		2,666,252
Long Beach Unified School District, CA, (Election of 2008), 0.00%, 8/1/31		1,675		1,153,472
Long Beach Unified School District, CA, (Election of 2008), 0.00%, 8/1/32		1,500		983,370
Macomb County, MI, 4.00%, 5/1/24		1,000		1,126,250
Maine, 5.00%, 6/1/25		3,000		3,638,310
MountainView-Los Altos Union High School District, CA, 0.00%, 8/1/25		2,115		1,939,328
Neshaminy School District, PA, 4.00%, 11/1/26		660		729,604
New Hampshire, 4.00%, 12/1/32		2,385		2,768,413
New York, 5.00%, 2/15/20		1,210		1,236,935
North Charleston Sewer District, SC, 4.00%, 1/1/23		310		322,338
North East Independent School District, TX, (PSF Guaranteed), 4.00%, 8/1/36		760		868,209
North East Independent School District, TX, (PSF Guaranteed), 4.00%, 8/1/37		600		682,734
Oxnard Union High School District, CA, (Election of 2018), 5.00%, 8/1/35		1,650		1,987,441
Pennsylvania, 4.00%, 6/1/30		2,500		2,651,225
Port of Seattle, WA, Limited Tax General Obligation Bonds, 5.00%, 6/1/28		4,045		4,733,297
Round Lake Beach, IL, 4.00%, 12/15/21		435		461,013
Rowland Unified School District, CA, (Election of 2012), 0.00%, 8/1/33		2,735		1,631,756
San Francisco Bay Area Rapid Transit District, CA, 4.00%, 8/1/33		1,350		1,504,629
San Juan Unified School District, CA, (Election of 2012), 4.00%, 8/1/31		3,250		3,799,835
South Texas Community College District, 5.00%, 8/15/23		1,560		1,790,131
Tennessee, 5.00%, 9/1/29		1,800		2,124,882
Township High School District No. 204, IL, 4.25%, 12/15/22		1,230		1,341,155
Will County, IL, 4.00%, 11/15/36		2,750		2,997,087
Winnetka, IL, 4.00%, 12/15/23		300		317,745
Wylie Independent School District, TX, (PSF Guaranteed), 6.50%, 8/15/26		700		873,544
Zeeland Public Schools, MI, 5.00%, 5/1/24		1,000		1,153,720
			$	143,555,033
Hospital — 7.3%
Allen County, OH, (Catholic Health Partners), 5.00%, 5/1/21	$	765	$	811,810
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/33		1,000		1,222,610

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Carroll City-County Hospital Authority, GA, (Tanner Medical Center, Inc.), 5.00%, 7/1/34	$	2,660	$	3,081,397
Colorado Health Facilities Authority, (Vail Valley Medical Center), 5.00%, 1/15/35		3,150		3,665,214
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/31		2,500		2,805,150
Kansas Development Finance Authority, (Adventist Health System), 5.00%, 11/15/28		5,090		5,563,981
Maricopa County Industrial Development Authority, AZ, (Banner Health), 1.78%, (SIFMA + 0.38%), 10/18/22 (Put Date), 1/1/35(1)		1,000		1,001,750
Massachusetts Development Finance Agency, (Partners HealthCare System), 5.00%, 7/1/24		800		917,912
Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/35		355		383,148
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/24		215		243,350
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/27		2,005		2,262,542
North Carolina Medical Care Commission, (Rex Healthcare, Inc.), 5.00%, 7/1/33		545		628,227
Ohio, (Cleveland Clinic Health System), 1.80%, (SIFMA + 0.40%), 6/1/23 (Put Date), 1/1/52(1)		5,500		5,514,135
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 4.00%, 1/1/36		1,100		1,189,815
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/24		520		604,641
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30		600		698,622
Tarrant County Cultural Education Facilities Finance Corp., TX, (Methodist Hospitals of Dallas), 5.00%, 10/1/20		1,500		1,567,800
Yuma Industrial Development Authority, AZ, (Yuma Regional Medical Center), 5.00%, 8/1/22		1,000		1,101,490
			$	33,263,594
Housing — 1.1%
New York Housing Finance Agency, Green Bonds, 2.75%, 11/1/22	$	5,000	$	5,040,950
			$	5,040,950
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	$	1,070,329
			$	1,070,329

12 See Notes to Financial Statements.

Eaton Vance

TABS Intermediate-Term Municipal Bond Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations — 1.4%
Grossmont Union High School District, CA, (Election of 2008), (AGM), 0.00%, 8/1/33	$	3,535	$	2,086,003
San Mateo County Community College District, CA, (Election of 2005), (NPFG), 0.00%, 9/1/29		5,000		4,149,500
			$	6,235,503
Insured – Special Tax Revenue — 2.5%
Massachusetts School Building Authority, Dedicated Sales Tax Revenue, 5.00%, 5/15/33	$	2,000	$	2,258,520
Miami-Dade County, FL, Transit System Sales Surtax Revenue, 4.00%, 7/1/36		1,000		1,094,690
Miami-Dade County, FL, Transit System Sales Surtax Revenue, 4.00%, 7/1/36		4,000		4,505,240
New York City Transitional Finance Authority, NY, Future Tax Revenue, 5.00%, 11/1/31		3,220		3,597,384
			$	11,455,834
Insured – Water and Sewer — 0.8%
Massachusetts Water Resources Authority, (AGM), 5.50%, 8/1/20	$	1,870	$	1,952,916
Massachusetts Water Resources Authority, (AGM), Escrowed to Maturity, 5.50%, 8/1/20		80		83,514
Massachusetts Water Resources Authority, (AGM), Escrowed to Maturity, 5.50%, 8/1/20		50		52,171
Santa Fe, NM, Wastewater Utility System Revenue, Green Bonds, (BAM), 4.00%, 6/1/32		275		314,022
Santa Fe, NM, Wastewater Utility System Revenue, Green Bonds, (BAM), 4.00%, 6/1/34		225		254,457
Santa Fe, NM, Wastewater Utility System Revenue, Green Bonds, (BAM), 4.00%, 6/1/35		270		304,641
Santa Fe, NM, Wastewater Utility System Revenue, Green Bonds, (BAM), 4.00%, 6/1/36		255		286,725
Santa Fe, NM, Wastewater Utility System Revenue, Green Bonds, (BAM), 4.00%, 6/1/37		200		224,030
			$	3,472,476
Lease Revenue / Certificates of Participation — 4.1%
Charlotte, NC, (Convention Facility), 4.00%, 6/1/37	$	1,675	$	1,896,418
Cincinnati City School District, OH, 5.00%, 12/15/29		1,305		1,519,607
Michigan Strategic Fund, Limited Obligation Revenue, (Facility for Rare Isotope Beams), 5.00%, 3/1/22		750		821,460
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/26		1,410		1,695,638
Orange County School Board, FL, 5.00%, 8/1/26		4,300		5,314,413
Palo Alto, CA, (California Avenue Parking Garage), 5.00%, 11/1/36		1,295		1,623,153

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Palo Alto, CA, (California Avenue Parking Garage), 5.00%, 11/1/37	$	260	$	324,683
Palo Alto, CA, (California Avenue Parking Garage), 5.00%, 11/1/38		600		746,520
Palo Alto, CA, (California Avenue Parking Garage), 5.00%, 11/1/39		425		527,327
South Dakota Building Authority, 5.00%, 6/1/26		1,000		1,167,580
South Dakota Building Authority, 5.00%, 6/1/32		1,500		1,723,995
Virginia Public Building Authority, 4.00%, 8/1/35		1,000		1,152,170
			$	18,512,964
Other Revenue — 11.6%
Bexar County, TX, Motor Vehicle Rental Tax Revenue, 4.00%, 8/15/36	$	1,000	$	1,119,300
Black Belt Energy Gas District, AL, 4.00% to 12/1/25 (Put Date), 12/1/49		5,000		5,589,050
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), 2.012%, (70% of 1 mo. USD LIBOR + 0.33%), 4/1/22 (Put Date), 10/1/47(1)		5,000		5,008,700
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), 1.882%, (70% of 1 mo. USD LIBOR + 0.20%), 4/1/21 (Put Date), 10/1/47(1)		2,500		2,501,750
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/30		1,055		1,260,166
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/31		965		1,147,318
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/35		500		586,375
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/36		450		527,238
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 6/1/25 (Put Date), 12/1/49		5,000		5,538,750
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 12/1/33		2,425		3,010,710
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, (Liq: Royal Bank of Canada), 1.97%, (SIFMA + 0.57%), 8/1/48(1)		8,000		7,966,800
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, (Liq: Royal Bank of Canada), 4.00%, 4/1/48		5,000		5,462,100
Orange County, FL, Tourist Development Tax Revenue, 4.00%, 10/1/32		5,000		5,636,900
Tennergy Corp., TN, Gas Supply Revenue, 5.00% to 10/1/24 (Put Date), 2/1/50		6,000		6,957,120
			$	52,312,277

13 See Notes to Financial Statements.

Eaton Vance

TABS Intermediate-Term Municipal Bond Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care — 0.8%
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 3.03%, (70% of 1 mo. USD LIBOR + 1.35%), 5/1/21 (Put Date), 5/1/36(1)	$	2,500	$	2,507,750
North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/31		1,000		1,185,740
			$	3,693,490
Special Tax Revenue — 0.5%
Contra Costa Transportation Authority, CA, Sales Tax Revenue, 1.93%, (70% of 1 mo. USD LIBOR + 0.25%), 9/1/21 (Put Date), 3/1/34(1)	$	2,025	$	2,026,843
			$	2,026,843
Transportation — 17.6%
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/33	$	1,000	$	1,151,660
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/34		1,000		1,148,980
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/33		3,750		4,577,850
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/34		3,750		4,561,012
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/37		1,500		1,803,975
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.00%, 11/1/19		2,500		2,524,200
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/32		4,000		4,613,560
Delaware River and Bay Authority, DE, 5.00%, 1/1/21		1,000		1,053,540
E-470 Public Highway Authority, CO, 1.961%, (67% of 1 mo. USD LIBOR + 0.42%), 9/1/21 (Put Date), 9/1/39(1)		3,000		3,001,650
Florida Department of Transportation, 5.00%, 7/1/28		2,455		3,045,796
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25		1,000		1,199,980
Illinois Toll Highway Authority, 5.00%, 1/1/32		600		703,104
Illinois Toll Highway Authority, 5.00%, 1/1/33		1,300		1,521,910
Louisiana Transportation Authority, 5.00%, 8/15/30		1,885		2,142,340
Louisiana Transportation Authority, 5.00%, 8/15/31		1,230		1,396,370
Louisiana Transportation Authority, 5.00%, 8/15/32		1,090		1,236,060
Metropolitan Transportation Authority, NY, 2.43%, (67% of 1 mo. USD LIBOR + 0.82%), 2/1/22 (Put Date), 11/1/26(1)		7,500		7,546,125
Metropolitan Transportation Authority, NY, 5.00%, 11/15/27		3,500		4,320,505
North Carolina, Grant Anticipation Revenue Vehicle Bonds, 5.00%, 3/1/26		3,000		3,668,400
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/35		2,115		2,606,505
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/36		2,265		2,781,964
San Diego Association of Governments, CA,(Mid-Coast Corridor Transit), Green Bonds, 1.80%, 11/15/27(2)		1,000		1,007,420

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
South Carolina Transportation Infrastructure Bank, 2.05%, (67% of 1 mo. USD LIBOR + 0.45%), 10/1/22 (Put Date), 10/1/31(1)	$	18,500	$	18,543,845
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/34		3,000		3,694,950
			$	79,851,701
Water and Sewer — 6.6%
East Bay Municipal Utility District, CA, Water System Revenue, 5.00%, 6/1/30	$	3,870	$	4,730,030
Hamilton County, OH, Sewer System, 5.00%, 12/1/24		1,000		1,159,420
Hamilton County, OH, Sewer System, 5.00%, 12/1/28		2,210		2,549,191
Kansas City, MO, Sanitary Sewer System Revenue, 5.00%, 1/1/30		600		756,264
Lakeland, FL, Water and Wastewater Revenue, 5.00%, 10/1/26		470		508,653
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 4.00%, 6/15/36		6,000		6,891,360
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), Series DD, 5.00%, 6/15/35		5,500		6,371,915
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), Series EE, 5.00%, 6/15/35		1,155		1,307,691
Northeast Ohio Regional Sewer District, Prerefunded to 5/15/23, 5.00%, 11/15/38		1,000		1,143,020
Seattle, WA, Wastewater System Revenue, 4.00%, 4/1/35		2,055		2,276,098
Westmoreland County Municipal Authority, PA, Water and Sewer Revenue, Prerefunded to 8/15/23, 5.00%, 8/15/31		1,735		1,998,442
			$	29,692,084
TotalTax-Exempt Municipal Securities — 97.2% (identified cost $415,536,721)			$	440,133,525

14 See Notes to Financial Statements.

Eaton Vance

TABS Intermediate-Term Municipal Bond Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

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	$	534,910
Successor Agency to San Diego Redevelopment Agency, CA, 3.75%, 9/1/26		625		668,800
Total Taxable Municipal Securities — 0.2% (identified cost $1,121,720)			$	1,203,710
Total Investments — 97.4% (identified cost $416,658,441)			$	441,337,235
Other Assets, Less Liabilities — 2.6%			$	11,621,592
Net Assets — 100.0%			$	452,958,827

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

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

California	13.4%
Others, representing less than 10% individually	84.0%

The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at July 31, 2019, 2.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.2% to 0.9% of total investments.

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

⁽²⁾ When-issued security.

Abbreviations:

AGM	–	Assured Guaranty Municipal Corp.
BAM	–	Build America Mutual Assurance Co.
FGIC	–	Financial Guaranty Insurance Company
LIBOR	–	London Interbank Offered Rate
Liq	–	Liquidity Provider
NPFG	–	National Public Finance Guarantee Corp.
PSF	–	Permanent School Fund
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index
USD	–	United States Dollar

15 See Notes to Financial Statements.

Eaton Vance

TABS Municipal Bond Funds

July 31, 2019

Statements of Assets and Liabilities (Unaudited)

	July 31, 2019
Assets	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Investments —
Identified cost	$	291,987,244	$	416,658,441
Unrealized appreciation		9,556,112		24,678,794
Investments, at value	$	301,543,356	$	441,337,235
Cash	$	33,844	$	12,637,234
Interest receivable		2,586,551		3,622,010
Receivable for Fund shares sold		725,662		556,029
Receivable from affiliate		—		18,725
Total assets	$	304,889,413	$	458,171,233
Liabilities
Demand note payable	$	9,600,000	$	—
Payable for investments purchased		—		3,023,723
Payable for when-issued securities		1,000,000		1,000,000
Payable for Fund shares redeemed		170,941		390,478
Distributions payable		113,613		407,695
Payable to affiliates:
Investment adviser and administration fee		128,843		229,118
Distribution and service fees		50,506		30,718
Accrued expenses		100,231		130,674
Total liabilities	$	11,164,134	$	5,212,406
Net Assets	$	293,725,279	$	452,958,827
Sources of Net Assets
Paid-in capital	$	285,030,967	$	428,190,986
Distributable earnings		8,694,312		24,767,841
Net Assets	$	293,725,279	$	452,958,827
Class A Shares
Net Assets	$	110,623,752	$	50,281,902
Shares Outstanding		10,495,239		3,988,017
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.54	$	12.61
Maximum Offering Price Per Share
(100 ÷ 97.75 of net asset value per share)	$	10.78	$	12.90
Class C Shares
Net Assets	$	29,871,275	$	22,534,766
Shares Outstanding		2,840,601		1,787,709
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	10.52	$	12.61
Class I Shares
Net Assets	$	153,230,252	$	380,142,159
Shares Outstanding		14,533,031		30,120,249
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.54	$	12.62

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.

16 See Notes to Financial Statements.

Eaton Vance

TABS Municipal Bond Funds

July 31, 2019

Statements of Operations (Unaudited)

	Six Months Ended July 31, 2019
Investment Income	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Interest	$	3,821,869	$	6,189,707
Total investment income	$	3,821,869	$	6,189,707
Expenses
Investment adviser and administration fee	$	807,684	$	1,300,141
Distribution and service fees
Class A		136,395		55,123
Class C		169,132		120,056
Trustees’ fees and expenses		7,719		11,226
Custodian fee		40,100		54,228
Transfer and dividend disbursing agent fees		53,778		114,911
Legal and accounting services		28,073		28,175
Printing and postage		10,008		14,509
Registration fees		25,159		41,097
Miscellaneous		12,957		12,742
Total expenses	$	1,291,005	$	1,752,208
Deduct —
Allocation of expenses to affiliate	$	—	$	167,372
Total expense reductions	$	—	$	167,372
Net expenses	$	1,291,005	$	1,584,836
Net investment income	$	2,530,864	$	4,604,871
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	1,121,952	$	3,987,410
Net realized gain	$	1,121,952	$	3,987,410
Change in unrealized appreciation (depreciation) —
Investments	$	4,626,492	$	10,041,397
Net change in unrealized appreciation (depreciation)	$	4,626,492	$	10,041,397
Net realized and unrealized gain	$	5,748,444	$	14,028,807
Net increase in net assets from operations	$	8,279,308	$	18,633,678

17 See Notes to Financial Statements.

Eaton Vance

TABS Municipal Bond Funds

July 31, 2019

Statements of Changes in Net Assets

	Six Months Ended July 31, 2019 (Unaudited)
Increase (Decrease) in Net Assets	Short-Term Municipal Bond Fund			Intermediate-Term Municipal Bond Fund
From operations —
Net investment income	$	2,530,864		$	4,604,871
Net realized gain		1,121,952			3,987,410
Net change in unrealized appreciation (depreciation)		4,626,492			10,041,397
Net increase in net assets from operations	$	8,279,308		$	18,633,678
Distributions to shareholders —
Class A	$	(861,628	)	$	(431,203	)
Class C		(140,010	)		(144,813	)
Class I		(1,506,040	)		(4,025,818	)
Total distributions to shareholders	$	(2,507,678	)	$	(4,601,834	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	4,922,830		$	10,617,973
Class C		562,878			1,219,177
Class I		19,787,669			54,462,740
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		753,025			260,070
Class C		117,061			58,223
Class I		911,347			1,772,538
Cost of shares redeemed
Class A		(11,688,285	)		(4,789,675	)
Class C		(6,338,627	)		(3,924,277	)
Class I		(35,239,370	)		(84,567,118	)
Net asset value of shares converted
Class A		931,137			51,578
Class C		(931,137	)		(51,578	)
Net decrease in net assets from Fund share transactions	$	(26,211,472	)	$	(24,890,349	)
Net decrease in net assets	$	(20,439,842	)	$	(10,858,505	)
Net Assets
At beginning of period	$	314,165,121		$	463,817,332
At end of period	$	293,725,279		$	452,958,827

18 See Notes to Financial Statements.

Eaton Vance

TABS Municipal Bond Funds

July 31, 2019

Statements of Changes in Net Assets – continued

	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 —
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

19 See Notes to Financial Statements.

Eaton Vance

TABS Municipal Bond Funds

July 31, 2019

Financial Highlights

	Short-Term Municipal Bond Fund — Class A
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.350		$	10.300		$	10.370		$	10.690		$	10.740		$	10.580
Income (Loss) From Operations
Net investment income	$	0.082	(1)	$	0.154	(1)	$	0.149		$	0.130		$	0.134		$	0.122
Net realized and unrealized gain (loss)		0.190			0.049			(0.074	)		(0.254	)		0.011	(2)		0.173
Total income (loss) from operations	$	0.272		$	0.203		$	0.075		$	(0.124	)	$	0.145		$	0.295
Less Distributions
From net investment income	$	(0.082	)	$	(0.153	)	$	(0.145	)	$	(0.128	)	$	(0.133	)	$	(0.119	)
From net realized gain		—			—			—			(0.068	)		(0.062	)		(0.016	)
Total distributions	$	(0.082	)	$	(0.153	)	$	(0.145	)	$	(0.196	)	$	(0.195	)	$	(0.135	)
Net asset value — End of period	$	10.540		$	10.350		$	10.300		$	10.370		$	10.690		$	10.740
Total Return(3)		2.63	%(4)		2.00	%		0.71	%		(1.18	)%		1.38	%		2.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	110,624		$	113,654		$	149,651		$	199,916		$	227,242		$	243,950
Ratios (as a percentage of average daily net assets):
Expenses		0.89	%(5)		0.91	%		0.90	%		0.90	%		0.89	%(6)		0.90	%(6)
Net investment income		1.59	%(5)		1.50	%		1.39	%		1.21	%		1.26	%		1.12	%
Portfolio Turnover		20	%(4)		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⁾ Not annualized.

⁽⁵⁾ Annualized.

⁽⁶⁾ 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.

20 See Notes to Financial Statements.

Eaton Vance

TABS Municipal Bond Funds

July 31, 2019

Financial Highlights — continued

	Short-Term Municipal Bond Fund — Class C
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.320		$	10.270		$	10.340		$	10.660		$	10.720		$	10.560
Income (Loss) From Operations
Net investment income(1)	$	0.044		$	0.077		$	0.067		$	0.049		$	0.054		$	0.040
Net realized and unrealized gain (loss)		0.199			0.049			(0.071	)		(0.253	)		0.001	(2)		0.175
Total income (loss) from operations	$	0.243		$	0.126		$	(0.004	)	$	(0.204	)	$	0.055		$	0.215
Less Distributions
From net investment income	$	(0.043	)	$	(0.076	)	$	(0.066	)	$	(0.048	)	$	(0.053	)	$	(0.039	)
From net realized gain		—			—			—			(0.068	)		(0.062	)		(0.016	)
Total distributions	$	(0.043	)	$	(0.076	)	$	(0.066	)	$	(0.116	)	$	(0.115	)	$	(0.055	)
Net asset value — End of period	$	10.520		$	10.320		$	10.270		$	10.340		$	10.660		$	10.720
Total Return(3)		2.35	%(4)		1.24	%		(0.04	)%		(1.92	)%		0.53	%		2.04	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	29,871		$	35,832		$	52,079		$	69,622		$	85,043		$	106,273
Ratios (as a percentage of average daily net assets):
Expenses		1.64	%(5)		1.66	%		1.65	%		1.65	%		1.65	%(6)		1.65	%(6)
Net investment income		0.84	%(5)		0.75	%		0.64	%		0.46	%		0.51	%		0.37	%
Portfolio Turnover		20	%(4)		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⁾ Not annualized.

⁽⁵⁾ Annualized.

⁽⁶⁾ 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.

21 See Notes to Financial Statements.

Eaton Vance

TABS Municipal Bond Funds

July 31, 2019

Financial Highlights — continued

	Short-Term Municipal Bond Fund — Class I
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	10.350		$	10.300		$	10.370		$	10.690		$	10.750		$	10.590
Income (Loss) From Operations
Net investment income	$	0.097		$	0.181		$	0.172		$	0.156		$	0.161		$	0.145
Net realized and unrealized gain (loss)		0.188			0.048			(0.071	)		(0.253	)		0.001	(1)		0.177
Total income (loss) from operations	$	0.285		$	0.229		$	0.101		$	(0.097	)	$	0.162		$	0.322
Less Distributions
From net investment income	$	(0.095	)	$	(0.179	)	$	(0.171	)	$	(0.155	)	$	(0.160	)	$	(0.146	)
From net realized gain		—			—			—			(0.068	)		(0.062	)		(0.016	)
Total distributions	$	(0.095	)	$	(0.179	)	$	(0.171	)	$	(0.223	)	$	(0.222	)	$	(0.162	)
Net asset value — End of period	$	10.540		$	10.350		$	10.300		$	10.370		$	10.690		$	10.750
Total Return(2)		2.76	%(3)		2.25	%		0.96	%		(0.93	)%		1.54	%		3.06	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	153,230		$	164,679		$	179,156		$	204,247		$	217,956		$	242,029
Ratios (as a percentage of average daily net assets):
Expenses		0.64	%(4)		0.66	%		0.65	%		0.65	%		0.64	%(5)		0.65	%(5)
Net investment income		1.84	%(4)		1.75	%		1.64	%		1.46	%		1.51	%		1.37	%
Portfolio Turnover		20	%(3)		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⁾ Not annualized.

⁽⁴⁾ Annualized.

⁽⁵⁾ 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.

22 See Notes to Financial Statements.

Eaton Vance

TABS Municipal Bond Funds

July 31, 2019

Financial Highlights — continued

	Intermediate-Term Municipal Bond Fund — Class A
	Six Months Ended July 31, 2019 (Unaudited)				Year Ended January 31,
					2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	12.210			$	12.160		$	12.070		$	12.430		$	12.320		$	11.600
Income (Loss) From Operations
Net investment income	$	0.120			$	0.235		$	0.227		$	0.197		$	0.199		$	0.191
Net realized and unrealized gain (loss)		0.400				0.050			0.090			(0.353	)		0.110			0.720
Total income (loss) from operations	$	0.520			$	0.285		$	0.317		$	(0.156	)	$	0.309		$	0.911
Less Distributions
From net investment income	$	(0.120	)		$	(0.235	)	$	(0.227	)	$	(0.196	)	$	(0.199	)	$	(0.191	)
From net realized gain		—				—			—			(0.008	)		—			—
Total distributions	$	(0.120	)	��	$	(0.235	)	$	(0.227	)	$	(0.204	)	$	(0.199	)	$	(0.191	)
Net asset value — End of period	$	12.610			$	12.210		$	12.160		$	12.070		$	12.430		$	12.320
Total Return(1)(2)		4.28	%(3)			2.38	%		2.62	%		(1.29	)%		2.57	%		7.91	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	50,282			$	42,715		$	48,494		$	57,262		$	61,227		$	58,616
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.90	%(4)			0.90	%		0.90	%		0.90	%		0.90	%(5)		0.92	%(5)
Net investment income		1.95	%(4)			1.95	%		1.85	%		1.57	%		1.65	%		1.60	%
Portfolio Turnover		34	%(3)			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%, 0.08%, 0.07%, 0.07%, 0.09% and 0.08% of average daily net assets for the six months ended July 31, 2019 and the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾ Not annualized.

⁽⁴⁾ Annualized.

⁽⁵⁾ 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

July 31, 2019

Financial Highlights — continued

	Intermediate-Term Municipal Bond Fund — Class C
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	12.210		$	12.160		$	12.060		$	12.430		$	12.310		$	11.600
Income (Loss) From Operations
Net investment income	$	0.073		$	0.143		$	0.134		$	0.101		$	0.109		$	0.102
Net realized and unrealized gain (loss)		0.401			0.051			0.101			(0.361	)		0.120			0.709
Total income (loss) from operations	$	0.474		$	0.194		$	0.235		$	(0.260	)	$	0.229		$	0.811
Less Distributions
From net investment income	$	(0.074	)	$	(0.144	)	$	(0.135	)	$	(0.102	)	$	(0.109	)	$	(0.101	)
From net realized gain		—			—			—			(0.008	)		—			—
Total distributions	$	(0.074	)	$	(0.144	)	$	(0.135	)	$	(0.110	)	$	(0.109	)	$	(0.101	)
Net asset value — End of period	$	12.610		$	12.210		$	12.160		$	12.060		$	12.430		$	12.310
Total Return(1)(2)		3.89	%(3)		1.61	%		1.94	%		(2.11	)%		1.88	%		7.02	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	22,535		$	24,456		$	29,221		$	34,920		$	38,737		$	37,435
Ratios (as a percentage of average daily net assets):
Expenses(2)		1.65	%(4)		1.65	%		1.65	%		1.65	%		1.65	%(5)		1.67	%(5)
Net investment income		1.21	%(4)		1.20	%		1.10	%		0.82	%		0.90	%		0.85	%
Portfolio Turnover		34	%(3)		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%, 0.08%, 0.07%, 0.07%, 0.09% and 0.08% of average daily net assets for the six months ended July 31, 2019 and the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾ Not annualized.

⁽⁴⁾ Annualized.

⁽⁵⁾ 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

July 31, 2019

Financial Highlights — continued

	Intermediate-Term Municipal Bond Fund — Class I
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	12.220		$	12.180		$	12.080		$	12.440		$	12.330		$	11.610
Income (Loss) From Operations
Net investment income	$	0.137		$	0.265		$	0.258		$	0.227		$	0.230		$	0.221
Net realized and unrealized gain (loss)		0.399			0.040			0.100			(0.352	)		0.110			0.720
Total income (loss) from operations	$	0.536		$	0.305		$	0.358		$	(0.125	)	$	0.340		$	0.941
Less Distributions
From net investment income	$	(0.136	)	$	(0.265	)	$	(0.258	)	$	(0.227	)	$	(0.230	)	$	(0.221	)
From net realized gain		—			—			—			(0.008	)		—			—
Total distributions	$	(0.136	)	$	(0.265	)	$	(0.258	)	$	(0.235	)	$	(0.230	)	$	(0.221	)
Net asset value — End of period	$	12.620		$	12.220		$	12.180		$	12.080		$	12.440		$	12.330
Total Return(1)(2)		4.40	%(3)		2.63	%		2.87	%		(1.04	)%		2.82	%		8.17	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	380,142		$	396,647		$	413,436		$	434,942		$	347,631		$	273,125
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.65	%(4)		0.65	%		0.65	%		0.65	%		0.65	%(5)		0.67	%(5)
Net investment income		2.21	%(4)		2.19	%		2.10	%		1.82	%		1.90	%		1.84	%
Portfolio Turnover		34	%(3)		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%, 0.08%, 0.07%, 0.07%, 0.09% and 0.08% of average daily net assets for the six months ended July 31, 2019 and the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾ Not annualized.

⁽⁴⁾ Annualized.

⁽⁵⁾ 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

July 31, 2019

Notes to Financial Statements (Unaudited)

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 anopen-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 seekafter-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 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 are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

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

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

C  Federal Taxes — Each Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, 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. Each Fund intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments innon-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 July 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 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  Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.

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

26

Eaton Vance

TABS Municipal Bond Funds

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

G  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the 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 theBy-laws provide that the Trust shall assume, upon request by the shareholders, 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, 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 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.

I  Interim Financial Statements — The interim financial statements relating to July 31, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

The net investment income of 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 topaid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

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	$	—

27

Eaton Vance

TABS Municipal Bond Funds

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

The cost and unrealized appreciation (depreciation) of investments of each Fund at July 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	$	291,938,654	$	416,636,637
Gross unrealized appreciation	$	9,604,702	$	24,703,705
Gross unrealized depreciation		—		(3,107	)
Net unrealized appreciation	$	9,604,702	$	24,700,598

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		0.50	%*		0.60	%
$500 million up to $1 billion		0.49	%*		0.60	%

* Pursuant to a fee reduction agreement effective May 1, 2019 between the Trust on behalf of Short-Term Municipal Bond Fund and EVM. Prior to May 1, 2019, the annual investment adviser and administration fee rate for Short-Term Municipal Bond Fund was 0.55% on Daily Net Assets up to $500 million and 0.54% on Daily Net Assets from $500 million but less than $1 billion.

On average daily net assets of $1 billion or more, the rates are reduced.

For the six months ended July 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	$	807,684		$	1,300,141
Effective Annual Rate		0.53	%		0.60	%

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, 2020. Pursuant to this agreement, EVM was allocated $167,372 of Intermediate-Term Municipal Bond Fund’s operating expenses for the six months ended July 31, 2019.

EVM providessub-transfer agency and related services to the Funds pursuant to aSub-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).

28

Eaton Vance

TABS Municipal Bond Funds

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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 six months ended July 31, 2019 were as follows:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
EVM’sSub-Transfer Agent Fees	$	2,910	$	1,830
EVD’s Class A Sales Charges	$	86	$	1,460

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 six months ended July 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 Rule12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended July 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	$	136,395	$	55,123

Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule12b-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 six months ended July 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	$	126,849	$	90,042

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 six months ended July 31, 2019 amounted to the following:

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Class C Service Fees	$	42,283	$	30,014

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

29

Eaton Vance

TABS Municipal Bond Funds

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended July 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	$	200	$	—

6  Purchases and Sales of Investments

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

	Short-Term Municipal Bond Fund		Intermediate-Term Municipal Bond Fund
Purchases	$	60,581,709	$	146,700,714
Sales	$	66,702,259	$	177,565,236

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
	Six Months Ended July 31, 2019 (Unaudited)
	Class A			Class C			Class I
Sales		469,400			54,193			1,900,172
Issued to shareholders electing to receive payments of distributions in Fund shares		72,083			11,235			87,194
Redemptions		(1,121,250	)		(607,162	)		(3,368,186	)
Converted from Class C shares		89,049			—			—
Converted to Class A shares		—			(89,229	)		—
Net decrease		(490,718	)		(630,963	)		(1,380,820	)
	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	)

30

Eaton Vance

TABS Municipal Bond Funds

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

Intermediate-Term Municipal Bond Fund
	Six Months Ended July 31, 2019 (Unaudited)
	Class A			Class C			Class I
Sales		850,645			98,512			4,395,292
Issued to shareholders electing to receive payments of distributions in Fund shares		20,911			4,686			142,369
Redemptions		(386,018	)		(314,809	)		(6,872,233	)
Converted from Class C shares		4,172			—			—
Converted to Class A shares		—			(4,172	)		—
Net increase (decrease)		489,710			(215,783	)		(2,334,572	)
	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	)

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. At July 31, 2019, Short-Term Municipal Bond Fund had a balance outstanding pursuant to this line of credit of $9,600,000 at an interest rate of 3.40%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at July 31, 2019. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 9) at July 31, 2019. Short-Term Municipal Bond Fund’s average borrowings or allocated fees during the six months ended July 31, 2019 were not significant. Intermediate-Term Municipal Bond Fund did not have any significant borrowings or allocated fees during the six months ended July 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.

31

Eaton Vance

TABS Municipal Bond Funds

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

At July 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	$	—	$	297,954,988	$	—	$	297,954,988
Taxable Municipal Securities		—		3,588,368		—		3,588,368
Total Investments	$	—	$	301,543,356	$	—	$	301,543,356
Intermediate-Term Municipal Bond Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	440,133,525	$	—	$	440,133,525
Taxable Municipal Securities		—		1,203,710		—		1,203,710
Total Investments	$	—	$	441,337,235	$	—	$	441,337,235

32

Eaton Vance

TABS Municipal Bond Funds

July 31, 2019

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

At a meeting held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory andsub-advisory agreements for each of the Eaton Vance Funds for an additionalone-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser andsub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory andsub-advisory agreements.

Among other things, the information the Board considered included the following (for funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and related fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

• Data regarding investment performance relative to benchmark indices and, in certain instances, to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser andsub-adviser (where applicable) to each fund in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser andsub-adviser (where applicable) to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser andsub-adviser (where applicable and in the context of asub-adviser with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser andsub-adviser (where applicable and in the context of asub-adviser with trading responsibilities) to each fund as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser andSub-adviser

• Reports detailing the financial results and condition of the adviser andsub-adviser (where applicable) to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, if applicable;

• The Code of Ethics of the adviser and its affiliates and thesub-adviser (where applicable) of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and thesub-adviser (where applicable) of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and thesub-adviser (where applicable) of each fund, if any;

33

Eaton Vance

TABS Municipal Bond Funds

July 31, 2019

Board of Trustees’ Contract Approval — continued

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight ofsub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

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

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

• The terms of each investment advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers andsub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fundsub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory andsub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory andsub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory andsub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory andsub-advisory agreement. In evaluating each investment advisory andsub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser andsub-adviser (where applicable) to each of the Eaton Vance Funds.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreements between each of Eaton Vance TABS Intermediate-Term Municipal Bond Fund and Eaton Vance TABS Short-Term Municipal Bond Fund (together, the “Funds”) and Eaton Vance Management (the “Adviser”), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for each Fund.

Nature, Extent and Quality of Services

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

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Funds. In particular, the Board considered the abilities and experience of the Adviser’s investment professionals in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds, Treasury securities and other securities backed by the U.S. government or its agencies. The Board considered the Adviser’stax-advantaged bond strategies and municipal research groups involved in managing the Funds and other funds and accounts that invest primarily in municipal bonds and employ atax-advantaged bond strategy. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including each Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Funds, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Funds.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

34

Eaton Vance

TABS Municipal Bond Funds

July 31, 2019

Board of Trustees’ Contract Approval — continued

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

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

Fund Performance

The Board compared each Fund’s investment performance to that of comparable funds and appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Eaton Vance TABS Intermediate-Term Municipal Bond Fund for theone-, three- and five-year periods ended September 30, 2018. In this regard, the Board noted that the performance of the Fund was consistent with the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary and secondary benchmark indexes for the three-year period. The Board’s review also included comparative performance data with respect to the Eaton Vance TABS Short-Term Municipal Bond Fund for theone-, three-, five- andten-year periods ended September 30, 2018. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary and secondary benchmark indexes for the three-year period. With respect to the Eaton Vance TABS Intermediate-Term Municipal Bond Fund, the Board concluded that the performance of the Fund was satisfactory. With respect to the Eaton Vance TABS Short-Term Municipal Bond Fund, on the basis of the foregoing, the performance of the Fund over other periods, and other relevant information provided by the Adviser in response to inquiries from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered each Fund’s management fees and total expense ratio for the one-year period ended September 30, 2018, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain Fund specific factors that had an impact on each Fund’s total expense ratio relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee. The Board considered the fact that, following discussions with the Contract Review Committee, the Adviser committed to permanently reduce fees of the Eaton Vance TABS Short-Term Municipal Bond Fund in an agreed upon amount, such reduction to be effective May 1, 2019.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisoryand related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to each Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Funds, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Funds and other investment advisory clients.

Economies of Scale

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

35

Eaton Vance

TABS Municipal Bond Funds

July 31, 2019

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

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

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 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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise.If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The FormN-PORT 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.

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.

37

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617)482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800)262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7786    7.31.19

Eaton Vance

TABS Laddered Municipal Bond Funds

Semiannual Report

July 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 intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call1-800-262-1122.

Semiannual ReportJuly 31, 2019

Eaton Vance

TABS Laddered Municipal Bond Funds

Table of Contents

Performance and Fund Profile
TABS1-to-10 Year Laddered Municipal Bond Fund	2
TABS10-to-20 Year Laddered Municipal Bond Fund	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	7
Board of Trustees’ Contract Approval	30
Officers and Trustees	33
Important Notices	34

Eaton Vance

TABS1-to-10 Year Laddered Municipal Bond Fund

July 31, 2019

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date			Six Months			One Year			Five Years			Since Inception
Class A at NAV		05/04/2015		05/04/2015			3.34	%		5.01	%		—			2.46	%
Class A with 4.75% Maximum Sales Charge		—		—			–1.56			–0.01			—			1.29
Class C at NAV		05/04/2015		05/04/2015			2.96			4.23			—			1.70
Class C with 1% Maximum Sales Charge		—		—			1.96			3.23			—			1.70
Class I at NAV		05/04/2015		05/04/2015			3.47			5.27			—			2.74
Bloomberg Barclays Short-Intermediate 1–10 Year Municipal Bond Index		—		—	��		3.49	%		5.50	%		2.41	%		2.49	%
% Total Annual Operating Expense Ratios3									Class A			Class C			Class I
Gross										0.85	%		1.60	%		0.60	%
Net										0.65			1.40			0.40
% Distribution Rates/Yields4									Class A			Class C			Class I
Distribution Rate										1.63	%		0.88	%		1.88	%
SEC30-day Yield – Subsidized										1.07			0.38			1.37
SEC30-day Yield – Unsubsidized										0.67			–0.05			0.95

Fund Profile

Credit Quality (% of total investments)⁵

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance 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

TABS10-to-20 Year Laddered Municipal Bond Fund

July 31, 2019

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		05/04/2015		05/04/2015		6.69	%		9.24	%		—			5.25	%
Class A with 4.75% Maximum Sales Charge		—		—		1.59			4.08			—			4.04
Class C at NAV		05/04/2015		05/04/2015		6.29			8.42			—			4.48
Class C with 1% Maximum Sales Charge		—		—		5.29			7.42			—			4.48
Class I at NAV		05/04/2015		05/04/2015		6.83			9.41			—			5.52
Bloomberg Barclays 15 Year Municipal Bond Index		—		—		6.08	%		8.82	%		4.63	%		4.60	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									1.90	%		2.65	%		1.65	%
Net									0.65			1.40			0.40
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									2.52	%		1.77	%		2.78	%
SEC30-day Yield – Subsidized									1.65			0.99			1.99
SEC30-day Yield – Unsubsidized									–0.40			–1.28			–0.27

Fund Profile

Credit Quality (% of total investments)⁵

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance 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

TABS Laddered Municipal Bond Funds

July 31, 2019

Endnotes and Additional Disclosures

¹  Bloomberg Barclays Short-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.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales 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.

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/20. 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.

⁴  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes 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.

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

Fund profiles subject to change due to active management.

4

Eaton Vance

TABS Laddered Municipal Bond Funds

July 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 (February 1, 2019 – July 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 TABS1-to-10 Year Laddered Municipal Bond Fund

	Beginning Account Value (2/1/19)		Ending Account Value (7/31/19)		Expenses Paid During Period* (2/1/19 – 7/31/19)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,033.40	$	3.28	**		0.65	%
Class C	$	1,000.00	$	1,029.60	$	7.05	**		1.40	%
Class I	$	1,000.00	$	1,034.70	$	2.02	**		0.40	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.60	$	3.26	**		0.65	%
Class C	$	1,000.00	$	1,017.90	$	7.00	**		1.40	%
Class I	$	1,000.00	$	1,022.80	$	2.01	**		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 181/365 (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 January 31, 2019.

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

5

Eaton Vance

TABS Laddered Municipal Bond Funds

July 31, 2019

Fund Expenses — continued

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

	Beginning Account Value (2/1/19)		Ending Account Value (7/31/19)		Expenses Paid During Period* (2/1/19 – 7/31/19)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,066.90	$	3.33	**		0.65	%
Class C	$	1,000.00	$	1,062.90	$	7.16	**		1.40	%
Class I	$	1,000.00	$	1,068.30	$	2.05	**		0.40	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.60	$	3.26	**		0.65	%
Class C	$	1,000.00	$	1,017.90	$	7.00	**		1.40	%
Class I	$	1,000.00	$	1,022.80	$	2.01	**		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 181/365 (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 January 31, 2019.

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

6

Eaton Vance

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2019

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 96.5%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.1%
North Dakota Public Finance Authority, 5.00%, 10/1/19	$	35	$	35,219
			$	35,219
Education — 4.4%
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/20	$	325	$	339,027
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/21		150		161,733
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/23		125		142,947
Kershaw County Public Schools Foundation, SC, 5.00%, 12/1/19		100		101,285
Michigan State University, (SPA: Royal Bank of Canada), 1.40%, 8/15/30(1)		1,000		1,000,000
Southcentral Pennsylvania General Authority, (York College of Pennsylvania), 5.00%, 11/1/24		250		292,235
UCF Stadium Corp., FL, 5.00%, 3/1/21		150		158,994
UCF Stadium Corp., FL, 5.00%, 3/1/23		250		282,135
West Clark 2000 School Building Corp., IN, 5.00%, 1/15/23		100		112,630
			$	2,590,986
Electric Utilities — 3.8%
Pend Oreille County Public Utility District No. 1, WA, Green Bonds, 5.00%, 1/1/22	$	200	$	215,520
Pend Oreille County Public Utility District No. 1, WA, Green Bonds, 5.00%, 1/1/23		780		863,631
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 4.00%, 6/1/23		175		194,770
San Antonio, TX, Electric and Gas Systems, 3.00% to 12/1/19 (Put Date), 12/1/45		225		226,231
San Antonio, TX, Electric and Gas Systems, 3.00% to 12/1/20 (Put Date), 12/1/45		250		255,485
Springfield, IL, Electric System Revenue, 5.00%, 3/1/21		200		211,310
Springfield, IL, Electric System Revenue, 5.00%, 3/1/25		250		294,745
			$	2,261,692
Escrowed / Prerefunded — 0.7%
Lake County Community Consolidated School District No. 50, IL, Escrowed to Maturity, 5.00%, 1/1/21	$	165	$	173,859
Revere Local School District, OH, Prerefunded to 6/1/22, 5.00%, 12/1/27		200		221,854
			$	395,713

Security	Principal Amount (000’s omitted)		Value
General Obligations — 28.0%
Aldine Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/21	$	1,060	$	1,123,293
Boulder Valley School District No.Re-2, CO, 4.00%, 12/1/23		125		140,120
Campton Township, IL, 5.00%, 12/15/19		75		76,058
Campton Township, IL, 5.00%, 12/15/22		200		223,336
Campton Township, IL, 5.00%, 12/15/23		105		120,576
Channahon, IL, 4.00%, 12/1/20		220		226,068
Channahon, IL, 4.00%, 12/1/21		565		598,917
Cypress-Fairbanks Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/20		1,000		1,021,060
Decatur City Board of Education, AL, 5.00%, 2/1/25		50		59,389
Fort Worth, TX, 5.00%, 3/1/20		825		843,661
Grand Blanc Community Schools, MI, 4.00%, 5/1/27		455		486,163
Illinois, 5.00%, 2/1/27		2,000		2,285,620
Illinois, 5.00%, 1/1/28		500		560,195
La Grange Park District, IL, 5.00%, 12/1/20		395		414,157
La Joya Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/26		1,000		1,111,570
Lakeland, FL, 5.00%, 10/1/19		50		50,319
Lakeland, FL, 5.00%, 10/1/21		50		54,124
Lakeland, FL, 5.00%, 10/1/22		100		111,841
Lakeland, FL, 5.00%, 10/1/24		50		59,371
Maine, 5.00%, 6/1/25		500		606,385
McLean County Public Building Commission, IL, 5.00%, 12/1/22		250		280,670
New York, NY, 2.10%, (SIFMA + 0.70%), 2/15/20(2)		100		100,340
New York, NY, (LOC: TD Bank, N.A.), 1.35%, 9/1/27(1)		500		500,000
Northside Independent School District, TX, (PSF Guaranteed), 4.00%, 6/1/29		1,000		1,070,260
Schaumburg, IL, 4.00%, 12/1/19		40		40,373
Scotts Bluff County School District 0016, NE, (Gering Public Schools), 5.00%, 12/1/25		120		132,002
Scotts Bluff County School District 0016, NE, (Gering Public Schools), 5.00%, 12/1/26		115		126,368
Scotts Bluff County School District 0016, NE, (Gering Public Schools), 5.00%, 12/1/27		170		186,704
Tennessee, 3.00%, 10/1/27		1,000		1,018,930
Texas, (Texas Water Development Board), 5.00%, 8/1/25		850		914,642
Texas, (Texas Water Development Board), 5.00%, 8/1/26		925		994,958
Texas, (Texas Water Development Board), 5.00%, 8/1/27		1,000		1,075,220
Vistancia Community Facilities District, AZ, 5.00%, 7/15/20		30		31,091
			$	16,643,781

7 See Notes to Financial Statements.

Eaton Vance

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital — 14.2%
Arizona Health Facilities Authority, (Phoenix Children’s Hospital), 3.25%, (SIFMA + 1.85%), 2/1/23 (Put Date), 2/1/48(2)	$	500	$	517,365
Colorado Health Facilities Authority, (Vail Valley Medical Center), 4.00%, 1/15/25		25		28,285
Colorado Health Facilities Authority, (Vail Valley Medical Center), 5.00%, 1/15/23		25		28,022
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/28		1,000		1,245,340
Maricopa County Industrial Development Authority, AZ, (Banner Health), 1.78%, (SIFMA + 0.38%), 10/18/22 (Put Date), 1/1/35(2)		1,500		1,502,625
Maricopa County Industrial Development Authority, AZ, (Banner Health), 1.97%, (SIFMA + 0.57%), 10/18/24 (Put Date), 1/1/35(2)		1,000		1,002,440
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 4.00%, 7/1/20		200		204,926
Michigan Finance Authority, (Beaumont Health Credit Group), 5.00%, 8/1/28		500		580,345
Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/27		500		547,860
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network), 5.00%, 8/15/24		85		99,548
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network), 5.00%, 8/15/25		30		35,914
Northampton County General Purpose Authority, PA, (St. Luke’s University Health Network), 5.00%, 8/15/26		85		103,677
Ohio, (Cleveland Clinic Health System), 1.80%, (SIFMA + 0.40%), 1/1/52(2)		1,500		1,503,855
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/23		35		40,171
San Diego County, CA, (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/25		35		42,414
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/19		100		100,916
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/20		235		246,238
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/21		150		162,146
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/22		200		223,008
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 4.00%, 6/1/29		230		256,788
			$	8,471,883
Housing — 1.3%
Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.30%, 7/1/21	$	405	$	411,261

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
New York City Housing Development Corp., NY, 1.70%, 11/1/20	$	200	$	201,502
New York City Housing Development Corp., NY, 1.80%, 11/1/21		165		167,475
			$	780,238
Insured – General Obligations — 2.8%
Albertville, AL, (BAM), 4.00%, 6/1/28	$	250	$	267,692
Montgomery County Municipal Utility District No. 9, TX, (BAM), 3.00%, 4/1/25		250		264,075
Montgomery County Municipal Utility District No. 9, TX, (BAM), 3.00%, 4/1/26		250		262,987
Montgomery County Municipal Utility District No. 9, TX, (BAM), 3.00%, 4/1/27		525		549,302
New Britain, CT, (BAM), 5.00%, 3/1/25		50		59,095
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/23		105		119,219
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/25		5		5,999
Sienna Plantation Levee Improvement District of Fort Bend County, TX, (AGM), 3.00%, 9/1/19		50		50,070
Sienna Plantation Levee Improvement District of Fort Bend County, TX, (AGM), 3.00%, 9/1/20		50		50,942
Sienna Plantation Levee Improvement District of Fort Bend County, TX, (AGM), 3.00%, 9/1/21		50		51,688
			$	1,681,069
Insured – Lease Revenue / Certificates of Participation — 0.8%
Highlands County School Board, FL, (BAM), 5.00%, 3/1/20	$	250	$	255,478
Highlands County School Board, FL, (BAM), 5.00%, 3/1/26		180		213,165
			$	468,643
Insured – Special Tax Revenue — 0.0%(3)
Successor Agency to Riverside County Redevelopment Agency, CA, (AGM), 5.00%, 10/1/24	$	10	$	12,002
			$	12,002
Insured – Transportation — 5.2%
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/28	$	1,000	$	1,242,860
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/29		1,510		1,866,783
			$	3,109,643

8 See Notes to Financial Statements.

Eaton Vance

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Water and Sewer — 0.0%(3)
Beaumont, TX, Waterworks and Sewer System Revenue, (BAM), 3.00%, 9/1/22	$	25	$	26,322
			$	26,322
Lease Revenue / Certificates of Participation — 1.9%
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/23	$	225	$	259,943
Miami-Dade County School Board, FL, 5.00%, 2/1/24		300		346,989
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 9/1/23		100		105,526
Palm Beach County School Board, FL, 5.00%, 8/1/21		125		134,501
St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/25		250		262,397
Thompson School District No.R2-J, Larimer, Weld and Boulder Counties, CO, 5.00%, 12/1/19		25		25,324
			$	1,134,680
Other Revenue — 14.7%
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), 2.012%, (70% of 1 mo. USD LIBOR + 0.33%), 10/1/47(2)	$	2,000	$	2,003,480
Citizens Property Insurance Corp., FL, 5.00%, 6/1/22		100		108,819
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/27		330		398,422
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/28		545		656,180
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/29		600		719,088
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, (Liq: Royal Bank of Canada), 1.97%, (SIFMA + 0.57%), 12/1/23 (Put Date), 8/1/48(2)		2,000		1,991,700
Tennergy Corp., TN, Gas Supply Revenue, 5.00% to 10/1/24 (Put Date), 2/1/50		2,000		2,319,040
Tennessee Energy Acquisition Corp., Gas Project Revenue, 5.00%, 11/1/22		300		329,865
West Virginia School Building Authority, Lottery Revenue, 5.00%, 7/1/24		100		117,781
West Virginia School Building Authority, Lottery Revenue, 5.00%, 7/1/25		100		120,709
			$	8,765,084
Senior Living / Life Care — 2.6%
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/24	$	60	$	67,193
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/25		60		68,150

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/29	$	830	$	921,906
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/21		50		53,689
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/23		100		113,706
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/22		150		165,934
Orange County, FL, Health Facilities Authority, (Presbyterian Retirement Communities), 4.00%, 8/1/24		50		54,959
Wisconsin Health and Educational Facilities Authority, (Saint John’s Communities, Inc.), 4.00%, 9/15/19		100		100,236
			$	1,545,773
Special Tax Revenue — 3.5%
Contra Costa Transportation Authority, CA, Sales Tax Revenue, 1.932%, (70% of 1 mo. USD LIBOR + 0.25%), 3/1/34(2)	$	500	$	500,455
New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/26		100		113,710
Thornton Development Authority, CO, 2.00%, 12/1/19		200		200,570
Thornton Development Authority, CO, 4.00%, 12/1/20		100		103,778
Troup County Public Facilities Authority, GA, 3.00%, 5/1/21		1,000		1,033,130
West Palm Beach Community Redevelopment Agency, FL, 5.00%, 3/1/20		100		102,185
			$	2,053,828
Transportation — 9.7%
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area), 2.30%, (SIFMA + 0.90%), 5/1/23 (Put Date), 4/1/47(2)	$	500	$	506,500
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25		250		299,995
Metropolitan Transportation Authority, NY, 2.43%, (67% of 1 mo. USD LIBOR + 0.82%), 11/1/26(2)		1,000		1,006,150
Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/29		1,000		1,261,030
North Carolina,(Federal-Aid Highway Projects), 5.00%, 3/1/20		100		102,250
North Carolina,(Federal-Aid Highway Projects), 5.00%, 3/1/22		100		109,876
San Diego Association of Governments, CA, (Mid-Coast Corridor Transit), Green Bonds, 1.80%, 11/15/27(4)		1,000		1,007,420
South Carolina Transportation Infrastructure Bank, 2.05%, (67% of 1 mo. USD LIBOR + 0.45%), 10/1/22 (Put Date), 10/1/31(2)		1,500		1,503,555
			$	5,796,776

9 See Notes to Financial Statements.

Eaton Vance

TABS 1-to-10 Year Laddered Municipal Bond Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer — 2.8%
Arizona Water Infrastructure Finance Authority, 5.00%, 10/1/25	$	55	$	65,358
Brushy Creek Regional Utility Authority, Inc., TX, 5.00%, 8/1/24		500		586,860
DeKalb County, GA, Water and Sewerage Revenue, 5.00%, 10/1/24		335		399,267
Glendale, AZ, Water and Sewer Revenue, 5.00%, 7/1/28		500		597,005
			$	1,648,490
TotalTax-Exempt Investments — 96.5% (identified cost $55,789,827)			$	57,421,822
Short-Term Investments — 6.8%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 2.31%(5)		4,053,889	$	4,053,889
Total Short-Term Investments (identified cost $4,053,887)			$	4,053,889
Total Investments — 103.3% (identified cost $59,843,714)			$	61,475,711
Other Assets, Less Liabilities — (3.3)%			$	(1,946,766	)
Net Assets — 100.0%			$	59,528,945

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

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

Texas	17.6%
Others, representing less than 10% individually	78.9%

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 July 31, 2019, 8.6% 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 3.3% to 5.3% of total investments.

⁽¹⁾  Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at July 31, 2019.

⁽²⁾  Floating rate security. The stated interest rate represents the rate in effect at July 31, 2019.

⁽³⁾  Amount is less than 0.05%.

⁽⁴⁾  When-issued security.

⁽⁵⁾  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 annualizedseven-day yield as of July 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

10 See Notes to Financial Statements.

Eaton Vance

TABS 10-to-20 Year Laddered Municipal Bond Fund

July 31, 2019

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 95.9%
Security	Principal Amount (000’s omitted)		Value
Education — 4.1%
Colorado Educational and Cultural Facilities Authority, (University of Denver), 4.00%, 3/1/35	$	100	$	111,264
Colorado School of Mines, 4.00%, 12/1/34		300		335,673
			$	446,937
Electric Utilities — 0.5%
Missouri Joint Municipal Electric Utility Commission, (Prairie State Energy Campus), 4.00%, 12/1/35	$	50	$	55,066
			$	55,066
General Obligations — 26.0%
Beverly Hills Unified School District, CA, (Election of 2018), 3.00%, 8/1/37	$	250	$	256,360
California, 4.00%, 9/1/32		225		255,791
Colonial School District, PA, 5.00%, 2/15/36		100		118,018
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/39		200		227,102
Lakeland, FL, 5.00%, 10/1/29		100		117,828
Lakeland, FL, 5.00%, 10/1/31		100		117,171
Lewis and Thurston Counties Centralia School District No. 401, WA, 5.00%, 12/1/37		145		173,124
Los Angeles Community College District, CA, (Election of 2008), 4.00%, 8/1/33		125		142,626
Mississippi Development Bank, (Rankin County School District), 4.00%, 6/1/38		200		218,572
Monterey Peninsula Community College District, CA, 4.00%, 8/1/33		100		111,852
North East Independent School District, TX, (PSF Guaranteed), 4.00%, 8/1/37		155		176,373
North East Independent School District, TX, (PSF Guaranteed), 4.00%, 8/1/39		120		135,765
Rowland Unified School District, CA, (Election of 2012), 0.00%, 8/1/34		400		226,268
Will County, IL, 4.00%, 11/15/36		250		272,463
Williamson County, TX, 4.00%, 2/15/29		150		168,468
Williamson County, TX, 4.00%, 2/15/30		100		111,760
			$	2,829,541
Hospital — 7.1%
Lexington County Health Services District, Inc., SC, 4.00%, 11/1/33	$	150	$	166,119
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/31		50		57,210

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
New York Dormitory Authority, (Catholic Health System Obligated Group), 4.00%, 7/1/39	$	250	$	273,835
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 4.00%, 1/1/36		150		162,247
West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 4.00%, 6/1/29		100		111,647
			$	771,058
Housing — 1.4%
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33	$	140	$	152,079
			$	152,079
Insured – Education — 2.2%
Patterson Joint Unified School District, CA, (Election 2018), (BAM), 5.00%, 8/1/29	$	200	$	244,394
			$	244,394
Insured – General Obligations — 2.5%
Grossmont Union High School District, CA, (Election of 2008), (AGM), 0.00%, 8/1/33	$	100	$	59,010
Grossmont Union High School District, CA, (Election of 2008), (AGM), 0.00%, 8/1/35		100		53,253
Sienna Plantation Levee Improvement District of Fort Bend County, TX, (AGM), 4.00%, 9/1/31		150		160,766
			$	273,029
Insured – Transportation — 3.9%
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/32	$	100	$	121,056
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/33		100		120,651
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/34		150		180,360
			$	422,067
Insured – Water and Sewer — 2.1%
Santa Fe, NM, Wastewater Utility System Revenue, Green Bonds, (BAM), 4.00%, 6/1/38	$	200	$	223,178
			$	223,178
Lease Revenue / Certificates of Participation — 5.5%
Charlotte, NC, (Convention Facility), 4.00%, 6/1/37	$	150	$	169,828
New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 6/15/33		150		165,369
Palo Alto, CA, (California Avenue Parking Garage), 5.00%, 11/1/37		100		124,878

11 See Notes to Financial Statements.

Eaton Vance

TABS 10-to-20 Year Laddered Municipal Bond Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Palo Alto, CA, (California Avenue Parking Garage), 5.00%, 11/1/38	$	115	$	143,083
			$	603,158
Other Revenue — 8.3%
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/30	$	100	$	119,447
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/36		250		292,910
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/30		125		143,885
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/31		150		172,005
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/34		50		59,306
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/35		100		118,180
			$	905,733
Senior Living / Life Care — 11.2%
Alexandria Industrial Development Authority, VA, (Goodwin House, Inc.), 5.00%, 10/1/30	$	250	$	285,680
Maryland Health and Higher Educational Facilities Authority, (Broadmead), 5.00%, 7/1/31		150		174,363
Maryland Health and Higher Educational Facilities Authority, (Broadmead), 5.00%, 7/1/32		220		254,888
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/31		100		113,775
Orange County Health Facilities Authority, FL, (Presbyterian Retirement Communities), 5.00%, 8/1/35		150		168,909
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/32		100		114,321
Westchester County Local Development Corp., NY, (Kendal on Hudson), 5.00%, 1/1/34		100		106,756
			$	1,218,692
Special Tax Revenue — 3.0%
Atlanta Development Authority, GA, (New Downtown Atlanta Stadium), 5.00%, 7/1/34	$	225	$	264,058
Baltimore, MD, Special Tax Obligation, 5.00%, 6/15/29		50		56,875
			$	320,933
Transportation — 16.9%
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area), 2.30% (SIFMA + 0.90%), to 5/1/23 (Put Date), 4/1/47(1)	$	150	$	151,950

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Central Florida Expressway Authority, 4.00%, 7/1/35	$	150	$	166,878
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/37		250		296,045
Oklahoma Turnpike Authority, 4.00%, 1/1/38		250		276,637
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/35		150		184,859
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/36		200		245,648
Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/35		300		167,154
Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/38		500		234,315
Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/39		250		110,840
			$	1,834,326
Water and Sewer — 1.2%
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/30	$	50	$	59,074
Tucson, AZ, Water System Revenue, 5.00%, 7/1/32		60		71,038
			$	130,112
TotalTax-Exempt Investments — 95.9% (identified cost $9,705,191)			$	10,430,303
Short-Term Investments— 6.1%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 2.31%(2)		659,517	$	659,517
Total Short-Term Investments (identified cost $659,516)			$	659,517
Total Investments — 102.0% (identified cost $10,364,707)			$	11,089,820
Other Assets, Less Liabilities — (2.0)%			$	(220,522	)
Net Assets — 100.0%			$	10,869,298

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

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

California	16.3%
Texas	13.7%
Florida	10.1%
Others, representing less than 10% individually	55.8%

12 See Notes to Financial Statements.

Eaton Vance

TABS 10-to-20 Year Laddered Municipal Bond Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

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 July 31, 2019, 10.5% 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 4.2% to 6.3% of total investments.

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

⁽²⁾  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 annualizedseven-day yield as of July 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
PSF	–	Permanent School Fund
SIFMA	–	Securities Industry and Financial Markets Association Municipal Swap Index

13 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

July 31, 2019

Statements of Assets and Liabilities (Unaudited)

	July 31, 2019
Assets	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Unaffiliated investments, at value (identified cost, $55,789,827 and $9,705,191, respectively)	$	57,421,822	$	10,430,303
Affiliated investment, at value (identified cost, $4,053,887 and $659,516, respectively)		4,053,889		659,517
Interest receivable		538,150		80,079
Dividends receivable from affiliated investment		6,643		1,338
Receivable for Fund shares sold		24,901		—
Receivable from affiliate		21,040		20,676
Total assets	$	62,066,445	$	11,191,913
Liabilities
Payable for investments purchased	$	1,002,554	$	274,884
Payable for when-issued securities		1,000,000		—
Payable for Fund shares redeemed		447,807		728
Distributions payable		1,224		—
Payable to affiliates:
Investment adviser and administration fee		16,055		2,949
Distribution and service fees		7,056		447
Accrued expenses		62,804		43,607
Total liabilities	$	2,537,500	$	322,615
Net Assets	$	59,528,945	$	10,869,298
Sources of Net Assets
Paid-in capital	$	58,160,133	$	10,137,141
Distributable earnings		1,368,812		732,157
Net Assets	$	59,528,945	$	10,869,298
Class A Shares
Net Assets	$	17,977,140	$	667,575
Shares Outstanding		1,713,477		60,048
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.49	$	11.12
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	11.01	$	11.67
Class C Shares
Net Assets	$	3,846,964	$	363,245
Shares Outstanding		366,735		32,648
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	10.49	$	11.13
Class I Shares
Net Assets	$	37,704,841	$	9,838,478
Shares Outstanding		3,590,159		884,848
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.50	$	11.12

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.

14 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

July 31, 2019

Statements of Operations (Unaudited)

	Six Months Ended July 31, 2019
Investment Income	1-to-10 Year Laddered Fund			10-to-20 Year Laddered Fund
Interest	$	648,243		$	159,689
Dividends from affiliated investment		35,710			8,739
Total investment income	$	683,953		$	168,428
Expenses
Investment adviser and administration fee	$	90,419		$	16,296
Distribution and service fees
Class A		22,052			617
Class C		19,144			1,773
Trustees’ fees and expenses		1,693			515
Custodian fee		10,644			9,639
Transfer and dividend disbursing agent fees		7,371			1,437
Legal and accounting services		19,302			15,506
Printing and postage		6,018			3,725
Registration fees		49,035			34,672
Miscellaneous		3,777			2,904
Total expenses	$	229,455		$	87,084
Deduct —
Allocation of expenses to affiliate	$	75,236		$	64,324
Total expense reductions	$	75,236		$	64,324
Net expenses	$	154,219		$	22,760
Net investment income	$	529,734		$	145,668
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	415,027		$	80,504
Investment transactions — affiliated investment		411			(43	)
Net realized gain	$	415,438		$	80,461
Change in unrealized appreciation (depreciation) —
Investments	$	945,950		$	446,649
Investments — affiliated investment		(260	)		(19	)
Net change in unrealized appreciation (depreciation)	$	945,690		$	446,630
Net realized and unrealized gain	$	1,361,128		$	527,091
Net increase in net assets from operations	$	1,890,862		$	672,759

15 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

July 31, 2019

Statements of Changes in Net Assets

	Six Months Ended July 31, 2019 (Unaudited)
Increase (Decrease) in Net Assets	1-to-10 Year Laddered Fund			10-to-20 Year Laddered Fund
From operations —
Net investment income	$	529,734		$	145,668
Net realized gain		415,438			80,461
Net change in unrealized appreciation (depreciation)		945,690			446,630
Net increase in net assets from operations	$	1,890,862		$	672,759
Distributions to shareholders —
Class A	$	(156,161	)	$	(6,474	)
Class C		(19,540	)		(3,372	)
Class I		(353,775	)		(135,822	)
Total distributions to shareholders	$	(529,476	)	$	(145,668	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	163,562		$	339,506
Class C		154,003			54,372
Class I		11,185,230			1,560,926
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		149,407			6,474
Class C		19,540			3,372
Class I		353,632			135,673
Cost of shares redeemed
Class A		(737,164	)		(294	)
Class C		(368,824	)		(43,982	)
Class I		(6,616,787	)		(757,175	)
Net increase in net assets from Fund share transactions	$	4,302,599		$	1,298,872
Net increase in net assets	$	5,663,985		$	1,825,963
Net Assets
At beginning of period	$	53,864,960		$	9,043,335
At end of period	$	59,528,945		$	10,869,298

16 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

July 31, 2019

Statements of Changes in Net Assets — continued

	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 —
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

17 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

July 31, 2019

Financial Highlights

	1-to-10 Year Laddered Fund — Class A
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,									Period Ended January 31, 2016(1)
				2019			2018			2017
Net asset value — Beginning of period	$	10.240		$	10.170		$	10.120		$	10.340		$	10.000
Income (Loss) From Operations
Net investment income	$	0.091		$	0.157		$	0.129		$	0.120		$	0.070
Net realized and unrealized gain (loss)		0.250			0.070			0.050			(0.220	)		0.340
Total income (loss) from operations	$	0.341		$	0.227		$	0.179		$	(0.100	)	$	0.410
Less Distributions
From net investment income	$	(0.091	)	$	(0.157	)	$	(0.129	)	$	(0.120	)	$	(0.070	)
Total distributions	$	(0.091	)	$	(0.157	)	$	(0.129	)	$	(0.120	)	$	(0.070	)
Net asset value — End of period	$	10.490		$	10.240		$	10.170		$	10.120		$	10.340
Total Return(2)(3)		3.34	%(4)		2.26	%		1.76	%		(0.99	)%		4.12	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	17,977		$	17,978		$	16,877		$	5,031		$	1,838
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.65	%(5)		0.65	%		0.65	%		0.65	%		0.65	%(5)
Net investment income		1.77	%(5)		1.56	%		1.25	%		1.14	%		0.89	%(5)
Portfolio Turnover		36	%(4)		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 0.27%, 0.20%, 0.24%, 0.31% and 1.45% of average daily net assets for the six months ended July 31, 2019, 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.

18 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

July 31, 2019

Financial Highlights — continued

	1-to-10 Year Laddered Fund — Class C
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,									Period Ended January 31, 2016(1)
				2019			2018			2017
Net asset value — Beginning of period	$	10.240		$	10.170		$	10.120		$	10.340		$	10.000
Income (Loss) From Operations
Net investment income	$	0.052		$	0.081		$	0.052		$	0.041		$	0.015
Net realized and unrealized gain (loss)		0.250			0.070			0.050			(0.220	)		0.340
Total income (loss) from operations	$	0.302		$	0.151		$	0.102		$	(0.179	)	$	0.355
Less Distributions
From net investment income	$	(0.052	)	$	(0.081	)	$	(0.052	)	$	(0.041	)	$	(0.015	)
Total distributions	$	(0.052	)	$	(0.081	)	$	(0.052	)	$	(0.041	)	$	(0.015	)
Net asset value — End of period	$	10.490		$	10.240		$	10.170		$	10.120		$	10.340
Total Return(2)(3)		2.96	%(4)		1.50	%		1.00	%		(1.73	)%		3.55	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,847		$	3,951		$	3,638		$	2,665		$	27
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.40	%(5)		1.40	%		1.40	%		1.40	%		1.40	%(5)
Net investment income		1.02	%(5)		0.80	%		0.50	%		0.34	%		0.19	%(5)
Portfolio Turnover		36	%(4)		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 0.27%, 0.20%, 0.24%, 0.31% and 1.45% of average daily net assets for the six months ended July 31, 2019, 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.

19 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

July 31, 2019

Financial Highlights — continued

	1-to-10 Year Laddered Fund — Class I
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,									Period Ended January 31, 2016(1)
				2019			2018			2017
Net asset value — Beginning of period	$	10.250		$	10.180		$	10.130		$	10.350		$	10.000
Income (Loss) From Operations
Net investment income	$	0.104		$	0.182		$	0.156		$	0.146		$	0.090
Net realized and unrealized gain (loss)		0.250			0.070			0.050			(0.220	)		0.350
Total income (loss) from operations	$	0.354		$	0.252		$	0.206		$	(0.074	)	$	0.440
Less Distributions
From net investment income	$	(0.104	)	$	(0.182	)	$	(0.156	)	$	(0.146	)	$	(0.090	)
Total distributions	$	(0.104	)	$	(0.182	)	$	(0.156	)	$	(0.146	)	$	(0.090	)
Net asset value — End of period	$	10.500		$	10.250		$	10.180		$	10.130		$	10.350
Total Return(2)(3)		3.47	%(4)		2.51	%		2.03	%		(0.74	)%		4.42	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	37,705		$	31,936		$	42,106		$	39,070		$	27,456
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.40	%(5)		0.40	%		0.40	%		0.40	%		0.40	%(5)
Net investment income		2.02	%(5)		1.79	%		1.51	%		1.40	%		1.14	%(5)
Portfolio Turnover		36	%(4)		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 0.27%, 0.20%, 0.24%, 0.31% and 1.45% of average daily net assets for the six months ended July 31, 2019, 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.

20 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

July 31, 2019

Financial Highlights — continued

	10-to-20 Year Laddered Fund — Class A
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,									Period Ended January 31, 2016(1)
				2019			2018			2017
Net asset value — Beginning of period	$	10.560		$	10.530		$	10.260		$	10.610		$	10.000
Income (Loss) From Operations
Net investment income	$	0.142		$	0.272		$	0.255		$	0.255		$	0.192
Net realized and unrealized gain (loss)		0.561			0.068			0.270			(0.336	)		0.610
Total income (loss) from operations	$	0.703		$	0.340		$	0.525		$	(0.081	)	$	0.802
Less Distributions
From net investment income	$	(0.143	)	$	(0.271	)	$	(0.255	)	$	(0.254	)	$	(0.192	)
From net realized gain		—			(0.039	)		—			(0.015	)		—
Total distributions	$	(0.143	)	$	(0.310	)	$	(0.255	)	$	(0.269	)	$	(0.192	)
Net asset value — End of period	$	11.120		$	10.560		$	10.530		$	10.260		$	10.610
Total Return(2)(3)		6.69	%(4)		3.30	%		5.14	%		(0.82	)%		8.11	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	668		$	297		$	336		$	574		$	345
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.65	%(5)		0.65	%		0.65	%		0.65	%		0.65	%(5)
Net investment income		2.61	%(5)		2.59	%		2.44	%		2.35	%		2.28	%(5)
Portfolio Turnover		21	%(4)		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 1.26%, 1.25%, 1.42%, 1.50% and 3.35% of average daily net assets for the six months ended July 31, 2019, 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.

21 See Notes to Financial Statements.

Eaton Vance

TABS Laddered Municipal Bond Funds

July 31, 2019

Financial Highlights — continued

	10-to-20 Year Laddered Fund — Class C
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,									Period Ended January 31, 2016(1)
				2019			2018			2017
Net asset value — Beginning of period	$	10.570		$	10.540		$	10.270		$	10.620		$	10.000
Income (Loss) From Operations
Net investment income	$	0.102		$	0.194		$	0.176		$	0.174		$	0.134
Net realized and unrealized gain (loss)		0.561			0.068			0.270			(0.335	)		0.619
Total income (loss) from operations	$	0.663		$	0.262		$	0.446		$	(0.161	)	$	0.753
Less Distributions
From net investment income	$	(0.103	)	$	(0.193	)	$	(0.176	)	$	(0.174	)	$	(0.133	)
From net realized gain		—			(0.039	)		—			(0.015	)		—
Total distributions	$	(0.103	)	$	(0.232	)	$	(0.176	)	$	(0.189	)	$	(0.133	)
Net asset value — End of period	$	11.130		$	10.570		$	10.540		$	10.270		$	10.620
Total Return(2)(3)		6.29	%(4)		2.53	%		4.35	%		(1.56	)%		7.58	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	363		$	331		$	380		$	385		$	192
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.40	%(5)		1.40	%		1.40	%		1.40	%		1.40	%(5)
Net investment income		1.90	%(5)		1.85	%		1.66	%		1.59	%		1.59	%(5)
Portfolio Turnover		21	%(4)		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 1.26%, 1.25%, 1.42%, 1.50% and 3.35% of average daily net assets for the six months ended July 31, 2019, 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

July 31, 2019

Financial Highlights — continued

	10-to-20 Year Laddered Fund — Class I
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,									Period Ended January 31, 2016(1)
				2019			2018			2017
Net asset value — Beginning of period	$	10.560		$	10.530		$	10.270		$	10.610		$	10.000
Income (Loss) From Operations
Net investment income	$	0.157		$	0.298		$	0.281		$	0.281		$	0.217
Net realized and unrealized gain (loss)		0.560			0.069			0.261			(0.325	)		0.607
Total income (loss) from operations	$	0.717		$	0.367		$	0.542		$	(0.044	)	$	0.824
Less Distributions
From net investment income	$	(0.157	)	$	(0.298	)	$	(0.282	)	$	(0.281	)	$	(0.214	)
From net realized gain		—			(0.039	)		—			(0.015	)		—
Total distributions	$	(0.157	)	$	(0.337	)	$	(0.282	)	$	(0.296	)	$	(0.214	)
Net asset value — End of period	$	11.120		$	10.560		$	10.530		$	10.270		$	10.610
Total Return(2)(3)		6.83	%(4)		3.56	%		5.30	%		(0.47	)%		8.33	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	9,838		$	8,415		$	8,358		$	6,465		$	5,540
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.40	%(5)		0.40	%		0.40	%		0.40	%		0.40	%(5)
Net investment income		2.91	%(5)		2.85	%		2.65	%		2.61	%		2.81	%(5)
Portfolio Turnover		21	%(4)		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 1.26%, 1.25%, 1.42%, 1.50% and 3.35% of average daily net assets for the six months ended July 31, 2019, 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

July 31, 2019

Notes to Financial Statements (Unaudited)

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 anopen-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 TABS1-to-10 Year Laddered Municipal Bond Fund(1-to-10 Year Laddered Fund) and Eaton Vance TABS10-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). 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 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 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 Rule2a-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 most fairly reflects the security’s “fair value”, which is the amount that a Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

24

Eaton Vance

TABS Laddered Municipal Bond Funds

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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

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

G  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Funds. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and theBy-laws provide that the Trust shall assume, upon request by the shareholder, 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, 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 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.

I  Interim Financial Statements — The interim financial statements relating to July 31, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

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

25

Eaton Vance

TABS Laddered Municipal Bond Funds

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

The cost and unrealized appreciation (depreciation) of investments of each Fund at July 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	$	59,818,675		$	10,363,057
Gross unrealized appreciation	$	1,657,488		$	727,163
Gross unrealized depreciation		(452	)		(400	)
Net unrealized appreciation	$	1,657,036		$	726,763

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	%

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 six months ended July 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	$	90,419		$	16,296
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, 2020. Pursuant to these agreements, EVM was allocated $75,236 and $64,324 of operating expenses of1-to-10 Year Laddered Fund and10-to-20 Year Laddered Fund, respectively, for the six months ended July 31, 2019.

EVM providessub-transfer agency and related services to the Funds pursuant to aSub-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).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 six months ended July 31, 2019 were as follows:

	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
EVM’sSub-Transfer Agent Fees	$	719	$	412
EVD’s Class A Sales Charges	$	335	$	480

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 six months ended July 31, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of EVM.

26

Eaton Vance

TABS Laddered Municipal Bond Funds

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

4  Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended July 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	$	22,052	$	617

Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule12b-1 under the 1940 Act. Pursuant to the Class C Plan, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the respective Fund. For the six months ended July 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	$	14,358	$	1,330

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 six months ended July 31, 2019 amounted to the following:

	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Class C Service Fees	$	4,786	$	443

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 six months ended July 31, 2019, the Funds were informed that EVD received no CDSCs paid by Class A and Class C shareholders.

6  Purchases and Sales of Investments

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

	1-to-10 Year Laddered Fund		10-to-20 Year Laddered Fund
Purchases	$	24,677,114	$	3,371,077
Sales	$	19,454,871	$	2,024,796

27

Eaton Vance

TABS Laddered Municipal Bond Funds

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

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

1-to-10 Year Laddered Fund
	Six Months Ended July 31, 2019 (Unaudited)
	Class A			Class C			Class I
Sales		15,857			14,810			1,080,622
Issued to shareholders electing to receive payments of distributions in Fund shares		14,386			1,882			34,001
Redemptions		(71,636	)		(35,653	)		(638,839	)
Net increase (decrease)		(41,393	)		(18,961	)		475,784
	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	)
10-to-20 Year Laddered Fund
	Six Months Ended July 31, 2019 (Unaudited)
	Class A			Class C			Class I
Sales		31,330			5,003			145,347
Issued to shareholders electing to receive payments of distributions in Fund shares		592			309			12,436
Redemptions		(27	)		(3,982	)		(69,873	)
Net increase		31,895			1,330			87,910
	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

At July 31, 2019, EVM owned 57.8% of the value of the outstanding shares of10-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

28

Eaton Vance

TABS Laddered Municipal Bond Funds

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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 six months ended July 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.

At July 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	$	—	$	57,421,822	$	—	$	57,421,822
Short-Term Investments		—		4,053,889		—		4,053,889
Total Investments	$	—	$	61,475,711	$	—	$	61,475,711
10-to-20 Year Laddered Fund
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Investments	$	—	$	10,430,303	$	—	$	10,430,303
Short-Term Investments		—		659,517		—		659,517
Total Investments	$	—	$	11,089,820	$	—	$	11,089,820

29

Eaton Vance

TABS Laddered Municipal Bond Funds

July 31, 2019

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

At a meeting held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory andsub-advisory agreements for each of the Eaton Vance Funds for an additionalone-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser andsub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory andsub-advisory agreements.

Among other things, the information the Board considered included the following (for funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and related fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

• Data regarding investment performance relative to benchmark indices and, in certain instances, to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser andsub-adviser (where applicable) to each fund in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser andsub-adviser (where applicable) to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser andsub-adviser (where applicable and in the context of asub-adviser with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser andsub-adviser (where applicable and in the context of asub-adviser with trading responsibilities) to each fund as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser andSub-adviser

• Reports detailing the financial results and condition of the adviser andsub-adviser (where applicable) to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, if applicable;

• The Code of Ethics of the adviser and its affiliates and thesub-adviser (where applicable) of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and thesub-adviser (where applicable) of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and thesub-adviser (where applicable) of each fund, if any;

30

Eaton Vance

TABS Laddered Municipal Bond Funds

July 31, 2019

Board of Trustees’ Contract Approval — continued

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight ofsub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

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

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

• The terms of each investment advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers andsub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fundsub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory andsub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory andsub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory andsub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory andsub-advisory agreement. In evaluating each investment advisory andsub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser andsub-adviser (where applicable) to each of the Eaton Vance Funds.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreements between each of Eaton Vance TABS1-to-10 Year Laddered Municipal Bond Fund and Eaton Vance TABS10-to-20 Year Laddered Municipal Bond Fund (together, the “Funds”) and Eaton Vance Management (the “Adviser”), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for each Fund.

Nature, Extent and Quality of Services

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

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Funds, including, with respect to the Eaton Vance TABS1-to-10 Year Laddered Municipal Bond Fund, recent changes to such personnel. In particular, the Board considered the abilities and experience of the Adviser’s investment professionals in the Adviser’stax-advantaged bond strategies and municipal research groups in managing the Funds and other funds and accounts that invest primarily in municipal bonds and employtax-advantaged bond and laddered strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including each Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Funds, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Funds.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

31

Eaton Vance

TABS Laddered Municipal Bond Funds

July 31, 2019

Board of Trustees’ Contract Approval — continued

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

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

Fund Performance

The Board compared each Fund’s investment performance to that of comparable funds and appropriate benchmark indices. The Board’s review included comparative performance data with respect to each Fund for theone- and three- year periods ended September 30, 2018. In this regard, the Board noted that the performance of each Fund was higher than the median performance of such Fund’s peer group for the three-year period. The Board also noted that the performance of the Eaton Vance TABS10-to-20 Year Laddered Municipal Bond Fund was higher than its benchmark index for the three-year period and that the performance of the Eaton Vance TABS1-to-10 Year Laddered Municipal Bond Fund was lower than its benchmark index for the three-year period. The Board concluded that the performance of each Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered each Fund’s management fees and total expense ratio for theone-year period ended September 30, 2018, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on each Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisoryand related services are reasonable.

Profitability and“Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to each Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirectfall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Funds, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Funds and other investment advisory clients.

Economies of Scale

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

32

Eaton Vance

TABS Laddered Municipal Bond Funds

July 31, 2019

Officers and Trustees

Officers of Eaton Vance Municipals Trust II

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Municipals Trust II

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

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

33

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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise.If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The FormN-PORT 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.

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.

34

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617)482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800)262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

19417    7.31.19

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

Semiannual Report

July 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 intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual ReportJuly 31, 2019

Eaton Vance

TABS5-to-15 Year Laddered Municipal Bond Fund

Table of Contents

Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	31
Officers and Trustees	34
Important Notices	35

Eaton Vance

TABS5-to-15 Year Laddered Municipal Bond Fund

July 31, 2019

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		02/01/2010		02/01/2010		4.70	%		6.83	%		4.15	%		5.97	%
Class A with 4.75% Maximum Sales Charge		—		—		–0.27			1.78			3.13			5.43
Class C at NAV		02/01/2010		02/01/2010		4.24			6.04			3.37			5.17
Class C with 1% Maximum Sales Charge		—		—		3.24			5.04			3.37			5.17
Class I at NAV		02/01/2010		02/01/2010		4.84			7.10			4.42			6.22
Bloomberg Barclays 10 Year Municipal Bond Index		—		—		5.13	%		8.15	%		3.93	%		4.66	%
Bloomberg Barclays 15 Year Municipal Bond Index		—		—		6.08			8.82			4.63			5.25
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									0.69	%		1.44	%		0.44	%
Net									0.65			1.40			0.40
% Distribution Rates/Yields4								Class A			Class C			Class I
Distribution Rate									1.80	%		1.05	%		2.05	%
SEC30-day Yield – Subsidized									1.09			0.40			1.39
SEC30-day Yield – Unsubsidized									1.08			0.39			1.38

Fund Profile⁵

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance 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

TABS5-to-15 Year Laddered Municipal Bond Fund

July 31, 2019

Endnotes and Additional Disclosures

¹  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.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales 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.

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/20. 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.

⁴  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes 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.

⁵  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.

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.

Fund profile subject to change due to active management.

3

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 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 (February 1, 2019 – July 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 (2/1/19)		Ending Account Value (7/31/19)		Expenses Paid During Period* (2/1/19 – 7/31/19)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,047.00	$	3.30	**		0.65	%
Class C	$	1,000.00	$	1,042.40	$	7.09	**		1.40	%
Class I	$	1,000.00	$	1,048.40	$	2.03	**		0.40	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.60	$	3.26	**		0.65	%
Class C	$	1,000.00	$	1,017.90	$	7.00	**		1.40	%
Class I	$	1,000.00	$	1,022.80	$	2.01	**		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 181/365 (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 January 31, 2019. The Example reflects the expenses of both the Fund and the Portfolio.

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

4

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2019

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2019
Investment in 5-to-15 Year Laddered Municipal Bond Portfolio, at value (identified cost, $637,864,185)	$	669,288,965
Receivable for Fund shares sold		1,521,595
Receivable from affiliate		2,067
Total assets	$	670,812,627
Liabilities
Payable for Fund shares redeemed	$	743,506
Distributions payable		209,123
Payable to affiliates:
Distribution and service fees		54,790
Accrued expenses		112,348
Total liabilities	$	1,119,767
Net Assets	$	669,692,860
Sources of Net Assets
Paid-in capital	$	651,968,203
Distributable earnings		17,724,657
Total	$	669,692,860
Class A Shares
Net Assets	$	85,325,230
Shares Outstanding		6,735,359
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.67
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	13.30
Class C Shares
Net Assets	$	43,065,926
Shares Outstanding		3,400,998
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	12.66
Class I Shares
Net Assets	$	541,301,704
Shares Outstanding		42,761,409
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.66

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.

5 See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2019

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2019
Interest allocated from Portfolio	$	8,166,854
Expenses allocated from Portfolio		(1,086,001	)
Total investment income from Portfolio	$	7,080,853
Expenses
Distribution and service fees
Class A	$	105,691
Class C		218,045
Trustees’ fees and expenses		250
Custodian fee		21,950
Transfer and dividend disbursing agent fees		111,704
Legal and accounting services		16,346
Printing and postage		22,043
Registration fees		31,599
Miscellaneous		7,119
Total expenses	$	534,747
Deduct —
Allocation of expenses to affiliate	$	57,145
Total expense reductions	$	57,145
Net expenses	$	477,602
Net investment income	$	6,603,251
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	2,143,389
Net realized gain	$	2,143,389
Change in unrealized appreciation (depreciation) —
Investments	$	20,221,824
Net change in unrealized appreciation (depreciation)	$	20,221,824
Net realized and unrealized gain	$	22,365,213
Net increase in net assets from operations	$	28,968,464

6 See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2019

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
From operations —
Net investment income	$	6,603,251		$	12,742,087
Net realized gain (loss)		2,143,389			(8,207,796	)
Net change in unrealized appreciation (depreciation)		20,221,824			13,003,732
Net increase in net assets from operations	$	28,968,464		$	17,538,023
Distributions to shareholders —
Class A	$	(840,688	)	$	(1,744,865	)
Class C		(269,805	)		(565,341	)
Class I		(5,492,422	)		(10,431,013	)
Total distributions to shareholders	$	(6,602,915	)	$	(12,741,219	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	4,848,162		$	18,455,738
Class C		2,259,297			5,070,229
Class I		114,596,096			186,422,803
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		738,993			1,564,859
Class C		201,170			429,822
Class I		4,408,793			8,485,187
Cost of shares redeemed
Class A		(10,671,566	)		(38,412,479	)
Class C		(6,194,864	)		(15,432,970	)
Class I		(68,109,087	)		(236,218,511	)
Net asset value of shares converted
Class A		79,844			597,026
Class C		(79,844	)		(597,026	)
Net increase (decrease) in net assets from Fund share transactions	$	42,076,994		$	(69,635,322	)
Other capital —
Portfolio transaction fee contributed to Portfolio	$	(122,456	)	$	(305,548	)
Portfolio transaction fee allocated from Portfolio		121,160			302,533
Net decrease in net assets from other capital	$	(1,296	)	$	(3,015	)
Net increase (decrease) in net assets	$	64,441,247		$	(64,841,533	)
Net Assets
At beginning of period	$	605,251,613		$	670,093,146
At end of period	$	669,692,860		$	605,251,613

7 See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2019

Financial Highlights

	Class A
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	12.220		$	12.110		$	11.900		$	12.220		$	12.080		$	10.800
Income (Loss) From Operations
Net investment income	$	0.122		$	0.225		$	0.210		$	0.175		$	0.240		$	0.293
Net realized and unrealized gain (loss)		0.450			0.110			0.210			(0.320	)		0.140			1.280
Total income (loss) from operations	$	0.572		$	0.335		$	0.420		$	(0.145	)	$	0.380		$	1.573
Less Distributions
From net investment income	$	(0.122	)	$	(0.225	)	$	(0.210	)	$	(0.175	)	$	(0.240	)	$	(0.293	)
Total distributions	$	(0.122	)	$	(0.225	)	$	(0.210	)	$	(0.175	)	$	(0.240	)	$	(0.293	)
Net asset value — End of period	$	12.670		$	12.220		$	12.110		$	11.900		$	12.220		$	12.080
Total Return(1)(2)		4.70	%(3)		2.80	%		3.53	%		(1.21	)%		3.23	%		14.75	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	85,325		$	87,287		$	104,397		$	144,984		$	51,806		$	7,909
Ratios (as a percentage of average daily net assets):(4)
Expenses(2)		0.65	%(5)		0.65	%		0.65	%		0.65	%		0.67	%(6)		0.92	%(6)
Net investment income		1.99	%(5)		1.87	%		1.72	%		1.41	%		1.93	%		2.59	%
Portfolio Turnover of the Portfolio(7)		17	%(3)		78	%		35	%		30	%(3)		—			—
Portfolio Turnover of the Fund		—			—			—			6	%(3)(8)		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 0.03%, 0.04%, 0.05%, 0.07%, 0.18% and 0.56% of average daily net assets for the six months ended July 31, 2019 and the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Not annualized.

⁽⁴⁾  Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁵⁾  Annualized.

⁽⁶⁾  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.

⁽⁷⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁸⁾  For the period from February 1, 2016 through March 27, 2016 when the Fund was making investments directly in securities.

8 See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2019

Financial Highlights — continued

	Class C
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	12.220		$	12.100		$	11.890		$	12.210		$	12.070		$	10.790
Income (Loss) From Operations
Net investment income	$	0.076		$	0.134		$	0.118		$	0.082		$	0.152		$	0.208
Net realized and unrealized gain (loss)		0.440			0.120			0.210			(0.320	)		0.138			1.280
Total income (loss) from operations	$	0.516		$	0.254		$	0.328		$	(0.238	)	$	0.290		$	1.488
Less Distributions
From net investment income	$	(0.076	)	$	(0.134	)	$	(0.118	)	$	(0.082	)	$	(0.150	)	$	(0.208	)
Total distributions	$	(0.076	)	$	(0.134	)	$	(0.118	)	$	(0.082	)	$	(0.150	)	$	(0.208	)
Net asset value — End of period	$	12.660		$	12.220		$	12.100		$	11.890		$	12.210		$	12.070
Total Return(1)(2)		4.24	%(3)		2.12	%		2.75	%		(1.96	)%		2.45	%		13.92	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	43,066		$	45,309		$	55,476		$	53,321		$	18,594		$	2,390
Ratios (as a percentage of average daily net assets):(4)
Expenses(2)		1.40	%(5)		1.40	%		1.40	%		1.40	%		1.42	%(6)		1.67	%(6)
Net investment income		1.24	%(5)		1.11	%		0.96	%		0.66	%		1.17	%		1.85	%
Portfolio Turnover of the Portfolio(7)		17	%(3)		78	%		35	%		30	%(3)		—			—
Portfolio Turnover of the Fund		—			—			—			6	%(3)(8)		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 0.03%, 0.04%, 0.05%, 0.07%, 0.18% and 0.56% of average daily net assets for the six months ended July 31, 2019 and the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Not annualized.

⁽⁴⁾  Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁵⁾  Annualized.

⁽⁶⁾  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.

⁽⁷⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁸⁾  For the period from February 1, 2016 through March 27, 2016 when the Fund was making investments directly in securities.

9 See Notes to Financial Statements.

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2019

Financial Highlights — continued

	Class I
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	12.210		$	12.100		$	11.890		$	12.210		$	12.070		$	10.790
Income (Loss) From Operations
Net investment income	$	0.138		$	0.255		$	0.240		$	0.206		$	0.270		$	0.322
Net realized and unrealized gain (loss)		0.450			0.110			0.210			(0.320	)		0.140			1.280
Total income (loss) from operations	$	0.588		$	0.365		$	0.450		$	(0.114	)	$	0.410		$	1.602
Less Distributions
From net investment income	$	(0.138	)	$	(0.255	)	$	(0.240	)	$	(0.206	)	$	(0.270	)	$	(0.322	)
Total distributions	$	(0.138	)	$	(0.255	)	$	(0.240	)	$	(0.206	)	$	(0.270	)	$	(0.322	)
Net asset value — End of period	$	12.660		$	12.210		$	12.100		$	11.890		$	12.210		$	12.070
Total Return(1)(2)		4.84	%(3)		3.06	%		3.79	%		(0.97	)%		3.49	%		15.05	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	541,302		$	472,656		$	510,220		$	284,003		$	94,748		$	15,344
Ratios (as a percentage of average daily net assets):(4)
Expenses(2)		0.40	%(5)		0.40	%		0.40	%		0.40	%		0.42	%(6)		0.67	%(6)
Net investment income		2.23	%(5)		2.11	%		1.94	%		1.66	%		2.21	%		2.83	%
Portfolio Turnover of the Portfolio(7)		17	%(3)		78	%		35	%		30	%(3)		—			—
Portfolio Turnover of the Fund		—			—			—			6	%(3)(8)		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 0.03%, 0.04%, 0.05%, 0.07%, 0.18% and 0.56% of average daily net assets for the six months ended July 31, 2019 and the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Not annualized.

⁽⁴⁾  Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁵⁾  Annualized.

⁽⁶⁾  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.

⁽⁷⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁸⁾  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

July 31, 2019

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance TABS 5-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 an open-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). 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. 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 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 in 5-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 (98.9% at July 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’s pro-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, 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 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 July 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  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 the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

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

H  Interim Financial Statements — The interim financial statements relating to July 31, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

11

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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

At 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 six months ended July 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, 2020. Pursuant to this agreement, EVM was allocated $57,145 of the Fund’s operating expenses for the six months ended July 31, 2019.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended July 31, 2019, EVM earned $2,702 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 $5,786 as its portion of the sales charge on sales of Class A shares for the six months ended July 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 six months ended July 31, 2019 amounted to $105,691 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended July 31, 2019, the Fund paid or accrued to EVD $163,534 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 six months ended July 31, 2019 amounted to $54,511 for Class C shares.

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

12

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 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 six months ended July 31, 2019, the Fund was informed that EVD received approximately $5,000 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6  Investment Transactions

For the six months ended July 31, 2019, increases and decreases in the Fund’s investment in the Portfolio aggregated $58,148,018 and $23,588,399, 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 its pro-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:

Class A	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
Sales		389,422			1,535,167
Issued to shareholders electing to receive payments of distributions in Fund shares		59,229			129,793
Redemptions		(861,250	)		(3,193,486	)
Converted from Class C shares		6,351			48,977
Net decrease		(406,248	)		(1,479,549	)
Class C	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
Sales		182,333			421,465
Issued to shareholders electing to receive payments of distributions in Fund shares		16,138			35,666
Redemptions		(499,686	)		(1,282,992	)
Converted to Class A shares		(6,351	)		(49,033	)
Net decrease		(307,566	)		(874,894	)
Class I	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
Sales		9,213,918			15,477,973
Issued to shareholders electing to receive payments of distributions in Fund shares		353,338			704,377
Redemptions		(5,503,514	)		(19,650,265	)
Net increase (decrease)		4,063,742			(3,467,915	)

13

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2019

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 94.1%
Security	Principal Amount (000’s omitted)		Value
Bond Bank — 0.2%
Virginia Resources Authority, (Pooled Financing Program), 4.00%, 11/1/35	$	1,325	$	1,525,963
			$	1,525,963
Education — 4.8%
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/25	$	200	$	238,318
Brownsburg 1999 School Building Corp., IN, 5.00%, 2/5/26		565		687,436
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/24		275		322,479
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/25		275		329,225
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/26		300		365,478
California Municipal Finance Authority, (California Lutheran University), 5.00%, 10/1/27		300		371,700
Colorado School of Mines, 4.00%, 12/1/34		890		995,830
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/25		875		1,043,569
Connecticut Health and Educational Facilities Authority, (Fairfield University), 5.00%, 7/1/26		1,000		1,214,640
Florida Higher Educational Facilities Financing Authority, (Nova Southeastern University), 5.00%, 4/1/30		750		876,832
Louisiana Public Facilities Authority, (Tulane University), 5.00%, 12/15/27		505		617,418
Massachusetts Health and Educational Facilities Authority, (Tufts University), (SPA: Wells Fargo Bank, N.A.), 1.35%, 8/15/34(1)		5,000		5,000,000
Nevada System of Higher Education, 5.00%, 7/1/24		1,000		1,142,850
North Carolina Capital Facilities Finance Agency, (Davidson College), 5.00%, 3/1/29		200		218,200
Rhode Island Health and Educational Building Corp., (Rhode Island School of Design), (LOC: TD Bank, N.A.), 1.50%, 8/15/36(2)		5,000		5,000,000
Saginaw Valley State University, MI, 5.00%, 7/1/26		750		912,622
Saginaw Valley State University, MI, 5.00%, 7/1/27		750		904,845
Saginaw Valley State University, MI, 5.00%, 7/1/28		1,000		1,202,570
University of California, 5.00%, 5/15/32		3,000		3,421,080
University of New Mexico, (SPA: U.S. Bank, N.A.), 1.35%, 6/1/26(2)		4,500		4,500,000
University of North Carolina at Greensboro, 5.00%, 4/1/33		1,085		1,243,898
Virginia Commonwealth University, 4.00%, 11/1/34		1,145		1,314,391
Western Michigan University, 5.00%, 11/15/24		300		356,178
			$	32,279,559

Security	Principal Amount (000’s omitted)		Value
Electric Utilities — 2.8%
Brownsville, TX, Utilities System Revenue, 5.00%, 9/1/29	$	1,000	$	1,186,160
Energy Northwest, WA, Wind Project Revenue, 5.00%, 7/1/25		365		438,288
Energy Northwest, WA, Wind Project Revenue, 5.00%, 7/1/26		1,000		1,192,570
Fayetteville Public Works Commission, NC, 5.00%, 3/1/25		1,000		1,205,630
Garland, TX, Electric Utility System Revenue, 5.00%, 3/1/32		250		296,052
Lower Colorado River Authority, TX, (LCRA Transmission Services Corp.), 5.00%, 5/15/24		100		117,300
Marquette Board of Light and Power, MI, 5.00%, 7/1/27		735		889,401
North Carolina Municipal Power Agency No. 1, (Catawba), 5.00%, 1/1/29		500		610,030
Orlando Utilities Commission, FL, Utility System Revenue, (SPA: TD Bank, N.A.), 1.38%, 10/1/33(2)		5,000		5,000,000
Public Power Generation Agency, NE, (Whelan Energy Center Unit 2), 5.00%, 1/1/25		500		590,400
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 4.00%, 6/1/23		125		139,121
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 5.00%, 6/1/24		300		355,287
Redding Joint Powers Financing Authority, CA, Electric System Revenue, 5.00%, 6/1/26		250		306,210
Springfield Electric System Revenue, IL, 5.00%, 3/1/27		250		292,213
Springfield Electric System Revenue, IL, 5.00%, 3/1/28		250		291,195
Springfield Electric System Revenue, IL, 5.00%, 3/1/29		250		290,188
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/27		300		355,236
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/28		400		472,332
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/29		1,120		1,310,658
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/30		1,500		1,746,315
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/31		1,000		1,160,990
Tallahassee, FL, Energy System Revenue, 5.00%, 10/1/33		300		347,097
Walnut Energy Center Authority, CA, 5.00%, 1/1/33		250		288,890
			$	18,881,563
General Obligations — 28.8%
Abilene Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/32	$	700	$	807,198
Addison, TX, 5.00%, 2/15/26		270		306,096
Alvin Independent School District, TX, (PSF Guaranteed), 4.00%, 2/15/34		2,265		2,583,889
Anchorage, AK, 5.00%, 9/1/24		250		296,883
Anchorage, AK, 5.00%, 9/1/25		100		121,641
Anchorage, AK, 5.00%, 9/1/27		780		941,616
Belding Area Schools, MI, 5.00%, 5/1/28		250		302,293
Belding Area Schools, MI, 5.00%, 5/1/30		250		299,903
Birmingham, AL, 5.00%, 12/1/25		1,050		1,278,312
Birmingham, AL, 5.00%, 12/1/27		2,460		3,113,597
Burlington, VT, 5.00%, 11/1/25		300		360,765

14 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Burlington, VT, 5.00%, 11/1/26	$	150	$	184,058
California, 4.00%, 9/1/26		320		379,466
California, 5.00%, 8/1/24		1,390		1,658,895
California, 5.00%, 8/1/26		2,010		2,464,903
California, 5.00%, 8/1/28		2,000		2,601,200
California, 5.00%, 8/1/32		1,590		1,939,514
California, (LOC: Sumitomo Mitsui Banking Co.), 1.20%, 5/1/40(2)		5,000		5,000,000
Chaffey Joint Union High School District, CA, (Election of 2012), 0.00%, 8/1/33		1,000		677,570
Clark County, NV, 4.00%, 11/1/34		2,375		2,613,830
Collin County, TX, 5.00%, 2/15/25		1,605		1,927,059
Colonial School District, PA, 5.00%, 2/15/32		100		119,384
Colonial School District, PA, 5.00%, 2/15/33		200		238,050
Cook County School District No. 25, (Arlington Heights), IL, 5.00%, 12/15/32		630		755,754
Dallas, TX, 5.00%, 2/15/26		4,860		5,477,269
Dallas, TX, 5.00%, 2/15/29		2,775		3,177,985
Dallas, TX, 5.00%, 2/15/31		3,615		4,012,216
Delaware, 5.00%, 2/1/29		1,000		1,283,850
District of Columbia, 5.00%, 6/1/33		6,690		7,761,939
Douglas County School District No. Re-1, CO, 4.00%, 12/15/34		3,000		3,431,070
Dowagiac Union School District, MI, 4.00%, 5/1/26		350		406,851
Dublin City School District, OH, 5.00%, 12/1/29		500		648,230
Edgewood City School District, OH, 5.25%, 12/1/33		500		570,190
Edinburg, TX, 5.00%, 3/1/25		310		369,312
Fayette County School District, GA, 5.25%, 9/1/24		1,175		1,412,362
Flower Mound, TX, 4.00%, 3/1/32		100		111,695
Flower Mound, TX, 5.00%, 3/1/27		510		621,971
Franklin County, OH, 4.25%, 12/1/35		1,250		1,356,387
Frisco Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30		400		446,468
Georgia, 5.00%, 2/1/32		1,000		1,230,250
Granville Exempted Village School District, OH, 5.00%, 12/1/26		500		608,765
Harlandale Independent School District, TX, 5.00%, 8/1/29		845		1,034,255
Hennepin County, MN, 5.00%, 12/1/33		1,000		1,224,090
Homewood, AL, 5.00%, 9/1/28		2,000		2,458,780
Homewood, AL, 5.00%, 9/1/29		2,000		2,443,260
Hudson City School District, OH, 4.00%, 12/1/32		100		111,598
Illinois, 5.00%, 10/1/26		3,650		4,156,328
Illinois, 5.00%, 2/1/27		2,730		3,119,871
Illinois, 5.00%, 1/1/28		5,655		6,335,805
Illinois, 5.00%, 3/1/28		2,000		2,108,460
Illinois, 5.00%, 4/1/29		1,190		1,294,827
Illinois, 5.00%, 3/1/34		6,000		6,262,980

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Illinois, 5.00%, 3/1/35	$	5,000	$	5,212,550
Kane, Cook and DuPage Counties School District No. 46, IL, 5.00%, 1/1/29		1,000		1,129,630
Kane, McHenry, Cook and DeKalb Counties Community Unit School District No. 300, IL, 5.00%, 1/1/28		2,370		2,890,452
La Joya Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/26		485		539,111
Lakeland, FL, 5.00%, 10/1/25		635		758,768
Lakeland, FL, 5.00%, 10/1/28		1,500		1,777,095
Lakeland, FL, 5.00%, 10/1/30		1,000		1,175,820
Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/31		700		465,346
Lewisville Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27		1,600		1,830,256
Maine, 5.00%, 6/1/25		2,500		3,031,925
McLean County Public Building Commission, IL, 5.00%, 12/1/28		200		235,466
Miami-Dade County School District, FL, 5.00%, 3/15/28		300		357,372
Miami-Dade County, FL, 5.00%, 7/1/29		1,000		1,197,130
Milpitas Unified School District, CA, (Election of 2012), 4.00%, 8/1/32		560		616,106
Mountain View-Los Altos Union High School District, CA, 0.00%, 8/1/27		175		152,777
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/28		195		230,855
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/29		340		401,744
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/30		725		854,210
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/31		885		1,037,663
Navasota Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/32		720		841,442
New Hampshire, 4.00%, 12/1/33		2,285		2,640,317
New York, NY, 5.00%, 8/1/25		2,000		2,434,480
Oregon, 2.20%, 6/1/24		815		849,833
Oregon, 2.25%, 12/1/24		1,000		1,045,950
Oregon, 2.35%, 6/1/25		165		173,847
Oregon, 2.40%, 12/1/25		1,050		1,111,519
Oregon, 2.50%, 6/1/26		1,070		1,130,669
Oregon, 2.55%, 12/1/26		430		456,389
Oregon, (SPA: U.S. Bank, N.A.), 1.34%, 12/1/36(2)		5,000		5,000,000
Pasadena, TX, 4.00%, 2/15/28		500		562,375
Pasadena, TX, 4.00%, 2/15/29		250		280,078
Pasadena, TX, 4.00%, 2/15/30		500		556,845
Pasadena, TX, 4.00%, 2/15/31		650		720,324

15 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Pendleton School District No. 16R, Umatilla County, OR, 0.00%, 6/15/27	$	1,060	$	908,007
Pennsylvania, 4.00%, 6/1/30		5,000		5,302,450
Pennsylvania, 4.00%, 6/15/31		235		255,922
Pennsylvania, 5.00%, 7/1/24		490		578,925
Philadelphia, PA, 5.00%, 2/1/24(3)		1,050		1,221,307
Philadelphia, PA, 5.00%, 2/1/26(3)		1,150		1,400,665
Philadelphia, PA, 5.00%, 2/1/31(3)		2,250		2,840,265
Pittsburg Unified School District, CA, 5.00%, 8/1/28		920		1,174,720
Port of Seattle, WA, Limited Tax General Obligation Bonds, 5.00%, 6/1/28		2,000		2,340,320
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/24		465		551,216
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/25		485		589,110
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/26		505		627,553
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/27		530		654,550
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/28		555		683,249
Ravenswood City School District, CA, (Election of 2016), 5.00%, 8/1/29		575		703,909
Romeo Community Schools, MI, 5.00%, 5/1/30		700		839,727
Romulus, MI, 4.00%, 11/1/31		250		278,885
Romulus, MI, 4.00%, 11/1/32		300		333,195
Romulus, MI, 4.00%, 11/1/33		250		276,483
SCAGO Educational Facilities Corp. for Cherokee School District, SC, 5.00%, 12/1/23		500		576,510
SCAGO Educational Facilities Corp. for Pickens School District, SC, 5.00%, 12/1/26		1,650		1,963,368
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/30		635		715,715
School District 27J, Adams and Weld Counties and City and County of Broomfield, CO, 4.00%, 12/1/31		120		134,689
Seguin Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29		300		339,714
Seward County Unified School District No. 480, KS, 5.00%, 9/1/29		2,000		2,374,860
South Texas College District, 5.00%, 8/15/30		1,295		1,476,701
Southfield Public Schools, MI, 5.00%, 5/1/25		1,100		1,313,675
Southfield Public Schools, MI, 5.00%, 5/1/27		1,000		1,241,240
St. Vrain Valley School District RE-1J, CO, 5.00%, 12/15/28		1,700		2,115,140
St. Vrain Valley School District RE-1J, CO, 5.00%, 12/15/29		1,000		1,238,970
Stamford, CT, 4.00%, 8/1/27		650		748,690
Sun Valley, ID, 5.00%, 9/15/25		755		922,210
Sun Valley, ID, 5.00%, 9/15/26		695		868,111

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
Texas, (SPA: State Street Bank and Trust Co.), 1.52%, 12/1/42(2)	$	7,240	$	7,240,000
Torrance Unified School District, CA, (Election of 2014), 5.00%, 8/1/30		515		634,954
Torrance Unified School District, CA, (Election of 2014), 5.00%, 8/1/31		450		548,276
Trussville, AL, 5.00%, 10/1/31		150		170,300
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/27		510		582,446
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/28		530		602,870
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/29		545		617,147
Tuloso-Midway Independent School District, TX, (PSF Guaranteed), 4.00%, 8/15/30		570		642,578
Virginia Resources Authority, (Pooled Financing Program), 5.00%, 11/1/25		600		735,132
Washington, 5.00%, 8/1/28		1,485		1,830,366
Washington, 5.00%, 8/1/29		1,400		1,714,902
Weatherford Independent School District, TX, (PSF Guaranteed), 0.00%, 2/15/25		265		244,245
Will and Kendall Counties Community Consolidated School District No. 202, IL, 4.00%, 1/1/27		2,825		3,251,688
Will County Community Unit School District No. 365-U, IL, 4.00%, 1/1/30		750		827,070
Williamson County, TX, 5.00%, 2/15/28		300		347,250
York County, PA, 5.00%, 6/1/27		1,225		1,456,047
			$	195,182,606
Hospital — 10.2%
Berks County Industrial Development Authority, PA, (Tower Health), 4.00%, 11/1/33	$	200	$	218,842
Buffalo and Erie County Industrial Land Development Corp., NY, (Catholic Health System, Inc.), 5.00%, 7/1/25		250		299,570
California Health Facilities Financing Authority, (Adventist Health System/West), 4.00%, 3/1/27		100		107,864
California Health Facilities Financing Authority, (El Camino Hospital), 5.00%, 2/1/29		750		944,617
Charlotte-Mecklenburg Hospital Authority, NC, 5.125%, 1/15/37		40		42,103
Clarke County Hospital Authority, GA, (Piedmont Healthcare, Inc.), 5.00%, 7/1/30		1,800		2,169,540
Colorado Health Facilities Authority, (NCMC, Inc.), 5.00%, 5/15/25		150		178,383
Duluth Economic Development Authority, MN, (Essentia Health Obligated Group), 5.00%, 2/15/33		1,000		1,201,900
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/32		3,965		4,434,615

16 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Greeneville Health and Educational Facilities Board, TN, (Ballad Health), 5.00%, 7/1/33	$	4,000	$	4,465,720
Idaho Health Facilities Authority, (Trinity Health Credit Group), 5.00%, 12/1/30		750		820,702
Illinois Finance Authority, (Riverside Health System), 5.00%, 11/15/27		500		607,235
Illinois Finance Authority, (Rush University Medical Center), 5.00%, 11/15/31		1,000		1,151,680
Illinois Finance Authority, (Rush University Medical Center), 5.00%, 11/15/32		1,000		1,147,670
Knox County Health, Educational and Housing Facility Board, TN, (University Health System, Inc.), 5.00%, 9/1/30		1,000		1,167,620
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/25		250		294,577
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/26		250		294,428
Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.00%, 5/15/27		250		293,013
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/30		2,000		2,397,440
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/31		1,500		1,785,975
Louisville/Jefferson County Metro Government, KY, (Norton Healthcare, Inc.), 5.00%, 10/1/32		2,000		2,369,700
Maricopa County Industrial Development Authority, AZ, (Banner Health), 1.97%, (SIFMA + 0.57%), 10/18/24 (Put Date), 1/1/35(4)		5,000		5,012,200
Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.00%, 8/15/31		1,000		1,152,460
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.00%, 7/1/25		595		698,798
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/24		550		638,676
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/26		500		604,780
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/28		245		293,049
Michigan Finance Authority, (Beaumont Health Credit Group), 5.00%, 8/1/28		1,815		2,106,652
Michigan Finance Authority, (Sparrow Obligated Group), 5.00%, 11/15/24		500		590,825
Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/27		1,500		1,643,580
Missouri Health and Educational Facilities Authority, (CoxHealth), 5.00%, 11/15/31		490		572,197
Missouri Health and Educational Facilities Authority, (Saint Luke’s Health System), 5.00%, 11/15/31		1,000		1,182,940
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/23		500		555,220

Security	Principal Amount (000’s omitted)		Value
Hospital (continued)
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/24	$	500	$	565,930
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/28		1,340		1,506,348
Monongalia County Building Commission, WV, (Monongalia Health System Obligated Group), 5.00%, 7/1/29		775		869,403
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/25		400		478,204
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/28		500		622,520
New Hampshire Health and Education Facilities Authority, (Dartmouth-Hitchcock Obligated Group), 5.00%, 8/1/29		500		617,980
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/25		1,000		1,205,190
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/27		700		858,291
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/28		700		855,519
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/30		520		629,008
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/31		700		841,883
New Mexico Hospital Equipment Loan Council, (Presbyterian Healthcare Services), 5.00%, 8/1/24		100		117,795
Norman Regional Hospital Authority, OK, 5.00%, 9/1/25		1,000		1,189,980
Norman Regional Hospital Authority, OK, 5.00%, 9/1/29		1,000		1,192,890
North Carolina Medical Care Commission, (North Carolina Baptist Hospital), 5.00%, 6/1/34		1,140		1,174,132
North Carolina Medical Care Commission, (Wake Forest Baptist Obligated Group), 5.00%, 12/1/33		3,030		3,349,362
Richmond County Hospital Authority, GA, (University Health Services, Inc.), 5.00%, 1/1/28		1,000		1,210,960
Royal Oak Hospital Finance Authority, MI, (William Beaumont Hospital), 5.00%, 9/1/29		250		285,870
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 4.00%, 12/1/30		150		163,629
Southcentral Pennsylvania General Authority, (Hanover Hospital, Inc.), 5.00%, 12/1/24		300		353,031
St. Paul Housing and Redevelopment Authority, MN, (Fairview Health Services), 5.00%, 11/15/25		500		603,755
St. Paul Housing and Redevelopment Authority, MN, (HealthPartners Obligated Group), 5.00%, 7/1/30		625		727,731
University of Kansas Hospital Authority, (KU Health System), 5.00%, 9/1/27		1,655		1,977,692
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/24		350		413,836
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/25		335		405,357

17 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2019

Portfolio of Investments (Unaudited) — continued

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	$	365,367
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/27		205		248,407
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/28		500		603,630
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/30		400		477,888
Vermont Educational and Health Buildings Financing Agency, (University of Vermont Medical Center), 5.00%, 12/1/31		400		475,804
Washington Health Care Facilities Authority, (Overlake Hospital Medical Center), 5.00%, 7/1/27		1,575		1,961,017
Wisconsin Health and Educational Facilities Authority, (Agnesian HealthCare, Inc.), 5.00%, 7/1/26		400		483,536
Wisconsin Health and Educational Facilities Authority, (Ascension Health Senior Credit Group), 5.00%, 11/15/33		650		656,604
			$	68,933,120
Housing — 2.1%
Connecticut Housing Finance Authority, 3.60%, 11/15/30	$	145	$	153,896
Georgia Housing & Finance Authority, 3.65%, 12/1/32		1,000		1,070,870
Minnesota Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.30%, 7/1/21		1,000		1,015,460
New York City Housing Development Corp., NY, 2.30%, 5/1/25		910		947,210
New York City Housing Development Corp., NY, 2.65%, 11/1/27		870		907,288
New York City Housing Development Corp., NY, 2.80%, 5/1/29		795		829,789
New York City Housing Development Corp., NY, 2.85%, 11/1/29		425		443,726
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.20%, 5/1/25		190		195,565
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.25%, 11/1/25		225		232,279
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.35%, 5/1/26		200		206,920
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.40%, 11/1/26		225		237,404
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.50%, 11/1/27		140		147,326
New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 2.60%, 5/1/28		110		115,917
New York Mortgage Agency, 3.65%, 4/1/32		1,000		1,071,400
Seattle Housing Authority, WA, 2.625%, 12/1/23		110		115,358
Seattle Housing Authority, WA, 2.75%, 12/1/24		480		509,270
Seattle Housing Authority, WA, 2.875%, 12/1/25		900		966,645
Seattle Housing Authority, WA, 3.00%, 12/1/26		920		1,000,279
Tennessee Housing Development Agency, 2.80%, 7/1/26		250		265,403
Vermont Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.85%, 11/1/33		1,800		1,955,304

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
Virginia Housing Development Authority, 2.40%, 5/1/26	$	120	$	124,494
Virginia Housing Development Authority, 2.55%, 5/1/27		630		654,368
Virginia Housing Development Authority, 3.80%, 12/1/35		785		844,550
Washington Housing Finance Commission, 2.25%, 6/1/25		105		109,564
Washington Housing Finance Commission, 2.30%, 12/1/25		130		135,788
Washington Housing Finance Commission, 2.40%, 6/1/26		105		109,717
			$	14,365,790
Insured – Education — 0.4%
Patterson Joint Unified School District, CA, (Election 2018), (BAM), 5.00%, 8/1/28	$	1,065	$	1,308,715
Patterson Joint Unified School District, CA, (Election 2018), (BAM), 5.00%, 8/1/29		1,000		1,221,970
			$	2,530,685
Insured – Escrowed / Prerefunded — 0.0%(5)
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/25	$	100	$	120,272
			$	120,272
Insured – General Obligations — 0.8%
Albertville, AL, (BAM), 4.00%, 6/1/28	$	1,130	$	1,209,970
Albertville, AL, (BAM), Series A, 4.00%, 6/1/30		1,505		1,603,773
Albertville, AL, (BAM), Series C, 4.00%, 6/1/30		610		650,034
New Britain, CT, (BAM), 5.00%, 3/1/25		135		159,558
New Britain, CT, (BAM), Escrowed to Maturity, 5.00%, 3/1/25		5		5,999
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 4.00%, 12/1/25		470		518,833
Ogle and Winnebago Counties Community Unit School District No. 223, IL, (BAM), 5.00%, 12/1/24		325		377,566
Pocono Mountain School District, PA, (AGM), 4.00%, 9/1/27		690		793,962
			$	5,319,695
Insured – Lease Revenue / Certificates of Participation — 1.0%
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/25	$	1,350	$	1,594,579
Biloxi Public School District, MS, (BAM), 5.00%, 4/1/29		1,235		1,469,885
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/26		250		299,023
Clermont County Port Authority, OH, (West Clermont Local School District), (BAM), 5.00%, 12/1/29		100		118,331
Highlands County School Board, FL, (BAM), 5.00%, 3/1/26		400		473,700
Highlands County School Board, FL, (BAM), 5.00%, 3/1/27		200		236,146
Pasco County School Board, FL, (BAM), 5.00%, 8/1/24		410		482,525
Pasco County School Board, FL, (BAM), 5.00%, 8/1/25		305		367,342
Pasco County School Board, FL, (BAM), 5.00%, 8/1/26		355		435,567

18 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – Lease Revenue / Certificates of Participation (continued)
Pasco County School Board, FL, (BAM), 5.00%, 8/1/27	$	605	$	738,620
Pasco County School Board, FL, (BAM), 5.00%, 8/1/29		310		374,936
			$	6,590,654
Insured – Special Tax Revenue — 0.1%
Successor Agency to Yuba City Redevelopment Agency, CA, (AGM), 5.00%, 9/1/24	$	115	$	136,753
Successor Agency to Yuba City Redevelopment Agency, CA, (AGM), 5.00%, 9/1/25		420		512,266
			$	649,019
Insured – Transportation — 1.8%
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/24	$	350	$	413,549
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/25		500		605,600
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/26		320		385,101
New Brunswick Parking Authority, NJ, (BAM), 5.00%, 9/1/27		375		449,599
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/30		1,000		1,227,840
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/31		1,250		1,521,875
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/32		1,650		1,997,424
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/33		2,450		2,955,949
New Orleans Aviation Board, LA, (AGM), 5.00%, 1/1/34		2,485		2,987,964
			$	12,544,901
Insured – Water and Sewer — 0.1%
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/24	$	150	$	175,653
Gulf Coast Waste Disposal Authority, TX, (AGM), 5.00%, 10/1/30		250		297,475
			$	473,128
Lease Revenue / Certificates of Participation — 6.8%
Adams County, CO, Certificates of Participation, 4.00%, 12/1/28	$	1,000	$	1,132,630
Broward County School Board, FL, 5.00%, 7/1/25		500		603,545
Broward County School Board, FL, 5.00%, 7/1/27		500		611,230
Broward County School Board, FL, 5.00%, 7/1/29		500		604,890
Broward County School Board, FL, Series A, 5.00%, 7/1/24		1,250		1,475,537
California Public Works Board, 5.00%, 11/1/29		1,000		1,236,100
Canadian County Educational Facilities Authority, OK, (Mustang Public Schools), 5.00%, 9/1/26		500		612,265
Colorado Department of Transportation, 5.00%, 6/15/30		350		421,516
Colorado Department of Transportation, 5.00%, 6/15/31		310		371,427
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/25		500		592,455
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/29		3,000		3,723,300

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue, 5.00%, 6/1/30	$	3,000	$	3,698,400
Eagle County, CO, Certificates of Participation, 5.00%, 12/1/26		200		241,752
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/23		135		152,295
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/24		550		635,739
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/25		570		670,588
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/26		595		700,071
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/27		620		721,327
Fountain Valley Public Financing Authority, CA, 4.00%, 11/1/28		645		744,582
Georgia Municipal Association, Inc., Certificates of Participation, (Atlanta Public Safety), 5.00%, 12/1/28		410		513,394
Kentucky Property and Buildings Commission, 5.00%, 4/1/27		1,710		2,078,009
Kentucky Property and Buildings Commission, 5.00%, 11/1/27		2,350		2,823,619
Lee County School Board, FL, Certificates of Participation, 5.00%, 8/1/32		1,495		1,785,464
Medina City School District, OH, 5.00%, 12/1/24		300		353,367
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/25		1,405		1,691,381
Oklahoma County Finance Authority, OK, (Deer Creek Public Schools), 5.00%, 12/1/26		2,000		2,405,160
Oklahoma County Finance Authority, OK, (Midwest City-Del City Public Schools), 5.00%, 10/1/24		850		999,991
Oklahoma County Finance Authority, OK, (Midwest City-Del City Public Schools), 5.00%, 10/1/25		1,000		1,201,070
Oklahoma County Finance Authority, OK, (Midwest City-Del City Public Schools), 5.00%, 10/1/26		1,000		1,222,020
Oklahoma County Finance Authority, OK, (Western Heights Public Schools), 5.00%, 9/1/23		1,250		1,430,400
Orange County School Board, FL, 5.00%, 8/1/32		1,935		2,274,747
Pennington County, SD, Certificates of Participation, 5.00%, 6/1/27		1,300		1,549,613
Plymouth Intermediate District No. 287, MN, Certificates of Participation, 5.00%, 2/1/30		385		470,231
Public Finance Authority, WI, (KU Campus Development Corp.), 5.00%, 3/1/29		500		608,005
Riverside County Public Financing Authority, CA, 5.00%, 11/1/27		850		1,035,155
Riverside County Public Financing Authority, CA, 5.00%, 11/1/28		950		1,151,865
South Dakota Building Authority, 5.00%, 6/1/26		500		616,135
South Dakota Building Authority, 5.00%, 6/1/27		635		739,032
South Dakota Building Authority, 5.00%, 6/1/28		210		249,862
South Dakota Building Authority, Series 2015B, 5.00%, 6/1/30		200		235,902
St. Charles County Public Water Supply District No. 2, MO, 3.00%, 12/1/24		360		378,515

19 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Lease Revenue / Certificates of Participation (continued)
Virginia Public Building Authority, 4.00%, 8/1/35	$	1,140	$	1,313,474
			$	46,076,060
Other Revenue — 11.3%
Bexar County, TX, Combination Tax and Revenue Certificates of Obligation, 4.00%, 6/15/34	$	905	$	1,021,292
Bexar County, TX, Motor Vehicle Rental Tax Revenue, 4.00%, 8/15/33		690		783,095
Bexar County, TX, Motor Vehicle Rental Tax Revenue, 4.00%, 8/15/34		810		914,668
Bexar County, TX, Motor Vehicle Rental Tax Revenue, 4.00%, 8/15/35		760		854,286
California Infrastructure and Economic Development Bank, (The J. Paul Getty Trust), 1.882%, (70% of 1 mo. USD LIBOR + 0.20%), 4/1/21 (Put Date), 10/1/47(4)		2,500		2,501,750
District of Columbia, (National Public Radio, Inc.), 5.00%, 4/1/28		1,000		1,202,840
District of Columbia, (National Public Radio, Inc.), 5.00%, 4/1/29		1,000		1,198,490
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/32		825		976,635
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/33		640		755,648
Fort Myers, FL, Capital Improvement Revenue, 5.00%, 12/1/34		510		599,704
Hyland Hills Park & Recreation District, CO, 5.00%, 12/15/26		150		184,845
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00%, 7/1/24		5,000		5,540,650
Kentucky Public Energy Authority, Gas Supply Revenue, 4.00% to 6/1/25 (Put Date), 12/1/49		5,000		5,538,750
Kentucky Public Energy Authority, Gas Supply Revenue, 2.73%, (67% of 1 mo. USD LIBOR + 1.12%), 6/1/25 (Put Date), 12/1/49(4)		10,000		10,022,600
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/30		400		460,432
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/31		250		286,675
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/32		365		417,556
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/33		300		341,778
Las Vegas Convention and Visitors Authority, NV, 5.00%, 7/1/34		475		539,842
Louisiana Local Government Environmental Facilities and Community Development Authority, 5.00%, 12/1/32		2,355		2,936,779
Louisiana Local Government Environmental Facilities and Community Development Authority, 5.00%, 12/1/34		2,425		2,993,662

Security	Principal Amount (000’s omitted)		Value
Other Revenue (continued)
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 4/1/27	$	500	$	610,170
Louisiana Local Government Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.00%, 4/1/29		275		333,042
Main Street Natural Gas, Inc., GA, Gas Supply Revenue, 4.00% to 12/2/24 (Put Date), 8/1/49		2,500		2,795,175
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		1,000		1,092,420
Mississippi Development Bank, Special Obligation Bond, (East Mississippi Correctional Facility), 5.00%, 8/1/25		1,000		1,185,440
Mississippi Development Bank, Special Obligation Bond, (Jackson Public School District), 5.00%, 4/1/25		1,270		1,509,154
Rhode Island Health and Educational Building Corp., (Barrington), 5.00%, 5/15/28		1,060		1,334,593
Spartanburg County School District No. 7, SC, Special Obligation Bonds, 5.00%, 12/1/24		350		414,824
Tennergy Corp., TN, Gas Supply Revenue, 5.00% to 10/1/24 (Put Date), 2/1/50		12,000		13,914,240
Tennessee Energy Acquisition Corp., Gas Project Revenue, 4.00% to 11/1/25 (Put Date), 11/1/49		5,000		5,551,050
Virginia Resources Authority, 5.00%, 11/1/28		3,135		3,645,535
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/31		2,500		2,996,800
Wisconsin, Environmental Improvement Fund Revenue, 5.00%, 6/1/32		1,000		1,193,990
			$	76,648,410
Senior Living / Life Care — 2.4%
Atlantic Beach, FL, (Fleet Landing), 3.00%, 11/15/23	$	2,500	$	2,522,700
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/24		160		184,390
Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/28		1,480		1,747,007
Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 5.00%, 7/15/33		875		997,544
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/28		50		55,870
Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/30		910		1,006,924
California Statewide Communities Development Authority, (American Baptist Homes of the West), 5.00%, 10/1/25		100		118,749
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 2.50%, 1/1/26		640		645,850
Cumberland County Municipal Authority, PA, (Diakon Lutheran Social Ministries), 5.00%, 1/1/27		1,035		1,192,517

20 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Senior Living / Life Care (continued)
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/21	$	250	$	270,422
East Hempfield Township Industrial Development Authority, PA, (Willow Valley Communities), 5.00%, 12/1/31		250		290,895
Illinois Finance Authority, (Presbyterian Homes Obligated Group), 5.00%, 5/1/22		225		244,719
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 3.00%, 2/1/27		1,000		1,037,770
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/23		600		659,406
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/29		600		688,314
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/30		200		228,566
Missouri Health and Educational Facilities Authority, (Lutheran Senior Services), 5.00%, 2/1/31		250		284,437
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/24		150		173,799
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/25		100		115,191
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/26		1,100		1,259,863
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/27		50		57,139
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/29		125		142,079
North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.00%, 10/1/32		225		253,512
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2016A, 5.00%, 10/1/30		200		235,364
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2016A, 5.00%, 10/1/31		675		789,986
North Carolina Medical Care Commission, (United Methodist Retirement Homes), Series 2017A, 5.00%, 10/1/30		250		283,387
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/32		400		457,284
Palm Beach County Health Facilities Authority, FL, (Lifespace Communities, Inc.), 5.00%, 5/15/33		500		569,565
			$	16,513,249
Special Tax Revenue — 2.4%
Atlanta Development Authority, GA, (New Downtown Atlanta Stadium), 5.00%, 7/1/26	$	100	$	120,259
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 6/1/31		1,000		1,230,440
Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue, 5.00%, 6/1/32		500		613,160

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue (continued)
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/25	$	250	$	300,842
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/26		1,025		1,262,943
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/29		900		1,095,660
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/30		950		1,150,545
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/31		895		1,079,039
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 4/1/32		735		882,948
Miami-Dade County, FL, Special Obligation Bonds, 5.00%, 10/1/32		1,200		1,322,748
Mississippi Development Bank, Special Obligation Bonds, (Hinds County School District), 4.00%, 3/1/25		470		529,953
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/32		1,800		2,150,676
New York, NY, Transitional Finance Authority, Future Tax Revenue, 5.00%, 8/1/33		1,190		1,386,517
Oregon Department of Transportation, Highway User Tax Revenue, 5.00%, 11/15/31		1,300		1,524,328
Successor Agency to San Mateo Redevelopment Agency, CA, 5.00%, 8/1/26		100		119,033
Successor Agency to San Mateo Redevelopment Agency, CA, 5.00%, 8/1/29		140		165,444
Tri-County Metropolitan Transportation District, OR, Payroll Tax Revenue, 5.00%, 9/1/32		1,000		1,220,510
			$	16,155,045
Transportation — 13.1%
Allegheny County Airport Authority, PA, (Pittsburgh International Airport), 4.00%, 1/1/31	$	1,000	$	1,040,660
Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/27		2,755		3,402,397
Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.10% to 4/1/22 (Put Date), 4/1/45		2,000		2,043,920
Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.95% to 4/1/26 (Put Date), 4/1/47		1,800		1,954,764
Central Florida Expressway Authority, 4.00%, 7/1/35		5,350		5,951,982
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/26		1,000		1,213,560
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/28		150		175,775
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/29		150		175,394
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/30		500		580,800
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/31		1,000		1,157,700
Chicago, IL, (O’Hare International Airport), 5.00%, 1/1/33		125		143,958
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/28		2,905		3,630,291

21 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/29	$	3,060	$	3,808,262
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/30		1,000		1,233,810
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/31		1,000		1,229,160
Chicago, IL, (O’Hare International Airport), 5.25%, 1/1/32		2,565		3,140,663
Clark County, NV, Highway Revenue, 5.00%, 7/1/33		3,000		3,448,110
Commonwealth Transportation Board, VA, 5.00%, 9/15/30		1,240		1,524,109
Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.00%, 11/1/30		2,545		2,661,968
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/24		650		776,119
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/31		1,650		1,998,496
Denver City and County, CO, Airport System Revenue, 5.00%, 11/15/32		2,100		2,534,259
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/28		500		585,860
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/29		1,000		1,168,240
Fort Bend County, TX, Toll Road Revenue, 5.00%, 3/1/30		750		872,775
Idaho Housing and Finance Association, Federal Highway Trust Fund, 5.00%, 7/15/25		650		779,987
Illinois Toll Highway Authority, 5.00%, 1/1/29		175		208,983
Illinois Toll Highway Authority, 5.00%, 12/1/32		350		410,056
Kentucky Asset/Liability Commission, 2015 Federal Highway Trust Fund, 5.00%, 9/1/24		250		294,853
Kentucky Turnpike Authority, 5.00%, 7/1/33		500		560,820
Metropolitan Transportation Authority, NY, 5.00%, 11/15/27		1,500		1,851,645
Metropolitan Transportation Authority, NY, 5.00%, 11/15/41		415		456,824
Metropolitan Transportation Authority, NY, 2.43%, (67% of 1 mo. USD LIBOR + 0.82%), 2/1/22 (Put Date), 11/1/26(4)		7,500		7,546,125
Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/29		2,435		3,070,608
New Orleans Aviation Board, LA, 5.00%, 1/1/28		150		183,438
North Carolina, (Federal-Aid Highway Projects), 5.00%, 3/1/26		3,000		3,668,400
North Carolina, (Federal-Aid Highway Projects), 5.00%, 3/1/29		550		647,641
North Carolina, (Federal-Aid Highway Projects), 5.00%, 3/1/30		400		468,952
Pennsylvania Turnpike Commission, 2.10%, (SIFMA + 0.70%), 12/1/23(4)		5,000		5,031,800
Port of Seattle, WA, 5.00%, 3/1/25		150		176,543
Port of Seattle, WA, 5.00%, 3/1/27		250		292,308
Port of Seattle, WA, 5.00%, 3/1/29		250		290,970
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/28		1,370		1,714,541
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/31		300		375,594
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/32		660		822,413
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/33		600		745,224

Security	Principal Amount (000’s omitted)		Value
Transportation (continued)
Salt Lake City, UT, (Salt Lake City International Airport), 5.00%, 7/1/34	$	650	$	804,050
San Diego Association of Governments, CA, (Mid-Coast Corridor Transit), Green Bonds, 1.80%, 11/15/27(3)		1,000		1,007,420
Texas Transportation Commission, 5.00%, 4/1/33		50		57,468
Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/34		1,000		595,660
Texas Transportation Commission, (Central Texas Turnpike System), 0.00%, 8/1/35		500		278,590
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/31		2,920		3,646,467
Wayne County Airport Authority, MI, (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/34		1,005		1,237,808
Wisconsin, Transportation Revenue, 5.00%, 7/1/31		3,450		4,005,381
Wisconsin, Transportation Revenue, 5.00%, 7/1/32		700		810,761
			$	88,494,362
Water and Sewer — 5.0%
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/25	$	300	$	364,983
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/29		115		136,738
Buffalo Municipal Water Finance Authority, NY, 5.00%, 7/1/30		100		118,148
Glendale, AZ, Water and Sewer Revenue, 5.00%, 7/1/28		1,500		1,791,015
King County, WA, Sewer Revenue, 4.00%, 7/1/33		5,000		5,451,250
Los Angeles, CA, Wastewater System Revenue, (LOC: The Toronto-Dominion Bank), 1.10%, 6/1/32(2)		5,500		5,500,000
Marin Public Financing Authority, CA, (Sausalito-Marin City Sanitary District), 4.00%, 4/1/32		575		661,055
McAllen, TX, Waterworks and Sewer System Revenue, 4.00%, 2/1/27		1,000		1,130,650
Memphis, TN, Sanitary Sewerage System Revenue, 4.00%, 10/1/32		1,895		2,127,005
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/27		600		740,550
Mesa, AZ, Utility Systems Revenue, 5.00%, 7/1/29		500		612,180
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: Barclays Bank PLC), 1.52%, 6/15/50(1)		5,000		5,000,000
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), (SPA: JPMorgan Chase Bank, N.A.), 1.48%, 6/15/50(1)		5,000		5,000,000
Rapid City, SD, Water Revenue, 4.00%, 11/1/29		600		679,032
Rapid City, SD, Water Revenue, 4.00%, 11/1/30		670		754,407
Rapid City, SD, Water Revenue, 5.00%, 11/1/26		1,000		1,212,520
Rapid City, SD, Water Revenue, 5.00%, 11/1/27		515		620,441
St. Joseph Industrial Development Authority, MO, (Sewerage System Improvements), 5.00%, 4/1/26		500		591,515
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/27		505		609,373

22 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Water and Sewer (continued)
Wyoming, MI, Water Supply System Revenue, 5.00%, 6/1/28	$	550	$	659,538
			$	33,760,400
Total Tax-Exempt Investments — 94.1% (identified cost $605,145,420)			$	637,044,481
Other Assets, Less Liabilities — 5.9%			$	39,662,077
Net Assets — 100.0%			$	676,706,558

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

At July 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 July 31, 2019, 4.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.0% to 2.4% 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 July 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 July 31, 2019.

⁽³⁾  When-issued security.

⁽⁴⁾  Floating rate security. The stated interest rate represents the rate in effect at July 31, 2019.

⁽⁵⁾  Amount is less than 0.05%.

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

23 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2019

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2019
Unaffiliated investments, at value (identified cost, $605,145,420)	$	637,044,481
Cash		41,554,599
Interest receivable		5,836,144
Receivable from affiliate		4,738
Total assets	$	684,439,962
Liabilities
Payable for investments purchased	$	1,002,554
Payable for when-issued securities		6,459,705
Payable to affiliate:
Investment adviser fee		178,514
Accrued expenses		92,631
Total liabilities	$	7,733,404
Net Assets applicable to investors’ interest in Portfolio	$	676,706,558

24 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2019

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2019
Interest	$	8,261,715
Total investment income	$	8,261,715
Expenses
Investment adviser fee	$	1,004,442
Trustees’ fees and expenses		16,215
Custodian fee		72,078
Legal and accounting services		26,678
Miscellaneous		8,559
Total expenses	$	1,127,972
Deduct —
Allocation of expenses to affiliate	$	29,363
Total expense reductions	$	29,363
Net expenses	$	1,098,609
Net investment income	$	7,163,106
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	2,168,430
Net realized gain	$	2,168,430
Change in unrealized appreciation (depreciation) —
Investments	$	20,456,452
Net change in unrealized appreciation (depreciation)	$	20,456,452
Net realized and unrealized gain	$	22,624,882
Net increase in net assets from operations	$	29,787,988

25 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2019

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
From operations —
Net investment income	$	7,163,106		$	13,949,745
Net realized gain (loss)		2,168,430			(8,296,867	)
Net change in unrealized appreciation (depreciation)		20,456,452			13,159,193
Net increase in net assets from operations	$	29,787,988		$	18,812,071
Capital transactions —
Contributions	$	58,073,970		$	60,489,911
Withdrawals		(23,706,357	)		(143,479,290	)
Portfolio transaction fee		122,560			305,881
Net increase (decrease) in net assets from capital transactions	$	34,490,173		$	(82,683,498	)
Net increase (decrease) in net assets	$	64,278,161		$	(63,871,427	)
Net Assets
At beginning of period	$	612,428,397		$	676,299,824
At end of period	$	676,706,558		$	612,428,397

26 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2019

Financial Highlights

	Six Months Ended July 31, 2019 (Unaudited)			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	%(3)		0.35	%		0.35	%		0.35	%(3)
Net investment income		2.28	%(3)		2.16	%		2.01	%		1.71	%(3)
Portfolio Turnover		17	%(4)		78	%		35	%		30	%(4)
Total Return(2)		4.86	%(4)		3.11	%		3.83	%		(0.80	)%(4)
Net assets, end of period (000’s omitted)	$	676,707		$	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%, 0.01% and 0.02% of average daily net assets for the six months ended July 31, 2019, 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.

27 See Notes to Financial Statements.

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2019

Notes to Financial Statements (Unaudited)

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 July 31, 2019, Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond Fund and Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares held an interest of 98.9% and 1.1%, 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 most fairly reflects the security’s “fair value”, which is 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 statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions — 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 July 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 fiscal year-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. 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

28

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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.

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.

I  Interim Financial Statements — The interim financial statements relating to July 31, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

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 six months ended July 31, 2019, the Portfolio’s investment adviser fee amounted to $1,004,442 or 0.32% (annualized) of the Portfolio’s average daily net assets. Pursuant to a voluntary expense reimbursement, BMR was allocated $29,363 of the Portfolio’s operating expenses for the six months ended July 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 six months ended July 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 $124,801,137 and $105,052,223, respectively, for the six months ended July 31, 2019.

4  Federal Income Tax Basis of Investments

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

Aggregate cost	$	605,142,911
Gross unrealized appreciation	$	31,903,047
Gross unrealized depreciation		(1,477	)
Net unrealized appreciation	$	31,901,570

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 six months ended July 31, 2019.

29

5-to-15 Year Laddered Municipal Bond Portfolio

July 31, 2019

Notes to Financial Statements (Unaudited) — 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 July 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	$	—	$	637,044,481	$	—	$	637,044,481
Total Investments	$	—	$	637,044,481	$	—	$	637,044,481

30

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2019

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

At a meeting held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory and sub-advisory agreements for each of the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory and sub-advisory agreements.

Among other things, the information the Board considered included the following (for funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and related fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

• Data regarding investment performance relative to benchmark indices and, in certain instances, to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser (where applicable) to each fund in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser (where applicable) to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser and sub-adviser (where applicable and in the context of a sub-adviser with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (where applicable and in the context of a sub-adviser with trading responsibilities) to each fund as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser (where applicable) to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, if applicable;

• The Code of Ethics of the adviser and its affiliates and the sub-adviser (where applicable) of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser (where applicable) of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser (where applicable) of each fund, if any;

31

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2019

Board of Trustees’ Contract Approval — continued

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

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

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

• The terms of each investment advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fundsub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond Fund (the “Fund”) and Eaton Vance Management (“EVM”), as well as the investment advisory agreement between 5-to-15 Year Laddered Municipal Bond Portfolio (the “Portfolio”), the portfolio in which the Fund invests, and Boston Management and Research (“BMR”) (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the “Adviser”), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for the Fund and the investment advisory agreement for the Portfolio (together, the “investment advisory agreements”).

Nature, Extent and Quality of Services

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

The Board considered each Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolio. In particular, the Board considered the abilities and experience of each Adviser’s investment professionals in the Advisers’ tax-advantaged bond strategies and municipal research groups involved in managing the Fund and the Portfolio and other funds and accounts that invest primarily in municipal bonds and employ tax-advantaged bond and laddered strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

32

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2019

Board of Trustees’ Contract Approval — continued

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of each Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

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

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

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Fund for the one-, three- and five-year periods ended September 30, 2018. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary and secondary benchmark indexes for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund and by the Portfolio for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2018, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

33

Eaton Vance

TABS 5-to-15 Year Laddered Municipal Bond Fund

July 31, 2019

Officers and Trustees

Officers of Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond Fund and 5-to-15 Year Laddered Municipal Bond Portfolio

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond Fund and 5-to-15 Year Laddered Municipal Bond Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

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

34

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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise.If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT 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.

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.

35

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Investment Adviser of 5-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

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.

22625    7.31.19

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this 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 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:	September 25, 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:	September 25, 2019
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	September 25, 2019